OPAL Fuels, a producer and distributor of renewable natural gas, agreed to go public via a SPAC merger with ArcLight Clean Transition II in a $1.75bn deal. PIPE investors include NextEra Energy, Electron Capital Partners, Gunvor Group, Wellington Management, Adage Capital Management and ArcLight.
"It is an incredibly exciting time at OPAL Fuels. The market for RNG as a transportation fuel is at an inflection point, and we are excited to leverage our expertise in renewable power to be a leader in RNG projects as we convert renewable power projects to renewable transportation fuel facilities. Our seasoned team, which includes several leaders that have more than 25 years of experience in the industry, is excited to execute on our robust project pipeline and deliver value to all of our stakeholders," Jonathan Maurer, OPAL Co-CEO.
OPAL Fuels is advised by Bank of America, Barclays, Credit Suisse and Sheppard Mullin Richter & Hampton. Financial advisors are avised by Winston & Strawn. ArcLight is advised by Barclays, Citigroup and Kirkland & Ellis. NextEra Energy is advised by JP Morgan and Hogan Lovells.
Voltus, a distributed energy resource software technology platform, agreed to po public via a SPAC merger with Broadscale Acquisition in a $1.3bn deal. PIPE investors include Equinor Ventures, Belfer Management, Solanas Capital, Ev Williams, Activate Capital and Ajax Strategies.
"Our partnership with Broadscale will accelerate our mission at a time when the world needs solutions to modernize global electricity grids and solve the increasingly complex and frequent challenges associated with climate change. Our platform orchestrates and monetizes DERs, creating the balancing resource needed to support an increasing reliance on renewable energy sources, a critical prerequisite to effecting the full clean energy transition. We couldn't be more excited to reach this inflection point through the combined efforts of our team, our customers, and our investors," Gregg Dixon, Voltus CEO.
Voltus is advised by Morgan Stanley, Nomura, Latham & Watkins and ICR. Broadscale Acquisition is advised by Moelis & Co, Morgan Stanley, Nomura and Skadden Arps Slate Meagher & Flom.
Draslovka, a Czech-based private company specializing in cyanide production, completed the acquisition of the mining solutions unit of The Chemours Company, a global chemistry company, for $520m.
“We are delighted to announce the completion of this acquisition and to formally welcome our new US employees to Draslovka. 2021 has been a transformative year for our business following over 100 years of organic growth since our founding in 1906. Through this enlarged global platform, we will be better able to serve both new and existing customers, and we plan to invest for growth across our portfolio in support of our ongoing ambitious international expansion plans. We are excited by the prospect of using Draslovka’s market-leading CN-based specialty chemicals expertise and technological know-how to drive improvements in safety and efficiency, enabling us to offer our customers safe and environmentally friendly products as well as our best-in-class customer support and services," Pavel Bruzek, Draslovka CEO.
Draslovka was advised by PricewaterhouseCoopers, Argo Advisors, Pilko & Associates, JP Morgan, Dentons and FTI Consulting. Chemours was advised by Dyal Co and Wachtell Lipton Rosen & Katz.
DIF Capital Partners, a global independent infrastructure investment fund manager, completed the acquisition of Bernhard, a privately-owned Energy-as-a-Service solutions company, from Bernhard Capital Partners, a service and infrastructure-focused private equity management firm. Financial terms were not disclosed.
"Bernhard delivers distributed energy through its unique EaaS model which provides clients access to fully integrated and efficient energy solutions, thereby significantly reducing the carbon footprint of their buildings and utility systems. Bernhard's approach fits perfectly with DIF's Public-Private Partnership expertise and ambition to invest in clean energy infrastructure solutions around the globe," Gijs Voskuyl, DIF Partner.
Bernhard was advised by JP Morgan and Kirkland & Ellis. DIF was advised by Deloitte, Oliver Wyman, Macquarie Group, White & Case, Black & Veatch and RWDI. Bernhard Capital Partners was advised by Sloane & Company.
Advent International, a private equity firm, agreed to invest in Iodine, a healthcare AI company, at a $1bn valuation. Bain Capital Ventures and Silversmith Capital Partners will remain shareholders.
"Utilizing advancing technology to scale hospital resources, ease administrative burden, and maximize reimbursement is more important than ever,. We've always been committed to building the most powerful, predictive tools available. This investment provides access to capital for expansion and growth strategies so that we can innovate faster and find more ways to empower healthcare leaders to meet with confidence the delicate balance of quality, efficiency, and system financial resilience," William Chan, Iodine CEO and Co-Founder.
Iodine is advised by Deutsche Bank and Queen Saenz + Schutz. Advent is advised by Evercore, TripleTree, Weil Gotshal and Manges and Finsbury Glover Hering. Bain Capital Ventures is advised by Archway.
ConocoPhillips, an American multinational corporation engaged in hydrocarbon exploration, completed the acquisition of the Permian business of Royal Dutch Shell, an Anglo-Dutch multinational oil and gas company, for $9.5bn.
“This deal was justified on three key merits: it meets our rigorous cost of supply framework, we see a way to drive efficiencies from the assets, and the transaction makes our 10-year plan better. We believe the addition of these high-quality assets improves our underlying business drivers, expands our cash from operations, enhances our ability to deliver higher returns on and of capital, and lowers our average GHG intensity," Ryan Lance, ConocoPhillips Chairman and CEO.
ConocoPhillips was advised by Goldman Sachs and Baker Botts. Royal Dutch was advised by Morgan Stanley, Tudor Pickering Holt and Norton Rose Fulbright.
TransUnion, an American consumer credit reporting agency, completed the acquisition of Neustar, a premier identity resolution company, from investment firms GIC and Golden Gate Capital for $3.1bn.
"The credit information and analytics that TransUnion provides make trust possible between consumers and businesses. As digital commerce continues to grow globally, TransUnion's powerful digital identity assets, enhanced by Neustar's distinctive data and digital resolution capabilities, will enable safer and more personalized online experiences for consumers and businesses," Chris Cartwright, TransUnion President and CEO.
Neustar was advsied by JP Morgan and Paul Weiss Rifkind Wharton & Garrison. TransUnion was advised by Simpson Thacher & Bartlett and Brunswick Group. Golden Gate was advised by Sard Verbinnen & Co.
IAC-backed Dotdash, a provider of an online content website which provides information on a range of topics, completed the acquisition of the digital and magazine businesses and corporate operations of Meredith, a diversified media company primarily focuses on publishing and broadcasting, for $2.7bn.
“When we look at Meredith, we see a business that is driven by digital. We see a collection of iconic and venerated brands rich with heritage, leaders in their categories, and similar focus on editorial excellence. We see unprecedented reach to women and a print business that provides longstanding value to readers and advertisers which we view as a strong platform to reach and engage consumers. The opportunities are limitless. Meredith can step into its digital future and together we can define our next chapter as Dotdash Meredith," Neil Vogel, Dotdash CEO.
IAC was advised by JP Morgan and Wachtell Lipton Rosen & Katz. Meredith was advised by Moelis & Co, Cooley and Brunswick Group.
CDW, an IT solutions provider, completed the acquisition of Sirius Computer Solutions, an IT services management company, from Clayton, Dubilier & Rice, a private equity firm, for $2.5bn.
“We are excited to officially welcome the talented Sirius team to CDW. Through this transaction, we meaningfully expand and scale our services and solutions capabilities and further enhance our ability to solve customers’ increasing interconnected and complex technology challenges. The addition of Sirius strengthens our role as the trusted technology advisor to our customers, with the expertise and portfolio breadth, depth and scale to orchestrate complete customer-centric outcomes across the full technology solutions stack and lifecycle. I am confident in our ability to leverage our common values and collective unparalleled expertise to deliver the best customer and partner experiences and create value for CDW shareholders," Christine Leahy, CDW President and CEO.
CDW was advised by Evercore, Sidley Austin and Sard Verbinnen & Co. Clayton was advised by Guggenheim Partners and Kirkland & Ellis.
Ally, a bank holding company, completed the acquisition of Fair Square Financial, a provider of financial services, for $750m.
The deal advances Ally's evolution as the leading digital consumer bank providing frictionless, innovative products to our growing customer base. The acquisition provides Ally with a scalable, digital-first credit card platform. In addition to advancing Ally's digital offerings, it enhances our ability to grow and deepen customer relationships and provides access to the $1tn credit card market.
Fair Square was advised by JP Morgan and Skadden Arps Slate Meagher & Flom. Ally was advised by Citigroup, Goldman Sachs and Sullivan & Cromwell.
Apollo, an alternative asset manager, agreed to acquire US wealth distribution and asset management businesses from Griffin Capital, a privately held alternative investment asset manager. Financial terms are not disclosed.
“The democratization of finance brings tremendous opportunity for individual investors to access alternatives. With the acquisition of Griffin, we will significantly advance our US wealth market growth plans that we presented at our recent Investor Day. As one of the first firms to bring alternative strategies to the individual investor and advisor market in the US, Griffin has built trusted relationships over 20-plus years, and in combination with Apollo can offer the market a broader set of solutions," Marc Rowan, Apollo CEO.
Griffin is advised by Berkshire Global Advisors and Baker McKenzie. Apollo is advised by Bank of America, Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison.
Leonard Green & Partners, an American private equity investment firm, completed the acquisition of a majority stake in Velvet Taco, an operator of a chain of tacos restaurants, from L Catterton, a consumer-focused private equity firm, and FB Society, an operator of restaurant businesses. L Catterton and FB Society retained minority ownership stakes in the business. Financial terms were not disclosed.
"Since we began our partnership with L Catterton, we have continued to raise the bar higher and elevate the one-of-a-kind experience that our guests have come to expect when they choose to dine with Velvet Taco. L Catterton has been a tremendous partner through this chapter of our growth, and we are excited to have them remain a part of the Velvet Taco family going forward. In addition, we are thrilled to welcome LGP as a new partner as we embark on this next phase of Velvet Taco's national expansion," Clay Dover, Velvet Taco President and CEO.
Leonard Green was advised by North Point Advisors and Latham & Watkins. Velvet Taco was advised by Arlington Capital Advisors and Finn Dixon & Herling. L Catterton was advised by Joele Frank.
Blackstone completed the acquisition of Sustana, a manufacturer of de-inked recycled pulp from post-consumer waste paper, from H.I.G. Capital, a private equity and alternative assets investment firm. Financial terms were not dislcosed.
"Blackstone's investment is a strong endorsement of our company and our highly talented team, and launches an exciting new chapter for Sustana. Our team has built a leading sustainability platform in our markets and Sustana is well positioned for robust continued growth in partnership with Blackstone," Fabian De Armas, Sustana CEO and Chairman.
Blackstone was advised by TD Securities, Davies Ward Phillips & Vineberg, Simpson Thacher & Bartlett and Weil Gotshal and Manges. Sustana was advised by Edelman.
DP World, a provider of worldwide smart end-to-end supply chain logistics, completed the acquisition of syncreon, a global logistics provider, from GenNx360, Beringea and Centerbridge for $1.2bn.
"We are delighted to announce the acquisition of syncreon, which adds significant strategic value to DP World given its strong logistics solutions capability, and will allow DP World to deliver end-to-end solutions to cargo owners," Sultan Ahmed Bin Sulayem, DP World Chairman and CEO.
syncreon was advised by Citigroup and Hogan Lovells. DP World was advised by JP Morgan and White & Case.
Stanley Black & Decker, a manufacturer of industrial tools and household hardware and provider of security products, completed the acquisition of the remaining 80% stake in MTD Holdings, a privately held global manufacturer of outdoor power equipment, for $1.6bn.
"We have worked directly with MTD over the last 3 years and have been impressed with the quality of the management team, their talented employees and MTD's relentless dedication to innovation in the outdoor space," James M. Loree, Stanley Black & Decker CEO.
MTD Holdings was advised by JP Morgan. Stanley Black & Decker was advised by Centerview Partners and Cravath Swaine & Moore.
Celanese, a Fortune 500 global technology and specialty materials company, completed the acquisition of the Santoprene unit of ExxonMobil, one of the largest publicly traded international energy companies, for $1.15bn.
“We are excited to welcome the Santoprene team to Celanese. They have built an industry-renowned brand and product portfolio in the Santoprene™ business that will immediately strengthen the unrivaled portfolio of engineered solutions we bring to our customers. We look forward to the partnership of our commercial and technical teams to take a wider range of Engineered Materials’ solutions into targeted growth areas that will generate meaningful shareholder value," Lori Ryerkerk, Celanese Chairman and CEO.
Celanese was advised by Goldman Sachs and Kirkland & Ellis. ExxonMobil was advised by Morgan Stanley and White & Case.
TransUnion, an American consumer credit reporting agency, completed the acquisition of Sontiq, a provider of digital identity protection and security, from Wicks Group, a private equity firm, for $638m.
"As online commerce rapidly accelerates, TransUnion has calibrated its business to address consumer and customer challenges relating to identity. Augmenting our Consumer Interactive business with Sontiq's identity and cyber protection services will advance our work to enable consumers and businesses to transact with greater certainty," Chris Cartwright, TransUnion President and CEO.
Sontiq was advised by Jefferies & Company. TransUnion was advised by JP Morgan. Wicks Group was advised by Lincoln International.
BNY Mellon-backed Pershing, a provider of trade execution and clearance services, agreed to acquire Optimal Asset Management, a provider of investment advisory services. Financial terms were not disclosed.
"The acquisition of Optimal Asset Management is the latest step in our Pershing X buildout, which aims to fuel growth by helping clients solve the challenge of managing multiple and disconnected technology tools and data sets. As part of our continued efforts to provide clients with innovative offerings, we're delighted to now be able to offer Optimal Asset Management's direct indexing capabilities to our advisory clients within Pershing, as well as to our institutional and retail clients within BNY Mellon's Investment Management business," Jim Crowley, Pershing CEO.
Pershing is advised by Sullivan & Cromwell. Optimal is advised by PJT Partners and Cooley.
Omnicell, a provider of medication management solutions, agreed to acquire ReCept, a provider of specialty pharmacy management services, for $100m.
“As medical innovations drive new, more complex drugs, pharmacy requires more specialized tools and expertise to help manage the patient’s treatment journey. The ReCept acquisition is a strategic investment that expands our portfolio to address the significant market need for specialty pharmacy solutions. Our entry into this rapidly expanding area of practice is a natural progression on the path to the Autonomous Pharmacy and the goal to enhance care, improve efficiency, and drive profitability. We are excited to add these critical solutions to the Omnicell portfolio for our health system clients and prospects," Randall Lipps, Omnicell Chairman, President, CEO.
ReCept is advised by Gibson Dunn & Crutcher. Omnicell is advised by Sidley Austin.
Rockbridge Growth, a Detroit-based private equity firm, completed the acquisition of Marquis Software Solutions, a developer of marketing, sales and compliance software, from Falfurrias Capital Partners, a privat equity firm. CU Solutions invested alongside Rockbridge in Marquis. Financial terms were not disclosed.
"We have developed a portfolio specialty in marketing and financial services, and Marquis is an incredible addition to that group. Susan Faulkner and her team have built a market-leading company with a broad portfolio of marketing and compliance products that serve banks and credit unions across the United States. We look forward to working with Susan and the management team to accelerate the company's growth, increase the range of services it provides and target new potential clients that can benefit from Marquis' solutions," Kevin Prokop, Rockbridge Managing Partner.
Marquis was advised by Raymond James. Rockbridge was advised by Honigman Miller Schwartz & Cohn.
Ridgemont Equity-backed American Safety Council, a national provider of critical training, education, and certification solutions, agreed to acquire TPC Training, a provider of technical skills training content and programs. Financial terms were not disclosed.
“TPC and ASC are extremely complementary businesses. By combining TPC’s technology and sales expertise with ASC’s content library and direct-to-professional marketing capabilities, we create a truly differentiated platform with best-in-class content capable of serving enterprise customers and individual learners alike," Derek Dunaway, TPC CEO.
American Safety Council is advised by Robert W Baird. TPC is advised by Harris Williams & Co.
JAB, a German conglomerate, headquartered in Luxembourg, that includes investments in companies operating in the areas of consumer goods, forestry, coffee, luxury fashion, animal health, and fast food, among others, completed the acquisition of Figo Pet Insurance, a provider of pet insurance. Financial terms were not disclosed.
"Figo exists because of our deeply held belief that pet owners deserve simple and meaningful solutions to protect their loved ones. We are thrilled to partner with JAB to improve the quality of care and coverage available through Figo’s best-in-class technology and customer experience," Rusty Sproat, Figo CEO and Founder.
JAB was advised by The One Nine Three Group. Figo was advised by JP Morgan.
Dragoneer, an investment firm, and General Atlantic, a private equity firm, led a $150m investment in Arco Platform, a technology company in the education sector.
“We are excited to have Dragoneer and General Atlantic as investors and valuable future partners to our company. We see clear value creation arising from these partnerships, as we will benefit from their global investment experience in high-growth companies, while taking advantage of a better funding profile to support our growth strategy,” Ari de Sa Neto, Arco CEO and Founder.
Lee Equity, a private equity firm, completed the acquisition of a majority stake in Unlimited Technology, a security systems integration solutions provider. Financial terms were not disclosed.
"Since our founding in 1999, Unlimited Technology has been one of the fastest growing and most successful security systems integrators due to our commitment to customer service and our ability to lead with the latest security technology solutions. Our long-term relationships with global customers and partnerships with industry-leading security suppliers demonstrate our commitment to providing the highest quality of technology solutions to our discerning clients. With Lee Equity's knowledge and experience in the security integration and asset-light facility services sectors, we look forward to continuing to serve our loyal clients and expanding into additional markets," John Palumbo, Unlimited Technology President.
Unlimited Technology was advised by Imperial Capital.
8x8, an integrated cloud communications platform provider, agreed to acquire Fuze, an operator of a cloud-based unified communications platform, for $250m.
"Combining resources and expertise with 8x8 is a natural fit, bringing with it needed scale and accelerating the pace of product innovation with differentiated solutions that capitalize on this massive opportunity, all of which will serve to benefit our enterprise customer base," Brian Day, Fuze CEO.
8x8 is advised by Skadden Arps Slate Meagher & Flom.
Dorilton-backed Traditions Health, a provider of home health care and nursing services, completed the acquisition of Homestead Hospice, a multi-state provider of hospice services. Financial terms were not disclosed.
"We are proud to combine our company's reach and experience with Traditions and to help them expand their presence in key markets. This combination enables our company to grow and expand our excellent end-of-life care throughout the nation while ensuring continuous and consistent delivery of the best quality of care for our patients. We have chosen to combine with Traditions because we are like minded and believe in constant improvement of quality of care to achieve the best patient outcome. We look forward to working alongside the Traditions team," Mallie Abdsharafat, Homestead Hospice CEO and Founder.
Tiger Global, an investment firm, led a $1.8bn Series B funding round in Commonwealth Fusion Systems, a company aiming to build a compact thermonuclear fusion power plant.
"The world is ready to make big investments in commercial fusion as a key part of the global energy transition. This diverse group of investors includes a spectrum of capital from energy and technology companies to venture capitalists, hedge funds, and university endowments that believe in fusion as a large-scale solution to decarbonize the planet," Bob Mumgaard, CFS CEO.
The Westly Group, a venture fund, led a $100m Series C funding round in CyCognito, a developer of a cloud-based network security analysis platform. Additional investors include Thomvest Ventures, The Heritage Group, Accel, Lightspeed Venture Partners, Sorenson Ventures and UpWest.
"Our number one priority is to provide global enterprises with world-class attack surface protection. That's why we've developed the industry's most dynamic, intelligent platform for comprehensive external attack surface management. Our proactive approach to discovering and prioritizing risk is unmatched in the industry and provides security teams with the insight and confidence to quickly preempt potential attacks," Rob Gurzeev, CyCognito CEO and Co-Founder.
Razer plans to take firm private, valuing it at $3.2bn.
Min-Liang Tan, Razer Chairman, and Kaling Lim, Razer Non-Executive Director, proposed to take the company private in a deal that values $3.2bn. Razer is a gaming hardware maker.
Min-Liang Tan and Kaling Lim are offering $0.36 per share for the remainder of the company and the offer is final, Razer said.
The company is working with advisers at Bank of America as it studies potential disposals to reduce overlaps between the two companies, Bloomberg reported.
Lone Star weighs $1bn sale of Sino Gas & Energy. (FS)
Lone Star, a private equity firm, considers a sale of Sino Gas & Energy, a Chinese gas company, Bloomberg reported.
Lone Star started sounding out potential buyers, including other Chinese energy companies. The private equity firm is working with financial advisors on potential transaction.
Weston Family agrees sale of Selfridges to Central Group.
Weston family agreed to sell Selfridges & Co, a British department store operator, to Central Group, a family-owned conglomerate holding company, Bloomberg reported.
Deal can be announced in December, 2021. Central Group is owned by the Chirathivats, a Thai family of Chinese descent.
Big mergers unlikely in 2022 as Biden regulatory squeeze intensifies.
The crackdown by the Biden administration makes securing regulatory sign-off for combinations increasingly tricky, causing significant tie-ups between publicly listed companies will be off the table in 2022, Reuters reported.
The companies seek to reshape themselves as they emerge from the pandemic by using cheap debt and bumper stock prices to pursue transformative combinations.
Novonor considering secondary share offering.
Novonor, a Brazilian industrial conglomerate, considers exiting its majority stake in Braskem, a petrochemical company, via a secondary share offering.
The company had previously organized a competitive merger and acquisition process in an attempt to attract bidders for its stake in Braskem. In the latest filing Braskem received correspondence from Novonor indicating that the company was considering a secondary share offering.
Trump’s social media venture seeks $1bn raise.
Trump Media & Technology Group, a Donald Trump’s new social media venture, seeks to raise up to $1bn by selling shares to funds and family offices.
Selina, a developer of an online platform designed to offer affordable travel accommodation facilities, agreed to po public via a SPAC merger with BOA Acquisition in a $1.2bn deal. South Light Capital, MORE Investment House and Sir Ronald Cohen also participated.
“The Selina brand transcends hospitality and has created a loyal community and lifestyle that customers want to belong to long after their first stay. The company has proven it can deliver for both its guests and its real estate partners. We anticipate Selina will continue to build on its significant growth in the coming years as the ability to work from anywhere propels travelers to experience the world in a way their elders never could – as digital nomads," Brian Friedman, BOA CEO.
Selina is advised by PJT Partners and Morgan Lewis & Bockius. BOA is advised by BTIG, Bank of America, PJT Partners, UBS and King & Spalding.
Asterion Industrial Partners, an investment management firm, completed the acquisition of the remaining stake in Retelit, the Italian company specializing in constructing tailor-made digital transformation projects, for $406m.
“The deal intends to fully support Retelit’s business plan and development plans as well as to contribute to the growth of the broadcaster by leveraging its experience in the communications sector and to work with the management of Retelit in order to achieve some of the growth objectives set by the issuer’s strategy disclosed to the public”, Asterion-backed Marbles.
Retelit was advised by Lazard. Asterion Industrial was advised by Alvarez & Marsal, Mediobanca, Cleary Gottlieb Steen & Hamilton, Paul Weiss Rifkind Wharton & Garrison and Kreab.
abrdn, a firm that provides a variety of investment services, agreed to acquire Interactive Investor, a flat-fee investment platform, from JC Flowers, an American private equity investment firm, for $1.98bn.
“This is a unique opportunity and a transformative step in delivering our growth strategy. interactive investor is the UK’s number one subscription-based investing platform with a powerful reputation as a consumer champion. abrdn’s scale, resources and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK’s attractive savings and wealth market," Stephen Bird, abrdn CEO.
Interactive Investor is advised by Fenchurch Advisory Partners, UBS and Taylor Wessing. abrdn is advised by JP Morgan and Edelman. JC Flowers is advised by Macfarlanes.
The controlling shareholders of the Daily Mail, a media company, the Rothermere family, increased the cash component of its offer to buy out other shareholders to $3.6 per share, representing a 5.9% rise on its original bid. The increased offer was final and would not be increased, adding that it had lowered the threshold for acceptances to 50%, Reuters reported.
The Rothermeres agreed to take Daily Mail and General Trust private last month after the sale of the group's insurance business. Shareholders last month offered $3.39 in cash.
Rothermeres is advised by Lazard. Daily Mail and General Trust is advised by Credit Suisse, JP Morgan and Teneo.
Halfords, a retailer of motoring and cycling products and services, agreed to acquire Axle Group, a distributor of tires and auto care to retail consumers, for $83m.
“This acquisition helps cement our position as the UK’s largest vehicle service, maintenance and repair business. It will also see us deliver on our established strategy of evolving Halfords to become a motoring services focused business, with motoring revenue set to represent more than 70% of our pro-forma revenue following the acquisition," Graham Stapleton, Halfords CEO.
Halfords is advised by Powerscourt.
Investcorp revs up to sell Dainese in a €750m deal. (FS)
Investcorp, a private equity firm, plans to sell Dainese, an Italian motorcycle clothing brand, with an enterprise value of €750m ($850m).
Investcorp has hired Lazard to launch a sales process for the company at the start of 2022. The company acquired Dainese in 2014 for €130m ($163m).
Clinigen gets a possible takeover proposal. (FS)
Clinigen, a global pharmaceutical and health-services company, said it received a possible takeover proposal from Triton Investment Management, a UK-based private equity firm, Reuters reported.
Clinigen also said it was in advanced talks with Triton regarding the proposal, but advised shareholders not to take any action. The company had a market value of about $1.12bn.
Mansour and General Motors to draw up plan to make electric cars
General Motors and Al Mansour Automotive have agreed to study joint manufacturing of electric vehicles in Egypt. Further plan is to ask government for support, Reuters reported.
The two companies will study production requirements, volumes and incentives they might need from the government, Mansour said, without specifying what shape those incentives might take.
"Government support of some kind, to see how we can work together. That will be a new capital investment that we make on our side, and of course hopefully using Egypt as a hub to export to Africa," Mansour.
Piaggio Aerospace restarts search for buyer.
Piaggio Aerospace, a multinational aerospace manufacturing company, resumed talks with potential buyers after it had filed for protection from creditors in late 2018.
"We have already attracted interest from a number of other parties, with whom we have begun discussions in recent days," Vincenzo Nicastro, Piaggio Aerospace Special Administrator.
Air France-KLM considers cap hike delay.
Air France-KLM, a major global air transport player, is considering delaying its planned capital increase because of tough travel restrictions imposed by governments to mitigate the spread of the Omicron variant of the coronavirus, Reuters reported.
The company was hoping to raise $1.1bn by the end of the year in order to shore up its heavily-indebted, pandemic-hit balance sheet and repay government aid.
Allegion Ventures launches $100m fund II. (FS, People)
Allegion Ventures, a corporate ventures arm of Allegion, has launched a second fund. The fund accelerates technology and software investments in IoT and data security, building analytics, construction lifecycle management, and property management. Bobby Prostko has been named Managing Director for Fund II.
"For more than three years now, Allegion Ventures has taken an investing approach designed both to deliver financial returns and to spur innovation. Given the success we've had with that approach, we'll continue to invest in promising companies where Allegion Ventures can be a strategic partner, adding value through our expertise in global markets, commercial and channel relationships, security standards and operational excellence," Bobby Prostko, Fund II Managing Director.
Grab Holdings, a Singaporean multinational ride-hailing company, went public via a SPAC merger with Altimeter Growth in a $39.6bn deal. The PIPE was led by funds managed by Altimeter Capital Management which committed $750m, with participation from funds and accounts managed or advised by BlackRock, Counterpoint Global - Morgan Stanley, and T. Rowe Price Group, as well as Fidelity International, Fidelity Management and Research, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Berhad and Temasek. Leading family groups from Indonesia including Djarum, the Sariaatmadja family and Sinar Mas also participated in the PIPE.
"It gives us immense pride to represent Southeast Asia in the global public markets. This is a milestone in our journey to open up access for everyone to benefit from the digital economy. This is even more critical as our region recovers from Covid-19. It was very challenging for us too, but it taught us immensely about the resiliency of our business. Our diversified superapp strategy helped our driver-partners pivot to deliveries, and enabled us to deliver growth while improving profitability. As we become a publicly-traded company, we'll work even harder to create economic empowerment for our communities, because when Southeast Asia succeeds, Grab succeeds," Anthony Tan, Grab Group CEO and Co-Founder.
Grab was advised by Evercore, JP Morgan, Morgan Stanley, UBS, Hughes Hubbard & Reed, Skadden Arps Slate Meagher & Flom, Blueshirt Group and Sard Verbinnen & Co. Financial advisors were advised by Sullivan & Cromwell. Altimeter was advised by Evercore, JP Morgan, Morgan Stanley, UBS, Jones Day, Ropes & Gray, Travers Thorp Alberga, WilmerHale. Financial advisors were advised by Cooley. Dragoneer was advised by Latham & Watkins.
Afterpay, an Australian financial technology company, will delay a shareholder meeting to approve Square's $29bn buyout, as the Jack Dorsey-led payment company awaits regulatory nod in Spain.
The investor meeting was set for December 6, but Afterpay said it would likely take place next year as Square is likely to get an approval from the Bank of Spain only in mid-January. The delay is unlikely to impact the completion of Australia's biggest deal, which is set for the first quarter of 2022, Reuters reported.
Afterpay is advised by Goldman Sachs, Highbury Partnership, Qatalyst Partners, Bell Gully, Cravath Swaine & Moore and Gilbert + Tobin. Financial advisors are advised by Jones Day. Square is advised by Morgan Stanley, King & Wood Mallesons, Russell McVeagh, Wachtell Lipton Rosen & Katz, Joele Frank and SEC Newgate. Morgan Stanley are advised by Gibson Dunn & Crutcher.
Crown Resorts, an Australian casino firm, said investment company Blackstone's $6.2bn buyout offer did not represent "compelling value" for its shareholders, Reuters reported.
Crown added it offered Blackstone access to non-public information to undertake initial due diligence inquiries for a revised proposal. Crown discussed the proposal with Blackstone and its advisers and has also considered feedback from shareholders and regulators.
Blackstone is advised by Morgan Stanley and Clayton Utz. Crown is advised by UBS and Allens.
Woolworths, an Australian grocer, made a $613m approach for Australian Pharmacutical Industries, a drugstore chain, besting an already-agreed buyout from Wesfarmers, a retail and industrial conglomerate, and sending the target's shares soaring.
The move from Woolworths sets the scene for a bidding war between Australia's two largest retail companies as they look to grow beyond pandemic-related stockpiling while building on their existing coast-to-coast distribution networks, Reuters reported.
Australian Pharmacutical is advised by Res Publica Group. Wesfarmers is advised by Herbert Smith Freehills.
Cred, a fintech company, agreed to acquire Happay, an expense management and expense report software, for $180m.
“Happay’s product strength, customer experience, and vision align with our intent at Cred to reward responsible financial behaviour and we’re excited to partner them in their journey towards leading the category," Kunal Shah, Cred Founder.
STIC to invest $843m in Iljin. (FS)
STIC Investments, a South Korean private equity firm, is set to invest $850m in Iljin Materials, an electric foil manufacturer.
STIC will invest $340m in IMG Technology, a holding company for Iljin’s overseas units, and $510m in Iljin’s European affiliate, DealStreetAsia reported.
CSL in exclusive talks to buy Vifor Pharma.
CSL, a protein-based biotechnology business, talks to buy Vifor Pharma, an iron deficiency, nephrology and cardio-renal therapies company, in a $7.1bn deal, Reuters reported.
Talks have progressed since it was reported the possible acquisition of Vifor by CSL. Shares in Vifor jumped as much as 17.2% to the top. CSL closed 1.3% lower on December 2, 2021.
Bharti Airtel is in talks to buy a 31.6% stake in Dish TV.
Bharti Airtel, an Indian telecom operator, talks to acquire a stake in Dish TV, a broadcast satellite service provider, from Dish TV's promoter group and Yes Bank.
Once the promoters and Yes Bank accept offer, the company will offer to buy the remaining shares from other investors until it owns a 51% stake, Reuters reported.
BeiGene seeks to raise $3.5bn in STAR Market IPO.
BeiGene, a Chinese biotech firm, kicked off its IPO subscription exercise on the STAR Market of the Shanghai Stock Exchange. The company targets to raise about $3.5bn.
The company is offering 115m ordinary shares at a price of $30.23 per share. Trading debut is expected to be on December 15 under the symbol "688235".
Air Astana considers IPO in 2022.
Air Astana, a state-owned Kazakh airline, is considers an IPO. The company has approached banks, although talks are still at an early stage for a share sale, Bloomberg reported.
Samruk-Kazyna, which owns 51% of Air Astana, last year had plans to take the company public in 2022.
Weibo looks to raise $385m in Hong Kong secondary listing.
Weibo, a Chinese social media firm, plans to price its shares at $35 per share to raise $385m in its Hong Kong secondary listing, DealStreetAsia reported.
Market capitalisation of the company is $8.25bn. In February, 2021, Weibo was worth $13.2bn, when the appointment of banks to work on the Hong Kong listing was reported.
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