AMERICAS
Airspan Networks, which provides groundbreaking, disruptive software and hardware for 5G network solutions, went public via a merger with New Beginnings Acquisition, a special purpose acquisition company, in an $822m deal. The deal involved a PIPE investment from SoftBank, Dish Network, Oak Investment Partners and NEA.
"These seismic 5G industry trends play right into Airspan’s strengths. This transaction is expected to help fund our growth plans and accelerate our vision of providing our customers with leading edge 5G networks. We are at the precipice of a significant capital-intensive upgrade as 5G deployments drive the future growth of existing mobile carriers, new market entrants, and private and enterprise buildouts that we believe will transform numerous industries," Eric Stonestrom, Airspan President and CEO.
Airspan was advised by JP Morgan, Jefferies & Company, Dorsey & Whitney, ICR and Sard Verbinnen & Co. Financial advisors were advised by Mayer Brown. New Beginnings was advised by Ladenburg Thalmann and Greenberg Traurig.
Equity Commonwealth, a REIT, and Monmouth, a public equity REIT, amended the merger agreement to raise the offer value to $3.4bn, including $857m of mortgage debt, and the repayment of the $550m of Monmouth's 6.125% Series C redeemable preferred stock.
"Our revised offer provides Monmouth shareholders with the option to elect to receive consideration in cash, but also provides a tax-deferred option to remain invested in the future upside of our business. We will continue to have significant balance sheet capacity, of over $4bn, for future industrial investments," David Helfand, Equity Commonwealth President, CEO and Trustee.
Monmouth is advised by CS Capital Advisors, JP Morgan, Stroock & Stroock & Lavan and Joele Frank. Equity Commonwealth is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson.
Hyatt, a hospitality company, agreed to acquire Apple Leisure Group, an American travel and hospitality conglomerate, from KKR and KSL Capital, a private equity firm specializing in travel and leisure enterprises, for $2.7bn.
"Combining Hyatt's deep expertise and global brand footprint with ALG's strong resort brands, operating capabilities and robust development plans will elevate our differentiated position and create a leader in luxury leisure travel," Alejandro Reynal, Apple Leisure Group CEO.
ALG is advised by PJT Partners and Simpson Thacher & Bartlett. Hyatt is advised by BDT & Co, JP Morgan, Latham & Watkins. Debt financing is provided by JP Morgan. KSL is advised by Deutsche Bank.
Paysafe, a specialized payments platform, agreed to acquire SafetyPay, a payments platform, for $441m.
"We are really pleased to see SafetyPay and PagoEfectivo become part of Paysafe and expand our payment solutions across card payment processing, digital wallets, eCash and online banking payments with a strong foothold in high growth Latin American markets. We see exciting synergies in key industry verticals like iGaming where we want to win. From the start, we have had a plan to grow in areas where we can achieve scale through operational efficiency. It is great to see the team execute and create more opportunities for growth," Bill Foley, Paysafe Chairman.
SafetyPay is advised by PJT Partners and Quarles & Brady. Paysafe is advised by RBC Capital Markets and Greenberg Traurig.
Quarterhill, a growth-oriented company in the intelligent transportation system industry, agreed to acquire Electronic Transaction Consultants, a transportation systems provider, from Align Capital, a private equity firm, for $150m.
"We believe Quarterhill shares our vision for the growth and potential in ITS, and in particular for tech-enabled tolling as an essential solution to help expand, upgrade and support transportation infrastructure. We believe joining Quarterhill will offer us a platform for growth and scale in both our core US market, as well as globally," Bret Kidd, ETC CEO.
ETC is advised by McGuireWoods. Quarterhill is advised by JD Merit and Norton Rose Fulbright.
Intrado, a provider of technology-enabled services, completed the acquisition of Hubb, a provider of hybrid event management technology. Financial terms were not disclosed.
"Adding Hubb to Intrado's Digital Media business will create an innovative, efficient, next-generation all-in-one event platform. Clients will have access to and benefit from a comprehensive end-to-end event management platform to create events with unique, curated experiences supporting in-person, hybrid, and virtual attendees. It will also accelerate the development of Intrado's self-service virtual event offering," Ben Chodor, Intrado Digital Media President.
Hubb was advised by JMP Securities. Intrado was advised by Jefferies & Company and Morgan Stanley.
L Squared, an investment firm headquartered in Newport Beach, CA, completed the acquisition of Crane 1, one of the largest providers of overhead Crane MRO services and equipment in the United States. Financial terms were not disclosed.
"L Squared is well suited to add value as Crane 1’s new partner given their proven consolidation playbook across multiple industries. Crane 1 enjoys strong momentum with our loyal customer base because of the commitment of our team, especially our front-line technicians. We look forward to continued growth with a focus on safety and building upon our reputation as the “employer of choice” for top technician talent," Bob Vevoda, Crane 1 CEO.
Crane 1 was advised by Piper Sandler and Katten Muchin Rosenman. L Squared was advised by Vedder Price.
HiberCell, a clinical stage biotechnology company developing therapeutics to treat cancer relapse and metastasis, agreed to acquire Genuity Science, a life science technology company, for $100m.
"Our therapeutic programs have been identified through mechanistic insight into the role of the adaptive stress phenotype in cancer patients. Genuity’s AI/ML platform, which has successfully identified and validated novel molecular pathways in disease initiation and progression, is well positioned to further our understanding of the stress phenotype and its role in cancer progression," Alan Rigby, HiberCell Co-Founder and CEO.
HiberCell is advised by Westwicke.
Silver Lake Partners, a global private equity fir, led a $500m Series G round in Carta, a San Francisco-based cap table management and valuation software company.
"We chose Silver Lake, one of the most thoughtful and creative private equity investors in the world, to lead the round. After that, all we had to figure out was allocations," Henry Ward, Carta CEO.
Tiger Global Management and Caffeinated Capital led a $200m Series D round in Divvy Homes, a property-technology startup, with participation from Andreessen Horowitz, GGV Capital, GIC, and Moore Specialty Credit.
"Over the next 10 years, we believe Divvy Homes has the potential to help more than one hundred thousand families become financially responsible homeowners. It's clear that Divvy Homes is leading the creation of a new category that redefines the way Americans access homeownership. This latest round creates the runway for Divvy Homes to expand its footprint and drive continued growth," Scott Shleifer, Tiger Global Partner.
Smart for Life, a health & wellness company, agreed to acquire Nexus Offers, a network platform in the digital affiliate marketing space. Financial terms were not disclosed.
"Combining the success of our brands, including the recently acquired Smart for Life brand, with the robust eMarketing platform represented by Nexus Offers is a powerful strategy. This acquisition will support our objective of creating a highly diversified and vertically integrated global nutraceutical company. It supports SFL's vision of developing and acquiring multiple brands and sales channels for the cross marketing of goods and services," Ryan Zackon, Smart for Life CEO.
Seismic, a sales enablement company, completed the acquisition of Lessonly, a sales enablement platform. Financial terms were not disclosed.
"Together, we are a stronger and smarter sales enablement platform — the only one that gives sales leaders the confidence they'll hit their numbers, and ensures all sellers are able to engage with customers in the most effective way possible throughout their buyers' journeys," Doug Winter, Seismic Co-Founder and CEO.
LeoGroup, a comprehensive advisory firm offering customized wealth management, completed the merger with The Capital Company and BFT Financial Group, two independent wealth advisory firms. Financial terms were not disclosed.
"Our expanded geographic and international coverage are a perfect match for clients migrating across the US and for international clients, including overseas US and global citizens. Being licensed in the US and Hong Kong is our advantage. We offer our expertise and personalized service to clients across multiple jurisdictions, leveraging technology to actively bridge the gap where traditional services end and the digital experience begins," Matthew Allain, Leo Wealth CEO.
Ayr plans to acquire Culyivauna.
Ayr Wellness, a multistate cannabis company, plans to buy Cultivatauna, a maker of cannabis-infused seltzers and water-soluble tinctures,
Bloomberg reported.
The transaction would give Ayr, which already sells cannabis in six states, access to a fast-growing segment of the industry: drinks that contain the psychoactive ingredient in marijuana, known as THC. It would also expand the customer base for Cultivauna's Levia brand, currently, sold in Massachusetts.
Lowercarbon Capital raised $800m. (FS)
Lowercarbon Capital, a climate-tech focused fund founded by longtime investor Chris Sacca and his wife Crystal Sacca, closed on $800m in capital,
TC reported.
Some of Lowercarbon’s backers are interested in tech that’s working to reverse some of the “code red for humanity” trends declared by the United Nations’ climate science research group.
EMEA
UK Takeover Panel set a deadline for the counteroffer for Meggitt, a British international company specialising in components and sub-systems, to TransDigm, an aerospace manufacturing company, on September 14, 2021.
Previously, TransDigm entered the bidding war with Parker that has already signed the agreement with the target.
Meggitt is advised by Bank of America, Morgan Stanley, Rothschild & Co, Slaughter & May and FTI Consulting. Parker Hannifin is advised by Citigroup, Freshfields Bruckhaus Deringer, Jones Day and Brunswick Group. TransDigm is advised by JP Morgan.
Faurecia, a French global automotive supplier headquartered in Nanterre, agreed to acquire Hella, an internationally operating German automotive part supplier, for $8bn.
"This combination is a unique opportunity to create a global leader in automotive technologies. I am convinced that Faurecia and Hella have an outstanding fit as we share common vision, values and culture. Our two talented teams have been cooperating very efficiently since end 2018, they have demonstrated their combined capabilities. Together, we will have the critical edge to benefit from the strategic drivers that are transforming the automotive industry," Patrick Koller, Faurecia CEO.
Hella is advised by Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Hengeler Mueller and Brunswick Group. Faurecia is advised by Bank of America, Lazard, Natixis Partners, Societe Generale, White & Case and FTI Consulting.
Renesas, a supplier of advanced semiconductor solutions, and Dialog Semiconductor, a provider of power management, charging, AC/DC power conversion, announced that Taiwan waived its right to review the latter's acquisition.
Germany, the People's Republic of China and the United States have already issued antitrust and/or foreign investment clearances. The acquisition is expected to close on August 30, 2021.
Dialog is advised by JP Morgan, Qatalyst Partners, Linklaters and FTI Consulting. Renesas is advised by Nomura, Covington & Burling and Nagashima Ohno & Tsunematsu.
Advent-backed Cobham Group, a global technology and services innovator, agreed to acquire Ultra Electronics, a British company serving the defence, security, critical detection and control markets, for $3.6bn.
"Today's offer from Cobham reflects the significant progress and value that has been created by the whole Ultra team from our ONE Ultra strategy and from the progress we are making on our Focus; Fix; Grow transformation. The team should be very proud of what they have achieved so far. This combination will enhance Ultra's prospects through Cobham's stated intentions to accelerate our transformation, invest in our technology, and to continue to support our customers, operations, communities, and most importantly our talented and committed people," Simon Pryce, Ultra CEO.
Ultra is advised by JP Morgan, Numis Securities, Slaughter & May and MHP Communications. Cobham is advised by Credit Suisse, Goldman Sachs, Morgan Stanley, Rothschild & Co, Kirkland & Ellis and Tulchan Communications.
DSV Panalpina, which provides and manages supply chain solutions, completed the acquisition of the Global Integrated Logistics business of Agility Public Warehousing, a publicly-traded global logistics company, for $4.2bn.
"Agility's Global Integrated Logistics business and DSV are an excellent match, and we are proud that we can announce our agreement to unite. The combination of our two global networks will provide us with the opportunity to offer our customers an even higher service level. GIL's global network, industry competencies and strong market position in APAC and the Middle East complement DSV's network well and will support our long-term value creation ambitions. Our two groups of companies already share a culture of entrepreneurship and local ownership, and we look forward to welcoming GIL's talented staff to DSV," Jens Bjorn Andersen, DSV Group CEO.
DSV was advised by JP Morgan and Skadden Arps Slate Meagher & Flom. Agility was advised by Latham & Watkins.
RAJA Group, a European distributor of packaging, equipment and office supplies, agreed to acquire Office Depot Europe, a provider of workplace solutions, from AURELIUS, a private equity firm. Financial terms were not disclosed.
"We are delighted about this opportunity with RAJA and we are looking forward to accelerating our business as part of the RAJA Group. As a successful family business, the RAJA Group offers a great base for the future of our business with immense potential for a fruitful collaboration and development. The strategic realignment to our business made us attractive for our strategic buyer RAJA and provides a great position to further drive our business together. We would like to thank AURELIUS for the good and successful cooperation and support during this fundamental transformation over the past years," Raffael Reinhold, Office Depot Europe CEO.
AURELIUS is advised by Deloitte, PricewaterhouseCoopers and Jones Day.
Future, the global platform for specialist media, agreed to acquire a portfolio of wealth, knowledge and B2B pro technology specialist brands from Dennis Publishing, a British independent publisher, for £300m ($416m).
"I am delighted to announce the acquisition of a high-quality portfolio of trusted brands from Dennis Publishing that will accelerate our strategy, enhance our content capabilities and bring additional geographical and vertical revenue diversification, whilst materially increasing the proportion of recurring revenues across the Group," Zillah Byng-Thorne, Future CEO.
Future is advised by Broadsheet and GingerMay.
Huhtamaki, a global food packaging specialist, agreed to acquire Elif Holding, a major supplier of sustainable flexible packaging to global FMCG brand owners, for $483m.
"I am thrilled to announce this acquisition. With a great portfolio, a strong focus on sustainability and high growth ambitions, Elif is a perfect fit for Huhtamaki. We are impressed by Elif's focus on its customers with decades of strategic partnerships with blue-chip multinational companies who are leaders in their field and Elif's strong and capable leadership team," Charles Héaulmé, Huhtamaki President and CEO.
Huhtamaki is advised by Citigroup. Debt financing is provided by Citigroup.
Coca-Cola HBC, a growth-focused consumer packaged goods business, agreed to acquire a 94.7% stake in Coca-Cola Bottling Company of Egypt, producer of non-alcoholic ready to drink beverages in Egypt operating five bottling plants, from The Coca-Cola Company, a total beverage company, and MAC Beverages, a privately owned group with investments in the beverages and packaging sectors, for $427m.
"We are excited to welcome CCBCE to our group. We see great potential for this business to unlock considerable opportunities in the NARTD category in Egypt. With our best-in-class execution capabilities, commercial expertise and world leading approach to sustainability and communities, we believe there is a significant opportunity to create value for all stakeholders. We appreciate the trust placed in us by The Coca-Cola Company and MBL, and look forward to becoming part of the Coca-Cola system in Egypt," Zoran Bogdanovic, Coca-Cola HBC CEO.
Coca-Cola HBC is advised by UBS and Sullivan & Cromwell.
Kalera, a vertical farming company, agreed to acquire &ever, a vertical farming company, from Nox Management, an investment company, for $150m.
"With Kalera's farms in North America and & ever's operations in Asia, the Middle East and Europe, we will jointly revolutionize the global vegetable production industry and further expand our market leadership in vertical farming. We see & ever's climate cell technology and their high degree of automation as excellent additions to our advanced nutrient management system, which will further increase the productivity of our production facilities," Daniel Malechuk, Kalera CEO.
Siemens aims at acquisitions that increase speed in smart infrastructure.
Siemens is considering acquisitions in building management software and electric vehicle charging to accelerate growth at its Smart Infrastructure division,
Reuters reported.
The German company wants to expand its offering and grow faster than rivals as office blocks and apartments become more connected and drivers switch to e-vehicles, Matthias Rebellius, board member of Siemens and CEO of Smart Infrastructure at Siemens said.
Egypt's plans to sell a state company's stake could be its biggest IPO.
Egypt plans to take the first steps early next year towards selling a stake in the state company behind its new capital city, in what could be the North African nation's biggest-ever initial public offering,
Bloomberg reported.
The Administrative Capital for Urban Development, a joint venture between the military and the Housing Ministry created to oversee the multi-billion dollar pojects, has "very very big assets and a big portfolio of land and projects," said Ahmed Zaki Abdeen, the company's head.
APAC
Sydney Airport, an international airport, announced it received and rejected the improved $16.8bn proposal from the investors' consortium. It noted that the company is open to a better offer.
Per proposal, the superannuation and pension fund AustralianSuper would join the consortium. Previously, the airport rejected the $16.7bn bid from Investment firms IFM Investors, QSuper and GIP.
Sydney Airport is advised by Barrenjoey Capital Partners, UBS and Allens. IFM is advised by Herbert Smith Freehills.
Tim Hortons China, a fast food restaurant chain, is set to go public via a merger with Silver Crest Acquisition, a SPAC, in a $1.7bn deal. Existing shareholders of Tim will own 80% of the combined entity.
The merger would provide the company with capital for the development of new stores and other possible investments.
HSBC agreed to acquire AXA Singapore, AXA's Singapore branch, for $575m.
"This is an important acquisition that demonstrates our ambition to grow our Wealth business across Asia. Wealth is one of our highest growth and highest return opportunities, and plays to our strengths as an Asia-centred bank with global reach. We are acquiring a good business that fits well with our existing operations, and which strengthens our status as one of Asia's leading wealth and insurance providers," Noel Quinn, HSBC CEO.
Aramco plans to use up to $25bn for a deal with Reliance.
Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries' oil refining and chemicals business,
Bloomberg reported.
The Saudi Arabian firm is discussing the purchase of a roughly 20% stake in the Reliance unit for about $20bn to $25bn-worth of Aramco shares. Reliance, which is backed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks.
BHP limits oil and gas business due to climate scrutiny.
BHP Group, a mining, metals and petroleum company, is in talks over a potential merger of its oil and gas unit with Woodside Petroleum, a petroleum exploration and production company, to accelerate a retreat from fossil fuels amid increasing pressure to curb emissions,
Bloomberg reported.
Options being discussed include a distribution of Woodside shares to BHP holders to allow the Australian energy firm to add operations spanning Australia to the Gulf of Mexico. BHP's unit could be valued at more than $15bn.
CMS tries to raise funds from IPO with Sebi. (FS)
Baring Private Equity-backed CMS Info Systems filed a draft paper with the Securities and Exchange Board of India to raise $269m funds through an initial public offering,
DealStreetAsia reported.
The IPO consists of a pure offer for sale of up to $269m by Sion Investment, and affiliate of Baring Private Equity Asia. Currently, Sion Investment holds a 100% stake in the company.
Somerset plans to quit four debut funds. (FS)
Healthcare-focused private equity firm Somerset Indus Capital is aiming to exit four more companies from the first fund it launched more than eight years ago,
DealStreetAsia reported.
Somerset partner Ramesh Kannan said that the firm expects to exit companies, including Hexagon Nutrition and Prognosis Medical Systems. The other two are Browndove Healthcare and Ujala Cygnus.
ASK launches AIF with digital onboarding. (FS)
ASK Investment Managers launched digital onboarding for its Alternate Investment Fund, the first of its kind in the industry. The ASK Emerging Opportunities Fund, a close-ended Category-III, long-only AIF is a flexi-cap portfolio with a mid-cap bias and will invest in listed Indian equities.
With the government’s focus on Atmanirbhar Bharat and PLI Schemes aimed at lowering dependence on imports and boosting exports, this fund aims to invest in beneficiaries of varied sectors such as speciality chemicals, footwear, diagnostics, niche digital technologies, among others.
The term of the scheme is seven years with two years of lock-in from the final closing and will target to raise investments from high net worth and ultra high net worth individuals, who are aiming for consistent wealth creation over long-term. The fund is targeting to raise $135m.
Sebi approved Ruchi Soya $579m FPO, set to launch next week.
Edible oil producer Ruchi Soya Industries, owned by Ramdev’s Patanjali Ayurved group, received Securities and Exchange Board of India’s approval to sell fresh shares through a follow-on public offer to pare debt and cut promoter shareholding as mandated by the markets regulator,
Mint reported.
With the regulator’s approval in hand, the company is looking to launch the share sale soon, as early as next week. Ruchi Soya had filed a draft prospectus with the Sebi for a $579m FPO to raise fresh money.
