AMERICAS
ReNew Power, a pure-play renewable energy producer, agreed to go public through a merger with RMG Acquisition, a blank check company, in an $8bn deal. Goldman Sachs, the CPPIB, ADIA and JERA, among others, who together own 100% of ReNew, will be rolling a majority of their equity into the new company, and are expected to represent approximately 70% of the effective company ownership upon transaction close.
“Over the next decade, ReNew plans to maintain its track record of market share growth, and contribution to the greening of the Indian power sector, and to help meet the Indian government’s ambitious renewable energy targets. Over time, we will expand our capabilities even further, with utility-scale battery storage, and customer focused intelligent energy solutions. ReNew’s vision is to enhance its position as a global leader in the clean energy space, to continue leading India’s ongoing clean energy transition, and to assist in deepening electrification and decarbonization of the Indian economy,” Sumant Sinha, Founder, ReNew Chairman & CEO.
ReNew is advised by Goldman Sachs, Morgan Stanley, Cyril Amarchand Mangaldas, Latham & Watkins, Nishith Desai Associates and ICR. RMG is advised by Bank of America Merrill Lynch, Khaitan & Co and Skadden Arps Slate Meagher & Flom. Bank of America Merrill Lynch is advised by Ropes & Gray.
A stockholder challenge to Pandora Media's $3.5bn acquisition by Sirius XM in 2019 moved forward in Delaware's Chancery Court after a ruling that in part found arguments that a deal proxy contained material falsehoods or deficiencies were reasonably conceivable.
Pandora is advised by Centerview Partners, LionTree Advisors, Morgan Stanley, Sidley Austin and Sullivan & Cromwell. Sirius XM is advised by Allen & Company, Bank of America Merrill Lynch, Baker Botts and Simpson Thacher & Bartlett.
indie Semiconductor, an automotive semiconductor and software innovator, and Thunder Bridge Acquisition II did not receive any communication from the Federal Trade Commission or Department of Justice as of the expiration of the 30-day waiting period for premerger notification filings under the Hart-Scott-Rodino Antitrust Act. Accordingly, no additional antitrust action is needed. The companies expect to close the transaction in early Spring 2021.
“From a longer-term perspective, the current supply shortage across the automotive semiconductor industry is underscoring the need for an additional vendor with scale who meets all key quality standards. indie is particularly well positioned to capitalize on this enormous strategic market opportunity, especially after the completion of our planned merger with Thunder Bridge," Donald McClymont, indie’s Co-Founder, Chairman and CEO.
indie is advised by Deutsche Bank, Goldman Sachs, Nomura, Loeb & Loeb and Rodriguez Wright. Thunder Bridge is advised by Morgan Stanley, Ellenoff Grossman & Schole, Littler Mendelson and Nelson Mullins Riley & Scarborough.
Securityholders of Liberty Health Sciences, a cannabis provider, voted overwhelmingly in favor of the proposed acquisition of Liberty shares by Ayr Strategies, a vertically integrated cannabis multi-state operator, in a transaction originally announced on December 22, 2020.
“We are extremely pleased with the results of the vote and look forward to bringing the wellness and wonder of Ayr products to Florida’s growing market. High-quality cultivation, best in class customer service, and a focus on our communities are at the core of our culture at Ayr. We’re excited to expand this approach to the Liberty community,” Jonathan Sandelman, Ayr Wellness CEO.
Liberty is advised by ATB Capital, Cormark Securities, Greenspoon Marder, Miller Thomson and Nauth. Ayr Strategies is advised by Canaccord Genuity, Dorsey & Whitney and Stikeman Elliott.
ICON, a global provider of outsourced drug and device development and commercialisation services, agreed to acquire PRA Health Sciences, a contract research organization, for $12bn. Upon completion of the transaction, PRA shareholders will own approximately 34% of the shares of the combined company and ICON shareholders will own approximately 66%.
“Both ICON and PRA have track records of robust growth and performance and we are ready to build on this unrivalled position of strength, utilising the outstanding talent in both organisations. With broader and deeper operational scale combined with innovative technology and real world data solutions, we will enable all customers to reduce their development time and cost. We will be the leading provider of de-centralised and hybrid trial solutions through the integration of our data capabilities, health platforms and Accellacare site network. The transaction will be highly accretive from full year 1 post-close,” Steve Cutler, ICON CEO.
ICON is advised by Centerview Partners, Citigroup, Cahill Gordon & Reindel and Weber Shandwick. PRA Health is advised by Bank of America Merrill Lynch, UBS and Paul Weiss Rifkind Wharton & Garrison.
Markforged, a creator of an integrated metal and carbon fiber additive manufacturing platform, agreed to go public through a merger with one, a special purpose acquisition company, in a $2.1bn deal. The PIPE is being led by Baron Capital Group, BlackRock, Miller Value Partners, Wasatch Global Investors and Wellington Management, with additional commitments from M12 and Porsche, existing Markforged shareholders.
“When launching one, our priority was to partner with a company with exceptional founders, visionaries and operators taking a differentiated approach in large and growing markets – Markforged ticked all of those boxes and more. We’re thrilled to be working closely with the entire Markforged team, comprised of highly engaged founders, visionary leaders and world-class engineers, uniquely positioned to lead a revolution in modern manufacturing,” Kevin Hartz, one Founder and CEO.
Markforged is advised by Citigroup, William Blair & Co, Goodwin Procter and Sard Verbinnen & Co. one is advised by Goldman Sachs, Cadwalader Wickersham & Taft and Sard Verbinnen & Co.
Shares of Churchill Capital IV, a special purpose acquisition company, fell more than 40% on Tuesday, as its merger with Lucid Motors, an American automotive company specializing in electric cars, sparked concerns about the company's real worth, which has yet to start regular production, Reuters reported.
The share slump followed weeks of speculation about the deal that had pushed Churchill Capital IV's stock up more than 500%.
Lucid Motors is advised by Citigroup, Davis Polk & Wardwell and Brunswick Group. CCIV is advised by Bank of America Merrill Lynch, Guggenheim Partners, Weil Gotshal and Manges and Gladstone Place Partners.
Anglo Pacific Group, a global listed natural resources royalty company, agreed to acquire Voisey's Bay mine from Vale Canada, a subsidiary of Vale, one of the world's largest mining companies, for $205m.
“It will provide a significant long-life income source for Anglo Pacific and materially progresses our ambition to focus on 21st century commodities that support a more sustainable world. Along with the recent additional investment in Brazilian Nickel, the Group’s net asset profile will consist of 61% base metals on a pro-forma basis and we continue to have the option to invest a further $70m into its Piaui nickel royalty,“ Julian Treger, Anglo Pacific Group Chief Executive Officer.
Anglo Pacific Group is advised by Berenberg, Peel Hunt, RBC Capital Markets and Camarco. Debt financing is provided by CIBC World Markets, RBC Capital Markets and Scotiabank.
Berkshire Grey, a pure-play robotics company offering fully integrated, artificial intelligence-based software and hardware solutions, agreed to go public through a merger with Revolution Acceleration, a special purpose acquisition company, in a $2.7bn deal. The transacion includes a PIPE of $165m anchored by Chamath Palihapitiya, Founder and CEO of Social Capital Hedosophia and funds and accounts managed by BlackRock.
“Berkshire Grey was founded to help our customers compete even more favorably in the rapidly evolving worlds of retail and logistics. Consumer expectations have changed, putting more pressure on supply chain operations to get the right goods to the right places at the right times, as efficiently as possible. Over the last 12 months the pandemic amplified the already high pressure to transform, so today it is no longer a question of if companies might transform but how quickly. We are incredibly excited about this transaction, which will enable Berkshire Grey to accelerate growth and provide new and existing customers with our leading robotics solutions,” Tom Wagner, BG Founder and CEO.
Revolution Acceleration is advised by JP Morgan, Skadden Arps Slate Meagher & Flom and Finsbury Glover Hering. Berkshire Grey is advised Credit Suisse and Goodwin Procter. Credit Suisse is advised by Paul Weiss Rifkind Wharton & Garrison.
JetBlue Technology Ventures-backed Joby Aviation, an electric air taxi startup, agreed to merge with Reinvent Technology Partners, a SPAC, in a $6.6bn deal. Once finalized, the combined company will be named Joby Aviation, and its common stock is expected to be listed on the New York Stock Exchange for public trade. The transaction includes $910m of fully committed funding anchored by strategic partners and institutional investors including Uber Technologies, The Baupost Group, funds and accounts managed by BlackRock, Fidelity Management & Research and Baillie Gifford.
“At JetBlue Technology Ventures, we are excited about the transformative potential of eVTOLs and have always believed that Joby Aviation is the most advanced company in this emerging sector. This next step in Joby’s journey will ultimately deliver sustainable transportation that is safe and affordable for everyone,” Amy Burr, JTV Managing Director of Operations & Partnerships.
Joby Aviation is advised by Morgan Stanley, Allen & Company, Latham & Watkins and Joele Frank. Reinvent is advised by Skadden Arps Slate Meagher & Flom.
Shareholders and optionholders of Premier Gold Mines, a Canada-based mineral exploration company, voted 99.9% to approve the acquisition by Equinox Gold, a Canadian mining company, of all of the issued and outstanding common shares of Premier by way of a statutory plan of arrangement previously announced on December 16, 2020.
On closing of the transaction, Premier shareholders will receive 0.1967 of an Equinox Gold share for each Premier share held, such that existing Equinox Gold and Premier shareholders will own approximately 84% and 16% of Equinox Gold, respectively, on an issued share basis.
Premier is advised by CIBC World Markets, RBC Capital Markets and Bennett Jones. Equinox Gold is advised by Blake Cassels & Graydon.
CVC Capital Partners agreed to acquire a majority stake in MedRisk, a provider of managed physical medicine services, from The Carlyle Group. Financial terms were not disclosed.
"MedRisk has an excellent reputation and a proven ability to improve access to high-quality care, which has enabled the company to become the industry leader in managed physical therapy for injured workers. We look forward to working closely with the talented team at MedRisk and our friends at Carlyle to continue the compelling growth trajectory of the company while ensuring that patients continue to receive the highest quality service," Fazle Husain, CVC Capital Partners Partner.
The Carlyle Group is advised by Centerview Partners, Truist Bank and Debevoise & Plimpton. CVC is advised by White & Case.
Kinderhook Industries-backed Repairify, a provider of remote diagnostic solutions and services, agreed to acquire adasThink, which retrieves information related to the vehicle-specific advanced driver-assistance systems and identifies required ADAS procedures and calibration based on labor operations in an automotive repair estimate. Financial terms of the transaction were not disclosed.
"adasThink is a strategic acquisition that allows asTech to augment its service offering with identification of advanced vehicle systems that do not display a diagnostic trouble code. While these systems do not display diagnostic trouble codes, calibrations are necessary to ensure that vehicles are functioning as designed by the manufacturer," Paul Cifelli, Kinderhook Managing Director.
Repairify is advised by Kirkland & Ellis, Stewart McKelvey and Pranger Law.
Autodesk, an American multinational software corporation, agreed to acquire Innovyze, a provider of water infrastructure software, from EQT Partners for $1bn.
"An estimated $1.9tn is required to address global water infrastructure needs by 2030, and by fundamentally changing the way systems are designed, constructed, and operated, we are best positioned to overcome this challenge and realize the better world we've imagined," Andrew Anagnost, Autodesk President and CEO.
EQT is advised by UBS and Sidley Austin.
Insight Partners, a private equity firm, led a $270m Series E financing round for Plume Design, a provider of wireless electronic devices.
"We are convinced that Plume, with its scalable cloud data platform approach, highly efficient go-to-market strategy, strong momentum, top-quartile financial performance across all SaaS KPIs – including revenue, growth rates, gross margin, efficiency and retention metrics – and world class team is transforming this category," Ryan Hinkle, Insight Partners Managing Director.
Plume Design was advised by Jefferies and Wilson Sonsini Goodrich & Rosati.
TPG Capital and TA Associates-backed Planview, a global enterprise software company, completed the acquisition of Clarizen and Changepoint, two software developers. Financial terms were not disclosed.
“Together, Planview, Clarizen and Changepoint offer a portfolio for the modern enterprise, providing organizations the visibility and agility needed to drive more innovation, execute on their strategic objectives, and capitalize on compelling opportunities,” Greg Gilmore, Planview CEO.
Clarizen was advised by Actual Agency.
StorageCraft, a data protection firm, agreed to merge with Arcserve, the world's most experienced data and ransomware protection provider. Financial terms were not disclosed.
"Following the completion of the merger, the scope and scale of our combined businesses will allow us to bring a dramatically broader portfolio of solutions to market. At the same time, it expands the resources with which we can serve our customers and ensures we grow hand in hand with our channel partners," Douglas Brockett, StorageCraft President.
StorageCraft is advised by Red Lorry Yellow Lorry.
UST, a digital transformation solutions company, completed the acquisition of ServiceNow consulting, implementation, extension, and integration services businsess of abhra, a full-fledged global IT solutions company. Financial terms were not disclosed.
"I look forward to working with UST and our clients, and helping them leverage SaaS solutions for maximum value across their organization. Powered by technology, we are excited about how we can help provide them with the tools, innovation, and courage to break new ground," Kailash Attal, abhra CEO & Managing Partner.
UST was advised by S&C Public Relations.
WSP Global, an engineering and design services provider, completed the acquisition of Earth Consulting Group, a 90-employee US-based environmental and engineering consulting firm. Financial terms were not disclosed.
“This transaction will enable us to fulfill our strategic ambitions of further strengthening our activities in the Southeast Region of the United States, while continuing to build on our position as a leading Earth & Environment services consulting firm,” Lou P. Cornell, WSP USA President and CEO.
Battery Ventures, a global, technology-focused investment firm, completed the acquisition of two biotechnology companies Apricot Designs and BioMicroLab, integrating them into its sample-preparation platform company SPT Labtech. Financial terms were not disclosed.
"By bringing together an increasingly powerful combination of technologies and application know-how, we are advancing our mission of accelerating life science research and enabling our customers' success," Patrick Bennett, SPT Labtech Group CEO.
AT&T nears a sale of significant DirecTV stake to TPG. (FS)
AT&T is nearing a deal to sell a significant stake in DirecTV to TPG, a private equity firm, marking a long-sought exit from the struggles of managing a declining satellite TV business.
A deal would value DirecTV at about $15bn. That’s a fraction of the $48.5bn AT&T agreed to pay for the business in 2014. If AT&T and TPG are able to reach a deal, an announcement could come as soon as this week or next.
Blackstone wants to raise near $15bn for new secondaries funds. (FS)
Blackstone Group seeks to raise about $15bn for two new investment funds in the fast-growing private equity secondaries market.
Blackstone Strategic Partners, a $38bn unit focused on investing in existing private equity portfolios, aims to raise $12-13bn for a ninth flagship fund, which would be its biggest ever, and a smaller vehicle of at least $2bn to focus on so-called general partner-led secondary deals, Bloomberg reported.
The firm's secondaries business grew roughly eightfold over the past six years and should continue to expand at a "very rapid rate," Blackstone President Jonathan Gray said on an earnings call last month, when he discussed plans for further secondaries funds without elaborating on fundraising targets.
L Brands looks for a new private equity buyer for Victoria's Secret. (FS)
L Brands' bankers at Goldman Sachs would begin pitching buyout firms about a potential sale of its Victoria's Secret lingerie brand as soon as this week, Reuters reported.
Earlier this month, the company said it aimed to complete the separation of its Victoria's Secret and Bath & Body Works businesses by August, with options including a spin-off of the former into a public company or a private sale of the business.
Exxon to divest some North Sea assets for more than $1bn.
Exxon Mobil agreed to sell some assets in the North Sea for more than $1bn as the company focuses on newer and larger sources of oil and gas such as Guyana, Brazil and the US Permian Basin.
The company will sell most of its non-operated upstream assets in the UK central and northern North Sea to NEO Energy. NEO is an oil producer backed by Norwegian private equity firm HitecVision, Bloomberg reported.
Exxon has earmarked $15bn of asset sales as it focuses on US shale, Guyana. The last major divestment by Exxon was the $4.5bn sale of its Norwegian operations in 2019.
Morgan Properties and Olayan America to acquire 14.4k-Unit Portfolio for $1.75bn. (RE)
Morgan Properties, the US private multifamily owner, has acquired, in partnership with Olayan America, a portfolio of 48 apartment communities and 14.4k units in 11 states for $1.75bn.
The Morgan Properties and Olayan America joint venture purchased the North Star Portfolio from STAR Real Estate Ventures, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust. The North Star acquisition is the largest multifamily transaction this year and Morgan Properties' largest deal since acquiring the Morgan Communities portfolio of 95 apartment communities and 17.5k units in 8 states for $1.9bn in 2019.
"The North Star acquisition is a major milestone for our organization and a testament to our conviction in the fundamentals of class B multifamily. This transaction establishes us as the second-largest multifamily owner in the country and the nation’s largest private owner," Jonathan Morgan, Morgan Properties JV President.
Alex Rodriguez joins SPAC derby.
After losing a deal for the New York Mets baseball team to billionaire Steve Cohen, Alex Rodriguez has another game he wants to win, Bloomberg reported.
The former all-star for the cross-town Yankees has joined the lengthening roster of financiers, executives, politicians, celebrities, and athletes who have signed onto SPACs. Rodriguez, whose Slam began trading, will now start scouting for a merger deal to enrich him and his investors.
"I have said to myself many, many times. ‘Boy, if I had the capital, I would love to buy this company. Now with the SPAC, the game is our game to win," Alex Rodriguez, perhaps better known simply as A-Rod.
Aboitiz to consider the sale of a minority stake in Pilmico Foods. (FS)
Aboitiz Equity Ventures, a Philippine conglomerate, considers a sale of a minority stake in its Pilmico Foods, animal feed business, Bloomberg reported. Aboitiz is considering selling about 20-30% of the unit. The transaction could value the entire business at more than $1bn.
Pilmico has more than 29 facilities, including flour and feed mills, pig farms, and a meat-cutting facility across nine Asia-Pacific countries. It bought a controlling stake in animal feed producer Gold Coin Management Holdings from Golden Springs Group for $334m in 2018. Gold Coin became wholly owned by Pilmico in 2019. The potential stake sale comes after Aboitiz cut its planned capital expenditure by a third to $967m last year.
Hony Capital-backed SPAC looks to raise $300m in US IPO. (FS)
A SPAC Hony Capital, which has investments in TikTok owner ByteDance and WeWork's China unit, is looking to raise $300m in a US IPO, the Information reported.
The SPAC will look to merge with companies that have a significant presence in China, mainly in sectors such as healthcare and consumer products.
IonQ seeks to go public through a merger with DMY SPAC. (FS)
IonQ is in advanced talks to merge with blank-check company DMY Technology Group III, creating one of the first public quantum-computing firms, Bloomberg reported.
The combined company is slated to be worth about $2bn, and a deal is set to be announced in coming weeks. Silver Lake, MSD Partners, Bill Gates's Breakthrough Energy, and an affiliate of Hyundai Motor are in talks to participate in a so-called strategic private investment in public equity or PIPE.
DMY Technology is discussing raising additional equity from institutional investors, and new equity from strategic and institutional investors is set to total around $300m. Existing IonQ investors are expected to roll their equity into the transaction.
Lightbank raised a new $180m VC fund. (FS)
Lightbank, a Chicago-based venture capital firm, has closed its second early-stage venture capital fund, Lightbank II, with $180m of capital commitments.
The closing brings Lightbank's total assets under management to $360m. Lightbank II's investor base comprises institutional investors, family offices and high net worth individuals.
"When we began investing in technology entrepreneurs in the Midwest, people thought we were crazy and that you could only make money by investing in tech companies in Silicon Valley. Over the past ten years, we have backed world-class companies and generated commensurate returns, a testament to the incredible talent and innovative spirit of the very entrepreneurs who others often overlook," Eric Lefkofsky, Lightbank Managing Partner.
EMEA
Suez minority investor CIAM intends to push for the replacement of nearly half the company's board at its annual shareholder meeting amid a takeover tussle with rival Veolia, a resource management company.
CIAM, which owns less than 1% of Suez, is not in a position to topple Suez's management alone, and would have to win the support of a substantial number of other investors for its AGM resolution to be approved, Reuters reported.
Suez is advised by Goldman Sachs, JP Morgan, Rothschild & Co, Societe Generale, Bredin Prat, Darrois Villey Maillot Brochier, Sullivan & Cromwell and Brunswick Group. Veolia is advised by Bank of America Merrill Lynch, Citigroup, Credit Agricole, HSBC, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, Xavier Boucobza and
Image Sept. Engie is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co, Weil Gotshal and Manges, Estudio de Comunicacion and Havas Paris.
G4S, a British multinational security services company, urged shareholders to accept Allied Universal's $5.3bn final offer after the end of the company's drawn-out takeover battle with Canada's GardaWorld.
Allied said it would not increase the $3.44 per share offer it announced on December 8, making it the final bid.
G4S is advised by Citigroup, Goldman Sachs, JP Morgan, Lazard, Herbert Smith Freehills, Linklaters and Brunswick Group. Allied Universal is advised by Credit Suisse, Moelis & Co, Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Freshfields Bruckhaus Deringer, Kirkland & Ellis, Sullivan & Cromwell and Teneo.
Echo Investment, a Polish real estate developer, agreed to acquire a 66% stake in Archicom, a residential developer, for $114m. The condition for its closing is obtaining the consent of the antimonopoly office.
“We join a market leader with a geographically and product-diversified offer. The marriage of the two companies is a guarantee of the stability of Archicom's position. For years, we have been observing Echo Investment's innovative approach to co-creating cities, customer service and innovation. By joining forces, we will be able to offer our customers even more,” Tomasz Ślęzak, Archicom Board Member.
Archicom is advised by Rymarz Zdort. Echo Investment is advised by CMT Advisory, Ernst & Young, JLL Corporate Finance and Dentons.
Reckitt Benckiser Group, a provider of hygiene, wellness and nourishment products, agreed to acquire Biofreeze, a provider of over-the-counter topical pain relief with gel, roll-on, spray, cream and patch formats, from Madison Dearborn Partners, a private equity firm. The transaction is subject to certain regulatory approvals as well as other customary closing conditions and completion is currently expected in Q2 2021. Financial terms were not disclosed.
"We see compelling opportunities to develop the topical pain relief category globally with Biofreeze and other RB pain management brands including Nurofen, Moov and Tempra. The brand taps into the growing global trend for wellness and self-care and aligns with our strategy to build our US Health footprint into new spaces and places," Laxman Narasimhan, RB Chief Executive Officer.
RB is advised by Centerview Partners and Finsbury Glover Hering.
Cadence Design Systems, an American multinational electronic design automation software and engineering services company, completed the acquisition of NUMECA, a mesh generation, multi-physics simulation and optimization provider. The acquisition is expected to be immaterial to revenue and earnings this year, and close in the first quarter of 2021, subject to customary closing conditions. Financial terms were not disclosed.
“Cadence continues to be at the forefront of innovation, addressing real-world system design challenges by leveraging our deep computational software expertise. The acquisition of NUMECA’s proven CFD technology and talented team complements Cadence’s finite element analysis and other system innovation technologies and is another successful step that will advance our customers’ ability to design the exciting products of tomorrow,” Dr. Anirudh Devgan, Cadence President.
NUMECA was advised by Drake Star Partners. Cadence Design was advised by Baker McKenzie.
Greencoat UK Wind completed the acquisition of the remaining 50% interest in Braes of Doune wind farm from Federated Hermes, an asset manager, for £48m ($68m).
"We are delighted to acquire the remaining 50% of Braes of Doune, a high quality, ROC-accredited asset, in which we have been invested since March 2013," Stephen Lilley, Founding Partner Greencoat Capital.
Greencoat was advised by Headland Consultancy.
Nestle agreed to acquire SimplyCook, a recipe kit company in the UK, bolstering its food and direct-to-consumer offerings in the UK and Ireland. Financial terms were not disclosed.
“This is an ideal partnership for both parties as Nestlé continues to transform its portfolio and SimplyCook accelerates its growth. There is a growing demand for great tasting, nutritionally balanced food and this move underlines our focus on investing in businesses with attractive growth prospects and acting on current trends,” Stefano Agostini, Nestle CEO.
SimplyCook is advised by Oghma Partners.
Ageas Insurance International, a manager of funds, trusts, and foundations organized for purposes other than religious, educational, charitable or nonprofit research, agreed to acquire a 40% stake in Aviva Emeklilik ve Hayat, a joint venture between insurance firms Aviva and Sabancı, for £122m ($172m). Sabancı will retain its 40% shareholding in a JV. The transaction is subject to customary closing conditions, including regulatory approval and is expected to complete in 2021.
In March 2014, Aviva sold its Turkish general insurance business Aviva Sigorta to a private equity consortium led by EMF Capital Partners.
Intriva Capital, an independent alternative asset manager, completed an $85m investment in MoneyPlus Group, a provider of consumer debt advice.
“Chris and his team have successfully grown MoneyPlus to become a leader in its field with a reputation for understanding customer needs and acting with the upmost responsibility. This transaction is an opportunity for us to invest in a high-growth, dynamic business with a strong management team and an ambitious plan to support underserved markets and geographies," Simon Finn, Intriva Capital Managing Partner.
Commerz Real, part of German banking group Commerzbank Group, completed the acquisition of a 49.9% stake in EnBW Energie's 133-MW wind portfolio. The deal is pending regulatory clearance and is expected to close this spring. Financial terms were not disclosed.
“This cooperation marks a key milestone for both Klimavest and Commerz Real. As well as being one of Germany’s biggest energy groups, EnBW is also one of the leaders in developing and operating renewable energy installations, and we hope that many more joint projects will follow,” Gabriele Volz, Commerz Real CEO.
Atos, a French multinational information technology service and consulting company, completed the acquisition of Motiv ICT Security, an independent managed security services provider. Financial terms were not disclosed.
“Motiv’s track record in growth, local expertise and reputation in the market will strengthen Atos’ teams in Northern Europe giving a fantastic opportunity to grow the digital security business. This complements the latest in a series of strategic acquisitions to strengthen our local capability in becoming the key trusted cybersecurity partner for global organizations on their digital journeys,” Pierre Barnabe, Atos Senior Executive Vice-President, Head of Big Data & Cybersecurity.
CDP consortium's to make a bid valuing Atlantia unit at €9bn.
Cassa Depositi e Prestiti gave the go-ahead to submit an offer to buy Atlantia's 88% stake in Autostrade per l’Italia unit. CDP said the bid would value 100% of Autostrade at €9bn ($10.94bn), Reuters reported.
Italian state lender CDP, which will file its binding bid with its investment fund partners Macquarie and Blackstone, did not disclose the financial details of the bid.
CDP said the consortium could purchase up to 100% of Autostrade if the motorway company's minority shareholders - Germany's Allianz and funds DIF, EDF Invest and China's Silk Road Fund - exercise their right to sell their 12% under the same conditions that will be accepted by Atlantia.
Amedes being prepared for a $1.7bn sale.
Amedes, a German laboratory group, is being prepared for a potential €1.4bn ($1.7bn) sale on the back of a pandemic-driven spike in demand for its services, Reuters reported.
The group’s majority owner, French infrastructure investor Antin, has invited investment banks to pitch for roles in an auction that is expected to launch in the second half of 2021. Amedes has annual core earnings of more than €100m ($121m) and could be valued at 12-14 times that in a potential deal.
Klarna seeks to raise up to $1bn at a $31bn valuation.
Klarna Bank, is raising funds valuing the Swedish fintech startup at around $31bn, roughly tripling the company's valuation after its most recent round in September.
The Stockholm-based company is raising around $800m and up to $1bn, adding the round could be announced in the coming days. Existing investors are participating ahead of a potential public listing next year.
Babylon seeks a $4bn IPO.
Babylon, the medical startup that helps diagnose conditions and prescribe treatments online, explores options to go public as business booms amid the Covid-19 pandemic, Bloomberg reported.
The UK-based health-care group has been approached by several SPAC companies about going public via a SPAC merger. Babylon, which is working with advisers, is also weighing a traditional IPO in the US. A listing could value the company at more than $4bn.
Babylon was founded in 2013. Its app lets users schedule a video chat with a doctor, check symptoms, or book time with specialists, such as therapists.
Vodafone plans to announce Vantage Towers IPO.
Vodafone Group is planning to announce the giant IPO of its European towers unit in the coming days, Bloomberg reported.
The intention-to-float document for Vantage Towers could be published as soon as Wednesday morning. Vantage Towers could be valued at €15bn ($18.2bn) or more in the IPO, the lower range of analyst estimates.
The company will be competing for investors with Cellnex Telecom, which earlier this month announced plans for a capital increase of as much as €7bn ($8.51bn) to help fund its acquisition of French telecommunication towers from billionaire Patrick Drahi's Altice Europe.
Geely and Volvo to create a powertrain venture after the merger scrapped.
China's Geely Automobile and its Swedish sister company Volvo Cars will abandon merger plans but launch a new entity to combine their powertrain operations and expand cooperation on electric vehicles, Reuters reported.
A year ago, the two said they were planning to merge, giving Volvo access to public markets as global automakers pursue alliances to respond better to the cost of the transition to electric cars, stricter emission rules, and autonomous driving.
Geely and Volvo on Wednesday said they would preserve with their existing separate corporate structures after a detailed review of combination options.
Bundesliga to launch a private equity stake sale. (FS)
Germany's elite soccer body will invite bids for a minority stake in its overseas media rights, and private equity firms are circling, Bloomberg reported.
The DFL sporting organization could contact as many as 30 bidders interested in investing in Bundesliga International as soon as this week. Advent International and BC Partners are two private equity firms that have already reached out to Bundesliga International about acquiring a stake. Other bidders could include Bain Capital, CVC Capital Partners, General Atlantic and KKR.
Italy to launch Monte dei Paschi sale.
Italian Prime Minister Mario Draghi's new government aims to deal with problem bank Monte dei Paschi by pushing ahead with plans to re-privatize the loss-making lender, Reuters reported.
Rome spent €5.4bn ($6.6bn) in 2017 to rescue the Tuscan bank, leaving the state with a 64% stake. MPS now needs another €2.5bn ($3.03bn) to rebuild its capital reserves.
A sale would stop MPS from becoming a permanent drain on taxpayers and would allow Italy to meet its commitments to the European Union undertaken at the time of the bailout.
Bank of America picks Berendes and Brabazon as new M&A leaders in Europe. (People)
Bank of America has shaken up its mergers and acquisitions team in Europe amid a global surge in deal activity. Birger Berendes has been named co-head of M&A for Europe, the Middle East and Africa alongside Eamon Brabazon, FN reported.
The changes mean that Luca Ferrari, who has headed up the M&A team alongside Brabazon since 2016, will become chairman of EMEA M&A. Chair roles in investment banking allow senior dealmakers to focus on the banks' most senior clients without day-to-day management duties.
"Luca will use his 30 years of M&A experience to deepen strategic relationships with existing clients and assist in creating new strategic relationships, through both on-going coverage and M&A execution across all sectors and jurisdictions within EMEA," Patrick Ramsey, BofA Global head of M&A and Matt Cannon, BofA Head of EMEA investment banking.
Agthia seeks acquisitions to become a big regional player.
Agthia Group, Abu Dhabi-listed food and drinks group, is looking into making more acquisitions to turn the company into one of the region's top players in the food and beverage industry. After doing some deals already, Agthia has a pipeline of ideas for additional targets to strengthen its position at home and abroad.
"Certainly we want to be a big regional player in the F&B business and more in the consumer space, so we want to move into that branded space where we can start building master brands across the region," Alan Smith, Agthia CEO.
Synthomer denies discussions of a buyout offer. (FS)
Synthomer, a UK chemical producer, is not in discussions regarding a possible offer for the company. The announcement comes a day after Bloomberg reported that CVC Capital Partners, a private equity firm, was exploring a bid for Synthomer.
Shares of Synthomer have risen 46% over the past 12 months, giving it a market value of about £2bn ($2.8bn). The company is one of the world's largest suppliers of latex for medical gloves, which have seen booming demand during the coronavirus pandemic. Synthomer also produces materials used in specialty packaging tape, artificial sports turf, bedding foam and paint.
Investec-backed energy fund seeks $102m South Africa IPO. (FS)
Revego Africa Energy Fund, an investor in South African renewable projects, is looking to raise as much as $102m by April with the industry poised to grow.
The fund is backed by Investec, the Eskom Pension & Provident Fund and UK Climate Investment and is seeking to list on Johannesburg's stock exchange, according to Revego Fund Managers Chief Investment Officer Michael Meeser.
"We have already identified assets equal to that value and have actually signed purchase agreements. Things are picking up," Michael Meeser, Revego Fund Managers Chief Investment Officer.
APAC
Oceanpine and OrbiMed co-led the $130m Series B funding round for Yisheng Biopharma, a global biopharmaceutical company, headquartered in Beijing. Institutional investors also include: EightRoad, F-Prime Capital, 3W Capital, Hillhouse Capital, Adjuvant Capital, MSA Capital, AIHC, Epiphron Capital, Superstring Capital, Haitong International.
This round of funding will strongly support the expansion of the company's R&D center, accelerate our commercialization strategies including the clinical development of multiple vaccine candidates and the construction of biologics production facilities in China and Singapore.
Oceanpine was advised by Han Kun Law Offices. OrbiMed was advised by Sidley Austin. Yisheng Biopharma was advised by CEC Capital, Tian Yuan Law Firm and Wilson Sonsini Goodrich & Rosati.
An investment consortium led a $150m Series B financing round in WuXi Diagnostics, an integrated diagnostics platform. New investors include Thermo Fisher Scientific, Shiyu Capital, ABC International, Sunland Capital and CCBI Tech Venture, alongside existing shareholder YF Capital.
"Thermo Fisher shares WuXi Diagnostics' commitment to accelerate the adoption of an integrated diagnostics approach. Our support of their effort underscores the importance of broadening the use of multi-omics data to support precision medicine and our commitment to support the expansion of high-quality care in China," Gianluca Pettiti, Thermo Fisher Scientific Senior Vice President and President of Specialty Diagnostics.
Wuxi was advised by CEC Capital.
Primavera Capital-led consortium, which includes FountainVest Partners, a private equity firm, and Zhaopin management, agreed to acquire a majority stake in Zhaopin, a Chinese recruitment firm, from SEEK, which facilitates the matching between jobseekers and employment opportunities and helps hirers find candidates for advertised roles, for $551.7m.
"When we first invested 15 years ago Zhaopin was a loss-making and distant number three player. Our long-term approach combined with the strong management team led by Evan Guo has transformed Zhaopin into a market leader across many key metrics and it now generates strong cash flows. The Consortium will play an important role in helping Zhaopin to deliver on its long-term growth strategy," Andrew Bassat, SEEK CEO and Co-Founder.
Tencent-backed Yuanfudao seeks funding at $20bn value. (FS)
Tencent Holdings-backed Yuanfudao is seeking fresh funding at a valuation of more than $20bn, as the cash-burning battle in China's online education arena shows no sign of abating.
The Beijing-based tutoring app is planning to raise at least $1bn and has held discussions with investors, including Boyu Capital and DCP Capital. The funding round has yet to be finalized and the size will depend on investor interest.
The latest fundraising comes less than six months after a $2.2bn round that valued the startup at $15.5bn, the most among edtech companies globally.
HSBC plans to invest $6bn in Asia.
HSBC is sticking to cost-cutting measures that will see it strip out 35k jobs and will invest up to $6bn into Asia as profits at the UK lender slumped by more than 30% in 2020, FN reported.
The bank is investing billions in its Asian wealth management and wholesale business, it said in a presentation accompanying its results, showing a shift in focus away from Europe as it moves key executives away from London.
Boyu Capital targets $6bn for a new PE fund. (FS)
Boyu Capital, a Chinese private equity firm, an investor in Chinese technology titans including billionaire Jack Ma's Ant Group, is raising a new, China-focused fund targeting as much as $6bn, DealStreetAsia reported.
Its fifth and largest US dollar-denominated fund is likely to close in the near term. The fundraising by a firm widely associated with tech startups amounts to a high-profile test of investor appetite at a time when heightened oversight of China's tech giants clouds the near-term outlook of those companies.
It follows authorities' November suspension of Ant's Shanghai and Hong Kong dual listing, which delayed the hefty returns early investors such as Boyu could have expected from the world's biggest IPO.
Li Ka-shing plans US SPAC.
Li Ka-shing, Hong Kong’s richest property tycoon, is planning to raise funds for dealmaking by listing a SPAC in the US, Bloomberg reported.
A company backed by Li's family is working with advisers on the potential SPAC IPO. They are considering seeking around $400m. The blank-check company could file registration documents with the US Securities and Exchange Commission as soon as this week.
His family controls CK Hutchison Holdings, a $29bn conglomerate that owns one of the world's biggest port operators and has telecommunications, retail and infrastructure operations across Asia and Europe.
Sequoia Capital seeks to raise a second country-focused seed fund. (FS)
Silicon Valley-based Sequoia Capital, an early investor in some of India's biggest startups, including Byju's, Zomato and Oyo, is in the market to raise a second country-focused seed fund.
The venture capital firm's filing with the US Securities and Exchange Commission shows that it is raising Sequoia Capital India Seed Fund II less than two years after it floated Seed Fund I. The first seed fund, which focuses on technology, health care, and consumer segments, reportedly raised $200m, DealStreetAsia reported.
Gaw Capital to weigh $200m SPAC for Asia tech deals. (FS)
Gaw Capital Advisors is considering raising at least $200m through a SPAC in the US, DealStreetAsia reported. The buyout firm plans to set its sights on technology firms in Asia for targets of the proposed blank-check company.
Deliberations are at an early stage, and details, including size and strategy, could still change. Gaw Capital would join other private equity firms, including KKR and Warburg Pincus in tapping the red-hot SPAC market to fund their acquisitions. A blank-check company is a shell company that raises money from public investors with the goal of acquiring a business within two years. These deals have raised more than $53bn in the US alone just this year, Bloomberg reported.
TPG-backed Dolda Dairy considers raising funds via IPO route. (FS)
Dodla Dairy has filed a draft red herring prospectus with the Securities Exchange Board of India to raise funds via an IPO. The main business of the company is the sale of milk and dairy-based VAPs in the branded consumer market. It has a strong consumer recognition, particularly in the States of Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.
The public issue comprises a fresh issue of up to $17.8m by the company and an offer for sale of up to 10.09m equity shares by promoters and an investor. The offer for sale consists of up to 8.3m shares by TPG Dodla Dairy Holdings and the rest by promoters of the company.
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