Just Eat Takeaway, a global online food delivery marketplace, completed the acquisition of Grubhub, an online and mobile food-ordering and delivery marketplace, for $7.3bn.
"The new company is the market leader in Europe, Canada and Australia, with very strong positions in the most important markets in the United States. It is humbling to run such a company after our start in Holland more than twenty years ago," Jitse Groen, Just Eat Takeaway CEO and founder.
Grubhub was advised by Centerview Partners, Evercore, Kirkland & Ellis, NautaDutilh, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors were advised by Sullivan & Cromwell. Just Eat and Takeaway were advised by Bank of America, Goldman Sachs, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, Slaughter & May and Teneo.
Ford Motor-backed Solid Power, a developer of solid-state rechargeable batteries, agreed to go public via a SPAC merger with Decarbonization Plus Acquisition III, a blank check company, in a $1.2bn deal. Solid Power is expected to have a $165m fully committed PIPE transaction anchored by investors Koch Strategic Platforms, Riverstone Energy, Neuberger Berman funds and Van Eck Associates.
"Today marks an important milestone of commercializing Solid Power's next generation of all-solid-state batteries that can alleviate the two largest passenger EV pain points: range anxiety and cost. In addition to our existing partners, Ford and BMW, we are now excited to partner with the DCRC team that shares our vision of powering a cleaner, safer and cost-effective electric future," Doug Campbell, Solid Power Co-Founder and CEO.
Solid Power is advised by Stifel and Wilson Sonsini Goodrich & Rosati.
Koch is advised by Mayer Brown. Decarbonization Plus Acquisition III is advised by Citigroup, JP Morgan and Vinson & Elkins. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton.
Altria-backed Cronos Group, a diversified and vertically integrated cannabis company, agreed to acquire a 11% stake in PharmaCann, a provider of medical cannabis, for $110m.
“Our US growth strategy focuses on delivering long term shareholder value by assembling a best-in-class brand and intellectual property portfolio and positioning to deploy our products in the US market through investments and opportunities with US leaders who share our vision and commitment to responsibly distributing disruptive cannabinoid products that improve people’s lives. We were attracted to PharmaCann as an investment because of their disciplined capital allocation, strong track-record and compelling licensed manufacturing and retail footprint," Kurt Schmidt, Cronos Group President and CEO.
PharmaCann is advised by Canaccord Genuity and Fox Rothschild. Cronos Group is advised by Cowen & Company, McGuireWoods and Sullivan & Cromwell. Altria is advised by Wachtell Lipton Rosen & Katz and Perella Weinberg Partners.
Unilever, a British multinational consumer goods company, agreed to acquire Paula's Choice, a provider of online cosmetics and skin care products, from TA Associates, a private equity firm. The transaction is expected to close in Q3 2021. Financial terms were not disclosed.
"With Unilever we can build on our work and vision spanning 26 years of creating brilliant products, and by giving people the self-confidence that comes from knowing they are taking the best care of their skin possible," Paula Begoun, Paula's Choice Founder.
Paula's Choice is advised by Raymond James. TA Associates is advised by Morgan Stanley, Piper Sandler and Goodwin Procter. Unilever is advised by Baker McKenzie.
Bally's-backed Twin River Worldwide, an owner and manager of nine casinos, completed the acquisition of Jumer's Casino & Hotel, an owner and operator of hotels and casinos, from Delaware North, a gambling and racing operations company, for $120m.
"As the latest step in our ongoing portfolio diversification strategy, we are excited to complete our acquisition of Jumer's and enter the rapidly growing Illinois gaming market. The closing provides Bally's with the potential to capitalize on several lucrative sports betting opportunities, which we expect will drive revenue and cash flow growth," George Papanier, Bally's President and CEO.
Bally's was advised by Citizens Capital Markets, Kekst CNC and Bass Berry & Sims. Delaware North was advised by Jones Day.
Aritzia, a Canada-based design house and fashion retailer of exclusive brands, agreed to acquire Reigning Champ, a designer and manufacturer of premium athletic wear, for c.$63m.
"Building on Aritzia's strong start to fiscal 2022, this acquisition meaningfully accelerates our product expansion into men's while bringing incremental growth to our already surging women's e-commerce and US businesses. Capitalizing on our world-class operational expertise and infrastructure, men's, merchandised independently, will become a meaningful part of Aritzia's platform through our Reigning Champ acquisition," Brian Hill, Aritzia Founder, CEO and Chairman.
Reigning Champ is advised by RBC Capital Markets and Blake Cassels & Graydon. Aritzia is advised by Raymond James and Borden Ladner Gervais.
Parthenon Capital-backed MRO, a clinical data workflow platform, agreed to acquire FIGmd, a provider of clinical, claims and quality data acquisition platforms and data interoperability solutions. Financial terms were not disclosed.
"We are thrilled to join forces with MRO, an industry leader known for outstanding customer success and unmatched expertise in secure clinical data exchange. Our mission has been to simplify the clinical, quality and claims data acquisition process and deliver actionable intelligence to improve outcomes. As part of MRO, we have a tremendous opportunity to further that mission. We are very excited to join the MRO organization and their client-first and innovative culture," Sanket Baralay, FIGmd CEO.
FIGmd is advised by pHpartners, Pillsbury Winthrop Shaw Pittman and Reed Smith. MRO is advised by Kirkland & Ellis.
Argo Infrastructure Partners, an independent fund manager, agreed to acquire Macquarie Infrastructure Hawaii from Macquarie Infrastructure, which operates and invests in a portfolio of infrastructure and infrastructure-like businesses in the US, for $514m. The transaction is expected to close in the first half of 2022.
“While Covid-19 lengthened the timeframe to complete these efforts, we are now transferring our businesses to private owners who recognize their improved resilience and growth potential. Subject to the successful closing of our two agreed transactions, we have delivered on our commitments and will return net proceeds to shareholders of $52.18 per share, representing a 35% premium to our share price prior to embarking on our pursuit of strategic alternatives,” Christopher Frost, MIC CEO.
MIC is advised by Lazard, Evercore and White & Case.
Apollo Global-backed Shutterfly, a digital retailer and manufacturing platform for personalized products, agreed to acquire Spoonflower, a global marketplace connecting makers and consumers with artists worldwide, for $225m. The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to close in the third quarter of 2021.
“Millions of consumers use Spoonflower to make and upload their own designs on premium fabric, wallpaper and home decor, ignite their entrepreneurial spirit by launching small businesses or express their personal style by shopping the marketplace of more than one million designs. Driven by its passionate creative community and a visionary management team, Spoonflower has also experienced explosive growth over the last 18 months amid the thriving DIY consumer movement. It’s a highly complementary strategic fit for Shutterfly and a win/win for consumers, employees, and members of our creative community alike,” Hilary Schneider, Shutterfly CEO.
Shutterfly is advised by Paul Weiss Rifkind Wharton & Garrison.
Cornerstone Home Lending, an independent residential mortgage company, agreed to acquire The Roscoe State Bank, a community-based bank. The transaction is subject to customary regulatory approvals. Financial terms were not disclosed.
"This combination of two great teams will allow Cornerstone to significantly expand product and service offerings to our hundreds of thousands of customers and referral sources throughout the country, will provide a vast array of additional home lending products and services to the customers and communities served by The Roscoe State Bank, and will produce additional growth opportunities for team members at both Cornerstone and Roscoe," Marc Laird, Cornerstone Chairman, CEO and Co-founder.
The Roscoe State Bank is advised by Piper Sandler and Thompson & Knight. Cornerstone is advised by Otteson Shapiro.
ZS, a management consulting and professional services firm, agreed to acquire Medullan, a digital health and digital medicine strategies company. Financial terms were not disclosed.
"The Covid-19 pandemic has accelerated patient acceptance and industry need for scalable, secure, reliable and seamless digital health solutions. The power and flexibility of Medullan's platform and other capabilities—combined with ZS's deep business expertise, industry relationships and global reach—mean that we're able to help our clients overcome digital delivery barriers and improve patient outcomes in this unprecedented moment," Chris Wright, ZS CEO.
Ventiga Capital-backed Airpas Aviation, a provider of cost management for airport, ground handling and navigation charges, agreed to merge with FuelPlus, a fuel administration and cost management provider. Financial terms were not disclosed.
"This merger brings together two great customer and technology-focused companies, creating the global leader in critical cost management for airlines," Daniel Mytnik, Ventiga Co-Founder and Managing Partner.
Airpas Aviation is advised by Carrot Communications.
Advent International agreed to invest $430m in Ebanx, a Brazilian payments company.
The company plans to use the proceeds from acquisitions to further expand operations in countries such as Mexico, Colombia and Argentina.
“We are thrilled to have the opportunity to partner with such a remarkable group of founders and industry leaders at EBANX. This management team is building a unique growth engine throughout Latin America and is the type of disruptive category leader in which we look to invest. We are proud to have EBANX in the Advent ecosystem,” Brenno Raiko, Advent Managing Director and Head of Latin America Technology.
Northleaf and Velocity Structured Solutions, investment firms, completed the $120m investment in NewSpring, a private equity firm.
"Through NewSpring's differentiated investment approach, we partner with family-run businesses and founders to create exponential growth. Our brand of partnership is ingrained in our operating experience and focused on the alignment of values with the management teams we invest in to maintain corporate culture and foster environments that allow for smart paths to sustainable growth," Skip Maner, NewSpring General Partner.
Cerberus Cyber Sentinel, a cybersecurity consulting and managed services firm, completed the acquisition of Ground Control IT, an Arizona-based managed security services provider. Financial terms were not disclosed.
“Ground Control is an excellent fit for the Cerberus portfolio of companies. Ground Control offered us an attractive model for managed security services and consulting services. They will help us meet the expanding security needs of our clients in the western US,” David Jemmett, Cerberus Sentinel CEO and Founder.
OneWater Marine, a premium recreational boat retailer, agreed to acquire Stone Harbor Marina, a boat sales, storage, service and repair provider. The transaction is expected to close in the fiscal fourth quarter of 2021. Financial terms were not disclosed.
“The addition of Stone Harbor Marina further highlights our winning acquisition strategy as we continue to opportunistically identify market-leading dealerships to fold into the organization. Tom and his team have done an incredible job with the business over the years, and we look forward to providing new opportunities and resources to support their continued success. Stone Harbor Marina will be a perfect addition as we continue to execute on our strategy to provide the best brands and buying experience to our customers,” Austin Singleton, OneWater CEO.
Automattic, the owner of an online-publishing tool WordPress, agreed to acquire Day One, a journaling app provider. Financial terms were not disclosed.
"Thanks to the support of our incredible users, a sustainable subscription business model, a committed team, and new growth opportunities, the future is bright. We’re grateful you’ve been part of the Day One family and can’t wait to share this next chapter of our journey together," Paul Mayne, Day One Founder and CEO.
Coatue, a global technology-focused investment manager, led a $200m funding round in Lyra Health, a technology platform and a mental health care provider. The round had participation from Sands Capital.
"One in five people struggle with mental health challenges such as anxiety, depression, or substance use disorder. Delivering mental health care for diverse employee populations around the world is one of the most pressing and complex issues for employers today, and this new funding will help Lyra accelerate our plans to deliver comprehensive, global solutions," David Ebersman, Lyra Health CEO and Co-Founder.
Insight Partners, an American venture capital and private equity firm, led a $125m Series B funding round in PayCargo, a freight payment platform.
"Working with Insight Partners, we have doubled our team and developed new cutting-edge solutions as well as new partnerships, continuing to support the freight industry through this challenging last year. This next round of investment will ensure we continue to grow and expand into new markets with a focus on security and data protection, to fit every part of the supply chain," Thomas Vieweg, PayCargo Global Chief Growth Officer.
Goldman SPAC in talks for a $2.5bn merger with Mirion Tech. (FS)
GS Acquisition Holdings II, a blank-check company, backed by Goldman Sachs, is in advanced talks to acquire Mirion Technologies, a nuclear measurement and analytics company, from Charterhouse Capital Partners, a private equity firm. The deal could be valued at $2.5bn.
Mirion provides devices and services for customers who work with nuclear energy - monitoring and measuring radiation and contamination, providing alarms, and managing waste. GS Acquisition Holdings II raised $750m in its June 2020 IPO to scout for a deal.
Charterhouse is advised by Lazard.
Investors to buy about $1bn stake in Stripe. (FS)
Stripe, a developer of an online payments processing platform intended to help small and large companies accept web and mobile payments, offered investors to acquire sizable stake worth $1bn from existing shareholders. The buyers include Capital Group, a mutual-fund company, Sequoia Capital, a venture capital firm, Silver Lake, a buyout firm, and Shopify, an ecommerce company, WSJ reported.
MicroStrategy, a provider of enterprise analytics and mobility software, filed a “shelf” registration with the US SEC to sell $1bn in common shares for general purposes, including purchasing more Bitcoin, Bloomberg reported.
The company completed the sale of m in senior secured notes that will be used to acquire the digital currency.
Hellman & Friedman-backed Sprinklr targets a $5bn valuation in US IPO. (FS)
Hellman & Friedman-backed Sprinklr, a developer of a customer experience management software platform, looks to raise $380m via a US IPO, targeting a $5bn valuation.
The company plans to sell 19m shares priced between $18 and $20 per share. The company has applied to list its shares on the New York Stock Exchange under the ticker symbol “CXM”. The company’s revenue rose 19% to $111m in the three months ended April 30, 2021.
Sprinklr is advised by Morgan Stanley, JP Morgan, Citigroup, Barclays and Wells Fargo.
BlackRock Real Assets closed a $1.67bn fund. (FS)
BlackRock Real Assets has closed its debut Global Infrastructure Debt Fund with $1.67bn commitments exceeding its target three times.
The fund attracted backings from more than 20 institutional investors from US, Canada, Japan and Korea. GID will focus on infrastructure investments in essential real assets in developed markets backed by visible cash flow streams.
“It is a testament to the team’s ability to deliver strong performance for our clients, leveraging our unique direct origination capability to meet the ever-growing desire for resilient infrastructure asset exposure," Jeetu Balchandani, BlackRock Global Head of Infrastructure Debt.
Arrington Capital launches a $100m blockchain fund. (FS)
Arrington Capital, a digital asset management-focused firm, launched a new $100m fund, Arrington Algo Growth Fund, targeting development built on the Algorand blockchain.
The fund will look to encourage and spur additional development on Algorand in areas like finance, traditional finance, the public sector and the NFT space.
"We are inspired by the traction that Algorand has in the market right now. With unmatched tech, robust developer resources and a vision for long term sustainability, Algorand is empowering its community to more easily create the future of finance. The launch of this fund represents our commitment to supporting the growth and success of the Algorand ecosystem," Michael Arrington, Arrington Partner.
SOSV announces the close of a $100m Select Fund. (FS)
SOSV, a venture capital and accelerator firm, closed SOSV Select Fund, which reached a $100m hard cap to invest in series B and later rounds. The fund is backed by Credit Suisse, WTT Investment, Golden Vision Capital and AIFAM.
"While we spend most of our time working with companies that are just getting started, many of our 3-to-5-year-old startups are hitting the tens-of-millions-in-revenue level that attracts later stage investors. The new Select Fund will help us keep pace with those opportunities in the years ahead," Sean O'Sullivan, SOSV Managing Partner.
Charterhouse Capital Partners, agreed to acquire a majority stake Telio, a Germany-based prison communication systems provider, from Deutsche Beteiligungs, a publicly-traded holding company based in Frankfurt am Main. The sale is expected to close within the next four months. Financial terms were not disclosed.
“Telio has undergone a major transformation, once again improving its market position and providing another clear example that add-on acquisitions can decisively accelerate a company's development – and, in the case at hand, its repositioning,” Tom Alzin, Member of DBAG's Management Board.
Charterhouse Capital Partners is advised by Ernst & Young, Alantra, Carlsquare, Allen & Overy and Intuitus. DBAG is advised by goetzpartners, ERM Group, Alvarez & Marsal, GCA Altium, Milbank and KPMG.
Alchemy Partners, a private equity firm, agreed to invest £100m ($141m) in DNA Payments, a payments company.
“Alchemy’s investment marks a historic day for DNA and is a huge endorsement of our company and our technology. We have been looking for the right partner with the right ethos, vision and experience and we are lucky to have found this partnership with Alchemy," Arif Babayev and Nurlan Zhagiparov, DNA Payments Founders.
DNA Payments is advised by Ernst & Young, Houlihan Lokey and Proskauer Rose. Alchemy Partners is advised by PricewaterhouseCoopers and Macfarlanes.
DNB Bank, a Norwegian bank, offered to acquire a 90% stake in Sbanken, a Norwegian online bank headquartered in Bergen, for c.$1.39bn. The planned takeover still remains subject to regulatory approval.
"The board of directors is of the opinion that the offer reflects the strong financial and strategic value of the Sbanken group and implies an attractive valuation for shareholders," Niklas Midby, Sbanken Chairman.
Sbanken is advised by Arctic Securities and Thommessen. DNB Bank is advised by Advokatfirmaet BA-HR and DNB Markets.
Novo Holdings, a global life sciences investor, agreed to acquire BBI Group, a supplier of products and services to the global diagnostics and life sciences industries, from Exponent, a private equity firm, for c.£400m ($564m).
"We see tremendous opportunities for both organic and inorganic growth for the company. Novo Holdings is looking forward to contributing its considerable industry expertise and extensive network in supporting the talented team at BBI," Johan Hueffer, Novo Holdings Senior Partner.
Novo Holdings is advised by Lazard, Kromann Reumert, Latham & Watkins, and Linklaters.
Strategic Value Partners and EnTrust Global, two private equity firms, completed their acquisition of aviation investment and asset management business of DVB Bank, a transport finance company. Financial terms were not disclosed.
"EnTrust and SVPGlobal share our vision to provide transformational financing and investment solutions. Together, we will be able to significantly strengthen our offering of innovative financing solutions to airline and leasing clients globally in the current environment," Stephan Sayre, DVB Bank Co-CEO and CIO.
EnTrust Global was advised by Hiltzik Strategies. SVPGlobal was advised by Greenbrook and Kekst CNC. Bidders were advised by Milbank.
Keensight Capital, a private equity investment firm, agreed to acquire a majority stake in Adista, a B2B hosted services provider from Equistone Partners, an asset manager. Financial terms were not disclosed.
"This passing of the torch is part of an undeniable dynamic for the company, which has doubled its revenue since 2016 and has the ambition to do the same by 2025. On behalf of the Adista team, we would like to thank Equistone for what we have accomplished together over the past years and warmly welcome Keensight Capital to write the next chapter of Adista’s history," Patrice Bélie, Adista CEO.
Keensight Capital is advised by Citigate Dewe Rogerson and Wordcom Consulting. Equistone Partners is advised by Brunswick Group.
Litorina, a private equity firm, agreed to acquire a majority stake in Brödernas, a Sweden-based restaurant chain focused on serving high-quality burgers and pizza. Financial terms were not disclosed.
"We actively look for partnerships with outstanding founders and we are highly impressed with Brödernas’ success to date showing spectacular growth and a consistently strong focus on high-quality food and best-in-class service. We have broad experience from scalable roll-out cases and the foodservice sector and are very pleased that the founders of Brödernas have chosen Litorina as their preferred partner going forward. We are truly looking forward to the journey ahead," Mattias Letmark, Litorina Partner.
Brödernas is advised by Clearwater International and Baker McKenzie.
Prosus, a global consumer internet group, completed the acquisition of a majority stake in GoodHabitz, a European provider of online training for businesses, for c.€212m ($256m).
“The future of workplace learning is rapidly evolving and the companies that can engage their employees in a digital environment successfully will do well moving forward. There is a significant need across businesses of all sizes to offer their people engaging, easy-to-consume training. GoodHabitz has built a successful business delivering highly polished but fun content that meets that need perfectly and we are looking forward to helping the team expand the business further as part of Prosus,” Larry Illg, Prosus EdTech CEO.
The Hunt Group, a British e-commerce company, completed the acquisition of Bentley Laboratories, a developer and manufacturer of skincare and haircare products, for $255m.
"Bentley provides THG with US-based, pre-eminent in-house skincare and haircare new product development capabilities and manufacturing, which will be leveraged across THG's expanding own beauty brand portfolio, as well as THG's partner brands across Ingenuity and Beauty to embed THG even more deeply as a strategic partner to clients," Matthew Moulding, THG Executive Chairman and CEO.
Vision Healthcare, a consumer healthcare company, agreed to acquire Nutriment, a distributor of vitamin and nutritional supplements. Financial terms were not disclosed.
"The exchange of knowledge in the consumer healthcare market will be very beneficial for both our companies. We remain committed to the business by reinvesting a portion of the proceeds into Vision Healthcare," Aleksander Storvestre, Nutriment CEO.
Ara Partners-backed Aksiom, an asset management company, completed its acquisition of Anesco Holdings, a provider of energy services. Financial terms were not disclosed.
"Our goal is to accelerate decarbonization by investing in ambitious companies like Anesco, where energy efficiency and sustainability are central concerns. Anesco is an exceptional acquisition for Aksiom Services Group and we look forward to working with Mark Futyan and the whole team to grow the business," Charles Cherington, Ara Partners Co-Founder and Managing Partner.
Ganfeng Lithium, a China-based company principally engaged in the development of deeply processed lithium products, to agreed acquire a 50% stake in the Goulamina lithium project, a Mali-based lithium mine, from Firefinch, an ASX-listed gold miner and lithium developer, for $130m.
Firefinch has said it intends to demerge Goulamina into a new ASX listed company. Ganfeng’s investment could speed up such plans.
4iG, a Hungarian information technology and telecommunications company, agreed to acquire a majority stake Spacecom, the Israel-based satellite services provider and owner-operator of the AMOS satellite fleet. Financial terms were not disclosed.
“The entrance of Hungary’s 4iG as owners will assist us in executing our strategic program, whose key point is changing from being a satellite capacity supplier to becoming a supplier of communication services over satellite. Among these are managed services, end-to-end services, and provision of advanced solutions in the communication value chain such as the planning, deployment, and operation of satellite communication networks. 4iG’s capital infusion into the company drastically improves our economic strength and abilities to meet future obligations,” Dan Zajicek, Spacecom CEO.
DP World weighs the sale of a stake in Jebel Ali Free Zone.
DP World, an Emirati multinational logistics company, considers offering international investors a chance to purchase a stake in the Jebel Ali Free Zone, a free economic zone, as it looks for ways to cut its debt pile, Bloombergreported.
DP World is considering selling a stake in the free zone or some assets based there. Any sale is likely to attract interest from infrastructure funds and strategic suitors.
State-owned DP World has been exploring the sale of equity stakes in certain assets as it works to reduce leverage to about 4 times earnings by 2022 and maintain its investment-grade rating. Dubai is also joining regional neighbors Abu Dhabi and Saudi Arabia in looking to open up to overseas investors by offering the chance to buy into state assets.
Octal weighs an $800m stake sale.
Octal, a manufacturer of polyethylene terephthalate products designed to redefine packaging applications, is weighing strategic options, including sale. A deal could value Octal at about $800m, Bloomberg reported.
The company is working with JP Morgan as it considers selling a majority stake. Octal has already drawn interest from strategic suitors in Asia and the US.
Phoenix no longer in talks to sell European businesses.
Phoenix Group, a British closed life assurance fund consolidator, is no longer in talks to sell its European businesses, as the transaction would not maximize shareholder value, Reuters reported.
Phoenix in mid-May, was in talks to sell the unit following an unsolicited offer for around $775 to European Life Group Holding, a company engaged in acquisition, integration and ongoing management of long term life insurance liabilities.
Empower plans to purchase Nakheel's cooling operations.
Emirates Central Cooling Systems, known as Empower, a provider of district cooling services, considers acquiring the cooling operations from Nakheel, a Dubai-based state developer. The assets could be valued at $272m.
Empower is a venture between Dubai Electricity and Water Authority and TECOM Group, a part of Dubai Holding - the conglomerate owned by the emirate’s ruler.
District cooling is the preferred and most sustainable method in the Gulf region to combat temperatures that often soar above 110 degrees Fahrenheit during the summer. Plants generate chilled water, which is then sent through pipes to cool the air of buildings ranging from Dubai’s many skyscrapers and villas to its metro line and theme parks.
Wise plans London listing this week.
Wise, a London-based fintech company, plans to launch a direct listing on the London Stock Exchange this week, Reuters reported.
The company is expected to be valued between $5.63bn to $7.04bn. The exact timing of the listing depends on final approvals from regulators, which means an announcement could yet be delayed until later in the month.
EQT considers IPO of Azelis at a $6bn valuation. (FS)
EQT Partners is weighing an IPO of Azelis, a global distributor of specialty chemicals and food ingredients, that could be valued at $6bn, Bloomberg reported.
The private equity firm is working with advisers on the listing plans.
Bike24 seeks a valuation of up to $985m in Frankfurt listing.
Bike24, an online bicycle dealership, intends to float on the Frankfurt stock exchange before the end of June in a listing that could value the firm at as much as $985m, Reuters reported.
Dresden-based Bike24 said the price range for its listing has been set at $18-$23 per share, which would give it a market value of $802-$983m.
Bike24 is advised by Berenberg, JP Morgan and Sullivan & Cromwell.
Biotalys plans listing in Brussels. (FS)
Biotalys, a Belgian agri-tech company, plans Euronext Brussels listing in the coming weeks to entice investors with its biological alternatives to chemical pesticides, Reuters reported.
GIMV and Sofinnova Partners would participate in the flotation, proceeds of which would go towards research and business development. New investors BNP Paribas and Belgian state fund SFPI-FPIM had also committed to a combined $12m.
“That’s why at Biotalys, we believe it’s the right time to come out of the woods and to be really public and demonstrate the impact we can have to fulfil this requirement for innovation,” Patrice Selles, Biotalys CEO.
Clessidra Private Equity, a private equity investment firm based in Milan, closed Clessidra Capital Partners 4 fund, a closed-type alternative investment fund, with $327m commitments. The investors in the fund include some of the primary Italian institutional players, including Cassa Forense and Fondo Italiano d’Investimento as cornerstone investors.
Clessidra Capital Partners 4 will focus on building a diversified portfolio of majority stakes in leading Italian companies operating in the mid-market, with a high growth potential and an enterprise value ranging between $121m and $605m.
Clessidra Private Equity was advised by Alma Società tra Avvocati, Mediobanca and Societe Generale.
Oaktree Capital, an asset management firm, had offered it $2.39bn to buy back its founder's holding in a deal that would give the firm a 10% stake in Crown Resorts, a gaming and entertainment group, Reuters reported.
The latest proposal from Oaktree is for a c.$1.5bn private loan and a c.$850k loan convertible into new shares to be issued by Crown.
Crown Resorts is advised by UBS and Allens. Consolidated Press is advised by Moelis & Co. Blackstone is advised by Morgan Stanley and Clayton Utz. Star Entertainment is advised by Credit Suisse, Flagstaff Partners and King & Wood Mallesons. Debt financing to Star Entertainment is provided by Credit Suisse.
A consortium of investors led a $270m funding round in Yaoshibang, a Chinese pharmaceutical trading platform. The consortium consisted of Zhejiang Pearl River Investment Management, Baidu, Green Pine Capital Partners and Guangzhou City Construction Investment.
Following the investment, Yaoshibang will look to upgrade digital sales, marketing systems, and its data-sharing platform.
Yaoshibang was advised by China Renaissance Securities.
Stonepeak-backed Digital Edge, a data center firm, completed the acquisition of a majority stake in Indonet, a provider of connectivity, cloud access, and colocation services, for $165m.
"Together with Digital Edge, Indonet is best placed to capitalize on the market growth of Indonesia. In fact, we are already looking at the next round of expansion projects," Toto Sugiri, Indonet Founder and Chairman.
SVF 2 led a $360m Series C funding round in Carro, a Singapore-based automotive marketplace. Mitsui Sumitomo and EV Growth also participated in the round.
"Powered by AI, Carro's technology platform provides consumers with full-stack services and transparency throughout the car ownership process," Greg Moon, SoftBank Investment Advisers Managing Partner.
Cuemath eyes new funding at a $1bn valuation.
Cuemath, an Indian online education platform, plans to raise $100m in a new financing round this year at a $1bn valuation by the end of 2022, Reuters reported.
The company hopes to close by December a Series D funding round of at least $100m, which would be used to finance growth plans, including acquisitions of other platforms. It is also looking at expanding into Singapore, Australia and New Zealand.
Global Consumer Acquisition raises $170m in NASDAQ listing. (FS)
Global Consumer Acquisition, a blank cheque company backed by private equity investors Rohan Ajila, and Gautham Pai, raised $170m in an IPO this week. The company is listed on NASDAQ under the symbol "GACQU" and will focus on Asia and India, DealStreetAsia reported.
GCAC plans to acquire targets with an enterprise value in the range of $500m to $1bn complemented by a series of tuck-in buyouts in similar or adjacent categories to accelerate the growth of this platform further.
“We intend to focus on global consumer companies with a significant Asia presence or a compelling Asia potential, especially India. This complements the expertise of our management team in cross-border mergers, business development and Asia or India expansion," Rohan Ajila, GCAC Co-Chairman and CEO.
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