AMERICAS
Private equity firms TowerBrook Capital Partners and Further Global Capital Management, agreed to acquire ProSight Global, an insurance brokerage firm, for $586m.
"This transaction and the new partnership with TowerBrook and Further Global will expand ProSight's underwriting capabilities and fund investments in talent and technology that will improve our offerings to distribution partners and customers. I'm very proud of what we created, thank them for their dedication, and very much look forward to working closely with Jonathan as we write ProSight's next chapter as a private company," Larry Hannon, ProSight President and CEO.
ProSight Global is advised by Barclays, Goldman Sachs, Guy Carpenter, Ropes & Gray and Sullivan & Cromwell. Further Global is advised by Kirkland & Ellis. Towerbrook is advised by Piper Sandler, Sidley Austin and Brunswick Group. Debt financing is provided by Truist Bank.
ConocoPhillips, an independent exploration and production company, agreed to acquire Concho Resources, an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties, for $9.7bn.
“We appreciate the strong support for this transaction from the shareholders of both companies, which we view as further affirmation of the significant benefits it will deliver. This acquisition results in the combination of two premier companies that can lead the structural change for our vital industry that’s critical to investors. We expect the company to deliver differential performance on three key mandates: providing affordable energy to the world, generating superior returns on and of capital and demonstrating ESG leadership,” Ryan Lance, ConocoPhillips Chief Executive.
Concho Resources was advised by Credit Suisse, JP Morgan, Sullivan & Cromwell and Joele Frank. Credit Suisse and JP Morgan were advised by Alston & Bird. ConocoPhillips was advised by Morrow Sodali Global, Goldman Sachs and Wachtell Lipton Rosen & Katz. Goldman Sachs is advised by Fried Frank Harris Shriver & Jacobson.
Juniper Capital Advisors, an energy investment firm based in Houston, Texas, completed an investment of $188m in Penn Virginia, a pure-play independent oil and gas company.
"I look forward to working with Darrin and his team as well as the other members of the Board. We believe the Company can produce attractive returns to shareholders by maintaining low leverage, generating consistent free cash flow and focusing on cash-based returns on every dollar invested," Edward Geiser, Juniper Managing Partner.
Penn Virginia was advised by Evercore, RBC Capital Markets, Truist Bank, Gibson Dunn & Crutcher, and Kirkland & Ellis. Financial advisors to Penn Virginia were advised by Sidley Austin. Juniper Capital was advised by Bank of America Merrill Lynch, Bracewell and Willkie Farr & Gallagher.
I Squared Capital, a private equity firm, agreed to acquire Atlantic Power, an independent power producer, for $961m.
"We are pleased to announce this transaction with I Squared Capital. The independent directors of the Board, with the assistance of our financial and legal advisors, carefully analyzed I Squared Capital's offer, and after extensive negotiation and thorough consideration, concluded that the agreement is in the best interests of Atlantic Power," Kevin T. Howell, Atlantic Power Chairman.
Atlantic Power is advised by Blair Franklin Capital Partners, Goldman Sachs, Kingsdale Advisors, Cleary Gottlieb Steen & Hamilton and Goodmans. I Squared Capital is advised by RBC Capital Markets, Sidley Austin and Stikeman Elliott.
Primoris Services, a provider of specialty contracting services in North America, completed the acquisition of Future Infrastructure, a provider of non-discretionary maintenance, repair, upgrade and installation services to the telecommunication, from Tower Arch Capital, a lower-middle market private equity fund, for $620m.
“The addition of Future Infrastructure marks the completion of a strategic goal for Primoris, but also marks the beginning of a new stage in our strategic journey to create the Company we believe we can be – together. With values and cultures that are already aligned in many ways, we are confident that this combination will lead us to even greater successes,” Tom McCormick, Primoris President and Chief Executive Officer.
Future Infrastructure was advised by Bank of America Merrill Lynch and Kirkland & Ellis. Primoris was advised by Goldman Sachs, UBS, and Gibson Dunn & Crutcher. Debt financing was provided by Bank of West and CIBC.
United States Steel, an American integrated steel producer, completed the acquisition of the remaining 50% stake in Big River Steel, a manufacturer of steel product, for $774m.
We are creating the first ‘Best of Both’ integrated and mini-mill steel company. Taking a page from the Big River Steel playbook, we are closing on this world competitive green steel asset purchase under budget and ahead of schedule. Our customers now have access to a truly sustainable source of the most advanced high strength steels. We fully expect to generate profitable growth quickly in 2021 and enable a more nimble, innovative, and cost-effective company across the business cycle," David B. Burritt, US Steel President & CEO.
Big River was advised by BakerHostetler. United State Steel was advised by Barclays, PJT Partners, Rothschild & Co, and Milbank.
Bombe Asset Management, an alternative asset management company, agreed to acquire a majority stake in The Parking REIT, a real estate investment trust, for $125m.
"The transportation industry is experiencing exciting changes, which creates opportunities for innovation and strategic growth, and most importantly, maintaining relevancy and usefulness for the consumers that use these car parks. Parking is critical to the transportation experience, particularly following the Covid pandemic, and we are looking forward to taking The Parking REIT to the next stages of its growth," Stephanie Hogue, Bombe Managing Partner.
The Parking REIT is advised by Latham & Watkins, Snell & Wilmer and Venable. Bombe is advised by Keating Muething & Klekamp, PricewaterhouseCoopers and Sullivan & Worcester.
Porch Group, a software developer, agreed to acquire Homeowners of America Holding, an insurtech firm, from IA Capital Group, a private equity firm, for $100m.
"HOA is a great business with a deep and experienced leadership team who have spent more than a decade building a growing, profitable, and innovative MGA and insurance company hybrid. Porch is equally enthusiastic about partnering with HOA's independent agents, which is a great fit with our B2B2C model, and using our other services to find more ways to deliver value to consumers by partnering with independent agencies," Matt Ehrlichman, Porch Founder, Chairman and CEO.
HOA is advised by R.L. Viton & Co and Willkie Farr & Gallagher. Porch is advised by Sidley Austin, Gateway Investor Relations and Tailwind Public Relations.
Linden Capital Partners and Audax Private Equity, the two asset managers, agreed to acquire StatLab Medical Products, a manufacturer and distributor of consumables, reagents, and equipment, from Cressey, a private equity firm. Financial terms were not disclosed.
“StatLab has established itself as a leader in anatomic pathology consumables and a reliable partner to laboratory and OEM customers. Linden’s investment in StatLab builds upon our prior experience in the diagnostics sector, and we look forward to leveraging that experience to support the Company’s next phase of growth,” Kam Shah, Linden Partner.
Audax is advised by Cain Brothers, Kirkland & Ellis and Ropes & Gray.
Debt financing is provided by Golub Capital. StatLab is advised by Robert W Baird.
A consortium of investors including GIC, Siemens, Fidelity Management and Research, and Mubadala Investment Company, completed the acquisition of a minority stake in ThoughtWorks, a software consultancy firm, for $720m.
"This placement is a very positive indicator of how strong our company and brand are perceived in the market. It's wonderful that GIC, Siemens, Fidelity and Mubadala see ThoughtWorks to be a strong investment and this is an endorsement of the strength and relevance of our business and people," Guo Xiao, ThoughtWorks President and CEO.
ThoughtWorks was advised by Goldman Sachs, JP Morgan and Kirkland & Ellis.
Accolade, a healthcare service company, agreed to Acquire 2nd.MD, a healthcare opinion services provider, for $460m.
“We share a common vision to help every person live their healthiest life by dramatically improving quality and accessibility of care through a people-focused, clinically-driven support model. Bringing 2nd.MD’s world-class Care Team and digital approach with expert medical consultation into Accolade, and continuing to offer it on a stand-alone basis, will have an immediate and measurable impact for our customers, their employees, and the health plans we work with. With the addition of 2nd.MD, we’ll nearly double our total addressable market while providing the most comprehensive, integrated healthcare navigation experience available," Rajeev Singh, Accolade CEO.
Innovation Specialists is advised by Balch & Bingham. Accolade is advised by Goldman Sachs, Cooley and Westwicke.
Leidos, an information technology, engineering, and science solutions and services company, completed the acquisition of 1901 Group, a provider for managed IT services and cloud solutions, from Enlightenment Capital for $215m.
"The addition of 1901 Group allows us to work together and leverage their impressive capabilities across the enterprise. We are thrilled to incorporate their managed services and cloud computing techniques to provide our customers with the tools they need for digital modernization," Roger Krone, Leidos Chairman and CEO.
1901 Group was advised by Robert W Baird and Pillsbury Winthrop Shaw Pittman. Leidos was advised by Holland & Knight.
Hellman & Friedman-backed Applied Systems, a global provider of cloud-based software, agreed to acquire EZLynx, an agency management system provider. Financial terms were not disclosed.
“Start-up and fast-growing independent insurance agencies are on the rise, creating a growing segment of the marketplace looking for automation and technology choice. Applied’s investment in EZLynx further demonstrates our commitment to providing technology choice for agencies of all sizes and increasing automation and connectivity between agencies and insurers to create a more valuable digital distribution channel," Taylor Rhodes, Applied Systems CEO.
Applied Systems is advised by Simpson Thacher & Bartlett. Debt financing is provided by Nomura.
Norwest Venture and 22C Capital-backed-Target RWE, a real-world evidence solutions company, completed the acquisition of NoviSci, a biotechnology company. Amgen, a strategic investor in and collaborator with NoviSci, has also made a strategic investment in the combined company to fuel growth. Financial terms were not disclosed.
“Target RWE’s proven real-world data and evidence solutions continue to grow in breadth, depth and value for our research and industry partners. With the addition of NoviSci’s novel analytics platform and experienced team, Target provides a highly adaptive environment to accelerate insights and reproducible research output from real-world data to various stakeholders in the healthcare ecosystem, including our pharmaceutical industry partners, healthcare investigator partners, government agencies and payor organizations," Neal Bibeau, Target RWE CEO.
Target RWE was advised by Gagnier Communications.
Desktop Metal, a mass production and turnkey additive manufacturing solutions provider, agreed to acquire EnvisionTEC, a provider of professional-grade 3D printing solutions, for $300m.
"I’m thrilled to partner with Al and the EnvisionTEC team to bring significant growth to the additive market. EnvisionTEC is a true pioneer and responsible for many of the leading technologies widely used today to produce end-use photopolymer parts through additive manufacturing. Together, Desktop Metal and EnvisionTEC have an opportunity to shape the future of Additive Manufacturing 2.0 and transform how parts are made around the world. I look forward to welcoming EnvisionTEC to the Desktop Metal team to deliver world-class additive manufacturing solutions that help make our customers successful," Ric Fulop, Desktop Metal Founder and Chief Executive Officer.
Desktop Metal is advised by ICR. EnvisionTEC is advised by Latham & Watkins.
Huron Capital, a private equity firm, completed the acquisition of Sunland Asphalt & Construction, an asphalt producer and paving solutions provider serving the rapidly growing southwestern United States. Financial terms were not disclosed.
"We are confident that the business expertise and outstanding network Huron Capital provides will lead to new and exciting growth opportunities for Sunland. "Our storied industry reputation combined with Huron Capital's track record of acquisitive success is sure to create attractive opportunities for our regional leaders across the country," Doug DeClusin, Sunland CEO.
Huron Capital was advised by Lambert & Co.
IBM, an IT giant, agreed to acquire Taos, a cloud solutions provider. Financial terms were not disclosed.
"Taos adds the deep expertise, public cloud partnerships and innovative solutions needed to drive growth and adoption of IBM's hybrid cloud platform throughout the Americas. The platform gives enterprises the freedom to choose from multiple providers to best meet their business and IT needs, and we are committed to helping our clients successfully navigate their open hybrid cloud journeys with those providers," John Granger, IBM Senior Vice President.
Taos is advised by Barclays.
PowerPlant Ventures, a private equity firm, completed the acquisition of ZICO Coconut Water, a beverage company. from Coca-Cola. Financial terms were not disclosed.
"I respect the decision of Coca-Cola to focus on other elements of their beverage business. I still have a lot of love for ZICO, and I know consumers do too. We are thrilled to acquire the company and thankful for the support from Coca-Cola," Mark Rampolla, PowerPlant Ventures Co-Founder and Partner.
PowerPlant Ventures was advised by Konnect Agency.
Integrated Specialty Coverages, an insurance services provider, completed the acquisition of California Contractors Insurance Services, an insurance brokerage firm. Financial terms were not disclosed.
"We are thrilled to have CCIS join the ISC family as we expand into new markets such as general liability and contract surety services. We look forward to harnessing the deep underwriting expertise of CCIS and their robust suite of offerings to deliver faster and more cost-effective insurance programs for our diverse clientele," Matt Grossberg, Integrated Specialty Coverages CEO.
Access Holdings-backed Car Wash Owners Network, a car wash services provider, completed an investment in Okie Express Auto Wash, a car wash services provider. Financial terms were not disclosed.
“We had several options to consider when looking for a growth partner, but Access Holdings and CWON clearly distinguished themselves by their knowledge of the industry and relationship-oriented approach to crafting the right deal. Their team focused on finding solutions that were right for us and our business," Mike North, Okie CEO.
Huntsman, a chemical company, completed the acquisition of Gabriel Performance Products, a specialty chemical products manufacturer, from Audax Private Equity, a private equity firm, for $250m.
Based on calendar year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 11 times, or approximately 8 times pro forma for synergies.
Blackstone in talks to buy Bourne Leisure. (FS)
Blackstone is in talks to buy Bourne Leisure, which runs the Butlin’s and Haven holiday parks, in a deal that could value the business at about £3bn ($4bn),
FT reported.
The deal would see the US private equity giant, which owns Legoland operator Merlin Entertainments, make its latest bet on a UK company in an industry hit hard by Covid-19, after separately holding talks last month to buy the London-listed private jet services company Signature Aviation.
A £3bn ($4bn) valuation would be almost 12 times the £255m ($347m) in earnings before interest, tax, depreciation and amortisation that Bourne reported in the year to December 2019.
Uber looks to spin off Postmates' robotics division.
Ride-hailing platform Uber Technologies is looking to spin off the robotics unit of Postmates, a food delivery startup it acquired last year,
Reuters reported.
Postmates X will be spun off as a new company, Serve Robotics, in which Uber will retain its ownership stake. Postmates X introduced its semi-autonomous bot, Serve, in 2018 to aid faster deliveries. It currently operates commercially in Los Angeles and San Francisco and will be the focus of the new company.
Naturgy to invest up to $1.8bn in the US.
Spanish power company Naturgy plans to invest up to $1.8bn in the United States after making its first push into the US market with a deal to buy a solar energy developer,
Reuters reported.
Naturgy plans to make the investments over a five-year period, announcing the acquisition of Hamel Renewables in a transaction valuing the firm at $57m including debt.
The deal includes an exclusive agreement with San Francisco-based Candela Renewables to develop Hamel’s portfolio, which contains 8 GW of solar projects and 4.6 GW of storage.
CPPIB in talks to acquire stake in Igua. (FS)
Brazilian sanitation company Igua Saneamento said pension fund Canada Pension Plan Investment Board had delivered a non-binding offer to buy stake in the company,
Reuters reported.
Igua did not disclose any further details on the potential deal. Igua provides water and sewage services to 37 municipalities in Brazil.
Hillman in talks to go public via Fertitta, Jefferies SPAC.
Construction hardware supplier The Hillman Group is in talks to go public through a merger with Landcadia Holdings III, a blank-check firm led by billionaire Tilman Fertitta and Jefferies’ Rich Handler.
SPAC has held talks to raise new equity from investors to support the transaction, which is set to value the combined entity at more than $2bn. A deal could be announced within weeks.
Private equity firm CCMP Capital Advisors owns Hillman.
Goldman Sachs eyes deals to boost Marcus. (FS)
Goldman Sachs is considering acquisitions to bulk up its consumer banking unit Marcus after the Wall Street firm slowed loan and deposit growth at its fledgling business last year in the wake of the coronavirus pandemic,
Reuters reported.
Goldman management has put an “extremely high” bar for any deal to be large and transformational, the sources cautioned. One of the sources said the bank had M&A bankers crunching numbers on “different ideas.”
Digital banking is one area of interest. The pandemic has strengthened management’s belief that online activity will be central to future growth within the industry and branches will continue to have a diminished role.
CVR Energy says not interested in buying Delek.
US refiner CVR Energy, majority-owned by billionaire-investor Carl Icahn, said it was not interested in buying peer Delek US and proposed to replace three Delek board nominees with its own,
Reuters reported.
CVR, which owns about 15% of Delek and is its largest stockholder, said it would instead focus on devoting capital to internal higher-return projects.
Playtika raised $1.88bn in the IPO.
Shares of Israel-based mobile gaming company Playtika Holding Corp jumped nearly 24% in their debut on the Nasdaq on Friday, valuing the company at nearly $13.79bn,
Reuters reported.
Shares opened at $33.4, above their upsized IPO price of $27 per share.
“We did not need to go public over the past few years, as we were cash flow positive. But as started growing faster and getting bigger, we felt the time was ripe for us to go public,” Robert Antokol, Playtika founder and chief executive officer.
Thoma Bravo SPAC valued at $900m in its IPO. (FS)
Thoma Bravo, a private equity firm focused on the software and technology-enabled services sectors, has completed its IPO for Thoma Bravo Advantage, a SPAC that has been valued at $900m.
For Thoma Bravo, The purpose of the SPAC is to acquire controlling stakes in companies through leveraged buyouts instead of taking minority positions. By raising a blank-check company, it can buy a minority stake in a promising tech firm and help it go public.
Thoma Bravo was advised by Cadwalader Wickersham & Taft.
Bumble losses in IPO filing.
Bumble’s plans to go public come at a time when companies are seeking to capitalize on what has been the strongest IPO market in two decades.
Companies raised a record $168 billion through IPOs on US stock exchanges in 2020. Bumble also revealed it had identified a material weakness in its internal controls over financial reporting.
“The deficiency we identified relates to a lack of defined processes and controls over information technology,” Bumble.
EMEA
Fiat Chrysler Automobiles, the world's eighth-largest automaker, completed the merger with PSA Group, a French multinational manufacturer of automobiles and motorcycles, in a $50bn merger of equals, that will lead the path to the creation of Stellantis.
Stellantis's common shares will begin trading on Euronext in Paris and the Mercato Telematico Azionario in Milan Today, January 18, 2021, and on the New York Stock Exchange on Tuesday, January 19, 2021, in each case under the ticker symbol "STLA".
Fiat Chrysler was advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Community Group, Image Sept, and Sard Verbinnen & Co. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton and Macfarlanes. Bpifrance was advised by Willkie Farr & Gallagher. Peugeot Family wass advised by Zaoui & Co. PSA Group is advised by China International Capital, Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, BonelliErede, Bredin Prat, Cabinet Bompoint, Clifford Chance, Cravath Swaine & Moore, Linklaters, NautaDutilh, and Stibbe. Exor was advised by Lazard.
AA shareholders have approved the takeover of the roadside assistance provider after the private equity suitors overcame opposition from a major investor.
The deal was cleared by investors holding 88.6% of the shares. The offer from Warburg Pincus and TowerBrook Capital Partners values London-listed AA at about $3.8bn including debt,
Bloomberg reported.
AA is advised by Citigroup, Evercore, JP Morgan, Freshfields Bruckhaus Deringer, and FTI Consulting. Towerbrook Capital is advised by Barclays, Credit Suisse, Goldman Sachs, Latham & Watkins, Linklaters, and Brunswick Group.
GeoPark, an oil and natural gas exploration and production firm, completed the acquisition of Amerisur Resources, a full cycle independent oil exploration and production company focused onshore Colombia, for $314m.
“Through this transaction, GeoPark continues delivering on our 17-year vision of creating from scratch, patiently and responsibly, the leading oil and gas independent across Latin America. The acquisition of Amerisur brings a wagon full of short, medium and long-term benefits - including light oil production, proven reserves, low breakeven cash flow, low-risk development opportunities, significant exploration resources, new strategic acreage, carried exploration drilling, a cross border pipeline, new industry partnerships and attractive operating and commercial synergies. Our team is prepared and hitting the ground running today to begin working on this exciting new opportunity," James F. Park. GeoPark CEO.
Amerisur was advised by Arden Partners, Investec, Stifel, BMO Capital Markets, Ashurst, Rosenblatt Law, and Camarco. GeoPark was advised by Rothschild & Co, Norton Rose Fulbright, and Sard Verbinnen & Co.
Elaghmore Partners, a private equity firm, completed the acquisition of Orchard House Foods, a fresh fruit products manufacturer and distributor, from Hain Celestial, an organic and natural products company. Financial terms were not disclosed.
"We are pleased to complete the strategic sale of our fruit business to Elaghmore. The divestment of this complex, non-core asset fully aligns with our brand simplification and strategic transformation processes. By divesting this business, which was negatively impacted by the Covid-19 pandemic, the remaining Hain Celestial business will show immediate improvement in its growth rate and margins, allowing us to reinvest capital behind the strength of the remaining International platform. We remain confident in our ability to continue to improve our overall margin and cash flow profiles to fuel sustainable long-term growth and profitability," Mark L. Schiller, Hain Celestial President and Chief Executive Officer.
Elaghmore was advised by Ernst & Young, Houlihan Lokey, Squire Patton Boggs and Ernst & Young. Hain Celestial was advised by Spayne Lindsay & Co and DLA Piper.
Aptos, a retail technology solutions provider, agreed to acquire LS Retail, a developer and provider of all-in-one software solutions, from Anchorage Capital Group, a private equity firm. Financial terms were not disclosed.
“The addition of a company of LS Retail’s caliber to the Aptos family allows us to better fulfill our mission of delivering tangible benefits to our customers and the retail industry we serve, as it broadens our knowledge base and resources, extends our vertical capabilities, and expands our geographic coverage. Upon the acquisition’s close, we look forward to providing Aptos’ full support, scale and capital resources to the LS Retail leadership team, allowing them to take the business to new heights,” Pete Sinisgalli, Aptos CEO.
LS Retail is advised by Rettur – Adalsteinsson & Partners and White & Case. Anchorage Capital Group is advised by Barclays.
Thermo Fisher Scientific, a provisioner of scientific instrumentation, completed the acquisition of Henogen, a biomanufacturing company, from Novasep, a healthcare services company, for $879m.
"Novasep's viral vector business is an excellent strategic fit as Thermo Fisher continues to expand its capabilities for cell and gene vaccines and therapies globally. The addition of their manufacturing capabilities in Europe complements our four development and manufacturing sites in North America. In addition, they bring an incredibly talented team with more than two decades of experience across a broad range of viral vectors. The combination will benefit our global customers seeking support and capacity in the region as well as European customers bringing new medicines to patients inside and outside of Europe," Michel Lagarde, Thermo Fisher President.
Thermo Fisher was advised by Brunswick Group and Joele Frank.
Brown & Brown, an insurance brokerage firm, completed the acquisition of O’Leary Insurances, an insurance services provider. Financial terms were not disclosed.
"We are extremely pleased with the relationship we have developed with Anthony and Diarmuid while considering joining with the O’Leary Insurances team to establish Brown & Brown’s flagship in Ireland. Like Brown & Brown, O’Leary Insurances grew from a family owned business to a leader in the Irish brokerage market by empowering its teammates to succeed. We are fully confident that we share with OLI the same culture of customer focus by providing unique risk solutions that meet each customer’s needs. I am excited about our future in Ireland and beyond with Anthony, Diarmuid and the O’Leary Insurances team," Barrett Brown, Brown & Brown President.
O'Leary was advised by Ronan Daly Jermyn. Brown & Brown was advised by Arthur Cox.
Private equity firms Durable Capital Partners and Fidelity Management & Research Company led a $180m Series H funding round in Deliveroo, an online food delivery company.
This investment comes ahead of a potential Initial Public Offering and reflects strong demand from existing shareholders to invest in the company, given the significant growth potential in the online food delivery sector in which consumer adoption is accelerating.
"At Deliveroo we are always focused on developing the best proposition for consumers, riders and restaurants. This investment will help us to continue to innovate, developing new tech tools to support restaurants, to provide riders with more work and to extend choice for customers, bringing them the food they love from more restaurants than ever before. We are really pleased our shareholders see the opportunity and growth potential ahead of us," Will Shu, Deliveroo Founder and CEO.
A French court ruled on Friday it was incompetent to decide on whether water and waste management company Veolia has to consult unions on its planned takeover of smaller rival Suez, the two groups said in separate statements,
Reuters reported.
Veolia stuck to its stance that the consultation process will end on February 5 before the company can move further in a full takeover of Suez. The company added that additional judicial rulings on the consultation process were expected in February and March.
Tacora Resources, an iron ore mining and development company, completed the acquisition of Sydvaranger Mining, an iron ore mining and processing company. Financial terms were not disclosed.
"With this acquisition, we bring together two responsible mining companies with capacity to produce an iron ore concentrate with characteristics very desirable to steelmakers. The Sydvaranger Mine builds upon our strategy to deliver high grade iron ore products to steelmakers globally allowing them to produce more steel per tonne of raw material input and therefore reduce their environmental footprint," Thierry Martel, Tacora President and CEO.
Volaris Group, an IT services company, completed the acquisition of Macros Software, a software company and IT service provider dedicated to occupational pension plans. Financial terms were not disclosed.
“Volaris is the right home for the next phase of Macos’ evolution. Joining Volaris provides a stable and permanent home for our team and our portfolio of technology. We have long-term relationships with our customers and Volaris’ vision is well-aligned with our approach to business," Heinrich Grob, Macos Managing Director.
Couche-Tard drops $20bn Carrefour takeover plan after French government opposition.
Canada’s Alimentation Couche-Tard has dropped its $19.6bn bid to acquire European retailer Carrefour after the takeover plan ran into stiff opposition from the French government,
Reuters reported.
The decision to end merger talks came after a meeting on Friday between French Finance Minister Bruno Le Maire and Couche-Tard’s founder and chairman, Alain Bouchard.
Migdal plans to invest $2bn in fintech.
Migdal Insurance & Financial, one of Israel’s biggest money managers, plans to invest about $2bn in financial technology over the next two years, broadening its search for higher yields at a time of globally low interest rates,
Bloomberg reported.
The Israeli insurer, which manages $97bn worth of assets, has set up an investment arm to ferret out fintech companies and funds in Israel, North America and Europe, Guy Fischer, chief investment officer at the Migdal Insurance unit.
Migdal will invest a minimum of $10m to $20m in equity deals, and will also offer debt to startups, said Moti Shatner, one of the founders of the California-based online credit firm Bluevine, who also helps run the insurer’s new investment arm. The company recently invested $100m in US consumer loans via Israeli startup Pagaya, with an option to increase the sum by $150m.
Beauparc is in line for the €1bn takeover. (FS)
The largest waste company in Ireland, Beauparc, has attracted takeover approaches from dozens of private equity firms after its minority shareholder, Blackstone, set about putting its stake on the market late last year,
Irish Times reported.
The approaches may result in an outright purchase of the owner of the Panda and Greenstar waste firms for as much as €1bn ($1.2bn).
Wall Street investment bank JP Morgan, originally hired to work on finding a buyer for the Blackstone stake, is understood to have fielded up to 30 expressions of interest from US, UK and European private equity and infrastructure firms for the entire business.
FLSmidth is in talks to buy Thyssenkrupp's mining unit.
FLSmidth is in negotiations with German engineering group thyssenkrupp to acquire its mining business. The negotiations are at a non-binding stage,
Reuters reported.
“Any transaction, if entered into, would be subject to, amongst other, statutory clearances from authorities, including approvals from merger control authorities,” FLSmidth.
In November that FLSmidth was expected to show interest in parts of Thyssenkrupp’s Plant Technology division, which has been put up for sale in a process run by Citigroup.
Inter Milan owners in talks over private equity sale. (FS)
Italian football club Inter Milan is in talks over a sale to buyout groups including BC Partners and EQT, as private equity looks to extend holdings in football during a financial crisis caused by the coronavirus pandemic,
FT reported.
Suning Holdings, the Chinese retail conglomerate that owns a majority stake in Inter Milan, has begun negotiations with various parties over selling some or all of its holdings in the Serie A team.
The Chinese group has hired Goldman Sachs to advise on potential fundraising options. Private equity firms including Sweden’s EQT and US-based Arctos Sports Partners are among those interested in a deal, though discussions with London-based BC Partners appear to have progressed the furthest.
Mister Spex is said to eye IPO this year.
Mister Spex, a Germany’s online eyewear retailers, is joining a growing list of German companies preparing for initial public offerings this year,
Bloomberg reported.
Berlin-based Mister Spex has picked Berenberg and Jefferies to lead the IPO. Other banks will likely be added to the roster at a later date.
The company is targeting a Frankfurt listing as soon as the first half of the year. Deliberations are at an early stage, and details on timing could change.
EDF plans the IPO of Pod Point float.
Electricite de France, the French state-backed energy giant, is drawing up secret plans for a stock market flotation of one of Britain's biggest providers of electric vehicle charging infrastructure amid soaring demand from motorists, SkyNews reported.
APAC
The Competition Commission of India approved Partners Group's $250m investment in Ecom Express, a provider of logistics solutions.
"We have worked hard over the last eight years to build Ecom into India's top provider of logistics solutions to the e-commerce industry. As the market expands, investing in and developing our operations and customer satisfaction will be key to maintaining our market-leading position. Partners Group's entrepreneurial ownership style and experience working with high growth e-commerce businesses make the firm an ideal partner for us together with Warburg Pincus," TA Krishnan, Ecom Co-Founder and CEO.
Ecom Express is advised by Credit Suisse, Quillon Partners, AZB & Partners, and J. Sagar Associates. Partners Group is advised by Veritas Legal.
Greenland Group, a Fortune 500 company, completed the acquisition of Guangzhou Greenland Real Estate Development for $1.12bn. Following the completion of this acquisition, Guangzhou Greenland has become a wholly-owned subsidiary of Greenland Hong Kong.
Greenland Hong Kong said the deal is a rare opportunity to pick up a sizable portfolio in the Greater Bay Area, and to enter first-, second- and third-tier cities with investment value and growth potential. This will reinforce the group’s position as a “leading property developer in Pan-Pearl River Delta” and is expected to broaden its revenue base.
Greenland Group was advised by Morrison & Foerster and JunHe.
Tencent Music Entertainment, a media company, agreed to acquire Lazy Audio, an audio platform in China, for $415m.
"We are delighted to welcome the talented Lazy Audio team to the TME family, and expect this strategic acquisition to significantly deepen our presence in the fast growing long-form audio industry in China. As a leading provider of audio entertainment, Lazy Audio can be seamlessly integrated into our existing long-form audio strategy, enabling us to further monetize the extensive library of high-quality literature IPs that we have access to through strategic partnerships with China Literature and others," Cussion Pang, Tencent Music CEO.
Standard Chartered, an international financial services provider, completed an investment of $200m in Bukalapak, an e-commerce services provider.
“Our inaugural partnership with Bukalapak reaffirms Standard Chartered's commitment to growing our footprint locally. We are confident that our partnership with one of the first unicorns and leading e-commerce players in Indonesia will enable us to come together to create solutions that drive financial inclusion in Indonesia," Andrew Chia, Standard Chartered CEO.
China Central Bank says Ant is working on Timetable for an overhaul.
China’s central bank said Ant Group is working on a timetable to overhaul its business while ensuring operations continue, offering little clue on how far the financial technology giant needs to go to assuage Beijing,
Bloomberg reported.
Regulators are in close contact with the special team at Ant that’s drafting plans and a timetable to rectify its operations, People’s Bank of China Deputy Governor Chen Yulu said. The message underscores China’s determination to rein in billionaire Jack Ma’s sprawling business.
AirAsia X shows court creditors' support for the restructuring plan.
Most of AirAsia X’s lessors support a restructuring plan, and the Malaysian airline has received interest from potential investors for fundraising after reorganization,
Reuters reported.
Supportive lessors said they wanted to continue discussions with the budget airline and potential new investors, seeking more equitable terms and new commercial arrangements.
The affidavits come after more than a dozen creditors filed to intervene with its proposed court-supervised restructuring, with lessor BOC Aviation and airport operator Malaysia Airports arguing that AAX is hopelessly insolvent.
PT Mark Dynamics’ owner weighs stake sale.
The owner of PT Mark Dynamics Indonesia is weighing a sale of its controlling stake in the hand-former maker,
Bloomberg reported.
Tecable, which holds about 78.8% in the Jakarta-listed firm, is working with an adviser on the potential stake sale. Bids are due as early as this month. The asset could attract private equity firms and companies in Malaysia and China. Tecable’s stake is valued at about $233m.
Tencent-backed Yidu Tech surges 148% in Hong Kong debut.
Yidu Tech, which offers artificial intelligence and big data products to the health-care industry, saw its shares jump 148% in its Hong Kong debut after a $531m initial public offering that met with overwhelming demand from investors,
Bloomberg reported.
The opening performance is the third-best for a Hong Kong IPO raising over $500m. Only e-cigarette maker Smoore International last year and Alibaba.com - when it first listed in 2007 - have seen their shares jump by more on their first day of trading.
