AMERICAS
NY Post reported that the Federal Trade Commission approved PepsiCo's purchase of energy drinks company Rockstar Energy for $3.9bn. PepsiCo is expected to close the deal in the coming days after regulator approval was obtained Friday.
Rockstar Energy is advised by Goldman Sachs and King & Spalding. PepsiCo is advised by Centerview Partners, Davis Polk & Wardwell and Gibson Dunn & Crutcher.
Sorfam Capital, a private equity firm, completed the acquisition of Century Boats, an American boatbuilding company. Financial terms were not disclosed.
"With an infusion of capital, our existing dealer's sales efforts, and a new leadership team, we intend to grow the business by implementing market-moving marketing initiatives, introducing new and refreshed products, expanding our dealership network to new regions, and providing best-in-class customer service," Lloyd R. Sorenson, Sorfam Capital's Managing Partner.
Sorfam was advised by Anchors Aweigh Capital and TransMedia Group.
MVB Financial, the holding company for MVB Bank, completed the acquisition of Paladin Group, which offers merchants insight on systems, tools, strategies, vendors, and industry trends to ensure protection against fraud. Financial terms were not disclosed.
"Paladin Group, a respected leader in the fraud prevention industry, has formed a specialty niche that aligns well with MVB as the preferred bank for Fintech companies. This acquisition is another creative way that MVB is turning an expense into a profit center to the benefit of our shareholders,” Larry F. Mazza, MVB Financial President and CEO.
MVB was advised by Squire Patton Boggs.
AMERGINT Technologies, a provider of software-defined signal and protocol processing applications in the satellite ground, test, and data acquisition markets, agreed to acquire a Space-based Precision Optics business from Raytheon Technologies, an aerospace and defense company. Financial terms were not disclosed.
“We are proud to add Raytheon Technologies’ storied precision-optics franchise to the AMERGINT partnership as we build a generational asset that focuses on delivering high performance national security space technologies. There has never been a more important time for technological advances in national security space applications and, together, AMERGINT and Danbury will continue to solve our partners’ toughest challenges to advance and protect US interests,” Robert Basil, AMERGINT Board Member.
AMERGINT is advised by Global Results Communications.
Kinderhook Industries-backed All States Ag Parts, a supplier of tractor, combine, and skid steer parts, completed the acquisition of H&R Construction Parts & Equipment, a Buffalo, NY based supplier of new, used, reconditioned, and rebuilt heavy equipment parts. Financial terms were not disclosed.
"With this acquisition, All States Ag Parts becomes a one-stop-shop for agriculture, industrial, and heavy construction equipment parts. We look forward to the future success of ASAP and H&R as they operate as leaders in the industry," Paul Cifelli, Kinderhook Managing Director.
All States Ag Parts was advised by Monroe Moxness Berg.
Novartis, a Swiss multinational pharmaceutical company, completed the acquisition of Amblyotech, a clinical-stage digital therapeutics company. Financial terms were not disclosed.
"The acquisition by Novartis provides the Amblyotech technology with the opportunity to immediately benefit from Novartis's expertise in clinical development, regulatory and commercialization to help the portfolio reach its full potential," Robert Derricotte, Amblyotech COO.
BCM One, a managed technology solutions provider, completed the acquisition of nexVortex, a nationwide provider of managed SIP and hosted voice located in Herndon, Virginia. Financial terms were not disclosed.
"The nexVortex team and products are an important addition to the strategic expansion of our voice offerings. In particular, the nexVortex mSIP managed SIP platform positions us to service customers nationwide of all sizes, from SMB up to enterprise," Geoff Bloss, BCM One CEO.
Advarra, a provider of institutional review board, institutional biosafety committee and research technology solutions, completed the acquisition of IRBco, a provider of staffing solutions. Financial terms were not disclosed.
"Advarra builds on its commitment to advance human health and better enable clinical trials with this acquisition. IRBco studies will be fully integrated with Advarra in a matter of weeks, and we look forward to the additional talent and board expertise this will bring to our organization. We will maintain our focus on developing altogether better capabilities that serve clients and protect research participants," Gadi Saarony, Advarra CEO.
Kimbell Royalty Partners completed its mineral and royalty acquisition from Springbok.
Kimbell Royalty Partners, which owns and acquires mineral and royalty interests in oil and natural gas properties, completed the acquisition of the mineral and royalty interests held by Dallas-based Springbok Energy Partners for $123m.
Air Products completed the acquisition of five SMR hydrogen production plants from PBF Energy for $530m.
Air Products, an industrial gases company, focused on serving energy, environment and emerging markets, completed the acquisition of five SMR hydrogen production plants from PBF Energy, an independent refiner in North America, for $530m.
"We are very pleased that in close cooperation with our long-standing partner PBF, which is one of largest independent refiners in North America, that we have been able to close on this transaction in record time. We have now started supplying hydrogen to PBF from the five SMRs that we have purchased from them. This deal is an excellent example and demonstrates our ability to execute our strategy of investing in long-term onsite deals, which includes asset acquisitions like we have successfully closed. We look forward to a continued long-term relationship with PBF," Seifi Ghasemi, Air Products CEO, Chairman and President.
Gaming & Leisure Properties completed the acquisition of Tropicana Las Vegas Casino Hotel Resort from Penn National Gaming for $308m. (RE)
Gaming & Leisure Properties, a business specialized in acquiring, financing, and owning real estate property to be leased to gaming operators, completed the acquisition of Tropicana Las Vegas Casino Hotel Resort from Penn National Gaming, an American operator of casinos and racetracks, for $308m in rent credits.
United Airlines to sell 22 planes to Bank of China Aviation.
Singapore-based Bank of China Aviation, an aircraft-focused lessor that owns 567 planes as of the end of March, announced the acquisition of 22 planes from United Airlines. The aircraft will be leased back to the seller on long-term agreements. The transaction comprises of 16 Boeing 737-9 MAX and 6 Boeing 787-9. Financial terms were not disclosed.
Reuters reported that United Airlines slashed its May flight schedule by 90%, and expects to further cut flights in June due to the pandemic. In the first two weeks of April, the seller transported less than 200k people, a 97% decrease from 6m people through the same period last year.
EMEA
Morgan Stanley Infrastructure, a provider of investment advisory services, completed the acquisition of a 49.99% stake in Altice Portugal FTTH, a wholesaler of FFTH in Portugal, for $2.5bn. The sale marks the latest asset disposal carried out by Altice Europe as part of its plans to cut its debts.
"I am very pleased that our partnership with Morgan Stanley Infrastructure Partners, initiated in the context of our Portuguese tower transaction in 2018, now continues with a transformational fibre project," Patrick Drahi, Altice Founder.
Altice was advised by JP Morgan, Lazard, Franklin, Mayer Brown, Ropes & Gray and Uria Menendez. Morgan Stanley was advised by Ernst & Young, Perella Weinberg Partners and Linklaters.
Croonwolter&dros, a technical service company, specialized in electrical engineering, mechanical engineering, automation and information sciences, agreed to acquire Cruxin, a Dutch system integrator, specializing in the design and engineering of integrated technical solutions, combining security and safety systems and process-critical communication systems into integrated solutions. Financial terms were not disclosed.
"Croonwolter&dros is the driving force behind new technological developments within Industry, Utility and Infrastructure. In our search for innovation, we keep a close eye on the market for new opportunities and opportunities to broaden our range of services. With the acquisition of Cruxin, Croonwolter&dros strengthens its position in the Care, Building, Infra and Parking markets," Croonwolter&dros.
Croonwolter&dros was advised by Global M&A Partners.
Legal & General, a multinational financial services company, completed the acquisition of a 36% stake in The Kensa Group, one of the UK's largest players in the ground source heat pump technology sector. Financial terms were not disclosed.
"This significant investment will allow the Kensa Group to strengthen its market-leading position by accelerating Kensa Heat Pumps' research and development programme, expanding Kensa Contracting's district heating shared ground loop array activities, and providing zero-cost ground arrays via innovative funding programmes through Kensa Utilities. The investment also provides the opportunity to install our systems at scale at sites being developed by Legal & General's property business portfolio, contributing towards the UK's ambitious 2050 net-zero carbon target," Simon Lomax, Kensa Group CEO.
ManyChat, a chat marketing platform, completed the acquisition of Converlytics, which enables businesses to track, analyze, and quantify valuable attribution analytics connecting Facebook Messenger to Shopify. Financial terms were not disclosed.
"The single biggest industry using ManyChat is e-commerce, and analytics is at the heart of everything an e-commerce marketer does. The acquisition will allow ManyChat to bring our e-commerce customers the robust analytics they need to run smart omni-channel campaigns that maximize return on advertising spends," Mike Yan, ManyChat Co-Founder and CEO.
UK Treasury to invest $313m in fastest-growing start-ups. (FS)
The government of the UK promised to dedicate $313m in private funding to quickly growing start-ups that got affected by the coronavirus outbreak.
The assured investment amount is the part of the Treasury's $1.7bn "Future Fund" bailout package meant specifically for struggling start-ups. 50% of the funding will be provided by venture capitalists, while the other half will be taken from the UK itself in the form of state-backed loans that can convert into equity stakes. Additionally, small firms focused on R&D will have an opportunity to apply for a new $938m pool of grants and loans.
Candidates must have accumulated a minimum of $313k from third-party investors over the last five years and have "a substantive economic presence in the UK" to qualify for the loans, according to Financial News.
"The UK Government has finally stepped up and taken action against the looming crisis for Britain's celebrated start-up and scaleup community. The funding package outlined today will undoubtedly make a real difference to thousands of fast-growth businesses," Luke Lang, Crowdcube Co-Founder.
CVC's £300m deal for Six Nations rugby pushed back by the pandemic. (FS)
FT reported that the proposed £300m ($375m) deal by CVC Capital Partners to invest in Six Nations, a rugby union tournament, was delayed as the sport reels from a financial crisis resulting from the coronavirus pandemic.
The Luxembourg-based buyout group has plans to become the biggest commercial player in one of the world's favourite sports, lining up a series of investments to reshape the global game.
W.H. Ireland considers buying Cantor Fitzgerald Europe.
W.H. Ireland Group confirmed press speculations regarding talks with Cantor Fitzgerald Europe over an acquisition, transfer or introduction of certain assets of part of Cantor Fitzgerald Europe's Mid Cap and AIM corporate-finance business.
The stockbroking and wealth-management company also said that even though these negotiations are in place, there is no guarantee the transaction will end up happening.
Delek Group divests a 57% stake in Cohen Development.
Reuters reported that Israel's Delek Group sold its 52% stake in Cohen Development Gas & Oil, a crude oil and natural gas exploration firm, for $58m in cash. In addition to the cash, Delek will be entitled to its share of the payment of a dividend of $5m expected from Cohen Development on April 21.
The shares were sold to various buyers in unequal parts.
Investors back Foresight's wind project in Sweden. (FS)
Foresight Group secured co-investment from a syndicate of four institutions investing alongside Foresight Energy Infrastructure Partners to finance a greenfield onshore wind project in Sweden.
The specialist renewables infrastructure fund, which is intending to have the wind project fully operational in 2021, achieved first close at €342m ($372m) in January 2020.
UBS hires new sales leader in Paris to advance its position. (People)
UBS selected Henri Mills as senior trading professional to its Paris operations, to increase its presence on the French market. Mr. Mills will be based in Paris where he will be in charge of 30 people in France, Amsterdam and Stockholm. His tenure at UBS started in 2013.
APAC
Sohu Group, a Chinese internet company, completed the merger with Changyou, an online game operator, in a $579m deal. As a result of the merger, Changyou became a private company wholly owned directly and indirectly by Sohu.
Changyou was advised by Houlihan Lokey and Skadden Arps Slate Meagher & Flom. Sohu Group was advised by China Renaissance Securities, Conyers Dill & Pearman, Goulston & Storrs, Han Kun Law Offices and Christensen IR. Debt financing was provided by Bank of China.
Reuters reported that the $5.6bn acquisition of Caltex Australia, a petrol station operator, by Alimentation Couche-Tard, an operator of a network of 24-hour convenience stores, was abandoned due to the impact of the coronavirus, as fuel demand plunges and as companies look inward to get through the crisis.
The Canadian convenience store chain, which had secured funding commitments for the deal, said it still saw Caltex as a good fit for its expansion into Asia, and would be willing to re-engage once coronavirus-related uncertainty subsides.
"We remain convinced of the long-term financial and strategic merits of an acquisition of Caltex and all the benefits it would offer to the shareholders of both companies. Despite the Covid-19 situation, we have worked to complete due diligence on schedule through a significant investment of time and money. Our current plan would be to re-engage the process once there is sufficient clarity as to the global outlook, and the work done to date should mean that we will be able to quickly formalize our proposal at that time," Brian Hannasch, Couche-Tard President and Chief Executive Officer.
Caltex is advised by Grant Samuel, UBS and Herbert Smith Freehills.
Standard Chartered agreed with Indonesian conglomerate PT Astra International to sell their stake in PT Bank Permata, the tenth biggest bank in Indonesia, to lender Bangkok Bank at a reduced price.
The three companies agreed to a purchase price that values Permata at 1.63 times its book value as of March 31, down from the earlier agreed multiple of 1.77 times, conditional upon the deal closing before June 30. StanChart now expects its unit, which owned Permata stake, to receive a consideration of about $1.06bn, down from the $1.3bn estimated in December.
Bangkok Bank is advised by Morgan Stanley and Ogilvy. Standard Chartered is advised by JP Morgan.
GLP closed its GLP China Income Fund at $2.1bn. (FS)
GLP China Income Fund was closed with $2.1bn in commitments despite the uncertainty caused by the coronavirus outbreak. All seven investors are institutional, and six of them are newcomers to GLP. The fund comprises of 34 income-producing assets from 18 cities in China, where e-commerce growth is expected, DealStreetAsia reported.
"Despite the current environment, we received significant interest from institutional investors to participate in GLP CIF I. Investor demand for China logistics real estate is exceptionally strong and we are pleased to provide our institutional investor partners access to this market opportunity," Teresa Zhuge, GLP China Executive Vice Chairman.
Fortune Trend to raise $253m in STAR Market IPO.
Fortune Trend Technology, Shenzhen-headquartered securities industry software-as-a-service provider, announced the oversubscription of its planned $253m IPO ceiling.
Fortune Trend sold 7m shares out of 17m at $15 apiece prior to the IPO, DealStreetAsia reported.
The company makes a profit on securities trading systems and maintenance services that earned over 84% of the revenues in three consecutive years.
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