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AMERICAS
The Federal Communications Commission approved the $59bn deal between T-Mobile US and Sprint in a vote split along party lines. Chairman Ajit Pai and two Republican commissioners voted to approve the deal while two Democratic commissioners voted against it. The text of the approval order is not expected to be released until later in the month.
The deal still faces a lawsuit brought by a group of state attorneys general, headed by New York.
Sprint is being advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. SoftBank, the largest shareholder of Sprint before the transaction, is being advised by Morrison & Foerster. Deutsche Telecom is being advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz.
Blackstone Group agreed to acquire Bellagio, a resort, luxury hotel and casino on the Las Vegas Strip in Paradise, Nevada, from MGM Resorts, an American global hospitality and entertainment company, for $4.25bn. As part of the transaction, MGM Resorts will lease the property and continue to manage, operate and be responsible for all aspects of the property on a day-to-day basis.
“This transaction confirms the premium value of our owned real estate assets, highlights the unique value of Bellagio as a premier asset in gaming and solidifies our status as a premier operator of gaming and entertainment properties. We look forward to partnering with Blackstone on this asset and believe that this transaction will create significant value for our shareholders,” Jim Murren, Chief Executive Officer of MGM Resorts.
Citigroup, Morgan Stanley and Simpson Thacher & Bartlett are advising Blackstone. JP Morgan, PJT Partners and Weil Gotshal and Manges are advising MGM. Citigroup, JP Morgan and Morgan Stanley are providing financing to Blackstone.
Signify, a provider of lighting for professionals and consumers and lighting for the Internet of Things, agreed to acquire Cooper Lighting Solutions, a provider of professional lighting, lighting controls, and connected lighting, from Eaton, an American multinational power management company, for $1.4bn.
"Today’s announcement confirms the strategic importance of the North American market for Signify. This acquisition will substantially strengthen our position in this attractive market. We look forward to welcoming the team from Cooper Lighting. They have built a high-performance company based on professionalism, truly innovative offers and a long and strong relationship with their customers. We share a genuine passion and single focus for Lighting and a successful track record in innovation. We will join forces to further develop connected lighting and provide our customers with the highest level of service while optimizing operational efficiencies," Eric Rondolat, CEO of Signify.
Goldman Sachs is advising Eaton.
Alexion Pharmaceuticals, a global biopharmaceutical company, agreed to acquire Achillion Pharmaceuticals, a clinical-stage biopharmaceutical company focused on the development of oral small molecule Factor D inhibitors to treat people with complement alternative pathway-mediated rare diseases, for $930m.
“Alexion has demonstrated the transformative impact that inhibiting C5 can have on multiple rare and devastating diseases. However, we believe this is just the beginning of what’s possible with complement inhibition. Targeting a different part of the complement system – the alternative pathway – by inhibiting Factor D production addresses uncontrolled complement activation further upstream in the complement cascade, and importantly, leaves the rest of the complement system intact, which is critical in maintaining the body’s ability to fight infection. We believe this approach has the opportunity to help patients with diseases not currently addressed through C5 inhibition. We look forward to applying our nearly three decades of complement and development expertise to unlock the potential of oral Factor D inhibitors and bring these benefits to patients,” Ludwig Hantson, Chief Executive Officer of Alexion.
Centerview Partners and Skadden Arps Slate Meagher & Flom are advising Achillion.
Oak Hill-backed EPIC, a California based retail property & casualty and employee benefits insurance brokerage and consulting firm, agreed to acquire Prime Risk Partners, a Georgia-based insurance brokerage firm. Financial terms were not disclosed.
"We are delighted for Prime Risk to join the EPIC family, a unique platform in the insurance brokerage market focused on being the best home for producers and driving best-in-breed organic growth. Prime's integrated business fits well within EPIC and further bolsters our northeast hub, which has been a critical focus during our partnership with EPIC," Steve Puccinelli, Partner at Oak Hill.
Reagan Consulting and King & Spalding are advising Prime Risk Partners. Barclays, Waller Helms Advisors and Weil Gotshal and Manges are advising EPIC.
LLR Partners and Parthenon Capital completed their investment in DaySmart Software, a provider of integrated business management software to the salon, pet care, spa and tattoo industries. Financial terms were not disclosed.
“DaySmart is thrilled to partner with Parthenon and LLR as we continue to invest in our platform and delight our clients. LLR and Parthenon bring highly relevant experience and extensive networks that will help drive our continued growth, both organically and through acquisitions,” Jeff Dickerson, CEO of DaySmart.
Raymond James advised DaySmart.
Platinum Equity agreed to acquire TruckPro, one of the US's largest independent distributors of heavy-duty truck and trailer parts, from Harvest Partners. Financial terms were not disclosed.
“We have grown and built lasting relationships with our customers by offering quality products and services, expertise, available inventory and fast delivery. Platinum Equity shares our commitment to serving the transportation community with integrity and reliability, and is the right partner to help us achieve the next stage of growth and expansion,” TruckPro CEO Chuck Broadus.
Houlihan Lokey, Robert W Baird and White & Case are advising TruckPro. Latham & Watkins is advising Platinum Equity.
Thoma Bravo, Clearlake Capital Group and TA Associates completed their investment in DigiCert, a provider of TLS/SSL, PKI and IoT security solutions for identity and encryption. The deal was announced in July. Financial terms were not disclosed.
“DigiCert continues to experience strong growth within our SSL business as well as enterprise PKI and IoT security, and we are addressing the needs for improved automation and certificate management,” said DigiCert CEO John Merrill. “We’re excited to continue our partnership with TA and welcome Clearlake to accelerate our growth, advance our industry leadership and continue to innovate for our customers.”
Morrison & Foerster advised DigiCert.
Private equity firm Marlin Equity Partners agreed to invest in Whitlock, a provider of audiovisual and video collaboration solutions. Financial terms were not disclosed.
"Whitlock's strong customer base and partner network are a testament to the value proposition that Doug and his team consistently deliver. We recognize that Whitlock is at the forefront of workplace transformation technologies, and we look forward to partnering with them and building upon their deep and long-standing expertise in the collaboration solutions market," Ryan Wald, a managing director at Marlin.
Fifth Third Bancorp is advising Whitlock.
Sabre Corporation, a technology provider at the center of the business of travel, agreed to acquire Radixx, an airline retailing software provider with an established presence in the low-cost carrier space, for $110m.
"By combining Radixx technology and expansive LCC customer base with Sabre's expertise, scale, and global service capabilities, this acquisition will result in a better alternative for low-cost carriers that might have otherwise felt their PSS and other technology options were limited. This acquisition also allows Sabre to quickly expand its footprint both geographically and in terms of scope of service with an important and rapidly growing segment of the airline industry," Sean Menke, Sabre CEO.
Robert W. Baird is advising Radixx.
Blue Wolf Capital, a New York-based private equity firm, completed the acquisition of Kirlin Design Build, an engineering and construction companies. Financial terms were not disclosed.
This acquisition enables KDB, which focuses on large, complex federal and private sector projects, to execute on its ambitious strategic plans with a debt-free balance sheet and strong financial backing. Moving forward, KDB will no longer be affiliated with Kirlin Builders, Kirlin Carolinas, Kirlin Mid-Atlantic, or National Fire Protection.
"KDB’s successful sale to Blue Wolf is a testament to our vision and the dedication of our exceptional employees. I look forward to working with Mike and our partners at Blue Wolf during this next period of our history, as we provide our customers with the stellar service they have come to know. Our objective will always remain the same: to be the best engineering and construction company in the nation,” John Boncher, Kirlin Design Build Executive Chairman.
D.A. Davidson advised Blue Wolf.
Apax-backed Tosca, an innovator in reusable packaging and supply chain solutions, agreed to acquire Polymer Logistics, an innovative company specializing in reusable transport packaging and retail merchandising systems, from a consortium of private investors. In conjunction with the transaction, funds advised by Apax Partners will commit additional capital to Tosca to fund the acquisition of Polymer. Financial terms were not disclosed.
The acquisition of Polymer will expand Tosca's geographic reach and increase its product portfolio. This will offer customers a stronger value proposition through increased network density, particularly in the US, and an expanded product offering.
"We are excited to support Tosca in this transformational acquisition. Polymer has a strong track record of financial performance and a culture of innovation. The acquisition allows Tosca to access attractive markets outside of the US, while benefiting from scale, cross-selling opportunities, and collaboration on innovation," Ashish Karandikar, Apax Partner.
Apax was advised by Kekst Cnc.
Algolia, a US startup company offering a web search product through a SaaS model, raised $110m in an Accel-led Series C funding round. Investors that participated in the Series C round also included Alven, DAG Ventures, Founders Circle, Owl Rock Capital, SaaStr Fund, and World Innovation Lab.
Algolia will use the funds to support its tremendous growth by focusing on further global expansion across the US, Europe and Asia-Pacific. The new funding will also support research and development teams to continue innovating and evolving Algolia’s Search-as-a-Service platform, focusing on personalization, machine learning, and voice search capabilities.
Offleash advised Algolia.
Tactical Medical Solutions, an innovator and manufacturer of proprietary pre-hospital medical components and technology for tactical and civilian applications, agreed to acquire TraumaFx, a global market leader in innovative medical simulation and training technologies that improve the survivability of severe injuries on the battlefield and in civilian casualty situations. Financial terms were not disclosed.
“With a growing need to deliver trauma response capabilities in many environments, the addition of TraumaFX provides our customers a continuum of capabilities, from training support to market-leading products, that will enhance their ability to respond when required. Tactical Medical Solutions’ mission is to lead in trauma response and minimize preventable death. That starts with training and ensuring responders have access to life-saving medical technology. We are pleased to add TraumaFX to our portfolio as nothing on the market creates a more realistic and effective training environment than the TFX product line. We know it will support our clients’ efforts to deliver on their critical mission,” Ross Johnson, Tactical Medical Solutions CEO.
Redwood Trust, a specialty finance company focused on making credit-sensitive investments in residential mortgages and related assets, agreed to acquire CoreVest, an originator and portfolio manager of business-purpose residential loans, for $490m.
"This acquisition reflects our strong belief that this area of housing credit offers substantial opportunity for growth and accretive returns for our shareholders. While our consumer mortgage business is thriving and continues to grow, financing alternatives for housing investors remain sparse. We made meaningful strategic progress in this line of business since acquiring the 5 Arches platform earlier this year, and expect to leverage competencies unique to each platform to enhance our relevance to this rapidly growing segment of high-quality residential real estate investors," Dashiell Robinson, Redwood Trust President.
Ikänik Farms, a multi-state cannabis operator, agreed to acquire Pideka, an indoor medical cannabis cultivator based in Bogotá, Colombia. Financial terms were not disclosed.
"I am excited to welcome Pideka into the Ikänik family. Pideka's strong leadership team and reputation as an innovator in Latin America's medical cannabis industry makes it a powerful addition to Ikänik's future growth plans. This acquisition marks a major milestone for our company as it enables a multi-national presence, strategically positioning us for the global cannabis market," Brian Baca, CEO of Ikänik Farms.
NEP Group, an outsourced technical production partner supporting premier content producers of live sports and entertainment, agreed to acquire SOS Global Express, an independent international freight forwarding and full-service logistics company that specializes in supporting clients in broadcast, entertainment, music, and professional sports teams and leagues. Financial terms were not disclosed.
The addition of SOS is consistent with NEP’s stated strategy to become the world leader in Broadcast Services and Live Events, providing key logistics and shipping services to get equipment where it needs to go when it needs to get there.
“Both organizations team understand the mission-critical nature of live TV, are service-oriented and focused on delivering exceptional results for our clients through innovation. With SOS, we can streamline the process of bringing critical transport and logistics services to clients and their events anywhere in the world,” Kevin Rabbitt, NEP Chairman and CEO.
Cority, a Thoma Bravo portfolio company and a provider of environmental, health, safety, and quality software, agreed to acquire Axion Health, a producer of Employee Health software solutions for healthcare providers. Financial terms were not disclosed.
The addition of Axion Health further strengthens Cority’s ability to deliver value to healthcare organizations by adding the turnkey solution for Employee Health.
“Both companies are in the business of serving customers by protecting workers, relieving complex regulatory burdens, and driving operational efficiencies and wellness outcomes. Together, we provide the broadest and deepest employee and occupational health SaaS solutions for the healthcare industry,” Gage Garby, Axion Health Co-Founder and CEO.
Cognizant, an IT service provider, agreed to acquire Contino, a technology consulting firm. Financial terms were not disclosed.
"The DevOps approach to cloud migration, core modernization and cloud security is reshaping how enterprises in all industries are building their infrastructures. This new set of holistic cloud capabilities from Contino will enable us to offer and more readily deploy transformative cloud-based solutions," Brian Humphries, Cognizant CEO.
Perfect Home Services, a Chicagoland heating, cooling and plumbing company, agreed to acquire Able Heating & Cooling, a provider of air conditioning and outdoor wood boiler installation. Financial terms were not disclosed.
"We are anticipating major growth in the next couple of years and increasing our service territory in Chicagoland. Able has a strong presence on Chicago's western border, and we look forward to providing customers in those territories the high level of service both Able and Perfect Home Services believe in," Justin Carrol, Perfect Home Services President.
Lamb Weston, a supplier of frozen potato, sweet potato, appetizer, and vegetable products to restaurants and retailers around the world, formed a joint venture with Sociedad Comercial del Plata, a diversified Argentina-based holding company, with interests primarily in the energy, rail transport, real estate, and tourism sectors. Each partner will own 50% of the new joint venture, Lamb Weston Alimentos Modernos. Financial terms were not disclosed.
"Our joint venture partner has more than 30 years of experience in the South American market, and we're confident their depth of knowledge of the region combined with our operational expertise will allow us to expand and better serve our customers. South America is a strategic and growing market, and this joint venture will allow us to produce quality fries in Argentina and serve the broader South American region with an established partner," Tom Werne Lamb Weston CEO.
KPS Capital Partners raised $7bn for latest funds. (FS)
New York-based private-equity firm KPS Capital Partners raised $7bn for its two latest funds, KPS Special Situations Fund V and KPS Mid-Cap Fund. The funds will both focus on control investments in highly complex corporate carve-outs, turnarounds, restructurings, bankruptcies and other special situations.
KPS Fund V, with a $5bn target and a $6bn self-imposed hard cap, and KPS Mid-Cap, with a $750m target and a $1bn self-imposed hard cap, were both oversubscribed.
Kirkland & Ellis advised on the fundraising.
KKR promotes new executives for private equity businesses. (FS, People)
KKR promoted six dealmakers to lead its flagship private equity businesses around the world, which together have amassed $75bn in assets.
Pete Stavros and Nate Taylor will lead the firm’s Americas buyout operations. In Europe, Mattia Caprioli and Philipp Freise have been promoted to co-lead the Private Equity business. In Asia-Pacific, Hiro Hirano and Ashish Shastry have been promoted.
Abry Partners looking to sell Hilb Group. (FS)
Abry Partners is working with an investment bank to sell its majority stake in Hilb Group in a deal that is expected to value the insurance broker at more than $1bn, including debt, Reuters reported.
Abry Partners bought into Hilb in 2015, taking on the stake previously held by another private equity firm, with management retaining a stake in the business.
Apollo Global looking to buy Tech Data for up to $5bn. (FS)
Apollo Global Management is looking to make a $5bn offer to buy Tech Data, an American multinational distribution company specializing in IT products and services. The cash offer would value Tech Data at $130 per share. There is no certainty that Tech Data will engage in negotiations or that any deal will occur.
Johnson & Johnson offers $4bn to settle opioid litigation.
Bloomberg reported that Johnson & Johnson, an American multinational medical corporation, offered to pay $4bn to settle all claims accusing the company of helping fuel the US opioid epidemic as part of a potentially larger deal involving drugmakers and distributors that could top $20bn.
J&J’s overture came on the heels of a proposal by distributors McKesson, Cardinal Health and AmerisourceBergen to pay $18bn to wipe out all opioid suits against those companies
America Movil considers a deal with Oi.
America Movil considers making a deal with Oi, a Brazilian telecom firm. Reuters reported that various players in the telecom industry are in talks to acquire assets from Oi.
“Of course we are interested in doing something with Oi in Brazil,” America Movil said.
CEV closes $110m debut fund. (FS)
Clean Energy Ventures, which invests in scalable early-stage advanced energy technologies and business model innovations to address global climate risks, raised $110m for its oversubscribed debut fund targeting companies fighting greenhouse gas emissions.
“After more than a decade of investing in the advanced energy sector, it has been gratifying that this first fund, which is focused on investments that address climate risks, was significantly oversubscribed," Daniel Goldman, CEV managing director.
EMEA
Sunrise Communications won support from Canada Pension Plan Investment Board, its largest shareholder with a 5% stake, for its $2.8bn capital raise. The fundraising is going to be used to back the $6.3bn acquisition of Liberty Global’s Swiss business.
Proxy adviser ISS has recommended shareholders vote against the rights issue. Other proxy advisors Glass Lewis, Ethos, and zRating have recommended Sunrise shareowners approve the capital increase which would pave the way for Switzerland’s biggest telecoms deal.
Sunrise is advised by UBS, Deutsche Bank, Morgan Stanley, Lenz & Staehelin, Latham & Watkins, Slaughter & May, Nautadutilh, PWC, Deloitte, Meyerlustenberger Lachenal, Finsbury and Morrow Sodali Global. Liberty is advised by Credit Suisse, JP Morgan, Lion Tree Advisors, Shearman & Sterling, Homburger and Citigate Dewe Rogerson.
Tieto, a Finnish IT firm, and EVRY, a Nordic Tech and consulting company, announced the planned leadership for the combined company TietoEVRY. The $2.1bn merger between Tieto and EVRY was announced in June 2019.
Following the completion of the merger Kimmo Alkio, current CEO of Tieto, will be the Chief Executive Officer of TietoEVRY. Tomi Hyryläinen, currently a CFO at Tieto, will serve as CFO of the combined company.
Per Hove, CEO of EVRY, will continue to lead EVRY until closing, after that he will work with Kimmo Alkio on special projects and TietoEVRY integration.
ABG Sundal Collier, Hannes Snellman and Schjodt are advising EVRY. Bank of America Merrill Lynch, Nordea Bank, Advokatfirman Lindahl, Cleary Gottlieb Steen & Hamilton, Haavind and Roschier Attorneys are advising Tieto. Nordea Bank and SEB are providing debt financing. Wiersholm is advising Apax Partners, EVRY's largest shareholder.
Ivanhoé Cambridge, a real estate subsidiary of Caisse de dépôt et placement du Québec, and ICAMAP, a real estate fund manager, acting through the ICAMAP Fund, completed the acquisition of easyHotel.
"This investment perfectly illustrates our innovative value-creation strategies through a complex operation. The easyHotel concept is pioneering and visionary. It is already a strong brand and we believe in its growth potential on a pan-European scale at a time when mass tourism is growing rapidly every year,” Karim Habra, Ivanhoé Cambridge Head of Europe.
EasyHotel was advised by Investec, Stephenson Harwood and Houston Pr. Ivanhoe Cambridge and ICAMAP were advised by Allen & Overy, Lazard, Cleary Gottlieb Steen & Hamilton and Tulchan Communications.
UK lower mid-market investor Tenzing agreed to invest in EIKON, a global specialist in digital mastering and localization for the entertainment industry. Financial terms were not disclosed.
“From the moment we met the Tenzing team we saw a strong cultural fit in our shared customer-centric approach and ambition. Since we founded EIKON five years ago, we’ve focused on becoming a market leader within the industry and ensuring we scale appropriately to accommodate. We believe that Tenzing is the ideal partner to enable us to continue delivering the best possible service for our customers as we grow to meet increasing demand.” Peter Wright, CEO of EIKON.
Wilkins Kennedy, Gateley, PwC, NOR Capital, TLT and Osborne Clarke are advising Tenzing.
Aksia, a Milan-based PE firm, agreed to acquire Primo Group, a fast-growing Italian dental chain, from ArchiMed, an independent investment firm. Financial terms were not disclosed.
“Primo is a typical ArchiMed story where we supported the company’s growth and built up its competitive edge through a combination of innovative strategic and financial support,” Vincent Guillaumot, ArchiMed partner.
Accinni Cartolano & Associati is advising Aksia. Deloitte, Fineurop Soditic, Dentons and Gattai Minoli Agostinelli Partners are advising ArchiMed. Banca IFIS and Equita are providing debt financing.
Aptean, a software solutions consolidator, agreed to acquire Linkfresh, which provides enterprise resource planning software to the fresh produce sector, from WestBridge Capital Partners. Financial terms were not disclosed.
“Acquiring Linkfresh expands our market-leading solutions for food organizations. The addition of Linkfresh’s dedicated focus and expertise in fresh foods, as well as its strong UK footprint, solidifies Aptean’s position as a provider of choice to food and beverage companies across North Amerca and the United Kingdom,” TVN Reddy, CEO of Aptean.
BDO and Capital Law are advising WestBridge.
InVivo Wine, a subsidiary of InVivo, the largest French agricultural cooperative group, agreed to acquire Café de Paris, a sparkling wine brand, from Pernod Ricard, a French company that produces alcoholic beverages. Financial terms were not disclosed.
"Café de Paris is currently one of the ten best-selling sparkling wine brands worldwide, mainly in Japan, Switzerland and France. This brand, which is not rooted in any specific region, offers virtually unlimited scope for innovation. We shall be taking advantage of its reputation and re-energizing the brand before attempting to win over new markets such as China and the USA", Frédéric Noyère, CEO of InVivo Wine.
Rothschild & Co is advising InVivo.
Synova Capital agreed to invest in Preventx, a provider of online-led sexual health testing and diagnostic services and the only UK company with a fully integrated laboratory model. Financial terms were not disclosed.
This is the first investment for Synova's latest vehicle. The GP held a first and final close for Synova IV on its £365m ($463m) hard-cap in June.
Osler Hoskin & Harcourt is advising Synova.
Allegro DVT, a provider of video codec compliance test suites and semiconductor video IPs, agreed to acquire Amphion Semiconductor, the Belfast-based developer of video codec semiconductor IP solutions. Financial terms were not disclosed.
The resulting company will operate under the Allegro DVT brand from its existing offices in Grenoble, France, and Belfast, Northern Ireland. The acquisition brings together two best-in-class IP providers, combining the capabilities of Allegro DVT's advanced video codec IPs, together with Amphion's silicon-proven video decoder IPs. It positions Allegro DVT as the first semiconductor IP company to offer commercially available hardware-based, real-time encoder and decoder solutions for the new AV1 video encoding format for SoC implementations, supporting 4K/UHD up to 8K.
"We are delighted to announce the acquisition of the Amphion IP and team, which will clearly position Allegro DVT as the world's leading video codec IP provider. More than ever before, the development of efficient hardware-based video solutions requires more investment and skilled resources as a result of the increasing complexity of new and emerging video encoding formats. The complementary product offerings of both companies immediately put us in prime position to be able to provide a complete portfolio to our customers for their video encoding, decoding, and transcoding applications," Nouar Hamze, Allegro DVT CEO.
Blackstone and CVC-backed Kone prepare bids for Thysenkrupp's elevator unit. (FS)
Kone, the Finnish elevator maker, is in talks with CVC Capital Partners about teaming up in an offer for Thyssenkrupp's elevator unit. Blackstone and Carlyle are also interested in jointly making an offer for the unit, which could be valued at $16bn.
Permira closes new fund at $12bn. (FS)
Private equity firm Permira closed its latest fund at $12.1bn of committed capital. This latest buy-out fund, Permira’s seventh, will invest in businesses in the technology, consumer, financial services, healthcare and industrial technology industries. It has so far committed to two new investments.
Permira began raising cash for this fund at the start of 2019, and it said that existing investors as well as new ones had made commitments.
Air France KLM and China Eastern set to expand joint-venture with addition of Virgin Atlantic.
Reuters reported that French airline Air France KLM plans to enlarge its current joint-venture cooperation with China Eastern with the addition of Virgin Atlantic. The planned cooperation between the three airlines is due to enter into force in spring 2020.
“The announcement reaffirms Air France KLM’s commitment to the Chinese market, having already implemented an enlarged scope of cooperation with China Eastern in January this year,” French airline said.
EU warns Broadcom to stop exclusivity deals until its probe ends.
Broadcom, an American fabless semiconductor company, was ordered to halt exclusivity deals with six TV and modem makers for up to three years while EU antitrust enforcers investigate whether these agreements are aimed at thwarting rivals, according to a Reuters report.
The move by European Competition Commissioner Margrethe Vestager suggests she may be more willing to take temporary but rapid action against tech giants deemed to be abusing their dominance rather than wait for investigations to be finalized.
Goldman Sachs and Fortress looking to invest in Win Systems. (FS)
Goldman Sachs and SoftBank's Fortress Investment Group are looking to invest in Win Systems, a global technology supplier to the gaming industry.
The investment is the latest of many deals involving European software and technology companies as private capital firms look to tap their fast growth and reliable income streams.
Equinox looking to buy XLN Telecom. (FS)
Private equity firm Equistone is interested in acquiring a controlling stake in business broadband ISP XLN Telecom, which is said to be valued at around £200m ($254m). The company has reportedly attracted several other offers as well.
Lazard is advising on the sale.
STV to raise a $500m second fund. (FS)
STV, a technology venture capital fund headquartered in Riyadh, Saudi Arabia, is considering raising a second fund of at least $500m.
“I definitely see a path to a second fund that is equal or larger to the $500m fund we have today,” Abdulrahman Tarabzouni, STV Chief Executive Officer.
APAC
Shares of Unizo, a Japan-based hotel holding company, rose as much as 5.6% in response to a $1.6bn made by Blackstone Group earlier this week.
The Japanese firm said in a statement it had not decided how to respond to the tender offer and would consult with a special committee on how to proceed. It said it had learned about the offer from a press release issued through PR Times but had not been contacted by Blackstone.
Benedi Consulting, KPMG, ZECOO Partners, Daiwa Securities, Mitsubishi UFJ Financial Group, Davis Polk & Wardwell, Nishimura & Asahi, TMI Associates, Horwath HTL Asia Pacific, Hospitality Capital Management and EY are advising Unizo.
Cool Japan Fund, a private equity fund that provides various enterprises with financial resources, agreed to invest $50m in Gojek, Southeast Asia's on-demand multi-service platform and digital payment technology group.
Part of Cool Japan's infusion will go toward Go-Jek's video and music streaming service for mobile users. The public-private fund hopes to tap the popularity of Japanese anime and horror movies in Indonesia. It will help bring existing programs to Go-Jek's service and work with the startup to produce original Japan-related content locally.
Blackstone and KKR to make rival bids for India’s Emami Cement. (FS)
Blackstone Group and KKR are considering bids for the cement unit of Emami Group, one of the major skincare and health care FMCG companies in India. TPG Capital is also weighing a bid for Emami Cement.
Emami is seeking a $1bn valuation for the unit. Arpwood Capital and Credit Suisse are
advising on the sale.
Sanjeev Gupta faces criminal prosecution from India over aborted takeover of Amtek.
FT reported that an Indian court would consider whether the UK metals magnate Sanjeev Gupta should face criminal prosecution for pulling out of the takeover of Amtek, one of the largest integrated component manufacturers in India.
The Insolvency and Bankruptcy Board of India, the country’s bankruptcy regulator, filed a criminal complaint in March against Mr. Gupta and three other executives of his Liberty House group after it failed to follow through on its successful bid for the company.
Terra Firma founder is looking to bid for CPC. (FS)
Terra Firma founder and chairman Guy Hands is leading a consortium to buy the firm’s Australian cattle company, Consolidated Pastoral Co, Reuters reported. Terra Firma is set to sell the rest to a group led by Mr. Hands that also includes management for an undisclosed amount.
“I am personally very excited about the future of CPC and delighted to be partnering with the management team of CPC. CPC is a high quality, well run business with a strong position in a large and growing industry. Its operations are close to major beef-consuming markets,” Guy Hands.
Megvii proceeds with IPO despite US blacklisting.
Bloomberg reported that Chinese artificial intelligence startup Megvii Technology is pressing ahead with plans for an initial public offering in Hong Kong and targeting a listing hearing in early November, despite getting blacklisted by the Trump administration.
While Megvii has lost access to American components, including chips from Nvidia that are key to its business, it hasn’t changed its goal of going public. The company is appealing the US decision to include it on the Commerce Department’s “Entity List,” which prohibits American companies from providing crucial supplies like semiconductors.
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