AMERICAS
Just Eat Takeaway, a global online food delivery marketplace, agreed to acquire Grubhub, an online and mobile food-ordering and delivery marketplace, for $7.3bn.
“Matt and I are the two remaining food delivery veterans in the sector, having started our respective businesses at the turn of the century, albeit on two different continents. Both of us have a firm belief that only businesses with high-quality and profitable growth will sustain in our sector. I am excited that we can create the world’s largest food delivery business outside China. We look forward to welcoming Matt and his team to our company and working with them in the future,” Jitse Groen, Just Eat Takeaway CEO and Founder.
Just Eat Takeaway is advised by Bank of America Merrill Lynch, Goldman Sachs, Joele Frank, Teneo, Cravath Swaine & Moore, De Brauw Blackstone Westbroek and Slaughter & May. Grubhub is advised by Centerview Partners, Evercore, Kirkland & Ellis, NautaDutilh and Wilson Sonsini Goodrich & Rosati. Evercore is advised by Sullivan & Cromwell.
The Competition and Markets Authority allowed one week to resolve the competition issues over the acquisition of StubHub, an online ticket exchange company, by viagogo, an online marketplace for ticket resale.
The probe found that StubHub and viagogo were indeed close competitors in a not highly packed market. viagogo commented that the combination of the two businesses would profit customers globally. CMA declared that a thorough investigation would be launched unless enough evidence to overrule is presented by June 18.
viagogo was advised by JP Morgan, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom, Mercury and Tusk Strategies. Debt financing was provided by JP Morgan and Madrone Capital Partners. JP Morgan and Madrone Capital Partners were advised Sullivan & Cromwell. eBay was advised by Goldman Sachs, Quinn Emanuel, Wachtell Lipton Rosen & Katz and Sloane & Company.
Menarini Group, a privately held Italian pharmaceutical and diagnostics company, completed its acquisition of Stemline Therapeutics, a commercial-stage biopharmaceutical company focused on the development and commercialization of novel oncology therapeutics, for $677m.
“The addition of ELZONRIS, which has potential to treat many other malignancies, as well as the other attractive pipeline assets augments our research and development capabilities and will accelerate our efforts to deliver novel oncology therapeutics to patients in need,” Elcin Barker Ergun, Menarini CEO.
Stemline Therapeutics was advised by Bank of America Merrill Lynch, PJT Partners, Alston & Bird, Skadden Arps Slate Meagher & Flom, Ropes & Gray, Sullivan & Cromwell and Joele Frank. Menarini Group was advised by Goldman Sachs, Fried Frank Harris Shriver & Jacobson and Sard Verbinnen & Co.
Novo Nordisk, a global healthcare company, agreed to acquire Corvidia Therapeutics, an AstraZeneca spin-off and a clinical-stage company focused on the research, development and commercialization of transformative therapies for cardio-renal diseases, from Sofinnova Partners, a European life sciences venture capital firm based in Paris, for $2.1bn.
“This milestone demonstrates the strength of our cornerstone strategy of backing extraordinary entrepreneurs with whom we have long-standing relationships. Moreover, it exemplifies the resilience of our business of developing game-changing therapies that will impact patients’ lives, while consistently generating outsized venture returns for investors, despite the challenges of the current global crisis,” Graziano Seghezzi, Sofinnova Partners Managing Partner.
Novo Nordisk is advised by McDougal Communications and Davis Polk & Wardwell. Sofinnova Partners is advised by Havas Paris, RooneyPartners and StrategiesImage. Corvidia Therapeutics is advised by JP Morgan and Goodwin Procter.
Nestlé Health Science, a nutritional science company, agreed to acquire a majority stake in Vital Proteins, a collagen brand and a lifestyle and wellness platform offering supplements, beverages, and food products. Financial terms were not disclosed.
"This is an exciting opportunity for Nestlé Health Science to enter a growing area of nutrition with a successful brand. Our companies share the belief that nothing is more important than health, and everything we do is focused on that belief. In combining our efforts to optimize health through nutrition, we can achieve even more to help our consumers live fuller, more vibrant lives," Greg Behar, NHSc CEO.
Vital Proteins is advised by Skadden Arps Slate Meagher & Flom.
Preferred Hotel Group, the family-owned company that manages and operates global travel and hospitality brands, agreed to acquire Beyond Green Travel, a provider of tourism services and consulting. Financial terms were not disclosed.
"Working alongside Costas and his team, we are excited to create a sustainable tourism platform that will enable our brand promise of 'Believe in Travel' to help our destination and hospitality clients infuse genuine, holistic, and inspiring sustainability best practices into their daily operations and overall ethos," Lindsey Ueberroth, Preferred Hotel Group CEO.
Facebook accused of anti-competitive behavior.
Fiona Scott Morton, a former top antitrust official in the Obama administration, said in a paper that Facebook is misleading users and is creating a monopoly by pushing out competitors.
The paper claimed that Facebook earned itself a monopolistic position by questionably gathering social network users' personal data which in return allowed to surpass its rivals. Acquisitions of such market players as Instagram and WhatsApp further amplify monopoly concerns.
Previously, Facebook was scrutinised over its data gathering policy, position about freedom of speech, and antitrust investigations. Authors of the paper push for more regulatory intervention to shake Facebook's domination.
Rapiscan Systems to acquire AI platform from Synapse Technology.
Rapiscan Systems, a global supplier of security inspection technology, announced the acquisition of an AI platform from Synapse Technology. Financial terms were not disclosed.
This AI platform has the potential to enhance the detection of threats and other prohibited items using advanced deep learning techniques and computer vision.
"This investment in advanced detection technology exhibits our commitment to innovation, security, and operational efficiency. The AI platform is expected to improve detection capabilities for our customers worldwide while reducing operating costs and increasing throughput," Mal Maginnis, Rapiscan Detection President.
Mubadala looks for US deals. (FS)
Mubadala, which has $232bn of assets, is looking at deals across the US, according to Saeed Al Mazrouei, Mubadala Deputy Chief Financial Officer and Head of Mergers and Acquisitions.
"We have built dry powder over the last two years. We are looking to deploy that across different sectors and asset classes. I believe the US market is very resilient. We do not see any systemic risk. We see strong capitalization in the banking system," Saeed Al Mazrouei.
Bill Ackman-backed Pershing Square plans blank check IPO. (FS)
Billionaire activist investor Bill Ackman's Pershing Square Capital Management has confidentially filed in the US for an IPO of a blank check company, Bloomberg reported.
Pershing Square could aim to raise more than $1bn for the investment vehicle. Blank check companies - also known as special purpose acquisition companies - raise money on the public markets to acquire within a set period. It's been eight years since Ackman last participated in a blank check company.
RxSaver considers stake divestment.
Ronald Perelman's RxSaver is weighing a potential sale as it talks with suitors in a crowded market for services that save consumers money on prescription drugs, Bloomberg reported.
The drug discounter, part of online coupon provider RetailMeNot, is in talks with potential bidders who expressed interest in buying the company's assets. RxSaver hired investment bankers at Credit Suisse to serve as its financial adviser to manage the process.
EMEA
Fiat Chrysler and Peugeot maker PSA face a lengthy EU antitrust investigation after declining to offer concessions to allay EU antitrust concerns about their planned $50bn merger, Reuters reported.
Fiat and PSA, which are seeking to create the world’s fourth-biggest carmaker, were told last week that their combined high market share in small vans was a worry for competition enforcers.
The companies had until Wednesday to put in concessions but did not do so. That will automatically trigger a four-month-long investigation by the European Commission when it completes its preliminary review on June 17.
Fiat Chrysler is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Community Group, Image Sept, and Sard Verbinnen & Co. BPIFrance is advised by Willkie Farr & Gallagher. Peugeot family is advised by Zaoui & Co. PSA Group is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters, Stibbe. Exor is advised by Lazard. Financial advisors are advised by Macfarlanes and Cleary Gottlieb Steen & Hamilton
More than 90% of shareholders of Bolsas y Mercados Españoles, an operator of the Spanish stock exchange, approved the $3.2bn takeover bid from SIX Group.
CNMV, the Spanish supervisor, stated that tender offer launched was accepted by 78m shares which constitutes 93% of BME.
SIX Group is advised by Credit Suisse, Alantra, Linklaters, Brunswick Group and Estudio de Comunicacion. Debt financing is provided by Credit Suisse. BME is advised by Garrigues, Latham & Watkins and Morgan Stanley.
Unite, a British and Irish trade union, approached the European Commission attempting to block IAG's $1.1bn acquisition of Air Europa, a Spanish airline, over 12k job cuts.
"Unite is questioning why IAG is seeking to fire and rehire the workforce at BA while its parent IAG is ploughing ahead with buying an airline for over $1.1bn," Sharon Graham, Unite Executive Officer.
IAG is advised by KPMG, Morgan Stanley, and Garrigues. Globalia Corporacion Empresarial is advised by Ernst & Young and Linklaters. Air Europa is advised by Uria Menendez.
Intesa Sanpaolo, an Italian banking group, is confident it can overcome objections raised so far by Italy’s antitrust authority to its proposed takeover bid for rival UBI Banca, Reuters reported.
“The bank is doing its utmost to cooperate with the competition regulator and ... is confident it can overcome any difficulties, also in light of the findings of the preliminary antitrust inquiry, so as to gain a green light,” Gaetano Micciche, Intesa investment banking arm IMI Chairman.
Intesa is advised by Equita SIM, JP Morgan, Mediobanca, Morgan Stanley, UBS and Pedersoli Studio Legale.
Livingbridge, a mid-market private equity firm, is set to invest in TitanHQ, a global cloud security vendor. Financial terms were not disclosed.
"There is a tremendous opportunity for Titan HQ to accelerate its growth trajectory over the coming years and we look forward to working closely with the management team to fulfil the company's potential. Their focus and dedication to the MSP community is completely aligned with our strategy," Nick Holder, Livingbridge Director.
Livingbridge is advised by Fairgrove, BDO, GCA Altium, Addleshaw Goddard and Citigate Dewe Rogerson. TitanHQ is advised by Oppenheimer & Co.
Transmashholding, a manufacturer of locomotives and rail equipment in Russia, completed the acquisition of a 90% stake in the rail business and industrial site of Dunakeszi Járműjavító from MAV Railways, a Hungarian railway company, and MNV, the rights owner over Hungarian state assets. Financial terms were not disclosed.
"The completion of DJJ acquisition represents a major step forward in our global expansion strategy. DJJ will be part of TMH, giving it significant opportunities to grow via its participation in national and international rail tenders. In a commitment to support Hungary's export capabilities, TMH brings to the site of Dunakeszi the largest ever railway manufacturing project in the history of Hungary: the production and supply of almost 680 railway passenger coaches for the Egyptian National Railways," Kirill Lipa, TMH CEO.
Unilever ends Anglo-Dutch era with moving headquarters to Britain.
Unilever proposed collapsing its Anglo-Dutch legal structure into a single holding company based in Britain, nearly two years after shareholders sank an earlier plan to move its headquarters to the Netherlands.
The maker of Dove soap and Hellmann's mayonnaise said in a statement that unification, which would unwind a dual-headed structure in place since 1930, aims to give more flexibility for mergers and acquisitions and reduce complexity.
Its latest plan is the reverse of what it proposed in 2018, a move which was ultimately dropped in the face of a disruptive UK shareholder revolt at Unilever, which has since replaced its Dutch chairman and chief executive.
Shell begins divestments in Norwegian fields and pipelines.
Royal Dutch Shell launched the sale of its stakes in two oilfields and two pipelines in Norway, Reuters reported. Shell is selling its 6.45% interest in the Kvitebjorn field and pipeline and its 3.225% interest in the Valemon Unit and Valemon Rich Gas Pipeline. The offshore assets are operated by state-controlled Norwegian oil firm Equinor.
They access to a resource of 17m barrels of oil equivalent with an annual daily production of 7.2k barrels of oil equivalent. The assets are expected to raise between $50-100m in total.
Yandex considers acquiring Uber's stake in Russian JV.
Yandex, a Russian technology firm, is considering buying Uber's stake in their joint ride-hailing unit instead of seeking an IPO of the division, Bloomberg reported.
The company that operates Russia's largest internet search engine and ride-hailing service wants to buy all of Uber's 38% stake in Yandex.Taxi. Uber valued its stake in the joint venture at $1.24bn as of March 31. After February 2021, any transfer of the joint venture is subject to a right of first refusal in favour of Yandex, according to Uber.
Helios Towers targets Africa for $450m acquisitions.
Helios Towers plans to use some of about $450m in newly raised funds to expand into African countries including Ethiopia, reviving an expansion plan that was put on hold by the Covid-19 pandemic.
“Ethiopia is a very big opportunity, and after a few months of being quiet, its government has requested new indications of interest from telecom operators. With that now back on the table, we are seeking a financing partner and working with mobile operators to be in a strong position to enter the market,” Tom Greenwood, Helios Chief Financial Officer.
Ysios Capital raised $175m for Spanish biotech fund. (FS)
Ysios Capital, the largest venture capital firm in Spain specialized in biotechnology, raised $175m for its new fund. The fund has a final target size of $226m. Ysios expects to close four new investments shortly.
"For this third fund, we have a pipeline of very promising projects at advanced stage, both in Spain and in the rest of Europe, and we aim to close at least five operations this year," Karen Wagner, Ysios Capital Partner.
APAC
Bain Capital's tender offer to acquire Nichi Gakkan, a healthcare services provider, raised concerns due to an unexpected letter to Nichii shareholders by hedge fund Lim Advisors.
Lim disputes that MBO proposal by Bain was considerably lower than it should be, claiming the target's board was not defending minority shareholders' interests enough creating conflicts among ones. The fact that Bain Capital extended the tender offer by 11 days instead of the 20-day minimum adds fuel to the dispute.
Lim's letter to shareholders of Nichi mentioned that Bain's executive has been sitting on the target's board for five years, making the transaction even more controversial.
Bain Capital is advised by Ropes & Gray. Debt financing is provided by Mitsubishi UFJ Financial Group, Nomura, Mizuho Securities and SMBC Nikko.
KKR agreed to acquire Eco Solutions Group, a Korean medical waste disposal company, from Anchor Equity Partners, a Hong Kong-based private equity firm, for $755m.
KKR bid is the preferred buyer, surpassing a bid from Stonepeak Infrastructure Partners.
Anchor Equity Partners is advised by Citigroup.
JD.com raises $3.9bn in IPO.
JD.com, China's number 2 online retailer, raised $3.9bn in its Hong Kong share sale, cementing the world's second-biggest listing this year, Bloomberg reported.
The company priced 133m new shares at $29 each. The price represents a 3.9% discount to the Nasdaq-listed JD's closing price of $60.7 per share on Wednesday. JD trades in the US via American depositary receipts, one of which represents two ordinary shares.
Mitsubishi Electric to acquire Sharp's plant.
Japan's Mitsubishi Electric said it would buy part of a plant in western Japan from Sharp to meet the growing demand for power management chips used in electric vehicles.
The move comes as Mitsubishi's rivals such as Infineon Technologies and ON Semiconductor are boosting production capacity for power management chips, which efficiently control electric power in cars and electronic devices.
Mitsubishi, a major supplier of such chips to Toyota Motor, said it would invest about $187m to acquire two idled facilities at Sharp's chip plant and launch production lines there.
Celltrion to acquire Takeda Pharmaceutical's primary care product assets for $278m.
Celltrion, a biopharmaceutical company, agreed to acquire product assets for the Asia Pacific region from Takeda Pharmaceuticals International for $278m to strengthen its R&D capabilities in the Global Small Molecule Drug sector. It will acquire the assets through its wholly-owned subsidiary in Singapore.
"With 17m diabetes and hypertension patients in Korea alone, and more than 60% of the elderly population have three or more chronic diseases, the market for chronic disease drugs is becoming more important. By acquiring the rights for a selection of Takeda's products in the Asia Pacific, Celltrion will be able to localize essential drugs for diabetes and hypertension, for which many local patients had to depend on imported drugs," Kee Woo Sung, Celltrion CEO.
Khazanah Nasional considers providing up to $1.2b Malaysia Airlines aid. (FS)
Khazanah Nasional, Malaysia's sovereign wealth fund, is considering providing as much as $1.2bn to the national flag carrier to see it through the coronavirus-induced slump in bookings, DealStreetAsia.
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