AMERICAS
Fox, a media company, completed the acquisition of Tubi, a provider of online video streaming services, for $440m. The completion of the transaction follows the satisfaction of all customary closing conditions.
"I am proud of what the team has already accomplished here at Tubi and we couldn't be more excited about joining such a fast-moving, entrepreneurial company. We look forward to working together with FOX to accelerate Tubi's leadership position in the market and bring new competencies to Fox," Farhad Massoudi, Tubi Founder and CEO.
Tubi was advised by Qatalyst Partners and Fenwick & West. Fox was advised by Allen & Company, Jenner & Block and Kirkland & Ellis.
Compass, an owner of middle-market businesses, completed the acquisition of Marucci Sports, an American manufacturer of products and apparel for baseball, for $200m.
"We are pleased to add Marucci Sports to our portfolio of niche market leading brands. With an unwavering commitment to quality craftsmanship and focus on addressing players' evolving needs, Marucci has firmly established itself as a leader in baseball equipment, and we are confident that together we will further expand Marucci's best-in-class product portfolio, penetrate new markets, and increase the brand's presence internationally," Elias Sabo, Compass Group Diversified Holdings CEO.
Marucci was advised by Jefferies & Company and Ropes & Gray. Compass was advised by Joele Frank and The IGB Group.
Fandango, an American ticketing company, agreed to acquire Vudu, an American content delivery and media technology company, from Walmart, an American multinational retail corporation. Financial terms were not disclosed.
"Vudu will continue to deliver an amazing experience, and we promise that the future will bring more new features, offerings, and other benefits as we join the Fandango family," Vudu.
Sasol kicks off stake sale in $13bn US chemical plant.
Sasol is looking to sell a large stake in its $13bn chemical complex in the US, as the South African energy producer moves to shore up finances amid a historic rout in the oil market, Bloomberg reported.
The company hired Bank of America to help find a buyer for a minority stake in the Lake Charles chemical project. Sasol previously indicated it was considering a partial sale of its US base-chemicals business to avoid a last-resort rights issue.
Sasol would prefer finding an industrial partner for the stake and may structure any deal as a joint venture. The goal is to reach an agreement by June.
Envision Healthcare сonsiders bankruptcy filing.
Envision Healthcare hired restructuring advisers and is contemplating a bankruptcy filing after the Covid-19 pandemic halted elective surgeries and left the company struggling to manage the $7bn of debt from its 2018 leveraged buyout, Bloomberg reported.
The KKR-backed company, one of the largest physician staffing firms in the US, has already been holding back pay for doctors, and it has struggled to convince its bondholders to take a haircut in exchange for a new loan that would pare its debt load.
Neiman Marcus prepares bankruptcy filing.
Neiman Marcus Group is preparing to file for bankruptcy protection as soon as Wednesday, with plans to restructure its debt in hopes of reopening most of the luxury chain's stores after the coronavirus pandemic, WSJ reported.
The lenders who would steer Neiman through bankruptcy are considering several options, including selling the business outright or closing some of Neiman's 43 department stores to continue operating in a slimmed-down form.
UK regulator investigates Elanco's asset sale to Dechra.
The UK’s Competition and Markets Authority is opening a formal phase 1 investigation into Elanco Animal Health’s anticipated sale of its Osurnia product portfolio to Dechra Pharmaceuticals, an England-based business involved in the development and marketing of veterinary products.
The antitrust regulator has a deadline of June 17 for a decision on the initial probe. Last month, the CMA announced it was considering whether the deal might be expected to hurt competition in the UK and opened a consultation which closed on April 17.
HPS Investment Partners raised $1.5bn for the second European asset value fund. (FS)
HPS Investment Partners, a global credit investment firm with over $60bn in assets under management, closed its second European asset value fund with more than $1.5bn of capital. As one of the largest asset value platforms globally, the fund will seek to take advantage of continued strategic shifts in the specialty finance sector and will focus on expanding the footprint it created through its first fund, which closed in 2017 with aggregate capital commitments of c. $900m.
"The dislocation of the specialty finance sector will continue to create strategic opportunities to acquire portfolios and platforms for sophisticated investment firms, such as HPS that have extensive experience, expertise, global reach and world-class risk management capabilities. We are grateful for our investors' support and look forward to opportunistically investing this new fund across a diverse range of assets and businesses," Scott Kapnick, HPS Chief Executive Officer.
CVC raised $657m for its US direct lending fund II. (FS)
CVC Credit Partners raised $657m for its second US-focused direct lending fund, CVC Credit Partners US direct lending fund II. Fund II will follow the same strategy as its predecessor fund, investing in established US middle-market businesses.
"This successful fundraising fits perfectly with our strategy of making sure we have significant capital available across the CVC Credit platform to deploy when the credit cycle turns. The market has clearly tightened, which bodes well for this new fund. It is also another key step in the continuing development of our Private Debt franchise," Hamish Buckland, CVC Credit Partners Chairman.
Great Hill raised $150m for new fund. (FS)
Great Hill, a private equity firm, raised $150m for its GHEP VII Coinvest fund which will invest alongside its last summer's $2.5bn seventh growth fund.
The company invests between $25m and $500m in middle-market companies.
EMEA
Kingspan Group's acquisition of Colt, a provider of innovative solutions and products for smoke control, ventilation, solar shading and climate control projects, received clearance by the competition authorities in all relevant European markets.
"We're delighted to take these exciting new steps with Colt and is looking forward to a bright future with this new addition to our division," Liam McDaniel, Kingspan Managing Director.
Colt is advised by DC Advisory.
Daimler Trucks & Buses, a commercial vehicle manufacturer, and Volvo Group, a Swedish multinational manufacturing company, agreed to form a 50/50 joint venture. The Volvo Group will acquire 50% in the joint venture for the sum of c. $652m on a cash and debt-free basis. The intention of the joint venture is to develop, produce and commercialize fuel cell systems for heavy-duty vehicle applications and other use cases.
"Transport and logistics keep the world moving, and the need for transport will continue to grow. Truly CO2-neutral transport can be accomplished through electric drive trains with energy coming either from batteries or by converting hydrogen on board into electricity. For trucks to cope with heavy loads and long distances, fuel cells are one important answer and technology where Daimler has built up significant expertise through its Mercedes-Benz fuel cell unit over the last two decades. This joint initiative with the Volvo Group is a milestone in bringing fuel cell-powered trucks and buses onto our roads," Martin Daum, Daimler Trucks & Buses' Chairman and Daimler's Member of the Board.
Morningstar, a provider of independent investment research, agreed to acquire Sustainalytics, a company that rates the sustainability of listed companies based on their environmental, social and corporate governance performance, for €170m ($185m).
"This new ownership structure will amplify our ability to bring meaningful ESG insights, products, and services to the global investment community and to companies around the world. Importantly, I am thrilled that my colleagues and I are joining a firm with a belief in our mission and intent to help us further expand our reach," Michael Jantzi, Sustainalytics CEO
OPAP, a gaming company, agreed to acquire a 51% stake in Greek and Cypriot businesses of Stoiximan, a provider of mobile and online gambling services, for $177m.
"The Greek online market is evolving and is gradually entering a new era, which provides for its fully regulated and supervised operation, following the adoption of relevant legislation a few months ago. In this framework, our strategic investment in Stoiximan Group – along with the development of our own online activities – is a significant move for OPAP, as it secures that we are properly positioned to leverage the opportunities offered by the growing online market," Kamil Ziegler, OPAP Chairman.
Infrastructure fund F2i and Ania, the Italian National Association of Insurance Companies, completed the acquisition of a majority stake in Compagnia Ferroviaria Italiana, an independent operator in Italy in rail-freight transport. Financial terms were not disclosed.
"With this deal ANIA F2i Fund enters in an essential infrastructure sector essential for the support of the national economy while contributing to the progressive decarbonisation of freight transport in Italy” Renato Ravanelli, F2i CEO.
Inflexion-backed Ocorian, an independent provider of corporate and fiduciary services, completed the acquisition of Allegro, a Luxembourg based third party management company and fund administrator. Financial terms were not disclosed.
"There is tremendous cultural compatibility between our firms, with each of us valuing the quality of our services and commitment to clients, staff and other stakeholders. Our partnership with Ocorian is a true enhancement of the services we offer our clients. An expanded international footprint and specialist expertise means we can continue to deliver the levels of personalized service our clients are used to and now can also offer a significantly broader range of fund and fiduciary solutions. We are looking forward to being part of Ocorian and to building on the success we have already achieved," Thomas Fahl, Allegro CEO.
KBBO, NMC Health backer considers strategic options.
Abu Dhabi-based KBBO Group, once one of NMC Health’s biggest shareholders, plans to restructure its debt and is weighing strategic options for the business, Blomberg reported.
The company plans to negotiate with its creditors under a process supervised by the United Arab Emirates’ Financial Restructuring Committee, which was set up in 2018 to oversee out-of-court financial restructurings.
KBBO Group is advised by KPMG.
Germany plans €500bn fund to parry foreign M&A.
Germany has gradually been adopting protectionist policies in a bid to stand up to foreign competition as Europe's economic trajectory has shifted. Now that the coronavirus has brought the economy to a standstill, politicians are acting with fresh urgency to come to the rescue of struggling companies.
The fund would guarantee liabilities or provide capital and would be similar to a stabilization fund that launched in 2008 with €480bn ($517bn) to support financial institutions like Commerzbank. Government officials are also said to be looking at setting up direct support programs worth around €180bn ($200bn), which could be increased to €700bn ($775bn).
Pharos Energy drops plan to buy Shell's Western Desert assets.
Pharos Energy is withdrawing from a consortium evaluating the acquisition of Shell Egypt assets in the Western Desert in Egypt, amid a collapse in global oil prices.
Acquisition of the upstream portfolio is unlikely to be in shareholders' best interests in light of current market conditions, Pharos Energy said.
APAC
Marubeni, an integrated trading and investment business conglomerate, completed the acquisition of Chenya Energy, a provider of electricity and heat generation, distribution, and transmission services, from I Squared Capital, a private equity firm. Financial terms were not disclosed.
"This is I Squared Capital's third platform realization in emerging markets and adds to our track record of creating value for our investors through building world-class infrastructure growth companies that are highly valued by strategic buyers," Gautam Bhandari, I Squared Capital Managing Partner.
GIC raises stake in Bandhan Bank to 4.49%.
GIC, Singapore's sovereign wealth fund, raised its stake in Bandhan Bank by 1.1% to 4.49%, showing confidence in the bank and its micro-lending business model.
GIC invested in the bank through affiliate Caladium Investment, which now holds 730m shares in the Kolkata-based lender.
Chartered Group and MAFAT to launch a $500m tech fund. (FS)
Chartered Group, a Singapore-headquartered private equity firm, and Israel's Ministry of Defence's R&D arm MAFAT jointly launched a $500m fund targeting deep-tech investments. Chartered Group and MAFAT will allocate $50m to the Japan Israel High Tech Ventures 2, which will make private equity and quasi-equity investments in Israeli-related technology companies with dual-commercialization of products in Japan and Israel.
"We will invest and incubate the companies in Japan which will significantly shorten their time to market, and with the collaboration with MAFAT, we hope the portfolio to go-to-market quicker with higher probabilities for an exit," Eyal Agmoni, Chartered Group Chairman.
Risa Partners seeks $139m for the fifth corporate investment fund. (FS)
Risa Partners, a mid-sized Japanese investment bank focused on finance and real estate, launched its fifth corporate investment fund, with a target of $139m.
Risa Corporate Solution Fund No. 5 has a hard cap of $186m. Like its predecessor funds, Fund 5 will invest primarily in the form of equity in domestic companies, with the possibility that a portion of funds will be invested in bonds.
Kotak Mahindra to tap existing foreign investors for fresh funding. (FS)
Kotak Mahindra Bank is likely to tap its deep-pocketed investors, such as Canadian pension funds and Singapore's state investment arm, to close a proposed fundraising plan successfully, DealStreetAsia reported. The move is aimed at reinforcing the balance sheet of India's fourth-largest private lender and to pare the promoter stake.
Canada Pension Plan Investment Board and CDPQ hold stakes of 6.03% and 1.15%, respectively, while Singapore's GIC has a 1.36% stake, shows the latest available shareholding pattern of Kotak Mahindra.
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