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Top Highlights
JMI Equity-backed Clio, a legal technology company, completed the acquisition of vLex, a developer of a legal information platform, from Oakley Capital, a mid-market private equity investor, for $1bn, according to press releases.
vLex was advised by JP Morgan, Hogan Lovells (led by James Cross) and Uria Menendez (led by Antonio Herrera). JMI Equity was advised by H/Advisors Abernathy. Clio was advised by Goldman Sachs, Gowling WLG, Osler Hoskin & Harcourt, Perez Llorca (led by Pedro Fernandez and Cosme Colmenero), Weil Gotshal and Manges (led by Kyle C Krpata) and Wilson Sonsini Goodrich & Rosati. Oakley Capital was advised by Deutsche Numis (led by Nathan Brown), A&O Shearman (led by William Samengo-Turner) and Greenbrook (led by Robert White), according to press releases.
Investindustrial to acquire TreeHouse Foods for $2.9bn.
Investindustrial, a private equity firm that invests in the industrial manufacturing, consumer services, retail, leisure and business services sectors, to acquire TreeHouse Foods, a food manufacturer servicing primarily the retail grocery and foodservice distribution channels, for $2.9bn, according to press releases.
TreeHouse Foods is advised by Goldman Sachs, Jones Day (led by Randi C. Lesnick, Julia V. Feldman and Benjamin Stulberg) and Joele Frank, Wilkinson Brimmer Katcher. Investindustrial is advised by Lazard, RBC Capital Markets and Deutsche Bank, KKR Capital Markets, Skadden Arps Slate Meagher & Flom and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel, Matthew N. Leist, Caroline B. Epstein and Neel Sachdev). Debt financing was provided by RBC Capital Markets, Deutsche Bank and KKR Capital Markets, according to press releases.
Galecto, a clinical-stage biopharmaceutical company, completed the acquisition of Damora Therapeutics, a biotechnology company developing next‑generation, disease‑modifying biologics for mutant calreticulin‑driven myeloproliferative neoplasms, according to press releases. Financial terms were not disclosed.
Galecto was advised by Lucid Capital Markets and Mintz Levin. Damora is advised by Wedbush PacGrow, Jefferies, Leerink Partners, UBS, LifeSci, and Gibson Dunn & Crutcher, according to press releases.
Deal Round up
AMERICAS
Verizon seeks $10bn from bond sale tied to frontier deal. ( Bloomberg)
Legal AI firm Clio valued at $5bn in latest funding round. ( Reuters)
EMEA
Novo Nordisk shares rise after dropping Metsera bid. ( Reuters)
Carlyle takes over Barclay family’s online retailer Very. ( Bloomberg)
APAC
KKR, TPG and Warburg Pincus to bid for Hong Kong-based Acclime in over $900m deal, sources say. ( Reuters)
Owners of foreign worker dorm firm TS Group said to weigh sale. ( Bloomberg)
Indian eyewear retailer Lenskart makes muted trading debut, valued at $7.7bn. ( Reuters)
A bathing ape creator Nigo’s human made boosts Tokyo IPO price. ( Bloomberg)
Dubai’s Samana plans sukuk, IPO as property boom spurs deals. ( Bloomberg)
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AMERICAS
Arcline Investment Management, a growth-oriented private equity firm, agreed to acquire Novaria Group, a privately held business focused on precision component companies that deliver optimum performance and sustainable growth with the aerospace and defense marketplace, from KKR, an investment firm, for $2.2bn, according to press releases.
KKR and Novaria are advised by Morgan Stanley and Kirkland & Ellis, according to press releases.
Ranger Energy Services, a provider of high specification mobile rig well services, cased hole wireline services, and ancillary services in the US oil and gas industry, completed the acquisition of American Well Services, an oilfield services company providing well service rigs and comprehensive wellsite support, from Argonaut, a diversified private equity fund, for $90.5m, according to press releases.
Ranger was advised by Piper Sandler, King & Spalding. American Well Services and Argonaut Private Equity were advised by Sofos Law, according to press releases.
Lindsay Goldberg, a private equity firm, agreed to Acquire EMCO Chemical Distributors, a chemical distributor, according to press releases. Financial terms were not disclosed.
Lindsay Goldberg is advised by Chemlink Partners, JP Morgan and Latham & Watkins. EMCO is advised by Aronberg Goldgehn, according to press releases.
Hexagon, a multinational technology group for metrology and geoanalytics, agreed to acquire Inertial Sense, a sensor company, that designs and manufactures tactical-grade inertial navigation systems and GNSS modules, according to press releases. Financial terms are not disclosed.
Nortal, a multinational strategic‑innovation and technology firm to drive digital transformation and deliver high‑impact change at scale, completed the acquisition of Middle East division of Accela, a provider of software, according to press releases. Financial terms were not disclosed.
Monroe Capital-backed Respida Capital, a private investment firm that partners with growth-stage software companies, completed the acquisition of ENTOUCH, a provider of energy management-as-a-service and smart building technology, according to press releases. Financial terms were not disclosed.
PublicSquare, a financial technology company, agreed to acquire key software assets from Tandym, a financial technology company transforming the private label credit card industry, according to press releases. Financial terms are not disclosed.
MARS Energy Group, a renewable‑energy holding company that designs, builds and operates commercial solar, battery‑storage and EV‑charging projects, completed the acquisition of California Premier Roofscapes, a roofing contractor that specializes in high‑quality residential and commercial roofing services, according to press releases. Financial terms were not disclosed.
Palabra AI, a speech-to-speech translation company, completed the acquisition of Talo AI, an advanced AI translator for seamless video calls, according to press releases. Financial terms were not disclosed.
Verizon seeks $10bn from bond sale tied to frontier deal. ( Bloomberg)
Verizon Communications plans to raise about $10bn in the corporate bond market to fund its acquisition of Frontier Communications Parent, joining a wave of large debt offerings as borrowers capitalize on favorable market conditions.
The issuance is expected to be split into as many as five tranches, with initial pricing for the 40-year portion around 1.6 percentage points above Treasuries.
Legal AI firm Clio valued at $5bn in latest funding round. ( Reuters)
Clio, a legal artificial intelligence company, has raised $500m in a funding round led by New Enterprise Associates, valuing the firm at $5bn.
The round, one of the largest financings for a legal tech company, also drew participation from existing investors TCV, Goldman Sachs Asset Management, Sixth Street Growth, and JMI Equity.
EMEA
Apollo, an alternative investment manager, agreed to acquire a majority stake in Atlético Madrid, one of Europe’s football clubs and sporting institutions, with a long history of success since its foundation in 1903, according to press releases. Financial terms are not disclosed.
Apollo is advised by A&O Shearman. Mr Gil, Atlético Madrid is advised by ECIJA, according to press releases.
Zadarma, a global cloud communications provider, completed the acquisition of Megacall, a multilingual telecommunications provider that offers virtual switchboards, SIP trunks and cloud contact-center solutions, according to press releases. Financial terms were not disclosed.
Novo Nordisk shares rise after dropping Metsera bid. ( Reuters)
Shares in Novo Nordisk rose 2.9% in early trading after the Wegovy-maker withdrew its bid for US weight loss drug company Metsera, ending a bidding contest with rival Pfizer.
Carlyle takes over Barclay family’s online retailer Very. ( Bloomberg)
Carlyle Group has taken control of Very Group, the latest asset to be divested from the Barclay family’s business empire.
The US investment firm, which had previously provided financing to the company, now owns the business.
APAC
Queensland Investment Corporation, a private equity firm, agreed to acquire 19.9% stake in Tilt Renewables, a company primarily involved in renewable energy generation, focusing on wind and solar power, from AGL Energy, a company engaged in buying and selling of gas and electricity and related products and services, for AUD750m ($487m), according to press releases.
KKR, an investment firm that manages multiple alternative asset classes, agreed to launch a tender offer for Forum Engineering, a Japan-based staffing and career services company specializing in mechanical and electrical engineers, for JPY91bn ($593m) per common share, according to press releases.
KKR, TPG and Warburg Pincus to bid for Hong Kong-based Acclime in over $900m deal, sources say. ( Reuters)
Acclime, a Hong Kong-based advisory and corporate services firm, has selected a group of bidders to submit binding offers in a deal that could value the company at more than $900m.
Global buyout firms, including KKR, TPG, and Warburg Pincus, have advanced to the second round of the bidding process. Bidders are valuing Acclime at high teens to 20 times its core earnings, with a potential valuation approaching $1bn.
Owners of foreign worker dorm firm TS Group said to weigh sale. ( Bloomberg)
Shareholders of TS Group, a Singapore-based provider of purpose-built foreign worker dormitories, are considering selling a controlling stake in a deal valued at around SGD500m ($384m).
Dymon Asia Private Equity and TS Group co-founders Shamkumar Subramani and Tome Oh are working with a financial adviser on the potential divestment. Discussions are ongoing and may not result in a transaction.
Indian eyewear retailer Lenskart makes muted trading debut, valued at $7.7bn. ( Reuters)
Lenskart made a muted trading debut as concerns over stretched valuations weighed on India’s largest eyewear retailer.
The stock traded at INR392.3 ($4.42), giving the company a market value of INR676.3bn ($7.7 bn). Lenskart’s $828m IPO, among the largest in India this year, drew strong investor demand with total bids exceeding $13bn.
A bathing ape creator Nigo’s human made boosts Tokyo IPO price. ( Bloomberg)
Human Made, a Japanese streetwear company founded by designer Nigo, has raised the price range for its upcoming Tokyo initial public offering following strong investor demand.
The company set the range at JPY3k ($19.55) to JPY3.13k ($20.4) per share, up from an earlier estimate of JPY2.92k ($19.03).
Dubai’s Samana plans sukuk, IPO as property boom spurs deals. ( Bloomberg)
Dubai-based Samana Developers plans to raise around $300m in its first Islamic debt offering, joining a wave of real estate firms seeking to capitalize on the emirate’s ongoing property boom.
The sukuk is expected to be issued by the end of the first quarter of next year.
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