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AMERICAS
US chipmaker Broadcom is set to face a setback in its $61bn bid for cloud computing company VMware with EU antitrust regulators poised to open a full-scale investigation into the deal.
The proposed acquisition, the second biggest globally so far this year, underlines Broadcom's attempt to diversify its business into enterprise software but comes as regulators worldwide ramp up scrutiny of deals by Big Tech. Broadcom had been banking on early EU approval of the deal by pointing to competition from Amazon, Microsoft and Google in the cloud computing market, Reuters reported.
VMware is advised by Goldman Sachs, JP Morgan, Gibson Dunn & Crutcher (led by Barbara Becker and Andrew Kaplan) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Jennifer Chu and William Regner) and Sullivan & Cromwell (led by Alison S. Ressler and John L. Savva). Broadcom is advised by Bank of America, Barclays, Citigroup, Credit Suisse, Morgan Stanley, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by David Karp and Ronald Chen), Brunswick Group and Joele Frank (led by Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Colorado is leading a multistate investigation into the Kroger-Albertsons merger and has joined the opposition to the proposed $4bn dividend for Albertsons shareholders.
“If the special dividend is allowed to be paid out to investors, it would lessen Albertsons’ ability to compete not only during the pendency of the merger review, but also in the event that the merger is blocked and Albertsons has to continue on its own,” said Phil Weiser, Colorado’s Attorney General.
The statement also said his office has “deep concerns” that the proposed merger could result in higher prices, lower wages, and fewer jobs, and could have a negative impact on farmers and other local suppliers in the state, Bloomberg reported.
The Federal Trade Commission, in one of the most aggressive actions taken by federal regulators in decades to check the power of the tech industry’s giants, sued to block Microsoft’s $69bn acquisition of the video game maker Activision Blizzard.
FTC said that the deal would harm consumers because Microsoft could use Activision’s blockbuster games like Call of Duty to lure gamers from rivals. The agency’s commissioners voted 3 to 1 to approve filing the suit, The New York Times reported.
“Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets," Holly Vedova, FTC’s Bureau of Competition Director.
Activision Blizzard is advised by Allen & Company, Morgan Stanley, Skadden Arps Slate Meagher & Flom (led by Kenton King), Brunswick Group (led by Jonathan Doorley) and FGS Global (led by Paul Verbinnen). Financial advisors are advised by White & Case (led by Denise Cerasani). Microsoft is advised by Goldman Sachs (led by Sam Britton), Osler Hoskin & Harcourt, Sidley Austin, Simpson Thacher & Bartlett (led by Alan Klein and Anthony Vernace), Weil Gotshal and Manges and Assembly Media.
Rio Tinto has received the required support from Turquoise Hill Resources shareholders for its proposed acquisition of the approximately 49% of the issued and outstanding shares of Turquoise Hill that it does not currently own.
“We welcome the support from minority shareholders, which is a key milestone in our acquisition of TRQ. This transaction will deliver significant benefits for all shareholders, and allow us to progress the Oyu Tolgoi project in partnership with the Government of Mongolia with a simpler and more efficient governance and ownership structure,” Bold Baatar, Rio Tinto Copper CEO.
Turquoise Hill is advised by BMO Capital Markets, Morgan Stanley, TD Securities, Blake Cassels & Graydon, Norton Rose Fulbright and Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz). Rio Tinto is advised by Credit Suisse, RBC Capital Markets, Rothschild & Co, McCarthy Tetrault and Sullivan & Cromwell.
MidOcean Partners, a New York-based alternative asset manager specialising in middle-market private equity and alternative credit investments, has exited its position in Nutrabolt, an active health and wellness company.
In conjunction with MidOcean’s exit, Keurig Dr Pepper, a leading North American beverage company, will enter into a strategic partnership with Nutrabolt including a long-term sales and distribution arrangement and an equity investment.
Nutrabolt is advised by Goldman Sachs, Jefferies & Company, Giannuzzi Lewendon, Goodwin Procter and Kirkland & Ellis. Keurig Dr Pepper is advised by Evercore and Skadden Arps Slate Meagher & Flom (led by Maxim Mayer-Cesiano and Sean Doyle).
BV Investment Partners, a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors, completed an investment in Imagenet, a provider of back-office support technology and tech-enabled outsourced services to healthcare plans. Financial terms were not disclosed.
"I'm very proud of all that our team has accomplished for our valued health plan partners, and I know that we can – and now with BV's support will – do yet more in the way of delivering high-ROI technology and outsourced solutions to our clients and the market at large. We and BV have aligned on an exciting growth plan, which is centered on positioning our clients for success in the ever-changing and evolving healthcare market. We were quick to recognize BV as our partner, given their deep experience scaling healthcare tech-enabled services businesses like ours and, perhaps most notably, their thoughtful approach to partnership and aligning with us on strategic priorities moving forward," Steve Strawn, Imagenet Founder and CEO.
Imagenet was advised by Hexagon Capital Alliance and Newman Du Wors. BV Investment Partners was advised by Robert W Baird, Choate Hall & Stewart and Chris Tofalli Public Relations (led by Chris Tofalli).
Knox Lane, a growth-oriented investment firm, completed the acquisition of Ruppert Landscape, a provider of landscape maintenance services. Financial terms were not disclosed.
"We are incredibly proud of our team and the successful business we have established together over the past two decades. Knox Lane's investment is a testament to the strength of our company, outstanding culture, and exceptional employees. We look forward to leveraging Knox Lane's extensive operational expertise and experience building and scaling high-quality businesses as we continue our focus on our team, customers, and innovation across all facets of the Company," Craig Ruppert and Phil Key, Ruppert Landscape President.
Ruppert Landscape was advised by Robert W Baird and Fox Rothschild. Knox Lane was advised by Solomon Partners, Kirkland & Ellis (led by Hamed Meshki) and Joele Frank (led by Jonathan Keehner).
Mediawan, an independent premium content studio, agreed to acquire a majority stake in Plan B, a long-standing film and television production company. Financial terms were not disclosed.
"This partnership will allow us to create a unique artistic link between Europe and the United States through which we and Plan B will develop premium independent content, providing a global platform on which the world's greatest talent can continue to thrive. We would like to thank Brad, Dede, and Jeremy for their trust and recognition of the world-class content emanating from our work in Europe," Pierre-Antoine Capton, Mediawan CEO and Co-Founder.
Plan B is advised by Moelis & Company, Willkie Farr & Gallagher. Mediawan is advised by Centerview Partners, Latham & Watkins and BNP Paribas.
GCX Mounting Solutions, a company in the design and manufacturing of healthcare-focused mounting and mobility solutions, completed the acquisition of Jaco, a manufacturer and integrator of computer carts and wall-arm workstations for point-of-care Electronic Health Records. Financial terms were not disclosed.
“We are very excited to partner with the entire Jaco team. Like GCX, Jaco has a longstanding history of providing high-quality designs that address the needs of healthcare workers with user responsiveness and ergonomic advantages. Jaco’s products are lightweight, simple to use, and offer safe, durable, and reliable performance. Jaco’s product portfolio is synergistic with GCX and supports our mission to deliver high-quality products, services and innovations that empower clinicians to improve healthcare outcomes,” Del France, GCX CEO.
Jaco was advised by Mirus Capital Advisors. GCX was advised by Cain Brothers and Fredrikson & Byron. Audax Private Equity was advised by FGS Global (led by Julie Rudnick).
SyBridge Technologies, a global industrial technology company, agreed to acquire Fast Radius, a provider of digital manufacturing solutions. Financial terms were not disclosed.
"I am thrilled to be bringing Fast Radius into the SyBridge family. Combining Fast Radius' leading cloud manufacturing and artificial intelligence platform with our global design, prototyping and manufacturing network materially accelerates our vision of being a leading global industrial technology company. We will be able to support our customers throughout their product lifecycle – from product design, engineering and prototyping through tool production, supportive molding, and finally preventative maintenance and repair. We look forward to bringing the Fast Radius team onboard, and together, becoming the preferred design and manufacturing partner to our global customers," Byron J. Paul, SyBridge Technologies CEO.
SyBridge Technologies was advised by CMD Global Partners, Gibson Dunn & Crutcher and Kekst CNC.
TreviPay, a global B2B payments and invoicing solutions company, agreed to acquire Apruve, a payment solutions provider. Financial terms were not disclosed.
"In Apruve, we have found a team that approaches the market in a likeminded way and shares our vision of simplifying the way B2B suppliers get paid. We anticipate a seamless transition as Apruve brings their customers to TreviPay, and as we continue to provide innovative ways for B2B customers to buy more with invoice-based purchasing," Brandon Spear, TreviPay CEO.
TreviPay is advised by Simpson Thacher & Bartlett (led by Sebastian Tiller) and The Fletcher Group.
Anglo American, a mining company, agreed to invest $200m in First Mode, a carbon reduction company developing creative, clean energy solutions.
"The First Mode mission is much bigger than a single haul truck. Mining is how the world obtains the materials needed for the clean energy transition, and it is where the carbon footprint starts. This is where the First Mode solution begins; starting at the source, in mining, to replace diesel and accelerate the clean energy transition," Julian Soles, Anglo American Head of Technology.
Onex, a private equity firm, led an investment round in Unanet, a software developer. Financial terms were not disclosed.
"Investments by Onex and JMI, coupled with our outstanding leadership team, should leave no doubt about Unanet's commitment to its customers, innovation, and our people. We look forward to accelerating our market leadership and continuing to offer customers a modern, user-friendly alternative to status quo software," Craig Halliday, Unanet CEO.
Unanet was advised by Barclays.
Bernhard Capital Partners, a private equity firm, completed the acquisition of Boston Government Services, an engineering, technology and security firm, and Sterling Engineering & Consulting Group, a provider of executive, project management, business development and technical consulting services. Financial terms were not disclosed.
"The acquisitions of BGS and SE&C provide unique and valuable capabilities for our platform and will meaningfully expand our premier consulting and field service offerings around the DOE complex. As the DOE and broader commercial industries continue to invest ambitiously in clean energy, energy security, modernization and transitioning our energy grid and national infrastructure, the expertise of the BGS and SE&C teams will be invaluable to driving the long-term success of these essential national, regional and local projects. We look forward to working closely with Harry, Duane and their talented teams as we build an exceptional platform and execute on a shared vision to better support a diverse base of mission-critical government and commercial clients," Chris Dillon, Bernhard Capital Managing Director.
Bernhard Capital was advised by Joele Frank (led by Ed Trissel).
Z Capital Group, a private equity firm, completed the acquisition of Universal Marine Medical Supply International, a medical supply store. Financial terms were not disclosed.
“As we look to expand Unimed’s premier services to additional areas of marine traffic, having a partner with the resources, expertise and track record to help our business accelerate growth is invaluable. We have a long track record of innovation – including introducing the industry’s first subscription model in 2018 – and this partnership with ZCG will enable us to build on that momentum and reach new levels of success," Alan Kessman, Unimed CEO.
Quest Diagnostics, a provider of diagnostic information services, agreed to acquire Northern Light Laboratory, an outreach laboratory services business of Northern Light Health, a large integrated healthcare system in Maine. Financial terms were not disclosed.
"Diagnostic testing is a highly specialized and rapidly evolving area of medicine. By collaborating with Quest Diagnostics, the industry leader, Northern Light Health positions itself to deliver the highest level of diagnostic innovation, service and affordability while energizing our core focus on patient care," Timothy J. Dentry, Northern Light President and CEO.
RTX Ventures, a private equity firm, completed an investment in EpiSci, an automation and AI services provider. Financial terms were not disclosed.
"EpiSci is a leader in rapidly deployable, hardware-agnostic autonomy solutions and a key enabler to the AI-embedded battlefield of the future. As an early investor we plan to support EpiSci's endeavors in creating a trust-based, collaborative environment between humans and AI-enabled machines," Daniel Ateya, RTX Ventures Managing Director.
RTX Ventures was advised by Wachtell Lipton Rosen & Katz (led by Joshua Cammaker).
VoltaGrid, an advanced energy management and generation company, agreed to acquire Pilot, a supplier of fuel and operator of travel centers. Financial terms were not disclosed.
“Pilot is excited to continue to support the VoltaGrid platform and remains a dedicated shareholder as the company embarks on its decarbonization efforts across North America. We believe the combined entity will gain from capital efficiencies and synergies that will benefit our team members, stakeholders and customers,” John Tully, Pilot Company Vice President of Business Development and Strategy.
VoltaGrid is adivsed by BMO Capital Markets.
Tecnotree, a company in 5G digital business support systems, agreed to acquire CognitiveScale, a company in the space of AI Engineering and provides solutions for scalable enterprise AI development and deployment. Financial terms were not disclosed.
“Tecnotree's long-term goal is to deliver intelligent insights that will accelerate 5G monetization and total experience capabilities for its customers globally. This goal is now actualized via the CS cortex platform and will deepen our current telecom use cases and further establish Tecnotree as a Digital Service Provider in the North American Market. CS comes with a rich set of customers in the Healthcare and Fintech verticals that will have a positive multiplier effect in our B2B2X ecosystem play. This transaction is aligned with our current global strategy and customers’ expectations,” Padma Ravichander, Tecnotree Corporation CEO.
Crescent Point, an oil and gas company, agreed to acquire Kaybob Duvernay assets from Paramount Resources, a Canadian petroleum company. Financial terms were not disclosed.
"We continue to generate strong full cycle returns from our Kaybob Duvernay assets, which are top quartile within our overall portfolio," Craig Bryksa, Crescent Point President and CEO.
Activist Loeb can seek board changes at Bath & Body Works. (FS)
Activist investor Dan Loeb said he may seek a change on the board of Bath & Body Works, arguing that several decisions at the company have raised significant concerns about its governance, Bloomberg reported.
Loeb’s Third Point, which has increased its stake in the retailer to 6%, said in a regulatory filing that it believes the company’s board made mistakes in structuring its board pay. Third Point also has “significant concerns” about the company’s financial discipline, investor communications and board composition, including “the ability of the current board members to make long-term value-maximizing decisions through responsible and thoughtful capital allocation.”
Sentinel Capital Partners raises $5.2bn across its seventh PE fund and second structured capital fund. (FS)
Sentinel Capital Partners, a mid-market private equity firm, has held the simultaneous closings of Sentinel Capital Partners VII, at $4.3bn and Sentinel Junior Capital II, at $835m. These twin closings cap a $5.2bn fundraising.
Through Sentinel’s seventh equity fund, the firm will continue the same investment strategy it has employed and refined in previous funds, partnering with talented management teams to acquire mid-market companies with up to $65m of EBITDA that possess solid business fundamentals in select industries where Sentinel has extensive experience. In addition to platform acquisitions, Sentinel will continue to pursue tuck-in acquisitions and transformational add-on acquisitions as important dimensions of its investment strategy.
Sentinel’s second structured capital solutions fund will offer flexible credit and equity solutions, including senior and junior debt, preferred equity, and other forms of structured capital. These capital solutions will be provided to Sentinel’s own portfolio companies as well as other closely held businesses and private equity–backed companies.
EMEA
The Blackstone Group and Edizione, the Benetton family office, completed the acquisition of the remaining stake in Atlantia, an Italian holding company active in the infrastructure sector, including motorways, airport infrastructure and transport services, for $46bn.
The Benettons and Blackstone said they would fully support Atlantia's long-term investment strategy, current business plan and sustainable growth, adding they would help the group seize investment opportunities in the infrastructure and mobility sectors.
Atlantia was advised by BNP Paribas, Morgan Stanley and Chiomenti (led by Filippo Modulo). Edizione was advised by Citigroup and Santander. Blackstone is advised by Bank of America, Goldman Sachs, JP Morgan, Mediobanca, UBS, UniCredit, Gatti Pavesi Bianchi Ludovici (led by Carlo Pavesi and Francesco Gatti), Hengeler Mueller (led by Elisabeth Kreuzer), Legance (led by Filippo Troisi), McCarthy Tetrault (led by Jonathan See), Simpson Thacher & Bartlett (led by Geoffrey Bailhache) and Tancredi. Financial advisors were advised by Shearman & Sterling.
Aggreko, a privately owned temporary power supplier, agreed to acquire Crestchic, a specialist equipment provider, for £122m.
"The offer of £4.01($4.91) per Crestchic share in cash represents an attractive, immediate premium for shareholders, and I am confident that under Aggreko's responsible long-term stewardship the business will continue to thrive," Peter Harris, Crestchic Chairman.
EVO Payments, a global provider of payment technology integrations and acquiring solutions, completed the acquisition of a 51% stake in the merchant acquiring business of National Bank of Greece, a global banking and financial services company, for $180m. National Bank of Greece spinned off the unit, and EVO Payments acquired the stake in a separate entity.
“The establishment of our relationship with EVO is a great step forward for the National Bank of Greece as it seeks to capitalize on the attractive payments opportunity in the market. We are equally pleased to form this alliance and leverage EVO’s proven payments expertise as we enhance our merchant acquiring products and services and increase the value of the business," Paul Mylonas, NBG CEO.
EVO Payments was advised by JP Morgan. National Bank of Greece was advised by Barclays and UBS.
Fortress Investment Group, a private equity firm, led a £100m ($122m) investment round in ilke Homes, a modular home builder, with participation from TDR Capital and Sun Capital.
“We are excited about our investment in ilke Homes. We see ilke Homes as the UK market leader in the manufacturing of modular housing and believe the company is uniquely positioned to increase the availability of high quality affordable housing in the UK while accelerating the transition to net zero," Rahul Ahuja, Fortress Investment Co-Head of European Credit.
ilke Homes was advised by Citigroup. Fortress was advised by Skadden Arps Slate Meagher & Flom (led by Simon Toms).
Aspire-backed Valsoft, a software company, completed the acquisition of KOMEXO, an ERP business software company. Financial terms were not disclosed.
"We're delighted to welcome our colleagues at KOMEXO to the Valsoft family. From our discussions over recent months, it's clear that the team, culture and leadership are well aligned with our existing values. We're excited to work together, both to help the Komexo team build on the legacy they have created and to exploit potential synergies for the business within our growing manufacturing excellence vertical," Patrick Cusk, Valsoft VP and Managing Director at Aspire Software.
KOMEXO was advised by Willemse & Van Poorte. Valsoft was advised by Lexence (led by Joost Houtman).
Eurobank Bulgaria, a retail banking services provider, agreed to acquire BNP Paribas Personal Finance, a personal finance services provider, from BNP Paribas, a financial services company. Financial terms were not disclosed.
"We are pleased to have reached an agreement with BNP Paribas Personal Finance, for the acquisition of BNP Paribas Personal Finance Bulgaria. This is a bolt on acquisition fully aligned with our strategy to further strengthen Postbank by adding valuable assets with significant upside. BNP Paribas Personal Finance has maintained a significant presence in the consumer finance sector in Bulgaria for many years, offering top-notch services to its clientele. The acquisition further strengthens Postbank’s position as a bank of choice for retail customers, providing service at the highest standards," Stavros Ioannou, Eurobank Deputy CEO.
BNP Paribas Personal Finance is advised by Shearman & Sterling (led by Guillaume Isautier).
Colliers, a diversified professional services and investment management company, completed the acquisition of a majority stake in BelSquare, a real estate advisory firm. Financial terms were not disclosed.
“The BelSquare team are excited to become part of the Colliers’ industry-leading brand. Through the firm’s global platform, we can accelerate the services offered to our both domestic and international clients,” David Vermeesch, BelSquare Co-Head.
Advent-backed Röhm, a manufacturer in the methacrylate business, agreed to acquire functional forms business of SABIC, a Saudi chemical manufacturing company. Financial terms were not disclosed.
“We are very excited to have found a strong partner with whom we can grow together. By adding the Polycarbonate Resin extrusion business to our portfolio, we will sustainably strengthen our competitiveness in our sheets and films business. With the combined competencies – in sales and in the development of materials, products and applications – we will become a better business partner for our customers,” Michael Pack, Röhm CEO.
SABIC is advised by Barclays.
Getir, a grocery delivery firm, completed the acquisition of Gorillas, a grocery delivery services company, for $1.2bn.
“Markets go up and down, but consumers love our service and convenience is here to stay. The super fast grocery delivery industry will steadily grow for many years to come and Getir will lead this category it created 7 years ago,” Nazim Salur, Getir founder.
Sun Capital Partners in advanced talks to buy K3 Capital in a $314m deal. (FS)
K3 Capital said it was in advanced talks to sell itself to US private-equity firm Sun Capital Partners Group in a deal valuing the British professional services firm at $314m.
K3 Capital, which had received expressions of interest from multiple entities, said the other parties were no longer considering a possible offer for the company. The company may recommend Sun Capital's proposal unanimously should a firm intention be made.
Several potential buyers in talks over Lukoil-owned refinery.
There are several Italian and international investors interested in a Lukoil-owned refinery based in Sicily, Italy's industry ministry said, adding talks over the sale of the asset were ongoing and proved the value of the plant, Reuters reported.
Due to its strategic role for Italy, the plant is subject to the so-called golden power regulation, the ministry added.
APAC
Amber Infrastructure-backed International Public Partnerships, a specialist infrastructure investment company, agreed to acquire five New Zealand infrastructure assets from Morrison, a specialist alternative asset manager focusing primarily on infrastructure, private equity and property investment with offices, for $128m.
The five assets are all located in New Zealand and include three schools projects, the Auckland Prison and a purpose-built student accommodation facility.
"We have entered the New Zealand market with a portfolio of high-quality assets primarily within the education sector. The five new investments further enhance INPP's growing Australasian presence, which will represent approximately 11% by investment fair value, of our international portfolio and provides us with a strong platform for growth. New Zealand is a mature infrastructure market, complementing our proven track record over the past decade in Australia," Mike Gerrard, INPP Chairman.
National Investment and Infrastructure Fund, India's sovereign wealth fund, agreed to invest $74m in GMR Airports, an airports operator.
“It is a proud moment for GMR Group having developed Mopa Airport. Goa is the prime holiday destination in India and visited by travellers from across the world. We are confident that Mopa Airport will be a marquee airport in the country and shall add to the pride and economic development of the state. The Airports has been designed to capture the vibrancy and the essence of Goan culture. Our partnership with NIIF which will also extend to two more airports is a further testament of GMR’s credibility as an Airport Infrastructure developer and the future of the Aviation industry in the country," GBS Raju, GMR Airports Chairman.
GMR Airports is advised by Adfactors PR. NIIF is advised by AZB & Partners (led by Anuja Tiwari).
Partners Group, a private markets firm, agreed to acquire Sunsure Energy, a renewable energy and decarbonization solutions platform, for $400m.
"Sunsure is a transformational, next-generation infrastructure investment opportunity in India's growing renewable energy sector, which has been a thematic focus area at Partners Group for many years. We intend to help companies operating in India meet decarbonization goals and assist in the country's overall energy transition. Through this investment, we will support Sunsure in executing on its pipeline of renewable projects and assist them in offering new services to C&I customers. We look forward to working with the team," Luv Parikh, Partners Group Managing Director of Private Infrastructure Asia.
Temasek's PSA considers multi-billion dollar exit from Hutchison Ports. (FS)
Port operator PSA International, fully owned by Singapore state investor Temasek Holdings, is evaluating selling its multi-billion dollar, 20% stake in the ports business of CK Hutchison Holdings.
PSA, the world's second-biggest container terminal operator, whose global network encompasses 160 locations in 42 countries, had acquired the stake in the Hong Kong-based conglomerate's ports business for $4.4bn in 2006.
PSA is in the early stages of exploring an exit from CK Hutchison's ports business and some potential bidders have been tapped, Reuters reported.
Xiamen International Bank is considering a $1.3bn HK IPO.
Xiamen International Bank, set up almost four decades ago with both local and foreign investors, is considering a Hong Kong initial public offering that could raise about $1.3bn.
The Chinese lender is working with advisers for preparation of the share sale, which could take place as soon as next year. The state-backed bank could file a preliminary prospectus as early as the first quarter, Bloomberg reported.
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