Shiseido agreed to acquire Drunk Elephant, a leading and fast-growing prestige skincare brand and a recognized expert in developing clean, compatible, and capable products. Financial terms were not disclosed.
The acquisition of Drunk Elephant strengthens Shiseido's leadership in the global prestige skincare market. Drunk Elephant's effective products, unique and playful brand voice and active community engagement have helped to build a loyal following, creating substantial room for further growth as it is introduced to more consumers around the world.
"This new and incredibly exciting partnership builds on Shiseido's significant momentum and successful track record of acquiring distinctive, best-in-class brands. Drunk Elephant is changing the way people understand and experience beauty by offering products that are effective and clean compatible. Drunk Elephant is built on a strong brand foundation and a unique philosophy that fits perfectly with Shiseido's values and skincare heritage. Our innovative and people-first cultures are well aligned, and we share an unwavering commitment to our consumers. I also believe the brand will contribute to the business performance of Shiseido Americas. We are thrilled to welcome Tiffany and the Drunk Elephant team to the Shiseido family, and I know they will feel at home from day one," Marc Rey, CEO, Shiseido Americas, and Chief Growth Officer.
Shiseido is advised by Jefferies and Jones Day. Drunk Elephant is advised by Sidley Austin, Financo and Moelis & Co.
Vice Media, a Canadian digital media and broadcasting company, agreed to acquire Refinery29, a leading female-focused lifestyle and entertainment company. Financial terms were not disclosed.
"This is an expansive moment for independent media. VICE Media Group and Refinery29, two of the strongest independent voices in the industry, will continue to build a scaled global and diversified media company. We will not allow a rapidly consolidating media ecosystem to constrict young people's choices or their ability to freely express themselves about the things they care about most. At VICE and Refinery29, the megaphone is theirs to use, and the platforms are theirs to build with us," Nancy Dubuc, CEO, VICE Media Group.
Refinery29 is advised by Allen & Company, The Raine Group, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Vice Media is advised by Guggenheim Partners and Shearman & Sterling.
Group Nine - the digital media company formed by the merger of Thrillist, NowThis, The Dodo and Seeker - agreed to acquire women's lifestyle publisher PopSugar for $300m.
PopSugar was founded by husband-and-wife Brian and Lisa Sugar in 2006, and previously raised $41m in funding from Sequoia Capital and IVP. Group Nine, meanwhile, just announced a fresh $50m in funding from its backers Discovery and IVP, which it said would be used to grow its commerce business and for strategic acquisitions.
"When we started Group Nine almost three years ago by combining Thrillist, NowThis, The Dodo, and Seeker, we foresaw the impending consolidation of the industry and set out to create a model for the next-generation media company with significant scale, deeply loyal and engaged audiences, multiplatform expertise, and highly diversified revenue." Ben Lerer, Group Nine CEO.
Group Nine Media is advised by Cooley. POPSUGAR is advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, and Code Advisors.
Martin Sorrell's S4 Capital agreed to acquire Silicon Valley's biggest independent agency, Firewood, for $150m, through the merger agreement with S4Capital subsidiary - MediaMonks.
Firewood is a leading proponent of the "embedded" model of client partnership, a deeply collaborative way of working with clients to deliver on speed, quality, and value. A video introducing Firewood can be viewed on MediaMonks' YouTube channel.
"This merger is a further step in creating a new era communications services leader. Firewood has an enviable client list comprising many of Silicon Valley's finest; and we are delighted to welcome Juan, Lanya, and their colleagues to the S4Capital family. We will now have over 1.8k professionals in 23 countries, with over 500 in each of two nodes, one in Silicon Valley and one in Amsterdam," Sir Martin Sorrell, S4Capital Senior Monk, and Executive Chairman.
S4 Capital is advised by Dowgate Capital Stockbrokers, HSBC, and Powerscourt.
FM:Systems agreed to acquire the Workspace Management business of Asure Software, the leading provider of dynamic cloud-based solutions, in an asset and equity transaction valued at $120m.
This transaction enables Asure to focus on and continue to deliver its award-winning Human Capital Management solutions to small and midsize businesses. The deal is expected to close in approximately 45 to 60 days, subject to customary closing conditions.
"This strategic move allows Asure to be laser-focused on our HCM business. Most importantly, it allows us to accelerate innovation in our payroll, time and attendance and consulting business and provides us with the capital to grow and invest in our products, our people, and our clients. As we approach a new decade, we're continually pushing boundaries to grow and expand within the HCM space by equipping small business owners and resellers across the country with the best workforce solution that streamlines all HR processes and makes work more engaging," Pat Goepel, Asure Software CEO.
Asure Software is advised by Market Street Partners.
Camber Energy, which operates as an energy company, announced that its wholly-owned subsidiary Lineal Star had closed the purchase of 80% of the membership interests of Evercon Energy, headquartered in College Station, Texas. Financial terms were not disclosed.
Evercon provides pipeline solutions and field services, project management and inspection services, energy infrastructure maintenance, facilities construction, fabrication and Heavy Civil Construction services.
"The purchase of the 80% controlling interest in Evercon gives us a solid central Texas customer base as well as access to the south Texas market and allows us the opportunity to build Lineal Star Holdings more rapidly. We have a great deal of confidence in Evercon President, Brian Stiles, and look forward to great things from his leadership of Evercon." Tim Connolly, Lineal Star CEO.
Guide IT, a company that provides IT services that make technology contribute to business success, agreed to acquire Entasis Technology, a cloud consulting business that modifies conventional approaches to technology to achieve a more optimized and targeted set of outcomes. Financial terms were not disclosed.
Entasis, whose solutions include strategic cloud advisory, agile development, and cloud integration and implementation, will expand GuideIT’s cloud capabilities. These capabilities focus on optimizing IT environments by shifting from physical infrastructure to scalable capacity, optimizing expenses related to underutilized capital investment caused by the previous step function additions to size, and increasing infrastructure and application availability and reliability.
“This acquisition underscores our commitment to investing in solutions that contribute to our customers advancing their businesses. Sharing a great entrepreneurial spirit and customer commitment, Entasis makes a great addition to our company," Chuck Lyles, Guide IT CEO.
Nova Capital Management has acquired leading consumer electronics company Craig Electronics, headquartered in Miami, Florida. The company is being acquired through an existing investment of Nova's, which together will operate under a new corporate identity - H2 Brands Group - and will include the Craig, Shur-Line, Bulldog, and World and Main businesses. Financial terms were not disclosed.
Craig Electronics is a leading consumer electronics innovator that offers a complete one-stop consumer technology and electronics solution for the big national box, food and drug, club, and mass retail distribution.
"We are incredibly excited to be able to utilize the H2 Brands platform to provide our business and retail partners with substantial additional resources while continuing to service them with the same level of commitment they have grown to expect from us," Michael Newman, Craig Electronics President.
Qorvo, a provider of innovative Radio Frequency solutions, completes the acquisition of Cavendish Kinetics, a provider of RF equipment and sensors. Financial terms were not disclosed.
The Cavendish Kinetics team will continue to advance RF MEMS technology for applications across Qorvo's product lines and transition the technology into high-volume manufacturing for mobile devices and other markets.
"The addition of Cavendish Kinetics allows us to build on Qorvo's market leadership in antenna tuning. Several of the world's leading smartphone suppliers have validated significant improvements in antenna performance through lower losses and higher linearity delivered by CK's RF MEMS technology." Eric Creviston, Qorvo President.
Dais X, a leading digital transformation partner to middle-market companies, agreed to merge the Consulting and Software business unit with Dais AI, a provider of artificial intelligence solutions. Financial terms were not disclosed.
Dais X believes the merger will sharpen the company’s focus as a leading digital transformation partner, encouraging long-term revenue growth and margin expansion. Building on Dais X’s successful track record of growth, the merger will give the company more flexibility to explore new areas of growth and apply even more investment behind software product development and AI research and development.
“With these foundations in place, we are now ideally positioned to merge with Dais AI and create one leading company. In alignment with our strategic plan, the decision to combine these businesses will allow Dais X to sharpen its focus as a leading digital transformation partner to middle-market companies,” Neal Davis, Dais X President, and CEO.
International Seaways (INSW), a leading tanker services provider for the energy transportation market, sells a 49.9% stake in Nakilat-International Seaways joint venture to Nakilat (Qatar Gas Transport), a leading shipping and maritime transport firm for $123m.
This brings the total number of vessels wholly-owned by Nakilat from 25 to 29 LNG vessels, out of its overall fleet of 74 LNG and liquefied petroleum gas (LPG) vessels.
"This important transaction positions INSW to further our capital allocation strategy. Following our success growing and renewing our fleet, deleveraging and returning cash to shareholders remain our top priorities.” Jeff Pribor, INSW CFO.
Cresco Labs, a leading multistate cannabis operator, completed the acquisition of Gloucester Street Capital, a manufacturer of medical marijuana. Financial terms were not disclosed.
“Cresco Labs has an incredible vision for the future of the cannabis industry, and they were the obvious choice to partner with based on their superior management team, focus on compliance and experience working across hyper-regulated industries. I believe their strategic decision making, commitment to social equity, and priority for putting the patients first will make them a leader in the New York market.” Stephen Ashekian, Gloucester Street Capital CEO.
PharmScript, a leading pharmacy provider to long-term care and post-acute care facilities, acquired UVANTA Kansas City, a long-term care pharmacy located in Kansas City. Financial terms were not disclosed.
The acquisition builds on Pharmscript's continued national expansion, and furthers its service footprint in the Midwest, enabling PharmScript to serve healthcare facilities in Kansas and Missouri. The Kansas location will be PharmScript's seventeenth pharmacy.
"We are thrilled to announce the next step in our strategic expansion plan. This acquisition adds to PharmScript an established, experienced local operation in the heart of the Midwest. With this new team, PharmScript will continue to provide top-quality service to some of the leading long-term care facilities in Kansas and Missouri while bringing innovative technologies and capabilities to enhance this service," Michael Segal, PharmScript CEO.
Würth Industry North America, a $1bn division of the Würth Group, the world's largest fastener distribution company, has acquired Fasco Fastener, a strong brand and 40-year distributor of stainless steel, silicon bronze, and brass fasteners to the wholesale, OEM and large retailer trade. Financial terms were not disclosed.
The acquisition of Fasco fits into Würth Industry’s strategy to provide expert supply chain solutions of industrial fasteners, safety, and MRO products and complements Wurth Industry’s strength in the marine market from Marine Fasteners, the premier distributor of stainless steel fasteners for marine OEMs. Fasco Fastener, together with Marine Fasteners, will provide expanded services to customers across the US, Mexico, Canada, and Brazil.
"Würth Industry has strong growth targets, both organically and through key acquisitions. This investment represents an important strategic opportunity to offer better supply chain solutions and cost savings for manufacturers across North America," Dan Hill, Würth Industry North America CEO.
Celanese to consider breakup in the strategic review.
Celanese is undertaking a strategic review that could include a breakup of the chemicals producer, Bloomberg reported.
The Irving, Texas-based company is working with a financial adviser. The review is at an early stage, no final decision has been made, and Celanese could opt against breaking up.
Integer to acquire US BioDesign assets.
Integer, a leading medical device outsource manufacturer, has purchased certain assets of US BioDesign, a manufacturer of complex braided biomedical structures for disposable and implantable medical devices headquartered in Quakertown. The acquisition will add the differentiated capability for complex braided and formed biomedical structures to Integer's broad portfolio, further positioning Integer as a partner of choice for innovative medical technologies.
"The acquisition of US BioDesign assets will allow us to partner with our customers to enhance patient lives in new ways, US BioDesign has demonstrated engineering prowess in the area of complex braided and formed biomedical structures, which will set us apart from the competition as we partner with customers to develop life-saving medical devices." Joe Dziedzic, Integer President, and CEO.
WeWork's financing lifeline depends on SoftBank talks. (FS)
WeWork is locked in negotiations with its largest shareholder, Softbank Group, over a new $1bn investment to enable the shared office space company to go through significant restructuring, Reuters reported.
If the talks are successful, WeWork, which had to abandon an initial public offering last week because of investor concerns about how it was valued and its business model, will seek to negotiate a $3bn debt deal with JP Morgan.
Kopin to sell certain assets of Solos Products and Whisper Audio Technology.
Kopin, a leading developer of innovative wearable computing technologies and solutions, announced that it has entered into an asset purchase agreement with Solos Technology. According to the purchase agreement, Kopin sold and licensed to the buyer certain assets of its Solos product line and Whisper Audio technology.
As consideration for the transaction, the company received 1.2m common shares representing a 20% equity stake in the buyer's parent company, Solos Incorporation. Kopin's 20% equity stake will be maintained until Solos has raised a total of $7.5m in equity financing. Kopin will also receive a royalty in the single digits on the net sales amount of Solos products for a four-year period, after the commencement of commercial production.
Paine Schwartz is looking to establish the world's leading table grape operating company.
Food-focused investor Paine Schwartz Partners has followed last week's storming $1.4bn above hard cap close of its fifth fund by looking to establish the world's leading table grape operating company.
Paine Schwartz has teamed with new food business AM Fresh for the project, making a 30% investment in the latter's Specialty New Fruit Licensing subsidiary.
Paine Schwartz said the newly established partnership would accelerate SNFL's activities in varietal breeding, development, and registration.
SweeGen secured an undisclosed amount of funding. (FS)
SweeGen, a stevia-based sweetener company, has secured an undisclosed amount of funding. The lead investors were Outlook Investment Group and Sumitomo Chemical. The investment reflects the Company's leadership in the stevia-based sweetener market.
Part of the investment will support SweeGen's expansion of an additional manufacturing site located in Europe with a capacity to produce 3k metric tons of non-GMO stevia sweeteners. The global sweetener market is valued at approximately $100bn, and non-GMO stevia sweeteners have led the way in replacing sugar in foods and beverages, nutritional products, pharmaceuticals, and many other market products.
Hong Kong’s bourse has scrapped its unsolicited $39.5bn approach for the London Stock Exchange Group after failing to convince LSE management and investors to back a move that could have transformed both global financial services giants.
Last month’s surprise cash-and-shares approach threatened to upend LSE’s $27bn plan to buy data and analytics firm Refinitiv. The Hong Kong exchange had said the LSE would have to ditch the Refinitiv deal for its offer to go ahead.
“We still believe the strategic rationale for the combination of our two businesses is compelling and would create a world-leading market infrastructure group. Despite a huge amount of work and discussions with a broad set of regulators and extensive shareholder discussions, the level of engagement from LSEG led us to conclude that the continued pursuit of a combination of the two businesses would not be in the best interests of our shareholders,” Charles Li, HKEX CEO.
Barclays, RBC Capital Markets, Goldman Sachs, JP Morgan, Morgan Stanley, Robey Warshaw, and Teneo are advising LSEG. UBS, HSBC, Cravath Swaine & Moore, Slaughter & May, Moelis & Co, and Headland Consultancy are advising HKEX.
The battle for control of Osram Licht is set to enter a new round after Austria's AMS vowed to keep fighting after a sweetened $4.9bn offer failed.
AMS, a supplier to Apple, will seek a regulatory nod to raise its 19.99% stake in Osram. As the biggest shareholder in the German lighting maker, AMS's approval has become key for any would-be rival bidder. Osram has said private equity investors Bain Capital and Advent International are inspecting its books with a plan to make an offer.
Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Kirkland & Ellis, Camarco, and FTI are advising Bain. Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, and Hengeler Mueller. AMS is advised by PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Allen & Overy, Schellenberg Wittmer, and Brunswick Group.
Arqiva Group, the leading UK communications infrastructure company, has reached an agreement with Cellnex for the sale of its telecoms infrastructure and related assets at an enterprise value of £2bn ($2.4bn).
The transaction comprises c.7.4k of Arqiva's cellular sites, including masts and towers as well as urban rooftop sites, and the right to market a further c.900 sites across the UK. Cellnex is a significant pan-European tower operator with locations in the UK, Ireland, Spain, Italy, France, Switzerland, and the Netherlands. The acquisition continues Cellnex's investment in the UK and follows their previously announced long-term strategic agreement with BT in June 2019, whereby Cellnex obtained the rights to operate and market 220 high towers located throughout the UK.
"This agreement provides both stability and a focus for our future as we concentrate on the provision of broadcast infrastructure, end-to-end networks and connectivity solutions for our TV and radio customers, international content owners, data network providers, and utilities." Simon Beresford-Wylie, Arqiva CEO.
Alpha Private Equity-backed Calligaris, a manufacturer of household furniture, is set to acquire Luceplan, a manufacturer and distributor of lighting equipment and fixtures from Signify, a light manufacturer. Financial terms were not disclosed.
Luceplan is widely known among architects, designers, and consumers for its innovative technology-led design that exemplifies its creative concepts of practicality, beauty, and innovation.
“We’re pleased to have found a new owner for Luceplan that will offer them a new platform to grow further and to flourish and wish it every success,” Daniel Tatini, Signify General Manager.
Banca Akros and Studio Pedersoli are advising Calligaris.
Upland Software, a leading cloud-based enterprise work management software provider, completes the acquisition of Altify, a leading CRO software provider for $84m.
Altify will be a core platform of Upland’s Sales Optimization solution suite, the market’s first to combine opportunity and account management, sales process automation, customer reference management, and RFP and sales proposal automation, all supported by a robust content operations platform to ensure consistent messaging for high impact revenue teams. The acquisition adds approximately $24m in annualized revenues and will be immediately accretive to Upland's Adjusted EBITDA per share.
“We are thrilled to welcome Altify’s customers and team members to Upland. Altify is a leader in the customer revenue optimization category, combining a deep understanding of sales strategy and best practices, sales methodology, and applications with artificial intelligence to help drive sales,” Sean Nathaniel, Upland CTO.
Three Hills Capital Partners, a leading private equity firm, invests €45m ($49m) in Goal System, a provider of software solutions for the transit market.
THCP’s capital will allow Goal to accelerate its growth further, enabling additional investment into the Company’s technological capabilities and facilitating the completion of select strategic acquisitions. Goal’s acquisition activity will focus on targets in the optimization space that can complement the Company’s ambitious and innovative product roadmap, as well as in adjacent sectors to accelerate the development of the Company’s technological capabilities.
“We have been immensely impressed by Goal’s team, especially by their entrepreneurial approach and global ambitions. We are delighted to partner with such an innovative company providing vital solutions to the mass transit industry.” Lance Conteno, THCP Principal.
V4 Financial Partners and Eversheds are advising Goal. AT Kearney, Ernst & Young, and Cuatrecasas are advising THCP.
Fortum agreed to acquire all the Uniper shares held by funds managed by Elliott Management and its affiliates and Knight Vinke Energy Advisors, a total over 20.5%. Fortum will pay approximately €2.3bn ($2.5bn) for the combined shareholding, corresponding to €29.93 ($32.8) per share. Upon closing of the transactions, Fortum's share in Uniper will increase to more than 70.5% and the total investment in Uniper to approximately €6.2bn ($6.8bn), representing an average acquisition price of €23.97 ($26.3) per share. Fortum is in discussions with the Russian state authorities and has made a preparatory filing to the Russian Federal Antimonopoly Service.
It has been Fortum's preference to agree with Uniper on a joint path forward, yet discussions have each time ended short of actions. Fortum is convinced that this change in Uniper's ownership structure, as well as a resolution of the complicated relationship between all parties, will return stability and put the focus solely on the business and the opportunities available to us.
"I am pleased that we have today taken this important step to create a leader in the European energy transition. I am convinced that this will create attractive opportunities for both companies and their employees. For Fortum's shareholders, this transaction will be earnings accretive. As always, this investment follows our prudent investment criteria to add value reflecting carefully managed risks," Pekka Lundmark, Fortum's President, and CEO.
AMG Advanced Metallurgical Group and Shell Catalysts & Technologies have signed an agreement to form a joint venture, which will be called Shell & AMG Recycling. The joint venture will provide a long-term sustainable solution for catalyst reclamation and recycling. Financial terms were not disclosed.
The process employed by Shell & AMG Recycling extracts critical materials, including vanadium, in the form of ferrovanadium from spent catalysts. Ferrovanadium is an alloy which increases the strength of steel and is primarily used in infrastructure applications such as rebar or girders. Through the reclamation of ferrovanadium from spent catalysts, steel manufacturers benefit from a low CO2 alternative compared to sourcing the vanadium through mining.
“AMG has developed a world-leading spent-catalyst recycling technology, and we are very pleased to be able to form this joint venture and thereby significantly expand and deepen our 17-year relationship with Shell. With the implementation of the IMO 2020 fuel sulfur regulation, we expect significant spent-catalyst volume growth. The end-to-end option that will be available to oil refineries will represent an outstanding CO2 reduction opportunity,” Dr. Heinz C. Schimmelbusch, AMG Chairman & Chief Executive Officer.
Malta Informatique, a subsidiary of Pharmagest Group, has completed its acquisition of 70% stake in ICT Group, a developer of multi-disciplinary software and online hosting solutions for health centres (maisons de santé, centres de santé and pôles de santé) and is now positioned in this new specialty, offering a high degree of complementarity with its current activities. Financial terms were not disclosed.
By combining their forces, Pharmagest, Malta Infromatique, and ICT Group become the only player able to propose a comprehensive offering to all health professionals, whether private practitioners, professionals grouped within structures, or hospitals.
"By combining our strong presence across the different types of healthcare structures, with ICT Group's position in the sector of territorial-level multi-disciplinary structures, we are expecting significant synergies as a result of the complementary nature of our two activities. This strategic acquisition will facilitate our access to new market segments in France, where the recognized know-how of ICT Chorus will support our strong business growth. We, in this way, confirm our determination to strengthen our positions in France and Europe to achieve our development targets, notably with respect to issues relating to coordination between private practitioners and hospitals as well as between different private practitioners themselves," Grégoire De Rotalier, Chair of Malta Informatique and Head of Pharmagest Group's Health and Social Care Facilities Solutions Division.
METRO-backed private equity firm LeadX Capital Partners invested $18m in Matsmart, an online marketplace for food and non-food products.
Founded in 2014, Matsmart sells surplus production and overstocks online to consumers in Sweden and Finland at significant discounts.
“We have been looking for a partner that can support us expanding to Germany and the rest of Europe. We are very proud to have METRO onboard and strongly believe that they will add knowledge and know-how in many different ways.”
Sterling National Bank to acquire loan portfolio for $843m from Santander Bank.
Sterling announced that its principal subsidiary, Sterling National Bank, has entered into a definitive agreement to acquire a portfolio of middle-market commercial equipment finance loans and leases from Santander Bank.
"We are pleased to announce this acquisition, which will augment our organic origination volumes and accelerate our strategy of repositioning our balance sheet and loan portfolio to a more diversified commercial mix," Jack Kopnisky, Sterling President and CEO.
Swedish $10bn fund manager is looking to snap up rivals.
Ohman Fonder is looking to take part in a consolidation in the SEK4.4tn ($445bn) Swedish asset management business as smaller rivals feel the pressure from increased regulation.
"The industry will be in a consolidation phase for a few more years, and Ohman wants to have an active role as a buyer. At the same time, it's important that the business suits us," Jamal Abida Norling, Ohman Fonder CEO.
KGAL Investment Management closes ESPF 4 fund at €750m. (FS)
KGAL Investment Management closed its KGAL ESPF 4 renewable energies fund, with equity commitments totaling €750m ($823m). The fund has already allocated €280m ($307m) of equity for projects in six countries.
Asset manager KGAL had initially intended to close the fund at the end of 2018, with an equity target of €500m ($548m). "Institutional investors' interest far exceeded our expectations." Florian Martin, KGAL Managing Director, explaining why the placement period was extended, and the hard cap increased to €750m ($823m). A total of 32 institutional investors subscribed.
Pekao does not rule out takeovers.
Poland's state-run lender Pekao has not ruled out potential takeovers after it completes its current strategy goals, Reuters reported. Analysts have named Pekao as one of the potential buyers of Commerzbank's mBank after the German lender announced plans to sell its Polish unit.
"We do not comment on media speculation. Currently, we are focused on the full implementation of our 2018-2020 strategy, including the operational transformation, which is crucial for us," Michal Krupinski, Pekao Chief Executive.
UBS cuts staff in the wake of investment bank reshuffle. (People)
Stock trading revenues at the world's biggest investment banks have fallen around 17%. UBS is making a round of cuts to senior staff at its London equities business, the latest bank to swing the ax in what has been an unforgiving year for stock traders.
The cuts follow a reshuffle of the group's investment bank leaders last month in which its sales and trading businesses were brought together under the leadership of Jason Barron and George Athanasopoulos, the heads of equities and fixed income, respectively.
SBI to co-lead Tide's Series B round. (FS)
SBI Group joined existing investor Augmentum Fintech to co-lead a $54m series B round for digital business bank Tide at a reported valuation of nearly $250m.
SBI Investment, a corporate venturing subsidiary of financial services provider SBI Group, co-led a £44m ($54.3m) series B round for UK-based digital business bank Tide. Fintech-focused venture capital firm Augmentum Fintech co-led the round, which valued Tide at more than $247m.
Tourism and transport company SeaLink Travel Group will purchase Transit Systems Group, Australia's largest private operator of municipal public bus services, with operations in London and Singapore. The purchase price incorporates an enterprise value of A$635m ($428m) plus an earn-out component of up to A$63m ($42m).
The acquisition will create Australia's leading integrated land and marine passenger transport business with enhanced scale and capabilities to competitively deliver services under government contracts. The acquisition is being funded through a combination of cash and a new share issue to the Transit Systems Group vendors, being approved by SeaLink shareholders. Following completion, the Transit Systems Group vendors will become substantial shareholders in SeaLink.
"It will be transformational for us and provides us with the opportunity for significant international expansion using established businesses in Singapore and London. This has already opened the door for us to tender for new ferry operations in Singapore and London," Jeff Ellison, SeaLink's current Chief Executive Officer.
Anancacia Capital, a leading private equity firm, invests in Root Partnerships, a leading infrastructure advisory and project management firm. Financial terms were not disclosed.
Root Partnerships advises government and private clients on infrastructure projects across a diverse range of sectors, including aviation, healthcare, schools, tertiary education, housing, justice, and civic and cultural infrastructure. Its offerings range from feasibility studies and business cases to delivering major capital work projects.
"The investment will help expand the company’s independent advisory and project management services offering in the region." Peter Root, Root Managing Director.
McKay Brothers, a market leader in low-latency wireless networks for financial markets, has acquired EM Clarity, a leading vendor of high throughput, millimeter wave, point-to-point radio systems. Financial terms were not disclosed.
“We’ve worked with EMClarity for several years. We know firsthand the value of EMClarity’s engineering capabilities, and we look forward to working even more closely with one of our critical suppliers,” Bob Meade, McKay Co-founder.
Hillhouse-backed Genor seeks up to $1bn valuation. (FS)
Genor Biopharma is seeking to raise about $100m from private investors to fuel growth ahead of a potential initial public offering for the Chinese drugmaker.
The company, backed by affiliates of private equity firm Hillhouse Capital, could reach a valuation of as much as $1bn after the fundraising round. The Shanghai-based company is working with financial advisers on the single series, which will also help diversify its investor base, Bloomberg reported.
US-China dispute could derail $1bn Megvii IPO.
Donald Trump's latest salvo against China threatens to derail a $1bn IPO of Megvii, a prominent startup backed by Alibaba Group Holding, while curtailing the country's broader ambitions of leading artificial intelligence in the coming decade.
The US placed eight Chinese technology giants on a US blacklist accusing them of being implicated in human rights violations against Muslim minorities in the country's far-western region of Xinjiang.
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