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AMERICAS
Angel Studios, a media and technology company, went public via a SPAC merger with Southport Acquisition, a special purpose acquisition company, according to press releases. Financial terms were not disclosed.
Angel Studios was advised by Lake Street, ROTH Capital Partners, Mayer Brown and MZ Group (led by Shannon Devine). Southport Acquisition was advised by Oppenheimer & Co and Wachtell Lipton Rosen & Katz, according to MergerLinks data and press releases.
Vector Capital, a private equity firm, agreed to acquire a majority stake in SingleStore, a data platform for enterprise AI, according to press releases. Financial terms were not disclosed.
SingleStore is advised by PricewaterhouseCoopers, Goldman Sachs, Fenwick & West and CJHB (led by Chris Buscombe). Vector Capital is advised by RSM International, Paul Hastings and Gasthalter & Co (led by Nathaniel Garnick), according to press releases.
RaceTrac, a convenience retailer, agreed to acquire Potbelly, a neighborhood sandwich shop concept, for $566m, according to press releases.
Potbelly is advised by Piper Sandler, Kirkland & Ellis and ICR (led by Jeff Priester). RaceTrac is advised by Bank of America and Kilpatrick Townsend, according to press releases.
TPG, a private equity firm, agreed to acquire Proficy software business from GE Vernova, an energy equipment manufacturing and services company, for $600m.
TPG is advised by Centerview Partners and William Blair & Co. GE Vernova is advised by Evercore and Morgan Stanley, according to press releases.
Technip Energies, a technology and engineering company, agreed to acquire advanced materials and catalysts segment from Ecovyst, a global provider of advanced materials, for $556m, according to press releases.
Technip Energies is advised by Ropes & Gray and Lazard. Ecovyst is advised by Evercore and Gibson Dunn & Crutcher, according to press releases.
Carcetti Capital, a private equity firm, agreed to acquire Hemlo Gold Mine from Barrick, a global mining company, for $1.09bn, according to press releases.
Barrick is advised by CIBC World Markets, Blake Cassels & Graydon and Davies Ward Phillips & Vineberg, according to press releases.
Lotus Infrastructure, a private equity investment firm, agreed to acquire Caithness Long Island Energy Center, a 365 MW natural gas fired power generation asset, from Caithness Energy, a power producer, according to press releases. Financial terms were not disclosed.
Lotus Infrastructure is advised by King & Spalding. Caithness Energy is advised by Lazard and Paul Hastings, according to press releases.
Lincoln International, an investment banking advisory firm, agreed to acquire MarshBerry, an investment banking and strategic consulting company, from Atlas Merchant Capital, a global investment firm, according to press releases. Financial terms were not disclosed.
Lincoln is advised by The Bliss Group (led by Darcy Dehais). Atlas Merchant is advised by Keefe Bruyette & Woods and Solomon Partners, according to press releases.
Natixis Investment Managers-backed Gateway Investment Advisers, an options-based investment solutions provider, completed the acquisition of Belmont Capital Group, an investment adviser, according to press releases. Financial terms were not disclosed.
Belmont Capital was advised by Colchester Partners and Seward & Kissel. Gateway was advised by Ropes & Gray (led by Emily Karlberg), according to MergerLinks data and press releases.
Mountaingate Capital-backed Interluxe Group, an experiential marketing agency, and North & Warren, a media and marketing company, completed the acquisition of Quinn, a communications agency, according to press releases. Financial terms were not disclosed.
Quinn was advised by TobinLeff. Interluxe Group and North & Warren were advised by Canaccord Genuity and WilmerHale, according to press releases.
Truven, a healthcare analytics company, completed the acquisition of Springbuk, a health intelligence platform, according to press releases. Financial terms were not disclosed.
Springbuk was advised by Raymond James and Holland & Knight. Truven was advised by Benesch Friedlander Coplan & Aronoff, according to press releases.
Carlyle, a global investment firm, completed the investment in Quantum Leap, a provider of cybersecurity and intelligence solutions for US government customers, according to press releases. Financial terms were not disclosed.
Quantum Leap was advised by JP Morgan and Covington & Burling. Carlyle is advised by Latham & Watkins, according to press releases and MergerLinks data.
GIC, a global institutional investor, and ADIA, a sovereign wealth fund, led a $1.6bn investment in Vantage Data Centers, a provider of hyperscale data center campuses, according to press releases.
Vantage Data was advised by Creative Consulting Group and REQ, according to press releases.
Wincove Private Holdings-backed Purgo Holdings, a water industry company, agreed to acquire Puroflux, a water control systems company, from Montage Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Puroflux is advised by Janney Montgomery Scott and Osborn Maledon, according to press releases.
Iberdrola, an energy company, agreed to acquire a 30.29% stake in Neoenergia, a brazilian energy distributor, from PREVI, a pension fund, for $2.2bn, according to press releases.
Iberdrola is advised by UBS, according to press releases and MergerLinks data.
AI firm Nebius to raise $3bn for growth. ( Reuters)
Nebius Group said it will raise $3bn to expand its AI cloud business, following its $17.4bn deal with Microsoft. The financing includes a $2bn private sale of convertible senior notes and a $1bn public offering of class A shares.
Goldman Sachs is leading the public offering, with Morgan Stanley, BofA Securities, and Citigroup also acting as bookrunners.
Blockchain lender Figure raises $787m in US IPO. ( Reuters)
Figure Technology, a stablecoin issuer, raised $787m in its US IPO on September 11 alongside some existing investors, becoming the latest crypto firm to list publicly.
The offering comes as the digital asset sector benefits from regulatory support, corporate adoption, and ETF inflows, pushing its overall market value above $4tn.
LB Pharmaceuticals raises $285m in US IPO. ( Reuters)
LB Pharmaceuticals raised $285m in its US IPO, the first sizable biotech listing since February. The New York-based company sold 19m shares at $15 each, within its $14–$16 range, giving it a valuation of $302m.
The deal comes as the US IPO market shows signs of recovery, with multiple companies preparing to list this week.
Veritas Capital closes ninth flagship fund at $14.4bn. ( Press Release)
Veritas Capital has closed its ninth flagship vehicle, Veritas Capital Fund IX, at $14.4bn in commitments, above its $13bn target and fully subscribed at its hard cap. The fund is 35% larger than Fund VIII, which closed at $10.7bn in 2022.
With this close, Veritas now manages over $54bn in assets across its strategies.
Quadrille Capital raises €500m for tech investments. ( Bloomberg)
Quadrille Capital has secured €500m ($587m) to invest in growth-stage technology companies across the US and Europe. The fundraising includes €285m ($333m) for its fifth growth fund, with €70m ($82m) and €150m ($175m) raised for primary and secondary funds, respectively.
The firm took two years to complete the round and now manages total assets of €1.8bn ($2.1bn).
EMEA
Abu Dhabi’s ADNOC is preparing remedies to address an EU subsidy review of its €14.7bn ($17.2bn) bid for Germany’s Covestro, which may involve converting a proposed €1.2bn ($1.4bn) capital increase into a shareholder loan.
The deal, ADNOC’s largest ever, is among the biggest foreign takeovers of an EU company by a Gulf state. The European Commission has raised concerns that ADNOC could benefit from state subsidies, including guarantees and potential foreign aid tied to the capital increase.
Cinven, a private equity firm, agreed to acquire a majority stake in Grant Thornton Germany, an audit and advisory firm, according to press releases. Financial terms were not disclosed.
Grant Thornton Germany is advised by Deloitte, Perella Weinberg Partners and Linklaters. Cinven is advised by Oliver Wyman, Deloitte and Freshfields Bruckhaus Deringer, according to press releases.
Platinum Equity, a private equity firm, agreed to acquire XD Connects, a designer and value-added supplier of corporate gifts and custom-branded merchandise, according to press releases. Financial terms were not disclosed.
Platinum Equity is advised by Latham & Watkins, according to press releases.
Neo Space Group, a commercial space services provider, agreed to acquire Display Interactive, an innovator in wireless in-flight entertainment and connectivity, according to press releases. Financial terms were not disclosed.
Neo Space Group is advised by Rothschild & Co, according to press releases and MergerLinks data.
SIBS, a payments and technology company, completed the acquisition of ITCARD, a provider of ATM and payment processing services, according to press releases. Financial terms were not disclosed.
SIBS was advised by Rothschild & Co, according to press releases and MergerLinks data.
ICG, a specialist infrastructure investment manager, completed the acquisition of a minority stake in Infra Group, a general contractor, from PAI Partners, a private equity firm, for $3.5bn, according to press releases.
Magnum CEO dismisses Ben & Jerry’s sale talk ahead of listing. ( Reuters)
Magnum rejected speculation of selling Ben & Jerry’s, saying its priority is regaining market share and boosting sales as Unilever prepares to spin off the Magnum Ice Cream Company.
The business, which includes brands like Magnum, Ben & Jerry’s, Wall’s, and Cornetto, is expected to hold just over a fifth of the $88bn global ice cream market and compete with Nestlé-backed Froneri.
GIC considers increasing stake in Blackstone’s Spanish hotels. ( Bloomberg)
Singapore’s GIC is weighing a plan to boost its 35% stake in Hotel Investment Partners, the Spanish hotel group majority owned by Blackstone. The fund already owns most of the properties operated by HIP.
GIC is conducting due diligence, though there is no certainty the review will lead to a deal.
SMG backers aim to raise up to $1.1bn in Swiss IPO. ( Bloomberg)
Shareholders of SMG Swiss Marketplace Group plan to raise as much as CHF903m ($1.1bn) in an IPO, making it one of Europe’s largest this year. The offering includes about 19.6m existing shares from Mobiliar and Ringier AG, priced between CHF43 ($53.9) and CHF46 ($57.6) each.
The IPO would value ImmoScout24’s operator at up to CHF4.5bn ($5.1bn), with backers General Atlantic and Ringier able to sell additional shares through an over-allotment option.
Swedish lender NOBA Bank plans Stockholm IPO. ( Bloomberg)
NOBA Bank Group intends to launch an IPO in Stockholm, adding momentum to Europe’s busiest exchange for first-time share sales this year.
The offering, expected in the third quarter, will consist of existing shares held by current owners, including Nordic Capital and Sampo.
APAC
Tega Industries, an industrial supplies company, and Apollo, an American asset management firm, agreed to acquire Molycop, a manufacturer and supplier of grinding media to mining operations, from American Industrial Partners, a private equity firm, for $1.5bn, according to press releases.
Tega Industries and Apollo are advised by JP Morgan, PricewaterhouseCoopers, Argus Partners and Latham & Watkins, according to press releases and MergerLinks data.
KKR, a private equity firm, and JIC Capital, an investment company, completed the acquisition of an 80.32% stake in Topcon, a Japanese manufacturer of optical equipment for ophthalmology and surveying, according to press releases. Financial terms were not disclosed.
Topcon was advised by Mitsubishi UFJ Morgan Stanley Securities and Brunswick Group. KKR was advised by Simpson Thacher & Bartlett (led by Noritaka Kumamoto and Jonathan Stradling), according to MergerLinks data and press releases.
Idemitsu Kosan, a Japanese petroleum company, offered to acquire the remaining stake in Fuji Oil, a downstream oil and gas company, for $177m, according to press releases.
Evergrande liquidators seek buyers for property services stake. ( Reuters)
Liquidators of China Evergrande Group are exploring offers to sell their 51.016% stake in Evergrande Property Services, valued at HKD9.95bn ($1.28bn).
The unit said the liquidators have signed confidentiality agreements with several parties and received non-binding indicative bids from potential buyers.
Carlyle, EQT, HongShan in final bidding for Starbucks China. ( Reuters)
Carlyle Group and EQT, along with HongShan Capital and Boyu Capital, are preparing final offers for a controlling stake in Starbucks’ China operations.
Binding bids are expected to be submitted by early October.
Tata Capital targets $2bn IPO in early October. ( Bloomberg)
Tata Capital is preparing to launch its IPO in the first half of October after requesting a short extension from the Reserve Bank of India to finalize its timetable. The financial services arm of Tata Group is expected to complete roadshows this week and file an updated draft prospectus soon.
The RBI had instructed large shadow financiers, including Tata Capital, to list by the end of September to improve transparency and reduce sector risks. Tata Capital’s request for a few extra weeks was approved to better prepare for the share sale.
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