Evergreen Coast, a private equity firm, and Brookfield Business Partners, a global business services and industrial company, agreed to acquire Nielsen Holdings, a provider of marketing services, for $16bn.
"After a thorough assessment, the Board determined that this transaction represents an attractive outcome for our shareholders by providing a cash takeout at a substantial premium, while supporting Nielsen's commitment to our clients, employees and stakeholders. The consortium sees the full potential of Nielsen's leadership position in the media industry and the unique value we deliver for our clients worldwide," James A. Attwood, Nielsen Chairperson of Board of Directors.
Evergreen Coast is advised by Gibson Dunn & Crutcher and Herbert Smith Freehills. Brookfield Business Partners is advised by Davis Polk & Wardwell. Evergreen Coast and Brookfield are advised by Bank of America, Barclays, Citigroup, Credit Suisse, HSBC and Mizuho Securities. Debt financing is provided by Ares Capital, Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, KKR Capital Markets, Mizuho Securities and Nomura. Nielsen is advised by Allen & Company, JP Morgan, PJT Partners, Baker McKenzie, Clifford Chance, DLA Piper and Wachtell Lipton Rosen & Katz. Allen & Company is advised by White & Case.
Owens & Minor, a global healthcare solutions company, completed the acquisition of Apria, a provider of integrated home healthcare equipment and related services, for $1.6bn.
"I'm very excited about the acquisition of Apria, which will strengthen our total company value proposition. The combination of two complementary businesses in Byram Healthcare and Apria will enable us to better serve the entire patient journey - through the hospital and into the home - ultimately furthering our mission of Empowering Our Customers to Advance Healthcare. In addition, this transaction diversifies our total company revenue stream by expanding our presence in the higher-growth home healthcare market," Edward A. Pesicka, Owens & Minor, President and CEO.
Owens & Minor was advised by Evercore, JP Morgan and Kirkland & Ellis. Financial advisors were advised by Sullivan & Cromwell. Apria was advised by Citigroup, Goldman Sachs, Simpson Thacher & Bartlett and Westwicke.
Castik Capital-backed Element Logic, an integrator for automated warehouse solutions centered around the AutoStore system, agreed to acquire SDI Industries, a provider of materials handling systems and technology solutions to the retail, wholesale, and fulfillment. Financial terms were not disclosed.
"I look forward to having SDI Industries on board. This acquisition is an important milestone of our strategy of becoming the leading integrator for automated warehouse solutions globally. With SDI we see an incredible opportunity to enter the highly attractive American market together with a partner that accelerates our growth strategy," Dag-Adler Blakseth, Element Logic Co-Founder and CEO.
Element Logic is advised by Houlihan Lokey, PricewaterhouseCoopers and Kutak Rock. SDI is advised by Kirsch Kohn & Bridge, Alta Capital Partners and Clapp Kelner.
Sundial Growers, a licensed producer of cannabis, announced that it expects the previously announced plan of arrangement with Alcanna, a private liquor retailer, to be completed on or about March 31, 2022.
All regulatory requirements under applicable provincial liquor and cannabis legislation have now been satisfied and completion of the deal remains subject only to customary closing conditions. Sundial and Alcanna have mutually agreed to extend the outside date for closing the transaction by one day to March 31, 2022.
Sundial is advised by ATB Capital and McCarthy Tetrault. Alcanna is advised by Cormark Securities, Bennett Jones and Clark Wilson.
Liberty Strategic Capital, a US-based private equity firm, agreed to acquire a majority stake in Zimperium, a mobile security company, from Warburg Pincus, Sierra Ventures, SoftBank, Telstra Ventures and Samsung for $525m. SoftBank will remain the minority shareholder.
"Mobile devices and applications are an integral part of daily life for people around the world. They contain or serve as a gateway to the most sensitive personal and organizational data, making them an extremely valuable target for attackers. It's clear that mobile is the new front line for cybersecurity. We all need to increase our focus on the protection of mobile devices and applications. Liberty Strategic Capital is investing in Zimperium because they've shown that they can lead the way in this multibillion-dollar market," Steven T. Mnuchin, Liberty Strategic Capital Founder and Managing Partner.
Liberty Strategic Capital is advised by Paul Weiss Rifkind Wharton & Garrison. Zimperium is advised by fama PR, Orrick Herrington & Sutcliffe, JP Morgan.
Hometown, a multi-bank holding company, agreed to acquire Randolph, a bank holding company, for $147m. Randolph shareholders will receive $27 in cash for each share of Randolph common stock.
“With the addition of Envision Bank, we more than double our full-service locations and assets in eastern Massachusetts. We are very excited to share the significant resources of Hometown Financial Group with the employees and customers of Envision Bank," Matthew S. Sosik, Hometown CEO.
Hometown is advised by Piper Sandler and Luse Gorman. Randolph is advised by Keefe Bruyette & Woods and Goodwin Procter.
Sangoma Technologies, a provider of hardware and software components, completed the acquisition of NetFortris, a provider of hosted network communication services, for $80m.
“The acquisition of NetFortris further extends that strategy in such a perfectly natural manner. Not only can customers already get from Sangoma all the ‘aaS’ products they use today, but now they will also be able to obtain all the other cloud-based MSP services they know they need, such as managed network security, managed access, and managed SD-WAN. This truly is ‘one stop shopping’ for our customers, and it taps into that very important new trend that so many of us in the industry see starting to emerge,” Bill Wignall, Sangoma President and CEO.
Sangoma was advised by INFOR Financial and Norton Rose Fulbright. NetFortris was advised by Q Advisors and Dentons.
Kingswood Capital, a private investment firm, completed the acquisition of The Save Mart Companies, an owner and operator of a chain of supermarkets. Financial terms were not disclosed.
"The Piccinini family did a tremendous job in fostering a commitment to innovation and service as they built and grew this company in the Central Valley and throughout California. As a result, we have great stores and a committed team of 14k employees who provide fantastic local products and are wonderful stewards of the communities in which they live and work. While this change in ownership will be transparent to our team and customers, we know that this investment will benefit them and the communities we serve," Chris McGarry, The Save Mart Companies CEO.
Kingswood was advised by Kirkland & Ellis. The Save Mart was advised by North Point Advisors, Solomon Partners and Sheppard Mullin Richter & Hampton.
Rio Tinto, a mining and metals company, completed the acquisition of the lithium project from Rincon Mining, a company owned by funds managed by the private equity group Sentient Equity, for $825m.
“This acquisition is strongly aligned with our strategy to prioritise growth capital in commodities that support decarbonisation and to continue to deliver attractive returns to shareholders. The Rincon project holds the potential to deliver a significant new supply of battery-grade lithium carbonate, to capture the opportunity offered by the rising demand driven by the global energy transition. It is expected to be a long life, low-cost asset that will continue to build the strength of our Battery Materials portfolio, with our combined lithium assets spanning the US, Europe and South America," Jakob Stausholm, Rio Tinto CEO.
Rio Tinto was advised by Baker McKenzie. Rincon Mining was advised by Credit Suisse and Herbert Smith Freehills.
Boyd Gaming, a multi-jurisdictional gaming company, agreed to acquire Pala Interactive, an innovative online gaming technology company that provides proprietary real money and social gaming solutions, for $170m.
“The acquisition of Pala Interactive marks the next phase in the ongoing execution of our iGaming strategy, providing us full control over the technology, development and customer experience. By integrating online casinos with our existing land-based operations, we will be able to further leverage and monetize our expansive customer database and the amenities of our nationwide portfolio of properties, driving growth in both our land-based and iGaming operations," Keith Smith, Boyd Gaming President and CEO.
Pala is advised by Moelis & Co and Brownstein Hyatt Farber Schreck. Boyd Gaming is advised by Morrison & Foerster.
Reich & Tang Deposit Networks, a money management firm, agreed to merge with Total Bank Solutions, a provider of customized banking services intended to leverage technology for solving banking challenges. Estancia Capital Partners, a private equity firm, will have a majority interest upon close. Financial terms were not disclosed.
"Joined with R&T, we will have a greater opportunity to create value by expanding the products and services we will be able to offer banks and wealth managers. TBS' technology investments in our Securities Based Lending and Deposit Management systems, when combined with the flexibility and depth of R&T's Demand Deposit Marketplace program and reciprocal bank network will enable us to better serve and deepen relationships with our clients, while continuing to provide the best possible client experience and access to our collective industry expertise and thought leadership," Eric Pierce, TBS Chairman.
Reich & Tang is advised by Seward & Kissel. TBS is advised by Piper Sandler and Debevoise & Plimpton.
UnitedHealth-backed Optum, a diversified health services company, agreed to acquire LHC Group, a provider of post-acute health care services to patients through its home nursing agencies, community-based services agencies, hospice agencies, and long-term acute care hospitals, for $5.4bn. The agreement calls for the acquisition of LHC Group’s common stock for $170 per share in cash and is expected to close in the second half of 2022.
“LHC Group’s sophisticated care coordination capabilities and its warm, human touch is so important for home care, and will greatly enhance the reach of Optum’s value-based capabilities along the full continuum of care, including primary care, home and community care, virtual care, behavioral health and ambulatory surgery. We greatly admire how the people of LHC Group have created a culture that enables them to be a trusted health care partner to patients and their families when they need it the most, and we look forward to working with and learning from them," Wyatt Decker, Optum CEO.
LHC Group is advised by Jefferies & Company and SVB Leerink.
Raymond James, a diversified financial services holding company, agreed to acquire SumRidge Partners, a firm specializing in investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities. Financial terms were not disclosed.
“This acquisition is further evidence of our commitment to provide cutting-edge technology to advisors, clients and stakeholders. In addition to being a strong strategic fit, SumRidge Partners has a culture that closely resembles our own. Beyond valuing entrepreneurialism and teamwork, we both operate conservatively by prioritizing long-term decision making with high standards for performance and integrity," Paul Reilly, Raymond James Chairman and CEO.
SumRidge Partners is advised by Piper Sandler and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.
KKR led a $105m funding round in Brightline, a behavioral health solutions provider, with participation from GV, Optum Ventures, Oak HC/FT Partners, Threshold Ventures and Blue Cross Blue Shield of Massachusetts.
"We are thrilled to work with Naomi and her team as they continue to build and scale category-leading solutions to the direct benefit of millions of children and families, many of whom are drastically underserved today," Johnny Kim, KKR Director.
LetsGetChecked, a global healthcare solutions company, agreed to acquire Veritas Genetics, a personal genomics startup, and Veritas Intercontinental, a genome and exome sequencing based analyses and genetic services provided. Financial terms are not disclosed.
"We are excited to be a part of LetsGetChecked, a leader in at-home and virtual care. The introduction of genetics into LetsGetChecked's vertically integrated, end-to-end platform will bring forth a very powerful and differentiated offering to the market," Mirza Cifric, Veritas Genetics CEO.
Converge Technology, a software-enabled IT & cloud solutions provider, agreed to acquire Interdynamix, a systems integrator focused on business, engineering, and innovation. The transaction is expected to close in Q2 2022. Financial terms were not disclosed.
“Joining Converge is truly a game changer for Interdynamix that will allow us to further our business goals. Becoming part of Converge elevates our ability to deliver a ‘client first’ approach with expanded solution and service offerings, all while maintaining the highest level of innovation," Devin Vandenberg, Interdynamix CEO.
AWC Frac Technology, a firm specializing in the sale, repair and recertification of high quality valves, agreed to acquire Regate Technology, a firm engaged in the wholesale distribution of construction or mining cranes. Financial terms were not disclosed.
“One of AWC’s main goals was to continue enhancing its aftermarket services by becoming a full one-stop-shop for our customer base while helping customers lower costs and operate more efficiently," Joe DeGeare, AWC CEO.
Russian billionaire sells stake in Spartan Delta.
Russian billionaire Igor Makarov’s Areti Energy SPV sold more than half its stake in Canadian natural gas producer Spartan Delta, in one of the first known public divestments of a Canadian asset by a Russian since the beginning of the war in Ukraine.
Areti Energy SPV, which until the sale was the largest shareholder in Spartan Delta, sold 15m shares, representing 9.8% of the Calgary-based company, for $6.4 per share. Total proceeds were $97m.
Tesla seeks approval for another stock split.
Tesla said it’s planning a second stock split in roughly two years, giving a lift to shares that had been trading lower on news Covid-19 is again disrupting operations.
In an oddly worded tweet, Tesla said it will seek shareholder approval to authorize additional stock to enable a split. In a follow-up regulatory filing, the company said increasing the number of its common shares will allow for a split by way of a dividend. The ratio of the split is one of the details that will be worked out later.
Yellow Wood strikes a $750m hard cap for the third fund. (FS)
Yellow Wood Partners, a private equity firm focused on investing in consumer brands and companies, has closed Yellow Wood Capital Partners III at its target and hard cap of $750m in limited partner capital commitments.
The new fund was oversubscribed and included capital commitments from many of Yellow Wood’s long-time limited partners as well as the addition of a small number of new investors comprised of university endowments, family offices and other institutional investors.
CBRE invests in Fifth Wall's climate tech fund. (FS)
CBRE is making an investment in Fifth Wall’s Climate Technology Fund to enable the next generation of sustainability in commercial real estate.
The fund will invest in technologies that will contribute to the decarbonisation of the commercial real estate industry, as well as adjacent sectors, such as energy and manufacturing.
Vivaris Capital launches VICAN Fund to invest in hybrid hedge. (FS)
Vivaris Capital, an alternate assets manager, has launch the VICAN Fund, a new, multi-strategy fund, offering hybrid hedge and private equity structures.
The fund will provide investors with access to institutional quality alternative investments with high-growth, high-return potential while securing their principal. It is being launched with Vivaris' investment partner, HedgeACT.
HPS Investment, an investment firm, agreed to acquire a majority stake in Nucleus, an independent financial planning and retirement-focused platform, from Epiris, a private equity firm. Financial terms were not disclosed.
“This transaction is a huge endorsement of all the work Richard, his team and we have put in to realising the vision we set out three years ago. Together, we have created a platform group that offers a comprehensive product set through an award-winning digital customer interface supported by best-in-class technology and operations," Owen Wilson, Epiris Partner.
HPS is advised by Deloitte, Kirkland & Ellis and Slaughter & May. Epiris is advised by PricewaterhouseCoopers, Alpha FMC, Oliver Wyman, Fenchurch Advisory Partners, Macfarlanes and Greenbrook. Nucleus is advised by TB Cardew.
Eshraq, an ADX-listed investment firm, agreed to acquire Goldilocks, an investment fund. Financial terms are not disclosed.
"The proposed transaction is a win-win for both Eshraq and Goldilocks shareholders, particularly in terms of investment portfolio diversification and increased liquidity. Most importantly, the acquisition of a high-performing fund like Goldilocks will enable Eshraq to increase its profitability, improve its share price and positions the company for strong business performance, while creating tangible and long-term sustainable value for Eshraq shareholders. We also expect the transaction to give us access to profitable deal flow at an early stage," The Board of Directors, Eshraq Investments.
Goldilocks is advised by PricewaterhouseCoopers, ASDA'A BCW and White & Case. Eshraq is advised by CBRE Group, Ernst & Young, KPMG, ASDA'A BCW and Baker Botts.
DIF Capital Partners, an independent infrastructure fund manager, and PGGM, a firm that provides pension administration services, agreed to acquire Fudura, a provider of medium-voltage electricity infrastructure, metering devices and related data services in the Netherlands, from Enexis Groep, a supplier of electricity and natural gas to customers in the Dutch provinces. Financial terms were not disclosed.
"As director of Fudura I am very pleased with selecting DIF and PGGM. With these partners Fudura can further develop as the energy transition platform for business customers. Fudura's customers, employees and partners will benefit from the knowledge and ambition of DIF and PGGM to make the Netherlands more sustainable," René Pruijssers, Fudura Director.
DIF Capital Partners and PGGM are advised by Jefferies & Company.
TA Associates and Partners Group-backed Emeria, a provider of residential real estate services, completed the acquisition of a majority stake in FirstPort, a UK-based residential property services company, from Equistone, an independent investment firm. Financial terms were not disclosed.
“Our partnership with Equistone has been hugely beneficial for FirstPort and crucial to the major strides we’ve made in the scale, service offering and digitalisation of our business in recent years. We’re now extremely excited to be joining Emeria, the European leader in residential real estate services. We will continue to run the business according to the same key principles as before, focusing on delivering for our customers and clients while evolving our technical capabilities to ensure we remain at the forefront of the market," Nigel Howell, FirstPort CEO.
Equistone was advised by Deloitte and Travers Smith.
Plastic Omnium, a firm operating in the automotive industry, agreed to acquire the automotive lighting systems business from OSRAM, a provider of optical solutions, for €65m ($71m).
“The acquisition of AMLS is a unique opportunity to take an important step into the growing innovative lighting systems segment. Thanks to its advanced product portfolio, strong expertise, balanced footprint, and the quality of its team, this acquisition will allow Plastic Omnium to accelerate its ambitious strategy to meet growing OEM customer demand for smart body car parts and opens up the potential to enter new market segments. We are excited about this latest addition to the Group," Laurent Favre, Plastic Omnium CEO.
VR Group, a service company that focuses on travel, logistics and maintenance, agreed to acquire the Swedish business of Arriva Group, a provider of transport services. Financial terms were not disclosed.
“A decision to sell our business in Sweden, whilst difficult to make, is part of our forward-looking strategy to manage a tighter portfolio and ensure we maintain a strong and competitive business for the long-term. Today’s announcement is good news for our colleagues in Arriva Sweden. The agreement for VR Group to acquire the entire business, which includes two rail, three bus and two multimodal contracts with all colleagues – around 3.8k - transferring over on completion, will provide continuity and certainty for our Swedish colleagues, passengers and clients alike," Mike Cooper, Arriva Group CEO.
Celonis, a data processing company, completed the acquisition of Process Analytics Factory, an information technology and services company, for $100m.
"Since we started 11 years ago, the Celonis mission has always been the same - to help our customers reach the full potential of their business performance by removing process inefficiencies - and that requires Celonis to be everywhere. The PAF acquisition enables the millions of users of the Microsoft Power Platform to use Celonis' unique data and intelligent insights to power analytics, automation, and collaboration," Alex Rinke, Celonis Co-Founder and Co-CEO.
Inovie owners consider selling a stake in $4.4bn labs firm. (FS)
Inovie Group’s owners are exploring the sale of a majority stake in a deal that could value the French laboratories chain at as much as €4bn ($4.4bn), Bloomberg reported.
The French company, which is backed by buyout firm Ardian, is working with financial advisers to gauge interest from potential suitors. The company is likely to attract financial investors and strategic bidders.
InPost soars as the firm is said to draw private equity interest.
InPost, an e-commerce enablement platform, surged after the Polish operator of self-service lockers for e-commerce is attracting potential takeover interest from private equity firms, Bloomberg reported.
Shares of InPost gained as much as 33% in March 29 trading, the biggest intraday jump since its initial public offering in January 2021. They were up 21% in Amsterdam, giving the company a market value of about $3.5bn.
Boris Johnson’s big push on UK nuclear power leaves investors wary.
Private investors are yet to be convinced that the returns from nuclear power are sufficiently attractive to plow billions of pounds into a new fleet of reactors that is being pushed by the UK government.
Unclear policy, competition from renewables and concerns about how attractive the financial returns will be all make the investment case for nuclear less compelling. That could be a major stumbling block for the government as it seeks to enlist private capital to help fund projects like Electricite de France’s Sizewell C plant, Bloomberg reported.
Banks demand more protection on new risk amid volatility.
Buyout activity is picking up pace in Europe, but a number of banks are taking a cautious approach to new risk, looking for higher pricing, more flex protection and in some instances fuller fees on junk-rated debt underwrites against a backdrop of heightened volatility, inflation and rising rates.
Russia’s invasion of Ukraine felled a positive start to the year by all but shutting Europe’s high-yield bond and leveraged-loan market, leaving banks sitting on $37bn of existing underwrites they have so far been unable to sell down, Bloomberg reported.
Porsche backers support IPO.
Porsche Automobil plans to keep intact its Volkswagen as the billionaire Porsche and Piech family investment vehicle reviews a range of financing options to buy a stake in the planned listing of the sports-car brand.
Porsche has a strong balance sheet and significant potential to raise outside capital, Chief Financial Officer Johannes Lattwein said. The company, whose main asset is a 53% shareholding in Europe’s biggest carmaker, plans to buy a 25% stake in a planned Porsche initial public offering valued at as much as €90bn euros ($99.1bn), Bloomberg reported.
Allianz Ayudhya, a firm offering a wide range of insurance solutions, agreed to acquire Aetna Thailand, a firm operating in the Thai health insurance market. Financial terms were not disclosed.
“This acquisition demonstrates Allianz Ayudhya Group’s strong financial position, allowing us to significantly expand our presence in the Thai health insurance market. In addition, it brings increasing scale and diversification benefits to our insurance operations. We are very pleased with this acquisition and remain committed to provide the best insurance solutions to serve our customers in Thailand," Thomas Charles Wilson, Allianz Ayudhya CEO.
Hillhouse Investment and Warburg Pincus lead a $800m Series B funding round in JD Property, an infrastructure asset management and integrated service platform.
JD.com will remain the majority shareholder of JD Property after the completion of this transaction. It is expected that the financing will facilitate JD Property's business expansion and model transformation, and further strengthen its infrastructure property management capabilities, so as to further enhance its leading position in China's modern logistics infrastructure industry.
SK Hynix CEO says top shareholder to secure $1.6bn for M&A in chips.
The CEO of South Korean chipmaker SK Hynix said that its largest shareholder, SK Square, is considering merger and acquisition deals involving chip companies.
“We are considering investment in companies ranging from those that are big in scale to those that are small,” Park Jung-ho, SK Hynix Co-CEO.
Carthona Capital holds $100m first close for Fund III. (FS)
Carthona Capital, a venture capital house, has held a $100m first close for its third fund to invest in the web3 space.
The fund is targeting $200m in total. Superannuation fund HostPlus returned as a limited partner and has provided the lion’s share of the new fund’s capital to date.
Carthona Capital was advised by Gilbert + Tobin.
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