AMERICAS
Searchlight Capital Partners, a global private investment firm, and ForgeLight, an operating and investment company, agreed to acquire a 64% stake in Univision, a media company in the United States. Financial terms were not disclosed.
The transaction, which is subject to customary closing conditions including receipt of regulatory approvals, is expected to close later this year.
"I want to thank our talented employees for their hard work and dedication—I'm so proud of everything we have accomplished that has led us to this great outcome. Both Searchlight and Wade are wholly supportive of Univision's core mission to entertain, inform, and empower Hispanic America and fully embrace the commitment and special bond we have with our audience. Our talented operating team has transformed Univision to be strategically, operationally, and financially stronger than it has been in years," Vince Sadusky, Chief Executive Officer of Univision.
Univision is advised by LionTree Advisors, Moelis, Morgan Stanley, Covington & Burling, Cravath Swaine & Moore, Sidley Austin and Sard Verbinnen. ForgeLight is advised by Goldman Sachs, Guggenheim Partners, Proskauer Rose, Willkie Farr & Gallagher, and Abernathy MacGregor Group. Searchlight Capital Partners is advised by Bank of America Merrill Lynch, Goldman Sachs, Paul Weiss Rifkind Wharton & Garrison, and Prosek Partners. Televisa is advised by Allen & Company, Pillsbury Winthrop Shaw Pittman, Wachtell Lipton Rosen & Katz, and Rubenstein Associates.
HP will return $16bn to shareholders, through buybacks, and boost cost cuts, trying to rally investors against Xerox for control of the world's second-largest personal computer maker, Bloomberg reported.
HP will increase share repurchases to $15bn from a $5bn program announced in October. This will result in adjusted profit of $3.25 to $3.65 per share in fiscal 2022, which is about $1 more per share than analysts' projections. HP executives stated they had engaged Xerox to discuss a potential combination on their terms, rather than submitting to the printer maker's hostile takeover effort.
HP is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Xerox is advised by Citigroup, King & Spalding, Simpson Thacher & Bartlett, and Willkie Farr & Gallagher. Debt financing is provided by Bank of America Merrill Lynch, Citigroup, and Mizuho Securities.
Intuit, an American business and financial software company, agreed to acquire Credit Karma, an American multinational personal finance company, for $7.1bn in cash and stock.
"Our mission is to power prosperity around the world with a bold goal of doubling the household savings rate for customers on our platform. We wake up every day, trying to help consumers make ends meet. By joining forces with Credit Karma, we can create a personalized financial assistant that will help consumers find the right financial products, put more money in their pockets and provide insights and advice, enabling them to buy the home they've always dreamed about, pay for education and take the vacation they've always wanted," Sasan Goodarzi, Intuit CEO.
Credit Karma is advised by Goldman Sachs, Skadden Arps Slate Meagher & Flom and Wilson Sonsini Goodrich & Rosati. Intuit is advised by Qatalyst Partners and Latham & Watkins.
Charles Schwab, a provider of financial services, agreed to acquire Wasmer Schroeder, an independent investment manager of fixed income separately managed accounts with $10.5bn in assets under management, in an all-cash purchase. Financial terms were not disclosed.
“Wasmer Schroeder’s professionally managed portfolios and investment capabilities will help Schwab deliver on a wide range of fixed income investment needs and preferences, and complements the total wealth management offering we make available to our retail and RIA clients,” Rick Wurster, Schwab Asset Management Solutions Executive Vice President.
Wasmer Schroeder is advised by PL Advisors and Morgan Lewis & Bockius. Charles Schwab is advised by Sidley Austin.
Thoma Bravo and Instructure announced that an affiliate of Thoma Bravo commenced a previously announced cash tender offer to purchase all of the outstanding shares of common stock of Instructure at a $49 per share price. The tender offer is being made pursuant to the amended and restated merger agreement dated February 17, 2020.
Instructure is advised by JP Morgan, Cooley and Kekst CNC. Thoma Bravo is advised by Kirkland & Ellis and Finsbury.
One Rock Capital-backed FXI, a producer of foam solutions, completed the acquisition of Bain Capital-backed Innocor, a producer of polyurethane foam products. Financial terms were not disclosed.
"This is an incredibly exciting day for FXI, its talented employees and valued, longstanding partners. As a newly combined company utilizing the expertise of an integrated management team and significantly enhanced manufacturing and logistical capacity, FXI is positioned to deliver an expanded range of high-quality solutions to our customers faster and more efficiently," Harold J. Earley, FXI President, and Chief Executive Officer.
Innocor was advised by Barclays and Ropes & Gray. FXI was advised by Jefferies, Latham & Watkins, and Gasthalter.
The transaction is subject to customary closing conditions and expected to close in the second quarter of 2020.
“Our previous owner, THL, has been a great partner and invested significantly to grow our business. We are now very excited to be joining the Mondelēz International family and this amazing portfolio of iconic snack brands. There are significant opportunities for us to accelerate the growth of our business by utilizing Mondelēz International’s unique capabilities, and our shared desire to invest in innovation that drives consumer engagement and deeper strategic retail partnerships,” Joel Flatt, Give & Go President and CEO.
Give & Go is advised by Houlihan Lokey.
Dover, a manufacturer of industrial products and manufacturing equipment, completed the acquisition of Soft-Pak, a provider of software solutions for the waste and recycling industry. Financial terms were not disclosed.
"We are excited to bring together Soft-Pak's well-recognized industry-specific software solutions and ESG's growing software & digital portfolio. We believe the integrated solutions will drive growth of ESG's core refuse vehicle offering and associated software, and deliver tangible value-add to our waste and recycling industry customers," Richard J. Tobin, Dover President and CEO.
Soft-Pak was advised by D.A. Davidson & Co.
The Jordan Company-backed ARCH, which manufactures high-quality cutting tools, medical instruments and implants, completed the acquisition of MMi Sonora, which manufactures high-precision components and assemblies primarily for the medical market. Financial terms were not disclosed.
"The timing is right for MMi to join forces with ARCH Medical Solutions, a growth-oriented strategic partner and this move will be beneficial for our employees and our loyal customers. ARCH shares the vision and core values that we live by every day at MMi, and we are looking forward to our partnership with the ARCH team," William McDonald, MMi Co-Owner.
MMi was advised by Capstone Headwaters.
Softbank Vision Fund 2 led a $100m funding round for Behavox, an AI-driven platform that transforms behavior in the financial workplace.
"This investment will allow Behavox to further focus on and invest in the needs of our customers, who are at the heart of everything we do at Behavox. We are excited about being able to bring our software to more customers around the world. We will be making heavy investments in our cutting-edge product and premier customer service, on which we have built our reputation," Erkin Adylov, Behavox Founder and CEO.
Behavox was advised by Profile Advisors.
"While we are excited by the consumer demand signals we saw in the CBD Business during the quarter ending December 28, 2019, and we remain confident in its future potential, the CBD Business remains in its nascency. With high-potential in the future comes material overhead costs and other obligations in the near term. These near-term overhead costs and other obligations, together with constraints on liquidity, have posed significant challenges that have hindered us from growing the CBD Business to its full potential," Peter Horvath, GGB CEO.
Sumeru-backed 3Gtms, a global provider of transportation management software, completed the acquisition of Pacejet, a provider of enterprise cloud-based, multi-carrier shipping software. Financial terms were not disclosed.
"3Gtms is laser-focused on delivering an exceptional customer experience in addition to providing high-value generating transportation management and execution solutions that evolve with the times. Pacejet reflects the same values and goals. With this strong foundation in place, as well as with SEP’s partnership, we are confident in our collective teams’ ability to realize the significant potential in market expansion as well as existing customer and employee opportunity that the joining of our two companies represents," Mitch Weseley, 3Gtms CEO and Founder.
Dyal Capital set to buy a stake in Quantum Energy at a $4bn valuation. (FS)
Quantum Energy Partners is set to sell a minority stake to Dyal Capital Partners in a deal valuing the private-equity firm at more than $4bn, WSJ reported.
The deal would give Dyal, a unit of New York-based asset-management firm Neuberger Berman Group, a roughly 13% stake in Quantum, which focuses on the energy industry.
Boingo Wireless is exploring a sale after takeover interest. (FS)
Boingo Wireless, the WiFi service used by travelers, is exploring a potential sale after receiving takeover interest, Bloomberg reported.
The Los Angeles-based mobile internet services provider is working with an adviser to explore its options and field potential offers. Boingo could attract private equity firms, infrastructure funds, or strategic buyers.
Neuberger's Dyal Capital wants to raise $9bn for its fifth fund. (FS)
Neuberger Berman Group's Dyal Capital Partners is seeking to raise at least $9bn for its fifth fund dedicated to buying minority stakes in alternative asset managers, Bloomberg reported.
The firm has started talking to investors about the new fund, known as Dyal Capital Partners V. The fundraising comes as the business of taking passive, minority stakes in alternative-investment managers is booming. Blackstone Group and Goldman Sachs Group's unit have each raised multibillion-dollar funds dedicated to the strategy.
WaterBridge to acquire Southern Delaware produced water infrastructure of Centennial Resource Development.
WaterBridge agreed to acquire the Southern Delaware Basin produced water infrastructure of Centennial Resource Production, a subsidiary of Centennial Resource Development. Contemporaneous with closing, WaterBridge and Centennial will enter into a 15-year produced water management agreement at market rates for Centennial's operated acreage within an extensive area of mutual interest.
The transaction is valued at $225m, consisting of $150m in upfront cash and an additional $75m payable to Centennial over a three-year period based on Centennial achieving certain incentive thresholds.
"Today's announced transaction represents another key milestone for WaterBridge, further validating our unique value proposition and industry-leading platform. Centennial has been an important partner to us from the very beginning and is widely regarded as one of the best operators in the Permian. We are very excited to grow our relationship to handle all of Centennial's Southern Delaware produced water," Jason Long, WaterBridge Co-President and COO.
EMEA
Arch Capital Group, a provider of insurance, reinsurance, and mortgage insurance, agreed to acquire a 29.5% stake in Coface, a France-based provider of trade credit insurance, from Natixis, a French corporate and investment bank, for $520m.
"This is a long-term, strategic investment in Coface, and fits with Arch's efforts to develop uncorrelated sources of underwriting income. Our companies share a focus on specialty underwriting where knowledge and expertise create value for our clients, and trade credit contributes to Arch's specialty-driven business model," Marc Grandisson, Arch's Chief Executive Officer.
Arch Capital Group is advised by Lazard, Long Arc Capital, Willkie Farr & Gallagher, and Publicis Consultants.
"In Small World, we have backed a business that boasts a highly scalable business model with huge potential to grow acquisitively, as well as organically. We’re pleased to have supported the company on this bolt-on acquisition of MoneyGlobe, drawing on Equistone’s local presence in the French market and our extensive experience in cross-border portfolio company M&A. We will continue to back Nick and his team as they seek out additional acquisition opportunities in the future," Andrew Backen, Equistone Partner.
Equistone is advised by Clarke Associates, Hawthorn Advisors and MC2 Manchester.
Sopra Steria to acquire Sodifrance for €62m.
Sopra Steria, a European provider of consulting, digital services and software development, agreed to acquire Sodifrance, a French IT service management company, for €62m ($67m).
"The strategic tie-up of Sodifrance with Sopra Steria brings us into a new phase in our development, with an ambitious business plan that will let us offer even more value to our clients and bright prospects to our employees as part of a new group that shares our core human values. I am convinced that our solutions for modernizing legacy applications and migrating data will be a resounding success with the clientele of this European leader," Franck Mazin, Sodifrance Chairman.
Sodifrance is advised by Rothschild & Co. Sopra Steria is advised by Image Sept.
"Graphcore is a shining example of UK ingenuity and home-grown talent in the technology sector. The demand for next-generation machine intelligence solutions continues to grow at an unprecedented rate. We look forward to working with Graphcore and its investors as it continues to revolutionize the machine intelligence sector," Daniel Sasaki, Mayfair Equity Partners Managing Partner.
Mayfair Equity Partners was advised by Edelman.
Bohui Innovation Biotechnology, a manufacturer of biomedical products, agreed to acquire Interchim Group, a provider of chromatography and purification instrumentation and consumables for life sciences, research and industry. Financial terms were not disclosed.
This transaction will subsequently result in the combination with Bohui's subsidiary Advion, a company specializing in high performance, small footprint mass spectrometry, and Interchim.
"We are really excited about the perspective of this strategic combination. As a guarantee of a promising future, it represents today for Interchim, its employees, suppliers, and partners a perfect fit. The strengths of the two entities, already working together successfully, will be enhanced by this new step and will enable us to reach and develop unparalleled scientific solutions and technological platforms for our customers around the world," Lionel Boch, Interchim Chairman.
The Carlyle Group completed the investment in MAK-SYSTEM, a provider of software solutions supporting the entire blood chain management process. Financial terms were not disclosed.
"We are delighted at the opportunity to be working with Carlyle, one of the most predominant investors in the healthcare space. This partnership will enable us to better serve our clients and rapidly extend our footprint with numerous innovations," Simon Kiskovski, MAK Founder.
"5 Sante Group’s incorporation into the Korian group will strengthen our expertise in the treatment of chronic diseases. It will also reinforce innovation as part of the concept developed by our researchers to allow its application to all chronic pathologies and to accelerate its progress towards a pathway approach dedicated to improving the quality of life of our patients," Catherine Miffre, 5 Sante Group CEO.
"We have long respected Bragard for its originality, French identity and committed employees. The brand is recognized around the world as a leader in the hospitality sector -- particularly in the restaurant business. By investing in the Bragard holding company, we are supporting long-term development to provide quality products and services to all customers around the world," Paul Gross, Chef Works International Managing Director.
Blackstone plans to invest billions in Britain. (FS, People)
Blackstone Infrastructure Partners is forming a London-based team to back deals in the UK and Europe and hired Jonathan Kelly, as new Head of European Infrastructure. Jonathan Kelly formerly was a Managing Partner and Head of Europe for Brookfield Infrastructure, as a Senior Managing Director and Head of European Infrastructure.
For months, senior executives at Blackstone have talked up Britain as one of the best places in the world to buy assets at bargain prices. The company, founded in 1985, has $571bn under management for pension funds, sovereign wealth funds, and institutions, and individuals.
IHS picks JP Morgan, Citi for IPO.
Wireless towers operator IHS Holding hired banks to oversee what may be the biggest initial public offering of an African company in the US, Bloomberg reported.
IHS Holding selected Citigroup and JP Morgan as global coordinators for a listing that could value Africa's largest operator of wireless towers at as much as $7bn. The Mauritius-based company is leaning toward a New York IPO, which could happen as soon as the first half of the year.
CVC plans to reshape global rugby. (FS)
CVC Capital Partners is plotting an ambitious reshaping of global rugby, as the European buyout firm aims to become the biggest commercial player in one of the world's most popular sports.
The Luxembourg-based group, which has previously invested in Formula One, expects to finalize a £300m ($388m) deal to acquire a roughly 14% stake in Six Nations, one of the sport's flagship tournaments, within weeks, FT reported.
The deal, alongside a £120m ($155m) stake in club competition Pro14 that is expected to be sealed by the end of the month, will take CVC's investment in rugby to more than £600m ($776m) since it first targeted the game two years ago. In 2018, it snapped up a 27% holding in Premiership Rugby, the top tier of English club rugby union.
IRB Infrastructure Developers received the first tranche of investment of about $521m from the affiliates of GIC, a Singapore sovereign wealth fund. GIC had committed to invest $612m in a private Infrastructure Investment Trust controlled by IRB Infrastructure Developers. The deal involved the transfer of IRB’s nine BOT assets into the InvIT.
“This platform will not only give us exposure to a large, well-positioned, and diversified portfolio of toll roads in India but also enable IRB to continue growing their business. India remains a key long-term market for GIC given its strong economic fundamentals and infrastructure development potential,” Ang Eng Seng, GIC Chief Investment Officer of Infrastructure.
IRB Infrastructure Developers is advised by S&R Associates. GIC is advised by Nishith Desai Associates.
Partners Group, a private equity company, offered to acquire Healius, a provider of health care services, for $1.4bn. The Swiss private equity firm offered $2.24 per share in cash, a 23.2% premium to Healius' last close.
The Board of Healius will assess the proposal and keep the market informed following its continuous disclosure obligations. The Board has not yet formed a view on whether the price offered under the proposal represents an appropriate value for Healius in the context of a control transaction or in light of the other strategic initiatives currently being explored by Healius.
Healius is advised by UBS and King & Wood Mallesons.
"Against the backdrop of a challenging macro and operating environment which had negatively impacted the group’s businesses in China, Hong Kong and Thailand, the offer represents an attractive cash exit opportunity for BreadTalk shareholders to realize their entire investment at a premium to the prevailing market prices, without incurring brokerage and other trading costs," BreadTalk Group.
The offerors are advised by United Overseas Bank.
Mitsubishi UFJ Financial Group, a Japanese bank holding and financial services company, and TIS, an IT services firm, agreed to invest $856m in SoftBank-backed Grab, a Singapore based transportation network company.
The funding will be used to offer lending, insurance, and wealth management products and services for Southeast Asian consumers and small and medium-sized enterprises.
"MUFG's investment into Grab is a vote of confidence in our super app strategy and our ability to build a long-term, sustainable business," Ming Maa, Grab's President.
China Resources Holdings, a Chinese state-owned conglomerate that owns a variety of businesses in Hong Kong and Mainland China, agreed to acquire a 20% stake in Gain Land, the Chinese joint venture with Tesco that was established in 2014, for $355m.
According to Tesco, the disposal will allow the company to further simplify and focus the business on its core operations.
Alibaba Group, a provider of online and mobile commerce businesses, through its subsidiary Alibaba Local Life Services, completed the acquisition of Keruyun, a Beijing-based intelligent catering management solutions provider. Financial terms were not disclosed.
“We share an identical goal, which is to help local life service merchants reduce costs and increase revenues. It is an inevitable trend in the local life service industry to realize the digital reconstruction by combining online and offline operations and upgrading both their software and hardware,” Wang Lei, Alibaba Local Life Service President.
Temasek's Fullerton considers stake sale in Indian shadow Bank.
Fullerton Financial is considering selling a stake in a shadow bank in India that it fully owns, Bloomberg reported. Fullerton Financial, a subsidiary of Singapore's Temasek, is working with an adviser on the partial divestment of Fullerton India Credit. The owner aims to raise about $350m from a sale.
Fullerton India started in 2007, provides financing from personal loans to lending backed by property and vehicles. The company has nearly 650 branches across India, with about 14k employees and a net worth of $612m.
SEG International owners consider a stake sale. (FS)
Owners of SEG International are considering selling their stakes in the Malaysian private tertiary education group, Bloomberg reported.
Navis Capital Partners, an Asia-focused private-equity firm, and SEG International's Managing Director Clement Hii held preliminary discussions with potential advisers. The asset has drawn some interests from potential suitors, including Chinese companies.
Gojek does not consider a merger with Grab.
Gojek denied discussions of a merger with rival Grab Holdings, a deal that would combine the leading ride-hailing businesses in Southeast Asia.
"There are no plans for any sort of merger, and recent media reports regarding discussions of this nature are not accurate," Gojek.
CMC Capital raises over $950m for the third USD fund. (FS)
CMC Capital Group said it raised over $950m in its biggest private equity fund to date, bolstering its ability to cut deals in the world's largest economy.
CMC Capital Partners III, the firm's dollar-denominated fund, surpassed its original target size after securing commitments from global investors. It initially targeted about $800m.
BTS picks JP Morgan and others for IPO.
Big Hit Entertainment, the music label of South Korean boy band BTS, picked JP Morgan, NH Investment and Securities, Korea Investment & Securities and Mirae Asset Daewoo handle its IPO, Reuters reported.
The IPO could be one of the largest in years in the countries entertainment industry, with its total valuation expected to be as high as $5bn.
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