AMERICAS
Patriot National Bancorp, a nationally chartered bank headquartered, terminated a $119m acquisition of American Challenger Development, a new digital national bank headquartered in Stamford.
It was by mutual agreement of the companies and was unanimously approved by the Boards of Directors of each company to terminate the existing deal. Pursuant to the parties’ mutual termination and release agreement, the parties have agreed to release each other from any claims relating to or arising out of the merger agreement or the transactions contemplated thereby.
Healthcare Realty, a healthcare facility real estate investment trust, completed the merger with Healthcare Trust of America, a healthcare facility REIT, in a $17.6bn deal.
“We believe all shareholders will benefit from the company’s expanded national footprint from HR’s Seattle portfolio to HTA’s Boston portfolio. The company will have unmatched market scale in concentrated clusters, meaningful corporate and operational synergies, and a larger development pipeline. We believe this transaction will be accretive through near term synergies with additional value from operational upside. It will also strengthen the combined balance sheet, enhance liquidity and improve access to capital. This combination provides a significant value creation opportunity for shareholders,” Todd Meredith, Healthcare Realty President and CEO.
Healthcare Realty was advised by Citigroup, Scotiabank, Hunton Andrews Kurth and Brunswick Group. Financial advisors were advised by Alston & Bird. Healthcare Trust of America was advised by JP Morgan, McDermott Will & Emery and Joele Frank. JP Morgan was advised by Cravath Swaine & Moore. Debt financing was provided by JP Morgan.
Blackstone, a private equity firm, completed the acquisition of PS Business Parks, a publicly-traded REIT, from Public Storage, an American international self storage company, for $7.6bn.
"I am extremely proud of everything we have accomplished at PS Business Parks. This transaction is an exceptional outcome for our stockholders and a testament to the incredible company and portfolio of high-quality assets our team has built, acquired and enhanced over the years," Stephen W. Wilson, PS Business Parks President and CEO.
PS Business Parks was advised by Eastdil Secured, JP Morgan, Wachtell Lipton Rosen & Katz and Kekst CNC. Financial advisors were advised by Cravath Swaine & Moore. Blackstone was advised by Barclays, Citigroup, Morgan Stanley, Simpson Thacher & Bartlett and Joele Frank.
ZyVersa Therapeutics, a company which is is committed to improving health outcomes and quality of life for patients, agreed to go public via a SPAC merger with Larkspur Health Acquisition in a $109m deal.
"We are delighted to partner with Larkspur in this business combination. Their management and board have vast experience as investors and operating executives in the biopharmaceutical industry. This merger and entry into the public markets will enable us to escalate development of our pipeline drug candidates for targeted patients with renal and inflammatory diseases, who have the need for disease-modifying drugs that are well tolerated and safe. We believe our drug candidates in development for these patients have potential to meet these needs and help drive improved health outcomes," Stephen C. Glover, ZyVersa Co-Founder, Chief Executive Officer, and Chairman.
ZyVersa is advised by Noble Capital Markets, The Benchmark Company and Lowenstein Sandler. Larkspur Health Acquisition is advised by Alliance Global Partners and Alston & Bird. Financial advisors are advised by Manatt Phelps & Phillips.
ArchiMed, an investment firm focused exclusively on the healthcare industry, completed the acquisition of Natus Medical, a provider of newborn care, neurology, and hearing and balance assessment healthcare products and services, for $1.2bn.
“The sale of Natus to ArchiMed will provide our shareholders with immediate and substantial cash value, as well as a compelling premium, and the Board has unanimously agreed that this transaction is in the best interests of our shareholders,” Joshua H. Levine, Natus Chairman.
ArchiMed was advised by Jefferies & Company, Latham & Watkins and Lanchner Communications. Natus Medical was advised by Stifel and Davis Polk & Wardwell. Stifel was advised by Morrison & Foerster.
Teck Resources, a diversified miner with coal, copper, zinc, and oil sands operations, and Glencore-backed PolyMet Mining, a firm engaged in the exploration and development of natural resource properties, agreed to form NewRange Copper Nickel, a joint venture located near both existing and closed iron ore mines and utilizes existing brownfield tailings storage and plant locations to minimize environmental impact. Financial terms were not disclosed.
"The NewRange Copper Nickel joint venture brings together two large, well defined mineral resources in the established Iron Range mining region of Minnesota. This agreement will help unlock a new domestic supply of critical metals for the low-carbon transition through responsible mining," Don Lindsay, Teck Resources President and CEO.
Teck Resources is advised by Morgan Stanley. Glencore is advised by McCarthy Tetrault. PolyMet Mining is advised by Maxit Capital, Paradigm Capital, Farris and Mason Hayes & Curran.
Ericsson, a Swedish multinational networking and telecommunications company, completed the acquisition of Vonage Holdings, an American publicly held business cloud communications provider, for $6.2bn.
"The core of our strategy is to build leading mobile networks through technology leadership. This provides the foundation to build an enterprise business. The acquisition of Vonage is the next step in delivering on that strategic priority. Vonage gives us a platform to help our customers monetize the investments in the network, benefitting developers and businesses. Imagine putting the power and capabilities of 5G, the biggest global innovation platform, at the fingertips of developers. Then back it with Vonage's advanced capabilities, in a world of 8bn connected devices. Today we are making that possible," Börje Ekholm, Ericsson President and CEO.
Vonage was advised by Qatalyst Partners, Weil Gotshal and Manges and Joele Frank. Financial advisors were advised by Cooley. Ericcson was advised by Freshfields Bruckhaus Deringer.
Argo Infrastructure Partners, an independent fund manager, completed the acquisition of Macquarie Infrastructure Hawaii from Macquarie Infrastructure, which operates and invests in a portfolio of infrastructure and infrastructure-like businesses in the US, for $514m.
“While Covid-19 lengthened the timeframe to complete these efforts, we are now transferring our businesses to private owners who recognize their improved resilience and growth potential. Subject to the successful closing of our two agreed transactions, we have delivered on our commitments and will return net proceeds to shareholders of $52.18 per share, representing a 35% premium to our share price prior to embarking on our pursuit of strategic alternatives,” Christopher Frost, MIC CEO.
MIC was advised by Evercore, Lazard, White & Case and Joele Frank. Financial advisors were advised by Fried Frank Harris Shriver & Jacobson.
BMO, a Canadian multinational investment bank, agreed to acquire Radicle Group, a provider of sustainability advisory services and solutions, and technology-driven emissions measurement and management. Financial terms were not disclosed.
"We are very excited to join BMO Capital Markets. Radicle's mission is to enable planet-positive solutions by balancing economic interests with ecological impact. By joining BMO, Radicle will be able to continue serving its existing customers, accelerate its emissions reduction efforts, scale its activities across BMO's client network, develop additional sustainability services, and enter new markets," Saj Shapiro, Radicle CEO.
BMO is advised by BMO Capital Markets and Torys. Radicle Group is advised by Citigroup, Borden Ladner Gervais and Golin.
Farmers National Banc, a diversified financial services company, and Emclaire Financial, a publicly traded Pennsylvania corporation and bank holding company, announced that the shareholders of Emclaire have voted to approve the $105 merger. The merger is expected to be completed after the satisfaction or waiver of the remaining closing conditions, which is anticipated to occur later in the third quarter of 2022.
"I would like to thank the Emclaire shareholders for their approval of this merger. We believe this demonstrates shareholder confidence in the financial and strategic benefits of the transaction. The combination of our two companies will drive value for stakeholders, while continuing to celebrate and execute our community banking model," Kevin J. Helmick, Farmers National President & CEO.
Emclaire Financial is advised by Raymond James and Silver Freedman Taff & Tiernan. Farmers National is advised by Janney Montgomery Scott and Vorys Sater Seymour & Pease.
Vitol, a multinational energy and commodities company, led a $100m Series C funding round in FlexGen, an integration services and software technology provider for energy storage solutions.
"We are excited to have Vitol join our existing investors to help power our continued growth. It is clearer than ever that the future of energy relies on energy storage that is cost-effective, safe, and easy to manage. This latest round of investment expands the advantaged position that FlexGen has with our customers across the utility, IPP, and co-op markets. We are laser-focused on delivering the industry's best software and integration services to our valued clients," Kelcy Pegler, FlexGen CEO.
Vitol was advised by Akin Gump Strauss Hauer & Feld. FlexGen was advised by Citigroup and DLA Piper.
Dechra, a veterinary products firm, agreed to acquire Piedmont Animal Health, a provider of pharmaceutical services, for $210m.
The deal accelerates the provision of innovative solutions to veterinarians and pet owners in areas of unmet or under serviced medical needs. Novel pipeline is complementary to Dechra's existing CAP portfolio, provide the opportunity to significantly strengthen Dechra's presence in key therapeutic areas of dermatology, pain management and anti-infectives. While initial product registrations will be focused on the key North American and European markets, there is the opportunity over time to register products in international markets; and adds strength and expertise to the Company's existing product development resource.
Dechra is advised by Investec and TooleyStreet.
Concentrix, a provider of customer experience services and technologies, completed the acquisition of ServiceSource International, a customer journey experience company, for $131m.
“We continue to be committed to Reimagining Everything CX for our clients and delivering strong returns to our shareholders through our investments. We’re seeing significant opportunities for growth in our B2B sales business today and ServiceSource’s complementary capabilities and footprint in this space, combined with our leading portfolio of CX offerings, will enable us to quickly and successfully scale to meet demand with existing and new clients,” Chris Caldwell, Concentrix President and CEO.
ServiceSource was advised by Centerview Partners and Davis Graham & Stubbs.
Vista Equity-backed StarRez, a developer of a cloud-based housing accommodation automation and property management platform, agreed to acquire Residential Management Systems, a developer of the mercury residential housing platform. Financial terms were not disclosed.
“When I founded RMS in 1994, my aim was to revolutionize the university and college software landscape with the combination of power, flexibility, and ease of use. By combining forces with StarRez, I believe we are best positioned to deliver increasing value and outstanding customer experience to our higher education community for years to come,” Graham Banister, RMS CEO.
StarRez is advised by Vinson & Elkins. RMS is advised by High Rock Partners.
Amazon, an Internet-based retailer, agreed to acquire One Medical, a national human-centered and technology-powered primary care organization, for $3.9bn.
“We think health care is high on the list of experiences that need reinvention. Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy – we see lots of opportunity to both improve the quality of the experience and give people back valuable time in their days. Together with One Medical’s human-centered and technology-powered approach to health care, we believe we can and will help more people get better care, when and how they need it," Neil Lindsay, Amazon SVP of Health Services.
One Medical is advised by Morgan Stanley.
Integrity Marketing, a distributor of life and health insurance, and provider of wealth management and retirement planning solutions, agreed to acquire PHP Agency, an operator of insurance brokerage and financial services marketing company. Financial terms were not disclosed.
"Patrick Bet-David is the embodiment of the American dream. He has inspired thousands of agents to become entrepreneurs, founders and leaders, all while building an agency that is reshaping the face of insurance. This type of leadership is a rare gift, and we're privileged to have Patrick join us in our mission to innovate the industry," Bryan W. Adams, Integrity Co-Founder and CEO.
PHP Agency is advised by Houlihan Lokey.
KKR-backed Körber, an international technology group, agreed to acquire Enspire Commerce, a commerce platform, and the freight audit and payment business from enVista. Financial terms were not disclosed.
"Körber is the trusted fulfillment and distribution technology partner for thousands of organizations worldwide. Acquiring enVista's commerce platform enables our customers to manage the life cycle of the order from multiple demand sources and network-wide inventory. The freight audit and payment service provides a single source of transportation visibility and tracking typically not available in ERP or TMS solutions. This, with the addition of enVista CEO Jim Barnes and 400 commerce and transportation experts, furthers our ambition to be a global supply chain software champion through an integrated solution suite," Chad Collins, Körber CEO Software, Business Area Supply Chain.
enVista is advised by JP Morgan.
Nutrien, a provider of crop inputs, services and solutions, agreed to acquire Casa do Adubo, a Brazilian distributor of fertilizers, pesticides and seeds. Financial terms were not disclosed.
“The acquisition expands our footprint in Brazil from five states to 13 and supports growers in a key region of the world that will increasingly be relied on to sustainably increase crop production and feed a growing population, especially with the current global food insecurity challenges. Our strong team in Brazil has successfully closed and onboarded five transactions since 2020. We expect that integrating Casa do Adubo will further enhance our ability to provide whole-acre solutions for all customers in the region while delivering quality earnings in this large and growing market,” Ken Seitz, Nutrien Interim President and CEO.
Nutrien is advised by Jones Day.
H.I.G. Capital, a private equity firm, completed the acquisition of Family Entertainment Group, a recognized industry company in arcade design, development, consulting, and operations. Financial terms were not disclosed.
“The acquisition of Family Entertainment Group represents an ideal opportunity to partner with the market leading provider of outsourced arcade operations. We are looking forward to partner with George, an industry pioneer, and the rest of the executive team as they look to accelerate the Company’s growth,” Ryan Kaplan, H.I.G Managing Director.
Equifax, a global data, analytics, and technology company, agreed to acquire LawLogix, a provider of cloud-based I-9 software and immigration case management software, from Hyland, a content services provider that enables thousands of organizations to deliver better experiences to the people they serve. Financial terms were not disclosed.
"Employers and law firms recognize that the stakes are high when it comes to I-9 and immigration case management. That is why so many rely upon our solutions, which were developed by immigration law experts and are backed by decades of industry experience. We are energized by the opportunities before us, as we leverage Equifax technology and analytics to help benefit our clients and grow the business," John Fay, LawLogix President.
ConocoPhillips eyes US Gulf of Mexico exit.
ConocoPhillips is exploring a sale of its stake in the Ursa platform and Princess subsea well in the Gulf of Mexico, in what would mark its exit from deepwater energy production off the US Gulf coast. The oil producer has been offloading assets as it shifts to become a major operator in the Permian basin, the heart of the shale industry in the United States. It has targeted between $4bn and $5bn in divestments by the end of 2023, Reuters reported.
Conoco has retained a financial adviser to sell its 15.9% holding in the Ursa/Princess development, which is likely to be valued in the high hundreds of millions of dollars.
Visa considers taking a stake in fintech Airwallex. (FS)
Visa is reportedly in talks to contribute to a funding round for fintech startup Airwallex.
Airwallex provides end-to-end cross-border payments and collections solutions for customers. Fintech, which has raised around $800m thus far, is also reportedly considering an initial public offering that could come as soon as 2024, Bloomberg reported.
Banks delay $5.4bn buyout financing to Apollo for Tenneco.
The lenders have decided to launch the leveraged loan and high-yield bond offerings after the US Labor Day holiday, which falls on September 5 this year, in the hopes that the later timing will provide a calmer backdrop for bringing in investors, according to people familiar with the deal who requested anonymity discussing a private transaction.
Tenneco is designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers, with full year 2020 revenues of $15.4bn and approximately 73k team members working at more than 270 sites worldwide.
Blackstone draws over $24bn commitments for latest real estate fund. (FS)
Buyout giant Blackstone has secured commitments worth $24.1bn for its latest real estate fund, according to a regulatory filing on Wednesday. The size of the new fund, called Blackstone Real Estate Partners X, could go up to $30.3bn when it is finalized, Reuters reported.
The New York-based private-equity behemoth has been ramping up its bets on companies in the real estate space. In April, Blackstone agreed to buy real estate investment PS Business Parks for $7.6bn including debt.
Ares gearing up to launch $11.23bn European direct lending fund. (FS)
Fundraising for the new Ares Capital Europe VI fund is slated to begin in the first quarter of 2023, while Ares has already begin courting potential investors. In April last hear, the Los Angeles-based firm reeled it had raised $11.23bn for the Ares Capital Europe V fund, and fund VI is looking to surpass that record total.
Institutional investors in the previous fund include California Public Employees’ Retirement System, Virginia Retirement System and Maine Public Employees Retirement System.
WestBridge Capital raises $1.5bn in largest-ever commitment for Indian companies. (FS)
WestBridge Capital, an investment fund, which has backed unicorns such as LEAD and Vedantu in recent years, has raised $1.5bn to invest in Indian companies. The new pool of capital will be used to invest in segments such as consumer technology, SaaS and fintech, among others, signifying optimism in the region even as investors turn cautious in the current market. The funds raised will be a part of its crossover fund.
WestBridge, which started out with a public markets focus over a decade ago, follows an ‘evergreen fund structure’ – a fund that typically invests for a longer duration or for as many as 20 years. It raised the fresh corpus over the last two months, sources added.
Fifth wall closes $500m for its first climate fund. (FS)
Fifth Wall, a Los Angeles-based venture capital firm focused on real estate technology, it has raised $500m for a climate fund to help decarbonize an industry estimated to account for nearly 40% of the world's carbon emissions.
The fund, which brings together some of the largest owners and operators of real estate globally, will invest in software, hardware, renewable energy, energy storage, smart buildings, and carbon sequestration technologies.
While real estate emits about two-fifths of total global greenhouse gases during a building's life cycle, according to brokerage JLL, estimates show the industry has invested only $94.6m into climate technology R&D over the past 10 years, Fifth Wall said.
Citigroup says clean-energy banker is set to retire. (People)
Citigroup said Stephen Trauber, who last year was promoted to co-lead the firm’s new natural-resources and clean-energy transition group inside its investment bank, is planning to retire.
Stephen Trauber, will be succeeded by Michael Jamieson, who has previously been leading the investment-banking group focused on energy companies. Trauber will assist Jamieson and his former co-head Sandip Sen with the transition, Bloomberg reported.
“He leaves a strong team and a focused strategy that will foster growth for Citi for many years to come,” Tyler Dickson and Manuel Falcó, Citigroup co-heads banking, capital markets and advisory division.
EMEA
The Board of The Go-Ahead Group, a transportation services provider, notes that Kelsian Group, an integrated multi-modal transport provider and tourism operator, does not intend to make an offer for Go-Ahead. Accordingly, Kelsian is no longer a potential offeror for Go-Ahead.
On 13 June 2022, the boards of directors of Go-Ahead and Gerrard Investment, a newly formed company indirectly owned by Kinetic and Globalvia Inversiones, announced that they had reached agreement on the terms of a £650m recommended cash acquisition of Go-Ahead by Bidco.
Kelsian Group is advised by JP Morgan and Citadel Magnus. Go-Ahead is advised by Investec, Peel Hunt, Rothschild & Co, Herbert Smith Freehills and Citigate Dewe Rogerson. Globalvia Inversiones is advised by Santander, UBS, Linklaters and Tulchan Communications.
Caledonia Mining to acquire Bilboes Gold for $53m.
Caledonia Mining, a profitable cash generative gold producer, agreed to acquire Bilboes Gold, a gold project, for $53m.
“We are delighted to have signed an agreement for the purchase of Bilboes, the premier gold development project in Zimbabwe, and indeed one of the best gold development projects in Africa. This is a transformational asset for Caledonia, as we embark on the next step in our journey to become a multi-asset, mid-tier gold producer. Once in full production (which will be subject to financing of the capex) Caledonia’s management believes that Bilboes could produce three times our current 64 per cent attributable share of gold production from Blanket, resulting in production from the enlarged Caledonia group being potentially four times its current size," Mark Learmonth, Caledonia Mining CEO.
Caledonia Mining is advised by Liberum Capital, Cenkos Securities, Rothschild & Co, 3PPB, BlytheRay and Curate Public Relations. Bilboes Gold is advised by Hannam & Partners.
FNZ, a global wealth management platform, completed the acquisition of New Access, a private banking technology firm, from BlackFin Capital, a private equity firm. Financial terms were not disclosed.
"FNZ's success has always been based on understanding the needs of our customers and providing them the solutions they need to grow their business. We are excited that FNZ and New Access are coming together to provide private banks and wealth managers with an unrivalled full service, end-to-end wealth management platform that will help them deliver significant operational efficiencies and improve the client experience," Adrian Durham, FNZ CEO.
FNZ was advised by Deloitte, CMS and Charlotte Street Partners. BlackFin Capital was advised by Rothschild & Co and Homburger.
Coats Group, an industrial thread manufacturer, completed the acquisition of Texon, a footwear solutions provider, from Navis Capital, a private equity firm, for $237m.
"The acquisition of Texon will strengthen our existing presence in the highly attractive athleisure footwear market. The business is complementary to Coats and provides attractive future commercial opportunities as we work together leveraging our combined expertise and knowledge to succeed with our customers. We recognise and share Texon's focus on sustainability and innovation and believe that this acquisition strengthens our ability to fulfil these shared ambitions," Rajiv Sharma, Coats CEO.
Coats Group was advised by Lazard and FTI Consulting. Navis Capital was advised by BDA Partners and William Blair & Co.
EV Technology, a firm that accelerates the adoption of electric vehicles, agreed to acquire MOKE International, a manufacturer of beach mobility vehicles, for $55m.
“The investment in MIL is extremely close to my heart. I first became interested in MOKE International when I tried to rent the vehicle in the South of France – I quickly discovered the joy of driving this vehicle in beautiful locales – but also the commercial opportunity given how high demand was for this iconic brand, relative to supply," Wouter Witvoet, EV Technology CEO.
EV Technology is advised by RedChip Companies and Talk Shop Media.
Sixth Street Growth, a global investment firm, led a $400m Series F funding round in Contentsquare, a provider of digital experience analytics services, with participation from Bpifrance, Canaan, Eurazeo, Highland Europe, KKR, LionTree, SoftBank Vision Fund 2, and BlackRock.
“This new round of investment is a testament to the boundless ambition of our team, who is laser focused on helping businesses of all sizes deliver more human digital experiences — experiences that are seamless, frictionless, rewarding and inspiring. We’re excited to keep on dedicating ourselves to raising the standards of digital customer experience everywhere, and we feel this is just the beginning," Jonathan Cherki, Contentsquare CEO and Founder.
Sixth Street was advised by LionTree Advisors.
Marks and Spencer, a major British multinational retailer, agreed to acquire Gist, a principal contract logistics provider, from BOC-backed Storeshield for £255m ($306m).
"M&S has been tied to a higher cost legacy contract, limiting both our incentive to invest and our growth. The last two years have shown what can be achieved by working collaboratively alongside our partners at Gist. This has given me confidence that now is the time to take action and remove an impediment to our growth. We have therefore acted decisively to acquire Gist, taking control of our Food supply chain for
the first time in our history. This is the first step in a multi-year plan which will transform the entire supply chain," Stuart Machin, M&S CEO.
Kingdom Holding, a private equity firm, agreed to invest $269m in M&G, a global investment manager headquartered in the City of London.
Founded in 1848 in the United Kingdom, M&G is one of the largest savings and asset management companies in Europe with more than $370bn in asset management and serving more than 5m clients in 28 global markets. The investment in M&G is aligned with Kingdom's strategy of investing in global leaders and diversifying exposure in new and promising sectors, the company said in a statement on Riyadh's Tadawul stock exchange.
Expobank, a provider of commercial banking services, agreed to acquire the Russian business of HSBC, a banking and financial services organisation. Financial terms were not disclosed.
Completion of the deal would represent HSBC's formal exit from Russia but the bank said the transaction was still subject to regulatory approvals in Russia. HSBC's business in Russia consisted of a corporate banking business which offered a range of lending and investment banking services to domestic and multinational customers. It employed around 200 people.
UK's JD Sports in talks to sell Footasylum to Aurelius Group.
JD Sports Fashion, Britain's largest sportswear retailer, was in exclusive talks to sell Footasylum to German asset management firm Aurelius Group.
Britain's competition regulator last year ordered JD Sports to sell Footasylum after its probe found that the combination could lead to a "worse deal" for consumers, Reuters reported. JD Sports, which sells brands such as Nike, Adidas, and Puma in its physical and online stores, bought Footasylum in 2019 for $103m in its quest for dominance in the sportswear market.
Spanish renewables firm Opdenergy has seen pricing IPO at the bottom of the range.
Opdenergy is expected to price its IPO at $4.85 per share, the bottom of its indicated range, which would value the Spanish renewable energy firm at $716m. Opdenergy, which operates solar parks in Europe and Latin America, will be the first new listing on the Spanish stock market this year amid a IPO drought in the United States and Europe that has dealt a blow to investment banks, Reuters reported.
On Wednesday, price guidance for Opdenergy's IPO was narrowed to $4.85-5 per share, from initial guidance of $4.85-5.51, joint bookrunner Societe General said.
Turkish app Marti's set to announce New York IPO.
Marti, a Turkey-based mobility app, will announce its planned merger with a blank-check company within weeks, a deal that marks the first IPO by a Turkish company via a SPAC in New York, Bloomberg reported.
The deal between Marti Technologies and Galata Acquisition, a SPAC listed in New York, is finalized following months-long negotiations. Marti will use IPO proceeds to expand its area of activity and boost the size of its fleet.
“We believe that almost everything on two- and four-wheels will be electric in just a few years, and everything electric will be sharable,” Oguz Alper Oktem, Marti CEO and founder.
LGT Capital Partners holds the final close of Crown Co-investment Opportunities III at $2bn. (FS)
Crown Co-investment Opportunities III continues the investment strategy of its predecessor funds and seeks to build a diversified portfolio of co-investments alongside high-quality managers in LGT Capital Partners' network.
The focus of the investment strategy is on buyouts in North America, Europe and opportunistically Asia-Pacific, that demonstrate favourable deal dynamics, visibility on value creation and downside protection. The program’s diversified investor base consists of more than 60 institutions, including pension funds, insurance companies, endowments and family offices in Europe, the Americas, Asia, Australia and the Middle East.
“Co-investments have increasingly become a component of diversified private market portfolios. By investing in CCO III, investors get direct access to high-quality transactions well-diversified by sector, manager, geographic region and vintage year. At the same time, they can draw on our dedicated resources and years of experience to execute transactions thoroughly and efficiently,” Wolfgang Müller, LGT Capital Partners Partner.
Ambienta closes a $1.58bn private equity fund focused on environmental champions. (FS)
The fundraising attracted significantly more interest from investors than Ambienta could accommodate from the very start of the fundraising and closed on exactly the date set at the outset.
Ambienta IV is the largest European Private Equity fund ever raised, solely focused on companies that enable positive environmental change in their respective sectors. The fund attracted capital commitments from investors, including pension funds, insurance companies, sovereign wealth funds, banks, endowments, foundations, funds of funds, and family offices.
Approximately 55% of the investor support came from EU countries, 20% from other European countries, and the rest from US, Canada, South America, and Asia. Notably, the fund received strong support from its existing LP base, with re-up demand in excess of 100% of prior commitments.
Roche diagnostics head to take helm of Swiss pharma giant. (People)
Thomas Schinecker, Roche head of diagnostics, is to take over as group CEO next year, replacing Severin Schwan, who will become chairman after rejuvenating the Swiss drugmaker's suite of treatments, Reuters reported.
Chairman Christoph Franz will not seek re-election after nine years as non-executive board chairman at the next annual shareholder meeting in March 2023, the Swiss drugmaker said in a statement.
Austrian-born Schwan, who became CEO in 2008, oversaw a strong share price performance as Roche diversified away from its traditional focus on cancer, offsetting revenue loss due to cheap biotech copies of established oncology medicines Herceptin, Avastin and Rituxan that once accounted for about half of drug sales.
BMG to spend up to $1bn on music rights this year as others pull back.
Music group BMG is preparing to spend as much as $1bn on songs and recordings this year, doubling down on acquisitions even as some investors are scaling back as interest rates rise.
The Bertelsmann-owned company has set a budget of $460m to buy catalogues in 2022 in addition to its potential $500m acquisition of British rock band Pink Floyd’s back catalogue, according to people familiar with the matter.
Hartwig Masuch, BMG CEO, said some investment vehicles that had helped create the recent frenzy surrounding music rights were growing cautious, depressing prices and creating an opportunity.
Marks & Spencer CFO exits Associated British Foods. (People)
Eoin Tonge, Marks & Spencer CFO is set to become the latest senior figure to leave the retailer. Tonge had been handed new responsibilities just weeks ago, having also been named M&S's chief strategy officer upon the departure of long-time CEO Steve Rowe, Bloomberg reported.
Rowe, who is widely credited with a performance turnaround of M&S, retired in May, and was replaced by now-co-chief executives Stuart Machi and Katie Bickerstaffe – formerly head of food, and head of clothing and online sales, respectively.
Netflix, a provider of internet entertainment services, agreed to acquire Animal Logic, an Australian animation studio. Financial terms were not disclosed.
“Netflix has been investing in animation over the past few years and this furthers our commitment to building a world-class animation studio. Animal Logic is a leading animation studio with innovative technology that will strengthen our existing business and increase our long-term capacity in the animation space, so that we can better entertain our members around the world," Amy Reinhard, Netflix Vice President of Studio Operations.
Netflix is advised by Skadden Arps Slate Meagher & Flom.
Shang Qi Capital, a private equity firm, led a $740m Series D round in RT Advanced Materials, a producer of lithium-ion battery materials.
“Our cooperation with RT will help SAIC Motor continue to lead the development of China’s power battery technologies and ensure battery supplies to the parent firm,” Shang Qi Capital.
Toshiba selects Bain, CVC, Brookfield, Japan funds for second round in a $22bn takeover battle. (FS)
Toshiba has selected four bidders including private equity firms Bain Capital, CVC Capital Partners and Brookfield Asset Management to proceed to a second bidding round. The race for what could be the country’s biggest buyout deal this year gathers pace as the four bidders are now invited to conduct due diligence for several months.
In addition to the three, a consortium involving state-backed Japan Investment and domestic private equity firm Japan Industrial has been selected. Brookfield’s proposal is for a capital alliance that would see the Japanese conglomerate remain listed, while the other three propose taking it private.
Capitaland, Link REIT are vying for $3bn Singapore malls.
Capitaland Integrated Commercial and Link Real Estate Investment are among bidders vying for NTUC $2.9bn portfolio of shopping malls in Singapore. CICT sounds out sources of financing for the prospective transaction, while Hong Kong’s Link REIT is working with an adviser on a potential bid, Bloomberg reported.
The assets are also drawing interest from other players in Singapore, including Frasers Property and Far East Hospitality. Non-binding bids are due by the end of this month.
Chinese firms plan Swiss share sale launch this week.
Three Shanghai-listed companies plan to start taking investor orders for their global depository receipts in Zurich, as they vie to be among the first Chinese firms tapping the Swiss market in the new stock connect regime, Bloomberg reported.
Building materials manufacturer Keda Industrial Group and Ningbo Shanshan, a lithium battery materials maker, are looking to open their books to investors. Battery manufacturer Gem could also take orders as soon as in the coming days.
Ningbo Shanshan, which has received approval from the Chinese securities regulator, aims to raise between $700m and $1bn in the GDR issuance. Gem is seeking about $500m, while Keda targets $200m to $300m from the sale.
China’s $1.2tn wealth fund reorganizes key investment arm.
China Investment, which oversees $1.2tn in assets, recently combined the operations of CIC Capital with its main overseas investment business. The consolidation partly unwinds the Beijing-based fund’s 2015 decision to create the unit as its direct investment arm to boost long-term returns and help Chinese companies expand abroad.
While the functions of CIC Capital’s teams are little changed, the new structure is another step in streamlining operations. The sovereign wealth fund last year restructured how it decides on international investments, setting up two new committees in place of bodies at units CIC Capital and CIC International that had overlapping responsibilities.
CIC Capital has been a key part of Chairman Peng Chun’s effort to raise direct and alternative investments to 50% of the sovereign wealth fund’s overseas portfolio, a goal he has months left to achieve under a five-year plan that runs till 2022.
Starbucks China rival seeking funds at $1.2bn value.
The China operator of coffee chain % Arabica is weighing new funding round and could seek a valuation for its business in the country of as much as $1.2bn, Bloomberg reported.
Lucky Ace International, which holds the exclusive franchise of the Japanese coffee retailer in Greater China, is looking to raise about $300m to bankroll its expansion and has reached out to potential investors for the round, the people said.
Lucky Ace was valued at about $800m to $900m in its last funding round.
Vietnam’s Hung Thinh Land seeks at least $200m from IPO.
Hung Thinh Land plans to offer a 10% stake worth at least $200m in an initial public offering that would give the Vietnamese developer an estimated market value of $2.1bn. The builder of high-rise condominiums and vacation villas looks to issue 100m shares to foreign and domestic investors early next year, Bloomberg reported.
The company would become the third largest real estate developer on the Ho Chi Minh City Stock Exchange, following Vinhomes and No Va Land Investment Group, VinaCapital Group said in a May note to investors about its Vietnam Opportunity fund’s $25m investment into Hung Thinh Land.
Navis Capital Partners launches credit business, hires ex-Blackrock veteran. (FS)
Malaysia-headquartered private equity firm Navis Capital Partners has launched an Asia credit platform, Navis Asia Credit, and roped in BlackRock’s Asia credit business executive Justin Ferrier as its managing partner to spearhead the new unit.
Ferrier was a managing director at BlackRock from 2016, where he sat on the private credit investment committee and helped build BlackRock’s Asia-Pacific private credit business.
“The NAC is an exciting initiative for us, which will leverage the Navis private equity platform for deal flow and will focus on secured credit investments, positioning itself as a partner to businesses that typically resist equity dilution in the early years of a relationship when looking for expansion capital for M&A, organic expansion, or ownership transition,” Nicholas Bloy, Navis Capital Managing Partner.
Alex To joins China focused fund CDH as CEO. (People)
CDH Investments, an alternative investment fund manager, focused on China, has hired top Asian dealmaker Alex To as its new CEO. To, until recently the co-head of Bank of America, Asia Pacific investment banking, will also become a partner of the fund. He’s set to start his new role in the coming month, Bloomberg reported.
CDH Investments started in 2002 as a private equity platform and later expanded into other areas such as venture and growth capital, real assets, private credit, equities, and private wealth management, according to its website. It had more than $26.6bn of assets under management as of September last year, with offices in Hong Kong, Shenzhen, Shanghai, Beijing, and Singapore. The fund has invested in more than 300 companies in China, and more than 90 of them have been listed domestically and abroad.
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