AMERICAS
Steadfast Apartment REIT completed the merger with Steadfast Income REIT and Steadfast Apartment REIT III, creating a combined company with c. $3.4bn in gross real estate asset value.
In exchange for each share of SIR and STAR III common stock, SIR and STAR III stockholders received 0.5934 and 1.43 shares, respectively, of STAR common stock, which is equivalent to $9.40 per SIR share and $22.65 per STAR III share, based on STAR's estimated value per share of $15.84.
"We appreciate the confidence of our stockholders who voted overwhelmingly in favor of these transactions. As a result, STAR has an enhanced and diversified portfolio that is concentrated in high growth markets. Additionally, we now expect better access to attractive capital sources that can be used to drive future growth opportunities," Rodney F. Emery, Steadfast Apartment REIT Chairman.
Steadfast Apartment REIT III was advised by Houlihan Lokey and DLA Piper. Steadfast Income REIT was advised by BMO Capital Markets and Proskauer Rose. Steadfast Apartment REIT was advised by Robert A. Stanger & Co, Morrison & Foerster and Venable.
Aircastle, a global company that acquires and leases high-utility commercial jet aircrafts announced that its shareholders voted to approve the previously announced agreement and plan of merger with Marubeni and Mizuho Leasing.
"On behalf of the Aircastle Board of Directors, I would like to thank our shareholders for their support of this transaction," Peter V. Ueberroth, Aircastle Chairman.
Aircastle is advised by Citigroup, Conyers Dill & Pearman, Skadden Arps Slate Meagher & Flom and The IGB Group. Mizuho is advised by White & Case. Marubeni is advised by JP Morgan, Mizuho Securities and Clifford Chance.
ChaSerg Technology, a special purpose acquisition company, completed the merger with Grid Dynamics, an enterprise-level digital transformation company, in a $465m deal.
"This is a tremendous milestone for Grid Dynamics and a testament to the hard work and dedication of our global team. We would especially like to thank ChaSerg for their partnership and many contributions to our success. We are excited to move forward together with our new board of directors and investors as we continue to execute on Grid Dynamics' growth plan as a public company. With Grid Dynamics' strong foundation in digital transformation and vision for growth, we see significant opportunities for long-term value creation," Leonard Livschitz, Grid Dynamics CEO.
Grid Dynamics was advised by Covington Associates, Wilson Sonsini Goodrich & Rosati and ICR. ChaSerg was advised by Cantor Fitzgerald, William Blair & Co, Ellenoff Grossman & Schole, Latham & Watkins and Activate Pr Marketing.
US Foods Holding, a foodservice distributor, is set to acquire Smart Foodservice Warehouse Stores, an operator of low-price warehouse grocery stores in the US, from private equity firm Apollo Global Management for $970m.
“The management team at Smart Foodservice very much looks forward to working with the team at US Foods in accelerating our growth in the attractive cash and carry foodservice market. US Foods is an ideal partner for Smart Foodservice and we are excited about the synergistic and strategic benefits of the combination,” Derek Jones, Smart Foodservice President.
US Foods is advised by Cravath Swaine & Moore. Debt financing is provided by Bank of America Merrill Lynch and Citigroup.
Innovest Global, a diversified industrials company, completed the acquisition of StemVax Therapeutics, a biotechnology company. Financial terms were not disclosed.
"We are thrilled to enter this exciting new stage, having recently been approved for a key patent on our core technology. We continue to accelerate developments, seeking to make a difference in the lives of cancer patients with glioblastoma multiforme through our efforts. We have a world-class team that will advance our research efforts and future medical technology investments for the benefit of the biomedical communities and our future shareholders," Dwain Irvin, StenVax Founder.
Innovest Global is advised by MZ Group North America.
San Vicente Acquisition, a holding group, is set to acquire a 98.6% stake in Grindr, a gay dating platform, from Chinese gaming company Beijing Kunlun Tech for $608m.
The deal comes after a US government panel asked Kunlun to divest Grindr. The panel of Committee on Foreign Investment in the United States, has not disclosed its concerns about Kunlun’s ownership of Grindr.
Private equity firm Grey Mountain-backed Mann Lake, a diversified consumer goods distributor, completed the acquisition of Stromberg’s, a supplier of live poultry and poultry equipment. Financial terms were not disclosed.
“We are thrilled to partner with Eric and his team to build upon Stromberg’s legacy of customer service with new pricing, products and rewards. Since 1921, Eric and his family have been a reliable partner to countless poultry enthusiasts and we are honored that he chose to partner with us to accelerate Stromberg’s growth,” Stuart Volby, Mann Lake CEO.
President Donald Trump ordered Shiji Group to unwind the 2018 acquisition of StayNTouch, a hotel property management software company, on national security grounds.
Trump said there was "credible evidence" the Chinese company "might take action that threatens to impair the national security of the United States."
PMC Capital Partners, a private equity firm, completed the acquisition of The AMS Group, a division of Hill PHOENIX, a retail refrigeration solutions provider, from Dover, a diversified global manufacturer. Financial terms were not disclosed.
The AMS Group will continue to provide project management and aftermarket services and solutions from its Phoenix, Arizona facility.
Gray Television offers $8.5bn to acquire Tegna. (FS)
US regional TV station operator Gray Television made an offer to acquire its larger peer Tegna for c. $8.5bn, including debt. Gray Television offered about $20 per share in cash and stock, Reuters reported.
There is no certainty that Tegna will accept Gray Television's offer. Tegna also attracted the interest of private equity firm Apollo Global Management and will explore all options before agreeing to any deal.
Peixe denies it is in talks to buy Grow scooter startup.
Peixe Urbano, a Brazilian e-commerce firm, which operates as Peixe outside of Brazil, denied the company had held any discussions with Grow, formed from the merger of Mexican electric scooter firm Grin and its Brazilian peer Yellow, about a potential acquisition, Reuters reported.
Grow was struggling to find a buyer, as the company encountered obstacles when it came to the debts of the startup, which is in the tens of millions of dollars. This is because investors who wanted to buy the business asked that these values be paid by the owners of the company, before any negotiations.
Petrobras to start the sale process of NTS pipeline stake.
Reuters reported that Petroleo Brasileiro, a Brazilian state-run oil firm, will begin the process of divesting its 10% stake in gas pipeline firm Nova Transportadora do Sudeste this month.
The sale followed an agreement reached last year between Petrobras and anti-trust regulator Cade to sell off a series of natural gas assets. The moves came as Brazil's government seeks to break up the company's dominance of the sector in a plan that Economy Minister Paulo Guedes has said will deliver "a shock of cheap energy" to the country.
Albertsons eyes IPO again.
Albertsons, a US grocery retailer, filed paperwork for an IPO on Friday, years after poor market conditions derailed its earlier attempt at going public, Reuters reported. The IPO could value the company at c. $19bn. The company did not indicate the size of the offering or the price range at which it would market it.
Albertsons, which owns US supermarket chain Safeway, launched an IPO in 2015 but shelved it as market volatility crashed stocks of grocery retailers.
Quona Capital closes its second fund at $203m. (FS)
Quona Capital, a venture capital firm, closed its second fund after securing $203m in capital commitments, DealStreetAsia reported.
The fund, Accion Quona Inclusion Fund, was originally targeting to raise $150m. It will invest in startups focusing on fintech and financial inclusion in markets such as Southeast Asia, India, Latin America, and Africa.
EMEA
Firmenich, a privately-owned perfume and taste company, agreed to acquire DRT, a plant-based chemistry company, from Ardian and Tikehau Capital. Financial terms were not disclosed.
“We share a long-standing relationship with Firmenich as it is one of our main partners. Firmenich is renowned for its cutting-edge research that feeds into the broadest and finest ingredients palette. Our joint innovation capabilities would open up new opportunities to support our clients across our entire product portfolio. Together we look forward to opening a new chapter with a shared ambition to design best-in-class sustainable ingredients for our customers,” Laurent Labatut, DRT CEO.
DRT is advised by Image Sept. Ardian is advised by Citigroup, Rothschild & Co, Latham & Watkins, White & Case, and Headland Consultancy. Firmenich is advised by Goldman Sachs, Raphaël Financial Advisory, DGM Conseil, and Bredin Prat.
Chinese clothing conglomerate Shandong Ruyi failed to secure financing for its $600m acquisition of Swiss luxury brand Bally, more than two years after the deal was announced, DealStreetAsia reported.
The group, whose financing woes have been exacerbated by the outbreak of the coronavirus in China, agreed to buy a controlling stake in Bally from Luxembourg-based JAB Holding in February 2018.
Shandong Ruyi is advised by JP Morgan, and Latham & Watkins. JAB is advised by Hogan Lovells.
A consortium of private equity firms including CPPIB and Montagu, alongside existing shareholders Tethys Invest and Bpifrance, is set to acquire Galileo Global Education, a provider of education services, from private equity firm Providence Equity Partners. Financial terms were not disclosed.
On completion of the transaction, CPP Investments and Tethys Invest, in an equal partnership, are each expected to hold ownership positions of approximately 40% in the company. The transaction is expected to close in Q2 2020, subject to regulatory and customary approvals.
"We are excited to have the opportunity to work with Marc-François, Téthys Invest, Montagu, and Bpifrance over the long-term to continue to deliver the highest quality educational experience to students across global markets," Alain Carrier, CPPIB Senior Managing Director and Head of International.
Montagu is advised by Greenbrook. Providence is advised by Sard Verbinnen & Co.
Italy’s top retail bank Intesa Sanpaolo filed with market regulator Consob the offer prospectus for its unsolicited bid for smaller rival UBI Banca.
Intesa unveiled a surprise all-paper takeover bid for UBI, offering 1.7 new Intesa share for each UBI share tendered. Intesa Sanpaolo does not regard its offer as hostile but UBI’s board has given it the cold shoulder, saying the bank would assess also possible alternatives, Reuters reported.
Qatar Petroleum, a state-owned petroleum company of Qatar, is set to acquire a 25% stake in Qatar Fertiliser, a manufacturer of nitrogen-based fertilizers, from Yara International, a manufacturer of nitrates, ammonia, urea and other nitrogen-based chemicals, for $1bn.
“We are delighted to have signed this agreement with Yara which will increase our effective share in QAFCO. I would like to thank Yara for their partnership and sincere efforts in supporting QAFCO over the past half-century,” Saad Sherida Al-Kaabi, Qatar Petroleum President and CEO.
Marlin Equity Partners, an investment firm, completed the acquisition of Heimdal Securities, a provider of cyber-security services. Financial terms were not disclosed.
“Marlin has an outstanding track record of partnering with and stewarding software and technology companies, and we look forward to their strategic, operational and financial support as we continue to grow the business for the benefit of our international customer base,” Morten Kjaersgaard, Heimdal CEO.
Fosun-backed Hauck & Aufhauser, a private bank, is set to acquire Bankhaus Lampe, a provider of banking services, from business conglomerate Oetker Group. Financial terms were not disclosed.
“With the merger, Hauck & Aufhäuser is continuing on its growth path. With Bankhaus Lampe we are strengthening our existing business areas. The customers of both companies benefit from a high-quality and comprehensive range of services related to wealth,” Michael Bentlage, Hauck & Aufhauser CEO.
Goldman Sachs' unit in talks to acquire a stake in Permira. (FS)
A unit of Goldman Sachs Group is in talks to buy a stake in private equity firm Permira.
The potential deal would value the firm at more than $5bn.
Petershill, an arm of Goldman that invests in alternative-investment firms, would pay $560m for the minority stake. Dyal Capital Partners, a unit of Neuberger Berman, also expressed interest in the Permira stake.
OMV is negotiating a $4.7bn acquisition of Borealis stake.
OMV, an Austrian oil company, is preparing to increase its stake in Borealis, a plastics maker, to 75% in a deal worth $4.7bn, Reuters reported. OMV already owns 36% of the company, with the remainder held by Abu Dhabi state investor Mubadala.
"OMV and Mubadala are currently negotiating the acquisition of an additional 39% share in Borealis by OMV for a purchase price of $4.68bn. The supervisory board of OMV has not finally deliberated and decided on the potential transaction. It is expected that a respective decision is made as soon as possible," OMV.
Smiths Group's sale of $3bn medical unit stalls.
Smiths Group's attempt to divest its $3bn medical-equipment unit stalled after the company failed to reach an agreement on a price, Bloomberg reported.
Several bidders dropped out of the process and are no longer actively pursuing the business. Smiths Group is considering proceeding with its original plan to spin off the unit into a separately listed company.
Onex partners sells SIG shares for $556m. (FS)
Onex, an investment manager, announced the disposal of approximately 37.5m shares of SIG Combibloc Group, a systems and solutions provider for aseptic carton packaging, for $556m.
The Onex Group will continue to hold approximately 64.3m shares of SIG for the interest of 20%. The placement, which was made through an accelerated book-building process to institutional investors, is expected to close on March 9, subject to customary closing conditions.
Alitalia invites bids for whole airline or parts.
Investors interested in buying Alitalia are invited to submit expressions of interest for the loss-making Italian airline by midnight on March 18, Reuters reported. Prospective buyers can bid for the whole airline or one of its three businesses: aviation, handling or maintenance.
Alitalia has been run by its administrators since it went into extraordinary administration in May 2017. Despite accruing a debt of $3.3bn, the airline kept flying while it awaited a buyer. Rumbles of interest from aviation investors ranging from Delta Air Lines to easyJet to an Italian railway company were heard, but as yet not one has made a firm offer for the airline.
LyondellBasell Industries, a chemical and plastics manufacturing firm, and oil refiner Liaoning Bora Enterprise Group, agreed to form Bora LyondellBasell Petrochemical, a $2.6bn joint venture to produce petrochemicals in northeast China’s Liaoning province.
The joint venture will operate a 1.1m tonnes per year ethylene cracker and polyolefin derivatives complex in the coastal city of Panjin.
"China is a large market with growing demand for high quality polyolefin products. The combination of LyondellBasell's leading technology and Bora's operational excellence will allow us to reliably produce and provide these needed products to local customers," Bob Patel, LyondellBasell CEO.
Astra International, an Indonesian conglomerate, is set to acquire the remaining 50% in its joint venture PT Astra Aviva Life, a life insurance services provider, from Aviva, an insurance brokerage firm. Financial terms were not disclosed.
The transaction is expected to complete in Q4 2020 and is subject to certain closing conditions, including regulatory approval in Indonesia and the completion of Bangkok Bank Public Company's acquisition of PT Bank Permata.
India's national icons up for sale as Modi seeks a way to cover the deficit.
After years of small divestments, Prime Minister Narendra Modi launched India's biggest-ever asset sale, a $29bn privatization drive that would help prop up the economy but could also spark worker protests as some of the nation's corporate icons go on the block, according to a Bloomberg report.
Faced with the highest unemployment in 45 years and a shadow-banking crisis that's crippling lending, Modi needs the money to cover the budget hole and fund spending on infrastructure and reforms. But the plan has roused a storm of protest, even among some of his supporters, over how far he will pursue a policy that could endanger millions of livelihoods and ruin entities that have been a source of pride for citizens in the decades since independence.
Tesco set to finalize the sale of Thai and Malaysian operations.
Tesco's board is set to finalize the plans to divest the UK supermarket chain's Thai and Malaysian operations, in a deal that could fetch c. $10bn, FT reported.
Three Sino-Thai family conglomerates are bidding for Tesco's operations, Charoen Pokphand, Thailand's biggest conglomerate presided over by Dhanin Chearavanont; Central Group, the giant retailer controlled by the billionaire Chirathivat family; and TCC Group, whose chairman Charoen Sirivadhanabhakdi controls ThaiBev and the Big C supermarket chain.
Central Group made an offer of over $9bn. Meanwhile, CP proposed $10bn. TCC's offer could not be immediately determined, but it recently raised a $10bn two-year loan to finance its bid.
Bangkok Bank plans to acquire another Indonesian lender.
According to the Financial Services Authority (OJK) Regulation No. 56/2016 on bank ownership, the OJK allows bank institutions and non-bank institutions to acquire a maximum 40% stake in local banks. However, the OJK said it would allow investors to own more than 40% on the condition that they support financial system stability and help to develop the national economy.
SBI would need to invest $331m to rescue Yes Bank.
State Bank of India, the country's largest lender, is examining a broad range of rescue options for struggling Yes Bank including a complete buyout of its private-sector rival. State Bank of India said it would need to invest c. $331m to acquire a 49% stake in Yes Bank as part of the initial phase of a rescue deal for the troubled lender, Reuters reported.
In a regulatory filing, SBI said its board had given it an in-principle nod to explore an investment in Yes Bank.
Carlyle considers divesting a controlling stake in Oyatsu. (FS)
Carlyle Group is considering a sale of its controlling stake in Oyatsu, a Japanese snack maker, paving the way to exit an investment the buyout firm made in 2014, DealStreetAsia reported.
The private equity firm is looking for an adviser to oversee the potential divestment of Oyatsu and sound out prospective buyers. Disposal of the snack maker could fetch $300m to $400m.
Tencent-backed WeDoctor invites banks to lead $1bn Hong Kong IPO. (FS)
WeDoctor will push forward with a Hong Kong listing and invite investments banks this week to lead an IPO valuing the Chinese healthcare platform at up to $10bn, Reuters reported.
The Hangzhou-based company, which is backed by Tencent Holdings and Goldman Sachs, could fetch c. $1bn in the IPO and could be among the first major Hong Kong listings since the coronavirus outbreak began.
Centurium Capital set to close its latest PE fund at $2b. (FS)
China's Centurium Capital, a private equity firm and backer of domestic startup Luckin Coffee, is set to reach the first close of its latest private equity fund with c. $2bn, DealStreetAsia reported.
The private equity firm plans to close the first stage of fundraising for Centurium Capital Partners Fund II by the end of March, bulking up in the world's second-largest economy, which has become a key market for private equity funds.
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