AMERICAS
Dundee Precious Metals, a Canadian-based international mining company, agreed to acquire the remaining 76.5% stake in INV Metals, a mineral resource company, for $86m.
“This transaction leverages our proven strengths as an environmentally and socially responsible mining company, and we look forward to engaging with all national and local stakeholders. Loma Larga adds a high-quality, advanced stage gold project to our portfolio that has the potential to generate meaningful production growth and significant value for our stakeholders," David Rae, Dundee Precious Metals President and CEO.
INV Metals is advised by BMO Capital Markets, Segal, Trinity Advisors Corporation and Cassels Brock & Blackwell. Dundee is advised by RBC Capital Markets, Flor & Hurtado and Stikeman Elliott.
Black Knight, a software, data and analytics provider, agreed to acquire Top of Mind Networks, a developer of Surefire, a customer relationship management and marketing automation system, from private equity firm Primus Capital for $250m.
"Through its Surefire marketing automation and CRM platform, Top of Mind has brought incredible value to the sales and marketing side of the mortgage industry by helping lenders gain powerful competitive advantages for their loan officers," Anthony Jabbour, Black Knight CEO.
Top of Mind Networks is advised by Vaquero Capital and Goodwin Procter. Black Knight is advised by Trasimene Capital and Smith Hulsey & Busey.
A management-led shareholder group offered to acquire Dye & Durham, a provider of cloud-based software and technology solutions, for $2.8bn. The deal would result in Dye & Durham being taken private at c. 23% premium to the current market value.
Dye & Durham's board of directors has commenced a process to explore and evaluate potential strategic alternatives focused on maximizing shareholder value. The alternatives to be explored in connection with the strategic process could include, among other things, the sale of part or all of the company, a sale of some of the assets of the company, a merger or other business combination with another party, or other strategic transactions.
Dye & Durham is advised by LodeRock Advisors.
Vista Outdoor, a global designer, manufacturer and marketer of consumer products in the outdoor sports and recreation markets, agreed to acquire QuietKat, an e-bike brand from Colorado. Financial terms were not disclosed.
"I am equally excited to welcome QuietKat and Venor to the Vista Outdoor family of powerhouse brands. QuietKat is an electric bicycle company that specializes in designing, manufacturing and marketing rugged, all-terrain eBikes," Chris Metz, Vista Outdoor CEO.
Vista Outdoor is advised by Reed Smith.
Cormorant Asset Management, HBM Healthcare Investments and Octagon Capital led a $200m Series C round in NiKang Therapeutics, a clinical-stage biotech company focused on developing innovative small molecule oncology medicines, with participation from EcoR1 Capital, Perceptive Advisors, Wellington Management, Ally Bridge Group, Pavilion Capital, BlackRock, RA Capital Management, Surveyor Capital, Samsara BioCapital, PFM Health Sciences, Invus, Janus Henderson Investors, Logos Capital, CBC Group, RTW Investments, LP, Lilly Asia Ventures, Matrix Partners China, and Casdin Capital.
"We are thrilled to have such an outstanding group of investors as our shareholders. Their support of our vision allows us to build the world’s leading precision oncology company. We are now well positioned to rapidly advance our pipeline into clinic including our differentiated HIF-2 alpha inhibitor, and to bring our company to the next level of growth," Zhenhai Gao, NiKang President and CEO.
Summit and The Jordan Company-backed Syndigo, a Chicago-based SaaS product information and syndication company, agreed to acquire Riversand, a cloud-native SaaS master data management and product information management solution provider. Financial terms were not disclosed.
“This partnership will open countless opportunities for our clients around the world. Combining Riversand’s expertise in MDM and PIM with Syndigo’s leading capabilities in enhanced content, syndication and data analytics means more data – better data – for all of our clients,” Paul Salay, Syndigo CEO.
Arthur J. Gallagher, an American global insurance brokerage and risk management services firm, agreed to acquire LDJ American Online Benefits Group, a provider of supplemental health insurance and wellness products. Financial terms were not disclosed.
"AOBG's specialized expertise and product offerings serve the needs of individuals who typically don't have access to employer group benefits, such as self-employed, retired and gig-economy workers. Their offerings complement and expand our strengths in the Affinity market," J. Patrick Gallagher, Chairman, President and CEO.
Holtec International, a supplier of equipment and systems for the energy industry, completed the acquisition of Indian Point Energy Center from Entergy, an integrated energy company. Financial terms were not disclosed.
"The sale of Indian Point to Holtec is expected to result in the completion of decommissioning decades sooner than if the site were to remain under Entergy's ownership. With its deep experience and technological innovations, Holtec's ability to decommission Indian Point will benefit stakeholders in the surrounding community," Leo Denault, Entergy Chairman and CEO.
EMEA
The EU set a deadline for its decision regarding the $3.3bn merger of industrial companies Cargotec and Konecranes on July 2, 2021.
Both companies asked for approval last week, according to the filing. EU regulators can either approve the deal with or without conditions or launch a four-month investigation.
Konecranes is advised by Access Partners, JP Morgan, Nordea Bank, Dittmar & Indrenius, Hannes Snellman, Krogerus, Skadden Arps Slate Meagher & Flom and Kekst CNC. Financial advisors are advised by White & Case. Cargotec is advised by Advium Corporate Finance, Citigroup, Castren & Snellman, Freshfields Bruckhaus Deringer and Kekst CNC. Debt financing is provided by Nordea Bank.
Generali, an Italian insurance company based in Trieste, offered to acquire Cattolica, an Italian insurance company, for $1.4bn. For each Cattolica share, Generali offered $8.2.
"The Italian and European insurance sector is now facing important changes that will see technological innovation of products and processes as the main drivers for the creation of value. In this context, large operators such as Generali will play an increasingly important role and with consequent direct benefits for customers in terms of products and services, also thanks to the ability to sustain significant investments in digitalisation and new technologies," Generali.
Generali is advised by Bank of America, Mediobanca, Rothschild & Co and Gianni Origoni Grippo Cappelli & Partners.
Reuters reported that a broad majority of Atlantia’s investors are set to back the sale of the group’s motorway unit to Italian state lender CDP and allies, Blackstone and Macquarie. The proposal is sponsored by the government, which has been seeking to regain control of Autostrade ever since a bridge run by the toll-road company in the port city of Genoa gave way and killed 43 people on August 14, 2018.
Proxy advisers have recommended investors in Atlantia give their go-ahead to the sale of the infrastructure group’s 88% stake in Autostrade to the CDP consortium.
CDP Equity is advised by Citigroup. ACS Group is advised by Societe Generale. Atlantia is advised by JP Morgan.
Axfood to acquire the wholesale business of Bergendahl Food for $216m.
Axfood, a food retail and wholesale business, agreed to acquire the wholesale business of Bergendahl Food, a food retailing company, for $216m. In addition, Axfood and Bergendahls initiated a strategic partnership for the retail chain City Gross, where Axfood acquired a minority equity stake of 9.9%.
"We are delighted to have reached this agreement with Bergendahls, who similarly to Axfood has a long term and value-based business perspective. There is a clear industrial rationale to this transaction that creates conditions for strengthening the competitiveness of both ours and Bergendahls’ wholesale customers. On the retail side, I am impressed with City Gross’ recent progress, and am convinced that we through this partnership can strengthen City Gross’ market position within the hypermarket segment, a segment in which Axfood is currently not present," Klas Balkow, Axfood President and CEO.
Axfood is advised by PricewaterhouseCoopers, SEB Corporate Finance, KANTER Advokatbyra and Kastell Advokatbyra.
Mubadala Investment completed the $495m investment in IVC Evidensia, a veterinary care provider.
"Our investment in IVC Evidensia aligns well with our focus on investing in market leading consumer businesses in resilient and growing sectors. We are excited to be partnering with EQT, Silver Lake, Nestlé and IVC’s world-class management team to help drive the company’s continued leadership and innovation in pet care," Justin Sabet-Peyman, Mubadala Head of Consumer.
Grid Dynamics, a provider of enterprise-level digital transformation, completed the acquisition of Tacit Knowledge, a provider of end-to-end digital commerce solutions for global brands. Financial terms were not disclosed.
"We are pleased to welcome Tacit Knowledge to the Grid Dynamics family. Tacit Knowledge has consistently demonstrated values that are well aligned with those of Grid Dynamics. They excel at consulting for top global brands, differentiate through a focus on digital transformation, and consistently deliver the highest level of quality. Tacit Knowledge's locations are highly complementary to those of Grid Dynamics, enabling us to expand our capabilities and service more customers from nearshore locations," Leonard Livschitz, Grid Dynamics CEO.
Hepsiburada files for a Nasdaq IPO.
Hepsiburada, Turkey’s second biggest online shopping platform by market share, applied to list its shares on Nasdaq amid a flurry of investor interest in the nation’s burgeoning start-up scene.
The filing comes as revenue more than doubled last year as coronavirus measures led to a surge in online shopping. And it follows a string of Turkish tech deals that have attracted strong international interest in recent years, with valuations reaching billions of dollars.
Hepsiburada hired Morgan Stanley, JP Morgan, Bank of America, UBS and Goldman Sachs to arrange the deal, Bloomberg reported.
Porsche and Piech families weigh a direct stake in possible Porsche IPO.
The Porsche and Piech families, who control Volkswagen's largest shareholder, are prepared to take a direct stake in Porsche should the luxury carmaker be separately listed, Reuters reported.
Such a move would loosen the families' grip on Europe's largest carmaker Volkswagen, in favour of direct ownership of the iconic sports car brand, founded by their ancestor Ferdinand Porsche, which dates back to 1931. Speculation about a listing of the unit earlier this year included estimates of a standalone valuation of Porsche ranging from $55bn-$110bn, compared with $135bn for the Volkswagen group.
While saying that a possible initial public offering of Porsche is not high up on the agenda, Volkswagen continues to weigh scenarios for a listing.
Pcysys eyes a new funding round and $1bn valuation.
Pcysys, an Israeli cyber security firm, is eying a valuation at $1bn by the end of the year, around which time it may seek new funding to propel growth, its chief executive said.
Chief Executive Amitai Ratzon said the current growth trajectory meant Pcysys' valuation could be in the range of $1bn by the end of year. Ratzon also said Pcysys would decide around the fourth quarter whether to raise new funding, which would likely be in the tens of millions of dollars, Reuters reported.
APAC
Investment firms The Carlyle Group, Ares and General Atlantic agreed to invest $550m in PNB Housing Finance, one of the largest housing finance companies in India.
"This fund raise, and Carlyle's continued support, puts us in a strong position to benefit from the growing opportunities in the housing finance sector including in the affordable housing loans and self-employed segments, where we have developed differentiated capabilities in terms of distribution, underwriting and customer service. The current fund raise and planned strengthening of the Board and management team will enable us to accelerate our strategic priorities, including further expanding our footprint, driving the Company's digitalization, improving our operating model and customer engagement," Hardayal Prasad, PNB Housing Finance Managing Director and CEO.
PropertyGuru, a property website, agreed to acquire property technology assets of REA Group, a global digital business, specializing in property. REA Group will join PropertyGuru as a strategic shareholder. Financial terms were not disclosed.
"These acquisitions underpin PropertyGuru’s strategy of being the No. 1 Proptech Group in Southeast Asia and will accelerate our ambition of becoming the “Trust Platform” for the property ecosystem: A platform that connects Southeast Asia’s property industry into an efficient ecosystem connecting agents, property seekers, developers, valuers and banks by driving greater transparency and efficiency," Jeremy Williams, PropertyGuru Chief Business Officer and Tan Tee Khoon, PropertyGuru Singapore Country Manager.
Hoa Phat Group, a steel maker, completed the acquisition of Roper Valley iron ore mine, an Australian iron mining project. Financial terms were not disclosed.
This is Hoa Phat’s first major investment in Australia, which holds the world’s largest supply of iron ore, and the group is considering buying more projects there to have a total annual capacity of 10m tonnes a year, or half of the group’s demand. Hoa Phat is also considering buying coking coal mines in Australia.
SoftBank may sell its $1.5bn stake in Paytm.
SoftBank is evaluating selling shares worth around $1.5bn by starting its first tranche of dilution in the proposed initial share sale of One97 Communications, which runs the Paytm digital payments service. Paytm is planning an IPO worth around $3bn, offering SoftBank its largest exit in India after Flipkart.
A window to sell at least one-third of the overall stake on offer in the initial public offering may be available on a pro-rata basis for the existing investors, including SoftBank. A total of 3-5% stake may be monetized by SoftBank and, even after the IPO, SoftBank will have holdings of at least 15% in One97 Communications. After the IPO, in subsequent issues, parts of the stake could be sold, Hindustan Times reported.
China curbs IPO plans of edtech startups.
China is escalating a crackdown on its online education sector, forcing once high-flying startups to mothball plans for multi-billion-dollar initial public offerings this year. Beijing is zeroing in on tutoring startups that thrived when schools sent students home, then launched a marketing free-for-all regulators say is funneling millions of kids into mind-numbing virtual classes with uncertain benefits. Their concern centers not just on reckless pricing or advertising but also on the widening divide between the haves and have-nots -- those who can afford to load up on extra lessons. To that end, officials laid out a plethora of restrictions this month including limiting the after-school tuition fees companies can charge, and fined Yuanfudao and Zuoyebang for false advertising claims.
The government campaign has brought several potential mega-IPOs to a screeching halt. Tencent-backed VIPKid and Huohua Siwei have put off US listings despite working in concert with banks for months. Alibaba-invested Zuoyebang will likely miss its target of debuting as soon as this year. And Tencent-backed rival Yuanfudao - at $15.5bn the most valuable of the lot - isn’t going to kick off IPO preparations anytime soon, Bloomberg reported.
Dalian Wanda Group draws 20 investors in a $3.1bn pre-IPO round. (FS)
More than 20 investors have expressed interest in a funding round for Dalian Wanda Group’s commercial property management unit, which could raise about $3.1bn.
Sovereign wealth funds, Chinese technology companies and private equity funds are among those that have shown preliminary interest in the fundraising. Wanda Light Asset Commercial Management plans to raise about $314m each from some lead investors, while the rest of the investors could chip in around $78m to $157m each. The funding round could value the unit at about $31.4bn.
Wanda Light Asset targets to complete the fundraising by July before its potential initial public offering in Hong Kong later this year. Deliberations are ongoing and details of the pre-IPO round could still change, Bloomberg reported.
Link favors PEXA's $2.5bn IPO over KKR's offer. (FS)
PEXA's top shareholder, Link Administration Holdings, said it would take the online real estate company public on the Australian stock exchange with an enterprise value of $2.5bn. The bookbuild process for the initial public offering had completed and PEXA was expected to start trading towards the end of June, Link said.
Last week, US-based private-equity giant KKR offered more than $2.5bn for PEXA, conditional on Link scrapping plans to list the company, a matter the shareholder registry firm had been mulling since last year, along with a trade sale. Link has told the two suitors - private equity group KKR and Canadian group Dye & Durham - that the trade sale process has ended.
29Metals launches a $471m IPO.
29Metals, an Australian copper miner and its shareholders are seeking to raise as much as $471m in an initial public offering in Sydney. The company plans to issue $202m worth of new stock while current shareholders including EMR Capital Advisors are offering as much as $302m of existing shares.
Existing shareholders will own about 45% of 29Metals after the IPO, the terms show. The company is set to start taking investor orders on Friday and to begin trading on the Australian Securities Exchange on June 23, Bloomberg reported.
V-Capital secures $235m for its new RMB fund. (FS)
V-Capital, a venture capital firm, which was incubated by Shenzhen-listed Huaxi Holding in 2015, announced that it has secured as much as $235m for a new RMB-denominated fund. The fund attracted commitments from a slew of government-led industry funds and state-backed conglomerates apart from its existing limited partners.
V-Capital plans to invest in sectors such as healthcare, TMT, culture services, semiconductor, new-generation information technology, smart manufacturing, new energy, among others.
Glory Ventures closes oversubscribed USD Fund II at $120m. (FS)
Glory Ventures, a cross-border venture capital firm that invests in China and Israel, closed its second USD-denominated fund at $120m to focus firepower on the next-generation IT industry. Glory Ventures, which now manages three RMB funds and two US dollar funds, said in a statement that the new vehicle was largely oversubscribed.
The final close came over one year after its second fund had reached its first close in April 2020. The new vehicle, which initially targeted a fund size of $100m, brought the firm’s total assets under management to an equivalent of over $314m.
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