|
AMERICAS
Takeover target Spirit Airlines in talks with JetBlue Airways over a $3.4bn sweetened offer and expects to decide on the proposal by the end of this month, Reuters reported.
"Consistent with its fiduciary duties, Spirit's Board of Directors is engaging in discussions with JetBlue with respect to the proposal received on June 6, 2022 and is also continuing to work with Frontier under the terms of the existing merger agreement between Spirit and Frontier. As part of this process, Frontier and JetBlue are being given access to the same due diligence information, on the same terms. The Board expects to bring the process to a conclusion and provide an update to stockholders ahead of the Special Meeting of Spirit Stockholders scheduled for Thursday, June 30, 2022," Ted Christie, Spirit President and CEO.
Spirit Airlines is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom. JetBlue Airways is advised by Goldman Sachs and Shearman & Sterling. Debt financing is provided by Bank of America and Goldman Sachs. Indigo Partners is advised by Lambert & Co. Frontier Airlines is advised by Citigroup, Latham & Watkins and Joele Frank. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson.
Carrefour Brazil, a Brazilian wholesale hypermarket, completed the acquisition of Grupo BIG Brasil, the third-biggest food retailer in Brazil, from Advent International and Walmart, an American multinational retail corporation, for $1.3bn.
“With the acquisition of Grupo BIG, we are completing a strategic move, not only for Carrefour in Brazil, but for the Group as a whole. Our history in Brazil is a perfect reflection of our ambition: within a few years, we conquered leadership, created a vast ecosystem of formats and services and built a powerful and committed powerhouse – while still benefitting from a huge potential for additional growth," Alexandre Bompard, Carrefour Chairman and CEO.
Grupo BIG was advised by Credit Suisse and Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados. Carrefour was advised by Goldman Sachs, Barbosa Mussnich & Aragao, Machado Meyer Sendacz e Opice Advogados, Sullivan & Cromwell and Brunswick Group. Advent was advised by Ropes & Gray.
Gridiron Capital, an investment firm, agreed to acquire Vistage, a peer mentoring membership organization, from Providence Equity Partners, a private equity investment firm. Financial terms were not disclosed.
"We are pleased with the growth Vistage has experienced in partnership with Providence Equity Partners. SMB leaders today are facing greater challenges than ever before, and we look forward to working with Gridiron Capital to expand our reach and serve the growing needs of more CEOs around the world, helping them become better leaders, make better decisions and deliver better results. The Gridiron team has extensive experience in the small business sector and fully appreciates the support and services that we provide to CEOs. Under the new partnership, Vistage will maintain its strong culture, operating principles, and purpose of helping high-integrity leaders make great decisions for their companies, families, and communities," Sam Reese, Vistage CEO.
Gridiron Capital is advised by Truist Bank, Finn Dixon & Herling and Joele Frank. Providence Equity Partners is advised by Macquarie Group, Ropes & Gray, Stradling Yocca Carlson & Rauth and FGS Global.
CONMED, a medical technology company, completed the acquisition of In2Bones Global, a global developer, manufacturer, and distributor of medical devices, for $255m.
"This acquisition is a natural strategic extension of our Orthopedic portfolio. In2Bones is an exciting platform for CONMED to enter the extremities market given its broad portfolio, extensive sales channel, and experienced leadership team. We look forward to welcoming the In2Bones team to CONMED," Curt R. Hartman, CONMED Chair of the Board, President and CEO.
In2Bones was advised by William Blair & Co, K&L Gates, and Nilson Law Group. CONMED was advised by DLA Piper and Sullivan & Cromwell.
Innergex, a developer, owner and operator of run-of-river hydroelectric facilities, wind energy, and solar farms, completed the acquisition of Aela Energia, a 332MW portfolio of three newly-built operating wind assets in Chile, from investors Actis and Mainstream Renewable Power for $686m.
“This acquisition marks Innergex’s sixth investment in Chile since 2018. Earlier this year, we completed the acquisition of a 50.6MW solar farm in the Atacama Desert, and only a few weeks ago, we announced the development of two new utility-scale battery energy storage projects, totaling 425MWh, in Chile. Altogether, our development and M&A activities bring significant and complementary diversification to our generation mix,” Michel Letellier, Innergex President and CEO.
Aela Energia was advised by Credit Suisse. Innergex was advised by CIBC World Markets and SMBC Nikko Securities. Actis is advised by Clifford Chance.
Harold G. Hamm, the CEO of Continental Resources, offered to take oil and gas explorer and producer Continental Resources private in a $25.41bn deal.
"On behalf of myself, the Harold G. Hamm Trust and certain trusts established for the benefit of my family members, I am pleased to submit this proposal pursuant to which a newly formed entity on behalf of the Hamm Family would acquire for cash all of the outstanding shares of common stock of Continental Resources, other than shares of common stock owned by the Hamm Family and shares of common stock underlying unvested equity awards under Continental's long-term incentive plans, subject to the negotiation of satisfactory definitive agreements and the other matters described below," Harold G. Hamm.
Harold G. Hamm is advised by Intrepid Partners and Vinson & Elkins.
Investigators with the Securities and Exchange Commission are expanding their probe into the plan to take Donald Trump’s social media startup public - news that could indefinitely delay, or even completely derail, what’s supposed to be an enormous payday for the former president.
The new filings reveal regulators are seeking additional documents and information pertaining to TMTG and DWAC’s communications. Eventually, the SEC says a resolution to its investigation could potentially result in “the imposition of significant penalties” or “prohibitions on the conduct of Digital World’s business.”
The potential Trump merger is beginning to look like a liability for DWAC. Though the company’s stock price rocketed up on the heels of the merger announcement last year, the price has since fallen back down significantly due to investors’ concerns over regulator scrutiny. The company’s stock price took another hit this week.
Digital World Acquisition is advised by EF Hutton.
TELUS Communications, a telecommunications company, completed the acquisition of the Canadian business of Vivint Smart Home, a smart home solutions provider, for $105m.
Vivint Smart Home agreed to certain covenants, representations, warranties and indemnifications, which obligations are guaranteed by Vivint. As a result of the aforementioned sale, Vivint will cease conducting operations in Canada, except for certain obligations pursuant to a transition services agreement entered into with TELUS.
Vivint Smart was advised by Joele Frank.
AXCS Capital, a commercial real estate brokerage and asset management company, completed the acquisition of George Smith Partners, a provider of capital market advisory services to the commercial real estate industry. Financial terms were not disclosed.
“The team at George Smith Partners are some of the most trusted real estate financing advisors in North America with nearly 35 years of experience executing innovative structured financing deals. We’re thrilled to join forces, combining their unmatched expertise with our vision to redefine how capital market advisory services are delivered to our clients, as we help drive the next phase of CRE capital markets via technological innovation," John Day, AXCS Capital CEO and Co-Founder.
AXCS Capital was advised by Marino PR.
GTCR and Carlyle-backed Resonetics, a company that specialises in micro manufacturing for life sciences, completed the acquisition of Agile MV, a biotechnology company. Financial terms were not disclosed.
"Consistent with our initial investment thesis for Resonetics, the acquisition of Agile strategically enhances our capabilities, and further establishes the company's position as a leading service provider to interventional medical device companies," Tom Burns, Resonetics CEO.
GTCR was advised by The Harbinger Group.
Summit Hotel Properties, a real estate investment trust, completed the acquisition of AC Hotel, a dual-branded 264-guestroom hotel, for $89m.
Summit Hotel Properties is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry.
Golden Grail Tech Beverages, a beverage company, completed the acquisition of KOZ Water, a bottled water provider.
"Single use plastic water bottles exist because there are times in life when one time use is either an easier option or the only option. KOZ Water provides a better option for those moments. KOZ Water, a premium canned purified water, offers an infinitely recyclable alternative to plastic water bottles. We are thrilled to become part of the Golden Grail family of brands to fuel the next phase of growth for the KOZ Water brand. They have the expertise and distribution to expand further than we could have on our own which means more cans in hands and less plastic in our landfills and waterways," Eduard Abel, KOZ Water Co-Founder.
Sverica Capital Management, a growth-oriented private equity firm, completed the investment in SG Homecare, a provider of durable medical equipment, disposable medical supplies, respiratory therapies and oxygen, custom and power mobility, orthotics and prosthetics, and enteral nutrition for patients. Financial terms were not disclosed.
"We were drawn to SG Homecare because of the Company's relentless focus on customer service, breadth of product offering, and leadership in risk-sharing payment models with payors and at-risk physician groups. As the number of physician groups taking full risk increases nationwide, we believe models such as SG Homecare will be an attractive alternative to legacy fee-for-service," Gregg Osenkowski, Sverica Partner.
Apollo is in talks to support Franchise Group's acquisition of Kohl's. (FS)
Private equity firm Apollo Global Management is in talks to support retail store operator Franchise Group's acquisition of department store chain Kohl's, Reuters reported.
Franchise Group, is believed to have entered into a three-week period of exclusive negotiations to acquire Kohl’s for $60 per share, which values the company at nearly $8bn.
Calpers is betting that private markets can help it navigate market volatility.
California’s largest pension system has lost nearly $50bn of its total portfolio value since the beginning of the year, but its newly appointed chief investment officer is betting that a recently adopted strategic allocation that includes more private equity and real assets will help it weather the market storm, WSJ reported.
California Public Employees’ Retirement System had nearly $500bn in assets when it hired Nicole Musicco in February. Now the portfolio is down with almost $50bn.
US financial firms push back on SEC bid to rein-in blank check company deals.
US financial industry groups are pushing to water down a draft Securities and Exchange Commission rule aimed at reining-in special purpose acquisition companies or SPACs, arguing it could kill the industry, Reuters reported.
The American Securities Association, the SPAC Association and the CFA Institute are among groups warning that the SEC's proposed March rule would create too much liability for parties involved in SPAC deals, and as such goes further than traditional initial public offering and M&A rules.
Victory Park Capital closed its asset-backed opportunistic credit strategy on $2.4bn. (FS)
Victory Park Capital, a global alternative investment firm specializing in private credit, held the final close for Asset Backed Opportunistic Credit strategy.
The fund is oversubscribed at $2.4bn of committed and investable capital, including separately managed accounts investing alongside the fund. The strategy seeks to provide customized credit solutions to established and emerging, asset-rich companies with strong growth trajectory.
Glade closed a growth fund with $430m in commitments. (FS)
Glade Brook Capital Partners, a growth equity investment firm, today announced the final closing of Glade Brook Strategic Growth III, an oversubscribed $430m fund focused on growth equity investments at the Series B and C stages.
“After a busy year of successful monetizations in our previous funds, we positioned SG III as strategic dry powder to deploy when markets and valuations corrected in the next downturn. We believe that downturn has commenced, and it puts us in a prime position to play offense. We are excited about the opportunities ahead to invest in high quality secular growth companies at attractive valuations through the cycle," Paul Hudson, Glade Brook Founder & Chief Investment Officer.
EMEA
OPTrust-backed Kinetic Holding, a transportation services provider, and Globalvia Inversiones, a construction services provider, agreed to acquire Go-Ahead, a transportation services provider, for £650m ($793m).
Australian transit operator Kelsian Group mulls a counter offer for Go–Ahead Group.
"This is a compelling offer which combines an attractive valuation for shareholders with bright prospects for Go-Ahead's operations and colleagues around the world. We have confidence in Go-Ahead's future as an independent business, but see that being part of a truly global mass transit platform will yield exciting opportunities. We welcome the commitment of Kinetic and Globalvia to invest in the decarbonisation and digitalisation of our operations, and to support our strategy, The Next Billion Journeys," Christian Schreyer, Go-Ahead CEO.
Go-Ahead is advised by Investec, Peel Hunt, Rothschild & Co, Herbert Smith Freehills and Citigate Dewe Rogerson. Kelsian Group is advised by JP Morgan, Citadel Magnus. Globalvia is advised by Santander, UBS, Linklaters and Tulchan Communications.
Atrys Health, a provider of precision medical diagnostic and treatment services, completed the acquisition of Bienzobas, a medical oncology company, for $75m.
“This capital increase highlights the attractiveness of our company after jumping to the Main Market and confirms the interest of both national and international investors to join us in our ambitious growth plan. We are very satisfied with the operation and we are especially grateful for the support of the investors who were already with us and who have now increased their participation," Santiago de Torres, Atrys Chairman.
Atrys Health was advised by Andbank Espana, Banco Sabadell, Barclays, GVC Gaesco, Mediobanca, Renta 4 Banco, Gomez-Acebo & Pombo and Linklaters.
Equitix, a UK investor, developer and fund manager of core infrastructure assets internationally, agreed to acquire Aurora Infrastructure, a platform operating strategic industrial electricity distribution networks in Finland, from InfraVia Capital Partners, a European private equity firm. Financial terms were not disclosed.
"This is a significant milestone in our journey, and is welcome news for everyone at Aurora. Equitix will actively support Aurora's expansion and investment in the network infrastructure, helping us to continue to deliver industry-leading availability and reliability levels for our customers and supporting them in meeting their energy transition plans," Tony Lindroos, Aurora CEO.
Equitix is advised by Macquarie Group, PricewaterhouseCoopers, Linklaters and Taddeo. InfraVia Capital is advised by PricewaterhouseCoopers, Jefferies & Company, Roschier Attorneys and Afry.
Atos, an IT infrastructure and digital services provider, agreed to spin off into SpinCo (Evidian), a digital, big data and security business line, and TFCo (Atos), an infrastructure and tech foundation business line.
"Today we announce our intention to take the in-depth transformation of the group, started at the beginning of the year, one step further. This potential new path for Atos would aim to optimize the two distinct markets that the Group operates in, both with fundamentally different dynamics: on the one hand, the infrastructure-driven, asset-led market, and, on the other hand, the digital applications and security driven market. By specializing in two businesses on different and equally attractive paths, each company would focus on what they do best for their customers, creating significant new investment capacity for both and giving both the chance for long term success, growth and achievement," Rodolphe Belmer, Atos CEO.
Atos is advised by Goldman Sachs, Perella Weinberg Partners, Rothschild & Co, d'Angelin & Co, Clifford Chance, Darrois Villey Maillot Brochier and White & Case.
Grupa Pracuj, a digital recruiter, completed the acquisition of softgarden, a software management firm, from Investcorp, a provider and manager of alternative investment products, for $125m.
Berlin-based softgarden offers software for digital recruitment as well as features including time-tracking, vacation and absence management, and personnel file management.
Grupa Pracuj was advised by Ebner Stolz, Houlihan Lokey and White & Case. Investcorp was advised by Deloitte, Covington & Burling and Kuhn & Partner.
Astorg and BeyondNetZero, private equity firms, led a $500m round in EcoVadis, a provider of business sustainability ratings, with participation from GIC and Princeville Capital.
“This investment is validation of EcoVadis’ model for scaling impact across global value chains, despite the pandemic, geopolitical or financial headwinds. We continue to experience record demand as more companies are empowered to integrate the planet and society into their business operations. We expect this investment to enable us to build on our traction to meet companies - including SMEs and private companies - at any stage of their sustainability journey, and collaboratively drive improvement in practices and impact at scale," Frédéric Trinel, EcoVadis Co-Founder and Co-CEO.
EcoVadis was advised by GP Bullhound, Jones Day and Corporate Ink. Astorg was advised by Publicis Consultants.
Admaius Capital, a private equity firm, led a $200m round in MFS Africa, a digital payments network, with participation from Vitruvian Partners, AXA, AfricInvest and CommerzVentures, LUN Partners Group, Goodwell Investments, Allan Gray, Endeavor Catalyst and Equator Capital Partners.
"With this $100m extension of our Series C fundraise we are thrilled to have the support of world-class investors Admaius, Vitruvian and AXA, and for the continued support of existing investors, on our journey to making borders matter less when it comes to payments. The strength of our business model is grounded on building a lasting digital infrastructure that unleashes and simplifies economic activities across the continent through any-to-any interoperability," Dare Okoudjou, MFS Africa Founder and CEO.
MFS Africa was advised by Financial Technology Partners. Debt financing was provided by Stanbic ITC and Regiments and Symbiotics.
FLEETCOR, a global corporate payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes, agreed to acquire Global Reach Group, a UK-based cross-border payments provider. Financial terms were not disclosed.
“Global Reach is a fantastic addition to our existing cross-border business that can be quickly integrated into our global business. We anticipate the deal to be immediately accretive post-close with additional synergies to layer in during year two,” Ron Clarke, FLEETCOR Technologies CEO.
FLEETCOR Technologies is advised by Jones Day. Global Reach Group is advised by Canaccord Genuity and Eversheds Sutherland.
Mekonomen, a wholesaler and distributor of automotive parts and accessories, agreed to acquire Koivunen, an importer and distributor of passenger and commercial vehicles, for $127m.
“I am very glad to announce this important step. The acquisition of Koivunen is in line with our well-proven strategy to create value through carefully selected acquisitions, as we have previously done in Sweden, Norway, Denmark and Poland. Koivunen is a prosperous company with strong brands that will continue to develop in its existing company structure as its own business area. With Koivunen in MEKO, we take a clear step towards the goal of being the best and most comprehensive partner for everyone who owns and services vehicles in Northern Europe," Pehr Oscarson, MEKO President and CEO.
Mekonomen is advised by SEB Corporate Finance and Hannes Snellman.
Sofina, an investment company, and SoftBank Vision Fund 2, a a venture capital fund, led a $200m Series C round in CoachHub, a digital coaching platform, with participation from Molten Ventures, Speedinvest, HV Capital, Signals Venture Capital and SVB Capital.
"The Learning and Development sector is witnessing strong secular trends toward the digitization and personalization of services. CoachHub's digital platform aims to provide a tailored coaching experience to employees at all levels to help advance their careers. We are pleased to partner with the CoachHub team to support their mission of democratizing coaching," Yanni Pipilis, SoftBank Managing Partner.
CoachHub was advised by BLASTmedia.
ITV, a media company, agreed to acquire a 79.5% stake in Plimsoll Productions, a film production company, for $126m.
“The significant opportunities in the international premium unscripted market make this the perfect time for Plimsoll to join ITV Studios. There is a quite special strategic and cultural fit that will enable us to achieve our, now shared, creative and commercial ambitions for Plimsoll. We’re excited to be part of ITV Studios’ expanding global force in content and delighted that, from today, this powerful new partnership is officially active," Grant Mansfield, Plimsoll Productions CEO.
ProMach, a packaging machinery company, completed the acquisition of Reepack, a manufacturer of flexible packaging machinery. Financial terms were not disclosed.
“Reepack is a solid fit within the ProMach family. They have great people, a strong customer-focused culture, and have been excellent partners. Reepack’s team has developed some wonderful technology, and we are excited to help them build distribution and continue to grow worldwide. We are excited about their engineering capabilities, and we intend to continue to invest in new product development. I am certain the business will do very well," Mark Anderson, ProMach President and CEO.
Air France-KLM vows to grow after a $2.4bn rights issue.
Air France-KLM, a Franco-Dutch airline holding company, vowed to expand low-cost and transatlantic flights after raising €2.26bn ($2.4bn) in a deeply discounted share sale to repay a chunk of the state aid that helped the carrier survive the Covid-19 pandemic, Bloomberg reported.
The proceeds of the rights issue started last month will be used to reduce debt and reimburse about €1.7bn ($1.8bn) of bonds issued last year and held by the French government, the Franco-Dutch airline said Tuesday.
Atos completes the sale of its entire stake in Worldline.
Atos has completed the sale of its entire stake in Worldline of 7m shares, representing 2.5% of Worldline’s share capital. The sale was carried out by way of an accelerated book building to institutional investors.
As a result of the placement and derivative transaction, Atos has raised net proceeds of ca. €220m ($209m).
Atos is advised by Goldman Sachs and Rothschild & Co.
Good Growth Capital closed its third fund with more than $100m. (FS)
Good Growth Capital, a majority women- and minority-managed fund, announced the completion of the oversubscribed third fund, Good Growth Capital General Fund II, with more than $100m that will be deployed in Seed through Series B investments.
“Now having over $100m to deploy allows us to put more money to work in businesses that will make a positive impact on the world We could not be more excited about the future of Good Growth and our current and future portfolio companies,” Amy Salzhauer, Good Growth Capital Managing Partner and Founder.
Good Growth Capital was advised by Triago.
APAC
Indonesia began an investigation on the legality and ethics of Telkomsel’s investment in listed technology unicorn PT GoTo Gojek Tokopedia Tbk, despite concerns that the move may be political, DealStreetAsia reported.
At least two commissions at the House of Representatives — one overseeing state-owned enterprises and the other overseeing legal and security affairs — had proposed to form a working committee to look into the investment and a special committee to investigate the alleged abuse of authority by the state-owned ministry in purchasing GoTo shares.
Total, Adani team up for $5bn India hydrogen project.
French giant TotalEnergies and Indian billionaire Gautam Adani’s conglomerate plan to invest $5bn to produce green hydrogen and related products in India as the world’s third-largest polluter seeks to decarbonize, Bloomberg reported.
“To meet India’s energy transition goals, we need big money and technology to come into the green hydrogen sector to drive down the costs,” Debasish Mishra, Deloitte Touche Tohmatsu Partner.
China’s Geely takes over Alibaba-backed Meizu Technology.
Zhejiang Geely Holding Group, the satellite-to-automobile group controlled by billionaire Li Shufu, has reportedly purchased a majority stake in Chinese smartphone maker Meizu Technology, Bloomberg reported.
Geely unit Hubei Xingji Shidai Technology bought a 79% interest in Meizu from Meizu’s founder and a unit of Alibaba Group Holding. Speculation that Geely was in talks to acquire the mobile phone maker surfaced earlier this year.
Japan's Idemitsu Kosan to acquire Seibu Oil. (FS)
Japanese petroleum supplier Idemitsu Kosan is set to buy out its affiliate Seibu Oil by October and close its only refinery as early as fiscal 2023, Reuters reported.
Idemitsu will increase its current 38% stake in Seibu Oil to make it a wholly owned unit. Japan's UBE and Chugoku Electric Power also have stakes in the oil company.
|
