AMERICAS
Private equity firms TA Associates and HG Capital agreed to invest in Sovos, a tax software services provider. Financial terms were not disclosed.
“Hg’s new investment in Sovos is a sign of their confidence in our market, our position and our unique ability to deliver a complete solution for modern tax, including tax determination, continuous transaction control compliance and tax reporting, With the renewed support from Hg and the additional backing of TA Associates, Sovos is ready for the next stage of growth at a crucial time, as the digital transformation of government, technology and business converge,” Andy Hovancik, Sovos CEO.
Sovos is advised by Jefferies & Company and William Blair & Co. HG Capital is advised by Goldman Sachs and Shea & Co. TA Associates is advised by Ernst & Young, Barclays, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom and Deloitte.
EQT Infrastructure IV fund of EQT Partners agreed to acquire EdgeConneX, an operator of data centers for cloud, content, network and other service providers, from Providence Equity Partners, a private equity firm, for c.$3bn.
"EQT brings significant financial resources and digital infrastructure industry experience which EdgeConneX will use to accelerate growth and invest in new data centers around the world. I look forward to continuing to lead EdgeConneX and we are very pleased to have EQT as our new owner and partner in this exciting growth phase. On behalf of EdgeConneX, I thank our outstanding customers and partners, dedicated employees and long-term shareholders that gave us the latitude to succeed and create lasting value," Randy Brouckman, EdgeConneX CEO.
EdgeConneX is advised by Evercore, Simpson Thacher & Bartlett, Jaymie Scotto & Associates. EQT Infrastructure IV is advised by Goldman Sachs, Kirkland & Ellis Sard Verbinnen & Co and Kekst CNC.
Blackstone and the biopharmaceutical company Alnylam announced the closure of the advance financing worth $150m to drive R&D in RNAi therapeutics area as part of the $2bn investment in the healthcare company.
According to the agreement, Alnylam will attain up to $150m from Blackstone Life Sciences meant for the development of cardiometabolic disease programs vutrisiran and ALN-AGT. $70m will be dedicated to supporting HELIOS-B phase 3 study of vutrisiran in ATTR amyloidosis patients, and up to $80m to assist in phase 2 and phase 3 development of ALN-AGT, in development for the treatment of hypertension.
Alnylam Pharmaceuticals is advised by Evercore and Goodwin. Blackstone is advised by Ropes & Gray and Willkie Farr & Gallagher.
Investors consortium consisting of investment firms Flexis Capital, Eurazeo, Moore Strategic Ventures and JW Levin completed the acquisition of Waterloo Sparkling Water. Financial terms were not disclosed.
"Choosing the best partners for Waterloo was critical to continuing our momentum and we're confident that Flexis Capital, Eurazeo and JW Levin will provide deep brand-building experience and industry relationships that will be key to accelerating our growth, while Moore Strategic Ventures' financial acumen will add firepower to our capabilities. We also want to thank our co-founding partners at CAVU Venture Partners for their support to date," Jason Shiver, Waterloo CEO.
Waterloo was advised by BraunHagey & Borden. Eurazeo was advised by RSM, Gibson Dunn & Crutcher and Edelman. Flexis Capital was advised by Willkie Farr & Gallagher.
Collegis, a higher education managed services provider, agreed to acquire Education Management Solutions, a provider of higher education and medical simulation learning management technology. Financial terms were not disclosed.
"With the acquisition of EMS, Collegis now provides a comprehensive suite of services spanning Enrollment Management, Technology Managed Services and Education Technology solutions. We are excited to add the EMS product suite to our existing services as it allows us to offer even more solutions to our current and future partners during a time when they are in great need," Jamie Cowie, Collegis President and CEO.
Lifesize, a global enterprise communication solutions provider, agreed to acquire Kaptivo, a digital collaboration solutions company, from a syndicate of venture capital investors Benhamou Global Ventures, Draper Esprit, and Generation Ventures. Financial terms were not disclosed.
“Kaptivo is a natural addition to the Lifesize platform, and its unique technology and talented team will allow us to accelerate our rate of innovation while simultaneously delivering new value to customers. We look forward to rapidly expanding our advanced collaboration offering and helping organizations work, engage, teach and learn more naturally and effectively, from wherever they are,” Craig Malloy, Lifesize CEO.
emids, a digital engineering and transformation solutions provider, completed the acquisition of FlexTech, an information technology consulting company. Financial terms were not disclosed.
“The need for deep domain expertise combined with digital transformation capabilities is vital as our payer and ‘payvider’ clients expand their government-sponsored business lines, and we’re excited to bring our clients the proven payer platform expertise that FlexTech has built over 30+ years, delivering more than 250 core platform implementation programs,” Saurabh Sinha, emids Founder and CEO.
Serent Capital, a San Francisco and Austin based private equity firm, completed the investment in Quorum Analytics, a public affairs software platform for legislative tracking, stakeholder engagement, and grassroots advocacy. Financial terms were not disclosed.
"Since founding Quorum, our mission has been to build exceptional software for public affairs professionals. With Serent's partnership, we look forward to continuing to scale our platform, expand our go-to-market activities, and increase Quorum’s value to public affairs professionals across the globe. Serent's resources and support, including their Growth and Human Capital teams, will allow us to continue to deliver a best-in-class product while expanding our capabilities and reach into new markets," Alex Wirth, Quorum Co-founder and CEO.
Kadenwood, a consumer seed-to-shelf CBD company, agreed to acquire EcoGen Laboratories, the global manufacturer and supplier of hemp-derived CBD materials and formulations. The acquisition aims to create an integrated supplier worth c. $250m. Financial terms were not disclosed.
"We're committed to improving not just our brand, but the perception of our industry overall, and that starts with ensuring consumers have access to quality CBD products they can trust. EcoGen has maintained a commitment to producing sustainable and consistent CBD and we're happy to bring them under the Kadenwood brand as we expand our offering of exceptionally pure CBD products that continue to set the industry's standard of quality," Erick Dickens, Kadenwood CEO and Co-Founder.
MentorcliQ, the employee mentoring software provider, agreed to acquire River Software, the mentoring software for business developer. Financial terms were not disclosed.
“River has built an impressive presence and reputation in the employee mentoring space for two decades and we have always greatly admired their work. River is composed of talented individuals who care deeply about mentoring and are driven to help clients support their employees’ careers, leading to much higher employee retention. This approach aligns perfectly with the way MentorcliQ partners with the many companies we are proud to serve. Our combined knowledge, experience and customer success will be unparalleled in the market,” Phil George, MentorcliQ CEO.
Airbnb files for IPO as short-term rental market rebounds.
Short-term home rental company Airbnb said it filed confidentially for an initial public offering with US regulators, setting the stage for one of 2020’s marquee US stock market debuts, Reuters reported.
The move underscores a rebound in parts of the travel industry, which was battered this year by restrictions and shutdowns due to the Covid-19 pandemic.
San Francisco-based Airbnb said in July that customers had booked more than 1m nights in a single day for the first time since March 3, in part as US travelers shy away from hotels and prefer to drive to local vacation rentals.
Icahn boosts stake in Xerox, disposes of all HP stake.
Carl C Icahn, through his investment vehicle Icahn Capital Management, ups his stake in Xerox by 7.7% taking an additional 725.9m stakes.
By August 18, Icahn had exited his HP stake of around 63m shares worth around $1.1bn, with an estimated loss of 18.89% on the original investment in 2019.
Third Point disposes of stakes ADRs of Sony. (FS)
US hedge fund Third Point, which had been pressing Sony to make changes including spinning-off its chip unite, has sold all of its American Depositary Receipts business in the Japanese Conglomerate.
Reuters reported, Third Point owned 1.5m ADRs at the end of December 2019 and 675k at the end of March. At the end of June, Third Point's filing no longer listed Sony as a holding.
Eleva Educacao plans $272m IPO this year.
Brazilian K-12 school chain Eleva Educacao is planning an initial public offering which is aimed to raise $272m.
The Rio de Janeiro-based company is weighing a listing in Brazil or the US and has asked investment banks to pitch for a role in the offering.
EMEA
Tribunal of the UK rejected Sabre's request to access redactions from the Competitions and Markets Authority that blocked the merger of the software company and Farelogix, a recognized innovator in the travel industry with advanced offer management and NDC order delivery technology. The UK cited possible "fishing" attempt from Sabre's side.
In July, Sabre requested additional information regarding CMA's decision to block the $360m merger. Tribunal said the claim of Sabre had no basis.
Capvis Equity Partners, a private equity firm, agreed to acquire a majority stake in BSI Business Systems Integration, a CRM software solutions provider. Financial terms were not disclosed.
“We were impressed by the broad customer base, the strong market position of the software and the entrepreneurial culture at BSI. We are pleased that the founder and management team chose Capvis as their partner to continue the successful growth of BSI,” André Perwas, Capvis Partner.
Capvis is advised by GCA Altium.
Manchester City in advanced talks to acquire ESTAC Troyes.
Manchester City's parent company is in late-stage talks to buy second division French football club ESTAC Troyes, in a deal that would extend its strategy of taking over football clubs around the world, FT reported.
The executives of City Football Group have held talks with several French sides including 2nd tier team Nancy, before narrowing down to Troyes.
Delivery Hero is confident to actively participate in future M&A.
German online takeaway food group Delivery Hero confirmed that it has the financial capability to play an active role in the future acquisition in the fast-growing industry.
The announcement follows Delivery Hero joining the DAX-30 index of Germany's leading blue-chip stocks, replacing Wirecard, the payments company that folded after an accounting scandal.
"There will be consolidation in the future and what we raised in January and summer will allow us to have the firepower for potential M&A. You could expect us to look at every M&A transaction in our industry," Emmanuel Thomassin, Delivery Hero CFO.
Shares in Accor and IHG rise after rumours of merger interest.
Shares in France's hotelier Accor have significantly risen after a rumour of potential merger with its British rival InterContinental Hotels that would create the world's biggest hotel group.
A merger between the two firms would propel them far ahead of US rival Marriott by a number of hotel rooms, with over 1.6m between the two. It could also make geographical sense, with Accor and its brands more skewed towards Europe, while IHG has larger operations in the United States and is also growing fast in Greater China.
Accor shares were up 1.9%, and shares in IHG surged as much as 3.1%.
Len Blavatnik-backed DAZN seeks $1bn funding for streaming service.
Billionaire Len Blavatnik-backed DAZN Group, a sports-streaming services provider, has revived talks to raise $1bn new funding after spending heavily on its global expansion.
The UK-based company is speaking with advisers about options including a stock-market listing or divestment of assets. DAZN is in the early stages of considering an initial public offering. It's also held talks about going public through a deal with a so-called special purpose acquisition company, or SPAC, and has discussed selling a stake in its Japanese business, Bloomberg reported.
China Three Gorges acquires solar assets of X-Elio.
China's state-owned energy and infrastructure giant China Three Gorges, agreed to acquire 13 Spanish solar plants built by Madrid-based renewables firm X-Elio, DealStreetAsia reported.
"This represents a landmark transaction for CTG, our first direct investment in Spain. We believe Spain is the biggest solar market and will consider future opportunities to grow our platform," Wu Shegliang, China Three Gorges Chairman.
Shell explores sale of Gasnor as part of asset reduction plan.
Royal Dutch Shell is in talks to sell its Norwegian natural gas supplier Gasnor, as the energy major continues to selectively dispose of assets, Bloomberg reported.
A potential sale comes at a time when Shell, like many of its peers, is looking for ways to transition to low-carbon energy. A string of divestments in countries including Argentina, Canada and the UK helped it cut greenhouse gas emissions in 2019, according to a report from the company. Shell sold part of its holding in the Nyhamna gas-processing plant in Norway last year.
HSBC closes second Vision FoF at over $260m. (FS)
HSBC Global Asset Management has held the final close on its second annual Fund of Funds, at $260m, offering private clients access to private equity.
Investors in the fund, which will invest in a number of private equity opportunities from primaries and secondaries to direct co-investments, include HSBC Private Banking and HSBC Global AM's institutional clients.
“The scale of our capability, combined with our experience in identifying and sourcing opportunities through a highly selective investment process, allows us to provide a range of exclusive opportunities for our clients globally," Steven Ward, HSBC Global Head of Alternative Products.
APAC
Australian government may block China Mengniu's milk brands deal.
Australia’s government may block China Mengniu Dairy’s purchase of some of the country’s best-known milk brands, Reuters reported.
Treasurer Josh Frydenberg has gone against the advice of the Foreign Investment Review Board which was in favour of approving the $431m deal.
That would mark the first government veto since Australia in July announced its biggest shake-up of foreign investment law in almost half a century. That gave the treasurer last-resort power to vary or impose conditions on deals even after FIRB approval, or force divestment in the event of a national security risk.
Lion Dairy & Drinks is advised by Deutsche Bank, Greenhill & Co and King & Wood Mallesons. China Mengniu is advised by Ernst & Young.
Advent-backed Industria Chimica Emiliana completed the acquisition of New Zealand Pharmaceuticals from Archer Capital. (FS)
Advent-backed Industria Chimica Emiliana, a producer of API, completed the acquisition of New Zealand Pharmaceuticals, a pharmaceutical company, from Archer Capital, an Australian private equity investment firm. Financial terms were not disclosed.
“We place great value on our customer relationships, many of which are incredibly long-standing. This partnership will strengthen our ability to support them through the provision of a broader product mix and facilitate the development and production of important new bile-based API drugs,” Agostino Barazza, ICE Chief Executive Officer.
ICE was advised by Nomura.
RBL Bank to raise $209m with preference share sale. (FS)
RBL Bank plans to raise $209m by issuing shares to five investors, including Maple II, ICICI Prudential Life Insurance, and CDC Group. The bank's board approved the issuance of about 88.5m preferential shares at $2.3 a share.
Maple II, which is indirectly owned by funds affiliated to Baring Private Equity Asia, will subscribe to 56.4m shares and hold a 9.45% stake in the bank after the offering, according to the filing. Other investors include Gaja Capital Fund and its affiliate Gaja Trustee, Bloomberg reported.
Dexus launches new real estate opportunity fund. (FS)
Dexus, a real estate investment trust company, has launched Dexus Real Estate Partnership 1 fund, a closed-end funs targeting value-ass, development and special situation investments. Dexus will co-invest up to $73m in the fund that will target wholesome investors.
"Our new unlisted fund will capitalise on emerging pockets of opportunities where we can leverage Dexus's large-scale platform of transportation expertise, active asset management and development capability to deliver enhances returns of the fund's investors. This fund represents a uniquely opportunity for unlisted investors to access a concentrated exposure to this strategy, that was not previously available," Deborah Coakley, Dexus Executive General Manager.
MBK Partners in talks to acquire Car. (FS)
Asian private equity major MBK Partners is reportedly in talks for a take-private buyout of China’s top car rental business Car, which could value the company at up to $850m.
The consortium plans to offer more than $0.4 per share to take Car private, represting a premium of at least 28%.
The plan is also among the latest to emerge as global private equity investors seek take-private opportunities, hoping to snap up bargains with share prices around the world squeezed lower amid recessions triggered by the coronavirus pandemic.
Waterdrop plans US IPO.
With the new capital, Waterdrop said it would tap into artificial intelligence and big data for its products and services, and accelerate its initiatives in medical and healthcare services.
Waterdrop is advised by Bank of America Merrill Lynch and Goldman Sachs.
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