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AMERICAS
JP Morgan, an American multinational financial services company, agreed to acquire Aumni, a provider of investment analytics software to the venture capital industry. Financial terms were not disclosed.
"We're thrilled to see this collaboration come to fruition as JP Morgan first invested in Aumni in 2021 and quickly realized shared synergies of providing more transparency to the private markets. Aumni's market-leading data structuring and portfolio monitoring solutions, combined with the capital raising and cap table management services of Capital Connect and Global Shares, further enhances the ecosystem of digital solutions that JP Morgan is building for companies and investors in both growth and later-stage private markets," Michael Elanjian, JP Morgan Head of Digital Investment Banking, Head of Digital Private Markets.
Aumni is advised by DLA Piper. JP Morgan is advised by JP Morgan and Sullivan & Cromwell.
Argosy, a private equity firm, completed the acquisition of Vac2Go, a provider of mission-critical equipment to industrial, utility, and municipal customers. Financial terms were not disclosed.
"This is a phenomenal opportunity for Vac2Go as we leverage the best of our customer service and fleet with Argosy's financial backing and expertise. Argosy was selected as our partner in large part because of their experience in the equipment rental space as well as their Value Acceleration Methodology. We are excited to expand our reach geographically and increase our fleet size which will allow us to broaden our customer base in the years to come," Allison Jamison Woosley, Vac2Go CFO.
Vac2Go was advised by Slane Hill Capital. Argosy was advised by TM Capital (led by David Felts).
XM Cyber, a cyber security company, completed the acquisition of Confluera, a provider of cloud cybersecurity detection and response. Financial terms were not disclosed.
"We work so well together because we're both looking at the environment through attack path modeling. For example, XM Cyber shows our customers how an attacker could take advantage of a cloud secret found in the on-prem environment, move into the cloud, escalate privileges of an EC2, and compromise S3 buckets with sensitive information through a chain of events. Now with Confluera, we will detect if this attack path is actually happening in real time, alert our customers and help them stop the attack before it reaches the S3 buckets," Boaz Gorodissky, XM Cyber Co-Founder and CTO.
XM Cyber was advised by Lumina Communications.
Armanino, an accounting and consulting firm, agreed to acquire Blue Sky Group, a music business management team, and Royalty Compliance Organization, a music rights and royalty auditing firm. Financial terms were not disclosed.
"As far as industry-leading experts, we could not be more thrilled with the knowledge and talent that Blue Sky and RCO bring to our team, we know this will be incredibly valuable for our clients. This will make Armanino one of the only business management groups in the world that will be able to offer the full slate of entertainment services while allowing us to deepen and expand our reach into Nashville, which we view as extremely important for our growth goals," Craig Manzino, Armanino Partner, Business Management.
Armanino is advised by Gregory FCA.
General Atlantic, a global growth equity investor, led a $179m funding round in Gravie, one of the fastest-growing employer health benefits companies in the United States, with participation from FirstMark Capital and AXA Venture Partners.
"We are excited to partner with the seasoned management team at Gravie and focus on helping the company fulfill its vision to lower the cost of healthcare while simultaneously improving health outcomes for members and their loved ones across the US. We are firm believers in Gravie's value proposition to its members and clients, and we are thrilled to support the company during its next phase," Jon Michael Reese, General Atlantic Principal.
UST HealthProof, a provider of core administrative solutions and Business-Process-as-a-Service for health plans, completed the acquisition of Advantasure, a healthcare technology and business process services company. Financial terms were not disclosed.
"This transaction is yet another milestone in our transformational journey and provides a platform of growth for our clients and employees. Combining Advantasure's modern solutions and its distinct workforce with UST HealthProof's mission and services makes us differentiators in the market," Kevin Adams, UST HealthProof CEO.
Securian Financial, a mutual holding company that provides a range of financial products and services, completed the acquisition of Enspire, an employee communication and engagement platform. Financial terms were not disclosed.
“This acquisition will accelerate Empyrean’s mission of connecting benefits and enriching lives while helping clients build their own culture through benefits,” Sid Gandhi, Securian Financial Executive Vice President.
Sims Metal, a metal recycling company, agreed to acquire Northeast Metal Traders, a non-ferrous scrap metal wholesaler and broker. Financial terms were not disclosed.
"We are very excited about this bolt-on acquisition and the opportunities it opens up for the Sims Metal North America business. The Northeast brings commercial and operating synergies, as well as provides us with a significant and complementary footprint in Philadelphia," Alistair Field, Sims Managing Director and Chief Executive Officer.
American Exchange Group, a provider of accessories design, licensing and manufacturing, completed the acquisition of Giant Propeller, a digital marketing provider. Financial terms were not disclosed.
"We are extremely pleased to welcome Giant Propeller and their talented team to the American Exchange Group family. Our constant quest for innovation, forward-thinking and expansion has led us to this partnership, and we believe that this acquisition will be a game-changer for the future of our company," Alen Mamrout, American Exchange Group CEO.
Simplicity, a financial services company, completed the acquisition of Truluma, a disability insurance brokerage company. Financial terms were not disclosed.
"Truluma is a recognized leader in the disability insurance industry, and Jeff and Jeff, having worked as advisors themselves, are well-respected among their clients and peers in the industry. We are thrilled for them to bring their great experience to our organization, while capitalizing on the resources Simplicity has to offer," Bruce Donaldson, Simplicity President and CEO.
Major banks' CEOs gather to discuss First Republic's future.
Major bank chief executives are gathering in Washington for a two-day scheduled meeting starting on Tuesday, with the future of First Republic Bank, Reuters reported.
Large US banks injected $30bn in deposits into First Republic Bank on March 16, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-sized US lenders.
Elizabeth Warren wants FTC to pressurize CVS-Oak Street $9.5bn deal.
The Federal Trade Commission should not only review the CVS acquisition for impacts on competition and care quality, but also revisit previous transactions in the sector, Elizabeth Warren said.
Virgin Orbit nears deal to raise $200m from Matthew Brown. (FS)
Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings is nearing a deal for a $200m investment from Texas-based venture capital investor Matthew Brown via a private share placement, Reuters reported.
The space startup would resume operations on March 23 and prepare for its next mission by recalling some of its employees, sending its shares up 60% in premarket trading.
Ally Biotech acquires Chill Pill brand.
Ally Biotech, a science-based company and provider of bioactive cannabinoid delivery solutions, announced the acquisition of the Chill Pill™ brand, an extensive line of soft, easy-to-swallow soft gel caps and all of its assets, from Desert Medical Campus, in an all-cash transaction.
"Chill Pill provides a great delivery system for a consistently accurate dose. We are excited to add new products, expand our team, and bring our improved science and technology to the growth of our business and our brands," said Baczek. "We have seen tremendous success with the Chill Pill brand because consumers rely upon its products' accurate dosing, convenience, consistency, and predictable therapeutic effects. Ally Biotech will continue building upon our strong vision for both the medical and adult-use markets, and is well poised to expand the brand successfully," Francis Baczek, Ally Biotech VP of Business Development.
CASI Pharmaceuticals completes the redomiciliation merger.
CASI Pharmaceuticals, a biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, announced that the redomiciliation merger to redomicile the company as a Cayman Islands company has been completed.
Pursuant to the redomiciliation merger, each outstanding share of the common stock of the company was converted into the right to receive one ordinary share of CASI Pharmaceuticals, a company incorporated under the laws of the Cayman Islands.
Standard Solar acquires 21MW community solar project portfolio from New Leaf Energy.
Standard Solar, a firm specialized in the ownership, operation, funding and development of commercial and community solar assets, announced it has acquired a planned 21 megawatts of solar projects in New York and Massachusetts from New Leaf Energy.
"Community solar projects like these will generate clean, reliable energy needed by residents and businesses and are integral in helping New York and Massachusetts reach their renewable energy and climate goals. We're excited to partner with New Leaf Energy, a like-minded leader in clean energy, as we expand our presence in the state," Michael Streams, Standard Solar Chief Development Officer.
FTX's LedgerX attracts bids from firms including Miami Exchange.
FTX has attracted bidders including Miami International Securities Exchange for its crypto-derivatives platform, LedgerX, one of the few solvent pieces of Sam Bankman-Fried's former empire, Bloomberg reported.
The exchange, known as MIAX and owned by Miami International, made an offer for LedgerX, which is being sold in FTX's bankruptcy proceedings. Other bidders include Kalshi.
Vanguard closes down the Shanghai office and exits Ant's JV.
US fund giant Vanguard Group is shutting its main Shanghai office and exiting from a joint venture with Ant Group, moves that will end its six-year presence in the world's second-largest economy, DealStreetAsia reported.
A complete exit from China's $3.92tn funds market would come about two years after the firm said it would not pursue setting up a fund management unit, a U-turn from previous ambitious expansionary plans in the market.
Carvana plans $1bn debt exchange in restructuring bid.
Online used car retailer Carvana is offering to exchange as much as $1bn of bond principal at below-par prices as the struggling online car seller works to restructure its debt load, Bloomberg reported.
The company is offering to swap five series of bonds, including its 5.625% unsecured notes due 2025 and 10.25% unsecured notes due 2030 for new secured notes due 2028 that pay 9% in cash or 12% in-kind. The debt will be secured by a second-priority claim on assets including vehicles.
Sverica Capital Management closes a $750m private equity fund at hard cap. (FS)
Sverica Capital Management, a growth-oriented middle market private equity firm, announced the close of its sixth private equity fund, Sverica Capital Partners VI. Fund VI exceeded its target, was oversubscribed and closed at its hard cap of $750m of total limited partner commitments.
Sverica will use Fund VI to continue its strategy of investing in companies that are, or have the potential to be, category leaders within their respective industries. Sverica will also remain focused on businesses within the technology, business services, healthcare and advanced industrial sectors.
EMEA
Cube Infrastructure Managers, an independent mid-market infrastructure investor, agreed to invest in GleSYS, a Nordic data centre operator providing digital infrastructure solutions. Financial terms were not disclosed.
"Cube invests in businesses providing sustainable infrastructure to growing needs in the market. Cube has partnered with several talented management teams to achieve strong and sustainable growth. GleSYS, thanks to the quality of its services and investments to date, is very well positioned to address the increasing needs of Nordic SMEs for digital infrastructure. We are looking forward to partnering with Glenn Johansson and his team to further grow GleSYS' business," Stéphane Calas, Cube Infrastructure Managers Partner.
GleSYS is advised by Deloitte, Arthur D Little, Censor, Torch Partners (led by Tom Roberts), Forssander Sonander Advokat and Vinge. Cube IM is advised by Fide Partners, Alvarez & Marsal, Intesa SanPaolo, DLA Piper and Peregrine Communications.
Stratasys, a provider of polymer 3D printing solutions, said its board had rejected smaller peer Nano Dimension's $1.1bn offer to acquire the stake it does not already own in the Israeli 3D printer maker.
Following the review, the Stratasys Board concluded that Nano's proposal substantially undervalues the company in light of its standalone prospects and is not in the best interests of Stratasys and its shareholders.
Brookfield Renewable, a publicly traded limited partnership that owns and operates renewable power assets, agreed to acquire the remaining 50% stake in X-ELIO, a global renewable developer, from KKR, a global investment firm. Financial terms were not disclosed.
"X-ELIO is a business we know well following our initial investment and we are thrilled to continue to support this leading global platform with significant growth ahead. This transaction is very aligned with Brookfield's strategy as a leading owner, operator and developer of renewables worldwide, driven by the incredible tailwinds for this sector," Ignacio Paz-Ares, Brookfield Renewable Head of European Renewable Power and Transition Investments.
Crédit Agricole, a French international banking group, and Stellantis, a multinational automotive manufacturing corporation, agreed to acquire European activities of ALD, a French fleet managing and operational car leasing company, and LeasePlan, a leasing company. Financial terms were not disclosed.
"The acquisition of these six entities, together with Stellantis, is a great opportunity for us. An opportunity to seal our new partnership with Stellantis by looking together at a structuring development but also take a significant step towards our objective of becoming one of the European leaders in the field of leasing and mobility," Stéphane Priami, Crédit Agricole Consumer Finance CEO.
Crédit Agricole is advised by Crédit Agricole. LeasePlan is advised by
De Brauw Blackstone Westbroek (led by Pete Lawley).
Heidrick & Struggles, a provider of global leadership advisory and on-demand talent solutions, agreed to acquire businessfourzero, a London-headquartered consultancy. Financial terms were not disclosed.
"Powerful, purpose-driven cultures and inspired and engaged workforces are critical drivers of successful business transformations and long-term, sustainable performance. businessfourzero will form an integral part of Heidrick Consulting's offering, strengthening our ability to work with clients who are focused on developing future-ready cultures and organizations with pragmatic, actionable strategies. We look forward to welcoming Atif Sheikh and the entire team to Heidrick & Struggles," Krishnan Rajagopalan, Heidrick & Struggles President and CEO.
WPP, a British multinational communications, advertising, public relations, technology, and commerce holding company agreed to acquire Goat, an influencer marketing agency. Financial terms were not disclosed.
"We couldn't be happier to be joining WPP and GroupM to bring our leading global influencer marketing and digital solutions to some of the best brands in the world. We are delighted to combine forces with the amazing talent at INCA to deliver even better value for our clients all over the world," Arron Shepherd, Goat Founder and CEO.
Alfa Laval, an innovative technologies provider, completed acquisition of Marine Performance Systems, a maritime technology company. Financial terms were not disclosed.
Marine Performance Systems' air lubrication technology generates micro bubbles under a ship's hull, reducing friction between the vessel and the water by 50-70% and enabling substantial fuel cost savings and improvement in overall ship efficiency, during normal service speed.
Kretinsky becomes Fnac Darty's largest shareholder. (FS)
Czech investor Daniel Kretinsky has further increased his stake in French retailer Fnac Darty and is now its largest shareholder with a 25.03% stake, the AMF stock market watchdog said.
Vesa Equity Investment, Kretinsky's investment vehicle, bought the shares on the market. It previously owned 20.03% of Fnac Darty, according to Eikon data, Reuters reported.
Jumia pushes into small African cities with French retail giant.
Jumia Technologies made a deal to sell French retailer Leroy Merlin’s products in West Africa, part of a plan to expand its reach and cut losses in half by the end of 2023, Bloomberg reported.
The Africa-focused e-commerce giant will sell the French company’s tools and do-it-your-self products in Ivory Coast and Senegal, focusing on high-growth rural areas and smaller cities, Chief Executive Officer Francis Dufay said.
TotalEnergies-Iraq's $27bn cooperation has no progress.
The stalled agreement between Iraq and TotalEnergies over a $27bn energy project has yet to find a resolution, Reuters reported. TotalEnergies agreed in September 2021 to invest in four oil, gas and renewables projects in Iraq's southern Basra region over 25 years, with an initial $10bn.
The deal was tested by elections and the change of government following the signing. Iraq's new government, insists the country take a 40% share in the project, which has been a key sticking point. TotalEnergies needs the new government to confirm the contract signed in September 2021 before closing the deal.
LTG plans M&A spree to ward off bargain-hunting buyout firms. (FS)
The AIM-listed corporate education group Learning Technologies is planning to buy a batch of technology-focused corporate training firms as part of a strategy to thwart unsolicited interest from private equity firms, Reuters reported.
The company has not engaged in "any meaningful conversations" about going private and preferred to remain a public company.
Citigroup appoints Rousseau, Weir as Heads of European M&A team. (People)
Citigroup appointed Robin Rousseau and Barry Weir to lead its mergers and acquisitions business in Europe, the Middle East and Africa to replace the departing Alison Harding-Jones, Bloomberg reported.
Rousseau, who joined from Deutsche Bank in 2020, will remain in Paris. Weir, a JP Morgan veteran who moved to Citigroup last year, will stay based in London.
APAC
Superdry to sell some Asia assets, considers raising equity.
Superdry has struck a deal to sell its brand in Asia Pacific for $50m and is also considering a plan to raise equity, as the struggling British retailer seeks to shore up it balance sheet, Bloomberg reported.
The company, known for its logo T-shirts and bright colors, said Cowell Fashion Company will own and use the Superdry brand in several countries in Asia Pacific including South Korea and China. Net proceeds from the sale will be used to boost liquidity and fund ongoing working capital requirements.
BYJU's in talks to a $250m funding with flat valuation.
Indian edtech giant BYJU's is in final talks to raise $250m at a flat valuation of $22bn, amid pressure to put a lid on rising costs, turn profitable and repay a $1.2bn term loan, DealStreetAsia reported.
The fresh fundraising talks come even as BYJU's is in talks to negotiate the terms of a $1.2bn term loan. This may involve lower coupons and asking for more time to repay.
Sembcorp Industries weighs waste management unit sale. (FS)
Sembcorp Industries, a Singaporean energy company backed by state-owned investor Temasek, is considering selling its waste management unit, Bloomberg reported.
The company is working with a financial adviser on the potential divestment of SembWaste and could seek as much as $700m for the unit. Other investment firms and companies in the industry have shown interest in the business.
Rakuten Bank seeks $881m from Tokyo IPO.
An initial public offering by Rakuten Bank is set to fetch the company and its parent as much as $881m, putting it on track to be Japan's biggest listing in more than four years, Bloomberg reported.
The banking unit of Rakuten Group set an indicative band of $12.3 to $14.8 per share for its Tokyo IPO. The stock will list on the Tokyo Stock Exchange on April 21.
Syngenta weighs listing in Shanghai.
Syngenta Group, the Swiss agrichemical giant looking to list in Shanghai, saying its China growth remains rapid as sales climbed 17% last year, Bloomberg reported.
The China business achieved sales of $8.6bn last year, driven by higher contributions from its crop protection and seeds units. Revenue from MAP and digital operations, which help connect farmers to buyers across China, were particularly strong, rising 76% to $3.1bn.
Triniti targets $290m fund. (FS)
Triniti Capital, a Chinese investment firm focused on hard technologies like semiconductors and energy storage, is in the market to raise a new fund targeting $290m, DealStreetAsia reported.
The fundraising plan comes approximately a year after Beijing-headquartered Triniti Capital held the first close of its third RMB-denominated fund at $145m.
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