AMERICAS
Fidelity National Financial, a provider of title insurance and closing and settlement services, completed the acquisition of FGL Holdings, a provider of fixed indexed annuities and life insurance, for $12.50 per share, representing an equity value of c. $2.7bn and an additional $550m of debt.
"We are excited to have closed the acquisition of F&G ahead of schedule and are thrilled to welcome F&G's employees and policyholders into the FNF family. The F&G brand has a long and respected history in the life insurance and annuity industries. The acquisition of F&G offers FNF entry to an industry that is counter-cyclical to FNF's title insurance business. FNF's size, scale, and financial strength provides F&G with strategic advantages to grow and capitalize on incremental organic and inorganic growth opportunities," William P. Foley, II, FNF Chairman.
FGL was advised by Credit Suisse, Houlihan Lokey, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom and Joele Frank. Financial advisors were advised by Cravath Swaine & Moore. Fidelity National Financial was advised by Bank of America Merrill Lynch, Trasimene Capital, Weil Gotshal and Manges and Willkie Farr & Gallagher. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton.
KKR-backed BMC, a provider of IT solutions for the digital enterprise, completed the acquisition of Compuware, a provider of mainframe application development, delivery, and support solutions, from Thoma Bravo. Financial terms were not disclosed.
"BMC continues to apply automated intelligence to modernize the mainframe, meeting the growing demands created by digital business growth. With market needs disrupting business models more rapidly than ever before, it's the ideal time to bring Compuware to our portfolio and help our customers embrace Agile and DevOps practices for the modern mainframe. We are thrilled to welcome Compuware and, together, accelerate our customers' journeys to becoming Autonomous Digital Enterprises," Bill Miller, BMC President of ZSolutions.
Compuware was advised by Credit Suisse and Kirkland & Ellis. BMC was advised by Jefferies & Company, Macquarie Group and Simpson Thacher & Bartlett.
Spartan Delta, a Calgary, Alberta based energy company, completed the acquisition of all the assets of Bellatrix Exploration, an intermediate exploration and production company, for $109m.
"The acquisition strengthens Spartan's business model and provides an asset base with strategic infrastructure to facilitate further consolidation in west-central Alberta, an area Spartan's management team has successfully developed, consolidated and monetized over the course of the past two decades," Spartan Delta.
Bellatrix was advised by BMO Capital Markets and Goodmans. Spartan Delta was advised by National Bank Financial, TD Securities and Stikeman Elliott.
Aduro Biotech, a clinical-stage biopharmaceutical company, agreed to merge with Chinook Therapeutics, a drug discovery company developing precision medicines for kidney disease, in exchange for shares of Aduro representing approximately 50% of its outstanding common stock.
"After an extensive and thorough review of strategic and potentially transformative options for Aduro, we are very pleased to announce a proposed merger with Chinook. We believe the combined company's strong pipeline, near-term milestones, seasoned leadership team and focus on kidney diseases offer an excellent opportunity to benefit patients and provide value to our stockholders," Stephen T. Isaacs, Aduro Chairman, President and CEO.
Chinook Therapeutics is advised by MTS Health Partners and Fenwick & West. Aduro Biotech is advised by SVB Leerink, Latham & Watkins and Canale Communications.
Energy Capital Partners, a private equity and credit investor specializing in energy infrastructure projects, completed the acquisition of the services business of CenterPoint Energy, an energy delivery company, for $400m.
"We are pleased to have completed this transaction as we continue to focus on the long-term performance of our core electric and natural gas utility businesses. We appreciate CenterPoint Energy Services' contribution to our business and feel confident that ECP is the right company to continue growing CES, now Symmetry Energy Solutions, and position it for long-term success," John W. Somerhalder II, CenterPoint Energy President and CEO.
Energy Capital Partners was advised by Latham & Watkins. CenterPoint was advised by Goldman Sachs and Akin Gump Strauss Hauer & Feld. Debt financing was provided by BNP Paribas.
Wellspring Capital Management, a New York-based private equity firm, completed the acquisition of Steele Solutions, a value-add supplier into the industrial automation sector. Financial terms were not disclosed.
"We are thrilled to be able to support Steele Solutions in its next phase of growth. Kevin O'Neill, Mike Thelen, and the rest of the SSI team have built an impressive business over the last 25 years, rooted in strong customer relationships and attractive end-markets that have allowed the company to consistently excel, even through uncertain economic periods like the current one. We congratulate the entire team on their accomplishments to date and look forward to a great partnership," John Morningstar, Wellspring Managing Partner.
Steele Solutions was advised by Robert W Baird and Godfrey & Kahn. Wellspring was advised by Kirkland & Ellis and Edelman.
GI Partners, a middle-market private equity firm based in San Francisco, completed a majority investment in Blue Stream Fiber, which provides cable television, cable telephone, DVR, and broadband services to customers in Florida. Financial terms were not disclosed.
"Consumers in Florida want the most reliable networks and high touch customer support. Blue Stream is committed to drive ever-increasing levels of customer support and satisfaction and to further differentiate our services from incumbents. Over the coming months and years, our partnership with GI Partners will ensure that we can expand and provide our great services across the entire state," Joe Canavan, Blue Stream CEO.
Blue Stream was advised by Lazard. GI Partners was advised by Paul Hastings and Chris Tofalli. Twin Point was advised by Cooley.
Arcline Investment Management, a growth-oriented private equity firm, completed the acquisition of a majority stake in Glebar Company, which designs, manufactures and services turnkey micromachining, centerless grinding and electrochemical grinding systems. Financial terms were not disclosed.
"We are excited to partner with Glebar management and to continue the company's focus on maximizing its customers' return on investment and throughput in the production of increasingly complex components used in minimally invasive surgery, aerospace and other mission-critical industrial applications. We are committed to investing both organically in the company's engineering, technology, and aftermarket service capabilities, as well as through acquisitions such as Everite, to continue to build Glebar into a leading, full-service provider of innovative process improvement solutions for its customers," Arcline.
Glebar was advised by Cowen & Company. Arcline was advised by Piper Sandler and Joele Frank.
KKR & Co agreed to acquire a 60% stake in the Professional and Retail Hair business of Coty, an American multinational beauty company, at a $4.3bn valuation.
"We are excited about our future collaboration with Peter Harf and the team at Coty. The company has tremendous potential, and this transaction will position the business to deliver long-term value creation. Coty and Wella alike are going to benefit significantly from the transformation journey ahead," Johannes Huth, KKR Partner and Head of EMEA.
Coty is advised by Citigroup and The One Nine Three Group.
Shamrock Capital, a Los Angeles-based investment firm, completed the acquisition of Adweek, a weekly American advertising trade publication, from Beringer Capital. Financial terms were not disclosed.
"Adweek has been a critical source of information and insights for the marketing and advertising community for decades. Adweek's experienced management team has done a tremendous job of building on its established brand, expanding its industry coverage and its product offering to further solidify its leading position in the marketplace. We look forward to working with Adweek to continue to drive strong growth, both organically and through acquisitions," Laura Held, Shamrock Capital Partner.
Shamrock Capital was advised by Prosek Partners. Adweek and Beringer were advised by CG Petsky Prunier.
"AseraCare and Amedisys have always shared an absolute and sacred commitment to help our patients live each day to its fullest, one person, one family and one community at a time. I am fully confident that Amedisys will continue and build upon our mission-driven purpose and high-quality care for our patients and families for years to come," Larry Deans, AseraCare President.
AseraCare was advised by Houlihan Lokey.
Melody Investment Advisors, an alternative asset manager focused on communications infrastructure, completed the acquisition of a 90% stake in Uniti Towers, the wireless tower business of real estate investment trust Uniti Group, for $220m.
"As 5G continues to rollout, increasing demand for new and improved communications infrastructure, we are pleased to partner with Melody, our new financial sponsor, to both develop new and continue to provide existing mission-critical infrastructure to our carrier customers," Lawrence Gleason, Uniti Towers President.
Uniti Group was advised by Goldman Sachs.
San Vicente, which got US approval to buy Grindr, has financial and personal links to the dating app's current owner, China's Beijing Kunlun Tech, in a possible departure from Washington's national security policy on deals, Reuters reported.
A close business associate of Kunlun's founder tried to raise money for a fund to buy Grindr. Two of the partners in that fund eventually became part of San Vicente.
Kunlun stated that the Committee on Foreign Investment in the United States had cleared the sale of Grindr to San Vicente Acquisition for more than $600m, but did not give details about the investor group.
Kunlun is advised by Cowen & Company.
Colliers, a global commercial real estate services and investment management firm, completed the acquisition of Dougherty & Company, a full-service investment bank and brokerage firm. Financial terms were not disclosed.
"Finalizing this new partnership establishes Colliers as a top player in agency and commercial debt finance as well as public finance advisory which, together with our rapidly growing investment sales capabilities, enables us to seamlessly advise clients on all capital markets requirements across the US. We welcome this highly talented and entrepreneurial group into the Colliers family, and we look forward to working together to accelerate the success of our clients," Gil Borok, Colliers International President and CEO.
Architect Equity, an evergreen investment fund, completed the acquisition of Faultless Brands, a collection of consumer products and brands encompassing fabric care, household cleaning, home fragrance and commercial laundry products. Financial terms were not disclosed.
"We are pleased to complete the acquisition of Faultless Brands. The business has a rich history of internationally recognized brands, a global distribution footprint and compelling growth plans that we are excited to support," Dionisio Lucchesi, Architect Equity Managing Director.
Western Union offers to acquire MoneyGram.
Western Union, an American financial services and communications company, offered to acquire MoneyGram International, an American money transfer company, in a transaction that would bring together two of the largest US providers of money-transfer services, Bloomberg reported.
No decision has been made, and Western Union could opt to proceed without a deal.
AGC Biologics to acquire a commercial facility in Colorado. (RE)
AGC Biologics, a global biopharmaceutical company, announced the purchase of a state-of-the-art commercial manufacturing facility in Boulder, Colorado. The facility, formerly owned by AstraZeneca, will provide AGC Biologics with additional capacity and significantly larger production scale. The facility is expected to begin full-scale operations and manufacturing by April 2021.
"The addition of this facility supports AGC Biologics' company-wide expansion initiative, which demonstrates our dedication to support our customers' demand for mammalian projects, now and into the future. This facility will enable us to continue to advance the development, manufacturing and commercial functions within our dynamic global company," Patricio Massera, AGC Biologics CEO.
Vroom considers raising up to $319m in IPO.
Vroom, an online used car seller, aims to raise up to $319m in its IPO, which is expected to be priced in the range of $15 to $17 per share.
The company is offering about 18.8m shares in the IPO and is expecting a valuation of $1.92bn at the top end of the range.
GI Partners eyes $3.25bn for its sixth flagship fundraise. (FS)
GI Partners, a private equity firm, is eyeing up to $3.25bn for its next flagship fundraise. GI's latest raise comes three years after it hit a $2.7bn final close for its fifth flagship fund, beating its initial $2.3bn target. The firm collected $2bn for its 2014 fund.
The firm mainly targets North American mid-market businesses through its private equity strategy, and also makes real estate and data infrastructure investments.
Blue like an Orange Sustainable Capital raised $200m for its debut fund. (FS)
Blue like an Orange Sustainable Capital closed its first fund, raising just over $200m to target Latin American credit deals. Latin America Fund I has already invested over $80m, with its target areas including access to finance, infrastructure and tech-enabled services, agriculture, healthcare and education.
The fund has a co-financing agreement with the Inter-American Development Bank's private-sector lending arm, IDB Invest, with the pair jointly working to originate, structure and execute transactions.
EMEA
EU antitrust regulators will decide by July 6 whether to clear Austrian sensor maker AMS c. $5bn bid for German lighting group Osram after a preliminary review, Reuters reported. AMS, which wants to buy Osram to diversify into the auto business, in its largest-ever acquisition, notified European Union competition enforcers of the deal on May 29.
The Commission can either clear the deal with or without conditions or, if it has serious concerns, open a four-month long investigation.
Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, Hengeler Mueller and Finsbury. Financial advisors are advised by Sullivan & Cromwell. AMS is advised by PricewaterhouseCoopers, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Schellenberg Wittmer and Brunswick Group. Financial advisors are advised by Allen & Overy.
WatchGuard Technologies, a provider of network security and intelligence, secure Wi-Fi and multi-factor authentication, completed the acquisition of Panda Security, a Spanish company that specializes in creating products for IT security. Financial terms were not disclosed.
"The completed acquisition of Panda Security, and the subsequent integration of its portfolio into WatchGuard Cloud, represents a significant milestone for the company and will result in both immediate and long-term benefits for our customers and partners that will address common challenges with security complexity, rapidly changing network topologies, purchasing models, and more," Prakash Panjwani, WatchGuard CEO.
Panda Security was advised by Jefferies & Company. WatchGuard was advised by Cuatrecasas Goncalves Pereira, Paul Hastings, Peter Rennison Public Relations and Voxus PR.
Mitsubishi and Nippon Telegraph and Telephone completed the acquisition of a 30% stake in HERE Technologies, a provider of location services. Financial terms were not disclosed.
The companies have co-invested in HERE via their newly established, jointly owned holding company COCO Tech Holding in the Netherlands.
"We welcome Mitsubishi Corporation and NTT as new strategic investors, supporting our long-term growth ambitions and boosting our enterprise value significantly. Both companies recognize the enormous potential for location data and technology to fuel innovation, boost efficiency and sustainability, and ultimately make the world a better place," Edzard Overbeek, HERE Technologies CEO.
HERE Technologies was advised by Hogan Lovells.
Private equity firm Sovereign Capital Partners agreed to invest in the management buy-out of ACOLIN, a Switzerland-based provider of regulatory and cross-border fund distribution services. Financial terms were not disclosed.
"We are delighted to be backing Daniel and his first-class management team as the business looks to its next stage of growth. We believe that through strategic Buy & Build, ACOLIN is well-positioned to further develop its offering and geographic reach in this fragmented market," Alex Hay, Sovereign Partner.
Abu Dhabi nears pipeline deal with GIP-backed group. (FS)
Abu Dhabi's state-owned energy producer is close to selling a multibillion-dollar stake in its natural gas pipelines to an investor group backed by Global Infrastructure Partners and Brookfield Asset Management, in what is set to be one of the year's biggest infrastructure deals.
The buyers could sign an agreement with Abu Dhabi National Oil for a 49% holding in the pipelines this month. A deal could value the pipelines at more than $15bn, including debt.
The UK plans to launch a bill to stymie foreign tech M&A.
The UK is looking to launch a new bill that could make it harder for foreign buyers to acquire UK tech companies. Prime minister Boris Johnson has been under pressure to protect British businesses from foreign takeovers, particularly by Chinese investors.
Last month, Johnson told the UK Parliament of plans to introduce measures to protect the country's "technological base," following a member of Parliament's request that the government reverse its decision to allow Chinese telecom giant Huawei to roll out the UK's 5G network.
In April, Parliament also launched an emergency inquiry into the foreign office's role in blocking foreign asset stripping of companies after an attempted boardroom takeover of chipmaker Imagination Technologies by its Chinese investors.
Ardian raises $19bn for private equity secondary fund. (FS)
Ardian, a Paris-based asset manager, raised $19bn for one of the largest capital pools ever amassed to buy secondhand stakes in private equity funds.
Ardian executive Vincent Gombault said the firm raised a $14bn fund from insurance companies, pension funds, sovereign wealth funds and wealthy individuals and has another $5bn available for co-investments to back deals alongside the fund.
APAC
Shinsei Bank, a diversified Japanese financial institution, agreed to acquire UDC Finance, a provider of asset-backed finance and investment products, from ANZ Bank New Zealand, New Zealand's largest financial services group, for $477m. The deal is subject to regulatory approval and completion is expected in the second half of the 2020 calendar year.
"I am very excited that UDC will become a part of the Shinsei Bank Group, in line with our non-organic growth strategy in this business area. In the Covid-19 'New Normal', we are confident that UDC, as part of Shinsei Bank Group, will continue to grow and contribute to the development of the New Zealand economy and help people and businesses in New Zealand with their financial needs. Based on UDC's long successful history, solid business base and efficient sales structure, UDC will be a major asset for the Shinsei Bank Group," Hideyuki Kudo Shinsei Bank CEO.
Zip, an Australian buy-now-pay-later company, agreed to acquire QuadPay, a high growth payments provider, at a valuation of $269m.
"This deal will create a global payments business with $2bn annualized TTV, 3.5m+ customers and 26K+ merchants. We'll be challenging establishment models and changing the landscape in Australia, New Zealand, USA, UK, and South Africa," Zip.
Carrefour, a French multinational corporation specialized in retail, agreed to acquire Wellcome Taiwan, a supermarket chain, from Dairy Farm, a Hong Kong retail company, for $108m. The transaction is subject to customary conditions and is expected to close by end-2020.
"Today's announcement is a testament to the team's hard work and determination to offer the best to our customers. We have complete confidence in the future success of the business and believe, by bringing these businesses together, we have created a strong future for the team and a better shopping experience for our customers," Laurent Piazza, Wellcome Taiwan Managing Director.
Ajinomoto, a Japanese food and biotechnology company, completed the acquisition of the remaining stake in Granules OmniChem, a manufacturer of pharmaceutical products, from Granules India, an Indian pharmaceutical manufacturing company. Financial terms were not disclosed.
"The addition of Aji Bio-Pharma India is an integral extension of Aji Bio-Pharma's dedication to its customers to be a leading global and quality-driven CDMO with comprehensive service offerings. We are excited to officially welcome the Aji Bio-Pharma India team to our global family, and we look forward to providing a further streamlined experience for our clients as they continue to deepen their partnerships with us on essential programs in their product pipeline," David Enloe, Ajinomoto Bio-Pharma Services President and CEO.
Virgin Australia selects Bain Capital and Cyrus Capital as final bidders. (FS)
Virgin Australia's administrator selected Bain Capital and Cyrus Capital Partners as the final bidders for the country's second-biggest airline, Reuters reported.
Administrator Deloitte said they had been selected from five non-binding proposals received. It is seeking a binding agreement with the winning bidder by June 30. The others that had lodged proposals included BGH Capital, Indigo Partners and Brookfield Asset Management.
Virgin owed nearly $4.76bn to creditors when it entered voluntary administration in April with its long-running financial struggles exacerbated by the coronavirus pandemic.
ChrysCapital to acquire a 3% stake in Intas for $132m. (FS)
ChrysCapital, an Indian homegrown private equity firm, acquired an additional 3% stake in Intas, a producer of pharmaceutical products, for $132m, paving the exit of global investment major Capital International, DealStreetAsia reported.
The transaction values Intas Pharma at around $3.5bn. ChrysCapital, which had a 6% stake in Intas prior to the transaction, will continue to own the remaining stake.
SMIC seeks to raise $2.8bn via Shanghai IPO.
Semiconductor Manufacturing International, one of the largest computing chip producers in China, plans to raise $2.8bn through an IPO on the Sci-Tech Board of the Shanghai Stock Exchange.
SMIC said the proceeds from the China share sale will be used to fund projects and replenish operating capital.
Vicinity plans to raise $932m.
Vicinity Centres, an Australian shopping mall manager, cancelled its dividend and said it plans to raise A$1.4bn ($932m), underscoring pressure on the retail sector from the new coronavirus outbreak.
The operator of 70 malls said it would ask corporate investors for A$1.2bn ($810m) and retail shareholders for another A$200m ($135m) to ensure "flexibility to respond to the uncertainty caused by Covid-19 and the evolving retail landscape", Grant Kelley, Vicinity Centres CEO said.
Youran plans to raise $300m in pre-IPO. (FS)
China Youran Dairy Holding is working with advisers to raise between $300-400m in a new funding round before its potential IPO, Bloomberg reported. The company reached out to prospective investors for the latest round, which could give it a valuation of about $2bn.
Hong Kong-based private equity firm PAG and Inner Mongolia Yili Industrial Group hold 41% and 40% stakes respectively in the dairy product maker, Youran said in an announcement when it acquired the control of another dairy firm last year. PAG invested in Youran in 2016.
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