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AMERICAS
An independent proxy advisory firm Glass Lewis has recommended all Standard BioTools stockholders vote “FOR” all proposals relating to the pending merger with SomaLogic at the company’s upcoming special meeting of stockholders to be held on January 4, 2024.
The recommendations from proxy advisory firm – Glass Lewis – to support the proposed merger with SomaLogic reaffirms our belief in the strength of the combined company and the significant growth potential ahead.
Mach Natural Resources, a drilling oil and gas wells company, completed the acquisition of Oklahoma oil and gas assets from EnCap Investments, a provider of growth capital to independent energy companies, for $815m.
Mach Natural Resources expects to add 1 rig on the newly acquired assets in addition to its current 2 rig development program while remaining under a 50% reinvestment rate. Paloma is currently running 1 rig in Grady County with 6 additional wells expected to be completed.
Mach Natural Resources was advised by Kirkland & Ellis and Latham & Watkins. Debt financing was provided by Chambers Energy Capital, EOC Partners, Farallon Capital, Macquarie Group and Mercuria Investments. EnCap Investments was advised by RBC Capital Markets and Vinson & Elkins (led by Bryan Loocke).
Griid Infrastructure, a vertically integrated, bitcoin self-mining company, went public via a SPAC merger with Adit EdTech Acquisition, a blank cheque company, in a $3.3bn deal.
"We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction," Trey Kelly, GRIID CEO.
Griid Infrastructure was advised by Troutman Pepper and Skyya. Adit EdTech was advised by Edelstein & Company, Arthur D Little, Lincoln International, Wells Fargo Securities, Covington & Burling and Evolve Security.
TG Natural Resources, a natural gas supplier company, completed the acquisition of Rockcliff Energy II, an upstream natural gas company, from Quantum Energy Partners, a private equity firm, for $2.7bn.
"With this acquisition, TG Natural Resources is committed to leadership in the Haynesville Play, one of the world's most important sources of clean natural gas. We will have nearly a century in rig-years of gross operated and non-operated drilling inventory in the Haynesville, not counting the important plays in the Bossier and Cotton Valley. TGNR has a strong track record of investing across commodity cycles and this acquisition positions the company for long-term success," Craig Jarchow, TGNR CEO.
Rockcliff Energy was advised by JP Morgan, Vinson & Elkins and Joele Frank. TG Natural was advised by Bank of America, Goldman Sachs, Greenhill & Co, Kirkland & Ellis (led by Chad Smith and Will Eiland) and Pierpont Communications.
Monex Group, a financial group that runs online brokerage, crypto exchange, and asset management business, agreed to acquire a majority stake in 3iQ Digital, a crypto asset management company. Financial terms were not disclosed.
"Our long term strategy is to strengthen our asset management business, and by welcoming 3iQ to our group, we aim to achieve high growth by capturing the crypto asset management needs of institutional investors and crypto asset exchanges around the world, which are expected to grow in the future, " Yuko Seimei, Monex Group CEO.
3iQ Digital is advised by Cinaport Capital, Wildeboer Dellelce and JConnelly. Monex Group is advised by TD Cowen and Osler Hoskin & Harcourt.
FLJ, an apartment rental platform, completed the acquisition of Alpha Mind, an insurance company, for $180m.
"We are pleased to welcome Alpha Mind and its team. We are optimistic about the quality of Alpha Mind's service offerings. We are confident that we can work with the Alpha Mind team to further strengthen its market position in the insurance technology and insurance agency service space," Chengcai Qu, FLJ CEO.
CDPQ, an institutional investor, agreed to acquire an additional 15% stake in Transportadora Associada de Gás, a gas pipelines operator, from ENGIE Brasil, a renewable energy company, for $639m.
"TAG has delivered strong performance since our initial investment about five years ago. Today's announcement is consistent with our infrastructure strategy: in this instance, reinvesting in a portfolio company with well-contracted assets, led by a seasoned management team, and in Brazil, a country where we intend to keep growing our portfolio in the next few years," Emmanuel Jaclot, CDPQ Executive Vice–President and Head of Infrastructure.
José Seripieri Filho, the founder and former CEO of health insurance firm Qualicorp, offered to acquire Amil, a health insurance group, from UnitedHealth Group, a multinational health insurance and services company, for $515m.
Upon closing the UnitedHealth expects to record a charge of approximately $7bn, which will be excluded from adjusted earnings, the majority of which is non-cash and due to the cumulative impact of foreign currency translation losses. In connection with the action, the UnitedHealth's 2024 net earnings outlook will be impacted by the expected charge, while the company is confirming the 2024 adjusted earnings outlook discussed at its November 29 investor conference.
Capital Power, a private equity firm, completes acquisition of a 50.15% stake in Frederickson 1 Generating Station, a natural gas-fired combined-cycle generation facility, from Atlantic Power, an energy and utility company, for $98m.
"We are pleased to acquire this high-quality facility in the Pacific Northwest. Consistent with our mid-life natural gas strategy, this acquisition expands our portfolio of dispatchable assets in key markets that support the energy transition by providing reliable, affordable and flexible power while renewables grow and decarbonization solutions develop," Avik Dey, Capital Power President and CEO.
Cal-Maine Foods, a producer and distributor of fresh shell eggs, agreed to acquire the Dexter shuttered broiler processing assets from Tyson Foods, a processor and marketer of chicken, beef, and pork. Financial terms were not disclosed.
“We are pleased to announce the proposed acquisition of the assets of Tyson’s former broiler processing facility in Dexter, Missouri. This transaction is consistent with our growth strategy to expand our business through selective acquisitions in addition to our organic growth initiatives. The Dexter location offers an important opportunity to expand our geographic footprint and enhance our ability to serve our valued customers with added production and distribution capabilities in Missouri and surrounding markets. We look forward to working with the Tyson team to close the transaction and to working with the contract growers who will support our shell egg production capabilities. As we extend our market reach, we remain focused on the efficient and sustainable management of our existing and acquired operations and meeting the demands of our customers,” Sherman Miller, Cal-Maine Foods President and CEO.
Globant, a digitally native company focused on reinventing businesses through innovative technology solutions, completed the acquisition of Iteris, a business and technology consultancy focused on delivering digital transformation. Financial terms were not disclosed.
"We are thrilled to welcome the Iteris team to the Globant family. We're taking big steps in Brazil as we believe in the potential of this market and this acquisition will involve significant growth to our operations in that country. This expansion is an example of our commitment to the region and its technological landscape to continue offering a top-notch portfolio of services and products to keep reinventing businesses," Martín Migoya, Globant Co-Founder and CEO.
Morgan Stanley's straight-talking new CEO Ted Pick taking charge. (People)
When Ted Pick takes over as the new CEO of Morgan Stanley next week, the three-decade bank veteran's frank manner and steady hand will help him steer the firm through a dealmaking slump, Reuters reported.
Pick's cool head in difficult situations is an asset, said Tom Glocer, Morgan Stanley's independent lead director since 2017 and former Reuters CEO.
Pick, 55, will be elevated at a time of heightened economic uncertainty and geopolitical tensions. Dealmaking conditions are improving, but activity remains dismal, posing challenges for the banking industry.
Tiger Global's Coleman regains control of venture unit after losses. (FS, People)
Months before Scott Shleifer stepped down as head of Tiger Global Management's private investments, Chase Coleman had already begun to reclaim control of the firm's $34bn venture-capital arm, Bloomberg reported.
The founder sought more communication from Shleifer and his team and held meetings to discuss how to proceed after they plowed billions of dollars of client cash into hundreds of startups — just ahead of an industrywide slump. Coleman also spent this year engaging more with clients and founders of the firm's portfolio companies.
EMEA
NJJ Capital, a private equity firm, offered to acquire Lifecell, a telecommunication services provider, from Turkcell, a mobile phone operator, for $384m.
The sales come a few months after Ali Taha Koc was appointed as the company's new chief executive officer. Koc had served as a counselor in the Turkish government and was subsequently appointed as the head of information technologies at the Turkish Presidency.
Emirates Telecom ends talks to boost stake in Saudi firm Mobily.
Emirates Telecommunications Group, the biggest phone operator in the United Arab Emirates, ended talks for a controlling stake in Saudi Arabia's Mobily, Bloomberg reported.
Emirates Telecom, Mobily's largest shareholder with a 28% stake, had sought to boost its stake to 50% plus one share in March 2022. It offered SAR 47 ($12.5) a share, a 22% premium at the time, valuing Mobily at $9.65bn.
The Saudi firm's shares have since risen to SAR 49.4 ($13.16). Emirates Telecom said it'll continue to focus on supporting Mobily and remains positive about its future within the "rapidly growing Saudi market."
Man Group considers more acquisitions in private credit push.
Man Group is open to making acquisitions and hiring new teams to build out its private credit offerings as the asset class continues to gain appeal among investors and money managers, Bloomberg reported.
The hedge fund plans to diversify and expand into different credit strategies in coming years to meet rising demand from clients for exposure to private assets, as well as to capitalize on the shift in corporate borrowing habits as banks tighten lending, Eric Burl, Man Group head of discretionary.
APAC
Zoomcar, an operator of an online car-rental platform, went public via a SPAC merger with Innovative International Acquisition, a blank cheque company, in a $456m deal.
"We're thrilled to announce this exciting milestone in Zoomcar's nearly decade long company journey. This marks the beginning of an important new phase in our company's growth as we embark on reaching new heights for our emerging market focused peer2peer car sharing platform. We thank the IOAC team for partnering with us in these efforts," Greg Moran, Zoomcar Founder & CEO.
Zoomcar was advised by Cohen & Company Capital Markets, Arsht & Tunnell, Ellenoff Grossman & Schole, Morris Nichols and ICR. Cohen & Co was advised by DLA Piper. Innovative International Acquisition was advised by Lincoln International, AZB & Partners and McDermott Will & Emery.
Beijing New Building Materials, a construction material company, agreed to acquire Carpoly Chemical Group, a paint and coating manufacturer, for $573m.
"The transaction, pending review by the Chinese anti-monopoly watchdog, is expected to boost BNBM's paint and coating business, which is currently limited to the northern Chinese market," BNBM.
Sichuan Airlines to get $1.7bn capital infusion from shareholders.
China's Sichuan Airlines will receive a capital contribution of $1.7bn from its shareholders in a bid to supplement working capital and reduce financial security risks.
China Southern, the country's largest airline, will invest a total of $657m in Sichuan Airlines. China Southern will also transfer one Airbus A330-300 aircraft for around $68m, DealStreetAsia reported.
DBS to raise stake in China's Shenzhen Bank.
DBS Group said it was raising its stake in China's Shenzhen Rural Commercial Bank in a SGD 376m ($285m) deal, as it looks to tap into growing opportunities in the Greater China region, Reuters reported.
The bank will acquire 383.6m shares at CNY 5.25 ($0.74) per share, DBS said, adding it intends to fund the transaction from its internal cash resources. The lender had been in discussions with Shenzhen Huaqiang Asset Management Group since the start of the year to acquire their interest in Shenzhen.
Indian solar panel maker Waaree Energies to raise $361m in IPO.
India's Waaree Energies filed for an initial public offering to raise INR 30bn ($361m), DealStreetAsia reported. The country's top solar panel maker joins a rush of companies filing IPOs, including e-tailer FirstCry and electric scooter-maker Ola Electric, amid a record number of listings this year.
Companies are barreling to capitalise on high liquidity and investor demand for IPOs in India, as robust economic growth and hopes that Prime Minister Narendra Modi's ruling party will return to power in 2024 took benchmark indices to record highs.
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