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AMERICAS
JetBlue Airways, a major American low-cost airline, terminated its $7.6bn merger with Spirit Airlines, an ultra-low-cost carrier.
"We believed this merger was worth pursuing because it would have unleashed a national low-fare, high-value competitor to the Big Four airlines. We are proud of the work we did with Spirit to lay out a vision to challenge the status quo, but given the hurdles to closing that remain, we decided together that both airlines' interests are better served by moving forward independently. We wish the very best going forward to the entire Spirit team," Joanna Geraghty, JetBlue CEO.
Arkhouse Management, a real-estate-focused investing firm said it and Brigade Capital Management have raised their offer for Macy's after the department store chain rebuffed their prior proposal as too low, Reuters reported.
The firms are now offering to acquire Macy's stock they don't already own for $24 per share, about 14% more than its previous offer of $21 per share.
Macy's is advised by Bank of America, Wells Fargo Securities and Wachtell Lipton Rosen & Katz (led by David A. Katz). Arkhouse Management is advised by Cadwalader Wickersham & Taft and Longacre Square Partners (led by Scott Deveau and Joe Germani). Brigade Capital is advised by Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison.
United Rentals, the world's largest equipment rental company, agreed to acquire Yak, one of the largest matting providers of ground protection and temporary roadway solutions in the United States, from Platinum Equity, a private equity firm, for $1.1bn.
"Over the past six years we worked with the Yak team to transform the business using the full range of Platinum's M&A&O® tool kit. Yak has evolved into a well-managed, diversified industry leader ready to take the next step as part of United Rentals," Jacob Kotzubei, Platinum Equity Co-President.
United Rentals is advised by Sullivan & Cromwell (led by Frank Aquila). Platinum Equity is advised by Houlihan Lokey, JP Morgan and Morgan Lewis & Bockius.
Vertical Bridge, a telecommunications service provider in Boca Raton, Florida, agreed to acquire the tower portfolio and operations of Shenandoah Telecommunications Company, a provider of broadband services, for $310m.
"We are pleased to add these purpose-built broadband telephony towers to our growing portfolio. The towers are high quality assets with available capacity for additional tenants and are located in difficult areas to build new towers due to zoning restrictions and terrain challenges. The geographic concentration of the portfolio offers a unique opportunity for future deployment of existing and new technologies," Ron Bizick, Vertical Bridge President and CEO.
Vertical Bridge is advised by Truist Securities and Greenberg Traurig. Shenandoah Telecommunications is advised by Rothschild & Co and Lape Mansfield Nakasian & Gibson.
JP Morgan Chase-backed Neovest, a broker-neutral order and execution management system, completed the acquisition of LayerOne Financial, an investment management platform. Financial terms were not disclosed.
"We are excited to acquire LayerOne Financial to enhance our offering and support our clients in finding efficiencies in their investment operations. Following this acquisition, Neovest can enable clients to manage their full investment lifecycle with one software provider with industry-leading capabilities. Neovest's key objectives are creating an exceptional client experience from on-boarding to trade execution management and expanding our product capabilities to advance and differentiate from other investment management platforms. LayerOne's technology and people are perfectly placed to help us on this journey," Jimmi Shah, Neovest CEO.
Neovest is advised by JP Morgan and Gibson Dunn & Crutcher. LayerOne is advised by SenaHill Partners and Morgan Lewis & Bockius.
Investment companies BlackRock and Morgan Stanley Infrastructure Partners to acquire the Portland Natural Gas Transmission System, a 475km FERC-regulated transporter of natural gas serving the upper New England and Atlantic Canada markets, from TC Energy, a natural gas company, and Énergir, an energy company, for $1.14bn.
"Today's announcement represents continued progress toward achieving our 2024 strategic priority of enhancing our balance sheet strength by delivering approximately $3bn in asset divestitures. We are committed to reaching our 4.75 times debt-to-EBITDA upper limit by year-end and expect to have further asset divestiture announcements through the year," François Poirier, TC Energy President and CEO.
TC Energy and Énergir are advised by Barclays and Bracewell.
Veradigm, a management and electronic health record technology provider, completed the acquisition of ScienceIO, a healthcare AI solutions provider, for $140m.
"Together with Veradigm, we will provide new features and capabilities for providers and partners, accelerated by ScienceIO's differentiated AI platform. Joining Veradigm aligns with ScienceIO's mission to better serve patients and healthcare professionals with the help of responsible AI. We are thankful for our partners who made this moment possible and we look forward to bringing together our combined strengths to drive innovation and value in the healthcare ecosystem," Will Manidis, ScienceIO CEO.
ScienceIO was advised by Barclays. Veradigm was advised by Collected Strategies (led by Dan Moore and Jim Golden).
Nextech Invest, a global, cancer therapeutics-focused venture capital firm, led a $145m Series E round in FogPharma, a clinical-stage biopharmaceutical company, with participation from RA Capital Management, Rock Springs Capital, General Catalyst, Marshall Wace, Samsara Biocapital, Foresite Capital, Symbiosis, Catalio Capital Management, Sixty Degree Capital and Alex Gorsky.
"Millions of colorectal cancer patients have been told by their oncologists that no more can be done for them. We believe FOG-001 may represent the long-awaited major technological breakthrough needed to address one of the most common yet unaddressed oncogenic signaling pathways. This financing will allow us to execute on our expanded clinical development and commercialization strategy to deliver FOG-001 to patients, while simultaneously strengthening our discovery efforts against other compelling intracellular targets that drive a range of diseases," Mathai Mammen, FogPharma Chairman, President and CEO.
Daburn, a manufacturer of industrial products and equipment, completed the acquisition of Piping Solutions, a pipe fabrication and process skid design and manufacturing company. Financial terms were not disclosed.
"Piping Solutions has satisfied customers by delivering high-quality process skid assemblies for over 20 years. Their experience and facilities allow them to produce unique customer projects and will expand the capabilities of Daburn to serve customers and deliver skidded systems. We have added staff and additional capabilities at Piping Solutions so that additional best-in-class products are available to customers," Ed Flaherty, Daburn President and CEO.
Daburn was advised by T2 Marketing Communications (led by Glen Turvey).
Aviva, a British multinational insurance company headquartered in London, agreed to acquire Probitas, an underwriting syndicate, for £242m (306m).
"This acquisition is another step in our strategy to invest in Aviva's future profitable growth. Aviva's presence in the Lloyd's market opens up new opportunities to accelerate growth in our capital-light General Insurance business," Amanda Blanc, Aviva CEO.
Iridium, a provider of global voice and data satellite communications, agreed to acquire Satelles, a provider of highly secure satellite-based time and location services. Financial terms were not disclosed.
"This market is growing; it's a perfect application of our network, and this solution solves a problem for critical industries better than anything else," Matt Desch, Iridium CEO.
Similarweb, an American software development and data aggregation company, agreed to acquire Admetricks, a software development firm. Financial terms were not disclosed.
"Admetricks' excellence in display advertising intelligence fits naturally with Similarweb's strengths, helping customers understand how to refine their media budgets and improve their reach in display advertising among publishers, retail marketplace advertising and digital marketing more broadly," Or Offer, Similarweb CEO.
Aptitude 8, an Elite HubSpot Solutions Partner and technical consultancy, completed the acquisition of WORQFLOW, a HubSpot partner known for its revenue operations and web development services. Financial terms were not disclosed.
"Bringing the WORQFLOW team into Aptitude 8 is a pivotal step in our quest to serve the growing enterprise-level HubSpot customer base. Christopher Barnett and WORQFLOW's outstanding reputation and proven expertise make this union a natural fit. Together, we will set new benchmarks for what is possible on the HubSpot platform," Connor Jeffers, Aptitude 8 CEO and Founder.
Lytho, a creative operations software company, completed the acquisition of DivvyHQ, a content operations platform for content marketing and communications teams. Financial terms were not disclosed.
"Proper planning is an essential part of any successful project. However, planning alone isn't enough - a successful project requires proper diligence, collaboration, and execution. Bringing these two platforms together will help to facilitate a stronger relationship between content and creative teams - from more transparent planning, collaboration, execution, and measurement - that I believe is currently unmatched in the market today," Doug Thede, Lytho CEO.
White Wolf Capital-backed DCCM, a provider of design, consulting, and program & construction management services, completed the acquisition of Chastain Skillman, a company providing professional engineering and land surveying services. Financial terms were not disclosed.
"DCCM is excited to welcome Chastain-Skillman as the latest addition to our expanding national team. This strategic move enhances our infrastructure engineering capabilities in Florida and strengthens our presence in the regional market. Aligned in our commitment to excellence, the integration of Chastain-Skillman into DCCM promises mutual benefits for our clients and employees," James F. Thompson, DCCM Chairman & CEO.
Canada fuel retailer Parkland's top shareholder vows to protect rights after AGM move.
Parkland's biggest shareholder Simpson Oil said it will evaluate options to protect its rights after the Canadian fuel retailer advanced its annual meeting, limiting the shareholder's ability to nominate directors, Reuters reported.
Simpson Oil, which holds about a 19.7% stake in Parkland, had agreed in December to waive its rights to nominate new directors until March 31. Last week, Parkland announced plans to hold its annual general meeting on March 28.
EMEA
Cinven, an international private equity firm, agreed to invest in Alter Domus, a provider of end-to-end tech-enabled fund administration, private debt, and corporate services for the alternative investment industry, at a €4.9bn ($5.3bn) valuation.
“In little more than two decades, Alter Domus has grown from being a small Luxembourg-based spin-off from PwC to become a world-leading fund administrator. The investment from Cinven is a significant milestone in the development of Alter Domus as it continues along this trajectory. Together with Permira, we are confident that Cinven is the perfect partner as it continues to grow and scale internationally, and I am excited to continue to be a part of the Alter Domus journey,” René Beltjens, Alter Domus Founder and Chairman of the Supervisory Board.
Alter Domus was advised by Goldman Sachs, Raymond James, DLA Piper, Jamieson Group, Oliver Wyman, Ernst & Young, Clifford Chance, Kroll, Crosslake and BackBay Communications.
Affidea, a provider of advanced diagnostics, multi-speciality polyclinics and Centres of Excellence, agreed to acquire MedEuropa Romania, a cancer care provider. Financial terms were not disclosed.
"Cancer is claiming far too many lives in our communities, with approximately 100k people being diagnosed with an oncological disease in Romania every year. This acquisition isn't just about growth; it's about standing shoulder-to-shoulder with the National Health System and those affected by this relentless disease. We look forward to working with the great team of MedEuropa following the closing and continue delivering value for every individual impacted by cancer by increasing access to more comprehensive cancer care pathway from diagnosis to treatment and follow-up," Razvan Predica, Affidea Romania and Hungary Country CEO.
Affidea Group is advised by Rizoiu & Asociatii, Clifford Chance and Deloitte. MedEuropa Romania is advised by Biris Goran and Linklaters.
LDC completed the investment in 15below. (FS)
LDC, a mid-market private equity house, completed the investment in 15below, a specialist software developer. Financial terms were not disclosed.
"LDC is known for its commitment to supporting growth and innovation in businesses like ours. Their ethos of placing a high value on people and culture resonates deeply with us at 15below, making them the perfect partner as we embark on this next phase of our journey," Nicholas Key, 15below Co-Founder and CEO.
15below was advised by Clearwater International. LDC was advised by PricewaterhouseCoopers.
Compagnie Financière Jousset, an investment holding company, agreed to acquire SMAC, a supplier of waterproofing and building envelop systems, from OpenGate Capital, a global private equity firm. Financial terms were not disclosed.
The partnership with CFJ and its management team is poised to propel SMAC towards new growth trajectories, emphasizing long-term value creation and a positive impact on both human and environmental fronts.
Halma, the global group of life-saving technology companies, completed the acquisition of Rovers Medical Devices, a provider of sample collection devices used in the prevention and diagnostics of cervical cancer, for €91m ($99m).
"Rovers will broaden the range of markets we serve in women's health and further strengthen our Healthcare sector's position in cancer diagnosis products. We are excited by the opportunities we see to increase Rovers' positive impact on public health. We expect its future growth to be driven by increasing global cervical screening rates, supporting the World Health Organization's strategy to accelerate the early detection of cervical cancer," Marc Ronchetti, Halma CEO.
Collective Audience, an innovator of audience-based performance advertising and media, agreed to acquire BeOp, a Europe-based MarTech and AdTech innovator. Financial terms were not disclosed.
"Building on our success in Europe, BeOp is now set to conquer the North American market as an integral part of the Collective Audience platform. Our new strategic partnership and the expected eventual merging of our companies opens up endless opportunities for propelling our technology to new dimensions. We see our combination creating an unprecedented growth opportunity," Louis Prunel BeOp Co-Founder and CEO.
Collective Audience is advised by Capital Market Access (led by Ron Both).
Vivendi's French media company Canal+ will publish a firm intention to buy shares of South African pay-TV company MultiChoice that it does not already own by no later than April 8, it said on March 4.
This follows a ruling by South Africa's Takeover Regulations Panel that required Canal+ to immediately make a firm intention announcement because its 35.01% shareholding in MultiChoice triggered a mandatory offer requirement when it raised its stake earlier in February, Reuters reported.
MultiChoice is advised by Morgan Stanley.
Investcorp, a global manager of alternative investment products, Sanabil, a commercial investment company, and STV, a technology venture capital fund, led a $130m funding round in Salla, a Saudi Arabian software startup firm.
“Saudi Arabia today has over a million SMEs, having grown three times over the past five years. We believe that the Kingdom’s transformation agenda will continue to drive innovation and empower the next generation of entrepreneurs, with Salla acting as a key enabler to support the development of new companies in the e-commerce ecosystem,” Walid Majdalani, Investcorp Head of Emerging Markets Private Equity.
RLDatix, a global provider of connected healthcare operations software and services, completed the acquisition of Breitenbach Software Engineering, a Germany-based integrated solutions provider specializing in workforce management. Financial terms were not disclosed.
"Welcoming the rich history of Breitenbach and their team to our global RLDatix company is a critical step in our long-term investment and growth within the German market. Our combined capabilities will enable RLDatix to continue to deliver enhanced connected healthcare operations across the region," Jeff Surges, RLDatix CEO.
Seera slumps after Saudi PIF scraps plans to buy stake in unit. (FS)
Shares of the Riyadh-listed Seera Group dropped nearly 10% after the firm said it failed to reach a deal with Saudi Arabia’s wealth fund to acquire a stake in one of its units, Bloomberg reported.
The Public Investment Fund and Seera terminated an initial pact that would have seen the fund acquire a 30% in Almosafer Travel & Tourism “due to the inability to reach an agreement between the parties,”.
Rising Tide nears $1bn valuation with new share sale.
Tide, the business banking services platform, is closing in on a share sale that will put it within touching distance of becoming the latest British fintech to attain a $1bn valuation, SkyNews reported.
Tide, which is chaired by the City grandee Sir Donald Brydon, is arranging the sale of a chunk of existing shares at a roughly 30% premium to its most recent funding round in 2021.
Greece's Piraeus Bank stake sale met with strong demand.
The announced sale of a 27% stake in Piraeus Bank by Greece's bank bailout fund was met with strong demand on March and has already been oversubscribed, Reuters reported.
Piraeus Bank, Greece's third largest lender, will be the third of the big four Greek banks to be fully privatised since last autumn after the upgrade of the Greek economy to investment-grade status.
Bridgepoint eyes $4.4bn sale of MotoGP rights holder. (FS)
British private investment company Bridgepoint Group is in advanced talks to sell Dorna Sports, which holds the commercial rights to MotoGP, in a bid to raise £3.5bn ($4.4bn).
MotoGP is the top division of Grand Prix motorcycle racing, the sport's highest class of events, Reuters reported.
Norway wealth fund sells stakes in 3 Jardine firms on environment concerns. (FS)
Norway's $1.6tn sovereign wealth fund has excluded three companies from its portfolio due to concerns that mining activity may destroy the natural habitat of critically endangered orangutans, DealStreetAsia reported.
The fund sold its holdings in Jardine Matheson, Jardine Cycle & Carriage and PT Astra International due to a risk that they were contributing to, or responsible for, "severe environmental damage".
German perfume retailer Douglas plans Frankfurt IPO by end March. (FS)
Perfume retailer Douglas plans an IPO on the Frankfurt Stock Exchange aiming to raise €800m ($868m), in Germany's largest listing since Schott Pharma last September.
The share sale is due to be completed in the first quarter subject to capital market conditions. Germany's DAX stock index hit a record high on Friday. Douglas is targeting €800m ($868m) in proceeds, with an additional equity injection of around €300m ($325m) from existing shareholders, including CVC Capital Partners, Reuters reported.
Dutch pension fund ABP aims for $32.5bn in 'impact' investments by 2030. (FS)
ABP, the Netherlands' largest pension fund, said it would cut investments with a large climate impact, while targeting more money to companies and projects that help improve society and the environment, Reuters reported.
The Dutch fund, with about €502bn ($545bn) in assets, said it aimed to have at least €30bn ($32bn) in "impact investments" by 2030, for example in projects for affordable and sustainable housing and energy.
Santander hires Credit Suisse’s Pangrazzi as head of Europe industrial deals. (People)
Banco Santander has hired Credit Suisse’s Italian chief of investment banking and capital markets, Michele Pangrazzi, as head of industrials Europe, as part of its plan to provide more services for existing corporate clients.
Pangrazzi, 44, started on March 1 at the Spanish lender’s corporate and investment banking division, Bloomberg reported.
APAC
J-Power, an electric utility in Japan, agreed to acquire Genex Power, an Australian renewable energy firm, for AUD381m ($249m).
The offer was recommended by an independent committee of the board of directors of Genex.
Genex Power is advised by Goldman Sachs, Gilbert + Tobin and Citadel Magnus (led by Helen McCombie)
Suntory Group, a Japanese multinational brewing and distilling company group, completed the acquisition of NBD Healthcare, a health and consumer product manufacturer. Financial terms were not disclosed.
Suntory Wellness seeks to expand its business to overseas markets, and the acquisition of NBD will not only allow it to build a strong business foundation in Thailand, but will also contribute to creating synergies by combining Suntory Wellness's product and service development capabilities with NBD's brand power and distribution network, thus growing its business in the region.
Suntory was advised by Mitsubishi UFJ Morgan Stanley Securities and Chandler MHM.
Accenture, a global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, completed the acquisition of The Lumery, a Melbourne-based marketing technology consultancy. Financial terms were not disclosed.
"Building compelling customer experiences isn’t going to be solved by technology alone. It also requires creativity, modern ways of working, ever-evolving customer data and most importantly, great people. The Lumery was founded with a clear ambition to be the leading authority in martech – we’ve built a team of skilled professionals and grown successful brands with our mix of marketing and tech expertise. Joining Accenture Song is a monumental step in our journey forward as we scale our expertise globally and, together, help more businesses connect with their customers and drive tangible business outcomes,” Rajan Kumar, The Lumery Co-Founder and CEO.
Adani Group offers first dollar bond since Hindenburg crisis.
Adani Group began marketing a $409m bond in what would be its first dollar note after a report last year by short seller Hindenburg Research, adding to signs of a rebound in investor confidence.
The conglomerate's solar energy unit Adani Green Energy and associated firms are offering the 18-year note at initial price guidance in the 7.125% area, Bloomberg reported.
Tycoons team up in biggest Philippine energy deal since 2008.
Three of the Philippines’ most prominent tycoons have joined forces in a $3.3bn deal that includes the acquisition of a liquefied natural gas facility, in the nation’s biggest energy transaction in more than a decade, Bloomberg reported.
A unit of Manila Electric headed by Manuel Pangilinan said that it’s investing in an LNG terminal in Batangas province together with the energy arm of Ramon Ang-led San Miguel and Aboitiz Power chaired by Sabin Aboitiz. The terminal, located south of the capital Manila, is owned by Linseed Field.
India regulator clears Fairfax-backed Digit Insurance IPO after delay.
India's markets regulator has given Digit Insurance the go-ahead to launch an IPO after multiple compliance issues delayed approval for the deal originally planned in 2022, DealStreetAsia reported.
Digit, last valued at $3.5bn, filed for an initial public offering in August 2022 but its plans were halted twice by the Securities and Exchange Board of India, which raised concerns over the legality of some share issuances.
IM Motors raises $1.1bn in one of the biggest recent deals in Chinese EV space. (FS)
IM Motors, a premium electric vehicle brand of state-owned Chinese automaker, said it has raised more than $1.1bn to work on new smart car models and technologies, DealStreetAsia reported.
IM Motors' Series B round of equity financing was among the biggest investments into Chinese EV brands in the past two years, following Abu Dhabi-based CYVN's combined $3bn investments into NIO and Stellantis' $1.6bn purchase of a 21% stake in Leapmotor.
China's Innoangel Fund holds second close of new Tech Innovation Fund at $140m. (FS)
China's Innoangel Fund, which focuses on early-stage investments in technological innovations, has reached the second close for its new CNY-denominated fund at over CNY1bn (almost $140m).
Innoangel Fund, which operates from mainland China, Hong Kong, and Silicon Valley, updated its fundraising development with several Chinese media outlets. DealStreetAsia reported.
Santander’s top banker in Asia Garrigues said to depart lender. (People)
Banco Santander’s head of corporate finance in Asia Pacific, Gonzalo Garrigues, has left his role with the Spanish lender in Hong Kong, Bloomberg reported.
Garrigues, based in the Asian financial hub with Santander since 2019, is likely to pursue other opportunities in the financial services industry. He was a managing director working on mergers and acquisitions for the Spanish bank, as well as private fundraising and initial public offerings.
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