AMERICAS
Pear Therapeutics, a company engaged in developing and commercializing prescription digital therapeutics, agreed to go public via a SPAC merger with Thimble Point Acquisition in a $1.6bn deal. Investors in PIPE include 5AM Ventures, Arboretum Ventures, Blue Water Advisors, dRx Capital, The Eleven Fund, FORTH Management, Health Innovation Capital, JAZZ Venture Partners, Neuberger Berman funds, Palantir, Pilot House, Pritzker Vlock Family Office, QUAD Investment, Sarissa Capital, Shanda Group, SoftBank VF 2, Temasek, and Trustbridge Partners.
“With our end-to-end PDT platform, we are executing on our vision to redefine how patients, clinicians and payors can better navigate and benefit from a healthcare system so in need of disruption. In our view Pear is at a commercial inflection point, with the potential for rapid expansion. We believe this transaction will allow us to drive widespread usage of PDTs to treat major medical conditions and overcome significant barriers to patient care," Corey McCann, Pear President and CEO.
Pear is advised by BTIG, Bank of America, Chardan, Citigroup, Cowen & Company, Foley Hoag, Goodwin Procter, Argot Partners and Golin. Financial advisors are advised by Shearman & Sterling. Thimble is advised by Credit Suisse and Sullivan & Cromwell.
Apollo Global-backed LifePoint Health, a provider of healthcare services such as cancer care, surgical treatment and medical facilities, agreed to acquire Kindred Healthcare, a provider of healthcare services such as antibiotic therapy, diabetes management and others. Financial terms were not disclosed.
“Kindred’s focus on healing and hope, provided through its long-term acute care hospitals, rehabilitation centers and most recently its behavioral health services – an important and growing need across the country – is highly complementary to the current LifePoint network. We share a commitment to partnerships to benefit patients, and together, we will advance clinical and quality excellence, make healthcare more accessible and support healthier communities," David Dill, LifePoint President and CEO.
Kindred Healthcare is advised by Barclays, Guggenheim Partners, Debevoise & Plimpton, Joele Frank and Mintz Levin. LifePoint Health is advised by Sidley Austin, Paul Weiss Rifkind Wharton & Garrison, RBC Capital Markets and Citigroup. Debt financing is provided by Barclays, Citigroup and RBC Capital Markets.
Acies Acquisition, a SPAC, completed its merger with PLAYSTUDIOS, a mobile games developer, in a $1.1bn deal. Consideration to PLAYSTUDIOS will comprise at least 89m shares of ACAC common stock and up to $150m in cash. In addition, BlackRock, ClearBridge Investments, Neuberger Berman Funds, and MGM Resorts International are leading participants in the $250m PIPE. PLAYSTUDIOS shareholders are expected to own 64% of the combined company, the Acies sponsors 3%, PIPE 18%, and public stockholders to own 15%.
“Within today’s vast and growing games market, PLAYSTUDIOS is unique in offering their audience the opportunity to play for fun and earn for real. They know how to make engaging and enduring games, and stand apart in having harnessed the power of a robust and full-featured loyalty program,” Jim Murren, Acies Chairman.
PLAYSTUDIOS was advised by JP Morgan, LionTree Advisors, Davis Polk & Wardwell and ICR. Acies was advised by Houlihan Lokey, Morgan Stanley, Oppenheimer & Co, Alston & Bird and Latham & Watkins. Financial advisors were advised by Simpson Thacher & Bartlett.
Blackstone Real Estate Income Trust agreed to acquire Home Partners of America, an operator of high-quality single-family rental homes, for $6bn. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions and approvals.
"The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it—we intend to build on that goal and expand access to homes across the US. We look forward to working with HPA's leadership team to further invest in the properties and continue its role as a valuable resource for people considering home purchases," Jacob Werner, Blackstone Real Estate Senior Managing Director.
HPA is advised by Goldman Sachs, Fried Frank Harris Shriver & Jacobson, Sidley Austin and Schafer Condon Carter. Blackstone is advised by Bank of America, Wells Fargo Securities and Simpson Thacher & Bartlett.
Artius Acquisition, a SPAC, stated that it expects to close the combination with Origin Materials, a carbon negative materials company, on June 25, 2021, assuming Artius' shareholders approve the deal with Origin Materials at the meeting to be held on June 23, 2021. After the transaction closes, the combined company will trade under the ticker symbols "ORGN" and "ORGNW".
Origin Materials is advised by Bank of America, Cooley and ICR. Bank of America is advised by Sullivan & Cromwell. Artius Acquisition is advised by Credit Suisse, Goldman Sachs and Cleary Gottlieb Steen & Hamilton.
SAB Biotherapeutics, a clinical-stage biopharmaceutical company, agreed to go public via a SPAC merger with Big Cypress Acquisition, a blank check company, in a c.$325m deal.
“SAB met or exceeded our criteria, demonstrating de-risked early development processes, clinical proof-of-concept, therapeutic targets with large unmet needs and what we expect to be manageable Phase 3 trials, high-value indications, and the ability to efficiently put additional capital to work advancing a high potential pipeline," Sam Reich, Big Cypress Acquisition CEO.
SAB Biotherapeutics is advised by Lazard and Stradling Yocca Carlson & Rauth. Big Cypress Acquisition is advised by Brookline Capital, Chardan, Ladenburg Thalmann, Dentons and BLL Partners.
Panasonic has a mixed history in acquisitions, but the Japanese conglomerate insisted its $7.1bn purchase of Blue Yonder was worth the steep price, as the deal will help address its biggest weakness in software capability, FT reported.
The sense of crisis driving Panasonic’s move is pervasive across Japanese companies, which once thrived in the era of consumer electronics hardware. But many have struggled as global demand shifted to software and with the creation of huge technology companies such as Apple and Amazon.
Blue Yonder is advised by Credit Suisse, JP Morgan, Jefferies and Fried Frank Harris Shriver & Jacobson. Panasonic is advised by Khaitan & Co and White & Case.
Quanergy Systems, a provider of LiDAR sensors, agreed to go public via a SPAC merger with CITIC Capital Acquisition in a $1.1bn deal. The deal includes a $40m PIPE. Upon closing of the transaction, the combined company will be named Quanergy Systems and is expected to be listed on the New York Stock Exchange under the ticker symbol "QNGY". The transaction is expected to close in the second half of 2021, subject to customary closing conditions.
"Since its inception in 2012, Quanergy has developed revolutionary LiDAR technology and perception software that we believe are positioned for significant growth. We are excited to collaborate with Quanergy because the company has game-changing technology for the automotive sector and is the only major LiDAR provider to harness the potential of OPA technology," Fanglu Wang, CCAC CEO.
Quanergy is advised by Raymond James, Cooley and ICR. CCAC is advised by Credit Suisse and White & Case. Credit Suisse is advised by Davis Polk.
Mercer Park Brand Acquisition, a SPAC which has entered into a definitive agreement to merge with GH Group, California’s fully-integrated cannabis business, is updating the status of its proposed merger with GH Group.
Mercer Park Brand and GH Group have agreed that the closing conditions of the transaction have been met and have set a closing date of on or about June 29, 2021. An amended merger agreement (and an amended form of Investor Rights Agreement) containing minor modifications to facilitate closing arrangements will be filed with Canadian securities regulatory authorities shortly.
Mercer Park Brand Acquisition is advised by Goodwin Procter, Gateway Investor Relations and Mattio Communications. Glass House is advised by Cassels Brock & Blackwell.
HIG Capital, a global alternative investment firm, completed the acquisition of Enseo, a guest-room entertainment service provider. Financial terms were not disclosed.
“Enseo is uniquely positioned to build upon its meaningful innovations in this market to address some of the major challenges in the industry, including employee safety systems, IoT room controls, and contactless technologies,” Todd Ofenloch, HIG Managing Director.
Enseo was advised by TI Partners and Locke Lord. HIG Capital was advised by Akerman.
JP Morgan agreed to acquire Campbell Global, a provider of investment management services, from BrightSphere Investment Group, an asset management firm. Financial terms were not disclosed.
"This acquisition expands our alternatives offering and demonstrates our desire to integrate sustainability into our business in a way that is meaningful. Investing in timberland, on behalf of institutional and high net worth individuals, will allow us to apply our expertise in managing real assets to forests, which are a natural solution to many of the world's climate, biodiversity and social challenges," George Gatch, JP Morgan Asset Management CEO.
BrightSphere Investment Group is advised by Morgan Stanley and Ropes & Gray.
Uber Technologies agreed to acquire the remaining 47% stake in Cornershop, a company developing a grocery delivery app. The deal is expected to close in July 2021. Financial terms were not disclosed.
"We’re thrilled to join the Uber team to build better solutions for instant local commerce around the world," Oskar Hjertonsson, Cornershop Founder and CEO.
Uber is advised by Morrison & Foerster.
Welltower, a real estate investment trust, agreed to acquire the 86-property seniors housing portfolio of Holiday Retirement, a provider of retirement services, for $1.58bn. The transaction is expected to close in the third quarter of 2021.
"The Holiday team is focused on continuing the highest level of service and care to our residents and their families. We believe the significant investment into Holiday's platform, technology infrastructure and importantly, our communities will enhance our collective ability to deliver quality services to the dynamic needs of our customers and to create a bright future for our employees," Lilly Donohue, Holiday Retirement CEO.
Holiday Retirement is advised by Barclays.
Atria Senior Living, a retirement and aged health care services company, agreed to acquire the management services business of Holiday Retirement, a provider of retirement services. Financial terms were not disclosed.
"This transaction enables Atria – by joining forces with Holiday CEO Lilly Donohue, her great team and all of the passionate and dedicated associates in Holiday communities across the country – to continue on our path to create a thoughtful variety of choices as unprecedented numbers of people seek senior living options in the decade ahead," John Moore, Atria Senior Living Chairman and CEO.
Blackstone led a $800m Series C funding round in Mollie, an Amsterdam-based fintech startup. The round had participation from TCV, EQT, General Atlantic, HMI Capital and Alkeon Capital.
“Over the past months, Mollie has been receiving a remarkable amount of interest from some of the world’s foremost fintech investors. In bringing on BXG, we believe we have an investor who can help Mollie in our next phase of growth. The involvement of our new group of investors demonstrates confidence in Mollie’s growth, strategy and product set,” Shane Happach, Mollie CEO.
An investment consortium led a $190m funding round in KeepTruckin, a fleet management technology. The consortium includes G2 Venture Partners, Index Ventures, Greenoaks, IVP, Scale Venture Partners and BlackRock.
“One of the many reasons we’re excited to partner with KeepTruckin includes the people behind the technology, especially the management team that runs the business with a clear vision to fundamentally improve the safety and sustainability of commercial vehicles through novel hardware and software. We know that an inflection point is coming in this industry: the proliferation of AI-powered cameras into all commercial vehicles, and KeepTruckin has the team and the highest quality products to lead the field,” Zach Barasz, G2 Venture Partner.
Addition, a venture capital firm, led a $110m funding round in Primer, a provider of a natural language processing platform. The round was joined by In-Q-Tel and Central Intelligence Agency's venture capital firm.
The funding will be used to expand Primer's engineering team and grow the market. It plans to expand its languages to include Spanish, and will target the financial and pharmaceutical industries.
Mubadala-owned GlobalFoundries plans a $6bn expansion in Singapore, US and Germany. (FS)
Mubadala-owned GlobalFoundries, a provider of semiconductor foundry services for the mobility, automotive and consumer IoT markets, will spend $6bn to expand capacity at its factories in Singapore, Germany and the US amid a chip shortage that is hurting automakers and electronics firms globally, Reuters reported.
The company plans to invest more than $4bn in Singapore, and $1bn each in the others over the next two years.
"I think the next five to eight years, we're going to be chasing supply not demand as an industry. The company is prioritizing automotive customers," Thomas Caulfield, GlobalFoundries CEO.
Carrix's majority owners consider a $2.5bn stake sale.
The controlling shareholders of Carrix, a provider of transportation and logistics services, weigh a sale of their majority stake. The Smith and Hemingway families are exploring a sale of a 51% stake in the company, which could bring $2.5bn, Bloomberg reported.
Marine terminals have long attracted interest from infrastructure-focused private equity funds and pension funds due to the perceived stability of earnings and because they are essentially natural monopolies.
Sanderson Farms explores sale.
Sanderson Farms, a dressed-chicken processor in the United States, considers strategic options, including a sale at a time demand for its products is on the rise as restaurants reopen for business, WSJ reported.
Sanderson Farms attracted interest from buyers, including Continental Grain, an agricultural investment firm, which owns a smaller chicken processor, Wayne Farms. The company has a market value of about $3.5bn.
Amazon considers purchasing 20% stake in Plus ai.
Amazon, an online retailer, and e-commerce company, is considering acquiring a 20% stake in Plus ai, a robot trucking startup. A move could have serious implications for how the company moves its products around the world.
Lordstown Motors assesses strategic partners for funding.
Lordstown Motors, an automotive company founded to develop and manufacture light-duty electric trucks, is "evaluating strategic partners" as part of its search for funding needed to stay in operation, Reuters reported.
Lordstown Motors, earlier this month, warned it might not be able to continue as a "going concern" if it cannot raise more money to retool its factory in Lordstown, Ohio, for high-volume production.
Sequoia-backed Zoomcar plans US listing. (FS)
Sequoia-backed Zoomcar, a provider of passenger vehicle rental services, considers a US listing within 12 months to tap markets beyond its home base of India as coronavirus-related health concerns bolster demand for car rental, Bloomberg reported.
The company is backed by Sequoia Capital, Larry Summers, Mahindra & Mahindra and Ford Smart Mobility.
"There's a lot of momentum in the public markets for this type of story. We've been at it now for a long time so it's only fair to want to bring liquidity into the system for early investors. A listing via a blank-check firm or special purpose acquisition company is also a possibility," Greg Moran, Zoomcar CEO and Co-Founder.
Sweetgreen confidentially filed for US IPO. (FS)
Sweetgreen, a manager of a chain of salad restaurants founded by Jonathan Neman, Nathaniel Ru and Nicolas Jammet, Georgetown University graduates, filed confidentially for a US IPO, Bloomberg reported.
The company submitted a draft registration statement to the Securities and Exchange Commission for an IPO. Sweetgreen is backed by D1 Capital, Lone Pine, Fidelity Investments, Live Oak Endeavors and T. Rowe Price.
Sweetgreen is advised by Goldman Sachs.
TPG Capital targets $5bn for the Rise Climate fund. (FS)
TPG Capital, a private equity firm, is raising $5bn for the climate-related fund to invest in companies that positively impact the environment. It will enable the reduction of carbon emissions, WSJ reported.
Washington State Investment Board, a public pension investor, committed $400m to the TPG Rise Climate fund.
TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio.
GI Partners closed $3.9bn Private Equity Fund VI. (FS)
GI Partners, a private investment firm, announced the closure of GI Partners Fund VI with $3.9bn in total commitments exceeding the target of $3.25bn.
The fund will continue focusing on control-oriented investments in North American companies with solid downside protection and substantial growth potential.
"Our limited partners have demonstrated conviction in our resilient strategy, team and leadership, and operating principles. We are grateful for their support and thank them for the opportunity to be stewards of their capital," Philip Yau, GI Partners Managing Director.
GI Partners was advised by Park Hill Group and Kirkland & Ellis.
EMEA
EssilorLuxottica, a designer, manufacturer and distributor of ophthalmic lenses, frames and sunglasses, stated that it was considering withdrawing from its c.$8.6bn deal with Grandvision, a Dutch eyewear store operator, after a Dutch court said EssilorLuxottica was no longer obliged to go through with the deal, Reuters reported.
An arbitration court in the Netherlands ruled that Grandvision had breached obligations of the takeover agreement, which meant that EssilorLuxottica was no longer tied to the pact.
"EssilorLuxottica is reviewing its options in relation to the transaction and in due course will communicate its determination on the way forward," EssilorLuxottica.
Grandvision is advised by ING Bank, Bredin Prat and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, Lazard, Mediobanca, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Brunswick Group and Community Group. Debt financing to EssilorLuxottica is provided by Credit Agricole and HSBC. Debt providers are advised by Hogan Lovells. HAL is advised by NautaDutilh.
Ardian completed its acquisition of a stake in NetCo Group, a specialist in preventive and curative maintenance of conveyor systems, from IK Investment Partners and Andera Partners, two private equity firms. Financial terms were not disclosed.
"NetCo's excellent reputation and the quality of the management team led by Samuel and James Perriez have enabled it to become a major European player. Supporting NetCo in the next stage of its development through this strategic partnership is a great opportunity," Alexis Lavaillote, Ardian Managing Director.
Ardian was advised by Ernst & Young, LEK Consulting, Alvarez & Marsal, Lincoln International, Weil Gotshal and Manges, Headland Consultancy and NetSystem. IK Investment Partners was advised by Volt Associes, AMO Network and Maitland. Debt financing was provided by Credit Agricole and CIC. Debt providers were advised by Simmons & Simmons.
Fremman Capital, a private equity firm, agreed to acquire a stake in Veritas Petroleum Services, a fuel management company, from IK Investment Partners, a private equity firm, for $200m.
"IK has supported us in developing a new sales strategy, investments in additional laboratory equipment and multiple acquisitions, enabling us to better serve our clients, which in turn creates a positive ecological impact," Malcolm Cooper, VPS CEO.
IK Investment Partners is advised by AMO Network, Maitland and Rothschild & Co. Fremman Capital is advised by DC Advisory.
Wellspring Capital-backed Airswift, a workforce solutions provider to the energy, process and infrastructure industries, completed its merger with Reiten & Co-backed Competentia, a staffing solutions provider. Financial terms were not disclosed.
"It just made sense for two private equity-backed companies to get greater scale, greater investment dollars for growth and greater reach into other business segments. We’re situated in a very strong position for growth anywhere around the world," Janette Marx, Airswift CEO.
Wellspring Capital was advised by Macfarlanes. Competentia was advised by Thommessen.
Brookfield Asset Management completed its acquisition of Arlington, a property investor and developer, from TPG Real Estate, a real estate equity investment platform, for £714m ($996m).
“Over the last four years, we have worked closely with TREP to invest in our assets to provide high-quality amenities and actively position the portfolio to attract tenants in fast-growing sectors such as innovation, technology, and life sciences. Our track record of growing occupancy by almost 15%, achieving double-digit rental growth on new leases, and collecting 100% of rents since the onset of Covid is a testament to the quality of the platform and the Arlington team. We thank TREP and are excited to partner with Brookfield for the next stage of Arlington’s growth," James Raven, Arlington CEO.
Brookfield was advised by Latham & Watkins.
ION Group, a global financial software and data firm, agreed to acquire a 9.9% stake in illimity, a high-tech banking group, for 5.75m ordinary shares and warrants for a further 2.4m shares. Financial terms were not disclosed.
"I am extremely pleased to be able to welcome the ION Group as one of our long-term shareholders, and in particular Andrea Pignataro, with whom I share the vision of a highly innovative future. We are expecting highly significant technological and commercial synergies from our partnership that will strengthen our Business Plan even further," Corrado Passera, illimity CEO and Founder.
illimity is advised by Tancredi.
Ping Identity, a provider of cloud identity security solutions, completed its acquisition of SecuredTouch, an authentication technologies provider. Financial terms were not disclosed.
"As companies undergo massive digital transformation initiatives, the need for seamless, frictionless, and secure identity solutions to confidently understand both those situations is imperative. The acquisition of SecuredTouch accelerates our vision for cloud-delivered intelligent identity solutions that combat malicious behavior such as bots, emulators, and account takeover," Andre Durand, Ping Identity Founder and CEO.
August Equity, a private equity firm, agreed to invest in Integrity360, a cybersecurity specialist. Financial terms were not disclosed.
“Over the past 16 years, the company has successfully grown to become a leading cybersecurity specialist within Ireland and in the UK. We have a fantastic team with a thriving culture, and I am delighted to now work with both August and Ian who will continue to bolster our service capability and expand our reach internationally," Eoin Goulding, Integrity360 Founder and CEO.
The Carlyle Group and Raiffeisen Invest Private Equity, two private equity firms, agreed to invest in AGILOX, a technologically disruptive provider of intelligent autonomous mobile robots. Financial terms were not disclosed.
"With Carlyle we were able to bring on board our dream partner, who, in addition to an international network, has an extensive understanding of our industry and experience in supporting fast-growing technology companies. Together with Carlyle, our vision is to develop AGILOX into a global market leader in the field of intelligent driverless transport systems," Franz Humer, AGILOX CEO.
HH Global, an outsourced marketing execution provider, agreed to acquire Adare International, a provider of marketing services with strong procurement, creative and data offerings, from Endless, a private equity firm. The transaction is subject to further legal processes, which are expected to take between 8-12 weeks. Financial terms were not disclosed.
"We're excited about the potential of our combined company. This comes because we'll have increased geographical coverage, extended service lines, and enhanced purchasing power – and most critically because we're bringing the best people in the industry together. We are very much looking forward to welcoming Adare's clients and people to HH Global once the acquisition closes," Mike Perez, HH Global Group CEO.
Synopsys, an American electronic design automation company, agreed to acquire the semiconductor and flat panel display solutions of BISTel, a provider of equipment engineering systems. Financial terms were not disclosed.
"Semiconductor fabs are rising to the challenge of meeting market demand for products that drive the global economy. Combining Synopsys' and BISTel's expertise in fab solutions will enable us to bring to market innovative process control products that help our customers maximize their economic opportunity," Howard Ko, Synopsys General Manager of the Silicon Engineering Group.
Ontario Teachers’ led a $138m Series C funding round in Beamery, a London’s talent acquisition, engagement, and retention platform. The round also had participation from Accenture Ventures as well as existing investors Index Ventures, EQT, Microsoft’s M12 and Workday Ventures.
“Changes to the way we work, shifting expectations of candidates, and the sheer pace of recruiting demands, have led organizations to rethink how they approach recruitment and retention. Enterprise talent teams are driving significant global transformation as they build towards this new future of work, and this investment will enable us to scale globally with growing demand and build the new category in enterprise technology,” Abakar Saidov, Beamery CEO.
Revolut eyes fundraising at $20bn valuation.
Revolut, a designer and developer of application software, is in advanced talks about a fundraising round that could value the company at $20bn, Bloomberg reported.
The company held preliminary talks with investors about raising funds. Nikolay Storonsky, Revolut CEO, said that the company is looking at further fundraising.
The new capital would increase Revolut's valuation several times over a fundraising round in 2020, when the digital banking services company raised $500m with a $5.5bn valuation.
Climate Transition Capital launches a $226m SPAC. (FS)
Climate Transition Capital, an investment platform, plans to launch a $226m SPAC aimed at investing in companies that are pioneering climate transition, Reuters reported.
The company attracted investment from BlackRock, an asset manager, and Hartree, a commodities trader.
Baltic Classifieds aims $1.3bn valuation in London IPO. (FS)
Baltic Classifieds, an online classified advertising platform, expects to be worth up to $1.32bn on the London Stock Exchange, setting a price range of $1.94 to $2.64 a share, Reuters reported.
The group plans to sell $330m worth of shares in its IPO this month. Around $143m of that sale will be new shares and existing investors will sell the rest. Apax Partners, a private equity firm and majority shareholder, plans to exit the investment.
Crystal Peak SPAC raised $150m in Amsterdam IPO.
Crystal Peak Acquisition, a SPAC, raised $150m in a private placement and will begin trading on Euronext Amsterdam. Crystal Peak offered 15m units, each representing one share and one warrant, for $10 each, Reuters reported.
A black cheque company is backed by Michael Tobin, Rupert Robson and Seth Schelin and would focus on a European technology company.
"In Crystal Peak Acquisition, we are creating a gateway to the public markets for European and wider EMEA technology companies that are benefiting from the digitalisation megatrend," Michael Tobi.
Crystal Peak was advised by Jefferies & Company and Kempen.
LGT Capital Partners closed CSSO II at $1.57bn. (FS)
LGT Capital Partners, an alternative investment specialist headquartered in Switzerland, closed Crown Secondaries Special Opportunities II, its second dedicated direct secondaries fund, with $1.57bn of total commitments.
"Interest in direct secondary transactions has grown very strongly over the last years. Having invested in the space as an early mover since 2015 and with a successful predecessor fund, CSSO II attracted strong appetite from investors and was oversubscribed. With a broad strategy providing partial liquidity and follow-on capital directly to companies as well as pursuing GP-led situations, the fund is well positioned to fully leverage our global platform to generate attractive investment opportunities in high quality companies," Andreas Hellmann, LGT Capital Partner.
APAC
China's Tianqi Lithium said it would close the sale of a stake in its Australian operations by June 30 after winning conditional approval on restructuring from Canberra and agreeing to split a possible tax bill with buyer IGO, Reuters reported.
Heavily indebted Tianqi, one of the world's top producers of lithium chemicals used in electric-vehicle batteries, is pocketing a much-needed $1.4bn from the sale, agreed in December, of 25% in the Greenbushes mine and 49% in the Kwinana processing plant in Western Australia.
The company said in a filing it had on June 9 received a so-called no objection notification from Australia's Foreign Investment Review Board on the internal transfer of Kwinana to Tianqi Lithium Energy Australia, provided this complies with tax regulations.
IGO is advised by Citigroup, Macquarie Group, Standard Chartered Bank, Herbert Smith Freehills and Citadel Magnus. Tianqi Lithium is advised by Clayton Utz. Debt financing is provided by BurnVoir Corporate, Citigroup, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking.
Washington H Soul Pattinson, an investment company, agreed to acquire Milton, an investment company, for $3bn. The combined company will be valued at nearly $8.29bn. The transaction is expected to close in October 2021.
"The transaction will create a unique investment company by bringing together Milton's demonstrated long-term capabilities in listed equities and WHSP's successful record of generating strong returns for shareholders across a range of actively managed public and private investment," Brendan O'Dea, Milton CEO and Managing Director.
Milton is advised by Greenhill & Co and Hamilton Locke. WHSP is advised by Pitt Capital Partners, Ashurst and Citadel Magnus.
Generali, an Italian insurance company, agreed to acquire a 70% stake in AXA Affin Life, a life insurance company, and a 53% stake in AXA Affin General, a full line insurance company, from AXA, an insurance firm, and Affin, a financial holding company, for $311m.
The acquisitions will position Generali as the second P&C insurer by market share and help with entering the country's life insurance segment.
"The transactions are fully aligned with Generali's strategy to strengthen its leadership position in high potential markets, like Malaysia, which represents a very attractive opportunity as it is home to a growing middle-class population and with an insurance penetration rate that is still relatively low compared to other more mature markets in the Asian region," Jaime Anchústegui Melgarejo, Generali Group CEO.
Generali is advised by HSBC and Wong & Partners. Affin is advised by Nomura.
MRCC, an IT solutions company, agreed to acquire G-Cube, a pioneer in digital learning. Financial terms were not disclosed.
"As the corporate learning market matures, we envision many more consolidations, nurturing many like-minded mergers in the industry to bring in top value players to the fore. Combining G-Cube's unparalleled customer service with MRCC's transformative solutions will support this disruptive corporate learning market. MRCC will continue to leverage this path to improve value for its customers," Anil Shah, MRCC Chairman & CEO.
Warburg Pincus led a $255m Series C funding round in Insilico Medicine, a biotechnology company. The round was joined by Qiming Venture Partners, Pavilion Capital, Eight Roads Ventures, Lilly Asia Ventures, Sinovation Ventures, BOLD Capital Partners, Formic Ventures, Baidu Ventures, CPE, OrbiMed, Mirae Asset Capital, B Capital Group, Deerfield Management, Maison Capital, Lake Bleu Capital, President International Development Corporation, Sequoia Capital China and Sage Partners.
Proceeds from the financing will be used to progress Insilico Medicine's current therapeutic programs into human clinical trials, initiate multiple new programs for novel and difficult targets, and further develop its AI and drug discovery capabilities.
"The artificial intelligence technologies we invented are now demonstrating impressive results in both biology and chemistry delivering valuable and absolutely novel therapeutic assets with high probability of clinical success. We are pleased and proud to have gained the recognition and investment from some of the world's most reputable investors with strong expertise in the biopharmaceutical industry. With their support, we will continue to innovate and bring revolutionary solutions to the pharmaceutical industry," Alex Zhavoronkov, Insilico Medicine Founder and CEO.
Private equity firms and rivals enter bids for a $6bn stake in Hanon Systems. (FS)
Private equity firms The Carlyle Group and Bain Capital, as well as auto suppliers Valeo and Mahle are launching a non-binding offer to acquire a stake in Hanon Systems, a Korea-based company engaged in the manufacturing of automotive thermal management systems and automotive parts, for $5.81bn, Reuters reported.
The bidders are looking into getting about a 70% stake of Hanon Systems from Hahn & Company, a local private equity firm, and Hankook Tire & Technology, a manufacturer and distributor of tire and tube products.
Naver is pulling out from eBay's Korean business auction.
Naver, an operator of South Korea's dominant search portal, decided not to participate in acquiring eBay's South Korean business, leaving retail giant Shinsegae Group as the sole bidder for the South Korean unit of the US e-commerce giant.
The acquisition of eBay Korea would give a much-needed boost to Shinsegae, which holds around 3% of the country’s e-commerce market, and brings about a seismic shift in the local sector.
Full Truck Alliance raised $1.6bn in US IPO. (FS)
Full Truck Alliance, a truck-sharing app that connects merchants that need shipping with truck drivers, raised nearly $1.6bn via a US IPO at a $20.6bn valuation, Reuters reported.
The company sold 82.5m American depositary shares at $19 apiece, the upper end of its target range of $17 and $19 per ADS. Each ADS represents 20 Class A ordinary shares.
It will also raise $200m from Mubadala, an Abu Dhabi state investor, and Ontario Teachers' Pension Plan Board by selling Class A ordinary shares.
Full Truck Alliance was advised by Morgan Stanley, CICC and Goldman Sachs.
GLP C-REIT to list on Shanghai exchange after $910m IPO. (FS)
GLP Chinese REIT floated its shares on the Shanghai Stock Exchange and raised over $910m in an IPO. The company sold 1.5bn shares at a price of $0.6 apiece in the oversubscribed IPO, DealStreetAsia reported.
The 52% of the shares were pre-committed to six cornerstone investors Taking Life, Shoucheng Holdings, Dajia Investment, CICC Wealth Management, CCB Trust, and China Insurance Investment Fund — ahead of the listing. In addition, GLP holds a 20% stake in GLP C-REIT after the IPO.
GLP C-REIT was advised by CICC.
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