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AMERICAS
Investors speculating over whether Elon Musk will complete his $44bn acquisition of Twitter sent the social media company's shares to their lowest level since the deal was announced two days ago, Reuters reported.
Traders fretted that Musk may not have enough money sitting around to fund his $21bn cash contribution and could decide against selling some of his Tesla shares to come up with it.
Twitter is advised by 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.
Even if Activision Blizzard shareholders approve a $69bn sale to Microsoft, Wall Street is betting that Biden antitrust enforcers could unravel one of the largest mergers in US history, Bloomberg reported.
Shares of the gaming juggernaut are trading 25% below Microsoft's $95 offer, indicating investors see risk the buyout won't close as planned. This risk premium is more than double that of Twitter following Elon Musk's offer, and higher than most of the announced -- but still pending -- deals.
Activision Blizzard is advised by Allen & Company and Skadden Arps Slate Meagher & Flom. Skadden Arps Slate Meagher & Flom is advised by White & Case. Microsoft is advised by Goldman Sachs, Simpson Thacher & Bartlett, Weil Gotshal and Manges and Assembly Media.
SoundHound, a voice AI platform, went public via a SPAC merger with Archimedes Tech SPAC Partners, a blank check company, in a $2.1bn deal. Investors in PIPE include Oracle, Koch Industries, MKaNN Ventures, Cota Capital, VIZIO, HTC, FIH Mobile, Structural Capital, Provco Group, Sompo and Pejman Nozad.
"Entering the public markets is a huge milestone for SoundHound and I am incredibly proud of our team and what we've accomplished together. It is also an important milestone in the voice AI industry that an independent voice platform like ours can be a disruptor and provide more choices to businesses that want to enhance their customer experience with voice. Becoming a public company opens the door for expanded opportunities and to work with customers and partners across industries to continue our mission to voice-enable the world around us," Keyvan Mohajer, SoundHound CEO and Co-Founder.
SoundHound was advised by Guggenheim Partners, Ellenoff Grossman & Schole and Hotwire Global. Archimedes Tech was advised by EarlyBirdCapital and Loeb & Loeb.
HighPeak Energy, an oil and gas company, agreed to acquire the Howard County assets of Hannathon Petroleum, an oil drilling services provider for $255m.
“We began our strategic expansion in the Signal Peak area in August 2021 by acquiring a non-operated ownership interest in these assets. Acquiring the balance of the working interest will bolster our drilling potential in the area and give us control of significant infrastructure to support, and accelerate, our development program in the region," Jack Hightower, HighPeak Chairman and CEO.
HighPeak Energy is advised by Credit Suisse, Akin Gump Strauss Hauer & Feld and Vinson & Elkins. Hannathon Petroleum is advised by Jefferies & Company and Shearman & Sterling.
Vector Capital, a private equity firm, agreed to acquire a majority stake in WatchGuard Technologies, a computer and network security services provider, from Francisco Partners, a private equity firm. Financial terms were not disclosed.
“Vector firmly believes in WatchGuard’s portfolio, partners, employees, and vision. This transaction is a testament to WatchGuard’s current success and the opportunity ahead. We believe Vector is well positioned to further accelerate WatchGuard’s growth strategy while preserving our company culture and commitment to security delivery through the MSP community," Prakash Panjwani, WatchGuard CEO.
WatchGuard Technologies is advised by Barclays, Richards Layton and Finger, Sidley Austin and Voxus PR. Vector Capital is advised by Kirkland & Ellis.
Blue Delta Capital-backed Definitive Logic, a digital transformation company, completed the acquisition of Digital Mobilizations, an IT consultancy services provider. Financial terms were not disclosed.
“We are extremely excited to join Definitive Logic. The two companies have a natural alignment of core values and a shared focus on purposeful actions that create customer mission impact which is unprecedented,” Lanny Cornwell, Digital Mobilizations President & CEO.
Definitive Logic was advised by Pipaya, Robert W Baird and Smolen Plevy. Definitive Logic was advised by Morgan Franklin and Morrison & Foerster.
Cornell Capital and Trilantic North America-backed Ingenovis Health, a healthcare workforce solutions company, completed the acquisition of VISTA Staffing Solutions, an employment agency, from Envision Physician Services, a healthcare services company. Financial terms were not disclosed.
"Today's acquisition of VISTA marks the next milestone in Ingenovis' accelerated growth strategy to address the staffing challenges in the healthcare industry. Together, Ingenovis and VISTA are well positioned to grow market share and continue providing solutions for clients across the healthcare industry," Stephen Trevor, Cornell Capital Partner.
Cornell Capital was advised by Joele Frank. Trilantic North was advised by Prosek Partners. Ingenovis Health was advised by Davis Polk & Wardwell. Envison was advised by William Blair & Co and Bass Berry & Sims.
Marel, a multi-national food processing company, agreed to acquire Wenger Manufacturing, a provider of processing solutions focused on pet food, plant-based proteins, and aqua feed, for $540m.
"We are thrilled to join forces with the great team in Wenger with whom we have a strong strategic and cultural fit. Wenger’s passion for innovation and commitment to high-quality solutions, in addition to their excellent customer focus and talent management, are the key attributes Marel is proud to partner with. Wenger is a true leader in its field of providing solutions and services to the pet food industry and aqua feed industries, and has in recent years made its mark on the fast-growing plant-based protein consumer market with best-in-class solutions positioned right in the center point of the value chain," Arni Oddur Thordarson, Marel CEO.
Wenger is advised by Jefferies & Company. Marel is advised by FTI Consulting.
StackCommerce, a commerce and content platform for digital publishers, completed the acquisition of The Fascination, a discovery and commerce marketplace for direct-to-consumer brands. Financial terms were not disclosed.
"The Fascination has built out a well-curated collection of quality-proven DTC brands and premium content that will now be accessible to all of Stack's publisher partners, bringing us another step closer to being the go-to commerce solution for anyone with an engaged audience. We're really excited about the product discovery, SEO expertise, impeccable design, and trendsetting energy the team brings to the table and can't wait to see how consumers respond to these new brands," Karl House, StackCommerce President.
The Fascination was advised by Kaleo Legal. StackCommerce was advised by Latham & Watkins.
Medtronic, a medical device company, agreed to acquire the left-heart access portfolio of Acutus Medical, an arrhythmia care services provider, for $50m.
“This set of initiatives is an important milestone for Acutus and is the result of the strategic reprioritization we announced earlier this year. The extended maturity from our refinancing along with proceeds from the definitive agreement to sell our left-heart access portfolio will allow us to intensify our focus on driving the adoption of our electrophysiology mapping and therapy solutions as well as improving our operational and financial performance," Vince Burgess, Acutus Medical CEO.
Acutus Medical is advised by Davis Polk & Wardwell.
TPG Capital, a private equity firm, completed the acquisition of a majority stake in Morrow Sodali, a financial services company. Financial terms were not disclosed.
"We are thrilled to become a TPG portfolio company. Joining forces with an organization of TPG's strength and breadth will allow us to further enhance our market leadership position, forged over decades of guiding clients through every critical trend impacting corporations, shareholders, and the financial markets. Our focus is on delivering value creation and as we move forward with TPG’s backing, we’ll grow that value for our clients, especially as they increase their focus on corporate purpose and the goals of diversity, inclusiveness, and sustainability," Alvise Recchi, Morrow Sodali CEO.
TPG Capital was advised by Weil Gotshal and Manges.
Charter Communications, a broadband connectivity company and cable operator, and Comcast, a media and technology company, formed a joint venture. Financial terms were not disclosed.
"Our new venture will bring a full-featured operating platform, new devices, and smart TVs with a robust app store providing a more streamlined and aggregated experience for the customer. As the video landscape continues to evolve, this venture will increase retail consumer options, compete at scale with established national platforms, and join our existing lineup of options for the Spectrum TV App available on most customer-owned streaming devices," Tom Rutledge, Charter Chairman and CEO.
Charter Communications was advised by Davis Polk & Wardwell.
TF Cornerstone, a real estate development company, completed the acquisition of The Berkley from Trinity Place Holdings, a real estate company, for $71m.
"We took advantage of the current market to make this opportunistic sale. This further bolsters our investment thesis that even when interest rates are volatile and rising, high-quality multifamily assets in prime New York City neighborhoods remain in strong demand," Matthew Messinger, Trinity Place Holdings CEO and President.
Apple Rush, a distributor of CPG products, completed the acquisition of an 80% stake in ACS Enterprises, a chemical company. Financial terms were not disclosed.
"Building with acquisition is our intent. American Chemical is proficient with chemical formulations and has operations in Niles, Michigan, for blending and distribution. Currently on the market in commercial and industrial applications, our penetrating lubricant is formulated from plants and competes in the spray lubricant industry currently led by WD-40 with over $500m in annual sales. We are focused as a company on plant-based products and the lubricant business is expanding worldwide," Tony Torgerud, Apple Rush CEO.
Mexico's Inbursa says still interested in Citibanamex sale.
Mexican bank Inbursa remains interested in the sale of Citigroup's Mexico retail operations, known as Citibanamex, and a bid will depend on whether it is sold at a "good" price, Reuters reported.
Inbursa would participate in the purchase of Citibanamex in conjunction with investors and would aim to keep it in majority Mexican hands, something for which President Andres Manuel Lopez Obrador has expressed a preference.
India's Reliance, Apollo Global plan joint bid for Walgreens' boots business. (FS)
Indian conglomerate Reliance Industries and US buyout firm Apollo Global Management are planning a joint bid for UK high street pharmacy chain Boots, Reuters reported.
The joint bid for Walgreens Boots Alliance's UK-based business, if successful, would see Boots expand its presence into India, Southeast Asia and the Middle East.
Deals at historic high despite recession risk, Lazard CEO says.
Lazard Chief Executive Officer Ken Jacobs said clients are involved in more dealmaking conversations, pushing activity to historic levels even as the risk of recession rises, Bloomberg reported.
"Increasingly one has to have that in your sights, for no other reason than when you see interest rates going up, you have to believe there's going to be some impact on the economy. The question is, Is it a slowdown? Is it a soft landing?" Ken Jacobs, Lazard Chief Executive Officer.
TPG closes Rise Climate fund at $7.3bn. (FS)
TPG, a leading global alternative asset management firm, today announced the $7.3bn final close of TPG Rise Climate, the dedicated climate investing strategy of its global impact investing platform TPG Rise.
With the final close, TPG Rise Climate reaches its hard cap, bringing together a unique blend of capital from some of the world's most prominent institutional investors and a diverse set of industry-leading global companies, Reuters reported.
Monroe Capital closes on $4.8bn of direct lending funds. (FS)
Monroe Capital has held the final close of its 2022 Monroe Capital Private Credit Fund IV with $4.8bn of investable capital, including targeted fund leverage and separately managed accounts investing alongside the fund.
The fund has limited partner commitments with over 300 investors in 17 countries. The fund primarily targets private equity sponsored and non-sponsored, lower middle-market US companies with less than $35m in EBITDA.
EMEA
KKR, an investment firm, agreed to acquire Albioma, a renewable energy producer, for $1.7bn.
"The energy transition requires major long-term investment. Alongside Frédéric Moyne and Albioma's team, KKR is committed to accelerate energy transition in French overseas departments and the international expansion, while significantly increasing renewables in the energy mix to facilitate the exit from fossil fuels. KKR's infrastructure business has the capital, renewable energy expertise and global footprint to support the execution of Albioma's 2030 roadmap," Vincent Policard, KKR Partner and Co-Head of European Infrastructure.
KKR is advised by Societe Generale and Bredin Prat. Albioma is advised by JP Morgan, Darrois Villey Maillot Brochier and Brunswick Group.
Holmarcom Group, a business conglomerate, agreed to acquire a 78.7% stake in Credit du Maroc, a bank, from Credit Agricole, a financial services company. Financial terms were not disclosed.
Holmarcom has bought stakes in Credit du Maroc, in a move to strengthen its foothold in the finance and insurance business.
Credit du Maroc is advised by Rothschild & Co.
Asterion Industrial Partners, a private equity firm, agreed to acquire a 50% stake in Compagnie Electrique de Bretagne, a natural gas-fired combined cycle power plant, from TotalEnergies, an oil and gas company. Financial terms were not disclosed.
“We are excited about the continued evolution of Asterion’s portfolio and our platform. We are proud to be able to partner with TotalEnergies in a sector so critical for the energy transition in Europe and we are equally delighted that our team now includes Irene Otero as well as David and Silke as part of the Asterion IC to further contribute to the robustness of our investment decision making. We are enormously thankful for these partnerships," Jesus Olmos, Asterion CEO and Founding Partner.
Asterion is advised by Mediobanca.
Ontario Teachers' Pension Plan Board, an institutional investor, led a $220m Series D funding round in Taxfix, a mobile tax app, with participation from Index Ventures, Valar Ventures, Creandum and Redalpine.
"We are incredibly proud to take the next step in our mission to help people overcome their fear of complex tax and financial issues together with TVG, a long-term partner that shares our vision. With this funding, we will continue to drive rapid international growth and the expansion of our product offering to develop additional financial services. In addition to doubling revenue in the first quarter of this year, we expanded into Spain, another important European market. I am particularly pleased that our team continues to grow – because this momentous landmark would not have been possible without the dedication and motivation of our very talented employees," Martin Ott, Taxfix CEO.
Thoma Bravo approaches banking software specialist Temenos about takeover. (FS)
Thoma Bravo, the tech-focused private equity firm, has approached banking software specialist Temenos about a potential takeover, Bloomberg reported.
The buyout firm has held initial discussions with Geneva-based Temenos to express its interest in a deal, the people said, asking not to be identified because the information is private. Shares of Temenos jumped as much as 16% on Thursday, the biggest intraday gain in more than six months. The stock was up 14.4% at 9:35 a.m. in Zurich, giving the Swiss company a market value of about $7.4bn.
Bruin Capital revives plans to sell $1bn streamer Deltatre.
Bruin Capital is revisiting plans for a possible sale of its media and technology company Deltatre, Bloomberg reported.
The sports and entertainment group is working with Evercore as it weighs options for Deltatre, which could be valued at about $1bn.
TotalEnergies to use oil cash to speed growth in LNG, renewables.
French oil major TotalEnergies plans to use part of its cash bonanza generated from surging hydrocarbon prices to speed up investment in liquefied natural gas projects and renewables, Bloomberg reported.
"This might be an opportunity to accelerate the transition. If we move, it will be primarily in either the LNG fields, and/or in electricity and renewables," Patrick Pouyanne, TotalEnergies Chief Executive Officer.
Americana Group picks banks for dual listing.
The operator of KFC and Pizza Hut restaurants across the Middle East and North Africa has tapped banks to prepare for a dual listing in Riyadh and Abu Dhabi that could raise about $1bn, Bloomberg reported.
Americana Group, backed by Saudi Arabia's Public Investment Fund and an investment vehicle led by Dubai-based businessman Mohamed Alabbar, has picked First Abu Dhabi Bank, Goldman Sachs and SNB Capital to work on an initial public offering that could take place as soon as this year.
Dubai's Averda explores IPO after ditching SPAC merger talks.
Averda is exploring an initial public offering in Saudi Arabia or the United Arab Emirates, the latest firm seeking to join a wave of listings in the Persian Gulf.
The Dubai-based provider of waste-disposal services held merger talks with US blank-check firm Better World Acquisition earlier this year, but those discussions have been abandoned, Bloomberg reported.
Apis Partners partially exits Sun King following $260m Series D. (FS)
Private equity firm Apis Partners announced that it has partially exited its position in off-grid solar energy provider Sun King, formerly Greenlight Planet, following the renewable energy company's $260m Series D raise.
The London-based PE fund manager led Sun King's debt and equity round in Sun King in 2017 through its $287m Apis Growth Fund I. Since the fund's investment, Sun King has grown over 5 times, with annualized revenue now exceeding $200m.
APAC
Bodhi Tree Systems, a platform of Lupa Systems and Uday Shankar, and Reliance, an Indian multinational conglomerate company, agreed to invest $2bn in Viacom18, an entertainment networks and a house of iconic brands.
"James and Uday's track record is unmatched. For over two decades, they have played an undeniable role in shaping the media ecosystem in India, Asia, and around the world. We are very excited to partner with Bodhi Tree and lead India's transition to a streaming-first media market. We are committed to bringing the best media and entertainment services for Indian customers through this partnership," Mukesh D Ambani, Reliance Industries Chairman and Managing Director.
Viacom18 is advised by BDO, PricewaterhouseCoopers and Citigroup. Reliance is advised by HSBC, Cyril Amarchand Mangaldas and Khaitan & Co. Bodhi Tree Systems is advised by Ernst & Young and AZB & Partners.
KKR & Co completed the acquisition of MC-UBSR, one of the largest real estate asset managers in Japan, from Mitsubishi, a Japanese multinational automobile manufacturer, and UBS Asset Management, a large scale investment manager, for $2bn.
"We are pleased to welcome this world-class team to KKR. They have built a premier asset management platform in Japan's REIT market, and we look forward to supporting their growth and success over a long-term horizon," Hiro Hirano, KKR Co-Head of Asia Pacific Private Equity.
MC-UBSR was advised by UBS and Anderson Mori & Tomotsune. KKR was advised by Sumitomo Mitsui Banking Corp, Nagashima Ohno & Tsunematsu and Simpson Thacher & Bartlett. Mitsubishi was advised by Nishimura & Asahi. UBS was advised by Mori Hamada & Matsumoto.
Sembcorp Marine agrees to the $6.3bn merger with Keppel's larger offshore and marine unit, a year after the Temasek-backed firms began deal talks amid an industry downturn.
“The signing of a win-win agreement on the Proposed Combination of Keppel O&M and Sembcorp Marine marks a strategic milestone for the offshore & marine sector. It brings together two leading O&M companies in Singapore to create a stronger player that can realise synergies and compete more effectively amidst the energy transition. Together with the resolution of Keppel O&M’s legacy rigs, this is a major step forward in Keppel’s Vision 2030 journey, as we simplify our business and sharpen our focus on providing solutions for sustainable urbanisation," Loh Chin Hua, Keppel CEO.
Keppel is advised by JP Morgan and WongPartnership. Sembcorp is advised by Credit Suisse.
KKR, an investment firm, agreed to acquire Hitachi Transport System, a supplier of logistics services. Financial terms were not disclosed.
"We are pleased to have this opportunity to invest in Hitachi Transport System, a pioneer in the Japanese 3PL market that has provided innovative logistics and supply chain solutions for many years. We look forward to utilizing KKR's global network and expertise to accelerate Hitachi Transport System's next phase of growth and help the Company achieve its goal of becoming the leading 3PL company in Asia through technology enablement and inorganic growth in a collaborative manner," Hiro Hirano, KKR Co-Head of Asia Pacific Private Equity.
KKR is advised by Finsbury Glover Hering.
Japan Tobacco considers joining corporate exodus from Russia.
Japan Tobacco, the biggest cigarette producer in Russia and the largest holdout in the country's tobacco market, is considering selling its operations there amid heightened pressure to leave following the invasion of Ukraine, Bloomberg reported.
The maker of Russia's popular LD cigarette brand said Thursday it's evaluating various options for the Russia business, including a transfer of ownership given the challenging and unpredictable situation there. Japan Tobacco has a market share of about 37% in Russia, the world's fourth-biggest cigarette market. Nearly a third of adults in the country smoke.
SCG Chemicals seeking up to $3bn in largest Thai IPO.
SCG Chemicals, a unit of Siam Cement, is seeking to raise as much as $3bn in what could be Thailand's largest-ever initial public offering, Bloomberg reported.
The chemical company plans to offer as many as 3.85bn new shares to raise funds for business expansion and debt payment. The filing didn't give any details on price range or fundraising size.
GIC, ADIA, Norway wealth fund to invest in LIC IPO. (FS)
Sovereign wealth funds from Norway, Singapore and Abu Dhabi have committed to be anchor investors in the initial public offering of Life Insurance Corporation of India, Bloomberg reported.
Norges Bank Investment Management, GIC and Abu Dhabi Investment Authority will be among the anchor names due to be announced Monday.
BRV China bullish on robotics-powered future as it nears $763m in new capital raise.
Early-stage investor BlueRun Ventures China is close to raising a total of over $763m in RMB and USD-denominated commitments as it plans to double down on its dealmaking efforts around China's robotics space.
BRV China, which made robotics a key part of its investment mandate as early as 2015, remains bullish on the sector's "booming innovations and rapid development" driven by "some major structural changes" in the Chinese market, DealStreetAsia reported.
Japanese firm J-STAR closes fifth fund at $574m hard cap. (FS)
Japanese mid-market private equity firm J-STAR has closed its fifth fund and related vehicles at a $574m hard cap.
The closing exceeded the firm's target of $507.65m, and was secured after six months of launching, DealStreetAsia reported.
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