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.
Volta Trucks was advised by Shearman & Sterling.
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.
Havas Group is advised by Rothschild & Co.
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,
Reuters reported.
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.
