AMERICAS
NCR proposed to acquire Cardtronics for $2.6bn. (FS)
NCR, a global enterprise technology provider for the financial, retail and hospitality industries, confirmed it proposed to acquire Cardtronics, a provider of ATMs to retailers and operator of the Allpoint interbank network, for $2.6bn by contrast to the existing bidders that offer $2.3bn.
Cardtronics has previously agreed to the acquisition by private equity firms Apollo Global Management and Hudson Executive Capital, but said it reviewed the proposal and entered into a non-disclosure agreement to facilitate discussions and negotiations with NCR.
Cardtronics is advised by Goldman Sachs, Ashurst, Weil Gotshal and Manges and Joele Frank. Goldman Sachs is advised by Fried Frank Harris Shriver & Jacobson. Hudson is advised by Deutsche Bank, Cadwalader Wickersham & Taft and Gladstone Place Partners. Apollo is advised by Barclays, Mizuho Securities, RBC Capital Markets and Paul Weiss Rifkind Wharton & Garrison.
VPC Impact Acquisition, a SPAC set up by investment firm Victory Park Capital, agreed to merge with Bakkt, a digital asset marketplace founded by Intercontinental Exchange, an operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, in a $2.1bn deal. Upon completion of the combination the new entity is expected to receive $500m of cash resulting from $207m of cash held in VPC Impact Acquisition trust account and a $325m concurrent private placement of Class A common stock of the combined company. Post-deal, ICE will own c. 78%, VPC Impact Acquisition shareholders will own c. 8%, VPC will own 2%, and PIPE investors will own c. 12% of the combined company.
“The company has a strong position in one of the most well-funded and fastest growing areas of technological expansion, as evidenced by its diversified revenue generation model and pathway to near-term profitability. We thank Jeff, David and the ICE team for their vision and look forward to working with Gavin and the Bakkt team to grow its market-leading position in digital assets," John Martin, VPC Impact Acquisition CEO.
Bakkt is advised by PJ Solomon and Shearman & Sterling. VPC is advised by Citigroup, Jefferies & Company, White & Case and Edelman.
B. Riley Financial, a diversified financial services and business advisory company, agreed to acquire a remaining stake in National Holdings, a full-service investment banking and asset management firm, for $3.25 per share.
"This is an exciting milestone in the history of our firm and its 70-year heritage in the capital markets. Our continued efforts to transform National has allowed us to grow and further diversify our business, while attracting top talent to our platform. We have worked closely with the world-class team at B. Riley for the past two years. This combination is the right next step in our evolution. Our core focus will remain on servicing our clients and we will continue to intelligently scale our business for the benefit of both firms' clients and shareholders. This combination affords our firms' expanded network of financial professionals with access to differentiated solutions, robust equity research and enhanced sales and trading capabilities, in addition to a wide array of customized corporate finance and business advisory solutions," Michael Mullen, National Holdings Chairman and CEO.
National Holdings is advised by Keefe Bruyette & Woods, Skadden Arps Slate Meagher & Flom and WilmerHale. B. Riley Financial is advised by Sullivan & Cromwell.
SK Capital, a New York-based private investment firm, completed an investment in Lacerta Group, a designer and manufacturer of specialty thermoformed packaging solutions. Financial terms were not disclosed.
“Ali, Mory and the Lacerta team have built an exceptional business with a best-in-class reputation for customer service, innovation and sustainable products. We look forward to partnering with Ali and Mory to support the continuation of Lacerta’s extraordinary growth. Our mutual focus is on preserving Lacerta’s customer-centric approach, which is highly differentiated in the market, while at the same time putting in place the required systems, processes and capabilities that will enable the Company to scale alongside its expanding customer base,” Jack Norris, SK Capital Managing Director.
Lacerta was advised by Citizens Capital Markets. SK Capital was advised by Latham & Watkins and BackBay Communications. Debt financing was provided by Citizens Bank.
USR Parent, an American office retail company, offered to acquire ODP, an American office supply retailing company, for $2.1bn.
With respect to regulatory approvals, Staples is prepared to take all necessary measures to divest ODP's B2B Business to a FTC approved and qualified buyer concurrently with the closing of the overall transaction, thereby satisfying any reasonably anticipated regulatory objections.
USR Paren is advised by Gladstone Place Partners.
Ideanomics, a global company focused on the convergence of financial services and industries experiencing technological disruption, completed the acquisition of Timios Holdings, a nationwide title and settlement solutions provider. Financial terms were not disclosed.
Timios has introduced significant product and service level improvements, becoming an innovator in the real estate title and escrow services industries - markets poised for technology disruption. Ideanomics will assist Timios in scaling its business in various ways, including referring client acquisition and product innovation.
Timios was advised by Global Results Communications.
TriSpan completed the acquisition of a majority stake in Prestige PEO Holdings. (FS)
TriSpan, a lower middle-market private equity firm, completed the acquisition of a majority stake in Prestige PEO Holdings, a professional employer organization. Financial terms were not disclosed.
“The investment from TriSpan comes at a critical point in Prestige’s history. We were seeking to find a partner to assist us in accelerating our growth and extending our market reach. TriSpan is indeed the right fit, as evidenced by its experience in working with companies with a similar growth strategy and trajectory. This partnership will take us closer to our goal of becoming the nation’s leading PEO. We look forward to a mutually beneficial and productive relationship with TriSpan at our side,” Andrew Lubash, Prestige Founder and CEO.
Prestige PEO is advised by Pairelations.
Finsbury, The Glover Park Group and Hering Schuppener completed the merger into Finsbury Glover Hering.
Global strategic communications companies Finsbury, The Glover Park Group and Hering Schuppener completed the merger into Finsbury Glover Hering. The combination formalizes the strategic partnership between the three companies formed by Finsbury and Hering Schuppener in 2016 and which GPG joined in 2017. Financial terms were not disclosed.
"This is a great moment for Finsbury Glover Hering, we are all energised and excited by the opportunity to create a very special, owner-led firm and be an even better partner to our existing and new clients. We thank them for their support," Roland Rudd, Finsbury Co-Chairman and Founder.
HIG Capital-backed Milestone Technologies, a global managed services firm that helps companies scale their technology infrastructures and drive digital transformation, completed the acquisition of Covestic, an IT services provider. Financial terms were not disclosed.
“I am thrilled to welcome the Covestic team, their customers and partners to the Milestone family. We are very excited about the capabilities they add to the Milestone services portfolio. Our two teams will collaborate to drive innovation and significant value for our combined clients. Covestic and Milestone share very similar values with a strong focus on employee experience providing best-in-class services to clients utilizing a high-touch model,” Sameer Kishore, Milestone President and CEO.
Transportation Insight, a North American provider of enterprise logistics solutions, agreed to acquire Spend Management Experts, a provider of parcel optimization, transportation management and e-commerce services helping companies optimize their parcel and e-commerce spend. Financial terms were not disclosed.
"We are excited to join the Transportation Insight team. By combining both companies' scale, we provide more resources to our existing customer base, and create one of the largest small parcel management and optimization companies in North America. In 2020, large parcel shippers were forced to reevaluate their carrier relationships. Capacity and price were key challenges to maintaining a competitive edge and will continue to be major challenges in 2021. By uniting with Transportation Insight, the team will provide our combined client base with best-in-class strategy and planning solutions," John Haber, Spend Management Experts CEO.
Safehold Special Risk, a national program administrator providing access to customized insurance solutions for niche businesses and industries throughout the United States, agreed to acquire WSIB Insurance Agency, an insurance company. Financial terms were not disclosed.
“We look forward to welcoming David and the talented professionals from WSIB to the Safehold team. With decades of shared risk management experience in motorsports, our teams bring experienced underwriters, loss control managers, risk managers, and claims professionals who are passionate about delivering custom-tailored risk management solutions for the motorsports industry,” John Paulk III, Safehold Programs Leader.
Bluebird Bio plans to spin off cancer-drug unit.
Bluebird Bio, a gene therapies biotechnology company, said it plans to separate into two entities via the cancer-drug unit's spin-off later this year. The separated entity will retain the status of a publicly-traded company.
"After careful strategic review, it is clear to us that the two businesses are best served by independent leadership and teams to drive distinct strategic and operational objectives. Specifically, we believe it is the right time to double down on the respective businesses to fully enable and optimize the continued innovation, development and deployment of transformative gene and cell therapies for the patients we serve," Nick Leschly, Bluebird CEO.
SVF Investment and Provident Acquisition raise $725m in US IPO. (FS)
SVF Investment, a special purpose acquisition company sponsored by SoftBank Investment Advisers, and Provident Acquisition, a Southeast Asia-focused blank cheque company, have raised a combined $725m in initial public offerings in the US.
SoftBank Investment Advisers-backed SVF Investment aimed to invest in a new or existing portfolio company. Provident Acquisition aimed to combine with consumption-focused companies with disruptive growth potential that have operations or prospective operations in Asia, with a particular focus on the technology sector in Southeast Asia.
Michael Klein-backed SPACs to raise $700m via IPOs.
Two blank-check firms, backed by Wall Street dealmaker Michael Klein, are looking to raise a total of $700m through initial public offerings,
Reuters reported.
The shell companies, known as Churchill Capital Corp VI and VII, are looking to raise $400m and $300m, respectively, by selling units, shares and warrants on the New York Stock Exchange.
JP Morgan, Citigroup, Goldman Sachs and Bank of America Merrill Lynch are acting as the lead underwriters for both IPOs.
FARING acquires 'The Well' apartments in Henderson for c. $84m. (RE)
FARING announced the c. $84m acquisition of "The Well," a 396-unit residential complex within the world's first health-integrated master plan community, in Henderson.
The move is described as a compelling opportunity to capitalize on Clark County's strong economic growth.
"With the acquisition of 'The Well,' FARING joins one of Las Vegas' most desirable submarkets, with a very well-located multifamily community," Jason Illoulian, FARING CEO.
InterRent and Crestpoint to acquire a $293m portfolio in metro Vancouver. (RE)
InterRent Real Estate Investment Trust announced that, together with Crestpoint Real Estate Investments, it has entered into agreements to acquire 15 properties in Metro Vancouver for a combined purchase price of $293m.
Under the arrangements, InterRent and Crestpoint will each own a 50% interest in the acquisition portfolio. InterRent will property manage the acquisition portfolio and collect industry-standard fees. The acquisition will be financed with a combination of cash and new short term debt of approximately $190m. The acquisition is expected to close on January 28, 2021.
The acquisition portfolio provides InterRent with a unique opportunity to acquire critical mass and scale in Vancouver. The acquisition portfolio consists of 15 properties, from 6 vendors, comprising of 614 residential suites. Nine of the properties are concrete mid-rise apartments and six of the properties are wood-frame apartments.
EMEA
Nova Resources receives several acquisition approvals.
Nova Resources has received clearance from the State Administration for Market Regulation of the PRC, confirming that it will not conduct a further review of the acquisition and approving the implementation of the acquisition.
The company also received clearance from the Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan permitting the acquisition and the transfer of subsoil use rights related objects pursuant to the Kazakh Subsoil Code to Nova Resources; and a decision from the Prime Minister of the Kyrgz Republic confirming that the Government of the Kyrgyz Republic waives its pre-emption rights in relation to the acquisition, pursuant to the Law of Kyrgyzstan on Strategic Assets.
Kaz is advised by Citigroup, UBS, Linklaters and Brunswick Group. Nova is advised by Clifford Chance and VTB Capital. VTB Capital is advised by Macfarlanes, Walkers and Latham & Watkins.
Global Infrastructure Partners, an infrastructure investment fund making equity and selected debt investments, agreed to acquire Signature Aviation, a provider of air transport support services, for $4.6bn. The offer beat the competition from investment firms Blackstone, Cascade Investment, and The Carlyle Group.
"We believe that the offer from GIP represents an attractive and certain value in cash today for Signature Shareholders, reflecting the high quality of the business and its network, its people and its future prospects. The Signature Directors believe that the proposal provides clear benefits to Signature Shareholders and GIP's operational and financial resources will generate enhanced opportunities for our employees, and ensure continued high-quality, full-service flight support for B&GA travel," Nigel Rudd, Signature Chair.
Signature is advised by JP Morgan, Jefferies & Company, Slaughter & May and
Tulchan Communications. GIP is advised by UBS, Linklaters, and FTI Consulting.
Sanofi to acquire Kymab from Malin and Schroder for $1.5bn.
Sanofi, a French multinational pharmaceutical company, agreed to acquire Kymab, a clinical-stage biopharmaceutical company developing fully human monoclonal antibodies with a focus on immune-mediated diseases and immuno-oncology therapeutics, from Malin, a company investing in highly innovative life sciences companies, and Schroder UK Public Private Trust, a closed-ended investment company, for $1.5bn. As part of the deal value, Kymab can receive up to $350m upon achievement of certain milestones.
“The Kymab acquisition adds KY1005 to our dynamic pipeline, a potential first-in-class treatment for a range of immune and inflammatory diseases. The novel mechanism of action may provide treatment for patients with suboptimal responses to available therapies. We understand from our ongoing work in debilitating immunological diseases how critical it is to find the right treatment for each patient. We look forward to rapidly developing this investigational medicine," Paul Hudson, Sanofi Chief Executive Officer.
Kymab is advised by JP Morgan, Goodwin Procter and Consilium Strategic Communications. Sanofi is advised by Weil Gotshal and Manges. Malin is advised by Davy Corporate Finance, Liberum Capital and Powerscourt
Bluefield Solar, a UK-focused income fund that invests primarily in solar assets, completed the acquisition of Bradenstoke Solar Park, an operational 70 megawatt peak ground mounted solar photovoltaic plant, for $121m.
"Following the high quality 64 MWp portfolio of ROC accredited UK solar assets that we acquired in August 2020, the purchase of Bradenstoke is further evidence of our ability to source attractive assets with high levels of regulated revenues. This acquisition is immediately accretive to earnings and further underpins our projected results and dividends for the current financial year ending in June 2021 and beyond. The Board and our Investment Adviser continue to carefully assess a strong pipeline of opportunities across both primary and secondary markets," John Rennocks, Bluefield Solar Chairman.
Bluefield Solar was advised by Numis Securities, Ocorian and Buchanan.
PPG to acquire Wörwag.
PPG Industries, an American Fortune 500 company and global supplier of paints, coatings, and specialty materials, agreed to acquire Wörwag, a global manufacturer of coatings for industrial and automotive applications. Financial terms were not disclosed.
“Wörwag’s industry expertise in powder and liquid coatings for industrial and automotive applications is highly complementary to PPG’s business, and will help to further expand our product offering. The addition of Wörwag will also enhance PPG’s waterborne, direct-to-metal, liquid and powder coatings offerings, and allow us to further expand current customer distribution in key geographies," Rebecca Liebert, PPG Executive Vice President.
Bain, a global management consultancy, agreed to acquire Pangea, an Italian data science boutique. Financial terms were not disclosed.
"The acquisition of Pangea is a substantial addition to our digital capabilities in Europe and enhances our analytics toolset both in Italy and beyond. In the current climate, the need to leverage data to shape business strategy is more important than ever and our four Digital Innovation Hubs spread in key European locations allow us to work hand-in-hand with our clients in their transformation journeys," Domenico Azzarello, Bain EMEA Managing Partner.
Deutsche Telekom considers selling Dutch unit.
Deutsche Telekom plans a sale of T-Mobile Netherlands, its Dutch subsidiary,
Reuters reported.
Deutsche Telekom weighs the mobile phone operator's sale to private equity investors in a deal that could be worth €4-5bn ($4.9-$6.1bn).
A sale to one of the two other telecom operators in the Netherlands, KPN and Vodafone-Liberty Global joint venture VodafoneZiggo, would be impossible due to competition concerns.
Fortenova in talks to acquire frozen food business of Nomad Foods.
Fortenova Grupa, a Croatian food producer and retailer, has started exclusive talks with Nomad Foods, a frozen food company, on the sale of its frozen food business, which includes Ledo, Frikom and other frozen brands,
Reuters reported.
The acquisition of Frozen Food Business Group would extend Nomad’s portfolio into new and developing European markets while also creating a beachhead for potential future consolidation within Central and Eastern Europe.
The discussions are preliminary, and there can be no assurance that a transaction will be completed.
Dr. Martens plans an IPO.
Dr. Martens is weighing an initial public offering on the London Stock Exchange, as owner Permira Holdings seeks to sell a stake in the iconic British bootmaker amid rallying stock markets,
Bloomberg reported.
The company does not plan to raise any money in the IPO, according to a statement.
Goldman Sachs and Morgan Stanley are joint global coordinators, while Barclays, Bank of America Merrill Lynch, HSBC and RBC will be joint bookrunners in the event the offer proceeds. Lazard is the company’s financial adviser.
APAC
Sequoia China, a venture capital firm, led the $150m Series B round in VISEN Pharmaceuticals, a biotech company focused on developing and commercializing innovative endocrine drugs, with participation from investment firms OrbiMed, Sherpa Healthcare Partners, Cormorant, HBM Healthcare Investments, Pivotal bioVenture Partners China, Logos Capital, and CDG Capital, as well as all of the existing investors, including Ascendis Pharma, Vivo Capital and Sofinnova.
Proceeds of the Series B financing will be used to accelerate the clinical development of the potential best-in-class portfolio drug candidates and to build a strong foundation for commercialization.
"VISEN Pharmaceuticals has introduced an impressive and highly differentiated endocrinology-focused drug pipeline to patients in Greater China, and we are very delighted to support the clinical development of the drug candidates. With advanced platform technology from Ascendis Pharma and win-win collaboration between strategic investors and the company, we believe that the company will accelerate the process of bringing in the world's leading therapeutics to Chinese patients and promote the rapid and healthy growth of the industry," Cyber Cao, Sequoia China Managing Director.
KKR raises $3.9bn for its Asia-Pacific infrastructure fund. (FS)
KKR, a global private equity firm, announced raising $3.9bn for its first Asia-Pacific infrastructure fund, the largest in the region with a focus on infrastructure-related investments.
The fund - KKR Asia Pacific Infrastructure Investors - originally had a target of $3bn when it was launched in 2019. KKR, however, raised its target to $3.6bn due to increased demand. The firm and its employees contributed $300m in capital,
DealStreetAsia reported.
It also received strong backing from global infrastructure investors, including public and corporate pensions, sovereign wealth funds, insurance firms, private banking platforms, and high net worth individual investors.
KKR said the fund would focus on critical infrastructure with low volatility and strong downside protection. It has a broad investment mandate across both emerging and developed Asia-Pacific countries in sectors including waste, renewables, power and utilities, telecommunications, and transportation infrastructure.
Cathay Innovation closes its second fund at $792m. (FS)
Cathay Innovation, a multi-stage venture capital partnership affiliated to Chinese cross-border investment firm Cathay Capital, announced the closing of its second global fund at $792m,
DealStreetAsia reported.
Open for eighteen months, its subscription was already largely replenished at the end of 2019, but this extraordinary start to the year has reshuffled the cards.
“Many of our holdings have models compatible with changes in progress. The increase in this vehicle is not linked to the economy, our investors understood that our main quality was persistence. And that we would continue to carry this global ambition," Mingpo Cai, Cathay Founder.
Sime Darby healthcare unit chooses banks for a $300m IPO.
Ramsay Sime Darby Health Care has picked arrangers for an initial public offering in Malaysia that could raise about $300m,
DealStreetAsia reported.
Credit Suisse Group, Malayan Banking and Morgan Stanley have been chosen to work on the planned listing of the health care firm. The share sale in Kuala Lumpur could take place as soon as the second half of this year.
Ramsay Sime could add more banks to the lineup later. Deliberations are ongoing, and hence details of the offering including size and timeline could still change.
