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AMERICAS
Jim Jordan, Republican on the US House of Representatives Judiciary Committee, asked the chair of the Federal Trade Commission on May 4, 2022, to preserve its records related to Elon Musk's pending $44bn acquisition of Twitter, Reuters reported.
Jordan expressed concern about the Open Markets Institute statements, which he called "an extreme left-wing political advocacy organization," and its call for the FTC to stop the deal.
Elon Musk has also secured $7.14bn in funding from a group of investors that includes Larry Ellison, Oracle Chairman, and Sequoia Capital, an American venture capital firm, to fund his $44bn takeover of Twitter
Twitter is advised by Joele Frank, Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett and Wilson Sonsini Goodrich & Rosati. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery and Skadden Arps Slate Meagher & Flom. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providers are advised by Davis Polk & Wardwell.
Goldman Sachs Group found the perfect buyer for the riskiest piece of a $5.9bn buyout financing: its own asset management division, Bloomberg reported.
The lender is providing a $865m second-lien loan to help fund Brookfield Asset Management’s acquisition of auto-dealership software company CDK Global.
CDK Global is advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison. Financial advisors are advised by Cravath Swaine & Moore. Brookfield is advised by Davis Polk & Wardwell and Weil Gotshal and Manges. Debt financing is provided by Credit Suisse, Goldman Sachs, BMO Capital Markets, Barclays, Deutsche Bank Securities, RBC Capital Markets, TD Securities, Wells Fargo and Bank of America.
Prime Therapeutics, a management services company, agreed to acquire Magellan Rx, a pharmacy benefits manager, from Centene, a publicly traded managed care company, for $1.35bn.
"This is a timely and important move. As pharmacy costs balloon, bold action is necessary. By bringing together the capabilities and talents of Prime and Magellan Rx, we are positioned to deliver breakthrough value to the clients and members we serve. We are excited about the solutions our shared teams will bring to the industry as we strive to deliver progress against the Quadruple Aim," Ken Paulus, Prime Therapeutics CEO and President.
Prime Therapeutics is advised by Solomon Partners, Fox Rothschild and McDermott Will & Emery. Centene is advised by Allen & Company, Barclays, Evercore and Skadden Arps Slate Meagher & Flom.
Anthem, a health benefits providing company, completed the acquisition of Integra MLTC, a managed long-term health care plan providing long-term care to individuals and communities in New York. Financial terms were not disclosed.
"This acquisition aligns with our goal of growing Anthem's Medicaid business, while serving our members with a comprehensive and coordinated approach to care," Felicia Norwood, Anthem Executive Vice President.
Integra MLTC was advised by Stifel, ESOP Law Group, Greenberg Traurig and Ruskin Moscou Faltischek. Anthem was advised by Hinman Straub, Lewis Rice and White & Case.
Intercontinental Exchange, a global provider of data, technology, and market infrastructure, agreed to acquire Black Knight, a software, data and analytics company that serves the housing finance continuum, including real estate data, mortgage lending and servicing, as well as the secondary markets, for $16bn.
"Since our founding in 2000, ICE's simple mission has been to make analog and opaque financial transactions more digital and transparent, beginning with commodity markets, extending across a large array of asset classes, and most recently working to help streamline the mortgage industry. Black Knight shares our passion for leveraging technology to serve customers and households, and, with our expertise in operating networks and marketplaces, our planned acquisition will bring to life a true end-to-end solution for the mortgage manufacturing and servicing ecosystem, benefitting aspiring and current homeowners across the United States," Jeffrey C. Sprecher, Intercontinental Exchange Founder, Chair and CEO.
Black Knight is advised by JP Morgan and Wachtell Lipton Rosen & Katz. Intercontinental Exchange is advised by Goldman Sachs, Wells Fargo Securities, Morgan Lewis & Bockius and Shearman & Sterling.
CONMED, a medical technology company, agreed to acquire In2Bones Global, a global developer, manufacturer, and distributor of medical devices, for $255m.
"This acquisition is a natural strategic extension of our Orthopedic portfolio. In2Bones is an exciting platform for CONMED to enter the extremities market given its broad portfolio, extensive sales channel, and experienced leadership team. We look forward to welcoming the In2Bones team to CONMED," Curt R. Hartman, CONMED Chair of the Board, President and CEO.
In2Bones is advised by William Blair & Co, K&L Gates and Nilson Law Group. CONMED is advised by DLA Piper and Sullivan & Cromwell.
Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, agreed to acquire Drummond Banking Company, parent company of Drummond Community Bank based in Chiefland, FL, for $173m.
"Drummond Community Bank has an outstanding reputation for exceptional service and strong financial performance, with a deep commitment to the communities it serves for the last 32 years. We see great opportunity in complementing its strengths with Seacoast's innovation and breadth of offerings to grow our presence and expand our position in the state. The transaction is expected to be significantly accretive to earnings in 2023 with modest dilution of tangible book value. We look forward to welcoming Drummond's employees and customers to the Seacoast franchise," Charles M. Shaffer, Seacoast Chairman and CEO.
Drummond Banking Company is advised by Hovde Group and Smith Mackinnon. Seacoast is advised by Piper Sandler, Alston & Bird and Sachs Media.
Echo Global Logistics, a provider of technology-enabled transportation and supply chain management services, agreed to acquire Roadtex Transportation, a provider of integrated temperature-controlled supply chain solutions. Financial terms were not disclosed.
"We've been following Roadtex and are very impressed with their capabilities. With this transaction, Echo not only adds a national warehouse footprint but also broadens its temperature-controlled service offerings and customer base," Doug Waggoner, Echo CEO.
Roadtex Transportation is advised by Stifel and Zukerman Gore Brandeis & Crossman. Echo is advised by Kirkland & Ellis.
SentinelOne, a cybersecurity startup, completed the acquisition of Attivo Networks, an identity threat detection and response technology firm, for $617m.
"The shift to hybrid work and increased cloud adoption has established identity as the new perimeter, highlighting the importance of visibility into user activity. Identity threat detection and response is the missing link in holistic XDR and zero trust strategies. Our Attivo acquisition is a natural platform progression for protecting organizations from threats at every stage of the attack lifecycle," Nicholas Warner, SentinelOne COO.
SentinelOne was advised by Fenwick & West and fama PR.
LexisNexis Risk Solutions, a global data and analytics company, agreed to acquire BehavioSec, an advanced behavioral biometrics technology provider. Financial terms were not disclosed.
"I am looking forward to discovering the next phase in the evolution for behavioral biometrics alongside a successful, innovative company looking to further evolve our advanced capabilities," Neil Costigan, BehavioSec CEO.
BehavioSec is advised by DBO Partners. LexisNexis is advised by Cravath Swaine & Moore.
Insight Partners, a New York-based global private equity and venture capital firm, led a $196m Series B round in Mosyle, a mobile device management platform for Apple devices, with participation from StepStone Group, Elephant and Album VC.
"Mosyle's relentless focus on continuous product innovation, ease of use, and world-class customer support has solidified its position as a preferred platform for enterprises and educational institutions large and small in the growing Apple device management space," Rebecca Liu-Doyle, Insight Partners Managing Director.
Mosyle was advised by fama PR.
OTC Industrial Technologies, an industrial equipment service provider and distributor headquartered in Columbus, Ohio, completed the acquisition of ePUMPS, a key provider of pumps, mechanical seals, vacuum systems, and compressors. Financial terms were not disclosed.
"ePUMPS is excited to join a national pump group offering additional resources and the ability to work alongside a team that is dedicated to supporting our local community and customers," Gary Simpson, ePUMPS President.
OTC Industrial Technologies was advised by Jones Day.
Shopify, a Canadian multinational e-commerce company, agreed to acquire Deliverr, an e-commerce fulfillment company, for $2.1bn.
"Our technology and expertise in inventory management, inventory placement, and demand chain combines perfectly with Shopify’s roadmap, enabling us to now build an end-to-end logistics platform together. Shopify has been building the future of merchant-first fulfillment solutions, and our team has a track record of helping businesses of all sizes streamline their operations. We’re excited to join Shopify in their mission to make commerce better for everyone while democratizing shipping and fulfillment for independent entrepreneurs," Harish Abbott, Deliverr Co-Founder and CEO.
Valar Ventures, a US-based venture capital fund, led a $185m Series C funding round in Neo Financial, a technology company simplifying finances through reimagined spending, savings, investing and rewards, with participation from Tribe Capital, Altos Ventures, Maple VC, Blank Ventures, Gaingels and Knollwood Investment.
"By working with businesses to embed their offerings into the way that consumers shop, Neo is proving to be a powerful financial partner. We set out to build an iconic brand that would bring businesses and customers together, adding more value and creating products that Canadians love by giving them a new way to manage their money. Today, more than a million Canadians hold an account with Neo, and this investment will allow us to continue pushing the boundaries of financial services and innovate in ways that benefit all Canadians," Andrew Chau, Neo Financial Co-Founder and CEO.
CRV and Insight Partners led a $100m Series B round in Tailscale, a software company with a freemium business model based in Toronto, with participation from Accel, Heavybit and Uncork Capital.
"Protecting access to devices, networks, and critical systems is the first wall of defense for organizations against bad actors, but ensuring this level of security without getting in development teams' way remains a bottleneck for so many organizations. Tailscale clears this bottleneck for every developer, on every device, and every application, making it simple to enforce granular access controls while keeping security teams compliant," Reid Christian, CRV General Partner.
Berkshire buys more Occidental shares. (FS)
Berkshire Hathaway, an American multinational conglomerate holding, bought another 5.9m shares of Occidental Petroleum, an American company engaged in hydrocarbon exploration as well as petrochemical manufacturing, for $336m, boosting its stake to about 15.2%, Reuters reported.
Li-Cycle and Glencore announce global strategic partnership.
Li-Cycle, a lithium-ion battery resource recovery company and lithium-ion battery recycler in North America, announced a strategic partnership with Glencore, an Anglo-Swiss multinational commodity trading and mining company.
The strategic partnership will better serve the EV battery supply chain by providing customers with an integrated approach for their primary and recycled metal needs.
Upon execution of the commercial agreements, Glencore will purchase a convertible note in the aggregate principal amount of $200m. Glencore will have the right to nominate one board member to the Li-Cycle board.
CamelBak owner Vista Outdoor plans to split into two companies.
Vista Outdoor, an American designer, manufacturer, and marketer of outdoor sports and recreation products, plans to separate its outdoor and sporting products segments into two publicly traded companies.
The company announced the tax-free spinoff of its outdoor products business in a statement, Bloomberg reported.
Kimmeridge in talks with Chesapeake Energy about changes, shares rise. (FS)
Kimmeridge, an activist investment firm that focuses on oil and gas exploration and production companies, has built a stake in Chesapeake Energy and started talks with the management team on changes to boost its value, Reuters reported.
The New York-based firm declined to comment on what recommendations it has made to Chesapeake, but confirmed it has amassed around 2m shares. That would equate to a 1.6% stake and make it a top-15 shareholder in the company.
Caesars seeks over $1bn for famed Flamingo Hotel. (FS, RE)
Caesars Entertainment, an American casino and hotel company, wants to sell Flamingo Hotel in Las Vegas at a price of more than $1bn as part of an effort to reduce debt. The company started the sale process earlier this year and expects to complete it by mid-summer, Bloomberg reported.
Some potential buyers have already passed on the property. The casino has been offered to private equity firms and other operators, some of whom have been reluctant to buy an older property that needs a lot of maintenance.
Carl Icahn pushes McDonald’s to expand meatless options. (FS)
Activist investor Carl Icahn argues his two nominees for the board of McDonald’s will help wean the fast-food chain off its dependence on meat products and address other concerns he has with the company and its supply chain, Bloomberg reported.
The billionaire investor said in a new 65-page presentation that part of his plan to improve the environmental, social and governance issues at McDonald’s includes setting a time line for growing revenue from alternative protein sources. Those goals would then be tied to executive compensation, the company’s marketing and strategy going forward.
EMEA
Sanlam, the largest non-banking financial services company in Africa, and Allianz, a German multinational financial services company, agreed to form a joint venture to create the largest Pan-African non-banking financial services entity on the continent. Financial terms were not disclosed.
"In line with Sanlam's stated ambition to be a leading Pan-African financial services group, the proposed joint venture will enable us to take a significant step towards realizing that ambition. It will also strengthen our leadership position in multiple key markets that are core to our Africa strategy, building quality and scale where it matters. We are delighted to have Allianz as partners and believe their expertise and financial strength will add tremendous value to our businesses," Paul Hanratty, Sanlam CEO.
Sanlam is advised by JP Morgan.
Brookfield taps banks to launch stake sale in French towers firm TDF. (FS)
Canada's Brookfield Asset Management is working with banks to launch the sale of its 45% stake in French towers firm TDF Group as it seeks to capitalize on growing demand for key infrastructure assets across Europe, Reuters reported.
Canadian investment company led an investment group that took over TDF in 2015. It currently holds the number one spot with a 45% share.
Germany urges Vestager to consider company breakups in EU antitrust reforms.
EU antitrust rules should be beefed up to allow regulators to break up companies for serious breaches, German State Secretary Sven Giegold said, urging EU competition chief Margrethe Vestager to consider this when reforming regulations, Reuters reported.
Vestager's proposal to reform the rules came as companies complained about lengthy proceedings and demands for information ranging from minutiae to complex data.
Scottish Power, Storegga to develop green hydrogen for whisky makers.
ScottishPower and Storegga have formed a partnership to develop, build and operate green hydrogen production plants across Scotland, Reuters reported.
The project is designed to deliver up to 20 tonnes of green hydrogen per day from 2024 and has, subject to customer demand, the potential to scale to 300MW in a series of modular expansion phases.
Cipio Partners holds final close of $253m on latest fund. (FS)
Cipio Partners, an investor in European growth stage tech firms, closed its latest fund, Cipio Partners Fund VIII, with $253m in commitments.
"We are very proud to have reached our target fund size and are thrilled with the support we received from all our loyal returning investors as well as new investors. The increased fund size and strong backing by leading institutional and family office investors marks a major milestone for Cipio and is a testament to Cipio’s performance, the quality of our team and our leadership in the rapidly expanding European growth-equity market," Diana Meyel, Cipio Managing Partner.
HSBC taps Standard Chartered dealmaker to build global mining team. (People)
HSBC Holdings has hired Michael Willoughby, a top mining banker at Standard Chartered, to help build its global resources team, Bloomberg reported.
Willoughby, a Singapore-based managing director and co-head of metals and mining for Asia Pacific at Standard Chartered, will join HSBC in August as global head of metals, mining and transition materials.
APAC
MaxLinear, an American hardware company, agreed to acquire Silicon Motion, an American-Taiwanese company involved in developing NAND flash controller integrated circuits for solid-state storage devices, for $3.8bn.
"For 20 years, we have built Silicon Motion with a commitment to advancing innovation, partnering with all of our valued customers and supporting our colleagues around the world. Combining Silicon Motion with MaxLinear creates significant economies of scale, accelerates our expansion into enterprise storage markets and unites unparalleled intellectual property to continue serving our customers with high-quality expertise and technical support. This transaction will deliver compelling value for shareholders, position our company to achieve our growth objectives and advance our position in high-growth storage end markets. We are very excited to partner with the MaxLinear team to take the combined company to the next level," Wallace Kou, Silicon Motion President and CEO.
MaxLinear is advised by BMO Capital Markets and Wilson Sonsini Goodrich & Rosati. Debt financing is provided by Wells Fargo Securities. Silicon Motion is advised by Goldman Sachs, K&L Gates, Latham & Watkins and Abernathy MacGregor Group.
Stanmore, an Australian mining firm, completed the acquisition of an 80% stake in BHP Mitsui Coal, an operated metallurgical coal joint venture, from BHP Minerals, an Australian-British multinational mining, metals and petroleum public company, for $1.35bn.
"The completion of this transaction marks an important milestone in our history. Metallurgical and PCI coal prices remain at historically high levels and Stanmore will benefit from those prices with the addition of production of approximately 10m tonnes of marketable metallurgical quality coal creating substantial additional value for the company," Marcelo Matos, Stanmore CEO.
Stanmore was advised by Grant Samuel and Norton Rose Fulbright. BHP was advised by UBS and Herbert Smith Freehills.
Eris Lifesciences, a pharmaceutical company, agreed to acquire Oaknet Healthcare, one of the fastest growing pharmaceutical companies in India, from Samara Capital, a private equity firm in Mumbai, for $85m.
"As Oaknet becomes part of the Eris Group, it provides us with a robust growth platform in the areas of dermatology and cosmetology," Amit Bakshi, Eris Lifesciences Chairman and Managing Director.
Samara Capital is advised by Rothschild & Co.
Lineage Logistics, the world's largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, completed the acquisition of Mandai Link Logistics, a company that specializes in cold food storage solutions. Financial terms were not disclosed.
"Mandai established Singapore's first fully automated cold storage facility and has been long considered a local market leader in the provision of cold storage warehousing and distribution services," Jeff Hogarth, Lineage President Asia Pacific.
Lineage Logistics was advised by Teneo.
EDF hopes to seal EPR nuclear reactor deal in India in coming months.
French power group EDF hopes to seal a deal to equip six next-generation EPR nuclear reactors in India, Reuters reported.
The company confirmed a report by BFM television which emerged after French President Emmanuel Macron met with Indian Prime Minister Narendra Modi on Wednesday to discuss bilateral cooperation between the two countries.
Apollo provides $750m of senior secured private placement notes for Mumbai International Airport. (FS)
Apollo announced that Apollo-managed credit funds have purchased $750m of senior secured private placement notes from the Mumbai International Airport, an Adani Portfolio entity that owns and operates Chhatrapati Shivaji Maharaj International Airport in Mumbai, the second largest airport in India.
"We are pleased to work with the Adani’s to provide a comprehensive, long-term capital solution for the Mumbai International Airport, a mission-critical infrastructure asset in India. Amid significant market volatility, our ability to commit to the entire transaction and take a long-term view reflects some of the key strengths of Apollo’s global credit platform and perpetual capital base," Brigitte Posch, Apollo Partner and Global Head of Emerging Market Debt.
Asia’s richest man is said to scout for Indian media assets.
Indian billionaire Gautam Adani is seeking to boost his media investments in an ambitious expansion plan, as he diversifies his conglomerate from its shipping and coal-mining roots.
The Adani group is exploring buying stakes in some local television and print news outlets while a few have approached the conglomerate also to study potential deals. Deliberations are preliminary and there’s no certainty they will result in a transaction, Bloomberg reported.
LIC’s record IPO set to be fully sold as valuation drives demand.
A $2.7bn record share sale by state-run Life Insurance Corporation of India is poised to be fully taken up by investors four days before the offering closes as a low valuation and deep retail discounts drive demand.
By the second day of the offering, investors had already put in orders for 90% of the shares for sale in India’s biggest IPO. Around 35% of the total issue is reserved for retail investors and 83% of that tranche was sold, Bloomberg reported.
ThaiBev shares jump on brewery unit’s revived Singapore IPO.
Thai Beverage's shares jumped as it revived the initial public offering of its brewery unit in Singapore, after shelving the plan twice due to the coronavirus pandemic.
The company intends to resume the listing of BeerCo and will conduct a public offering of as much as about 20% of the unit, Bloomberg reported.
CIMB hires ex-JP Morgan veteran as wholesale bank Co-Head. (People)
CIMB is hiring Novan Amirudin, JP Morgan former head of Southeast Asia equity capital markets, as the co-chief for its global wholesale banking, Bloomberg reported.
Novan, who resigned from JP Morgan last month, will helm the wholesale banking operations with Chu Kok Wei, who is currently group head of treasury and markets at the Malaysian lender. The country’s third-biggest bank by market value could announce the appointments as soon as in the coming weeks.
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