AMERICAS
Madison Square Garden Entertainment, a media company, completed the acquisition of MSG Networks, a sports media company, for c. $900m. MSG Networks stockholders received 0.172 shares of MSG Entertainment Class A or Class B common stock for each share of MSG Networks Class A or Class B common stock they own.
"We are pleased to complete this transaction, creating a stronger, more diversified company with both strategic and financial benefits. We look forward to utilizing our collective portfolio of complementary assets to drive new opportunities for customers and partners, as well as long-term value for shareholders," Andrew Lustgarten, MSG Entertainment President.
MSG Networks was advised by Guggenheim Partners, LionTree Advisors, Morgan Stanley and Davis Polk & Wardwell. Financial advisors were advised by Latham & Watkins. Madison Square Garden Entertainment was advised by Goldman Sachs, JP Morgan, Moelis & Co, PJT Partners, The Raine Group, Debevoise & Plimpton, Sullivan & Cromwell and Wachtell Lipton Rosen & Katz. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton and Paul Weiss Rifkind Wharton & Garrison.
FTC has extended the probe into Amazon's $8.5bn acquisition of Metro Goldwyn Mayer, a movie studio. The agency reportedly issued a second request for a merger review.
This could mean the final ruling might come in months later. Additionally to the merger review, FTC investigates Amazon as part of a series of probes underway into Big Tech.
MGM is advised by LionTree, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison. LionTree and Morgan Stanley are advised by Paul Hastings. Amazon is advised by Bank of America, Clifford Chance and Cravath Swaine & Moore. Bank of America is advised by White & Case.
Thoma Bravo agreed to acquire Stamps, a provider of e-commerce shipping software solutions, for $6.6bn.
“Today’s announcement marks a significant milestone in the history of Stamps.com and will provide us with a new and exciting platform from which we can continue to execute our global strategy driven by best-in-class software and technology solutions. With the financial and operational support of Thoma Bravo, Stamps.com can continue to innovate and pursue growth opportunities to capture the expanding e-commerce shipping market and extend our position as the leading global multi-carrier e-commerce shipping software company," Ken McBride, Stamps Chairman and CEO.
Stamps is advised by JP Morgan and Proskauer Rose. Thoma Bravo is advised Ares Management, PSP Investments, Thoma Bravo Credit, Kirkland & Ellis and Finsbury Glover Hering. Debt financing is provided by Blackstone Capital Markets.
Bullish, a cryptocurrency exchange, agreed to go public via a SPAC merger with Far Peak Acquisition, a special purposes acquisition company, in a $9bn deal. PIPE investors include EFM Asset Management, BlackRock, Cryptology Asset Group and Galaxy Digital.
“Bullish represents a promising future for financial services. With the increased interest from institutional players and sophisticated traders, it is critical to iterating on the existing exchange infrastructures we see today. Bullish is well-positioned to strategically deliver value to its prospective shareholders as it capitalizes on market trends and places technological innovation at the core of its identity. We’re only in the first or second inning of the cryptocurrency market and I’m thrilled to be joining the Bullish team as we revolutionize the future of digital assets through cutting-edge financial technologies," Thomas W. Farley, Far Peak Chairman and CEO.
Bullish is advised by Jefferies & Company and Kirkland & Ellis. Far Peek Acquisition is advised by Berenberg, Galaxy Digital Partners, JP Morgan, Jefferies & Company, Nomura, Latham & Watkins, Morgan Lewis & Bockius and Paul Weiss Rifkind Wharton & Garrison.
Apollo Global-backed Spartan Acquisition II, a publicly-traded special purpose acquisition company, completed the merger with Sunlight Financial, a US residential solar financing platform, in a $1.3bn deal. Upon the closing of the transaction, existing Sunlight equity holders own approximately 50% of the combined company, Spartan stockholders own c. 26%, and PIPE participants own c. 19%.
“As demand for residential solar and battery storage solutions continues to grow, Sunlight is well-positioned to extend its lead as the point-of-sale technology platform of choice and provide frictionless financing for solar and home improvement customers, contractors and capital providers. We look forward to further scaling our business and executing on our strategic goals to deliver sustainable and profitable growth and create long-term value for our stockholders,” Matt Potere, Sunlight CEO.
Sunlight Financial was advised by Citigroup, Hunton Andrews Kurth and ICR. Spartan Acquisition II was advised by Cowen & Company, Credit Suisse, Gibson Dunn & Crutcher, Latham & Watkins and Vinson & Elkins.
Richardson International, a privately held Canadian agricultural and food industry company, agreed to acquire Italgrani USA, a semolina and durum flour miller in North America. Financial terms were not disclosed.
“This acquisition is fully aligned with our long-term strategic goals of diversification, geographic expansion, and an increased presence in food processing – having gone from canola to oats and now to durum processing. The significant scale of processing capability of the Italgrani plant, combined with origination opportunities and crop inputs retail facilities, all included in this transaction, will further enhance the services we will be able to offer to our producer customers, both in Canada and the US,” Curt Vossen, Richardson International President and CEO.
Italgrani USA is advised Rothschild & Co, Akerman, Gattai Minoli Agostinelli & Partners and Marchese Zanardi & Partners. Richardson International is advised by Rabobank and Koley Jessen.
Knox Lane, a growth-oriented investment firm, completed an investment in Any Hour Services, a HVAC solutions provider. Financial terms were not disclosed.
"We have been very focused on finding the right partner to help scale our market-leading service model, both organically and through strategic acquisitions. After spending significant time getting to know the team at Knox Lane, we are confident their deep understanding of our end markets, customers and culture makes them a perfect match. We are excited to launch this new chapter of our growth story and to add more market-leading businesses to the Any Hour Group of companies," Wyatt Hepworth, Any Hour CEO.
Any Hour Services was advised by SF&P Advisors and Greenberg Traurig. Knox Lane was advised by Jefferies & Company, Lazard, Kirkland & Ellis and Joele Frank.
Sycamore Partners, a private equity firm, agreed to acquire Ste. Michelle Wine Estates, a wine producer, from Altria Group, a tobacco company, for $1.2bn.
“We believe the Transaction is an important step in Altria’s value creation for shareholders and allows our management team greater focus on the pursuit of our Vision to responsibly transition adult smokers to a non-combustible future. Ste. Michelle and its talented employees have built an outstanding portfolio of premium wine brands, and we wish them future success," Billy Gifford, Altria CEO.
Altria is advised by Credit Suisse and White & Case.
Merkle, a customer experience management company, agreed to acquire LiveArea, a brand management company, from PFSweb, a global commerce services company, for $250m.
“Over the past year and a half, we have worked diligently to return LiveArea to sustained growth, with our strengthened leadership and sales teams driving greater organizational efficiency and record sales pipeline activity. We believe this transaction with Merkle, a fellow high-touch, technology-enabled customer experience management company, will allow LiveArea to more fully realize its growth potential, create significant value for our LiveArea strategic partners and position LiveArea to better serve our world-class clients," Mike Willoughby, PFSweb CEO.
PFSweb is advised by Raymond James and FisherBroyles.
WildFire Energy I, an independent energy platform company, agreed to acquire Hawkwood Energy, an independent exploration and production company, for $650m.
"We are proud of what Hawkwood has accomplished since entering the Eagle Ford and believe that joining with WildFire is the next logical step in our evolution. We are impressed by the team's extensive knowledge of and experience in this basin and are excited for the opportunities that lay ahead," Jim Addison, Hawkwood CEO.
Hawkwood is advised by Jefferies & Company.
Interfor, a growth-oriented forest products company, completed the acquisition of four US sawmills from Georgia-Pacific, an American pulp and paper company, for $375m.
"This acquisition enhances Interfor’s growth-focused strategy as a pure-play lumber producer, and provides significant economies of scale given the complementary geographic fit with our existing US operations. We’re excited to acquire these high-quality assets as part of our balanced approach to capital allocation to drive shareholder value," Ian Fillinger, Interfor President and CEO.
Georgia-Pacific was advised by RBC Capital Markets.
Cisco, a technology conglomerate, completed the acquisition of Socio Labs, a provider of on-site social commerce solutions. Financial terms were not disclosed.
"The future of events, like the future of work, will be hybrid. With that comes increased complexity of creating inclusive experiences, and meaningful and measurable interactions for both virtual and in-person attendees. Socio Labs offers Webex powerful technology to provide customers with an unparalleled hybrid event management solution to engage participants whether they join in person or virtually," Jeetu Patel, Cisco Senior VP and General Manager.
Cisco was advised by Fenwick & West.
BTG Pactual, a Brazilian investment bank, completed the acquisition of a 57.9% stake in InfraCo, a fiber optic business of Oi, a fixed telephone operator, for $2.46bn.
Digital Bridge, an owner of Brazil’s telecom infra company Highline, had made an offer for Oi’s assets prior to the BTG Pactual binding offer. However, the fund did not propose a bid during the auction and no other offers were on the table.
Private equity firms GFH Financial Group and Student Quarters agreed to invest $100m in US student housing portfolio.
GFH’s investment strategy in student housing assets is based on building a diversified portfolio that targets universities within the top 150 universities in the US and that are considered flagship universities in their respective states with strong sporting and academic facilities. These universities have steady growth in enrolments over long periods of time and have large student populations in excess of 20k.
"Student Quarters and GFH Financial Group are really excited to be purchasing these high-quality well-located assets in exceptional Power Five markets. These will be the first acquisitions for the new partnership, which will bring compelling investment opportunities and demonstrated results to GFH," Stephanie J. Lynch, Student Quarters CIO.
Communications & Power Industries, a global manufacturer of electronic components and subsystems, completed the acquisition of TMD Technologies, a designer and manufacturer of professional microwave and radio frequency products. Financial terms were not disclosed.
"TMD has a well-earned global reputation for high-reliability transmitters and microwave devices, in particular state-of-the-art microwave power modules and TWT amplifiers. We have long been impressed by the quality of TMD's people and technology. Adding TMD's proven products to CPI's Electron Device Business will provide a TMD with a prosperous, long-term home for their business and will enable the companies to offer customers broader capabilities and more comprehensive solutions for radar, electronic warfare, communications, EMC testing and related applications," Andy Ivers, CPI President and COO.
Universal Engineering Sciences, an engineering and consulting company, completed the acquisition of Geotechnology, a provider of consulting services in applied earth and environmental sciences. Financial terms were not disclosed.
"We share a common vision of our culture, growth, teamwork and opportunity with UES. We believe we can provide greater impact and better service to our clients and more opportunity for our employees through this partnership. Joining the UES family is an incredible milestone for our business, and a testament to the outstanding team we have assembled, the business that we have run, and the high regard our firm enjoys in the industry from our clients," Ed Alizadeh, Geotechnology CEO.
Pinnacle Asset Management-backed Viserion Grain, a global agricultural merchant based in Boulder, Colorado, completed the acquisition of 11 grain elevator facilities from Zen-Noh Grain, which trades and exports corn, soybeans, sorghum, wheat, and byproducts. Financial terms were not disclosed.
"We are very pleased to reach today's milestone, which will significantly bolster our presence in the US grain market. These assets will allow us to provide farmers with competitive access to global export markets," Aaron Wiegand, Viserion International CEO.
Klarna, a retail bank, completed the acquisition of HERO, a social shopping platform. Financial terms were not disclosed.
"Klarna is a company we've long admired. They have built an iconic brand and proposition, and a unique culture that makes it the perfect home for our team. By joining forces we are able to bring our technology to even more merchants and consumers across the world, making online shopping more social, interactive and ultimately more human," Adam Levene, HERO Founder.
Equinox's merger talks with Palihapitiya-backed SPAC have ended.
Equinox Holdings, the luxury gym operator popular among celebrities and financiers, is no longer in talks to go public through a merger with a blank-check company backed by investor Chamath Palihapitiya.
Negotiations between Social Capital Hedosophia Holdings VI and Equinox, which also operates SoulCycle indoor-cycling centers, fell apart due to a disagreement over the combined company’s valuation, Bloomberg reported.
Japan Petroleum eyes Canada divestment as M&A picks up.
Japanese state-backed oil producer Japan Petroleum Exploration is considering a sale among other options for its Hangingston oil sands project in Canada, Reuters reported.
Japex is seeking a buyer for its 75% stake in the Hangingstone oil sands facility in Canada. Japex unit Japan Canada Oil Sands is a majority owner of Hangingstone, with Chinese state-owned oil giant CNOOC holding the remaining 25%.
Several global oil majors have rushed to sell Canadian oil sands assets over the past four years over concerns ranging from high production costs and emissions to scarcity of capital.
PagSeguro denies $3bn acquisition report.
PagSeguro Digital, a Brazilian financial technology company, and Banco Votorantim, the seventh-largest bank in Brazil, denied a deal was close for PagSeguro to acquire Banco Votorantim.
But Pagseguro said in a statement that its banking unit PagBank “does not intend to acquire Banco Votorantim bank and there are no related signed agreements to do so,” while BV and its shareholders issued a denial too.
Thrive Market considers a $2bn IPO.
Thrive Market, a membership e-commerce platform, considers an initial public offering and seeks a valuation of more than $2bn, Bloomberg reported.
The pipeline for direct-to-consumer listings is building as many of these companies benefited from increased demand during the pandemic.
The company is working with Goldman Sachs.
Authentic Brands Group files for US IPO.
Authentic Brands Group, an American brand management company, filed for a US initial public offering following a year that saw the company post strong earnings growth. The company plans to list its stock on the New York Stock Exchange under the symbol "AUTH".
Authentic Brands listed asset manager BlackRock, General Atlantic and Simon Property Group, a real estate investment trust, among its shareholders.
App Annie explores strategic options.
App Annie, a provider of app analytics and app market data solutions, is exploring its strategic options, including the possibility of making an acquisition or going public. The company is also exploring a possible sale, WSJ reported.
The company generated about $120m in revenue and $20m in earnings before interest, taxes, depreciation and amortization last year.
SoftBank intends to invest about $5bn in Latin American companies.
SoftBank Group considers the investment of an additional $5bn in Latin American companies, Bloomberg reported.
The company’s board is close to approving the new capital allocation, which would double its commitment to the region to $10bn. SoftBank will also expand the scope of its investments in the region to span from seed and Series-A startup rounds to taking stakes in public companies.
Peloton Capital Management holds the final closing of the first fund at $550m. (FS)
Peloton Capital Management, a Canadian private equity firm with a long-term approach to middle-market buyouts in the North American market, has closed its first fund at $550m.
“The investments we’ve made to date – of which three were closed amid the pandemic – are all performing well. We are very pleased with the investment partnerships we have already consummated, and several more attractive opportunities are currently being evaluated,” Steve Faraone, Peloton Capital Management Managing Partner.
Acropolis Infrastructure Acquisition announces pricing of $300m IPO. (FS)
Acropolis Infrastructure Acquisition announced the pricing of its initial public offering of 30m units at $10.00 per unit. The units will be listed on the New York Stock Exchange under the symbol “ACRO.U” commencing on July 9, 2021. Each unit consists of one share of Class A common stock of the company and one-third of one warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share.
The company is sponsored by Acropolis Infrastructure Acquisition Sponsor, an affiliate of Apollo Global Management. The company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It intends to focus its search for a business combination target in infrastructure, infrastructure services and related sectors in North America.
ArcLight closes Renewable Infrastructure Continuation Fund. (FS)
ArcLight Capital Partners, an energy-focused investment firm, has held the successful closing of the ArcLight Renewable Infrastructure Fund SM SPV, its first continuation fund.
"Sidney Murray is a world-class, baseload renewable energy resource selling power under long-term contracts to investment grade counterparties. ArcLight is excited to continue to work to optimise the project for the benefit of all stakeholders," Dan Revers, ArcLight Founding Partner.
ArcLight was advised by Evercore, TD Securities, Latham & Watkins and Ropes & Gray.
EMEA
Tobacco group Philip Morris International, has offered to acquire Vectura, a company that develops inhaled therapies for the treatment of respiratory diseases, for $1.44bn.
The offer of $2 per share to investors in Vectura topped a previous $1.36 proposal by investment firm Carlyle Group, and was 11% higher than the drugmaker's closing share price.
"We are delighted to welcome Vectura's great people and management team to join us in the next stage of our mission to improve people's lives through innovative developments in science and technology. We see Vectura's combination of device, formulation and development capabilities for inhaled therapeutics as highly complementary to our existing expertise, pipeline and experience in aerosolisation," Jacek Olczak, Philip Morris CEO.
Vectura is advised by Numis Securities, JP Morgan, Rothschild & Co, Clifford Chance, Consilium Strategic Communications and FTI Consulting. Philip Morris is advised by Bank of America, DLA Piper, Foxcroft Consulting and Sanctuary Counsel. Carlyle Group is advised by Morgan Stanley, RBC Capital Markets, Latham & Watkins, Linklaters, Ropes & Gray and Greenbrook.
Aon and Willis Towers Watson confirmed today that the European Commission announced conditional approval for the proposed combination of Aon and Willis Towers Watson.
"This is a major step that demonstrates continued progress toward obtaining regulatory clearances for the proposed combination. Both firms operate across broad, competitive areas of the economy and believe this approval affirms that our proposed combination will accelerate innovation on behalf of clients, creating more choice in an already dynamic and competitive marketplace," Aon and Willis Towers Watson.
Willis Towers Watson is advised by Bank of America, Goldman Sachs, Herbert Smith Freehills, Matheson, Skadden Arps Slate Meagher & Flom and Weil Gotshal and Manges. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. Aon is advised by Credit Suisse, Morgan Stanley, Arthur Cox, Freshfields Bruckhaus Deringer, Latham & Watkins, FTI Consulting, and Joele Frank. Financial advisors are advised by Cravath Swaine & Moore.
FREYR, a Norway-based developer of clean, next-generation battery cell production capacity, went public via a SPAC merger with Alussa Energy Acquisition in a $1.4bn deal. The transaction includes a $600m PIPE from Koch Strategic, Glencore, Fidelity, Franklin Templeton, Sylebra Capital and Van Eck Associates.
“We are proud to complete the combination of Alussa Energy and FREYR, positioning FREYR Battery for leadership in accelerating decarbonization ambitions across the globe. Alussa Energy remained true to its goal to promote the energy transaction movement and is excited to introduce one of the first pure-play, ESG-focused clean battery cell production companies to US public markets. I look forward to a continued strong partnership with the entire FREYR Battery team as we execute on our long-term growth strategy," Daniel Barcelo, FREYR CEO and Director.
FREYR was advised by BAHR, Wilson Sonsini Goodrich & Rosati and Crux Advisers. Alussa Energy Acquisition was advised by Rystad Energy, Sustainable Governance Partners, BTIG, Credit Suisse, Pareto Securities, Appleby, Davis Polk & Wardwell, Ellenoff Grossman & Schole, Skadden Arps Slate Meagher & Flom, Wiersholm and Kite Hill.
Clayton Dubilier & Rice is pushing ahead with its pursuit of British grocery chain Wm Morrison Supermarkets, as it seeks to beat an agreed $8.7bn bid from Fortress Investment Group.
Morrison has granted CD&R access to confidential information as it works on an improved offer. In addition to a potential increase in its bid, the buyout firm is considering what additional commitments it can make to win over Morrison’s board, Bloomberg reported.
Wm Morrison Supermarkets is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. Clayton Dubilier & Rice is advised by Goldman Sachs and Teneo. Koch Real Estate is advised by Jones Day. Fortress Investment is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew.
Vitrolife, a medical technology group, agreed to acquire Igenomix, a provider of genetic testing services, from EQT Partners, a global investment organization, for $1.48bn.
"The combination of Igenomix and Vitrolife brings together two successful organizations that have been committed to innovation and customer service, which will create a global leader in reproductive health focusing on providing the best possible products and services for the IVF clinics to succeed in their strive to support patients becoming parents,” Thomas Axelsson, Vitrolife CEO.
Igenomix is advised by JP Morgan, Morgan Stanley, Allen & Overy, White & Case and Freshfields Bruckhaus Deringer. Vitrolife is advised by Lazard, Cedric, Dentons and SEB Corporate Finance. EQT Partners AB is advised by Grupo Albion.
Alpha Tau Medical, a cancer pharmaceutical company, agreed to go public via a SPAC merger with Healthcare Capital, a special purposes acquisition company, in a $1bn deal.
"We thank our investors, both new joiners as well as those who have supported us for years, who continue to demonstrate their faith in the company and its leadership. The completion of this transaction will allow the company to realize its vision and implement the clinical development plans and construction of our manufacturing plants around the world, in order to bring hope to millions of patients around the world," Uzi Sofer, Alpha Tau CEO and Chairman.
Alpha Tau Medical is advised by Citigroup, Latham & Watkins and Meitar Law Offices. Healthcare Capital is advised by Cantor Fitzgerald, Citigroup, Piper Sandler, Value Base M&A, Ellenoff Grossman & Schole, Fischer Behar Chen Well Orion & Co and Winston & Strawn.
Gopher Investments, Playtech’s second-biggest shareholder, said on Friday it has offered $10m to the gambling software maker as breakup fee, if the company accepts its $250m offer for Playtech’s financial trading unit.
Playtech would have to pay a consortium led by Israeli private equity group Barinboim $8.8m if its investors vote against a deal worth up to $210m , agreed between the two parties in May, for the Finalto trading unit, Reuters reported.
"Both Playtech and the consortium are bound by the restrictions agreed ... which includes not engaging in negotiations with any third party ... the adjournment of the general meeting does not change these restrictions,” Playtech.
Barinboim is advised by Greenberg Traurig. Playtech is advised by Goodbody, UBS and Headland Consultancy.
Vista Equity-backed Pluralsight, a provider of technology skill development solutions, completed the acquisition of A Cloud Guru, a software development company. Financial terms were not disclosed.
"To meet the needs of our customers and best support their cloud transformations, we are determined to deliver the most comprehensive solution for driving cloud maturity at scale. With the acquisition of A Cloud Guru, we can now provide an all-in-one solution to accelerate the cloud skill development journey for large enterprise customers and individual learners," Aaron Skonnard, Pluralsight Co-founder and CEO.
A Cloud Guru was advised by JP Morgan and Latham & Watkins. Pluralsight was advised by William Blair & Co and Kirkland & Ellis.
Waterland-backed Skaylink, a managed cloud services provider, completed the acquisition of root360, a AWS services provider. Financial terms were not disclosed.
“With Skaylink, we have found a partner, who follows a cloud-focused approach, which mirrors our own. We are convinced that we will be able to further expand our efficient cloud methodology and approach as part of the Skaylink group," Michael Ablass, root360 CEO.
Waterland was advised by IWK Communication Partner. Skaylink was advised by Hengeler Mueller.
D’Ieteren Group, the company that is engaged in automobile distribution and vehicle glass repair and replacement, agreed to acquire a 40% stake TVH Parts, a provider of aftermarket parts related to material handling, construction & industrial, and agricultural equipment, from Vanhalst and Thermote families for for €1.46bn ($1.7bn).
“I’m happy and honoured that TVH Parts can partner with D’Ieteren Group. In the last months and weeks, we enjoyed the constructive discussions and open dialogues with the management and founding families of the group. We truly believe that their values and their aspiration on seeking long-term growth are aligned with those of TVH Parts. Together we can continue to work successfully together on our mission to keep our customers and employees going and growing,” Dominiek Valcke, TVH Parts CEO.
Vanhalst is advised by JP Morgan.
Real estate services companies F. Holmström Fastigheter and Areim to acquire Magnolia Bostad, a housing developer, for $339m.
"FHH currently has no intentions regarding the Company's or FHH's employees and management and assesses that the realization of its current intentions or the plans stated above in respect of Magnolia Bostad's operations will not have any significant effects on employees and management, including the terms of employment, in the merged group, or the places in which Magnolia Bostad conducts business. Thus, there are no concrete plans that could have such significant effects as just mentioned," F. Holmström Fastigheter.
F. Holmström Fastigheter is advised by SEB Corporate Finance.
Commercial Bank, a Qatar-based banking solutions provider, terminated a $128m deal to acquire an additional 15.2% stake in National Bank of Oman, a provider of retail and commercial banking services.
Commercial Bank of Qatar last month had offered $128m to raise its holding to 50.1% from 34.9%. The proposal to acquire 247m shares represented a 18% premium to NBO’s closing price of June 2.
Wienerberger, an Austrian brick maker, completed the acquisition of FloPlast and Cork Plastics, two diversified manufacturers and suppliers of plastic rainwater, drainage and plumbing products. Financial terms were not disclosed.
"FloPlast and Cork Plastics are excellent businesses that have a strong focus and experience in the RMI segment. They have a great product portfolio and highly experienced colleagues who will make sure to further grow our market position in the UK and Ireland. Whilst we see ample opportunity in the RMI segment, we are confident that our strong and established client relationships with the UK home builders will help us to unlock additional growth potential in the new build segment," Heimo Scheuch, Wienerberger CEO.
FloPlast was advised by Rothschild & Co.
Modulaire Group, a modular space leasing business in Europe and Asia Pacific, completed the acquisition of Procomm Site Services, a provider of portable modular accommodation in the UK. Financial terms were not disclosed.
"I am delighted to welcome Procomm into the Modulaire Group and look forward to working with their highly experienced management team. Procomm's well-invested and maintained fleet, alongside its diversified portfolio of attractive end-markets will further strengthen Modulaire Group's position in the UK," Mark Higson, Modulaire Group's CEO.
Modulaire Group was advised by Tulchan Communications.
Five Arrows Capital-backed Texthelp, an edtech services provider, completed the acquisition of Wizkids, an edtech services provider. Financial terms were not disclosed.
“Wizkids becoming part of the Texthelp group is really something special and the climax in our journey so far. Joining the Texthelp group will allow us to reach many more students and make a greater impact with our products across multiple geographies. I am looking forward to working with Martin and the wider combined team in the Texthelp Group as we work towards our shared goal of an even playing field for all," Jonas Lund, Wizkids CEO.
Texthelp was advised by DC Advisory.
Global Payments, a provider of payment technology and software solutions, agreed to acquire Bankia's pre-paid card and payment processing businesses, from Caixabank, a multinational financial services company, for $333m.
Bankia is a Spanish financial services company that was formed in December 2010, consolidating the operations of seven regional savings banks, and was partially nationalized by the government of Spain in May 2012 due to the near collapse of the institution.
Goldman Sachs and Bridgepoint led a $170m funding round in Younited, a fintech firm. Additional investors include Eurazeo, Bpifrance and AG2R La Mondiale.
“This new - significant - equity round will allow us to invest heavily towards a more disruptive technology and data-driven product for the benefit of our clients and partners as we accelerate innovation. More specifically, we are delighted to welcome Goldman Sachs and Bridgepoint, two renowned shareholders who, thanks to their deep financial and tech expertise, and alongside our historical shareholders, will help us to grow Younited into a global technological leader in the lending and payment sector," Charles Egly, Younited Co-Founder and CEO.
Kering, a global Luxury group that develops an ensemble of luxury houses in fashion, leather goods, jewellery and watches, agreed to acquire Lindberg, a family-owned Danish eyewear company. Financial terms were not disclosed.
"We are thrilled to welcome Lindberg into the Kering Eyewear family. I have the highest respect and admiration for what Henrik Lindberg and his family have built over the past 35 years. Lindberg is the absolute luxury eyewear and it will come as a perfect complement to the brand portfolio that Kering Eyewear has been assembling since 2014, making it even more relevant to our specialized distribution network. We look forward to working with the Lindberg teams to further increase their brand awareness and amplify their international reach,” Roberto Vedovotto, Kering President and CEO.
Polestar in talks to go public via SPAC merger.
Polestar, a Swedish automotive brand owned by China's Geely and Volvo Cars, is in talks to go public via a SPAC merger with Gores Guggenheim, Reuters reported.
The deal may value the combined company at around $25bn. This comes as the global car market is increasingly shifting to more environmentally friendly vehicles.
Echelon Fitness explores strategic options.
Goldman Sachs-backed Echelon Fitness Multimedia, a manufacturer of sporting goods equipment, is exploring strategic alternatives that could value the company at more than $1bn, Bloomberg reported.
The company hired an adviser after receiving interest from prospective investors, and is considering options including raising at least $100m in fresh funding, a sale or a public listing through a merger with a special purpose acquisition company.
Hungary bid for Budapest Airport.
The Hungarian government has made a non-binding offer to acquire Budapest Airport, Bloomberg reported, as Prime Minister Viktor Orban seeks to gain control of what had been one of the fastest-growing hubs in the region before the coronavirus pandemic.
The offer, which was received by the airport owners this week, was deemed to be below market value when compared with similar recent deals, including a recent valuation of the Sydney airport.
Djibouti to sell minority stake in Djibouti Telecom.
Djibouti will offer a significant minority stake in state-owned Djibouti Telecom to a strategic partner, part of a plan to open up the sector and modernize its economy, the government said.
The country of around 1m people, located on one of the world’s busiest shipping routes, will be one of the last in Africa to liberalize its telecoms sector, Bloomberg reported.
"Djibouti plans to accelerate the pace of reforms of its public sector companies, to better cope with international and regional competition. And to ensure that these companies participate fully in the national effort of emergence and development financing," Ismaïl Omar Guelleh, Djibouti President.
Ottobock plans 2022 IPO.
Ottobock, a German prosthetics company, is planning for a stock market flotation in 2022 that could value the company at more than $5.9bn, Reuters reported.
The company, 80% owned by the founding Naeder family and 20% by buyout fund EQT, has asked banks to pitch for roles in the initial public offering, which could become one of the country's largest deals next year.
Novem expects a $980m valuation in flotation.
Novem, a global supplier of high-quality decorative components and functional elements for vehicle interiors, is offering shares at €16.50-19.50 apiece in a stock market flotation valuing the company at up to €830m, Reuters reported.
The company is offering up to 17.3m shares in a private placement, targeting a post-deal free float of up to 40%, provided an upsize option and an overallotment option are exercised.
Mubadala's Yahsat IPO set to raise $730m after final pricing. (FS)
The initial public offering of Yahsat, the satellite company of Abu Dhabi state investor Mubadala, is set to raise $730m. This is the first major IPO on the Abu Dhabi bourse since Abu Dhabi National Oil Distribution was listed in 2017.
Mubadala is selling a 40% stake in the deal, giving Yahsat a market capitalisation of $1.8bn. The Emirates Investment Authority exercised its preferential right to subscribe 5% of the final offer size.
Czech billionaire revives plans Sazka Group IPO.
Czech billionaire Karel Komarek is reviving plans for an initial public offering of Apollo-backed Sazka Group, a European lottery operator, Bloomberg reported.
Komarek’s holding company KKCG Group is working with advisers on an IPO of Sazka that could take place as early as the second half of this year. London is among the possible listing venues being considered for the company.
DN Capital to launch a $350m fund. (FS)
DN Capital, a venture capital firm, has launched its latest $350m fund, focusing on early-stage founders developing tech to boost the global post-Covid recovery.
“We’re looking for entrepreneurs who are trying to change the paradigm from offline to online; trying to find markets that have historically not benefited from technology where you can apply technology and create really disruptive change,” Steve Schlenker, DN Capital Co-Founder and Managing Director.
APAC
Daemyung Chemical Group, a fashion and logistics company, agreed to acquire Logen, a domestic parcel delivery company, from Baring Private Equity Asia, a private equity firm, for $300m.
"Logen has benefited from BPEA’s support and guidance throughout its ownership, which was critical in growing the business. As one of the fastest-growing parcel delivery companies in Korea today, we are excited for the future potential of the business following the acquisition,” Jungho Choi, Logen CEO.
Baring Private Equity Asia is advised by Citigroup.
Temasek Holdings, a Singaporean holding company, and Warburg Pincus, a private equity firm focused on growth investing, led a $500m financing round in SoftBank Group-backed Ola Cabs, a ridesharing company.
“Warburg is excited to partner with Bhavish and Ola. They are the leading mobility platform and one of biggest consumer internet platforms in India with a robust and fast growing business. We look forward to collaborating with Bhavish and the team in the next phase of Ola’s growth,” Vishal Mahadevia, Warburg Pincus Managing Director.
Aspex Management, DST Global, Sequoia Capital China, and Hillhouse Capital led a $200m Series F funding round in Kurly, an operator of South Korea’s mobile grocery app “Market Kurly“. Additional investors included Millenium Management and CJ Logistics.
“This funding round is a testament to Kurly’s contributions in transforming customer’s everyday habit of conducting grocery shopping at physical stores into a more convenient way of shopping online by offering a superior selection of products through its innovative delivery service,” Seul-A Kim, Kurly CEO and Founder.
Lone Star plans to acquire AOC from CVC Capital Partners. (FS)
Lone Star Funds, an American private equity firm, is nearing an agreement to acquire AOC, a chemicals firm that provides resins, gel coats, and colorants, from CVC Capital Partners for $2bn, Bloomberg reported.
CVC acquired Alpha in 2018 and combined it with an existing portfolio company, later re-branding them as AOC. The company supplies resins for use in the construction, automotive and marine industries.
Google in talks to acquire Pring.
Google is in advanced talks to acquire Pring, a cashless payment company, for c. $180m to $270m.
Google hopes to be able to offer fintech services, such as payments and transfers, in Japan next year, following launches in the US and India. Google's move into fintech services in Japan is the latest example of tech companies using their strong online presence and vast databases to become one-stop shops for various services including finance and shopping, Nikkei reported.
SoftBank is in talks to invest in API Holdings.
SoftBank Group is in discussions to invest in API Holdings, which owns India’s largest online pharmacy chain Pharmeasy. SoftBank could invest $150m to $200m into the online pharmacy owner.
API is seeking a valuation of at least $5.6bn in a new funding round. API plans to reach out to other potential investors for the funding round. The company is targeting a listing in the next 12 to 18 months, Bloomberg reported.
China tightens rules on foreign IPOs.
China proposed new rules that would require nearly all companies seeking to list in foreign countries to undergo a cybersecurity review, a move that would significantly tighten oversight over its internet giants, Bloomberg reported.
Companies holding data on more than 1m users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information could be “affected, controlled, and maliciously exploited by foreign governments,” the Cyberspace Administration of China.
Bukalapak targets $1.5bn in biggest Indonesia IPO.
Online marketplace Bukalapak aims to raise as much as $1.5bn in an initial public offering, the first of Indonesia’s tech unicorns to tap the country’s stock market.
Bukalapak plans to offer about 19.3bn shares at $0.05 - $0.06 apiece, raising about $1.1bn. The e-commerce giant would be valued at about $5.6bn. It also set an over-allotment or greenshoe option that could take the total shares issued to a maximum 25.77bn shares, Bloomberg reported.
At the top of the range, it would rank as Indonesia’s largest-ever IPO, eclipsing Adaro Energy’s $1.3bn offering in 2008. Bukalapak’s IPO will be a milestone for the Southeast Asian nation.
eHi considers $1bn Hong Kong IPO.
eHi Car Services, a provider of car rental services, is considering an initial public offering in Hong Kong that could raise about $1bn, Bloomberg reported.
The company is targeting a valuation of about $5bn in the potential share sale. eHi is working with advisers on the possible listing, which could take place as soon as next year.
MobiKwik plans a $300m IPO.
One MobiKwik Systems, an Indian digital payment company, is preparing to file a draft prospectus for a Mumbai initial public offering that could raise about $300m, Bloomberg reported.
MobiKwik plans to lodge the listing documents with the Indian securities regulator as soon as the next few days. It could seek a valuation of around $1bn from the offering.
Kotak Pre-IPO Opportunities Fund hit the first close at $185m. (FS)
Kotak Investment Advisors, an investment management firm, has hit the first close of its Kotak Pre-IPO Opportunities Fund at about $185m.
The fund had initially targeted a corpus of $134m, which was oversubscribed within three months of launch. The firm intends to invest in companies just before their initial public offerings.
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