Kinross, a firm involved in the exploration, development, and production of gold, completed the acquisition of Great Bear Resources, a well-financed gold exploration company, for $1.45bn.
"After their exciting and rewarding journey from acquisition through discovery, our shareholders and local stakeholders are now well positioned to benefit from Kinross' development and operational expertise. We look forward to following Kinross' progress as they advance one of Canada's best new gold discoveries towards what we believe will be one of Canada's best new gold mines," Chris Taylor, Great Bear President and CEO.
Great Bear was advised by BMO Capital Markets, CIBC World Markets, Cormark Securities, GenCap Mining Advisory and Blake Cassels & Graydon. Kinross Gold was advised by Canaccord Genuity, Trinity Advisors Corporation and Osler Hoskin & Harcourt.
Infrastructure Investments Fund, a private investment vehicle, agreed to acquire South Jersey Industries, an energy infrastructure holding company, for $8.1bn.
"IIF is a trusted partner and long-term investor in utility and renewable energy companies, and together we will be well positioned to execute on SJI’s clean energy and decarbonization initiatives in support of the environmental goals of our State and region. In addition, as a private company and with IIF’s support, we will have additional resources to continue to modernize our critical infrastructure, maintain our high standard of customer service at reasonable rates, and further enhance the safety, reliability and sustainability of our businesses," Mike Renna, South Jersey Industries President and CEO.
SJI is advised by Bank of America and Gibson Dunn & Crutcher. IIF is advised by Centerview Partners and Skadden Arps Slate Meagher & Flom. Debt financing is provided by KeyBanc Capital Markets and PNC Bank.
Verisk, a global data analytics provider, completed the acquisition of Infutor, a provider of identity resolution and consumer intelligence data. Financial terms were not disclosed.
“Verisk’s data analytics leadership, focus on privacy and marketing solutions assets make this the right strategic home for Infutor. We not only have highly complementary data assets but we also have complementary company cultures that will drive innovation to bring even more value to our customers,” Gary Walter, Infutor CEO.
Verisk was advised by McCarter & English. Infutor was advised by Jefferies & Company and Goodwin Procter.
Vendr, a SaaS buying platform, completed the acquisition of Blissfully, a SaaS management platform. Financial terms were not disclosed.
"Today, we're excited to merge the best way to buy software with Blissfully's leading SaaS Management system of record - bringing our customers the future of software procurement," Ryan Neu, Vendr CEO.
Cloudflare, an IT services provider, agreed to acquire Area 1 Security, a cybersecurity company, for $162m.
"By combining our leading phishing protection and threat intelligence capabilities with Cloudflare’s global network, data capabilities, and Zero Trust platform we truly believe that together we can help companies of any size better secure their entire network infrastructure and better protect against the most destructive cyber risks,” Patrick Sweeney, Area 1 Security President and CEO.
HSBC has no plan to acquire Banamex.
HSBC executives have told investors the chain is not interested in buying out Citigroup's consumer bank in Mexico, known as Banamex, Reuters reported.
HSBC's focus for the moment was on Asia and wealth management. Citigroup announced in January it would put Banamex up for sale as part of Chief Executive Jane Fraser's plan to simplify the bank's operations.
Alpargatas receives $492m in share sales. (FS)
Brazilian shoemaker Alpargatas raised $492m in a planned follow-on share offering, Reuters reported. Alpargatas sold 37m common shares and 57m preferred shares at $5 per share.
Investment firm Itausa, which was already one of Alpargatas' controlling shareholders, took part in the offering by acquiring c. 30m shares. Alpargatas will use the proceeds to finance the acquisition of Rothy´s, a California-based maker of clothes and shoes from recycled products.
Apollo hopes to get a $50bn investment from a new sustainable investing platform. (FS)
Apollo Global Management, a manager of alternative assets, launched a sustainable investing platform, targeting the deployment of $50bn in decarbonization and energy transition opportunities over the next five years, Reuters reported.
The new platform underscores the opportunity that Apollo sees in providing capital to companies focused on clean energy and moving away from fossil fuels, as the world tries to limit the rise in global temperatures to 1.5 degrees Celsius to avoid the most catastrophic effects of climate change.
The New York-based firm has deployed more than $19bn into energy transition and sustainability-related investments in the last five years, including in renewable energy, electric vehicles and decarbonization. It also sees scope to deploy more than $100bn by 2030.
Banks arranging the financing for the buyout of Wm Morrison Supermarkets are considering sweetening the long-delayed deal.
Lenders including Goldman Sachs Group, BNP Paribas, Bank of America and Mizuho may increase either the senior secured note or the leveraged loan denominated in euros by the equivalent of about $673m, while cutting a sterling offering by the same amount, Bloomberg reported.
Wm Morrison Supermarkets was advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. Clayton Dubilier & Rice was advised by BNP Paribas, Bank of America, Goldman Sachs, JP Morgan, Mizuho Securities, Clifford Chance, Debevoise & Plimpton and Teneo. Financial advisors were advised by Norton Rose Fullbright.
Cargotec and Konecranes won EU antitrust clearance for their $5bn deal to create a global leader in industrial machinery after agreeing to divest some businesses, Reuters reported.
The companies, which provide road and sea-cargo handling machinery and services to industries, factories, ports and terminals, announced their tie-up in October last year.
Konecranes is advised by Access Partners, JP Morgan, Nordea Bank, Dittmar & Indrenius, Hannes Snellman, Krogerus, Skadden Arps Slate Meagher & Flom and Kekst CNC. Financial advisors are advised by White & Case. Cargotec is advised by Advium Corporate Finance, Citigroup, Castren & Snellman, Freshfields Bruckhaus Deringer and Kekst CNC. Debt financing is provided by Nordea Bank.
Adecco-backed Modis, a science and IT staffing business, completed the acquisition of a 60% stake in AKKA, a provider of high-technology engineering consulting services, from Ricci family and Compagnie Nationale à Portefeuille, a family-owned professional shareholder investing in and supporting European sector-leading or emerging companies, for $2.4bn.
"We extend a warm welcome to our new colleagues and customers. With the best team in the industry, the future business, Akkodis, is uniquely positioned to meet the rising demand from customers for high-tech experts to scale up their innovation, improve productivity and accelerate digital transformation. We will now begin the integration of AKKA and Modis that will create a Smart Industry leader, delivering significant value for all stakeholders," Alain Dehaze, Adecco CEO.
AKKA was advised by Linklaters. Adecco was advised by Credit Suisse, Societe Generale, Bratschi, Eubelius and Sullivan & Cromwell. Credit Suisse and Societe Generale were advised by Cleary Gottlieb Steen & Hamilton.
Luxor Capital Group, a private equity firm, led a $260m Series C funding round in Volta Trucks, a full-electric commercial vehicle manufacturer, with participation from Agility and Waypoint Capital.
“The successful and oversubscribed conclusion of our Series C funding round gives us a positive external validation of our journey. As an innovator and disruptor in commercial vehicles, we are working at industry-leading pace and have significant ambitions. Today’s closing of the Series C funding round, bringing €230m ($260m) into the company, gives us the financial runway to be able to deliver on all our goals as we transition from a start-up to a manufacturer of full-electric trucks. The confirmation of our orderbook of over 5k vehicles with an orderbook value exceeding €1.2bn ($1.35bn), gives us and our investors, confidence that our pioneering product and service offering is both wanted and needed by our customers,” Essa Al-Saleh, Volta Trucks CEO.
Havas Group, a global communications group, agreed to acquire Inviqa, an independent digital experience agency. Financial terms were not disclosed.
“Over a number of years, our acquisition strategy has focussed on cutting-edge, best-in-class agencies within the digital customer experience space – and Inviqa certainly fits that bill. As the world begins to transition out of the pandemic, customer experience continues to represent one of our biggest growth opportunities – as demonstrated by the success of the Havas CX network, which has grown by two-thirds since its launch in 2020. Inviqa will help us unlock even more cross-discipline opportunities, and I’m excited to welcome Yair and the team to the Havas family,” Yannick Bolloré, Havas Group Chairman and CEO.
SoftBank, a Japanese multinational conglomerate holding company, led a $230m financing round in Gousto, a British recipe box company.
"Softbank's increased investment speaks volumes for where they see the business heading," Timo Boldt, Gusto CEO.
Boots in store for $10bn sale as bid deadline looms.
Britain's largest drugstore chain Boots has set a February 24 deadline to receive indicative bids from a series of deep-pocketed investors that could value the 173-year-old firm at up to $10bn, Reuters reported.
The sale will see US drugstore giant Walgreens, which has backed Nottingham-based Boots since 2012, cashing out from one of Britain's best-known retailers which operates more than 2.2k stores and employs about 51k people.
Telecom Italia weighs sales of INWIT to Ardian. (FS)
Telecom Italia is considering selling its stake in mobile tower group INWIT to French investment fund Ardian as part of its efforts to shore up its finances, Reuters reported.
Under such a potential deal, debt-laden TIM could raise $1.5bn from the sale of its 15.4% indirect stake in Milan-listed INWIT, based on current market value.
Vodafone under pressure to test Europe's appetite for telecom takeovers.
Vodafone boss Nick Read believes competition regulators have eased their opposition to takeovers; all that remains is to test the theory by triggering a deal that could lead to a wave of European consolidation and appease long-suffering investors, Reutersreported.
Read said this month he was pro-competition, but that hyper-competition in some European mobile markets was crippling the industry's ability to build the digital networks needed to keep pace with the United States and Asia.
IAG tries to raise cash through assets sale.
IAG is considering several ways to raise cash while global travel remains subdued, including possible asset disposals, Bloomberg reported. Potential assets that could theoretically be used to raise funds include planes, IAG’s frequent-flier program and its cargo unit. Any sales could help bolster the company’s balance sheet and would likely draw other industry players and investment funds.
The British Airways owner is working with advisors on a strategic review of its portfolio that could lead to stake sales, partnerships and joint ventures.
Boursa Kuwait hopes to push IPO by derivatives.
Boursa Kuwait Securities plans to add derivatives and futures products to boost liquidity and attract more companies to list, Bloomberg reported.
The exchange expects some family-owned businesses to list soon, followed by government-controlled companies. Boursa Kuwait has standardized listing rules, which should streamline the process for companies to go public.
The move is part of a wider regional trend, with exchanges in Saudi Arabia and the United Arab Emirates ramping up efforts to encourage listings and attract foreign flows. Soaring commodity prices have made energy and raw material producers in the Middle East more attractive, and prospects of rate hikes are set to benefit bank stocks, which make up a big part of benchmarks in the Middle East.
Ukraine-Russia war halts the European IPO market down.
Russia's military attack on Ukraine shut Europe's initial public offering market for now, bankers were gearing up for a busier March after a slow start to the year, Bloomberg reported.
Geopolitical risks pose pressure on monetary policy, which could be tightened.
ACS-backed Hochtief, a construction company, offered to acquire the remaining 21.42% stake in CIMIC Group, an Australian infrastructure development company, in a $1bn deal.
On February 24, Hochtief has approved Hochtief's submission of the takeover offer to acquire each CIMIC share held by the free float shareholders of CIMIC other than Hochtief for $16 cash per CIMIC share.
CIMIC is advised by Oaktower Partnership and Gilbert + Tobin. Hochtief is advised by JP Morgan, Clifford Chance and First Advisers.
Resolution Life Australasia, a life insurance provider, agreed to acquire the Australian savings and investments business, an in-force portfolio of superannuation, retirement and investment products, of AIA Group, a life insurance group. Financial terms were not disclosed.
Following a review of the overall portfolio in Australia, AIA concluded that the S&I business is non-core to AIA’s strategy to be the leading life, health and wellness provider in Australia and does not meet AIA’s financial criteria. This transaction demonstrates the Group’s financial discipline and commitment to deliver long-term sustainable value for shareholders.
EDP Renewables plans to invest more than $7bn for a clean energy hub in Singapore.
EDP Renewables, a renewable energy producer, plans to invest up to $7.4bn by 2030 to establish a clean energy hub in Singapore for the Asia Pacific region, Reuters reported.
"The Asia Pacific region is a strategic market for us towards EDPR's global positioning, with both high demand and growth potential in the renewable energy sector," Pedro Vasconcelos, EDPR Asia-Pacific COO.
Blackstone denies rumor on buyout approach towards Toshiba. (FS)
Blackstone never approached Toshiba about a potential buyout, Reuters reported. "Blackstone has never submitted an informal or formal proposal, verbally or in writing, and has no plans to do so," Blackstone spokesperson.
Toshiba said there was "no such" fact that any specific proposals, "including preliminary and initial ones were brought to Toshiba, including those from Blackstone, to take Toshiba private".
LIC hopes to keep some IDBI Bank stake.
State-run Life Insurance Corp Of India, which is planning the country's largest IPO next month, may not sell its entire stake in IDBI Bank and can use its large network of branches to market its insurance services, DealStreetAsiareported.
"I would like to have some stake in IDBI Bank. It has been the strongest contributor to the bancassurance channel for us. This will help us to grow that part of the channel," M R Kumar, LIC Chairman.
Swiggy eyes $800m IPO.
Indian food delivery company Swiggy began preparations to raise at least $800m in an initial public offer early next year, Nikkei Asia reported.
Swiggy hopes to raise funds to expand market share amid stiff competition with Zomato in food delivery
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