AMERICAS
Embracer Group, a Swedish video game holding company, agreed to acquire video game development companies Gearbox, Easybrain and Aspyr Media for $2.5bn.
“Gearbox is arguably one of the most creative and valuable independent developers in the world. We believe that the resources offered by Embracer will position Gearbox for continued significant growth in the years to come,” Lars Wingefors, Embracer Group Founder and Group CEO.
Gearbox is advised by Juno Capital Partners, Union Square Advisors and Fenwick & West. Embracer Group is advised by Ernst & Young and Baker McKenzie.
Anthem, a health benefits company, agreed to acquire MMM Holdings, which provides medicare health plans, from InnovaCare Health, a provider of integrated healthcare solutions. Financial terms were not disclosed.
"We are pleased to expand Anthem's commitment to serve Medicare and Medicaid-eligible individuals and consumers to Puerto Rico. We remain focused on providing services that drive greater value while giving members access to care and services that meet their diverse needs, enhance their experience, and help them lead healthier lives," Gail K. Boudreaux, Anthem President and CEO.
Anthem is advised by Faegre Drinker Biddle & Reath and White & Case. InnovaCare Health is advised by Credit Suisse, JP Morgan, Epstein Becker Green and Kirkland & Ellis.
FTAC Olympus Acquisition, a blank-check firm backed by banking entrepreneur Betsy Cohen, agreed to merge with Payoneer, an online payment startup, in a $3.3bn deal. The transaction is expected to close during the first half of 2021, subject to subject to customary closing conditions and certain regulatory approvals.
“Payoneer is a wonderful example - and I’d be hard pressed to reach for another one that is quite as well advanced - in which the adoption curves of consumers and the capacity of the technology have melded and merged quite so well,” Betsy Cohen, FTAC Olympus Acquisition Chairman.
Payoneer is advised by PricewaterhouseCoopers, Financial Technology Partners, Davis Polk & Wardwell, Paul Hastings and ICR. FTAC Olympus Acquisition is advised by Cantor Fitzgerald, Citigroup, Goldman Sachs and Morgan Lewis & Bockius.
Dragoneer Growth Opportunities, a San Francisco-based, growth-oriented investment firm, agreed to merge with CCC Information Services, an insurance IT firm, in a $7bn deal.
“We are incredibly excited to begin this new partnership with Dragoneer, one of the most highly respected investors in the world, and to continue our relationship with Advent, who have been terrific partners for the past four years. Together, I am confident CCC will continue to generate meaningful value for our customers and shareholders,” Githesh Ramamurthy, CCC Information Services CEO.
CCC Information Services is advised by Evercore, Kirkland & Ellis and ICR. Dragoneer Growth Opportunities is advised by Citigroup, Goldman Sachs, JP Morgan, Ropes & Gray and Sard Verbinnen & Co.
J.C. Flowers, a private investment firm dedicated to investing globally in the financial services industry, agreed to invest in iLendingDIRECT, an auto refinance marketing company. Financial terms were not disclosed.
"J.C. Flowers invests in niche financial services companies with strong potential. We were attracted to iLending by its strong growth, solid operational foundation, and its commitment and agility in meeting the needs of both consumers and lending partners under Nancy and Tom's leadership. We expect demand for auto refinancing to remain strong as savvy consumers continue to look for ways to save money. We are excited to work with Nancy, Tom and the iLending team to grow the business to take advantage of the expected strong demand," Tom Harding, J.C. Flowers Managing Director.
iLendingDIRECT is advised by ROTH Capital Partners and Locke Lord. J.C. Flowers is advised by Weil Gotshal and Manges and Lambert & Co.
Resurgens Technology Partners-backed Mackey RMS, a provider of SaaS-based research management software, agreed to merge with InsiderScore, a provider of actionable data and analytics on publicly traded US companies. Financial terms were not disclosed.
"We are delighted to join forces with InsiderScore to build the essential one-stop, end-to-end research platform supporting the fundamental investment research process. And while we will continue to fully support the individual needs of both InsiderScore and MackeyRMS clients, the combined platform we're building will empower modern investment teams to do their best work," Chris Mackey, Mackey RMS Founder and CEO.
InsiderScore is advised by Keefe Bruyette & Woods. Mackey RMS is advised by Forefront Communications. Resurgens Technology Partners is advised by MiddleMCreative.
Morgan Stanley Capital Partners-backed World 50, a peer-to-peer platform for business leaders, completed the acquisition of EHIR, a marketplace and innovation discovery platform for health care purchasers. Financial terms were not disclosed.
"Truly great organizations are defined by their people. If 2020 taught us anything, it is how that is truer now than ever. EHIR brings a new capability that will enable participating World 50, Procurement Leaders and G100 member companies to more positively impact the health and well-being of their employees. World 50's and EHIR's capabilities combined will accelerate the discovery, evaluation and realization of innovation across a wide range of functions and capabilities. We are excited to partner with the EHIR team to help extend their impact in new ways," David Wilkie, World 50 CEO.
EHIR was advised by JEGI | CLARITY.
InfuSystem, a national health care service provider, agreed to acquire FilAMed, a privately held biomedical services company. Financial terms were not disclosed.
"We are pleased with the synergistic acquisition of FilAMed, as we execute on our strategic growth initiative to grow our two operating platforms – Integrated Therapy Services and Durable Medical Equipment Services," Richard DiIorio, InfuSystem CEO.
InfuSystem is advised by Lytham Partners.
GNB Financial Group, a subsidiary of Banco GNB Sudameris, a provider of banking services halted the acquisition of a 66.7% stake in CIBC FirstCaribbean, the Caribbean and Barbados-based subsidiary of CIBC.
“While this transaction would have supported FirstCaribbean’s long-term growth prospects, it is only one way of creating value for stakeholders,” Harry Culham, CIBC Head of capital markets.
Franklin Templeton, an American multinational holding company, led the $1bn Series G investment round in Databricks, a data and AI company, with participation from Canada Pension Plan Investment Board, Fidelity Management & Research, and Whale Rock, along with new strategic investors Amazon Web Services, CapitalG and Salesforce Ventures. Existing investors participating in the round include Microsoft, Andreessen Horowitz, Alkeon Capital Management, BlackRock, Coatue Management, T. Rowe Price Associates, and Tiger Global Management. Other existing and new investors that participated in this funding round include Discovery Capital, Dragoneer Investment Group, Founders Circle Capital, Geodesic, GIC, Green Bay Ventures, Greenoaks Capital, New Enterprise Associates and Octahedron Capital.
“We see this investment and our continued rapid growth as further validation of our vision for a simple, open and unified data platform that can support all data-driven use cases, from BI to AI. Built on a modern lakehouse architecture in the cloud, Databricks helps organizations eliminate the cost and complexity that is inherent in legacy data architectures so that data teams can collaborate and innovate faster. This lakehouse paradigm is what’s fueling our growth, and it’s great to see how excited our investors are to be a part of it,” Ali Ghodsi, Databricks CEO and Co-Founder.
Ridgemont Equity Partners-backed Munch’s Supply, a Midwest-based HVAC distributor, completed the acquisition of HVAC and plumbing business from C&L Supply, a HVAC products distributor. Financial terms were not disclosed.
“The C&L Supply HVAC and Plumbing acquisition is part of Munch’s long-term strategy to aggressively expand our footprint in other regions through strategic acquisitions that also broaden our product offering into plumbing and other adjacent segments. Superior customer service will remain our number one priority and we are pleased to welcome C&L Supply HVAC and Plumbing’s customers and employees to the Munch’s family of companies,” Bob Munch, Munch’s Supply CEO.
PMC Capital, a private equity firm headquartered in Los Angeles, agreed to acquire UniversalPegasus International, a multifunctional engineering design firm, from Huntington Ingalls Industries, America's largest military shipbuilding company. Financial terms were not disclosed.
"UPI is the industry leader in project delivery and the employer of choice in the Houston and Calgary engineering markets. Our success stems from our strong company values and commitment to transparency. With PMC Capital behind us, UPI will continue to differentiate itself and outperform the competition as one of the few remaining independent oil and gas engineering companies. We expect to emerge from the pandemic in a strong financial position poised for double-digit growth," Tom Davison, UPI CEO.
Diabsolut, a business consulting and technology implementation partner, agreed to acquire Foundry52, a consulting firm specializing in billing and revenue implementations on the Salesforce Platform. Financial terms were not disclosed.
"We are thrilled to be joining forces with Diabsolut. The alignment of our cultures, capabilities, and experiences provides a unique and compelling opportunity for our clients and people and transforms us into a formidable partner in the Salesforce ecosystem. With our combined end-to-end Salesforce delivery capabilities, clients can expect a full breadth of solutions from Campaign to Cash including FinancialForce's Professional Services, Supply Chain, Billing and Accounting back-office applications, all built on the Salesforce platform," Mark Anderson, Foundry52 CEO.
Collibra, the Data Intelligence company, agreed to acquire OwlDQ, a provider of predictive data quality software. Financial terms were not disclosed.
"Data quality is integral to Data Intelligence, and poor data quality is a key reason why organizations don't trust their data. Together, Collibra and OwlDQ will provide organizations with a single, cloud-based system of engagement to unify data governance, data privacy, data catalog, data lineage and now continuous data quality so teams can more easily and confidently get to trusted business insights and become data-informed," Jim Cushman, Collibra Chief Product Officer.
Execupay, a Texas-based payroll and human resource services and technology firm, completed the acquisition of Fox Payroll, a payroll services provider. Financial terms were not disclosed.
"It is an honor to be able to continue the Fox Payroll tradition and we are excited about bringing new services and the latest technology to Fox Payroll," Gerald Stowers, Execupay CEO.
Piston Group-backed Irvin Products, a building materials store in St. John, Missouri, agreed to acquire A. Lava & Son, a cover supplier in the North American mattress market. Financial terms were not disclosed.
"A. Lava's expertise and industry relationships, combined with Irvin's consumer volume, capacity and investment capabilities, will position us to further diversify and grow revenues outside of automotive and capitalize on the expanding market opportunity in the bedding segment. A. Lava's strong reputation in the bedding market compliments what we have built and grown at Irvin Products since Piston Group acquired them in 2016," Vinnie Johnson, Piston Group Founder, Chairman and CEO.
Tiger Global Management led a $110m Series C round in Divvy Homes, a San Francisco-based company which purchases homes and then leases them to prospective homeowners, with participation from GGV Capital, Moore Specialty Credit and JAWS Ventures.
"At the start of the pandemic, we made a commitment to help and support as many future homeowners as possible," Adena Hefets, Divvy Homes CEO.
Glade Brook Capital led a $100m funding round in Good Egg, a grocery supply startup, with participation from GV, Tao Make investments, Finistere Ventures, Benchmark, Index Ventures, S2G, DNS Capital and Apparent Ventures.
"The grocery market is present process elementary change and the shift to e-commerce and increased high-quality merchandise and companies is accelerating," Glade Brook Capital.
CoStart launches a $6.7bn bid for CoreLogic.
CoStar Group, a provider of information, analytics and marketing services, plans to acquire CoreLogic, a corporation providing financial, property, and consumer information, analytics, and business intelligence, in a deal that would value the data company at about $6.7bn, Bloomberg reported.
CoStar made an all-stock offer worth about $86 per share and representing a 13% premium. CoStar is competing with a group led by Warburg Pincus, a private equity firm, in an auction for the company.
CoreLogic’s board is evaluating the deal, and is expected to make a decision in the coming weeks.
Hormel is nearing $3bn deal to buy Planters.
Hormel Foods, a producer of meat and food products, is nearing a deal to acquire the Planters snack business from Kraft Heinz, a global food and beverage company, valuing the peanut brand at about $3bn, Bloomberg reported.
“Hormel has used M&A effectively in the past to evolve its business, and we believe this strategy may continue to unfold in 2021. With strong cash generation and management’s statement that it could take on another $3.5bn of debt for the right transaction, Hormel appears positioned to enhance its portfolio, gain access to new markets or aid expansion in fast-growing categories," Hormel.
KPS Capital Partners puts TaylorMade Golf up for sale. (FS)
Private equity firm KPS Capital Partners put TaylorMade Golf, an American sports equipment manufacturing company, up for sale. The fund hired Morgan Stanley to advise on the sale process.
The timing of KPS's decision to put TaylorMade up for sale comes on the heels of a major uptick in rounds and equipment sales in the midst of a global pandemic.
Cresta Fund Management to make a bid for Come-by-Chance refinery. (FS)
Cresta Fund Management, a private equity firm, offered to acquire a majority stake in North Atlantic Refining-backed Canadian 135k barrel-per-day Come-by-Chance refinery. The company would look to convert the refinery to renewable fuel production, Reuters reported.
The refinery, operated by NARL, a company that refines and markets fuels and other petrochemical products, and Silverpeak, a New York-based investment firm, is actively searching for a new owner.
“We are engaged in conversations with several parties from around the globe. The process of attracting an investor or partner to a large, commercial business like North Atlantic is very detailed, requiring extensive due diligence over a period of many months,” NARL spokeswoman.
Gores-backed SPACs to raise $640m through IPOs. (FS)
Gores Technology Partners and Gores Technology Partners II are looking to raise $640m through IPO. The companies aim to raise $240m and $400m, respectively, by selling shares and warrants on the Nasdaq Capital Market.
Some Gores-backed SPACs have already taken companies public. Gores Holding IV took United Wholesale Mortgage public through a $16bn merger in January this year.
Deutsche Bank, Morgan Stanley, Citigroup and Credit Suisse are the lead underwriters on the offerings.
1stDibs taps banks for IPO. (FS)
Insight Partners-backed 1stDibs.com, an e-commerce site for high-end goods and art, atrracts banks to lead an IPO this year. The company is seeking a valuation of at least $1bn, Bloomberg reported.
The company raised $76m in 2019 from T. Rowe Price Associates and Groupe Artémis. Other investors include Benchmark, Alibaba Group, Index Ventures and Spark Capital.
Kohlberg & Company raises $3.4bn for its new fund. (FS)
Kohlberg & Company, a private equity firm specialising in middle-market investing, held the final closing of its ninth private equity fund, Kohlberg Investors IX with $3.4bn in total commitments.
"We are grateful to our longtime investors for their continued support, and are pleased to welcome an august group of new investors into the Kohlberg community. We are humbled and gratified by the enthusiasm expressed towards the firm as experienced stewards of capital and view that responsibility as a privilege and an honour," Sam Frieder, Kohlberg Managing Partner.
Arch Venture Partners raises $1.85bn for its new fund. (FS)
Biotech investment specialist Arch Venture Partners hit a $1.85bn final close for its eleventh flagship fundraise, less than a year after closing its $1.46bn predecessor, PE Insights reported.
It the latest fund, which was raised during the first lockdown in April 2019, the life sciences investor ARCH Venture Partners raised $1.46bn in funding across two funds to finance new tech development. The two funds, ARCH Venture Fund X and ARCH Venture Fund X Overage, followed the firm's long line of investment vehicles dedicated to invest in early-stage biotechnology companies.
EMEA
10X Capital Venture Acquisition, a special purpose acquisition company, agreed to merge with REE Automotive, an electric platform firm reinventing e-mobility, in a $3.1bn deal.
"We believe that our technology will become the cornerstone for our customers to create better and greener e-Mobility services that will be the backbone of our society. Being the only truly horizontal player in the market today positions us to play a major role in accelerating electrification of mission-specific vehicles in multiple sectors such as delivery fleets, Mobility-as-a-Service, e-commerce retailers and new mobility players. There is no limit to who we can serve, as REE is unbound in its capabilities and opportunities," Daniel Barel, REE Automotive Co-Founder and CEO.
REE Automotive is advised by Cowen & Company, Morgan Stanley, Goldfarb Seligman & Co, White & Case and Zemah Schneider & Partners. Financial advisors are advised by Latham & Watkins. 10X Capital is advised by JVB Financial, Wells Fargo Securities, Gornitzky & Co and Morgan Lewis & Bockius.
Jazz Pharmaceuticals, a global biopharmaceutical company, agreed to acquire GW Pharmaceuticals, a British pharmaceutical company known for its multiple sclerosis treatment product nabiximols which was the first natural cannabis plant derivative to gain market approval in any country, for $7.2bn.
"Over the last two decades, GW has built an unparalleled global leadership position in cannabinoid science, including the successful launch of Epidiolex, a breakthrough product within the field of epilepsy, and a diverse and robust neuroscience pipeline. We believe that Jazz is an ideal growth partner that is committed to supporting our commercial efforts, as well as ongoing clinical and research programs," Justin Gover, GW Pharmaceuticals CEO.
GW Pharmaceuticals is advised by Centerview Partners, Goldman Sachs, Cravath Swaine & Moore, Slaughter & May and FTI Consulting. Jazz Pharmaceuticals is advised by Bank of America Merrill Lynch, Evercore, Guggenheim Partners, JP Morgan, Arthur Cox, Macfarlanes, Wachtell Lipton Rosen & Katz and Joele Frank. Evercore and Guggenheim are advised by Sullivan & Cromwell.
Private equity firm Montagu Private Equity completed the acquisition of Education Software Solutions business, a standalone provider of management information system, from Capita for c.£400m ($547m).
"We announced our intention to sell ESS earlier this year, as part of our strategy to simplify and strengthen Capita. The sale will help us simplify by disposing of a standalone business, while the proceeds will help strengthen Capita's balance sheet, as we build towards a more focused, sustainable business for the long term. At the same time, our colleagues at ESS will benefit from a new owner with the focus and means to support further investment and growth, as the business transitions to its next-generation cloud-native software," Jon Lewis, Capita Chief Executive Officer.
Montagu Private Equity was advised by AZB & Partners, Kirkland & Ellis and Greenbrook. Capita was advised by Barclays, Goldman Sachs and Linklaters.
Downing Renewables & Infrastructure Trust, a renewable energy investing company, completed the acquisition of hydropower operations of Fortum, a Finnish state-owned energy company, for €65m ($78m).
"Hydropower is a key energy source in the drive towards 100% renewable energy in Sweden by 2040 and is a key sector focus for DORE. The sector provides predictable long-term cash flows from assets that have much longer lives than other renewable energy technologies such as wind and solar," Downing Renewables & Infrastructure Trust.
Downing Renewables & Infrastructure Trust was advised by SEB Corporate Finance and TB Cardew. Fortum was advised by Ernst & Young.
The City of Tallinn agreed to acquire a 35.3% stake in Tallinn Water, a water supply system that provides potable water to Estonia's capital city Tallinn, from United Utilities, a water services company, for $121m.
"United Utilities is grateful for the City of Tallinn's trust and opportunity to be a partner in delivering essential water services for more than 20 years. We have always tried to repay this trust by working hard to improve every aspect of this service for our customers in Tallinn and we believe that the company has truly succeeded at this. While United Utilities has played its part, this would not have been possible without the skill and efforts of the dedicated employees of the company. My special thanks go to them and, in particular, to the management board whose guidance and leadership have been exceptional," Simon Gardiner, United Utilities Company Secretary.
United Utilities is advised by Tulchan Communications.
Mediobanca-backed Cairn Capital, an alternative credit asset manager, agreed to acquire Bybrook Capital, a London-based distressed credit specialist. Financial terms were not disclosed. The deal, subject to the customary conditions, is expected to close in the Q2 of 2021.
Mediobanca will retain a stake of around 64% in the new group, while the remaining 36% will be held by former Bybrook shareholders and Cairn Capital’s minority investors.
“We are delighted at the prospect of merging with an outstanding firm that has a proven track record of delivering differentiated and strong absolute returns to institutional investors. We are confident that the combined fundamental credit research capabilities and complementary skills will greatly enhance the investment process and our ability to consistently deliver exceptional returns throughout the cycle,” Nicholas Chalmers, Cairn Capital CEO.
EG Group, a British retailer, agreed to acquire Asda's petrol station business from the Issa brothers, British billionaires and businessmen, and TDR Capital, a British private equity firm, for $1.02bn. The transaction is subject to clearance from the Competition and Markets Authority, and is expected to close in Q2 of 2021.
“Today’s announcements mark an important step in the purchase of Asda from Walmart by the Issa Brothers and TDR. The main elements relate to how they are planning to finance their purchase and include the proposed sale of the Asda petrol forecourts sites to EG Group. Whilst the transaction remains subject to CMA approval, we will work closely with our new owners on how these Asda sites would operate as part of the EG Group under the Asda brand and ensure they continue to be a price leader in the fuel sector," Roger Burnley, Asda Chief Executive.
The Carlyle Group, a private equity company, agreed to increase its stake in VARO Energy, an energy company active in North West Europe. Financial terms were not disclosed.
The transaction, which is subject to regulatory approval, sees Carlyle acquire the stake in VARO currently owned by Reggeborgh, a Dutch private investment company. Vitol Group’s shareholding in VARO remains unchanged.
“We’re very pleased with the extended commitment of Carlyle towards VARO. The energy transition creates many significant opportunities and VARO is uniquely positioned to create value in these changing markets. I am excited for the company’s future, and the strong partnership with Carlyle and Vitol will be crucial to our ongoing success,” Roger Brown, VARO Energy Chief Executive Officer.
VERSO Capital, the global merchant banking firm headquartered in Luxembourg, completed the merger with ALDINI Capital, a Swiss alternative asset manager. Financial terms were not disclosed.
The transaction extends the combined firm's offering into venture capital investments and merchant banking advisory services.
Compass Partners-backed Rodenstock nears $1.8bn sale. (FS)
Compass Partners-backed Rodenstock, a German ophthalmic lens and eyewear maker, is being prepared for a sale by its private equity owner in a potential $1.8bn deal, Reuters reported.
Compass Partners is expected to send out initial information on the company in the coming weeks. Possible buyers include strategic and private equity bidders.
Compass Partners is advised by Jefferies.
MTN appoints Citi and Standard Bank for South African towers deal.
MTN Group, a provider of a wide range of communication services, appointed Citigroup and Standard to advise on a sale and lease back of some of the South African telecom towers, Bloomberg reported.
The mobile-phone company is looking to raise between $333 and $667m from the deal. The Johannesburg-based firm will seek to attract interest from specialist tower companies operating on the continent.
TenneT acquisition talks to resume after Dutch election.
Germany will continue talks with the Netherlands about buying an equity stake in TenneT, a grid company, after Dutch elections next month, Reuters reported.
The two countries signed an agreement last May to consider a TenneT stake sale to help to fund up to $60.1bn of investment over the coming decade, about 70% of which will take place in Germany.
Philips picks Lazard for potential IPO.
Royal Philips, a health technology company focused on improving people's health, picked Lazard to advise on a potential IPO of its home appliance business, Bloomberg reported.
Philips is starting to explore a listing more seriously as markets remain strong and some bidders have faced difficulties conducting due diligence amid the pandemic. A deal could value the unit at around $3.6bn.
Daimler is nearing am IPO of truck unit.
Daimler, a maker of Mercedes-Benz luxury cars, nears a potential IPO of its massive heavy-truck unit. Daimler could sell a minority stake in the unit through an IPO as soon as the second half of the year if it decides to proceed, Bloomberg reported.
Any deal would be one of the year’s biggest German share sales. Daimler’s truck unit could be worth about $35bn, although it would need to substantially improve returns to justify that valuation.
APAC
Investment firms The Carlyle Group and Brighton Park agreed to invest $200m in Indegene, a company offering research and development and management services to healthcare and pharmaceutical enterprises.
"We are excited about our partnership with Carlyle and Brighton Park as their collective strengths will bring significant value to Indegene as we build on the deep domain knowledge and vertical technology we have developed over the past 20 years. Carlyle's commitment to the healthcare sector with their global network and deep pharmaceutical expertise, coupled with Brighton Park's deep experience in the technology sector and nuanced understanding of our space, makes the two firms the ideal partners to support our company's continued growth," Manish Gupta, Indegene Co-Founder and CEO.
Indegene is advised by Deloitte, KPMG, Torreya Capital, Seyfarth Shaw and Tatva. The Carlyle Group is advised by Ernst & Young, Bain & Co, Moelis & Co, Latham & Watkins, Shardul Amarchand Mangaldas & Co and Adfactors PR. Brighton Park was advised by Ernst & Young, Bharucha & Partners, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co.
Ceridian, an American provider of human resources software and services, agreed to acquire Ascender, a payroll and HR solutions provider, from private equity firms Potentia Capital and Five V Capital. Financial terms were not disclosed.
“The combination of Ascender with Ceridian will be tremendous news for our employees, customers, and partners, who will benefit from Ceridian’s global scale and award-winning Dayforce platform. We’re committed to helping our customers successfully navigate the future of work as we embark on a new chapter within the Ceridian family,” Andrew Wilson, Ascender CEO.
Ascender is advised by Ernst & Young, Morgan Stanley, PricewaterhouseCoopers and Gilbert + Tobin. Ceridian is advised by Goldman Sachs and MinterEllison.
Baozun, a brand e-commerce service partner, agreed to acquire Full Jet, a strategic and brand-focused industry expert. Financial terms were not disclosed.
"We are excited about the acquisition of Full Jet. Baozun and Full Jet share the ambition of helping international luxury and premium brand partners enter China's fast-growing e-commerce sector. We are confident that our proven track record of capabilities with deep luxury insights and solid infrastructure, combined with Full Jet's expertise in brand and business development, will provide a compelling value proposition for international labels looking for more strategic and empowered services like us," Vincent Qiu, Baozun Chairman and CEO.
Baozun is advised by Christensen IR.
CVC Capital Partners, a private equity and investment advisory firm, is set to acquire a 65% stake in personal care business of Shiseido, a Japanese multinational personal care company. Financial terms were not disclosed. The transaction is expected to close by July 1, 2021 and is subject to customary closing conditions.
"We are delighted to be investing in some of Japan's most trusted brands cultivated over the years by Shiseido. Further, we are excited to be partnering with Shiseido as we embark on this next chapter of growth," Atsushi Akaike, CVC Japan Partner and Co-Head.
Silver Lake set to invest in NZ Rugby. (FS)
US-based investment firm Silver Lake, which part-owns Manchester City's owner City Football Group, is in talks to invest in New Zealand Rugby. Silver Lake's minority stake could range from 10-15% of commercial rights.
A decision is unlikely to be taken before NZ Rugby's annual meeting in April. The NZ Rugby Players' Association, as well as former All Blacks players, coaches and Black Ferns are also to be consulted, PE Insights reported.
FAW considers acquiring Brilliance for $7.2bn.
FAW Group, a Chinese state-owned automotive manufacturing company, is looking at acquiring Brilliance China Automotive, an investment holding company engaged in the manufacture and sales of bavarian motor works, for about $7.2bn in a two-stage deal, Reuters reported.
Under plans being discussed, FAW would first purchase 30.43% of Brilliance owned by Huachen, the biggest shareholder, and 11.89% held by the state-controlled Liaoning Provincial Transportation Investment.
It would then make a mandatory bid for the rest of Brilliance’s shares. It is considering offering about $1.04 per share for both stages of the deal, representing a 70% premium.
To conduct the deal, FAW is looking at setting up an offshore investment vehicle and is inviting other investors to participate.
Alibaba-backed Ant enters into agreement with China regulators on overhaul.
Alibaba-backed Ant Group, a developer of online payment platforms, and Chinese regulators agreed on a restructuring plan that will turn the fintech company into a financial holding, making it subject to capital requirements similar to those for banks, Bloomberg reported.
The plan calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery.
Ant’s restructuring is part of a broader government campaign to increase the financial and technology sectors' supervision.
Blackstone in talks to acquire Fancl's Asia unit. (FS)
Blackstone is in exclusive talks to acquire Asia business from Fancl, a Japanese skincare brand, Bloomberg reported.
CMC Holdings is working with adviser Morgan Stanley and is seeking more than $600m for the business. The Hong Kong-based company aims to conclude a deal in the first quarter.
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