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AMERICAS
Pzena Investment Management, an investment management firm, announced that it received all regulatory approvals required under the merger agreement to become a private company through a transaction in which holders of PZN Class A common stock will receive $9.6 per share in cash.
“We are excited to begin this new chapter for our firm after 15 years as a public company. I would like to thank the Special Committee for its work in reaching this agreement. We believe the transaction is in the best interest of Pzena’s Class A stockholders, and will enhance our ability to achieve investment excellence on behalf of our clients," Richard Pzena, Pzena CEO.
KAG, a tank truck transporter and logistics provider, completed the acquisition of Carbon Express, a company that transports liquid bulk products. Financial terms were not disclosed.
"We believe in serving our customers first and foremost. We've been committed to building a strong and positive reputation with our customers and our employees for many years. By joining KAG, we believe we are remaining true to this commitment and are excited about the future potential going forward," Steve Rush, Carbon Express Executive Chairman and Founder.
Carbon Express was advised by Bengur Bryan & Co and Greenberg Dauber Epstein & Tucker. KAG was advised by Buckingham Doolittle & Burroughs.
Exela Technologies' European business, a pan-European integrator of bills and payments, is set to go public via merger with CF Acquisition VIII, a special purpose acquisition company sponsored by Cantor Fitzgerald, in a $220m deal.
"We are pleased to announce the merger agreement with CFFE following the Letter of Intent announced in late August. We continue to execute our strategy in some very difficult market conditions and look forward to communicating additional milestones," Par Chadha, Exela Executive Chairman.
CF Acquisition VIII is advised by Cantor Fitzgerald and Hughes Hubbard & Reed. Exela is advised by Willkie Farr & Gallagher.
Parthenon Capital-backed Smart Data Solutions, a provider of data management, completed the acquisition of JMS and Associates, a provider of tech-enabled outsourced solutions. Financial terms were not disclosed.
"We are thrilled to be joining forces with SDS. We have known the organization and its team for a number of years and see great cultural alignment and a shared focus on client success. We look forward to maintaining the same level of focus and dedication to our clients while also working with the broader organization to provide even greater value to SDS' base of payer clients," Chuck Agrusa, JMS CEO.
JMS and Associates was advised by Kerr Russell. Smart Data Solutions was advised by Kirkland & Ellis.
Nordic Capital, a private equity investor, completed the investment in Equashield, a provider of closed-system transfer devices for hazardous drugs. Financial terms were not disclosed.
"We are excited to partner with Nordic Capital. The cultural alignment between our two firms was a key driver behind our decision to invite Nordic Capital to join as a significant shareholder and support our continued growth," Eric Shem-Tov, Equashield CEO & Founder.
Equashield was advised by Finn Partners.
Valcourt Group, one of the largest providers of exterior building maintenance and repair services to commercial properties, completed the acquisition of American National Skyline, a provider of window cleaning services. Financial terms were not disclosed.
"This partnership is an exciting opportunity to bring best-in-class service across the country to current and future customers. The ANSI footprint in the Midwest, along with their dedication to safety and service, made this an easy decision," Eric Crabb, Valcourt CEO.
TTG Imaging Solutions, a medical equipment supplier, completed the acquisition of Acceletronics, a service company dedicated to delivering the best equipment performance and service reliability, and RadParts, a distributor of OEM replacement parts. Financial terms were not disclosed.
"The acquisition of both Acceletronics and RadParts cements TTG as a full-service provider to the radiation oncology industry. We began this journey into LINAC in Q1 of 2022 with the acquisition of Vanguard Solutions and I welcome the team members from Acceletronics and RadParts into the TTG family," Matt Mastarone, TTG President & CEO.
Shift Paradigm, a consultancy that executes like an agency, completed the acquisition of Ergo, an email marketing company. Financial terms were not disclosed.
"Ergo deepens our expertise in the areas of channel, campaign and customer engagement, AI and digital transformation. With their incredible talent and track record, we are able to provide expanded best-in-class services to our wide variety of clients while continuing our promise to deliver innovative and transformative digital strategies with exceptional execution," Liz Ross, Shift Paradigm CEO.
Brookfield and CAA in talks to acquire a Primary Wave stake in a $2bn deal. (FS)
Brookfield Asset Management is set to acquire a significant minority interest in independent publisher Primary Wave Music in a deal valued in excess of $2bn.
Brookfield will provide an additional capital funding commitment of $1.7bn to invest in music copyrights. An initial acquisition of over $700m of music rights from the company's fund 1 and fund 2 will go into Primary Wave's new permanent vehicle which will hold assets in perpetuity.
Entertainment and sports agency, Creative Artists Agency, is also to become a strategic partner and minority shareholder in Primary Wave, with funds managed by Oaktree Capital Management also reamaining involved.
Vista co-founder targeting $3bn for second Haveli fund. (FS)
Brian Sheth, the former president of Vista Equity Partners, is targeting a $3bn fundraise for a new software-focused private equity fund, the second from his new firm Haveli Investments.
Sheth set up Haveli after leaving Vista in 2020 following co-founder Robert Smith's admission of tax evasion. The formal fundraising for the new vehicle hasn't stated yet, but early-stage discussions with prospective investors are underway.
Juul expands board with restructuring experts to weigh its options. (People)
Juul Labs, an electronic cigarette company, added two restructuring experts to its board of directors as the company weighs its options, Bloomberg reported.
Paul Aronzon, who formerly led law firm Milbank’s global financial restructuring group, has joined the board. Another new independent director is David Barse, who runs index company XOUT Capital and family office DMB Holdings. Barse, the former chief executive officer of Third Avenue Management, joined the board of bankrupt cryptocurrency lender Celsius Network earlier this year.
EMEA
Femsa, a Mexican multinational beverage and retail company headquartered in Monterrey, completed the acquisition of Valora, a provider of foodvenience platforms with convenience stores and food service operations in Switzerland, for $1.4bn.
"We are excited to have completed the acquisition of Valora as it marks the beginning of our fruitful joint future. I would like to thank our employees and other key stakeholders who have shown their support throughout the acquisition process. We look forward to further expanding on Valora's successful strategy with the continued support of Valora's management and team members to jointly develop the European market leader in convenience stores and food service," Daniel Alberto Rodríguez Cofré, Femsa CEO.
AtlasEdge, a pan-European data centre provider, agreed to acquire Datacenter One, an independent data centre provider, from STAR Capital, a private equity firm focused on developing strategic asset-based businesses in Western Europe. Financial terms were not disclosed.
"This is a highly strategic transaction for AtlasEdge. Germany is an important part of our expansion plans and a market that has seen customer demand rise across multiple metros. Acquiring DC1 transforms AtlasEdge into Germany's leading distributed platform, with ready-to-sell capacity in key locations across the country. We look forward to working with our new colleagues and continuing to grow our footprint across the continent," Giuliano Di Vitantonio, AtlasEdge CEO.
AtlasEdge is advised by DH Capital and Hogan Lovells (led by Alexander Stefan Rieger and Jörg Herwig). STAR Capital is advised by Jefferies & Company and King & Wood Mallesons.
British supermarket group Morrisons' purchase of convenience retailer McColl's looks set to be cleared after the competition regulator said it was likely to accept an offer to sell 28 stores, Sky News reported.
“Although we are disappointed that the business was put into administration, we believe this is a good outcome for McColl’s and all its stakeholders. This transaction offers stability and continuity for the McColl’s business and, in particular, a better outcome for its colleagues and pensioners," David Potts, Morrisons CEO.
McColl's is advised by Hogan Lovells. Morrisons is advised by Houlihan Lokey and Ashurst (led by Tom Mercer).
Capgemini, an information technology services and consulting company, completed the acquisition of Quorsus, a firm specializing in consultancy services to financial institutions. Financial terms were not disclosed.
“We are very much looking forward to being part of the Capgemini Group. Our current clients will benefit from the Group’s global scale and breadth of services, which we believe will be critical to ensure our clients can meet both their strategic transformation and regulatory driven change requirements. Our team members will also benefit from the career opportunities that come with joining a global leader," Ryan Baccus, Quorsus CEO.
Taxpayer's Bulb bill to hit £4bn as Octopus Energy closes in on takeover.
Octopus Energy is close to clinching a takeover of stricken rival Bulb in a deal that will crystallise up to £4bn ($4.4bn) of losses for British taxpayers, Sky News reported.
Sky News has learnt that ministers at the Treasury and the Department for Business, Energy and Industrial Strategy have been told that a sale of Bulb's 1.6m-strong customer base is now the optimal outcome.
Delivery startup Getir in advanced talks to buy Gorillas.
Turkish fast delivery startup Getir is in advanced talks to buy Berlin-based rival Gorillas Technologies, a German on-demand grocery delivery company, Reuters reported.
The potential deal would give Getir scale in key European markets including the UK and Germany.
Gazprombank to discontinue Swiss operations.
Russia's Gazprombank has decided to cease operating in Switzerland after "a strategic review of various options," Reuters reported.
The bank had been one of the last remaining channels for financing trade flows between Russia and Switzerland because other major Russian banks are subject to sanctions over Russia's invasion of Ukraine.
Saudi Utility’s $897m IPO fully covered within hours.
Marafiq, the Saudi Arabian utility whose shareholders include Aramco and Sabic, secured enough investor demand to fully cover its up to $897m initial public offering within hours of opening order books, Bloomberg reported.
Marafiq is part of a late-year rush of IPOs in the Middle East even as markets worldwide are hit by inflation fears and the risk of an economic slowdown. A surge in oil prices at the start of 2022, as well as increased investor inflows, led to a flurry of listings in the Gulf, which notched up its best first half on record.
Immatics announces $110m underwritten offering of ordinary shares.
Immatics, a clinical-stage biopharmaceutical company active in the discovery and development of T cell-redirecting cancer immunotherapies, announced that it has agreed to sell, by way of an underwritten public offering, 11m of its ordinary shares at a price of $10.09 per share.
The gross proceeds from the offering, before deducting the underwriting discount and offering expenses, are expected to be approximately $110m. The offering is expected to close on October 12, 2022, subject to customary closing conditions.
Andera Partners closes largest life sciences fund date at $447m. (FS)
Andera Partners' specialist therapeutics and medical technologies asset management company, Andera Life Sciences, closed its BioDiscovery 6 fund with $447m in capital commitments.
Existing institutional investors of the BioDiscovery funds have chosen to support the new vehicle along with new subscribers, including funds of funds, insurance companies, pension funds, family offices, private investors and pharmaceutical companies.
Adams Street Partners appoints global head of fund investments. (FS, People)
Adams Street Partners, a private markets investment firm with more than $50bn of assets under management, is promoting Brijesh Jeevarathnam to partner & global head of fund investments.
Jeevarathnam, who joined Adams Street as a Partner in Primary Investments in 2016, will also become a member of the firm’s Executive Committee as part of his new role.
APAC
Warburg Pincus, the global private equity firm, agreed to acquire a majority stake in Vistaar Finance, an Indian small-business lender. Financial terms were not disclosed.
"We believe micro-enterprises in semi-urban and rural India are underserved by formal sources of credit and we believe Vistaar has the potential to fulfil that need gap and be a driver for broad-based growth in those regions and communities. Warburg Pincus has a deep history in partnering with exceptional teams, particularly within financial services and looks forward to a similarly exciting future at Vistaar," Narendra Ostawal, Warburg Pincus Managing Director.
Vistaar Finance is advised by Kotak Investment Banking.
SoftBank Vision Fund 2 led a $100m Series D round in SprintRay, a Chinese provider of dental-care solutions based on 3D printing, with participation from Yiheng Capital, ZWC Partners, CD Capital and Marathon Venture Partners.
SprintRay looks to expand its global operations beyond the US and Europe.
India's Adani Group in talks to buy Jaiprakash's cement unit for $606m.
India's Adani Group is in advanced talks to buy debt-laden Jaiprakash Associates' cement business for $606m, Reuters reported.
Separately, Jaiprakash Associates said its board had approved the divestiture of the company's cement business, but did not reveal the name of a potential buyer or the price.
Investcorp said to buy into unit of Indonesia’s Kanmo Group. (FS)
Bahrain-based alternatives firm Investcorp is said to be investing in a division of Indonesian retail giant Kanmo Group, the distributor of consumer brands including Nespresso, Mothercare, and Coach.
Investcorp is investing in Kanmo Group’s Kids and Babies business unit, which comprises the Mothercare; Early Learning Centre; The Entertainer; Gingersnaps; Justice; and MoMaMi brands, DealStreetAsia reported.
Kredivo parent FinAccel seeks to raise up to $135m in Series D funding. (FS)
Fintech company FinAccel, the parent of Indonesian buy now, pay later player Kredivo, is seeking to raise up to $135m in a Series D funding round, DealStreetAsia reported.
As part of the round, the company plans to issue Series D-1, D-2 and D-3 convertible preference shares to investors at $27.14, $31.02 and $38.77 apiece, its filings with Singapore’s Accounting and Corporate Regulatory Authority show.
Livspace to invest $100m for expansion. (FS)
KKR- and Goldman Sachs-backed interior design unicorn Livspace will set aside $100m for its expansion plans in India, Singapore, Malaysia and the Middle East.
The funds will go towards incubating and investing in brands and content destinations across markets in the home decor, interior, renovation and ancillary segments.
French testing group Eurofins scouts for acquisitions in Asia.
French diagnostics and testing group Eurofins is looking to make acquisitions in Asia and in the genetics space as it seeks new opportunities following a pandemic-driven sales boom.
Buoyed by a global surge in testing, Eurofins was included in France’s CAC40 index last year. However, as the pandemic receded, it was hit by falling demand as governments lifted health and travel restrictions.
Tracxn Technologies IPO subscribed 6% on day 1 so far.
The initial public offering of Tracxn Technologies, a software company, drew a muted response from investors during the initial two hours of the first day of the bidding process.
The issue, which kicked off for subscription on Monday, will close on Wednesday, October 12. The company is selling its shares in the range of $0.92 - $0.98 apiece to raise about $38m.
Indian billionaire entrepreneur Gautam Adani said to be in talks to raise $10bn. (FS)
Indian billionaire entrepreneur Gautam Adani and his family have initiated talks with top global private equity investors and wealth funds as they look to raise at least $10bn in capital to facilitate the Adani Group’s massive expansion plans in areas of clean energy, ports and cement.
The multinational company, headquartered in Ahmedabad, has held discussions with Singapore’s state-owned investment firm Temasek and sovereign wealth fund GIC, besides a slew of West Asian and American investors, DealStreetAsia reported.
US-based Stonepeak raises $2.5bn for maiden Asia-Pacific fund. (FS)
US infrastructure and real estate investment firm Stonepeak has so far raised $2.5bn for its maiden Asia-Pacific fund, its filing with the US Securities and Exchange Commission showed, DealStreetAsia reported.
The fund, Stonepeak Asia Infrastructure Fund, has already received commitments from at least 13 investors and is just $500m away from its $3bn target. The firm has also raised $312m for a parallel fund, Stonepeak Asia Infrastructure Fund.
TPG Capital Asia chairman retires. (FS, People)
TPG Capital Asia chairman Tim Dattels has retired after 18 years with the firm. Dattels, who was based in Hong Kong, retired as a full-time partner on September 30, TPG confirmed. He will continue to support the firm as a senior adviser, DealStreetAsia reported.
Dattels joined TPG Capital Asia in 2004 from Goldman Sachs. At TPG, he has served on the TPG Holdings Committee and the Boards of Directors of Cushman & Wakefield, BlackBerry, Invest in Canada, Parkway Holdings, Primedia, Shangri-La Asia, Sing Tao News Corporation, and SFJazz.
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