AMERICAS
TeleSign to go public via a merger with North Atlantic Acquisition in a $1.3bn deal. (FS)
TeleSign, a digital identity software solutions provider, agreed to go public via a merger with North Atlantic Acquisition, a SPAC, in a $1.3bn deal. Total capital raised to be up to approximately $487m, including proceeds from North Atlantic Acquisition and a $108m PIPE from an investor group led by SFPI-FPIM. Proximus, a current owner of TeleSign, is not selling shares and will own 66.5% of the combined company upon completion.
"From fraud management, authentication and access management to secure CPaaS, TeleSign is a leader in these critical areas. This is a great business combination, and by facilitating TeleSign's intended introduction to public equity markets we can accelerate its next phase of growth, addressing the underserved digital identity and engagement space. This combination fits perfectly with our stated objectives and I look forward to serving on the board of the combined operating entity and partnering with the teams at TeleSign and Proximus," Gary Quin, NAAC CEO.
TeleSign is advised by Blueshirt Group. NAAC is advised by BTIG, Cohen & Company, JP Morgan, Lazard, Morgan Stanley, McDermott Will & Emery, Reed Smith and Belvedere. JP Morgan and Morgan Stanley are advised by Sidley Austin. Proximus is advised by Morgan Stanley and Linklaters.
Leonard Green and Harvest Partners completed the acquisition of a minority stake in Convergint Technologies from Ares Management. (FS)
Private equity firms Leonard Green & Partners and Harvest Partners completed the acquisition of a minority stake in Convergint Technologies, an IT services management company, from Ares Management, a private equity firm. Financial terms were not disclosed.
“We are pleased that LGP and Harvest are joining Ares as financial partners in Convergint. This transaction underscores the strength of the Company, its management team and its growth strategy. We are proud that Convergint has been a meaningful champion for positive change by fostering a diverse, inclusive and socially responsible culture, which has benefited the business as a whole in addition to its colleagues, communities and stakeholders,” Matt Cwiertnia, Ares Partner and Co-Head.
Convergint was advised by Harris Williams & Co, JP Morgan, William Blair & Co and Kirkland & Ellis. Harvest Partners was advised by Ropes & Gray and Lambert & Co. Leonard Green was advised by Latham & Watkins. Ares Management was advised by Brunswick Group.
Independence Realty Trust, a real estate investment trust that owns and operates multifamily apartment properties across non-gateway US markets, completed the merger with Steadfast Apartment REIT, a real estate investment trust company, in a $7bn deal.
“Our combined company creates a best-in-class operating platform, further redevelopment opportunities and notable economies of scale in markets where we expect to benefit from strong growth fundamentals. We remain on-track to generate approximately $28m in annual synergies and realize the immediate accretion to Core FFO per share. Our future is bright as we unite two high-quality portfolios in attractive non-gateway markets, and look to strengthen and expand our business, while delivering long-term value for our stakeholders," Scott F. Schaeffer, IRT Chairman and CEO.
Steadfast was advised by RBC Capital Markets, Robert A. Stanger & Co, Morrison & Foerster and Spotlight Marketing Communications. Financial advisors were advised by White & Case.
Thoma Bravo to acquire Bottomline for $2.6bn. (FS)
Thoma Bravo, a software investment firm, agreed to acquire Bottomline, a provider of financial technology for business payments, for $2.6bn. The deal implies privatization of Bottomline.
"Our partnership with Thoma Bravo will provide additional resources and greater flexibility to build on our leadership position, invest in continued innovation and accelerate go-to-market efforts to deliver increased value to customers. Additionally, the transaction will allow Bottomline to benefit from the operating capabilities, capital resources and sector expertise of one of the most experienced and successful software and financial technology investors," Rob Eberle, Bottomline CEO.
Bottomline is advised by Deutsche Bank, Skadden Arps Slate Meagher & Flom, WilmerHale, and Joele Frank. Deutsche Bank is advised by Debevoise & Plimpton. Thoma Bravo is advised by Bank of America, Kirkland & Ellis, Finsbury Glover Hering.
Alden Global sues Lee Enterprises for rejecting its $141m newspaper buyout. (FS)
Alden Global Capital, the hedge fund that owns the Chicago Tribune and New York Daily News, has sued the Lee Enterprises newspaper chain for rejecting Alden's $141m buyout offer earlier this month.
Directors of Lee Enterprises, which owns the St. Louis Post-Dispatch and other newspapers, improperly denied their shareholders a say in the $24-per-share offer, a unit of New York-based Alden said in the lawsuit filed in Delaware state court.
The hedge fund said it sued Lee, one of the last independent newspaper publishers in the US, because "it was necessary to provide a platform for the company's stockholders to have their voices heard."
Lee is advised by Sard Verbinnen & Co. Alden Global is advised by Moelis & Co, Akin Gump Strauss Hauer & Feld, Olshan Frome Wolosky and Goldin Solutions.
Petra Acquisition announced meeting to vote on Revelation Biosciences deal.
Petra Acquisition, a SPAC, announced it will hold Special Meeting of Stockholders to approve the deal to merge with Revelation Biosciences, a clinical-stage life sciences company, on January 6, 2022.
The deal, if approved by Petra’s stockholders, is expected to close as soon as practicable following the meeting.
Revelation Biosciences is advised by ROTH Capital Partners, Fox Rothschild, JG Galda & Co and Heurisay PR. Petra is advised by LifeSci Capital and Loeb & Loeb.
Fiera Capital completed the acquisition of Cube District Energy from I Squared Capital. (FS)
Fiera Capital, a private equity firm, completed the acquisition of Cube District Energy, a landfill gas-to-energy platform, from I Squared Capital, a private equity firm. Financial terms were not disclosed.
“I Squared’s ownership and leadership positioned Cube District Energy as a sustainable platform business in the renewable energy sector. Together with our new owners, Fiera, and a committed team at Cube District Energy, I look forward to building on this platform, continuing to grow a successful core business and leveraging off this into adjacent renewables activities," Chris Eastgate, Cube CEO.
Fiera Capital was advised by Moelis & Co and Allen & Overy. I Squared Capital was advised by Houlihan Lokey and Troutman Pepper.
Warner Music Group completed the acquisition of 300 Entertainment.
Warner Music Group, an American multinational entertainment and record label conglomerate, completed the acquisition of 300 Entertainment, an independent music company. Financial terms were not disclosed.
“At Warner Music, the independent spirit is part of our story, our DNA, and our vision. We’re creating the environment for original artists, entrepreneurs, and labels to pioneer the future of music. The 300 team has built an extraordinary brand, attracted a dynamic community of artists, and led the way for a new generation of labels. We’ll bring their artists and team a whole universe of opportunities to ignite passionate fanbases and develop long-term careers. We’re very happy to welcome 300 fully into the Warner community of labels, and Kevin to his new role on our senior management team," Max Lousada, Warner Recorded Music CEO.
300 Entertainment is advised by LionTree Advisors, Robinson Brog and Skadden Arps Meagher & Flom.
CACI completed the acquisition of SA Photonics for $275m.
CACI, an information solutions and services provider, completed the acquisition of SA Photonics, a developer of photonic systems, for $275m.
"Our innovative space-based photonics technology delivers enhanced capability for missions ranging from national security to human spaceflight. With SA Photonics, our combined technology enables us to deliver immediate FSO communications across all-domains," John Mengucci, CACI President and CEO.
SA Photonics was advised by Jefferies & Company. CACI was advised by Gibson Dunn & Crutcher.
Koch Strategic Platforms completed a $150m investment in GameChange Solar. (FS)
Koch Strategic Platforms, a private equity firm, completed a $150m investment in GameChange Solar Holding, a provider of racking and tracker systems for utility scale solar power plants.
"We are excited to be able to launch this next phase of our growth with the validation of a major investor in the energy transformation space. Koch offers not just the capital to grow, but the opportunity to mutually leverage the capabilities of each organization," Mark Gibbens, GameChange CFO.
GameChange was advised by Citigroup and Goodwin Procter. Koch was advised by Jones Day.
Arbor Investments, a private equity firm, completed the acquisition of Oregon Freeze Dry, a freeze-dryer of food, probiotics, enzymes, proteins, specialty ingredients, and lyophilized pharmaceutical inputs, from Endeavour Capital, a private equity firm. Financial terms were not disclosed.
“Our ambition has always been to grow – across both new products and new capabilities – and we are excited to be partnering with Arbor, who completely shares our appetite and vision for continued ambitious growth," Joe Folds, Oregon Freeze Dry CEO.
Oregon Freeze Dry was advised by Cascadia Capital and Stoel Rives. Arbour Investments was advised by Winston & Strawn.
Investcorp completed the acquisition of RESA Power from Blue Sea Capital. (FS)
Investcorp, an alternative investment firm completed the acquisition of RESA Power, a provider of power services, from Blue Sea Capital, a private equity firm. Financial terms were not disclosed.
"We believe Investcorp's deep understanding of branch-based and human capital-centric Industrial Services businesses makes them an ideal partner for RESA's next chapter of growth. Investcorp's resources and expertise will help us accelerate our growth both organically and through acquisitions. We would like to thank Blue Sea Capital for their unwavering commitment to our business and true partnership orientation. It has been a pleasure to work with Blue Sea and we couldn't be happier for them," Monte Roach, RESA Power CEO.
Investcorp was advised by Prosek Partners. Blue Sea Capital was advised by Jones Day.
Index Ventures led a $120m Series C funding round in Gtmhub. (FS)
Index Ventures, a private equity firm, led a $120m Series C funding round in Gtmhub, a provider of OKRs software solutions. Additional investors include Visionaries Club, Insight Partners, Singular and CRV.
“Putting up the largest round in the industry so far is only validation that our model is working and proof that other players just can’t keep up. We are helping people and companies achieve their goals and get results while continuing to innovate and increase value for enterprise organizations. While our growth is rapid and our goals are ambitious, we have no plans to slow down," Ivan Osmak, Gtmhub CEO.
Insight Partners was advised by Willkie Farr & Gallagher.
Elmira Savings Bank, a full-service community bank, announced its shareholders approved the deal to be acquired by Community Bank, a commercial bank.
There were more than 75% of the issued and outstanding shares represented at the conference and more than 98% of the votes cast were voted to approve the deal.
Community Bank was advised by Squire Patton Boggs.
Carlyle agreed to acquire Altadia Group, a manufacturer of intermediate products for the production of ceramic tiles, from Lone Star Funds. Financial terms were not disclosed.
"Over the last four years, thanks to the company’s strong entrepreneurial spirit, unique service offering, and its long-standing relationships with a highly diversified and global customer base, Altadia has succeeded in transforming itself into a global market leader. We thank Lone Star for their support and partnership, particularly through the merger of Ferro with Esmalglass, as we focused together on positioning the company for future sustainable growth. We are delighted to partner with Carlyle as we look to advance our strategic growth objectives," Vincente Bagan, Altadia CEO.
Lone Star is advised by Citigroup.
Royal Dutch Shell, an energy company, announced the delay of the sale of the majority stake in Texas refinery to Petroleos Mexicanos, a Mexican state oil company, until next year, due to extension of the review period by the Committee on Foreign Investment in the US.
"We were hopeful we could conclude the sale before the end of the month, however, it now looks like the full amount of time will be needed. We will continue to cooperate with CFIUS as they review the transaction," Curtis Smith, Shell Spokesperson.
Pemex is advised by Barclays.
Reliance Steel & Aluminum, a diversified metal solutions provider, completed the acquisition of Admiral Metals Servicecenter Company, a distributor of non-ferrous metal products. Financial terms were not disclosed.
“Admiral Metals fits within Reliance’s growth strategy and disciplined methodology of acquiring companies that are immediately accretive to our earnings, and complements Reliance’s existing business by increasing our product breadth in specialty non-ferrous products. We believe this acquisition will enable Admiral Metals to leverage Reliance’s scale in order to capitalize on further growth opportunities while maintaining its strong brand recognition. We are excited to welcome Admiral Metals to the Reliance Family of Companies, our 70th acquisition since our 1994 IPO," Jim Hoffman, Reliance CEO.
Admiral Metals was advised by Alantra.
Ohio Transmission, an industrial equipment service provider and distributor, agreed to acquire AAP Automation, a provider of machine automation and control solutions. Financial terms were not disclosed.
“This acquisition is an important part of expanding our geographical footprint and capabilities. We are excited to have AAP as part of our family of OTC companies," Glenn Ritzi, OTC President, Industrial Products Group.
Ohio Transmission is advised by Jones Day.
Greystar Real Estate, a real estate investor, completed the acquisition of a property portfolio from Finger Companies, independent multifamily development and management company, for $2bn.
“Any growth opportunities for Greystar must clear a high bar and fit our long-term strategic objectives, and acquiring this portfolio from The Finger Companies is squarely in line with these goals. The properties in this portfolio are extremely well-built and well-located, giving both our current and prospective residents even more choices with Greystar," Bob Faith, Greystar Founder, Chairman, and CEO.
Dover, a diversified global manufacturer and solutions provider, to acquire engineered components suppliers Acme for $295m and Engineered Controls International for $631m.
"The acquisitions of Acme and RegO are the next step in our strategy to enhance the Fueling Solutions portfolio with growing participation in clean fuels and other attractive adjacencies. On the back of our recent acquisition of LIQAL and our partnerships in electric vehicle charging, these two acquisitions will scale up our position as a leader in the growing clean and alternative fuel applications as investments in this space are rapidly accelerating," Richard J. Tobin, Dover's President and CEO.
FTC reportedly launched an in-depth probe into Meta's $400m acquisition of Within, a developer of a VR workout app, Reuters reported. The deal may not close for another year.
The report added the probe on Meta's Supernatural deal appears to be part of FTC Chair Lina Khan's mission to make sure big technology companies don't illegally shut out the next generation of competitors in emerging computing platforms.
Tiger Global, a private equity firm, led a $325m Series E funding round in Rokt, an e-commerce technology services provider. Additional investors include Wellington Management, Whale Rock Capital Management, Pavilion Capital and Square Peg.
"Customers are demanding a more relevant ecommerce experience and businesses need to ensure they have the right economics to be able to grow. We're thrilled to partner with Tiger Global and the rest of this prestigious group of investors to accelerate our product development and global expansion efforts and enable more partners to boost their profitability, connect brands to new customers, and deepen engagement and loyalty," Bruce Buchanan, Rokt CEO.
Greenoaks Capital, a private equity firm, led a $278m Series F funding round in Cockroach Labs, a developer of database management systems. Additional investors include Altimeter, Bond, Benchmark, Coatue, FirstMark, GV, Index Ventures, JP Morgan Asset Management, Lone Pine Capital, Redpoint Ventures and Tiger Global.
“This latest round of funding is a reflection of our customers’ rapid advances in production deployments, supporting the growth of our business as we lead the shift of transactional data to the cloud. It allows us to accelerate our investment in R&D and continue the innovation necessary to fulfill our vision," Spencer Kimball, Cockroach Labs Co-Founder and CEO.
ICONIQ Capital, a private equity firm, led a $170m Series F funding round in Dialpad, a provider of cloud communications and collaboration services. Additional investors include Amasia, GV, OMERS Growth Equity, Work-Bench, Section 32, and T-Mobile Ventures.
“Dialpad is the world’s most advanced AI-powered communications, collaboration, and contact center platform, providing a customer- and cloud-first solution that enables more efficient and effective conversations. This latest round of funding, and increased valuation, showcases Dialpad’s continued momentum and strengthens our dedication to helping companies scale and enterprises thrive in today’s hybrid, work-from-anywhere world," Craig Walker, Dialpad Founder and CEO.
Updata Partners, a private equity firm, led a $140m Series B funding round in CData Software, a provider of cloud connectivity and integration solutions.
"Enterprises and ISVs are increasingly recognizing the benefits of CData's unique approach to data connectivity. I'm looking forward to deepening our relationship with the Updata team, who have been instrumental in helping us build a strong foundation for rapid growth. With this investment, we will accelerate the expansion of CData connectivity solutions in the cloud," Amit Sharma, CData Co-Founder and CEO.
Summit Partners, a private equity firm, completed a $120m investment in Mavrck, an influencer marketing platform.
The new funding will help accelerate the company’s product expansion and support Mavrck’s mission to build the operations cloud to power and execute all types of social proof at scale.
“The trust economy, built upon the rise and acceleration of digital democratization and fueled by social proof, has arrived, and with it comes a new set of rules, behaviors and opportunities for brands, creators and consumers. This investment will help us to take petabytes of historical data and build recommendation engines to connect enterprise marketers with the right creators, the right way, at the right cost," Lyle Stevens, Mavrck Co-Founder & CEO.
CAMS, a privately held company providing a full range of services in the energy sector, completed the acquisition of the solar operations and maintenance business of Belectric, a solar power company. Financial terms were not disclosed.
"We are excited to grow our regional presence in the solar power industry. The purchase of Belectric compliments and further strengthens our existing capabilities and markets in the power generation industry. It integrates seamlessly into the CAMS suite of solutions that are focused on and guided by sustainability," Greg Bobrow, CAMS COO.
Oracle in talks to acquire Cerner.
Enterprise software maker Oracle is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30bn.
The transaction could bring Oracle a raft of health data to train and improve its artificial intelligence-based cloud services, boosting its presence in the healthcare sector.
If the deal materializes, it will be the biggest ever for Oracle, which has a market value of more than $280bn. Oracle-Cerner deal could become one of the largest takeovers of 2021, Reuters reported.
Bank of Montreal has expressed interest in BNP Paribas' US arm.
Canada's Bank of Montreal has expressed interest in buying the US arm of French bank BNP Paribas, a potential deal that would shore up its stateside presence.
The Canadian lender has held initial talks about an acquisition of BNP Paribas's Bank of the West unit. The French bank is working with advisers to explore a sale of the business.
Beyond Bank of Montreal, potential contenders for the business could include Toronto-Dominion Bank as well as Pittsburgh-based PNC Financial Services Group, Bloomberg reported.
TPG files for a $10bn New York listing. (FS)
Private equity firm TPG has submitted paperwork for an initial public offering in the United States, as it seeks to better compete with its publicly traded peers.
TPG did not reveal the number of shares it plans to sell or the indicative price range, is known for its leveraged buyouts. The asset manager could be valued at around $10bn.
JP Morgan, Goldman Sachs, Morgan Stanley, TPG Capital and Bank of America are the lead underwriters for the offering, after which TPG expects to list on the Nasdaq under the symbol "TPG."
SoftBank-backed Cohesity hires banks for its $5bn IPO. (FS)
SoftBank Vision Fund-backed Cohesity, a data-management software company, is working with JP Morgan, Bank of America, and Morgan Stanley on an initial public offering for next year.
The company is seeking to be valued in a listing at $5bn to as much as $10bn. The company could submit its draft IPO registration to the US Securities and Exchange Commission as soon as this week.
Gopuff starts preparation for IPO in 2022.
Delivery startup Gopuff is in discussions with investment banks about an initial public offering to take place as soon as the second half of next year.
The SoftBank Group-backed startup could appoint banks for a stock listing in the first half of the year. Gopuff's plans aren't finalized and could change.
Gopuff took a big step toward its listing by issuing a $1.5bn pre-IPO convertible note led by Guggenheim Partners, which was already an investor. The note will convert to shares at either the IPO price or at a maximum valuation of $40bn, Bloomberg reported.
Ares Management raises $2.2bn for climate infrastructure investment. (FS)
Ares Management, a private equity firm, announced that it has raised $2.2bn of dedicated climate infrastructure capital, comprising its inaugural Ares Climate Infrastructure Partners Fund with approximately $1.4bn in total raised, and $800m in related transaction vehicles.
ACIP attracted strong support from a broad and diverse group of investors from North America, Europe, Asia and the Middle East, with nearly 30% of its limited partners new to the Ares platform. ACIP’s global investor base comprises pension funds, sovereign wealth funds, insurance companies, ultra-high net worth individuals, family offices and funds-of-funds.
“We appreciate the strong support and confidence from our global investor base as we continue to invest in climate infrastructure as a positive, proactive catalyst for the transition to a low carbon economy. This is an asset class that has demonstrated resiliency across market cycles and is benefitting from significant tailwinds. With our innovative approach to structuring transactions and benefits from the Ares platform, we believe we are a partner of choice in one of the largest and fastest growing opportunity sets in the infrastructure market," Keith Derman, Ares Partner.
EMEA
CMA says Cellnex-CK Hutchison tower deal is anti-competitive.
The Competition and Markets Authority after reviewing the deal concluded that the sale of tower assets by CK Hutchison, a diversified holding company, to Cellnex Telecom, a Spanish wireless telecommunications infrastructure and services company, would result in lower competition and possibly higher mobile charges.
CMA noted CK Hutchinson should have selected another buyer for those assets. The bidder said that it would respond with practical alternative remedies, and CK Hutchinson strongly disagrees with CMA's decision.
Cellnex is advised by PricewaterhouseCoopers, Arthur D Little, AZ Capital, Goldman Sachs, HSBC, PricewaterhouseCoopers and Clifford Chance. Kromann Reumert, McCann FitzGerald, Wolf Theiss, Roman y Asociados and Brunswick Group. CK Hutchinson is advised by Deutsche Bank, Moelis & Co, Morgan Stanley, Freshfields Bruckhaus Deringer and Linklaters.
A consortium of investors completed the acquisition of a minority stake in SEQENS from Eurazeo. (FS)
A consortium of investors including SK Capital, Bpifrance, Mérieux Equity Partners, Ardian, and Eximium, completed the acquisition of a majority stake in SEQENS, a provider of pharmaceutical ingredients and specialty chemicals, from Eurazeo, an investment company. Financial terms were not disclosed.
“SEQENS is well regarded for its recognized know-how, capacity for innovation, global industrial footprint and broad portfolio of products and technologies. The potential combination with Wavelength will further extend these strengths to the benefit of both companies’ customers and employees. We are enthusiastic about the continuing commitment to SEQENS of its current shareholders, Mérieux Equity Partners, Ardian and Eximium as well as Nov Santé, which will provide the company with a broad range of perspectives and capital sources to further its growth.” Aaron Davenport, SK Capital Managing Director.
SK Capital was advised by Deutsche Bank, Piper Sandler, RBC Capital Markets, Kirkland & Ellis, Latham & Watkins and Yigal Arnon & Co. Debt financing was provided by Deutsche Bank, JP Morgan, RBC Capital Markets and Societe Generale. Eurazeo was advised by JP Morgan, Rothschild & Co and Allen & Overy. Bpifrance was advised by Nomura and White & Case.
Nexi confirms SIA merger close date. (FS)
Nexi, an Italy-based financial technology company, signed the deed to combine with SIA, a financial technology solutions provider, and announced the SIA merger would be effective as of January 1, 2022.
SIA is advised by KPMG, Tremonti & Associati, JP Morgan, Rothschild & Co, UniCredit and Gianni Origoni Grippo Cappelli & Partners and Tancredi. Nexi is advised by KPMG, Pirola Pennuto Zei & Associati, PricewaterhouseCoopers, Bank of America, Goldman Sachs, HSBC, Mediobanca, Legance, and Barabino & Partners. Financial advisors are adivsed by Sullivan & Cromwell.
Ermenegildo Zegna Group went public via a SPAC merger with Investindustrial Acquisition in a $3.2bn deal. (FS)
Ermenegildo Zegna Group, a world-renowned Italian luxury house went public via a merger with Investindustrial Acquisition, a special purpose acquisition corporation sponsored by investment subsidiaries of Investindustrial, in a $3.2bn deal.
We are well positioned to accelerate the successful strategies of the Zegna Group’s two core brands, Zegna and Thom Browne, while also continuing to build upon our heritage, our ethos of sustainability, and the unique craftsmanship that has made our name synonymous with excellence and luxury around the world. We will continue to meet our clients’ changing needs while working to attract new, younger clients through exciting collaborations and digital innovation across the Group.” Ermenegildo “Gildo” Zegna, Zegna CEO.
Zegna was advised by UBS, De Brauw Blackstone Westbroek, Sullivan & Cromwell, and Brunswick Group. InvestIndustrial was advised by Deutsche Bank, Goldman Sachs, JP Morgan, Mediobanca, UniCredit, Chiomenti, Kirkland & Ellis and Maitland. Financial advisors are advised by Shearman & Sterling.
Rezolve to go public via a SPAC merger with Armada Acquisition I in a $1.8bn deal. (FS)
Rezolve, a mobile commerce and engagement company, agreed to go public via a merger with Armada Acquisition I, a SPAC, in a $1.8bn deal. The transaction is expected to result in $190m in gross proceeds, including $150m in trust and c. $40m of additional capital from Christian Angermayer and Betsy Cohen.
“We believe mobile commerce is the future and our proprietary technology enables physical merchants to tap into this potentially massive opportunity. I have been working on this problem since 2007 and founded Rezolve in 2016 to solve it. We now have the technology platform solution and go to market partnerships that strongly positions Rezolve to take advantage of what we see as a near $500 billion global market opportunity over time. We expect the proceeds from this transaction will allow us to significantly accelerate adoption and market growth going forward," Dan Wagner, Rezolve Founder and CEO.
Rezolve is advised by KPMG, Barclays, Cantor Fitzgerald, Taylor Wessing, Wilson Sonsini Goodrich & Rosati and ICR. Armada is advised by Cantor Fitzgerald, Cohen & Company, KPMG and DLA Piper. Cantor Fitzgerald and Cohen & Company are advised by King & Spalding.
Vision Group to acquire the VistaSì from EssilorLuxottica and GrandVision.
Vision Group, a distribution network for Italian opticians, agreed to acquire the VistaSì, an optics seller in Italy, from EssilorLuxottica, a multinational corporation, and GrandVision, an optical retail company. Financial terms were not disclosed.
The agreement between EssilorLuxottica, GrandVision and Vision Group also provides for transitional agreements to support the business continuity of the divested perimeters following the implementation of the transaction.
Vision Group is advised by CapM Advisors, Deloitte, Fineurop Soditic and Nctm. EssilorLuxottica and GrandVision are advised by Deloitte, Lazard, Mediobanca, BonelliErede and Sullivan & Cromwell. GrandVision is advised by De Brauw Blackstone Westbroek.
MoneyLion to acquire Even Financial for up to $440m.
MoneyLion, a digital financial platform, agreed to acquire Even Financial, an embedded finance marketplace, for up to $440m. The transaction provides for total consideration to Even’s equity holders of up to $440m, using a convertible financing structure.
“Combining Even’s best-in-class recommendation engine with MoneyLion’s powerful first-party products and open architecture marketplace expands the range of products and services available within our platform, while delivering a new distribution channel for Even’s financial partners. Together, we can accelerate our mission of providing financial access and advice to hardworking Americans, reaching them where they are, and enabling them to make financial progress regardless of where they are in life," Dee Choubey, MoneyLion Co-Founder and CEO.
Even Financial is advised by Broadhaven Capital Partners and Goodwin Procter. MoneyLion is advised by Evercore, Davis Polk & Wardwell and Gateway Investor Relations.
KKR to acquire a 49% stake in Reintel from Red Eléctrica Group for $1.1bn. (FS)
KKR agreed to acquire a 49% stake in Reintel, a dark fibre infrastructure operator, from Red Eléctrica Group, an electricity transmission lines holding company, for $1.1bn.
“Following an extremely thorough research process, we are delighted to have reached an agreement with KKR, which will be a highly prestigious, long-term strategic partner to the Group going forward. This agreement clearly underscores the value of the Group’s telecommunications activity and will support its future development, reinforcing the essential services we provide to society," Roberto García Merino, Red Electrica Group CEO.
KKR is advised by Tinkle. REG is advised by Barclays, UBS and Garrigues.
Altaris Capital to acquire the health business of Johnson Matthey for $432m. (FS)
Altaris Capital, a healthcare investment firm, agreed to acquire the health business of Johnson Matthey, a sustainable technologies company, for $432m. JM will retain approximately 30% equity stake in the business.
“As the world transitions to more sustainable technologies, we are focusing our portfolio on the most attractive growth areas, specifically businesses driving growth from climate change solutions – circularity solutions, hydrogen technologies and decarbonisation of chemicals and fuels. The sale of Health is a further step towards simplifying our portfolio," Robert MacLeod, JM CEO.
JM is advised by Citigroup and Tulchan Communications.
QIA led a $200m Series D funding round in Infarm. (FS)
Qatar Investment Authority led a $200m Series D funding round in Infarm, an urban farming company. Additional investors include Partners in Equity, Hanaco, Atomico, Lightrock, and Bonnier.
"Building a global farming network of our climate-resilient vertical farms is a core mission at Infarm, which is why we're excited to announce this latest funding round. This strategic investment will support our rapid global expansion and bolster our R&D so that we can grow more varieties of crops close to consumers across Europe, Asia, North America and the Middle East. It's another step towards meeting our ambition of growing the entire fruit and vegetable basket in the near future, providing premium products at affordable prices to everyone," Erez Galonska, Infarm Co-Founder and CEO.
Infarm was advised by Goldman Sachs and UBS.
EVO Payments to acquire a 51% stake in the merchant acquiring business of National Bank of Greece for $180m.
EVO Payments, a global provider of payment technology integrations and acquiring solutions, agreed to acquire a 51% stake in the merchant acquiring business of National Bank of Greece, a global banking and financial services company, for $180m. National Bank of Greece will spin off the unit, and EVO Payments will acquire the stake in a separate entity.
"The establishment of our relationship with EVO is a great step forward for the National Bank of Greece as it seeks to capitalize on the attractive payments opportunity in the market. We are equally pleased to form this alliance and leverage EVO's proven payments expertise as we enhance our merchant acquiring products and services and increase the value of the business," Paul Mylonas, NBG CEO.
EVO is advised by JP Morgan.
Bosch to acquire Elpro Group.
Robert Bosch, agreed to acquire Elpro Group, a developer of monitoring solutions for pharmaceutical, biotech, life science and healthcare industries. Financial terms were not disclosed.
“The Elpro Group has deep industry knowledge and innovative strength in the development and application of monitoring solutions. These are implemented along the entire pharmaceutical supply chain and meet the highest quality standards,”Henning von Boxberg, Bosch Service Solutions President of the Board of Management.
Robert Bosch is advised by Homburger.
Fritz Hansen to acquire Skagerak.
Fritz Hansen, a furniture manufacturer, agreed to acquire Skagerak, a manufacturer of furniture and interior objects. Financial terms were not disclosed.
“Skagerak and Fritz Hansen are a natural fit. Both are rooted in Nordic design traditions and responsible manufacturing and synonymous with furniture and interior design of the highest quality. With the acquisition of Skagerak we can now offer our customers, private and professional, a larger product offering whilst strengthening our business in our home market as well as internationally. Skagerak is a solid business, shaped from many of the same core values as Fritz Hansen. We are delighted to welcome Skagerak to the fold," Josef Kaiser, Fritz Hansen CEO.
Fritz Hansen is advised by Carnegie Investment Bank.
Athletico Physical Therapy to acquire Pivot Health Solutions from PennantPark.
Athletico Physical Therapy, an orthopedic rehabilitation services provider, agreed to acquire Pivot Health Solutions, a provider of physical therapy, from PennantPark, an investment firm. Financial terms were not disclosed.
“The team at Pivot shares our dedication to delivering exceptional patient experiences, and they have done a tremendous job of developing meaningful relationships in the communities they serve. We are looking forward to working together to transform the lives of individuals throughout the Eastern region," Ron Rodgers, Athletico CEO.
Pivot is advised by Jefferies & Company.
Permanent TSB to acquire 25 branches of Ulster Bank for $7.3bn.
Permanent TSB, a personal financial services provider, agreed to acquire 25 branches of Ulster Bank, a retail bank, for $7.3bn. The deal implies $7.3bn cash payment and issuance of 90.9m shares to NatWest, a parent of Ulster Bank in exchange for 25 branches and Ulster's non-tracker mortgage and micro-SME lending books and its asset finance business. Upon completion, NatWest will hold 16.7% stake in PTSB.
"This is a decisive step in transforming Permanent TSB to be Ireland's best personal and small business bank," PTSB Eamonn Crowley CEO.
Alpac Capital to acquire an 88% stake in Euronews. (FS)
Alpac Capital, an investment firm, agreed to acquire an 88% stake in Euronews, a French-based pan-European television news network. Financial terms were not disclosed.
As we look to the future with confidence, the decision by European investor Alpac Capital to buy MGN’s stake in Euronews is a vote of confidence in our strategy and our unique consumer offering in today’s media landscape. It strengthens Euronews’ European DNA and represents an important opportunity for the Group to ensure its continuity and development. I am confident in the future of Euronews and more committed than ever to work to accompany its transformation, alongside our current and future shareholders and all my Euronews colleagues who have always had my respect and admiration," Michael Peters, Euronews Chairman.
Donaldson Group completed the acquisition of Stewart Milne Timber Systems, from Stewart Milne. (FS)
Donaldson Group, a provider of asset, construction, financial, and property management services, completed the acquisition of Stewart Milne Timber Systems, a timber frame manufacturer, from Stewart Milne, an Aberdeen-backed housebuilding company. Financial terms were not disclosed.
"This deal secures the future for a leading UK Business; enabling the growth plans for it to reach its full potential, while providing reliability and stability for its existing and new customers. SMTS is a natural fit for the Donaldson Group; it offers a similar family-owned ethos, and has a strong reputation and track record for investment and innovation. We’re pleased to welcome all 411 employees to our family business and look forward to working closely with Alex and the full team," Andrew Donaldson, Donaldson CEO.
Snam considers sale of gas storage unit stake. (FS)
Italy's Snam is considering the sale of a minority stake in its gas storage unit worth up to $6.7bn and is working with Goldman Sachs and Credit Suisse to study its options.
Snam pledged last month to spend as much as $5.7bn by 2030 to grow its storage footprint in Italy and abroad, including plans to develop an international green storage platform.
A series of infrastructure funds, including Australia's Macquarie, approached Snam earlier this year to express their interest in the asset.
Italian banks that own Carige rejects BPER's rescue bid.
Italian banks that own ailing peer Carige rejected a costly takeover proposal by BPER Banca, an Italian banking group.
The rejection deals a blow to the growth plans of BPER, which has been steered onto an expansion path by its biggest investor insurer UnipolSAI.
Carige is 80%-owned by the industry-financed FITD depositor protection fund after fellow lenders had to rescue it in 2019, spending $678m. To meet terms set by BPER for the acquisition, the FITD fund would have had to fork out $1.13bn to cover integration and clean-up costs, beef up BPER's capital and boost its future earnings per share, Reuters reported.
Siemens Gamesa looks to raise cash from wind farm business.
Wind turbine maker Siemens Gamesa is expecting initial bids for the wind farm development unit it is looking to sell as it focuses on returning its core business to profitability. A deal could be worth $340m or more.
The bidders will be vying for a pipeline of projects with capacity of more than 3 GW in Spain, France, Italy and Greece, and a team of some 50 staff.
Among companies who may be interested in bidding are renewable energy developer Cubico, Spanish energy firms Repsol and Naturgy, the infrastructure and real assets arm of global giant Macquarie, and utilities including Portugal's EDP, Austria's Verbund, and Spanish peer Iberdrola, Reuters reported.
APAC
J&T Express completed the acquisition of the express business of BEST for $600m.
J&T Express, a freight service e-commerce company, completed the acquisition of the express business of BEST, a logistics supply chain service provider, for $600m.
"We are pleased with the outcome of this transaction. Its successful culmination allows us to further prioritize and reinforce our efforts in supply chain-based logistics solutions while also significantly improving our balance sheet and profitability. Moving forward, we will firmly center our business on three key pillars – integrated supply chain, freight and global logistics services. We are confident that focusing on these core competencies will enable us to deliver enhanced value for our customers and shareholders," Johnny Chou, BEST Founder, Chairman and CEO.
Best was advised by JP Morgan.
Perwyn led a $130m Series D funding round in HungryPanda. (FS)
Perwyn, an investment firm, led a $130m Series D funding round in HungryPanda, an Asian food delivery platform. Additional investors include Kinnevik, 83North, Felix Capital, Piton Capital, Vintage, Burda Principal Investments and Kreos Capital.
"HungryPanda has achieved exceptional growth over the last four years. We now have the ability and experience to launch and operate in new cities in just two weeks and have established ourselves as the market leader due to our laser focus on developing the best service and providing high-quality products for our customers," Eric Liu, HungryPanda Founder and CEO.
HungryPanda was advised by Arma Partners.
CCI suspended Amazon-Future Coupons deal.
India's antitrust agency suspended the acquisition by Amazon of a 49% stake in Future Coupons, a payment products and solutions company, from Future Group, an Indian conglomerate, citing Amazon suppressed information when buying stake.
CCI also imposed a $27m penalty upon Amazon. The regulator will review the deal terms again. This decision may lead to the inability to prevent the acquisition of Future's assets by Reliance, an Indian multinational conglomerate company.
SenseTime said to get about $500m in cornerstone investment.
Chinese artificial intelligence startup SenseTime Group, has secured about $500m in cornerstone investment ahead of its planned Hong Kong initial public offering.
Nine investors participated in the fundraising. Mixed-Ownership Reform Fund, which has pledged $200m, remains the biggest on the list.
SenseTime is considering reopening orders as soon as Monday and the offering will be roughly the same as planned earlier. The company previously proposed to offer 1.5bn shares between $0.49 and $0.5.
Shimao-backed Fortune Spring Ventures to sell stakes in three SPACs for $268m.
Chinese developer Shimao Group Holdings-backed Fortune Spring Ventures is in discussion to sell the stake it holds in three special purpose vehicles for $268m.
Shimao said its unit would sell 22.5% of the issued share capital in each of Asia Bright Development, Star Galaxy and Grand Victoria Finance. The three special purpose vehicles manage and develop a property development project in South West Kowloon, Hong Kong.
It added the stake sale would provide additional working capital for the group and improve cash flow, while also flagging a possible loss of about $97m that could be recognized from the disposal.
Carlyle and Primavera in second round of bidding for BPEA's HCP. (FS)
Carlyle Group and Primavera Capital are among shortlisted bidders for Baring Private Equity Asia’s Chinese packaging business HCP.
Other buyout firms in the race include PAG and DCP Capital. The sale process is moving into a second round of bidding, and could value the Shanghai-based business at about $1.5bn.
BPEA, as the private equity firm is also known, has revived plans to dispose of HCP after an attempt last year to sell the business failed amid the coronavirus pandemic, Bloomberg reported.
Beijing rule changes to revive China's IPO prospects in 2022.
Greater China's flagging initial public offerings are set to get a fillip in 2022 from the expected unveiling of new rules by Beijing for Chinese firms' offshore listings, giving clarity to jittery investors.
Regulators are contemplating new rules scrutinising offshore listing plans of Chinese companies with variable interest entity structure. A Chinese company sets up an offshore company for overseas listing purposes that allow foreign investors to buy into the stock.
The new rules will come after a tepid 2021 for Hong Kong, which accounts for 16% of Asia-Pacific listing volume: The city has seen $26.7 billion worth of IPOs so far this year, compared with $31.8 billion for the same period in 2020, Reuters reported.
Hong Kong to allow SPAC listings from January 1.
Blank-cheque companies known as SPACs can list in Hong Kong from January 1, the stock exchange operator said, the latest global bourse to tap demand for the investment vehicles although interest in them has waned from earlier this year. The move to open up to SPACs follows scrutiny from both Chinese and US regulators that caused a sharp slowdown in Chinese listings in the United States.
Market participants said Hong Kong hoped to attract investors from mainland-China to list SPACs, that raise cash to buy private firms and take them public without a traditional initial public offering.
Hong Kong Exchanges and Clearing also set out adjustments to proposals for a SPAC regime that had been published in a consultation document this year, relaxing some of those initial rules. Tweaks included saying a SPAC's securities must be distributed to a minimum of 20 institutional professional investors not 30 and adjusting rules that had restricted the circumstances in which investors could redeem shares in a SPAC, Reuters reported.
GoTo hires banks for $1bn Indonesian IPO.
GoTo Group, an Indonesian holding company formed by the merger between Gojek and Tokopedia, has hired banks to help it raise around $1bn from an initial public offering in Indonesia.
GoTo Group has picked Mandiri Sekuritas and Indo Premier Sekuritas as underwriters for a local IPO that could happen as soon as next quarter. GoTo will be listed as GoTo Gojek Tokopedia.
