AMERICAS
Rigetti, a quantum computing, agreed to go public via a SPAC merger with Supernova Partners Acquisition Company II, a special purpose acquisition company, in a $1.5bn deal. The PIPE transaction is subscribed to by top investors including T. Rowe Price Associates, Bessemer Venture Partners, Franklin Templeton, In-Q-Tel, Keysight Technologies, Palantir Technologies and Ampere Computing.
Rigetti is a leader in scalable quantum processor technology. Scalability has been among the largest hurdles to bringing quantum computing to market, and Rigetti introduced its scalable superconducting chips in June 2021. Its patented multi-chip architecture is the building block for new generations of quantum processors that are expected to achieve a clear advantage over classical computers.
Rigetti is advised by Deutsche Bank and Cooley. Supernova Partners Acquisition Company II is advised by Deutsche Bank, Morgan Stanley and Latham & Watkins. Financial advisors are advised by Sidley Austin.
Realogy and Centerbridge Partners to form Title Insurance Underwriter in a $300m deal. (FS)
Realogy, an integrated provider of US residential real estate services, and Centerbridge Partners, a private investment management firm, are set to form Title Insurance Underwriter, a joint venture to provide insurance underwriter services, in a $300m deal.
Centerbridge funds will purchase a controlling 70% interest for $210m in cash, valuing the asset at $300m. Realogy will maintain a 30% equity interest in Title Insurance Underwriter.
"We believe a standalone venture guided by Centerbridge's proven asset growth and management expertise can fully unleash the underwriter's growth potential, which is why Realogy has committed to maintaining a material ownership stake. Future growth upside from the underwriter venture, combined with our ability to unlock capital to further invest in Realogy's strategic priorities, can help us generate additional value for both the company and our shareholders," Ryan Schneider, Realogy CEO.
Realogy is advised by Goldman Sachs and Gibson Dunn & Crutcher. Centerbridge Partners is advised by Bank of America, Willkie Farr & Gallagher and Kekst CNC.
Knox Lane completed a $225m investment in Pattern. (FS)
Knox Lane, a middle-market investment firm, completed a $225m investment in Pattern, a global e-commerce and marketplace acceleration company.
“As e-commerce and digital marketplaces continue to rapidly evolve, we believe Pattern’s offerings will become increasingly attractive to prospective brand partners as they navigate the dynamic digital commerce landscape. We have strong conviction in Pattern’s comprehensive platform and global capabilities and look forward to working closely with the entire Pattern team to support their ongoing growth and leading global position," John Bailey, Knox Lane Managing Partner.
Knox Lane was advised by William Blair & Co, Kirkland & Ellis and Joele Frank. Pattern was advised by JP Morgan and Jones Day.
Arlington Capital to acquire Systems Planning & Analysis from CM Equity Partners. (FS)
Arlington Capital, a private equity firm, agreed to acquire Systems Planning & Analysis, a provider of professional services intended to address the nation's critical security concerns, from CM Equity Partners, a private equity firm. Financial terms were not disclosed.
“We are thrilled to be partnering with Arlington and MCR to fill an important void in the market and create an unmatched leader within the technical government advisory ecosystem. By leveraging the historical individual successes across each of our companies and pooling our organic investments in facilities, R&D and our employees, we are excited to move out to achieve our strategic vision after closing," William Vantine, SPA CEO.
Arlington Capital is advised by Morrison & Foerster and Sheppard Mullin Richter & Hampton. SPA is advised by Robert W Baird, Rees Broome and Squire Patton Boggs.
IAC-backed Dotdash to acquire digital and magazine businesses and corporate operations of Meredith for $2.7bn.
IAC-backed Dotdash, a provider of an online content website which provides information on a range of topics, agreed to acquire digital and magazine businesses and corporate operations of Meredith, a diversified media company primarily focuses on publishing and broadcasting, for $2.7bn.
“When we look at Meredith, we see a business that is driven by digital. We see a collection of iconic and venerated brands rich with heritage, leaders in their categories, and similar focus on editorial excellence. We see unprecedented reach to women and a print business that provides longstanding value to readers and advertisers which we view as a strong platform to reach and engage consumers. The opportunities are limitless. Meredith can step into its digital future and together we can define our next chapter as Dotdash Meredith," Neil Vogel, Dotdash CEO.
IAC is advised by JP Morgan and Wachtell Lipton Rosen & Katz. Meredith is advised by Moelis & Co and Cooley.
Zebra Technologies completed the acquisition of Antuit.ai.
Zebra Technologies, a global enterprise mobile computing company, completed the acquisition of Antuit.ai, a developer of an AI-powered SaaS analytics platform designed for forecasting and merchandising. Financial terms were not disclosed.
“Through its synergies with our retail store execution portfolio, the acquisition of antuit.ai will further drive our ability to bring the power of AI to our customers, and meet the demands of today’s consumer. It will also enable us to offer our customers in the CPG industry an analytics, AI and automation solution that supports more efficient planning and operations with greater visibility across the supply chain. We are excited to welcome the antuit.ai team to the Zebra family," Anders Gustafsson, Zebra Technologies CEO.
Zebra was advised by Jenner & Block. Antuit.ai was advised by Mizuho Securities and Goodwin Procter.
Rexel to acquire Mayer for $456m.
Rexel, a French company specializing in the distribution of electrical, heating, lighting and plumbing equipment, agreed to acquire Mayer, a distributor of electrical products and services, for $456m.
“The acquisition of Mayer will allow Rexel to expand its footprint in North America, the biggest market in the world for electric supplies and a key pillar of our strategy. The two companies’ strengths in the regions where Mayer operates are very complementary and should allow for a smooth integration. We are impressed by the quality and reputation of Mayer’s team and are looking forward to starting to work with them, under the leadership of Jeff Baker, CEO of Rexel USA. This transaction is fully in line with both the strategy and the financial objectives announced at our February Capital Markets Day," Guillaume Texier, Rexel CEO.
Rexel is advised by Rothschild & Co and Brunswick Group.
Keystone Capital-backed MERGE, a marketing and technology development agency, completed the acquisition of Perkuto, a provider of marketing operations services. Financial terms were not disclosed.
“Getting marketing technology platforms to work in concert is a challenge for senior marketing and digital executives. Uniting Perkuto’s Marketo expertise with MERGE’s content management system expertise elevates our ability to merge storytelling and technology such that it converts traffic to transactions for clients," Patrick Venetucci, MERGE CEO.
Perkuto was advised by MergerTech Group. Keystone Capital is advised by Honigman Miller Schwartz & Cohn.
Artemis Capital-backed Maury Microwave, a provider of RF calibration, measurement, and modeling solutions, completed the acquisition of dBm, a designer and manufacturer of wireless link emulation equipment. Financial terms were not disclosed.
"dBm is widely recognized as a leader in SATCOM link emulation. This directly supports our vision of an interconnected world where wireless technologies are reliable and efficient. We look forward to leveraging both companies' technical competencies and resources to accelerate development and extend our market reach to help our customers build better products thereby ensuring reliable and efficient satellite communications," Michael Howo, Maury President and Chief Executive Officer.
Maury Microwave was advised by Morgan Lewis & Bockius. dBm was advised by Sperry Mitchell & Company.
Ara Partners, a private equity firm, completed the acquisition of Fluitron, a company specializing in manufacturing industrial gas compression. Financial terms were not disclosed.
"We believe in hydrogen's potential to decarbonize multiple industries, and Fluitron will play a key role in the energy transition. Fluitron has an exceptional track record of providing high-quality compression equipment and services to its global array of customers, and its expertise in diaphragm compressors positions it to take advantage of the demand for secure, high-pressure compression needs for hydrogen dispensing and storage infrastructure. Tony and Bob are well-respected veterans of the compression industry, and we are confident that Fluitron will continue expanding at a rapid pace under their continued leadership," Tuan Tran, Ara Partner.
Ara Partners was advised by Gasthalter & Co.
NFP-backed Wealthspire Advisors, an independent investment adviser, agreed to acquire Private Capital Group, a wealth management firm. Financial terms are not disclosed.
“Being part of Wealthspire will bring additional value to our clients and expand opportunities for our dedicated associates. Private Capital Group was founded with a ‘Serve First’ philosophy, so we are looking forward to fully integrating with Wealthspire and becoming part of a dynamic firm that shares our passion for client service and deep fiduciary commitment," Ben Kille, Private Capital Group Founder and Managing Member.
Private Capital Group is advised by DeVoe & Company.
ICONIQ Growth, Sequoia Capital India, Perceptive Advisors, Corner Ventures, LTS Investments, Helena and Sofina led a $140m Series C funding round in Twin Healt, a developer of a precision health platform designed to measure and repair the damaged metabolism in diabetic patients.
“We are delighted to partner with the visionary Jahangir Mohammed and his exceptional team as they scale Twin Health and its groundbreaking technology to address one of the biggest healthcare challenges of our time. Twin Health has the opportunity to transform and improve the quality of life for so many people, and we are incredibly proud to support the company’s mission," Divesh Makan, ICONIQ Founding Partner.
Twin Health was advised by Access Brand.
Fengate, an investment firm, agreed to acquire tower assets from Municipal Communications, a communications infrastructure provider, and Seaport Capital, a private equity firm. Financial terms were not disclosed.
“We’re proud of our long-term relationship with Peter Corry and the Municipal team. Peter and his team developed a diverse portfolio of tower assets, anchored by the big three wireless providers, over the last three years. We wish Fengate success with the portfolio. We look forward to partnering with Municipal to build another great portfolio of tower assets," Bob Tamashunas, Seaport Partner.
Municipal Communications and Seaport Capital are advised by Houlihan Lokey.
Gualapack, a provider of pre-made spouted pouches and a global player in the flexible packaging industry, agreed to acquire Teruel Embalagens, a firm engaged in the flexographic printing on flexible film at its two factories in Brazil. Financial terms were not disclosed.
“Teruel’s specialty, which includes its own patented technologies in the country and worldwide, as well as the use of paper in flexible packaging, will make a key contribution to Gualapack’s line of sustainable products. Furthermore, the acquisition allows Gualapack Brasil to align with the company’s global portfolio,"Alan Baumgarten, Gualapack CEO of Brasil.
Gualapack is advised by Duff & Phelps.
AppLovin, a technology platform, agreed to acquire MoPub, a company that provides monetization solutions for mobile app publishers, from Twitter, a social networking platform, for $1.05bn.
"This transaction increases our focus and demonstrates confidence in our revenue product roadmap, accelerating our ability to invest in the core products that position Twitter for long-term growth and best serve the public conversation. We thank the incredible teams and customers who have contributed to making MoPub a success within Twitter over the years," Jack Dorsey, Twitter CEO.
Investcorp, a provider and manager of alternative investment products, completed the acquisition of 89 industrial warehouses for $380m.
“As active investors in the US industrial sector, we have observed firsthand the strength of our existing portfolio as e-commerce has boomed and supply chains are streamlined within growth markets throughout the US. We are excited to expand our already sizable US industrial portfolio with these key acquisitions in some of the largest and strongest industrial markets in the country. We look to invest in fast-growing regions with diversified economies, strong transportation infrastructure and access to the booming technology industry which is what we believe we have found in these industrial hubs," Herb Myers, Investcorp Co-Head of Real Estate.
Softbank Vision Fund 2 led a $130m Series D funding round in Zum, a provider of on-demand ride and care services intended to offer reliable child transportation and care for children. Additional investors include Sequoia and BMW i Ventures.
"Using data and technology, we believe Zum is modernizing school transportation by offering better services, efficiency, and sustainability — while increasing safety for children. We are impressed with the immediate impact that Zum has made for school districts who have deployed its service across their entire network of schools over the past year, including significant cost savings. We are pleased to partner with Ritu, Vivek, and the team to support their mission of reimagining student transportation," Andrew Straub, Softbank Investment Director.
Starry Internet in advanced merger talks with FirstMark SPAC.
Starry, a broadband internet service provider, is in advanced talks to go public through a merger with FirstMark Horizon Acquisition, a blank-check company, Bloomberg reported.
Boston-based Starry and the special purpose acquisition company, or SPAC, would have a combined value of more than $1.5bn. A transaction could be announced soon.
Emerson Electric considers merger with Aspen Tech.
Emerson Electric, a manufacturing giant, is in talks to merge its software assets with Aspen Technology, an industrial software company, Reuters reported.
Emerson is discussing a deal to combine its software assets with Aspen Tech and gain majority control of the combined company.
Emerson, which has a suite of products ranging from automation software to air conditioning tools, and Aspen Tech did not immediately respond to request for comments.
Ares CEO sees direct-lender financing deals reaching $5bn. (FS)
Ares Management, one of the dominant players in private credit, is now underwriting deals as large as $3bn and could before long provide loans for as much as $5bn to a single borrower, Michael Arougheti, Ares Management CEO.
Private-equity firms are increasingly bypassing syndicated loans arranged by banks and turning to direct lenders, usually at a higher cost. The reasons include speed of execution, confidentiality or a need for unconventional financing, Bloomberg reported.
Elliott pushes for sale of Healthcare Trust of America. (FS)
Elliott Investment Management, an activist investor, has built a position in Healthcare Trust of America and is pushing for the real estate investment trust to launch a strategic review that includes a potential sale of the company, Bloomberg reported.
The Florida-based hedge fund, run by billionaire Paul Singer, has met with the company’s board. Elliott is a top holder in the REIT although the exact size of its stake couldn’t be determined.
MGM seeks control of BetMGM after DraftKings did for partner.
If DraftKings reaches a deal to buy Entain, Hornbuckle said he’ll seek majority control of BetMGM and access to the technology that powers the business. Under the terms of their partnership, a new owner of Entain won’t be able to operate BetMGM in the US without the approval of MGM, the largest operator of casinos on the Las Vegas Strip.
Churchill raises $1.5bn across secondaries, co-investment funds. (FS)
Churchill Asset Management has raised a pair of new funds, with Paris-based private-equity firm Ardian as the lead investor and largest limited partner in both.
New York-based Churchill raised about $1bn for Churchill Secondary Partners and roughly $500m for Churchill Co-Investment Partners , said Jason Strife, Churchill Senior Managing Director.
IX Acquisition announces pricing of $200m IPO.
IX Acquisition announced the pricing of its IPO of 20m units at a price of $10 per unit. The units will be listed on the Nasdaq Stock Market and trade under the ticker symbol “IXAQU” beginning on October 7, 2021. Each unit consists of one share of Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A ordinary shares at a price of $11.5 per share.
IX Acquisition, led by Karen Bach CEO, Noah Aptekar CFO and Guy Willner Executive Chairman, is a blank check company.
EMEA
Lineage Logistics, a provider of temperature-controlled industrial logistics, completed the acquisition of Kloosterboer Group, an integrated platform for temperature-controlled storage management. Financial terms were not disclosed.
“We welcome the Kloosterboer team to the One Lineage family and are thrilled to unite with an organization that has a nearly 100-year history of being entrepreneurial and customer centric. We look forward to integrating their state-of-the-art facilities and diverse services so we can better serve our customers in Europe and around the world. It’s also clear that we have cultural alignment with a shared focus on leading the industry in sustainability and innovation,” Harld Peters, Lineage Senior Vice President for Europe.
Kloosterboer was advised by Nielen Schuman, De Brauw Blackstone Westbroek and CFF Communications. Lineage Logistics was advised by Rabobank, Latham & Watkins and NautaDutilh.
Tenzing, a private equity investment firm, completed the investment in Mandata, a developer of a transport management software intended to manage haulage and logistics processes. LDC has exited the investment.
“LDC’s support has been invaluable to the growth of Mandata. Gareth and his team completely backed our growth strategy and worked alongside our management team to provide operational support and help us to complete two significant acquisitions," Chris Rigg, Mandata CEO.
Mandata was advised by KPMG, Roland Berger, Muckle and UNW.
RWE and PPC to form a joint venture.
RWE, a German multinational energy company, and Public Power, a public electric utility company, are set to form a joint venture to realise renewable energy projects. Financial terms were not disclosed.
“PPC is committed to leading the energy transition in the country. Our extroversion is essential for the group’s transformation. Together with strong partners we are on track to meet our ambitious targets and drawing our own green deal. Today marks a significant milestone in our journey, we welcome RWE to Greece and look forward to co-developing projects of unprecedented scale in the country," Konstantinos Mavros, PPC CEO.
PPC is advised by PricewaterhouseCoopers.
ZF, a German automotive industry supplier, agreed to invest in Oxbotica, a British autonomous vehicle software startup. Financial terms were not disclosed.
ZF is taking a 5% stake in Oxford-based Oxbotica and will take a seat on its advisory board. The companies plans to jointly develop driving systems for pod-like shuttles which will be able to transport people and goods.
“Together with Oxbotica, we are developing self-driving systems for autonomous people and cargo movers addressing the current challenges in public transport and logistics,” Torsten Gollewski , ZF Executive Vice President.
Newcastle United deal chances lifted by end of Saudi. (FS)
A takeover of historic UK soccer team Newcastle United FC by Saudi Arabia’s sovereign wealth fund could be back on, with the kingdom said to be close to removing a major obstacle to the deal, Bloomberg reported.
Saudi Arabia is close to formally lifting a ban on BeIn Media Group. A decision could come as soon as the coming weeks, allowing BeIn to begin selling subscriptions to its sports content in the kingdom. Talks are ongoing and could still fall apart.
APAC
Temasek agreed to invest $73m in Integrace, a pharmaceuticals-focused platform. True North, an independent and wealth management firm, will partially offload its stake after this transaction but will continue to hold a majority stake.
The funding from Temasek will help the company to make more acquisitions in the near future.
"Our approach has been to have sustainable and differentiated scientific practices which build bigger brands, potentially number one or number two in their respective markets," Kedar Rajadnye, Integrace CEO.
Integrace is advised by Rothschild & Co.
Andreessen Horowitz, a venture capital firm, and Coinbase Ventures, an investment firm, led a $260m Series C funding round in CoinSwitch Kuber, a developer of a decentralized cryptocurrency exchange aggregator platform. Additional investors include Tiger Global and Sequoia Capital India.
“We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country. Ashish and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India," David George, Andreessen General Partner.
Eneos to buy Japan Renewable Energy for $1.8bn. (FS)
Eneos Holdings, Japan’s biggest refiner, plans to buy Japan Renewable Energy for about $1.8bn from Goldman Sachs and Singaporean sovereign wealth fund GIC, Reuters reported.
The deal would mark the first major purchase of a renewables company by a top Japanese oil company as Eneos looks to shift away from fossil fuels.
Hong Kong’s Honour Lane Shipping mulls $500m sale.
Honour Lane Shipping, a Hong Kong-based freight forwarder, is weighing a sale of the business that could fetch about $500m, Bloomberg reported.
The family-owned company is working with BDA Partners, a boutique investment bank, on the divestment. Honour Lane has drawn preliminary interest from buyout firms and industry players, and it’s called for binding bids in the next couple of weeks.
India’s Paytm in talks with ADIA and BlackRock for IPO stakes. (FS)
India’s Paytm is in talks with sovereign wealth funds and financial firms to become anchor investors in its upcoming IPO, Bloomberg reported.
State-backed wealth investors Abu Dhabi Investment Authority and Singapore’s GIC are among those weighing bidding to participate in the IPO.
China Resources Mixc Lifestyle in talks for JLL China business. (FS)
Jones Lang LaSalle has picked China Resources Mixc Lifestyle Services as the preferred bidder for its China real estate management unit, Bloomberg reported.
The property management arm of state-owned China Resources Group is poised to trump rivals including Sunac Services Holdings and China Vanke. The Chicago-based real estate services provider is seeking more than $500m from a divestment of the unit.
Zee Entertainment founder alleges Invesco wants to take over firm. (FS)
The founder of Zee Entertainment Enterprises alleged that dissenting investors Invesco Developing Markets Fund and OFI Global China Fund are trying to take over the firm he set up two decades ago, adding another twist in the public fight for board control of India’s largest listed TV network, Bloomberg reported.
“Invesco is trying to takeover Zee in a clandestine manner. If Invesco wants to acquire shares, they should opt for the open-offer route,” Subhash Chandra, Zee Chairman.
Australian specialist recruiter APM plans IPO to raise $728m.
Australian specialist recruiter Advanced Personnel Management plans to raise about $728m by the end of November through an IPO of about a third of the company, DealStreetAsia reported.
The IPO is likely to face volatile equity markets amid the marketing of other large raisings, such as the monster $5bn IPO of Scientific Games's Australian unit.
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