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AMERICAS
Glencore has told Teck Resources shareholders it is willing to improve its $23.2bn takeover offer, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table.
In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage, Reuters reported.
Teck Resources is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott and Sullivan & Cromwell (led by Lauren S. Boehmke and Sergio J. Galvis).
GI Partners, a private investment firm, completed the acquisition of Atlas Technical Consultants, a provider of infrastructure and environmental solutions, from Bernhard Capital Partners, an infrastructure and services-focused private equity management firm, for $1.05bn.
"Using our top-down, thematic Blueprint approach, we identified the growing need for inspection and materials testing services across commercial, state, and local levels. BCP partnered with an exceptional management team to build a market-leading business to meet that specialized demand and achieve an enhanced exit valuation. Since 2017, we worked with the management team to thoughtfully expand the business organically and through strategic acquisitions, and we are confident Atlas will only continue to grow and succeed with this new partnership," Jeff Jenkins, Bernhard Capital Founder and Partner.
Sunergy Renewables, an energy company, agreed to go public via a SPAC merger with ESGEN Acquisition, a special purpose acquisition company, in a $475m deal.
“Our primary objective at ESGEN is to partner with sound, scalable and profitable companies we believe will fundamentally disrupt the current energy landscape and take advantage of markets experiencing generational growth. We want to simultaneously accelerate a shift to a low-carbon future. Sunergy is an ideal partner to achieve our goals, and we look forward to working with Tim and his exceptional team at Sunergy in their next chapter of growth,” Andrejka Bernatova, ESGEN CEO.
Sunergy is advised by Ellenoff Grossman & Schole and Eversheds Sutherland. ESGEN is advised by Cohen & Company Capital Markets, Kirkland & Ellis (led by Jack R. Shirley and Kevin T. Crews) and Gateway Investor Relations (led by Cody Slach).
Atria Wealth Solutions, a multi-channel wealth management holding company, agreed to acquire Grove Point Financial, an independent wealth management firm, from Kestra Financial, a wealth management platform. Financial terms were not disclosed.
"We are thrilled to join forces with Grove Point's financial professionals, talented executive team and employees. This is the most exciting time in our industry's history and one that is creating the opportunities of a lifetime for all of us. Our combined organization will make us stronger as we continue to support and meet the ever-growing demands of financial professionals and their clients. What is of critical importance in any partnership is fit – both cultural and strategic. This is very much true of our new relationship with Grove Point – the cultures, priorities and philosophies of our firms could not be more aligned, and our ability to grow and deliver a differentiated experience has never been more certain," Doug Ketterer, Atria CEO and Founding Partner.
Atria Wealth Solutions is advised by William Blair & Co and Haven Tower Group (led by Julian Arenzon). Kestra is advised by Goldman Sachs and Gregory FCA.
7RIDGE, a specialized growth equity firm, completed the acquisition of American Financial Exchange, an electronic exchange for direct lending and borrowing for American banks and financial institutions. Financial terms were not disclosed.
"We see a great opportunity to deliver on the full potential of the infrastructure that AFX has built and the groundwork it has laid over the years. There is an ever-increasing demand for credit-sensitive rates, especially in the current macroeconomic environment. We look forward to working with the AFX team and members to make this exciting vision a reality," Carsten Kengeter, 7RIDGE Founder.
American Financial Exchange was advised by Broadhaven Capital Partners and Willkie Farr & Gallagher (led by Dvir Oren and Heather Schneider). 7RIDGE was advised by Proskauer Rose.
The Riverside Company, a global private investor focused on the smaller end of the middle market, completed an investment in Green Guard, a provider of commercial kitchen exhaust cleaning. Financial terms were not disclosed.
"This investment presents an attractive opportunity for EverSmith's expansion into commercial KEC, an ideal market for continued expansion. The scale, service and customer base of Green Guard combined with EverSmith's expertise in supporting accelerated and profitable growth for franchise owners offer this platform an unparalleled opportunity for accelerated growth through a franchise model," Loren Schlachet, Riverside Managing Partner.
JLL, an American global commercial real estate services company, completed the acquisition of Kensington Capital Advisors, a North Carolina-based derivatives and structured finance advisory firm. Financial terms were not disclosed.
"The acquisition of KCA and Frame expands the global derivatives advisory capabilities and end-to-end capital solutions we offer to our clients. Combining KCA's strategic advisory capabilities and Frame technology with our market-leading experts in Debt Advisory across the world and our global platform is going to create real value for our clients," Richard Bloxam, JLL CEO of Capital Markets.
Akamai Technologies, the cloud company that powers and protects life online, agreed to acquire Neosec, an API detection and response platform based on data and behavioral analytics. Financial terms were not disclosed.
"What sets Neosec apart from other API security providers is the complete visibility into all API activity and the use of behavioral analytics that detect threats others miss. Unlike other solutions, Neosec delivers rich, XDR-like API visibility combined with detection and response capabilities that enable full investigation and threat hunting. Ultimately, Akamai customers will have a better view into all of their API activity, to identify vulnerabilities and threats before they are exposed, and detect attacks in runtime," Giora Engel, Neosec CEO.
Investment firms Telus Ventures, Maverix Private Equity and Export Development Canada led a $260m funding round in Miovision, a Canada-based provider of intelligent transportation solutions.
The company intends to use the funds to accelerate organic and inorganic growth initiatives, as well as increase investment in product development.
Bed Bath & Beyond revives bankruptcy preparations.
Bed Bath & Beyond is reviving bankruptcy preparations, as the home goods retailer has struggled with dropping sales and competition from big-box retailers for a while.
The company in late March announced plans to sell $300m worth of its shares and once again warned it might have to file for bankruptcy if it cannot raise funds from the sale, Reuters reported.
Avianca parent plans IPO to seal comeback bondholders bet big on.
The holding company for Avianca Group International, a Colombian airline that filed for bankruptcy during the pandemic, is planning an initial public offering as revenue roars back, Bloomberg reported.
“Without a doubt the IPO makes sense to support the group’s growth. The plan is for Abra Group to sell shares in New York or London in the next 12 to 18 months," Maria Cristina Ricardo, Avianca head of investor relations.
Mizuho taps Deutsche Bank’s Saha for internet investment banking. (People)
Mizuho Financial Group’s Americas arm hired Deutsche Bank managing director Kushal Saha to lead its internet investment-banking efforts.
Saha will join the Japanese lender after a period of garden leave, or mandatory time away from the industry before joining a competing firm, Bloomberg reported.
EMEA
The Swiss government said commitments to the Swiss National Bank and UBS to ease the takeover of Credit Suisse will not be affected by parliament's rejection of $121bn in emergency credits and guarantees.
The Swiss cabinet acknowledged parliament's decision at its meeting, but made clear its commitments would not be affected as they had binding approval via emergency law, Reuters reported.
Mubadala, an investment company, and G42, an artificial intelligence firm, agreed to acquire Diaverum, a health care provider, from Bridgepoint, a private equity firm. Financial terms were not disclosed.
“Diaverum is an exceptional company providing vital treatments that enable patients suffering from chronic kidney disease to live fulfilling lives. Its pioneering digital care offering fully aligns with M42’s focus on leveraging advanced technological solutions to deliver precise, personalized patient care,” Hasan Jasem Al Nowais, Mubadala Health Chief Executive Officer.
Mubadala is advised by JP Morgan. Bridgepoint is advised by Citigroup. Diaverum is advised by LEK Consulting, White & Case and KPMG.
Charlesbank Capital Partners, a private equity investment firm, completed the acquisition of Maltego, a software company in Munich, Germany, from Maxburg, an investment management company. Financial terms were not disclosed.
"The Maltego platform provides incredible value to investigators in helping them make sense of a large volume of different data sets to complete their investigations and identify threats. We are excited to partner with the Maltego executive team and have reserved significant additional capital to pursue follow-up acquisitions across the fragmented landscape. We expect strong market growth in the cyber security sector especially, and believe we have all the ingredients to develop a market-leading platform for investigators globally," Darren Battistoni, Charlesbank Managing Director.
Oakley Capital, an investment company in London, agreed to invest in Thomas's London Day Schools, a family-run group of co-educational independent schools. Financial terms were not disclosed.
"We are delighted to announce this partnership with Oakley which enables us to pursue our development plans whilst remaining a privately owned and run family business. We had never seriously considered bringing on board a financial partner for Thomas's, until we met Oakley. We have found that they understand the long-term nature of education, are aligned with our values and are willing to support us as a minority investor. As a result, we firmly believe that they are the right partner, who come at the right time to enable us to take Thomas's to the next stage of its evolution. Oakley has helped many world-leading education businesses realise their full potential. We are pleased to be partnering with them as we work together to realise our plans and expand our provision of a forward-thinking, outward-looking education based on a strong set of values," Ben Thomas, Thomas's London Day Schools Principal.
Thomas's London Day Schools is advised by Houlihan Lokey.
Nordic Capital, a private equity investor, agreed to acquire a majority stake in corpuls an innovative medical technology company. Financial terms were not disclosed.
"We are excited to partner with Nordic Capital with the objective of jointly supporting the next stage of corpuls' growth. Having attracted a leading investor like Nordic Capital is a testimony to the remarkable success of our company over the past years. They are the ideal partner for further developing corpuls, for solidifying our position as a leading technology supplier for cardiac resuscitation and emergency medical solutions, and for expanding into new markets. We share the same perspective about innovative high-quality products and continued strong growth of the company," Klaus Stemple, corpuls CTO.
365 Retail Markets, an unattended retail technology firm, completed the acquisition of Kafoodle, a UK-based food technology company that specializes in menu and kitchen management, nutritional data, and allergy compliance. Financial terms were not disclosed.
"Kafoodle's technology is truly innovative and aligns with our commitment to providing data-led insight to our clients while streamlining their business processes. We are thrilled to welcome them to the 365 family, and we are excited about the possibilities that this acquisition presents," Joe Hessling, 365 Retail Markets CEO.
Excelra, a life science data and digital solutions provider, completed the acquisition of BISC Global, a bioinformatics and data analytics consulting company. Financial terms were not disclosed.
"The acquisition of BISC Global is a strategic move that enhances our capabilities and expands our reach in the bioinformatics field. The combined entity will be amongst the industry leaders in bioinformatics platforms and services, and will have a major positive impact on the future of bioinformatics and the life science industry," Anandbir Singh Brar, Excelra CEO.
Eren Holding invests $2bn in paper and cement industries.
Turkish conglomerate Eren Holding is investing $2bn to expand its cement and cardboard production capacity. The Istanbul-based group, a distributor for luxury clothing brands like Lacoste, Burberry, and Converse, is investing $711m in a new cardboard factory in Zonguldak, a Turkish Black Sea port city, according to group chairman Ahmet Eren. This investment will increase the production capacity from 1.3m tons to over 2m tons per year.
Eren is also spending $1.1bn to buy and convert a UPM-Kymmene facility in Shotton, in the UK, to make corrugated cardboard, he said, adding that both projects are expected to be complete by the end of 2024.
ITA Airways chairman says deal with Lufthansa largely agreed.
ITA Airways, the state-owned flag carrier airline of Italy, is close to finalizing the primary aspects of a partial takeover deal with Lufthansa. The German carrier is in talks to acquire a 40% stake in the Italian airline for approximately €200m ($219m), potentially purchasing the remaining shares later.
ITA Chairman Antonino Turicchi confirmed the deal's structure and ongoing negotiations. Lufthansa CEO Carsten Spohr noted that the final negotiations revolve around price, considering ITA's ongoing losses.
BNP in talks with Credit Mutuel for Hungary unit sale.
BNP Paribas is in talks to sell its consumer finance unit in Hungary to Credit Mutuel, Bloomberg reported.
The discussions between the two French lenders are over a unit known as Magyar Cetelem Bank. Credit Mutuel’s Cofidis unit would acquire the business if an agreement is reached.
TIM shares slide as reported grid bids disappoint.
Shares in Telecom Italia tumbled more than 5% on disappointment at the reported valuation of new offers for its landline grid and submarine cable unit Sparkle.
Analysts voiced concern that the bids fell well short of what leading TIM shareholder Vivendi is seeking and that a swift resolution of the latest effort to reshape the former phone monopoly appeared unlikely, Reuters reported.
Nippon Express in talks to buy logistics firm Cargo-Partner.
Nippon Express is in talks to buy Austrian logistics provider Cargo-Partner, Bloomberg reported.
The parties are negotiating terms of a potential deal and may reach an agreement as soon as the coming weeks. Vienna-based Cargo-Partner could fetch more than $1bn.
Abrdn weighs split of private equity assets to draw fresh bids. (FS)
Abrdn is seeking to individually sell a batch of private equity businesses which collectively have about £12bn ($15bn) of investments, after struggling to find a buyer for the entire portfolio, Reuters reported.
The British asset manager has been working with advisers at Rothschild & Co to sell the package of businesses spanning Britain, the United States and continental Europe, amid a push by investors to boost flagging returns by offloading non-core assets.
Google to open up UK in-app payments to satisfy regulator's concerns.
Britain's competition regulator said proposals from Alphabet Google to give app developers the freedom to break away from Google Play's billing system looked to be sufficient to address its concerns about in-app payments.
Britain's CMA said in June that Google's complete control over in-app payments unfairly restricted developers by forcing them to use Google Play's billing system, reducing competition and hurting users, Reuters reported.
Forbion raises €1.35bn across two funds. (FS)
Forbion, a European life sciences venture capital firm, has raised €1.35bn ($1.5bn) for its two newest funds, bringing the firm's total funds under management to €3bn ($3.2bn). Both exceeded their original target sizes and represent Forbion’s largest fundraising to date.
Both funds reached their hard caps of €750m ($821m) for Forbion Ventures Fund VI and €600m ($657m) for Forbion Growth Opportunities Fund II and are aimed at meeting the needs of distinct segments of the market.
Flexstone Partners raises $790m for co-investment fund. (FS)
Flexstone Partners has closed another vintage of its small- and middle-market private equity co-investment funds – Flexstone Partners’ Global Opportunities IV – with $790m in capital commitments, despite challenging global markets.
An affiliate of Natixis Investment Managers with over $10bn assets under management, Flexstone Partners specialises in small and mid-market global private assets. According to Flexstone, Global Opportunities IV will follow the same proven strategy and investment selection process as its predecessor funds, which are performing on or above expectations with significant risk mitigation. The fund is expected to make between 40 to 50 direct co-investments.
APAC
Legend Capital, a venture capital firm, led a $145m Series B round in Dalian Rongke Power, a battery solutions provider.
The investment marks the latest bet in the carbon neutrality space by Legend Capital, which manages over $10.2bn across RMB and USD funds. Having invested in carbon neutrality for over 15 years, it focuses on areas including de-carbon solutions for traditional energy industries, synthetic biology, and smart, electrified products.
Nextiva, a conversation platform, completed the acquisition of Simplify360, an AI customer experience platform. Financial terms were not disclosed.
“Conversations are the fuel of business growth. From day one, Nextiva’s vision has been to bring together all communication channels into a single stream of conversations with productivity, customer and contact management, and collaboration tools. We are on a mission to put an end to unhappy customers and frustrated teams. No more time wasted toggling between multiple applications – Nextiva keeps teams productive and connected with customers, colleagues, and vendors from wherever they are in the world,” Tomas Gorny, Nextiva Co-founder and CEO.
Alibaba’s grocery arm gears up for Hong Kong IPO.
Freshippo, the Alibaba Group Holding grocery chain known for selling cooked lobsters and grouper freshly chosen from fish-tanks in the store, has started preparations for a Hong Kong initial public offering.
The company is working with banks including China International Capital and Morgan Stanley to help prepare for the first-time share sale of the unit, known in Chinese as Hema. The plan is still at an early stage and a listing might not happen until next year or later, Bloomberg reported.
Secondaries-focused investor Aquilius raises $400m for maiden fund. (FS)
Singapore-based investment manager Aquilius Investment Partners has announced raising $400m for its maiden fund that will invest in secondaries transactions in the Asia-Pacific region.
Alongside the $400m commitment, Aquilius also raised an additional $200m of managed accounts available for co-investments from its investors, which include sovereign wealth funds, family offices, and endowments, DealStreetAsia reported.
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