AMERICAS
The US Department of Justice and Federal Communications Commission filed in court to support the merger of T-Mobile and Sprint. The moves comes in opposition to the request of a group of state attorneys to block the $59bn merger. The case is being heard in federal court in New York. The agencies also noted that 13 states and the District of Columbia have sought to kill the planned merger, and said that the deal struck with Dish constitutes a substantial relief, Reuters reported.
"Specifically, T-Mobile has committed to providing 5G coverage to 85% of the rural population within three years, and 90% of the rural population within six years," DoJ and FCC.
Sprint is advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. SoftBank is advised by Morrison & Foerster. Deutsche Telecom is advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz.
Callon Petroleum, an independent energy company focused on the acquisition and development of unconventional onshore oil and natural gas reserves in the Permian Basin, completed the acquisition of Carrizo Oil & Gas, a Houston-based energy company actively engaged in the exploration, development and production of oil and gas, for $723m.
"We are excited about this transformational transaction, creating a differentiated oil and gas company by integrating core asset bases in premier basins. Together with Carrizo, we will accelerate our free cash flow, capital efficiency, and deleveraging goals through an optimized model of large-scale development across the portfolio," Joe Gatto, Callon President, and CEO.
Carrizo was advised by Lazard, RBC Capital Markets, Baker Botts, O'Melveny & Myers, Gibson Dunn & Crutcher, and Sard Verbinnen & Co. Callon was advised by JP Morgan, Kirkland & Ellis, Davis Polk & Wardwell, and Joele Frank. Debt financing was provided by Bank of America Merrill Lynch and JP Morgan.
F5 Networks, a transnational company that specializes in application services and application delivery networking, agreed to acquire Shape Security, a cybersecurity company in Mountain View, California, for $1bn.
"We know from the companies we work with that applications are critical to running their business. To drive maximum business value and the best experiences for their customers, these apps need to perform flawlessly while protecting data security and user privacy. When a website or application experience is degraded by web fraud and abuse, the result is lost revenue, lost brand equity, and customers jumping ship to the competition," François Locoh-Donou, F5 President and CEO.
Shape Security is advised by Qatalyst Partners and Sidley Austin. F5 Networks is advised by Foros, JP Morgan, Skadden Arps Slate Meagher & Flom, Sullivan & Cromwell, and WE Communications.
ViacomCBS, a global media and entertainment company, is set to acquire a 49% stake in MIRAMAX, a film and television studio, from beIN MEDIA GROUP, a media company, for $375m.
The transaction includes an upfront cash payment of approximately $150m, along with a commitment to invest $45m annually over the next five years, or $225m, to be used for new film and television productions and working capital.
"This partnership with beIN will be a unique opportunity to gain access to a valuable library, deepening our already substantial pool of IP at a time when demand for premium content is only accelerating. We look forward to working closely with the MIRAMAX management team as we explore new ways to deliver its titles across a variety of platforms and create new, compelling projects," Bob Bakish, ViacomCBS President and CEO.
MIRAMAX is advised by Hiltzik Strategies. ViacomCBC is advised by Guggenheim Partners and O'Melveny & Myers. beIN MEDIA is advised by Moelis and Skadden Arps Slate Meagher & Flom.
Brazil's antitrust regulator is set to approve Boeing's $4.2bn deal to acquire an 80% stake in Embraer's commercial aviation division, without significant restrictions in January.
The deal will be fast-tracked by the regulator, as there are no relevant competition concerns. The regulator board members are not expected to ask for more time to evaluate the deal.
Embraer Commercial Aviation is advised by Pinheiro Neto. Boeing is advised by Simpson Thacher & Bartlett. Embraer is advised by Citigroup, Barbosa Mussnich & Aragao, Skadden Arps Slate Meagher & Flom, and Cleary Gottlieb Steen & Hamilton.
Novelis, a provider of aluminum rolling and recycling, announced that China's State Administration for Market Regulation approved its proposed acquisition of Aleris.
"This is a significant step forward in uniting these two world-class manufacturing companies. The approval we have received from China will allow us to further enhance our strategic position in Asia and diversify our overall product portfolio," Steve Fisher, Novelis President, and CEO.
Aleris is advised by Deutsche Bank, Moelis and Fried Frank Harris Shriver & Jacobson. Novelis is advised by Goldman Sachs, Latham & Watkins. Oaktree Capital is advised by Sard Verbinnen.
WH Smith, which retails books, magazines, newspapers and periodicals, completed the acquisition of Marshall Retail, which operates as a specialty retailer in the casino-resort and airport marketplace, for $400m.
“I feel very proud to announce that we have reached an agreement with UK based retailer, WH Smith, to acquire Marshall Retail Group. We very much look forward to working with such an established and successful global business, with a strong heritage, as we continue on our journey together to drive both businesses forward,” Michael C. Wilkins, Marshall Retail Group CEO.
Marshall was advised by Kirkland & Ellis. WH Smith was advised by Barclays, Greenhill & Co, JP Morgan, Herbert Smith Freehills, and Brunswick Group.
NV5 Global, a provider of professional and technical engineering and consulting solutions, completed the acquisition of Quantum Spatial, an independent geospatial analytics firm, for c. $318m.
NV5 expects the acquisition to expand and diversify NV5’s customer base to include new federal, state, and commercial clients in the high-growth geospatial data analytics market.
Quantum was advised by Sheppard Mullin and Houlihan Lokey. NV5 was advised by ROTH Capital Partners. Debt financing was provided by Bank of America Merrill Lynch and PNC Financial Services.
Cerberus Capital Management, an alternative investment firm, completed the acquisition of the North American, Costa Rican and Japanese businesses and related facilities of Closure Systems International, a provider of closure design, manufacturing, and high-speed application systems, from Reynolds Group. Financial terms were not disclosed.
“We are excited to begin the next chapter of CSI’s story. As a result of our long and successful track record of delivering innovative, quality closure solutions, we have become a trusted partner to world-class companies. With Cerberus’ acquisition, we will maintain our commitment to meeting and exceeding the needs of our leading customers, while also identifying strategic growth opportunities to drive our long-term success,” Floyd Needham, CSI President, and CEO.
Cerberus was advised by Schulte Roth & Zabel. Reynolds was advised by Goldman Sachs and Debevoise & Plimpton.
IAC Interactive, an American holding company, is set to acquire Care.com, a provider of care services, for $500m. As part of IAC, Care.com will benefit from IAC's history of building scaled marketplace businesses in verticals such as travel, dating, and home services. The transaction is expected to close in the first quarter of 2020.
"I'm both thrilled and honored at the opportunity to lead Care.com at this very pivotal moment for the company. Care.com is the go-to brand making it easier for millions of families to connect with affordable, accessible care - I'm excited to start its next chapter as an IAC company," Tim Allen, IAC CEO.
Care is advised by Latham & Watkins, ICR, and Sard Verbinnen & Co.
LABORIE Medical Technologies, a manufacturer of medical testing equipment, agreed to acquire Clinical Innovations, a provider of medical devices, for $525m. The deal is expected to close in early 2020, subject to the satisfaction of customary conditions.
"The acquisition of Clinical Innovations supports the successful evolution of our business and advances LABORIE's strategy to invest in market-leading technologies that address high-growth medical specialties, delivering clinical, access and/or economic advantages," Michael Frazzette, LABORIE Medical Technologies President & CEO.
LABORIE is advised by Piper Jaffray and Cleary Gottlieb Steen & Hamilton.
QinetiQ Group, a science and engineering company operating primarily in the defense, security and aerospace markets, completed the acquisition of Manufacturing Techniques, US provider of advanced sensing solutions, for $125m.
"The acquisition of MTEQ is a significant step towards achieving our ambition to build an integrated global defence and security company, more than doubling the size of our operations in the largest defence and security market in the world. I am excited that MTEQ will be joining QinetiQ as its core proposition of rapidly creating new and disruptive capabilities to respond to emerging threats is so well aligned to our own. I look forward to welcoming MTEQ expert employees and high-quality leadership team to QinetiQ," Steve Wadey, QinetiQ CEO.
Manufacturing Techniques was advised by Robert W Baird. Qinetiq Group was advised by Stephens.
The Federal Trade Commission filed an administrative complaint challenging Post Holdings’s proposed acquisition of TreeHouse Foods’s private label ready-to-eat cereal business. According to the complaint, Post and TreeHouse are two of only three significant manufacturers and distributors of private label ready-to-eat cereal in the United States. The acquisition would give Post more than a 60% share of an already highly concentrated market and eliminate the vigorous competition between them to serve grocers across the country. The proposed merger would remove the competitive pressure that has driven higher quality and lower priced cereals for American families.
“Households nationwide benefit from the robust competition between Post and TreeHouse, and a merger between these companies would likely lead to higher prices and reduced quality of the store-brand cereals that consumers enjoy today,” Ian Conner, FTC Bureau of Competition Deputy Director.
TreeHouse is advised by William Blair and Winston & Strawn.
Audax Private Equity, a mid-market focused private equity firm, completed an investment in Corrona, a biotechnology company. Financial terms were not disclosed.
“Corrona has established itself as a gold standard provider of real-world evidence and is positioned well to expand its service offerings with additional data sources and therapeutic areas. We have been very impressed with the Corrona science and management team and we look forward to partnering with them on this next phase of growth,” Keith Palumbo, Audax Managing Director.
Audax was advised by Ropes & Gray.
Binance, a cryptocurrency exchange and blockchain ecosystem, is set to acquire a minority stake in cryptocurrency derivatives exchange FTX. Financial terms were not disclosed.
As part of the strategic partnership, Binance and FTX will work together to further develop the cryptocurrency ecosystem. FTX will also help build out the liquidity and institutional product offerings across the Binance ecosystem, including its exchange and over-the-counter trading desk.
"The FTX team has built an innovative crypto trading platform with stunning growth. With their backgrounds as professional traders, we see quite a bit ourselves in the FTX team and believe in their potential in becoming a major player in the crypto derivatives markets. We are pleased to have an excellent partner joining the Binance ecosystem and aim to grow the crypto market together," Changpeng Zhao, Binance CEO.
Johnson & Johnson, a developer of medical devices, pharmaceutical and consumer packaged goods, is set to acquire the remaining stakes in Verb Surgical, a manufacturer of robotic medical devices, from Verily, an Alphabet company. Financial terms were not disclosed.
The transaction is expected to close in the first half of 2020, subject to antitrust clearance and customary closing conditions.
"With Verb Surgical, we set out with an ambitious mission to successfully harmonize the talent and expertise of two pioneers to design a platform with the potential to transform surgery. This evolution in the collaboration recognizes the significant achievement toward that mission, and I'm excited for the future of this technology in Johnson & Johnson's hands," Andrew Conrad, Verily CEO.
Seara Alimentos, a producer and distributor of pork and poultry products, agreed to acquire Bunge's margarine and mayonnaise assets. Financial terms were not disclosed. The transaction is subject to regulatory approval.
"This transaction further streamlines our operations in Brazil around our core capabilities, while providing good value for a solid business. It also represents another incremental step in executing a key priority of optimizing our overall portfolio," Greg Heckman, Bunge's Chief Executive Officer.
Johnson & Johnson, a developer of medical devices, pharmaceutical and consumer packaged goods, agreed to acquire TARIS Biomedical, a pharmaceutical company. Financial terms were not disclosed.
"The TARIS technology and scientific team create an unparalleled convergence opportunity with real potential to deliver differentiated, targeted therapeutics for the treatment of patients with localized bladder cancer," Mathai Mammen, Johnson & Johnson Janssen Global Head.
Morgan Stanley Infrastructure Partners accumulates $5.5bn for its third fund. (FS)
Morgan Stanley Infrastructure Partners, the private infrastructure investment team within Morgan Stanley Investment Management, raised $5.5bn for North Haven Infrastructure Partners III, six months after the fund's first close on June 19, 2019.
"We are confident that our active approach to value creation, together with the reach of the Morgan Stanley platform, will continue to deliver results for our clients," Markus Hottenrott, Morgan Stanley Infrastructure Partners Chief Investment Officer.
Goldman Sachs in talks to pay $2bn to settle 1MDB probe.
Goldman Sachs is in discussions with the US government to settle a multibillion-dollar fine, admit guilt and agree to continue oversight of its compliance procedures to resolve a criminal investigation into its role in a Malaysian corruption scandal.
Goldman and the Justice Department agreed on a fine of $2bn to settle charges that the Wall Street firm neglected red flags while bn of dollars were looted from its client, a Malaysian government fund known as 1MDB.
SEC probes listing of Slack on NYSE.
The Securities and Exchange Commission is investigating the listings of Slack Technologies and other significant companies on the New York Stock Exchange, in a probe looking at how trading was handled on the first day.
SEC enforcement staff sent letters including one seeking information from electronic-trading firm Citadel Securities related to how it opened Slack’s stock for trading on June 20 in the workplace-messaging app's so-called direct listing.
FTE Networks to acquire Vision Property Management assets for $350m. (RE)
FTE Networks, a network infrastructure solutions company, agreed to acquire Vision Property Management's affiliated assets, which include more than 3k residential real estate properties in 46 states, for $350m.
"Contributing our assets into FTE and structuring them into a residential real estate investment trust gives us the opportunity to scale our platform and allow investors the opportunity to participate in this under-represented investment class in the public markets. We are thrilled as to this strategic partnership and look forward to delivering future shareholder results," Alex Szkaradek, Vision CEO.
Travis Kalanick cuts stake in Uber by more than 90%.
The co-founder of Uber, sold more than $2.5bn of stock in the past seven weeks, more than 90% of his stake. If the pace is continued, his entire stock might be sold in the coming days. Mr. Kalanick, the former chief executive, was pushed out of that role by investors in 2017.
Richard Jones to become the next FASB Chairman. (People)
Richard Jones, Ernst & Young’s chief accountant, will become the next chairman of the Financial Accounting Standards Board.
Mr. Jones will succeed Russell Golden on July 1, according to the Financial Accounting Foundation, which oversees the US standard-setter.
EMEA
Shareholders of UK-based food delivery service operator Just Eat backed the $7.2bn sweetened offer form Takeaway, saying a tie-up to create one of the leading online food delivery companies was more compelling than a rival cash bid from Prosus.
Takeaway and Prosus both raised their bids for the British company on Thursday, with Amsterdam-listed Takeaway's all-share offer trumping the $1.04 a share offered by Prosus at its current stock price.
"The board of Just Eat continues to believe that the combination with Takeaway.com is based on a compelling strategic rationale that allows shareholders to participate in the upside potential of the enlarged group," Just Eat.
Just Eat is advised by Goldman Sachs, UBS, Oakley Advisory, Linklaters, and Brunswick Group. Prosus is advised by JP Morgan, Morgan Stanley, Allen & Overy, and Finsbury. BNP Paribas, Citigroup, Deutsche Bank, Investec, JP Morgan, and Morgan Stanley act as debt providers for Prosus. Takeaway is advised by Bank of America Merrill Lynch, Gleacher Shacklock, Lazard, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, NautaDutilh, and Slaughter & May.
Natura and Avon Products announced that they received all regulatory approvals required to complete Natura & Co's acquisition of Avon Products. The transaction is expected to close on January 3, 2020.
This follows the approval without restrictions by the Mexican Federal Economic Competition Commission, the last remaining regulatory approval that is a condition precedent needed to conclude the deal.
Avon is advised by Bank of America Merrill Lynch, Goldman Sachs, PJT Partners, Cravath Swaine & Moore, Mattos Filho, Paul Weiss Rifkind Wharton & Garrison, Joele Frank. Natura & Co is advised by Lazard, Morgan Stanley, UBS, Davis Polk & Wardwell, Pinheiro Neto, Brunswick Group. Cerberus is advised by Kirkland & Ellis. Debt is provided by Banco Bradesco, Citigroup, Itau Unibanco. Bank of America Merrill Lynch, Goldman Sachs, PJT Partners are advised by Sullivan & Cromwell.
Britain approved the purchase of Cobham, a British defense company, by Advent International for $5bn after the private equity group made commitments to address national security concerns, Reuters reported.
"I am satisfied that the undertakings mitigate the national security risks identified to an acceptable level and have therefore accepted them and cleared the merger to proceed," Andrea Leadsom, Business minister.
Cobham is advised by Bank of America Merrill Lynch, JP Morgan, Rothschild & Co, Allen & Overy, and MHP Communications. Advent is advised by Citigroup, Credit Suisse, Goldman Sachs, Linklaters, Weil Gotshal & Manges, and Finsbury. GSO provided debt financing and was advised by White & Case.
SCF Partners, a private equity firm, is set to acquire Group Group, an engineering service provider, for $128m.
“Score is a high-quality business operating in an attractive sector. We believe Score’s track record, extensive expertise in the valves sector, extensive specialized stock holding and high quality, loyal employees make this an attractive investment with exposure to the growing oil and gas maintenance sector,” Colin Welsh, SCF Partners International Partner.
Score is advised by N+1 Singer, Simmons Energy, Dentons, Wright Johnston & Mackenzie, and BIG Partnership. SCF Partners is advised by Cenkos Securities, Blackwood Partners, SCF Advisers, and Travers Smith.
Nexi, a provider of payment services, agreed to acquire the Intesa merchant payments business for $1.1bn, and, at the same time, Intesa Sanpaolo will acquire a 10% stake in Nexi. The closing of the transaction is expected to take place within summer 2020 and is subject to clearance by the supervisory authorities.
"The agreement with Intesa Sanpaolo represents another important step in the development of Nexi's strategy, that confirms itself to be a key partner for the banking system in the field of digital payments development, a leverage for the modernization of Italy. The acquisition of Nexi shares by Intesa Sanpaolo represent for us a further signal of confidence in the company's development outlook and, in its mission of being the PayTech company, an independent partner of Italian banks," Paolo Bertoluzzo, Nexi CEO.
Nexi is advised by PwC, Bank of America Merrill Lynch, KPMG, Mediobanca, Gitti & Partners, Legance and Barabino & Partners.
A consortium formed by AXA Investment Managers and Credit Agricole Assurances is set to acquire European Locomotive Leasing, a provider of electric locomotive leasing solutions, from KKR & Co. Financial terms were not disclosed.
“I would like to thank KKR for having believed in us from the beginning and having enabled me and my team to turn the vision we had for ELL into a successful reality. I also want to welcome AXA IM – Real Assets and Crédit Agricole Assurances as our new partners, who will provide significant further resources to bring our company to the next level,” Christoph Katzensteiner, ELL Founder and CEO.
KKR is advised by Credit Agricole, K&L Gates, Vinson & Elkins, and Finsbury. AXA and Credit Agricole are advised by Rothschild & Co.
Searchlight Capital Partners increased the cash bid for vehicle inspection company Opus Group to $239m, and stated the offer would not be lifted any further. Searchlight is now offering $0.9 in cash for each Opus share, up from its initial bid of $0.82, and representing a 42% premium compared to Opus’ closing price.
“Having followed Opus’ development over a number of years, we have been impressed by the achievements of the management team. Our Offer represents an attractive valuation for shareholders, reflecting a premium of around 41%. We believe there is significant investment required to achieve the long-term potential of the business, with Searchlight as an active owner of Opus. We look forward to working with the management team to support Opus as it continues to strengthen its position as a global leader in vehicle inspection and advanced automotive diagnostics,” Oliver Haarmann, Searchlight Founding Partner.
Opus is advised by Lazard and Vinge. Searchlight is advised by Jefferies & Company, Roschier Attorneys, and Willkie Farr & Gallagher.
doValue, an Italian debt recovery firm, is set to acquire Financial Planning Services, a credit services provider, from Eurobank, a commercial bank, for $345m.
The parties aim to close the Transaction by no later than May 2020, subject to the satisfaction of customary regulatory approvals in line with market practice.
doValue is advised by Barclays, Image Building, and Grant Thornton.
DWF, a multinational law firm headquartered in Manchester, completed the acquisition of Rousaud Costas Duran, an independent Spanish law firm, for €50m ($56m).
"The acquisition is consistent with DWF's strategy of acquiring complementary businesses with high levels of recurring revenue and strong cash generation. RCD will sit within the International division which remains one of the priority growth opportunities and therefore priority areas for the Group's capital allocation," Andrew Leaitherland, DWF Group CEO.
DWF was advised by Zeus Capital, Jefferies & Company, Stifel, and Finsbury.
Providence Strategic Growth-backed MAPAL Software, a developer and supplier of workforce management software for the hospitality sector, is set to merge with Flow Hospitality Training, a learning management system for the hospitality sector, to create a provider of technology solutions for the European hospitality sector. Financial terms were not disclosed.
"We are confident that this combination with MAPAL – supported by the team at PSG – will enable the business to make an even greater impact going forward and Ruth and I have decided that now is the right time to transition the stewardship of Flow to new investors. We are excited about what the future holds – and we believe that Jorge, with the support of our current management team, is the ideal leader to help Flow and MAPAL transition to this next chapter," David Wither, Flow Co-Founder.
Flow is advised by Ernst & Young. Providence is advised by Sard Verbinnen & Co.
Lone Star Funds, a private equity firm, agreed to acquire BASF's Construction Chemicals business for $3.5bn on a cash and debt-free basis. The transaction is expected to close in the third quarter of 2020, subject to the approval of the relevant competition authorities.
"BASF's Construction Chemicals business fits very well with our portfolio, complementing our investments in the construction materials industry. We highly value the industry-wide recognized knowledge and competence of BASF's Construction Chemicals experts, backed by a strong track record in innovative products and a compelling R&D pipeline. We look forward to jointly pursuing a growth-oriented business approach," Donald Quintin, Lone Star President of Europe.
Lone Star is advised by Hill+Knowlton Strategies.
Intesa Sanpaolo, a banking service provider, is set to acquire a 9.9% stake in Nexi, an Italian bank, from Mercury, a payment service provider, for $727m.
“The transaction will enable Intesa Sanpaolo to extract proper value from the acquiring activities currently carried out internally, through the contribution of its business line - taking into account that operating efficiently in this sector, in a competitive scenario of international scope, requires greater investment and economies of scale - while retaining an interest in a business with significant growth prospects,” Intesa Sanpaolo.
Mercury UK is advised by Rothschild & Co.
Casa Tarradellas, a Spanish food company, agreed to acquire a 60% stake in Herta, a cold cuts and meat-based products provider, from Nestle. Nestle and Casa Tarradellas will create a joint venture for Herta with their respective stakes of 40% and 60%. Financial terms were not disclosed.
"The Herta business has delivered strong performance over the past years and is well-positioned for future growth. We are happy to have Casa Tarradellas as our partner, a family-run business that is a market leader in Spain for pizza, fresh dough and charcuterie. Both companies have a true passion for quality and innovation and are proud to be in a joint venture to provide our consumers with great ingredients for their daily meals," Marco Settembri, Nestle Executive Vice President, Chief Executive Officer Zone Europe, Middle East and North Africa.
Casa is advised by Cleary Gottlieb Steen & Hamilton.
Tikehau Capital, a private equity firm, is set to acquire the biomass business of Acek Energias Renovables, an operator and supplier of components in the field of renewable energy, for $90m.
The transaction includes the 17MW biomass plant in Garray (Soria), several long-term operation and maintenance contracts in Spain and Portugal, as well as its industry-leading engineering business in Puerto de Santa Maria.
"We are pleased to invest in an integrated platform in the biomass sector in Spain and Portugal. The company enters a new phase supported by Tikehau Capital. Alongside its management team, we aim at creating a leading integrated bioenergy player," Carmen Alonso, Tikehau Head of Iberia.
Tikehau is advised by Finsbury.
Phoenix, a United Kingdom mid-market private equity firm, agreed to acquire a majority stake in Redington, a provider of framework-based, outcome-oriented investment advice. Financial terms were not disclosed.
“The investment by Phoenix is a positive, natural and planned next step for the business and one which we are very excited about. We have chosen Phoenix as our partner because of its track record in backing and supporting management teams to deliver on their strategic vision,” Mitesh Sheth, Redington CEO.
Redington is advised by Alantra.
Savon Voima, a provider of electricity trade and hydropower generation services, is set to acquire the district heating business in Joensuu from Fortum, a utility service provider, for $590m. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2020.
"In line with our strategy, this is an excellent opportunity to extend our core district heating business to the Joensuu network in close vicinity to our existing networks. We value the solid fundamentals of the asset and see potential in further developing it along with the existing team, including continuing the peat-to-bio conversion of the Joensuu district heating business according to the plans laid out by Fortum," Arto Sutinen, Savon CEO.
Nordic Capital, a private equity firm, agreed to acquire Consilium Marine & Safety, a developer and marketer of products and systems for safety, for $320m.
“Nordic Capital is a highly experienced investor with a long history of growing sustainable businesses. We believe it to be an ideal partner to support Consilium Marine & Safety's continued growth strategy, reinforcing the company’s position as a global leading supplier of products and systems that are used to protect lives, material values, and the environment,” Ove Hansson, Consilium President and CEO.
Campari Group, a manufacturer of spirits, wines and soft drinks, is set to acquire the French distribution unit of Baron Philippe de Rothschild, a retailer of wines, for $67m. The deal is expected to close during the first quarter of 2020, subject to customary antitrust approval. The consideration will be financed through available resources and will be paid using cash.
"This contemplated acquisition is a key step forward into Campari Group's long-term growth strategy aimed at continuously strengthening our route-to-market globally. This deal offers us a unique opportunity to insource RFD's strong distribution capabilities and therefore operate directly in this market, benefitting from the significantly increased critical mass as well as an enhanced focus on our core brand portfolio," Bob Kunze-Concewitz, Campari CEO.
Henry Boot, a British construction and property development business, completed the acquisition of Starfish Commercial, a multi-tenure housing contractor. Financial terms were not disclosed.
"Henry Boot Construction look forward to working with Starfish Commercial and their management team. Starfish have an exceptional reputation in the Social Housing Market with a number of long term relationships and repeat clients. We believe we can help Starfish grow and continue to deliver high-quality housing for both its existing clients and for new partners. Further, we also believe this acquisition will provide a presence in a very exciting and growing market that is an excellent fit for us," Simon Carr, Henry Boot Construction Managing Director.
Mitsubishi and Nippon Telegraph and Telephone agreed to acquire a 30% stake in HERE Technologies, a provider of location services. Financial terms were not disclosed.
The companies are co-investing in HERE via their newly established, jointly owned holding company COCO Tech Holding in the Netherlands. The transaction is expected to close in the first half of 2020, subject to regulatory approval.
"We are excited to welcome Mitsubishi and NTT as new strategic investors. We have been greatly inspired by our conversations. Mitsubishi and NTT share our vision of enabling an autonomous world for everyone and believe in our ability to harness our location platform," Edzard Overbeek, HERE CEO.
Aramco extends drop to erase a third of the initial IPO rally.
Saudi Aramco shares dropped for a third straight session, with investors locking in some profits now that the catalyst of inclusion in stock indexes has passed, Bloomberg reported.
Aramco slid 3.3% to SAR35.50 ($9.5) in Riyadh on Thursday, underperforming the Tadawul All Share Index, which rose 0.5%.
ISS recommends Mediaset shareholders vote against changes to Dutch holding bylaws.
Proxy adviser ISS recommended shareholders in broadcaster Mediaset vote against changes to the bylaws of a Dutch holding company into which the TV group wants to merge its Italian and Spanish businesses, Reuters reported.
Mediaset is proposing to change the bylaws in a bid to address concerns that the reorganization, aimed at creating a pan-European TV platform, harms the interests of minority shareholders - a stance backed by Mediaset's second-biggest investor Vivendi.
"The new holding would overall decrease minority shareholder rights even after the planned amendments. Despite the positive changes proposed, we note that the main concerns about the merger have not been addressed," ISS.
Italy will not inject more money into Alitalia.
Italy will not inject more public money into Alitalia, Industry Minister Stefano Patuanelli stated on Saturday, warning that the troubled airline could shut down by mid-2020 without a buyer, Reuters reported.
Alitalia, which is losing $2.2m a day, was put under a new temporary administrator this month after a consortium of potential rescuers backed out.
Vivion Investments to acquire London hotels of Qatari Sheikh for $333m. (RE)
Vivion Investments, a real estate investment group, agreed to acquire London hotels of former Qatari Prime Minister Sheikh Hamad bin Jassim Al Thani, for $333m.
Sheikh Hamad acquired the hotels about eight years ago for $253m.
APAC
Cisco Systems, an American multinational technology conglomerate, is set to acquire Exablaze, a privately held, Australia-based designer and manufacturer of advanced network devices aimed at reducing latency and improving network performance. Financial terms were not disclosed.
"The acquisition will bring together Cisco's global reach, extensive sales and support teams, and broad technology and manufacturing base, with Exablaze's cutting-edge low-latency networking, layer 1 switching, timing and time synchronization technologies, and low-latency FPGA expertise. Once the transaction is finalized, our goal will be to optimally combine the strengths of both organizations. Together with Cisco we will be investing a great deal of thought and deliberation into how we go about the merger process, keeping in mind the close business relationships that we've grown over the years, as well as the unique attributes of our agile and fast-moving industry," Exablaze.
Exablaze is advised by Rosenblatt Securities, Gilbert + Tobin, Sullivan & Cromwell, and Moonlight Media.
Toshiba confirmed that its board decided not to accept optical product maker Hoya's tender offer for its NuFlare Technology unit, stating that the chip equipment unit was core to the group.
Toshiba, which holds 52.4% of NuFlare, stated there was no change to its own tender offer to take full control of NuFlare.
Hoya is advised by Daiwa Securities and Kekst CNC.
Saint-Gobain, a French multinational corporation, completed the disposal of its construction glass activity in South Korea to Glenwood Private Equity, an investment management company in Korea specialized in industrial activities and the construction sector, for €240m ($262m).
This transaction marks an important milestone in the execution of Saint-Gobain's portfolio optimization strategy: with over €3bn ($3.3bn) in sales completed or signed as of today, the objective announced for the end of 2019 has already been reached.
Leankart Solutions, an Indian eyewear retailer, raised $231m in the recent funding round led by SoftBank.
The funding will allow the company to expand its operations across smaller towns as well as overseas territories. Lenskart entered Singapore earlier this year and plans to enter markets such as the Philippines, Taiwan, and the Middle East.
Hipac, an Hangzhou-based cross-border online shopping platform focusing on baby and maternal products, raised $100m in Series D financing round led by Anchor Partners.
"Hipac plans to use proceeds from the latest funding round to recruit talent, enhance supply chain systems, and upgrade offline stores with intelligent systems," Zhao Chen, Hipac Founder and CEO.
PayPal, a payment service provider, completed the acquisition of a 70% stake in GoPay Information Technology, a provider of online payment and services in China. Financial terms were not disclosed.
"We're pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market. This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms. We look forward to contributing to the growth of China's e-commerce and payments ecosystem," Dan Schulman, PayPal president, and CEO.
RCBC teams up with Acudeen for a new $2bn fund. (FS)
Philippine-listed bank Rizal Commercial Banking partnered with 500 Startups-backed fintech firm Acudeen Technologies to launch a new $2bn fund that targets the country's micro, small, and medium enterprises and farmers, DealStreetAsia reported.
"This pioneering initiative promotes innovation by giving all stakeholders the opportunity to offer creative solutions to sustainability challenges, especially in empowering our entrepreneurs in exponentially growing our MSME sector," Eugene Acevedo, RCBC President, and CEO.
Brookfield considers a $1bn REIT listing in India. (FS)
Brookfield Asset Management, a Canadian asset manager, considers bundling its commercial real estate assets in India into a real estate investment trust for a listing next year, DealStreetAsia reported.
The Canadian asset manager held discussions on a potential IPO of a property trust that could raise more than $1bn. Brookfield is considering including about 15m sq ft to 20m sq ft of real estate.
Livspace in talks to raise $100m. (FS)
Livspace, an online home design firm, is in advanced talks to raise $100m at a valuation of over $500m.
The round is expected to be led by Kharis Capital, a European investment management firm, along with Venturi Partners, Singapore's growth stage investor.
ChemChina seeks funding from state-backed firms ahead of Syngenta IPO. (FS)
China National Chemical or ChemChina approached Chinese state-backed investors for up to $10bn in funding as part of a reorganization of its agrichemicals business ahead of an IPO, DealStreetAsia reported.
Executives from ChemChina and Sinochem have been involved in the approaches to potential investors. They turned to fellow state-owned firms after some international investors shunned the offer as too expensive.
Chinese diaper manufacturer Coco considers sale. (FS)
Coco Healthcare Products, a Chinese diaper manufacturer, considers its sale that could bring c. $200m.
The Hangzhou-based company, which counts CLSA Capital Partners among its shareholders, is working with an adviser on the potential sale. The adviser reached out to several prospective suitors.
BlackRock and Temasek, consider launching an asset management business in China. (FS)
BlackRock and Temasek are in discussions to launch an asset management business in China along with one of the country’s biggest banks, Bloomberg reported. The world's largest asset manager and Singapore’s state investor entered a non-binding agreement with China Construction Bank to take a majority stake in the new unit.
Any deal would be subject to regulatory approval. It's the latest step by overseas companies to tap into China's financial opening, the two-year-old policy of improving access for foreign firms to the country’s capital markets and investors.
ThaiBev has no plans to divest its stake in Vietnam's Sabeco.
Thai Beverage stated that it is not seeking buyers for its Vietnam-based brewer Sabeco.
“ThaiBev, through its subsidiary Vietnam Beverage, is confident in its business in Vietnam. Vietnam continues to be one of ThaiBev’s core markets and is integral to its goal of becoming a stable and sustainable leader in Southeast Asia’s beverage industry,” ThaiBev.
Embassy REIT selects Kotak and Morgan Stanley for fundraising.
Embassy Office Parks REIT picked Kotak Mahindra Bank and Morgan Stanley to help raise funds for a potential acquisition of commercial property assets in India.
The trust selected the banks as advisers. There's no final decision on the size and structure of the financing, which could be a combination of debt and issuance of new units.
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