AMERICAS
A Providence Equity Partners-led consortium is set to invest $400m in OUTFRONT Media, which leases advertising space on out-of-home advertising structures and sites. Ares Management participated as significant investor.
"We recognized the value of liquidity and collaboration as we look through these uncertain times and consider the exciting growth opportunities that will arise in our industry. Our board was pleased to select Providence and Ares for their industry knowledge and expertise, and we believe that all of our stakeholders will benefit from their long-term investment and commitment," Jeremy Male, OUTFRONT Media Chairman and Chief Executive Officer.
OUTFRONT Media is advised by Goldman Sachs and Jones Day. Ares Management is advised by PJ Solomon and Paul Weiss Rifkind Wharton & Garrison. Providence Equity Partners is advised by Evercore and Weil Gotshal and Manges.
Grain Management, a private equity firm, completed the acquisition of Hunter Communications, an owner and operator of one of the largest private fibre-optic networks in Oregon. Financial terms were not disclosed.
"Hunter Communications is ideally positioned to further penetrate a growing fiber market with the backing of our new partners at Grain, who bring decades of communications industry expertise. This partnership is proof of the progress the Hunter team has made, establishing itself as an industry leader, servicing our customers for over 25 years. Our team is looking forward to the further expansion of our network as we continually improve the quality of our customer experience," Richard Ryan, Hunter Communications Founder and CEO.
Hunter Communications was advised by Bank Street Group and Perkins Coie. Grain Management was advised by CoBank ACB, Alston & Bird and Lambert & Co.
TPG Capital-backed Digital.ai, a provider of application security, software delivery and intelligent value stream management providers, completed the acquisition of Arxan Technologies, a provider of application protection solutions, from TA Associates, a private equity company. Financial terms were not disclosed.
“Today’s IT leaders are under intense pressure not only to drive innovation but reduce cost and improve customer and employee experiences, all while lowering risk. However, the lack of critical application security technologies and processes within the software development lifecycle today has created a massive attack surface for enterprises. With the addition of Arxan’s application security suite to Digital.ai’s value stream platform, organizations no longer have to choose between innovation, security, and agility,” Ashok Reddy, Digital.ai CEO.
Arxan Technologies was advised by Moelis & Co, Goodwin Procter and ZAG Communications. Digital.ai was advised by Evercore and Ropes & Gray.
Oaktree Capital-backed Montrose Environmental, an environmental services provider, agreed to acquire CTEH, an Arkansas-based scientific consulting firm that specializes in emergency preparedness, response and recovery. Financial terms were not disclosed.
“For nearly 25 years, CTEH has built a reputation for providing the reliable science, timely information and advice needed to help safeguard workers, communities and the environment. A Montrose partnership is an exciting evolution in our company’s future, which will allow us to further expand our team of internationally-recognized experts to offer an unprecedented breadth and scope of services,” Phil Goad, CTEH Co-founder and CEO.
Montrose Environmental is advised by Bank Of America Merrill Lynch and Gibson Dunn & Crutcher. CTEH is advised by Stephens and Friday Eldredge & Clark.
Borealis, an Austrian chemical company, completed the acquisition of Novealis Joint Venture from NOVA Chemicals. Formed in 2018, Novealis is the joint venture between affiliates of Borealis and NOVA Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total to launch Bayport Polymers in Houston. Financial terms were not disclosed.
“This acquisition supports our global growth ambitions. Acquiring NOVA Chemicals’ share in Novealis will allow us to further increase our footprint in North America, enabling us to better serve our customers in this region with our value-add Borstar technology and its related products,” Alfred Stern, Borealis CEO.
Borealis was advised by Vinson & Elkins.
Biofourmis, which designs and develops health analytics platform based on human physiology, completed the acquisition of Gaido Health, a Los Angeles-area based digital therapeutics company focused on the oncology market, from Takeda, a Japanese multinational pharmaceutical and biopharmaceutical company. Financial terms were not disclosed.
"Biofourmis' digital therapeutics solution for oncology—now bolstered with this acquisition of Gaido Health—is based on an innovative approach that continuously monitors patients' physiology biomarkers and symptoms, detects early signs of complications, and arms care teams with tools to intervene early to prevent medical crises, improve outcomes and lower costs. The platform also empowers patients with cancer to self-manage symptoms using Biofourmis' artificial intelligence-based Biovitals treatment algorithms, which improves engagement and quality of life," Kuldeep Singh Rajput, Biofourmis CEO.
Biofourmis was advised by Amendola Communications.
Advent-backed Transaction Services Group, a revenue management solutions company, completed the acquisition of PerfectMind, a health and fitness software provider. Financial terms were not disclosed.
"We believe that our unique combination of software, integrated payments and value-added services allows our clients to do more of what they love. We want to take away the stresses and strains of their business processes and problems and allow them to focus on their customers," Davin Miller, Transaction Services Group CEO.
W2O, a provider of analytics-driven, digital-first marketing communications to the healthcare sector, completed the acquisition of Symplur, a social media analytics platform exclusively focused on the healthcare sector. Financial terms were not disclosed.
"Symplur's pioneering technology products turn up the volume on the most important, and often overlooked, voices in healthcare, ultimately engineering a path to a deeper understanding of this dynamic, complex sector. Symplur is another in a series of strategic investments in people, technology and platforms that we've made, and intend to make, to strengthen the solutions we provide to clients. W2O now has hundreds of people focused in technology, data science, audience analytics, activation and measurement and we will double down in this space going forward," Jim Weiss, W2O Founder and CEO.
Persistence Capital Partners, a private equity fund focused exclusively on Canadian healthcare, completed the investment in Summit Veterinary Pharmacy, a veterinary compounding pharmacy. Financial terms were not disclosed.
"We are fortunate to be able to continue to execute on our investment strategy at PCP during these challenging times. We believe that Summit plays an essential part in ensuring the health and well-being of its clients, supporting veterinarians and their clinics as well as their patients. Summit is led by a strong and dedicated management team that is focused on exceptional quality and customer service. We look forward to partnering with the Summit team to support the business through its next phase of growth," Adrianna Czornyj, PCP Partner.
Dentsu Aegis Network, the digitally native network that specializes in media, digital and creative communications services, agreed to acquire Merkle, which operates as a performance marketing agency. Financial terms were not disclosed.
“Today’s announcement is significant on many levels as we fully integrate Merkle into Dentsu Aegis Network. At a time of considerable uncertainty, this agreement provides clarity to our employees, clients and stakeholders. Merkle are the market leaders in data, analytics and CRM and this accelerated integration will help to further future-proof the business, enabling revenue growth and improving operating margins globally,” Toshi Yamamoto, Dentsu Group President and CEO and Dentsu Aegis Network Acting Executive Chairman and CEO.
Gilead Sciences considers acquiring a stake in Arcus Biosciences.
Gilead Sciences is considering acquiring a stake in Arcus Biosciences, a cancer therapeutics company backed by Alphabet, Bloomberg reported. The companies held discussions about Gilead taking a significant stake in the Hayward, California-based company, and also about possible development partnerships.
EMEA
The proposed merger between Tilney and Smith & Williamson has been delayed due to a combination the coronavirus pandemic and ongoing concerns from the Financial Conduct Authority regarding the transaction structure.
Smith & Williamson said it has been working closely with the FCA to develop a revised transaction structure after the regulatory body identified a number of concerns in January of this year.
S&W is advised by Keefe Bruyette & Woods, Stifel and Macfarlanes. Tilney is advised by Evercore and Freshfields Bruckhaus Deringer. AGF is advised by Spencer House and DAC Beachcroft.
Poland will not be served with the penalty fine for terminating the deal to buy Condor, a German airline operator, according to Jacek Sasin, Poland State Assets Minister, adding that Condor was unable to hold onto their side of the contractual obligations, Reuters reported.
LOT declared the termination of the deal Monday, the announcement that could mean the nationalization of hung out to dry Condor by Berlin.
"We will not be paying any fines, as (our withdrawal) is not our (fault), but is connected to the fact that the other side of the transaction has not completed the terms of the contract," Jacek Sasin.
Investindustrial agreed to acquire a 22.6% stake in Guala Closures, a producer of non-refillable and aluminium beverage closures, for $93m.
The bidder said the offer was part of its strategy to invest in European mid-market companies that are leaders in their respective sectors. The investment is of a financial nature and there are no plans to delist Guala Closures, it said in a statement.
Investindustrial is advised by Ad Hoc Communication and Maitland.
Arsenal Capital-backed Meridian Adhesives, a manufacturer of adhesives and sealants technologies, agreed to acquire the adhesives division of John P. Kummer, a specialist distributor of instruments used in the manufacturing of semiconductors. Financial terms were not disclosed. The deal is expected to be completed by the end of April 2020.
“Joining Meridian will allow us to open the gate to a much wider and diversified portfolio. Our positive reputation in the market combined with the technical support of Meridian will offer our clients the best of both worlds,” Nicolas Schwarz, John P. Kummer Managing Director.
Beeswax, an advertising software provider, completed the acquisition of MediaGamma, an Artificial Intelligence consultancy business. Financial terms were not disclosed.
This acquisition allows Beeswax to improve their platform in terms of data science and machine learning. Beeswax platform will become smarter and more effective at helping customers reach their goals.
Enel looks for 50% financial partner for African renewable unit.
Enel is looking for a financial partner to buy as much as 50% of its African renewable business as the Italian energy giant looks to extend wind and solar power projects across the continent.
The search for a company to form a JV started before the coronavirus outbreak stalled the regional economy. Enel Green Power currently has sites in South Africa, Morocco and Zambia as part of an international expansion that also includes investments in Asia.
Stobart Group considers the acquisition of Stobart Air.
Stobart Group is considering the acquisition of struggling Dublin-based Stobart Air in a move that would prevent the immediate crystallisation of significant liabilities the group has that are attached to the airline's aircraft leases, Irish Independent reported.
Stobart Air might also seek to have an examiner appointed to the carrier to protect from creditors as it fights for survival. Stobart Air's current contract with the larger airline to operate the Aer Lingus Regional service expires in 2022.
Sherborne pushes Barclays to change CEO. (FS, People)
Sherborne Investors, the activist investor that has been agitating for change at Barclays, renewed calls for the bank's chief executive Jes Staley to be removed over his links to the convicted sex offender Jeffrey Epstein.
Sherborne, which holds a roughly 5.8% stake in Barclays, urged other shareholders to withdraw from voting for the re-election of Staley at the bank's annual general meeting and call on management to "announce an orderly succession timetable" for a new CEO.
APAC
Meiji, a food company, agreed to acquire a 25% stake in AustAsia Investment Holdings, a dairy farm operator, from Japfa, a Singapore-based agri-food company, for $254m.
Meiji aims to improve its long-term corporate value by establishing growth foundation in the overseas market. This acquisition will strengthen the value chain from raw milk procurement to finished product operation and establish a sustainable growth base in China.
Virgin Australia suspends trading to resume talks over rescue package.
Virgin Australia Holdings, Australia's second-biggest airline, suspended trading in its shares to continue talks on financial aid and restructuring alternatives to help it weather the coronavirus crisis.
Cash-strapped Virgin has so far been unsuccessful in its request to the Australian government for A$1.4bn ($884m) in loans that it could convert to equity under certain circumstances.
"We want to see two airlines in the domestic market, but we're not in the business of owning an airline," Josh Frydenberg, Australian Treasurer.
KBR closes strategic acquisition of 15 new defence contracts from SMA.
KBR-backed Government Solutions Asia-Pacific business acquired over 15 new defence contracts from Australian company SMA. The highly strategic SMA contract acquisition covers a range of projects around Australia.
"KBR's global Government Solutions business has enjoyed strong revenue performance, especially so in Australia, where we have consistently delivered growth with healthy margins. The addition of SMA adds to our continued success in the region and winning new work, and contract extensions further demonstrates our operational strength and mission focus even as we maneuver through these unprecedented and challenging times," Stuart Bradie, KBR President and CEO.
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