AMERICAS
The $39bn buyout of Alexion, a global biopharmaceutical company focused on development and commercialization of life-changing medicines, by AstraZeneca, a science-led biopharmaceutical company, is expected to close next week as Britain's competition watchdog cleared the deal, Reuters reported.
The Competition and Markets Authority began a review of the deal in May to check if that could reduce competition in Britain or other markets. It decided not to initiate a broader probe into the deal following its initial assessment. The merger, which will beef up the AstraZeneca's line of cancer medicines, is expected to close on July 21.
AstraZeneca is advised by Goldman Sachs, Morgan Stanley, Centerview Partners, Evercore, JP Morgan, Ondra Partners and Freshfields Bruckhaus Deringer. Financial advisors are advised by Allen & Overy and Simmons & Simmons. Debt financing is provided by Goldman Sachs, JP Morgan and Morgan Stanley. Alexion is advised by Bank of America, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Bank of America is advised by Fried Frank Harris Shriver & Jacobson.
Wheels Up, a private aviation with its technology-driven marketplace, expanding the addressable market and making private air travel, went public via a SPAC merger with L Catterton-backed Aspirational Consumer Lifestyle in a $2.1bn deal.
"When we founded Aspirational, Wheels Up was exactly the kind of company we wanted to partner with. Kenny and his world-class team have created a truly iconic brand built upon years of exceptional, personalized customer experiences. They are a clear leader and innovator in the space and we look forward to working together to introduce Wheels Up to the global stage. We see many opportunities to leverage our experience and relationships to partner with other aspirational and luxury brands and to expand to international markets," Ravi Thakran, Aspirational Chairman & CEO.
Wheels Up was advised by BTIG, Raymond James, Robert W Baird, UBS, Goldman Sachs, Jefferies & Company, Morgan Stanley, Arnold & Porter Kaye Scholer, Jonesworks and Kivvit. Aspirational Consumer was advised by Connaught, Credit Suisse and Skadden Arps Slate Meagher & Flom. L Catterton was advised by Joele Frank.
Illumina's acquisition of Grail faces a full-scale EU antitrust probe.
Life sciences company Illumina's proposed $8bn acquisition of Grail, a cancer test maker, faces a lengthy EU antitrust investigation if it does not offer hefty concessions this week, Reuters reported.
Last month, the European Commission opened a preliminary review into the deal, a decision Illumina is challenging in court because the deal does not meet the EU revenue criteria. It eventually decided to seek EU approval for the deal while waiting for the court ruling. Illumina has until July 15 to offer concessions to address possible competition concerns or risk a five-month regulatory investigation.
Illumina is advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Goldman Sachs is advised by Freshfields Bruckhaus Deringer. Debt financing is provided by Goldman Sachs. Grail is advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co. Johnson & Johnson is advised by Goodwin Procter.
Brookfield Infrastructure Partners, a firm that engages in the acquisition and management of infrastructure assets on a global basis, is considering “further enhancements” to its offer to buy Inter Pipeline, a multinational petroleum transportation and infrastructure firm, Reuters reported.
The news comes a day after the Alberta Securities Commission ruled that Inter did not engage in any improper defensive tactics to fend off a hostile takeover bid from Brookfield, which had alleged that Inter’s tactics favored an offer from Pembina Pipeline, an operator of transportation and storage infrastructure.
Brookfield is advised by BMO Capital Markets, Barclays, McCarthy Tetrault and Laurel Hill. Pembina Pipeline is advised by Scotia Capital and Blake Cassels & Graydon. Inter Pipeline is advised by Credit Suisse, JP Morgan, TD Securities, Burnet Duckworth & Palmer and Dentons.
Webhelp, a global provider of customer experience and business solutions, agreed to acquire OneLink, an IT service management company, from private equity firm One Equity Partners. Financial terms were not disclosed.
"Webhelp and OneLink share a similar culture and challenger mentality. We both create disruptive experiences in the digital world that position our clients as customer-focused organizations, helping them build brand loyalty and create revenue," Olivier Duha, Webhelp CEO.
OneLink is advised by KPMG, Rothschild & Co and Greenberg Traurig. Webhelp is advised by Roland Berger, Alvarez & Marsal, Goldman Sachs, Latham & Watkins, Linklaters, Padilla and Auctus Capital Partners. Debt financing is provided by KKR Capital Markets.
First Citizens BancShares, the parent company of First-Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank, jointly announced that the proposal to merge the two companies in a $2.2bn deal received regulatory approval from the Federal Deposit Insurance Corporation.
Completion of the proposed merger remains subject to approval from the Board of Governors of the Federal Reserve System, and closing is expected in the third quarter, subject to such approval and the satisfaction or waiver of other customary closing conditions.
CIT Group is advised by Keefe Bruyette & Woods, Morgan Stanley, Stifel, Sullivan & Cromwell, Davis Polk & Wardwell and Kekst CNC. First Citizens is advised by Piper Sandler, Borden Ladner Gervais and Smith Anderson.
Shareholders of Herman Miller, an American company that produces office furniture, equipment, and Knoll, an American design firm that produces office systems, seating, files and storage, tables and desks, textiles, and accessories, overwhelmingly approved their respective proposals required in order to consummate the pending $1.8bn acquisition of Knoll by Herman Miller.
Upon completion of the transaction, Knoll shareholders will receive $11.00 in cash and 0.32 shares of Herman Miller common stock for each share of Knoll common stock they own. Subject to the satisfaction or permitted waiver of all remaining closing conditions, the transaction is currently expected to close on Monday, July 19, 2021.
Knoll is advised by Bank of America and Sullivan & Cromwell. Bank of America is advised by Willkie Farr & Gallagher. Herman Miller is advised by Goldman Sachs, Wachtell Lipton Rosen & Katz and Joele Frank. Investindustrial is advised by Kirkland & Ellis.
Middleby, an American publicly traded commercial and residential cooking and industrial process equipment company, announced that it would not make an increased offer for Welbilt, a provider of foodservice equipment and solutions, and terminated its meger agreement with the company.
Welbilt recently announced that the $4.8bn offer made by Ali Group, a provider of foodservice equipment, was superior to its merger agreement with Middleby.
"We believe that the previously agreed terms of the Merger Agreement between Middleby and Welbilt offered significant long-term strategic value to the Welbilt shareholders through the ability to participate in substantial upside opportunity from Middleby's continued growth, while remaining attractive to our existing Middleby shareholders. As we considered our options over the course of the match period, we concluded to deploy our substantial financial resources wisely. We are excited about the momentum of our business and future prospects of our three industry-leading foodservice platforms. As a seasoned acquirer, we remain disciplined and committed to ensuring the best outcome for our Middleby shareholders," Timothy FitzGerald, Middleby CEO.
Welbilt is advised by Morgan Stanley and Gibson Dunn & Crutcher. Morgan Stanley is advised by Simpson Thacher & Bartlett. Ali is advised by Goldman Sachs, Alston & Bird and Joele Frank.
Craneware, which is engaged in the development, licensing and ongoing support of computer software, completed the acquisition of Sentry Data Systems, a provider of automated pharmacy procurement solutions, from Abry Partners, a Boston-based private equity firm, for $400m.
"Faced with increasing pressure to better manage costs and improve patient outcomes, US healthcare providers must effectively use automation to generate actionable insights that enhance operational efficiency and compliance resulting in sustainable margins that can be re-invested in providing better care for those who are in need," Keith Neilson, Craneware CEO.
Craneware was advised by Goldman Sachs, Peel Hunt and Alma PR. Abry Partners was advised by Piper Sandler, DLA Piper and Chris Tofalli Public Relations.
Castik Capital-backed Waterlogic, a global designer, manufacturer, distributor and service provider of purified drinking water dispensers, agreed to acquire Quality Water Service, which operates tens of thousands of water dispensers and coffee machines for corporate, healthcare, education, leisure, and hospitality customers, from Advent-Morro Equity Partners, a Puerto Rico based growth equity firm. Financial terms were not disclosed.
"Our relationship with QWS has been 11 years in the making. They are a trusted partner who will help us achieve a stronger foothold in Chile and Colombia as well as the opportunity to establish a direct presence for the first time in Puerto Rico," Rodrigo Serres, Waterlogic Managing Director for Latin America.
QWS is advised by Raymond James and Ferraiuoli. Waterlogic is advised by DLA Piper, McConnell Valdes, NLD Abogados and Skadden Arps Slate Meagher & Flom.
WindRose Health Investors and Inclusive Capital Partners-backed Kolmac, a network of intensive outpatient addiction treatment centers, completed the acquisition of Concerted Care Group, a health services provider.
"We are excited to partner with such a well-respected provider as Kolmac who shares our same vision for providing high quality, highly effective treatment to all patients in the outpatient setting," Anton Kuznetsov, CCG CEO.
Concerted Care Group is advised by Northborne Partners, Reed Smith and Zarren Law Group. Debt financing is provided by BMO Capital Markets. WindRose is advised by McDermott Will & Emery and Lambert & Co.
Hitachi, a Japanese multinational conglomerate, completed the acquisition of GlobalLogic, a digital product engineering services company, from investment firms Canada Pension Plan Investment Board and Partners Group, for $9.5bn.
"The acquisition of GlobalLogic creates an exciting new opportunity for Hitachi to expand our offerings of Lumada solutions and services, provide value to customers in their digital transformation journey, and grow our Lumada business globally. The synergy of GlobalLogic's leading experience design and innovation with Hitachi's expertise in IT, operational technology, and products, will help us realize our goal to be the leading digital transformation innovator in social infrastructure worldwide. Together, we will create new social, environmental and economic value for our globally expanding client companies and elevate QoL for people through contributions to realize sustainable society," Toshiaki Higashihara, Hitachi President & CEO.
GlobalLogic was advised by Goldman Sachs, JP Morgan and Kirkland & Ellis. Hitachi was advised by Credit Suisse and Shearman & Sterling.
EQT Partners, a global investment organization, agreed to acquire Covanta, a provider of sustainable waste and energy solutions, for $5.3bn.
"EQT and Covanta are proven business leaders who share a like-minded approach to environmental stewardship, and this acquisition aligns directly with EQT's thematic approach of investing in sustainable businesses that have a positive impact on society. EQT is excited to partner with the entire Covanta team and to invest in organizational, operational, and digital technology initiatives that will enhance Covanta's ability to provide sustainable solutions to growing waste challenges. As a responsible investor, EQT is committed to working with Covanta on transforming and supporting the energy transition and circular economy across its local communities," Alex Darden, EQT Partner.
Covanta is advised by Bank of America and Debevoise & Plimpton. EQT is advised by Barclays, TD Securities and Kirkland & Ellis.
AngloGold, a gold mining company, agreed to acquire Corvus Gold, a North American gold exploration and development company, for $370m.
Corvus controls 100% of its North Bullfrog Project, which covers approximately 90.5 km2 in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 1.1k federal unpatented mining claims.
AngloGold is advised by Standard Bank of South Africa, RBC Capital Markets, Cravath Swaine & Moore, Hogan Lovells and Stikeman Elliott.
Curia, a contract research, development and manufacturing organization, agreed to acquire LakePharma, a provider of biologics services intended to serve pharmaceutical and biotechnology markets. Financial terms were not disclosed.
"LakePharma will expand our integrated approach to provide biotech and pharmaceutical companies with small and large molecule research, development and manufacturing solutions. Funding and innovation in the biotech sector remains strong. Our combined capabilities will enable us to partner with our customers by seamlessly providing LakePharma's multi-modality innovation and speed along with fill-finish solutions from Curia. Our agreements with LakePharma and Integrity Bio demonstrate our commitment to expanding and deepening our biologics capabilities to help our customers advance from curiosity to cure," John Ratliff, Curia Chairman & CEO.
Curia is advised by RBC Capital Markets and Nelson Mullins Riley & Scarborough. LakePharma is advised by Goldman Sachs, Fenwick & West and Brandwidth Solutions.
FNB, a diversified financial services company operating in seven states and the District of Columbia, agreed to merge with Howard Bancorp, a Maryland-chartered trust company operating as a commercial bank, in a $418m deal.
"FNB and Howard share a deep cultural commitment to client and community service. Combined, we will have the sixth largest deposit share in the Baltimore market, reinforcing our strong presence and presenting our organizations with the opportunity to deliver an enhanced experience for our customers, communities and dedicated teams," Vincent J. Delie, FNB Chairman, President and CEO.
Howard Bancorp is advised by Keefe Bruyette & Woods and Nelson Mullins Riley & Scarborough. FNB is advised by Morgan Stanley and Reed Smith.
Investment firm Platinum Equity agreed to acquire Oregon Tool, a global manufacturer and distributor of aftermarket-driven professional-grade cutting tools, outdoor equipment accessories and parts from private equity firms American Securities and P2 Capital Partners. Financial terms were not disclosed.
"Oregon Tool has a well-deserved reputation for quality, innovation and engineering that dates back nearly 75 years. We are committed to building on that legacy and working with the management team to invest in a new generation of growth and expansion. We have a lot of experience helping companies like Oregon Tool take the next step and our financial and operational resources will accelerate their efforts," Louis Samson, Platinum Equity Partner.
Oregon Tool is advised by Evercore, Robert W Baird and Kirkland & Ellis. Platinum Equity is advised by Latham & Watkins.
ZoomInfo, a provider of modern go-to-market software, data, and intelligence, agreed to acquire Chorus.ai, an AI conversation intelligence cloud platform, for $575m.
"ZoomInfo is the only company that can marry a best-in-class data layer with world-class go-to-market applications. The acquisition of Chorus will accelerate our vision to deliver a modern go-to-market platform that brings together best-in-class intelligence with comprehensive data management, workflow, and engagement software, empowering companies to effectively execute their revenue-generating strategies. With the largest Conversation Intelligence patent portfolio in the industry, Chorus will advance each aspect of our vision by surfacing a new category of insights, illuminating new workflows, and enabling more targeted engagement at scale," Henry Schuck, ZoomInfo Founder and CEO.
Chorus.ai is advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. ZoomInfo is advised by Morgan Stanley, Lane Powell and Simpson Thacher & Bartlett.
Twilio completed the acquisition of Zipwhip for $850m.
Twilio, a cloud communications platform, completed the acquisition of Zipwhip, a provider of toll-free messaging, for $850m.
“Messaging is becoming a preferred way for consumers to engage with brands, therefore it’s critical to provide multiple messaging options. By bringing together the world’s leading cloud communications platform and a trusted partner in the messaging ecosystem, we have the ability to deliver more secure, high-quality toll-free traffic at scale. We are thrilled to welcome Zipwhip to the Twilio team as we continue our journey to become the world’s leading customer engagement platform trusted by developers and companies globally,” Simon Khalaf, Twilio Senior Vice President and General Manager of Communications Platform.
Twilio was advised by Fenwick & West. Zipwhip was advised by Morgan Stanley and Cooley.
Ormat, a geothermal company, completed the acquisition of two contracted geothermal assets in Nevada from Terra-Gen, an owner, operator and developer of utility-scale renewable and clean energy assets, for $377m.
"This transaction bolsters our leadership position in the western United States, and particularly in Nevada, and increases our ability to provide electricity to both California and Nevada to help each states’ utilities meet their expanding clean energy requirements. This transaction aligns with our strategic goal of enhancing our geothermal portfolio through M&A activities," Doron Blachar, Ormat Technologies CEO.
Ormat was advised by Citigroup, Norton Rose Fulbright and FNK IR.
Paine Schwartz Partners, a private equity firm specializing in sustainable food chain investing, agreed to acquire Suja Life, a provider of cold-pressured, organic beverages, from Goldman Sachs Asset Management. Financial terms were not disclosed.
"Suja decided to partner with Paine Schwartz Partners, noting their shared purpose in offering consumers better-for-your plant-based options. "We are incredibly excited to partner with the Suja team at this inflection point in the company's growth trajectory," Kevin Schwartz, Paine Schwartz Partners CEO.
Suja Life is advised by Evercore, Davis Polk & Wardwell and Giannuzzi Lewendon.
Qatar Investment Authority, a sovereign wealth fund, and Providence Public led a $150m funding round in Impact, a developer of a partnership management platform. Existing investors in Impact include PSG and Silversmith Capital Partners.
“Brands are searching for new and authentic ways to reach consumers, more so now than ever before as traditionally relied-upon methods of advertising have become increasingly more disrupted and expensive. Partnerships create a path to the modern consumer by establishing a natural connection in the form of trusted information, reviews, and recommendations, and done with the consumer’s experience in mind. Impact has seen impressive growth in productive partnerships by driving this new wave of connection between brands, publishers, and consumers," David A. Yovanno, Impact CEO.
Impact was advised by RBC Capital Markets, Latham & Watkins and SourceCode Communications.
Horace Mann to acquire Madison National Life from IHC for $173m.
Horace Mann, a diversified insurance holding company, agreed to acquire Madison National Life, an insurance company, from Independence Holding Company, a holding company that is principally engaged in underwriting, administering and/or distributing group and individual specialty benefit products, for $173m.
“The acquisition of Madison National is immediately accretive to EPS and ROE. The transaction accelerates our progress on all fronts of our multi-year strategic plan: strengthening our product offerings, enhancing our distribution, and adding capabilities to our infrastructure. This ultimately will help us achieve our long-term objectives of a sustainable double-digit ROE and significant education market share growth,” Marita Zuraitis, Horace Mann President and CEO.
Horace Mann is advised by Raymond James and Eversheds Sutherland.
Vanguard, an American registered investment advisor based in Malvern, Pennsylvania, agreed to acquire Just Invest, a provider of tax-managed, tailored wealth management technology. Financial terms were not disclosed.
"Technology-driven solutions such as direct indexing continue to reshape our industry, driving better investment outcomes and lowering costs for clients. Wise investments in technology are an important equalizer, enabling us to democratize valuable investment capabilities and products. We are excited to welcome the Just Invest team and direct indexing capabilities to Vanguard to better serve our clients," Tim Buckley, Vanguard Chairman and CEO.
Vanguard is advised by PJT Partners and Cooley.
Ranger Energy Services, an oil and gas completion and production solutions company, completed the acquisition of PerfX Wireline Services, a wireline company. Financial terms were not disclosed.
"Similar to our previously announced acquisition of Patriot, the addition of PerfX to our Ranger portfolio of companies checks a number of strategic boxes. With these two acquisitions we now have the scale, scope and diversification necessary to ensure the long-term success of our wireline service offerings under the Ranger umbrella. Moving forward, Ranger will continue its focus on balance sheet strength and free cash flow generation. We are pleased to have completed these two transactions and expect more opportunities to grow our businesses through acquisitions," Bill Austin, Ranger Chairman of the Board and Interim CEO.
PerfX Wireline Services was advised by Houlihan Lokey. Ranger was advised by Winston & Strawn.
A consortium of investors led a $315m funding round in Prime Medicine. (FS)
A consortium of investors led a $315m funding round in Prime Medicine, a developer of novel gene-editing technology solutions. Investors in the round included ARCH Venture Partners, F-Prime Capital, GV, Newpath Partners, Casdin Capital, Cormorant Asset Management, Moore Strategic Ventures, Public Sector Pension Investment Board, Redmile Group, Samsara BioCapital and T. Rowe Price Associates.
"Prime Editing represents an opportunity to do what no gene editing approach has yet been capable of – correcting nearly all types of pathogenic gene mutations, correcting multiple mutations at once, and bringing durable cures to patients across multiple disease areas, potentially with a single 'once and done' treatment approach. We are tremendously excited about the potential of this technology, and about the talented team at Prime working to bring it to patients," David Schenkein, GV General Partner.
Prime Medicine was advised by Finsbury Glover Hering and Stern IR.
Venture capital firms Viking Global Investors and Owl Rock led a $150m Series F round in Arctic Wolf, a cybersecurity company that provides security monitoring for small and mid-sized organizations.
"We were incredibly impressed by the Arctic Wolf management team and the company's relentless execution and growth. We believe the company is emerging as the clear leader in the market, and is an essential partner to every organization today that is challenged by the skills shortage in cybersecurity and at the same time is looking to securely take advantage of mega technology trends that are driving the need to adopt solutions like the Arctic Wolf platform to secure cloud, network, and data assets," Pravin Vazirani, Owl Rock Managing Director and Co-Head of Technology Investing.
Arctic Wolf was advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.
Trafigura, a Swiss multinational commodity trading company, and Haddington Ventures, a private equity firm, completed the acquisition of a 71.5% stake in Sawtooth Caverns, the largest natural gas liquids storage facility in the Western United States, from NGL Energy Partners, a diversified midstream MLP, for $70m.
"Trafigura has the expertise and market presence, alongside Haddington Ventures' significant expertise and experience in the development of salt caverns, to help us realize our ambition to become the Western energy hub of the United States," Dan Myers, Sawtooth Caverns CEO.
Haddington Ventures was advised by Willkie Farr & Gallagher.
Quad-C Management to acquire Apps Associates from BV Investment Partners. (FS)
Quad-C Management, a private equity firm, agreed to acquire Apps Associates, an enterprise application services company with a customer-first focus, from BV Investment Partners, a sector-focused private equity firm. Financial terms were not disclosed.
"BV was an instrumental partner, in helping to strategize and execute on a successful growth-oriented strategy and ultimately establish Apps for what it is today, a solidified leader in enterprise application services. The growth we've achieved and the market positioning and opportunity ahead, were recognized by Quad-C. All of us at Apps Associates are proud of what we've accomplished with BV and the foundation we've built together; and we're excited to embark on this next chapter of growth with Quad-C," Adrian King, Apps Associates Chief Executive Officer.
BV Investment Partners is advised by Chris Tofalli Public Relations.
The Riverside Company, a global private investor focused on the smaller end of the middle market, completed the investment in Presence, a campus engagement and learning platform. Financial terms were not disclosed.
"We are very pleased to complete this add-on to our Modern Campus platform, another example of Riverside's commitment to fostering long-term growth in our portfolio companies. This acquisition further enhances the suite of products and services Modern Campus provides to higher education institutions, helping them actively support the learner-to-earner student lifecycle," Loren Schlachet, Riverside Managing Partner.
Riverside was advised by Jones Day.
Accel, an early and growth-stage venture capital firm, led a $150m Series B funding round in Remote, a developer of a recruiting platform. Other investors include Sequoia, Index Ventures, Two Sigma, General Catalyst and Day One Ventures.
"Our goal is to remove the barriers to hiring internationally, empower our customers to scale, and provide access to job opportunities all over the world. Our seasoned team has spent the past year expanding our global infrastructure, to deliver elegant solutions to complex international legal challenges, and with this funding, we will be adding new products, services and partnerships," Job van der Voort, Remote CEO.
Accel was advised by TytoPR.
The Spruce House Partnership and Tiger Global Management led a $101m Series E round in Mark43, a cloud-native public safety software company, with participation from The Radcliff Companies.
"Public safety in the United States is evolving more quickly than ever. With this new capital and key public policy hires, we can continue delivering technology that improves the safety and quality of life for all," Scott Crouch, Mark43 CEO.
Mark43 was advised by Haymaker PR.
SoftBank Vision Fund 2 led a $100m Series E funding round in Pantheon. (FS)
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $100m Series E funding round in Pantheon, a developer of an online website operations platform created to develop professional websites.
"CMOs are under growing pressure to drive revenue and growth, but their company websites — the lynchpin to their digital strategies — are often slow and difficult to keep up-to-date with the demands of modern business. We knew there had to be a better way to empower web teams with a platform they love. When web teams work seamlessly together, they can deliver incredible digital experiences that drive revenue growth," Zack Rosen, Pantheon Co-Founder & CEO.
Pantheon was advised by Branded.
Milestone Technologies, a Silicon Valley-based global IT managed services firm, agreed to acquire Software Management Consultants, a nextgen IT consulting, talent management and digital solutions provider based in Glendale. Financial terms were not disclosed.
"I am thrilled to welcome the SMCI team, their customers, and partners to the Milestone family. We are very excited about the capabilities SMCI adds to our services portfolio. Our teams will collaborate to drive significant value for our clients. SMCI and Milestone share similar values and beliefs with a strong focus on an employee-first culture and providing best-in-class services to clients," Sameer Kishore, Milestone Technologies President and CEO.
"The addition of SKOUT enables Barracuda's MSP partners to deploy security solutions across their environments, connecting their data feeds into a unified, 24x7 operation for swift analysis and response," Brian Babineau, Barracuda Senior Vice President and General Manager.
BlackRock to invest in SpiderRock Advisors. (FS)
BlackRock, an American global investment management corporation, agreed to invest in SpiderRock Advisors, a provider of customized options strategies in the US wealth market. Financial terms were not disclosed.
“BlackRock continues to invest to equip wealth managers with innovative solutions that support the twin objectives of better after-tax performance and personalization. We are eager to help advisors access SpiderRock Advisors’ capabilities to help them build tax -efficient, highly customizable portfolios that can generate income and manage risk for their clients,” Martin Small, BlackRock Head of US Wealth Advisory Business.
Andreessen Horowitz, a venture capital firm, led a $125m Series D funding round in Sourcegraph, a developer of a code navigation tool. Other investors included Insight Partners, Geodesic Capital and other existing investors.
“They’re all drowning in code, and we help solve that. Our product is universal code search, which helps developers search, understand and automate code. Universal code search that we built — and we spent a lot of time building it — is the first kind of code search that actually understands code as code and all the connections, that graph of code. And that means that if you’re a developer, you can get to that answer of how do I do this thing or how do I fix this or if I change this what’s going to break, in way less time and that’s why you need a purpose-built code search tool,” Quinn Slack, Sourcegraph CEO and Co-Founder.
Sumitomo Mitsui Financial Group to buy nearly 5% of Jefferies for $386m.
Sumitomo Mitsui Financial Group plans to buy nearly 5% of Jefferies Financial Group shares for $386m, as the Japanese firm looks to boost its presence in the United States, Reuters reported.
The companies will also form a partnership to seek cross-border M&A opportunities involving Japanese companies.
Japan's second-biggest lender by assets will also provide a $1.65bn revolving credit facility and a $250m subordinated loan to support Jefferies' lending capabilities.
Hypera acquires OTC products from Sanofi for $190m.
Hypera, a Brazilian pharmaceutical company, completed the acquisition of 12 over-the-counter and prescription brands in Latin America from Sanofi, a healthcare company based in France, for $190m.
Apollo is in talks to buy over $5bn in assets from Lumen. (FS)
Apollo Global Management is in talks to acquire a portfolio of assets from communications infrastructure specialist Lumen Technologies.
The firm is in discussions to carve out Lumen’s consumer operations in certain US states in a transaction valued at more than $5bn. Terms aren’t finalized and it’s possible talks could collapse.
Americana Partners makes a bid for Westwood Holdings. (FS)
Wealth manager Americana Partners made a $25 a share bid for Westwood Holdings Group, a focused investment management boutique and wealth management firm, offering a nearly 28% premium to take the publicly traded financial advisory and mutual fund firm private, Reuters reported.
Americana reportedly made the all-cash offer for Westwood, which has roughly $15bn in assets under management. Westwood, valued at roughly $165m, has not yet engaged with Americana. Its stock closed trading at $19.56 on Tuesday.
Broadcom no longer in talks to buy SAS Institute.
WSJ reported that talks for Broadcom, an American designer, developer, manufacturer and global supplier of a wide range of semiconductor and infrastructure software products, to buy SAS Institute, an American multinational developer of analytics software, ended after the founders of the closely held software company changed their minds about a sale.
The companies were reportedly discussing a deal that would value SAS in the range of $15bn to $20bn, including any debt. Jim Goodnight and John Sall, who co-founded SAS decades ago and still run the company, had a change of heart and decided not to sell to Broadcom. Whether another suitor for SAS could emerge isn't clear.
Apollo joins forces with blockchain startup Figure Technology. (FS)
Apollo Global, a global alternative investment management firm, will collaborate with Figure Technologies, a financial technology company that provides financial services using blockchain technology, on a series of initiatives, Bloomberg reported.
"We're highly focused on integrating technologies throughout our platform that can make us better and more efficient across all parts of the investment lifecycle - from capital raising and marketing to investment origination and value creation," John Zito, Apollo Global CIO.
David Tepper plans to invest in sports. (FS)
David Tepper, an investment fund manager, is devoting a piece of his personal fortune to private equity investing. Tepper has become the founding investor for a private equity firm that plans to invest in growth companies, special situations and the media and sports sectors.
Andalusian Private Capital was co-founded by Jeffrey Kaplan, a former Merrill Lynch M&A head. Andalusian, with about $800m in assets, will provide sports-related advisory services and management services to sports-focused investment funds.
Boston Properties partners with GIC and CPP Investments for US real estate deals. (FS)
Boston Properties, a publicly-traded real estate investment trust, established a co-investment program with Canada Pension Plan, a global investment management organization, and GIC, a Singapore-based sovereign wealth fund, to acquire office properties in the US.
Companies will acquire and operate office properties in Boston's primary markets, including Boston, Los Angeles, New York, and San Francisco.
JV Raizen targets $13.5bn valuation in IPO.
Brazil's Raizen, a joint venture between Royal Dutch Shell and Brazilian energy company Cosan, is targeting a valuation of around $13.5bn in its initial public offering, Reuters reported.
The company, which owns gas stations and produces sugar and ethanol, has cut its initial estimate of raising around $2.3bn. The company now plans to raise around $1.2bn.
CD&R-backed Core & Main eyes $7.5bn valuation in US IPO. (FS)
Maintenance services company Core & Main is targeting a valuation of up to $7.5bn in its initial public offering in the United States. Core & Main, which is looking to list on the New York Stock Exchange, is owned by investment funds tied to private equity firm Clayton, Dubilier & Rice.
The company is offering around 34.9m shares, expected to be priced between $20 and $23 each, which would translate into an $802m raise at the top end of that range.
Northleaf closes on over $900m of investor capital for its global private credit strategy. (FS)
Northleaf Capital, a global private markets investment firm focused on mid-market companies and assets, held the final closing for Northleaf Private Credit II and a related separately managed account. The company raised over $900m to invest in performing loans to global mid-market companies with the total investible capital amounts to approximately $1.2bn.
"We are pleased with the strong support from both new and existing investors. The insights, information flows and longstanding relationships across Northleaf's mid-market platform enable us to offer a differentiated approach to private credit investing that has resonated with investors," Stuart Waugh, Northleaf Managing Partner.
EMEA
Kwasi Kwarteng, British Business Minister, asked officials to monitor drugmaker Vectura's proposed $1.44bn takeover by Philip Morris International, a tobacco group, Reuters reported.
Kwarteng is understood to be working with officials to understand better the plans Philip Morris has for Vectura.
Philip Morris is advised by Bank of America, DLA Piper, Foxcroft Consulting and Sanctuary Counsel. Vectura is advised by JP Morgan, Numis Securities, Rothschild & Co, Clifford Chance, Consilium Strategic Communications and FTI Consulting. Carlyle is advised by Morgan Stanley, RBC Capital Markets, Latham & Watkins, Linklaters, Ropes & Gray and Greenbrook.
BC Partners, an international investment firm, agreed to invest in Valtech, a business transformation agency, at a $1.4bn valuation. Verlinvest and new Valtech management will also reinvest into the company.
"Our investment in Valtech is an opportunity to partner with a clear leader operating at the center of a high-growth, global, digital transformation market," Raymond Svider, BC Partners Chairman.
Valtech is advised by Bank of America, Clifford Chance and Linklaters. Verlinvest is advised by Prosek Partners. BC Partners is advised by Zinnov, PricewaterhouseCoopers and Kirkland & Ellis.
KPS Capital Partners, an American investment company, completed the acquisition of a 75% stake in Metra, a global manufacturer of extruded aluminum. Financial terms were not disclosed.
"The entire Metra team is thrilled to partner with KPS as the Company enters this next phase of growth. KPS has a demonstrated track record of investing in the metals industry and exhibiting the ability to create significant value in the sector. KPS' global reach, commitment to manufacturing excellence and the health and safety of all Metra employees combined with its significant financial resources will enable our company to realize significant growth, while maintaining our focus on quality and customer service," Enrico Zampedri, Metra CEO.
Metra was advised by Ernst & Young, Lazard and Allen & Overy. KPS Capital Partners was advised by Intesa SanPaolo, Chiomenti and Paul Weiss Rifkind Wharton & Garrison.
Mediaocean, a platform for omnichannel advertising, agreed to acquire Flashtalking, an online advertising company. Financial terms were not disclosed.
"Bringing together Mediaocean and Flashtalking is an incredible opportunity for our customers, employees, and the industry at large. Flashtalking is the source of truth for digital and CTV ads and Mediaocean is the system of record for all media. Combined, we will deliver comprehensive and future-forward solutions for omnichannel advertising. Most importantly, our platform is not compromised by media ownership so we can focus solely on driving outcomes for marketers and their agency partners," Bill Wise, Mediaocean CEO.
Flashtalking is advised by JP Morgan, Goodwin Procter and Travers Smith. Mediaocean is advised by Kirkland & Ellis.
CVC-backed Bruin Capital, an investment and operating company, agreed to acquire Oddschecker Global Media, a sports betting and gaming affiliate business, from Flutter, an Irish bookmaking holding company, for £155m ($216m).
"Looking forward, we have exciting opportunities both in the UK and internationally, especially in the US, where the liberalisation of online gambling legislation has created a highly-attractive market for our business," Toby Bentall, Oddschecker Global Media CEO.
Flutter is advised by Drury Porter Novelli and Finsbury Glover Hering. Bruin Capital is advised by Simpson Thacher & Bartlett.
TE Connectivity, an American Swiss-domiciled technology company that designs and manufactures connectors and sensors for several industries, completed the acquisition of ERNI Group, manufacturer and worldwide supplier quality connectors for the automotive, industrial, data communications, computer, and medical markets. Financial terms were not disclosed.
"Combining TE's industrial portfolio breadth, manufacturing scale and customer reach with ERNI's market-leading products, deep technical expertise and manufacturing capabilities in Europe and Southeast Asia, we can significantly enhance the value we bring to our customers. Together, we will drive innovation related to miniaturization, signal integrity, higher data speed and power requirements and product reliability that our customers expect as they design their applications," Vish Ananthan, TE Connectivity Senior Vice President and General Manager.
ERNI Group was advised by Lilja Capital Advisory Partners and Bar & Karrer. TE Connectivity was advised by Schellenberg Wittmer.
Prudential Financial, a financial services provider, agreed to acquire Montana Capital Partners, a European-based private equity secondaries asset manager. Financial terms were not disclosed.
"PGIM's multi-manager model is based on the belief that highly specialized investment teams with expertise in an asset class allow us to remain focused on delivering investment outperformance on behalf of our clients. Montana Capital Partners' deep expertise in private equity secondaries, coupled with its strategic and cultural alignment with PGIM, make it the right partner to further enhance our alternatives capabilities," David Hunt, PGIM President and CEO.
Montana Capital is advised by Lazard and Bar & Karrer. Prudential is advised by Debevoise & Plimpton.
Nordax makes a $2.23bn bid for NFH.
Nordax Bank, a bank that provides unsecured consumer loans, mortgages, and deposits, offered an improved bid to acquire Norwegian Finans Holding, a bank offering services in the form of consumer loans, credit cards and deposits, for $2.23bn.
Nordax offered to pay $12 per share, up from a previous bid of $11.45 per share, representing a premium of 37.2% to the closing price of the NFH shares on March 3.
Nordax is advised by Brunswick Group. NFH is advised by JP Morgan.
Naxicap Partners, a private equity firm, agreed to acquire Ceres Pharma, a Belgian-based pharmaceutical company, from Alychlo, the family-owned investment company founded by entrepreneur Marc Coucke. Financial terms were not disclosed.
Naxicap Partners will support the company in further expanding its market position, helping it to realize its full potential. The focus will be on the company's internationalization and further expansion in the BeNeLux, Central Europe, and potentially beyond, and on the development of new sales channels and the scaling of the marketing activities.
Alychlo is advised by Rothschild & Co.
AEA Investors, a private investment vehicle for a select group of industrial family offices with substantial assets, agreed to acquire Polygon, a property damage restoration company, from Triton Partners, a private equity firm. Financial terms were not disclosed.
"Polygon represents an exciting opportunity to partner with a leading property damage control player with unique service capabilities, reach and scale. We look forward to working with the Polygon management team as they continue to grow the business both organically and through acquisitions," Ramzi Gedeon, AEA Partner.
Polygon is advised by Jefferies & Company.
Broad Horizon, an information technology company focused on Microsoft technologies, agreed to acquire GAC Business Solutions, an information technology company. Financial terms were not disclosed.
"This acquisition fits Broad Horizon's objective to be an information technology leader, focused on Microsoft technologies, in Northern Europe and build long term partnerships with our customers. With GAC being part of Broad Horizon, we broaden our Cloud based product offerings and clearly become a Microsoft market leader for Business Central. I look forward to a successful cooperation with Erik Van Driel as CEO as well as his GAC team," Jean-Yves Charlier, Broad Horizon CEO.
Broad Horizon is advised by DLA Piper.
Permira, a global investment firm, agreed to acquire a 10% stake in Adevinta, a provider of Internet-based services, from eBay, a global commerce company, for $2.25bn. The transaction is expected to close in Q4 2021, once regulatory approvals are secured.
“Permira has a strong track record in investing in both online marketplaces and the broader technology sector. We are confident that Permira will be able to use this expertise to support Adevinta in capturing further value for all shareholders and ultimately add to our success as the global online classifieds leader," Rolv Erik Ryssdal, Adevinta CEO.
bp, an oil and petrochemicals company, agreed to acquire the remaining stake in Thorntons, a retailer, from ArcLight Capital Partners, a private equity firm. Financial terms were not disclosed.
Once the transaction is complete, bp will become a convenience operator in the Midwest, with 208 owned and operated locations across six states, including Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida. bp plans to retain and build on the Thorntons brand.
"We have a proud history of high-quality retail brands across the country. Incorporating Thorntons into our business combines their customer-first culture with our existing US retail network and will help us deliver our convenience strategy of offering customers what they want, where and when they want it," David Lawler, bp Chairman and President of America.
Accenture, an Irish-domiciled multinational company that provides consulting and professional services, agreed to acquire Wabion, a Google Cloud services boutique with headquarters in Esslingen, Germany and Olten, Switzerland. Financial terms were not disclosed.
"Cloud is where all breakthrough technology innovations are happening today and a cloud-first strategy can help any enterprise master change at speed and at scale. Wabion's market-leading Google Cloud skills will further strengthen Accenture Cloud First to continue to combine the best of Google human-centric design and innovation with Accenture intelligence," Karthik Narain, Accenture Global Lead of Cloud First.
Heartland, a family-owned investment company, led a €210m ($249m) Series D round in Lunar, a Danish digital challenger bank, with participation from European growth investor Kinnevik and Chinese tech giant Tencent.
The capital from the Series D financing round will enable Lunar to double down on its Nordic expansion plans and to fund further acqusitions, following its April takeover of Swedish consumer lending and peer-to-peer savings platform Lendify.
Warburg Pincus led a $153m Series D round in Quantexa, a data and analytics software company, with participation from Dawn Capital, AlbionVC, Evolution Equity Partners, HSBC, ABN AMRO Ventures and British Patient Capital.
"We are thrilled to welcome Warburg Pincus to our team as we continue to accelerate the growth of our global software business and lead the CDI category. Warburg Pincus has a distinguished track record and brings deep experience of funding winners globally," Vishal Marria, Quantexa CEO.
Danaos to acquire six 5466 TEU eco-design wide beam container vessels for $260m.
Danaos, an independent owner of modern, large-size containerships, agreed to acquire six 5466 TEU container vessels built at Hanjin Subic Bay shipyard en bloc for $260m.
The transaction will increase the company's contracted revenue by approximately $71m and the company's contracted EBITDA by approximately $39m in total.
Danaos is advised by Rose & Company.
Together Financial weighs $1.4bn sale.
Together Financial Services, a UK-based lender focused on mortgages and secured loans, weighs a sale valued at approximately $1.4bn. The company could attract interest from established lenders, Bloomberg reported.
Underlying pre-tax profit growth of $61m for the quarter ended March 31. At the time that specialist mortgage volumes continued their recovery toward pre-pandemic levels.
Together Financial is advised by Rothschild & Co.
Pinault and Pigasse join forces on entertainment-focused SPAC.
The holding companies of Francois Pinault, a French business billionaire, and Matthieu Pigasse, a banker, announced the creation of I2PO, a SPAC targeting to raise $295m. The firm will focus on the entertainment industry, Reuters reported.
I2PO said the initial $295 private placement was part of a listing on Euronext Paris, and could be increased to $355m .
Pinault family will be represented by Francois-Henri Pinault, the son of Francois Pinault, on the board of I2PO, the first European SPAC dedicated to the entertainment and leisure sectors. The offer period begins on July 14 and ends two days later.
Guy Hands considers bidding $971m for Keepmoat. (FS)
Terra Firma, a private equity firm led by Guy Hands, pursues a $971m bid for Keepmoat Homes, a UK-based housebuilding company that provides private homes for sale. During festive trading in the sector, the combined business would create an industry powerhouse.
TDR Capital, a private equity firm that owns Keepmoat, put the Company up for sale to grow investor appetite for the sector. Keepmoat and its advisers are also progressing parallel plans for a stock market flotation.
Bridgepoint sets the industry's first big London IPO in decades. (FS)
Bridgepoint, a private equity firm, planned an initial public offering in London that could raise $1.3bn.
The company seeks $416m from new stock. At the same time, other current shareholders will offer up to an additional $677m in an over-allotment option. The existing investors were initially expected to raise just $277m. If additional stock is offered to cover the over-allotment option, the deal size could rise to $1.25bn.
PureGym considers reviving IPO plans as UK lockdowns ease.
PureGym, a UK-based chain of no-frills health clubs, considers reviving plans for an initial public offering after pulling plans for the UK listing due to the uncertain markets situation caused by the country quit the EU in 2016, Bloomberg reported.
"Despite the extreme challenges the gyms and fitness sector has faced, the PureGym Group is well-positioned to take advantage of this post-pandemic recovery and the opportunities presented by competition having been weakened by the rigours of the last 18 months," PureGym.
APAC
Global Power Synergy, an electric power generation company, agreed to acquire a 41% stake in Avaada Energy, an Indian renewable energy firm, for $450m.
"The investment in this platform aligns with the company’s growth strategy in renewable energy business internationally and enhances the company’s expertise in the solar power generation as well as the business collaboration in the area of the company’s renewable energy business in the future," Global Power Synergy.
Global Power Synergy is advised by Barclays.
Fractal weighs IPO as pandemic fuels growth. (FS)
Fractal Analytics, an India-based artificial intelligence and analytics solutions provider, explores an initial public offering to gain its growth, Bloomberg reported.
Additionally, Fractal assesses interest from investors valuing Companypany at over $1bn, said Srikanth Velamakanni, Fractal Co-founder and CEO. Apax Partners, together with other investors, funded Fractal for $325m.
Alibaba to anchor a $258m fund for startups in China's Greater Bay Area. (FS)
Alibaba Group, a Chinese multinational technology company, specializing in e-commerce, will anchor a fund for startups in Greater Bay Area, a megalopolis, consist of nine cities and two special administrative regions.
The fund with a $258m is expected to close in the second half of 2022.
|
