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AMERICAS
Yamana Gold, a Canadian-based precious metals producer, terminated the acquisition by Gold Fields, a gold mining company.
Yamana determined that Pan American Silver and Agnico Eagle takeover offer was superior to an earlier bid by Gold Fields.
Yamana Gold is advised by Canaccord Genuity, Scotiabank, Stifel (led by Matt Gaasenbeek and Egizio Bianchini), Cassels Brock & Blackwell (led by Mark T. Bennett and Jamie Litchen), Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz) and FTI Consulting (led by Ben Brewerton). Agnico is advised by Maxit Capital, Trinity Advisors Corporation and Davies Ward Phillips & Vineberg. Pan American is advised by BMO Capital Markets, GenCap Mining Advisory, National Bank Financial, Borden Ladner Gervais and Skadden Arps Slate Meagher & Flom (led by June Dipchand and Ryan Dzierniejko).
Microsoft may have to offer concessions to address EU antitrust concerns about its $68.7bn bid for "Call of Duty" maker Activision Blizzard after regulators opened a full-scale investigation and warned about the impact of the deal.
The EU competition enforcer said it would decide by March 23, 2023 whether to clear or block the deal. Britain's antitrust watchdog is also investigating the acquisition, with similar concerns to its EU peer, Reuters reported.
"The Commission's preliminary investigation shows that the transaction may significantly reduce competition on the markets for the distribution of console and PC video games, including multigame subscription services and/or cloud game streaming services, and for PC operating systems. The preliminary investigation suggests that Microsoft may have the ability, as well as a potential economic incentive, to engage in foreclosure strategies vis-à-vis Microsoft's rival distributors of console video games," European Commission.
Angeles Equity Partners, a private equity firm, completed the acquisition of Data Clean, a provider of specialized contamination control and removal services for critical environments. Financial terms were not disclosed.
"We believe Data Clean's services play a critical role in ensuring optimal performance of the digital infrastructure supporting rapid growth in data consumption," Frank Spelman, Angeles Managing Director.
Data Clean was advised by Cross Keys Capital and Huck Bouma. Angeles was advised by RSM International, Simpson Thacher & Bartlett (led by Gregory Klein) and Chameleon Collective (led by Michelle Barry).
Genstar Capital, a private equity firm, agreed to invest in Likewize, a provider of comprehensive protection against any technology disruption. Genstar Capital will invest along with existing investor Brightstar Capital Partners. Financial terms were not disclosed.
"Over the last two years, our singular focus has been to become the world's leading tech protection and support company and this investment is testimony to the transformation that has occurred. We are excited to have Genstar's experience and team alongside Brightstar's as we embark on the next chapter of the company's evolution. We have come a long way in resolving people's tech problems painlessly, but there is so much more to come," Rod Millar, Likewize CEO.
Likewize is advised by Citigroup and Jefferies & Company. Brightstar Capital is advised by Dukas Linden Public Relations. Genstar Capital is advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Hyperion Capital, a private investment firm, completed the acquisition of A Plus Tree, a provider of tree care services for commercial and residential clients, from Paula Tibbets and family. Financial terms were not disclosed.
"We are thrilled to partner with Cyrus and his team to help catalyze growth at A Plus. The culture of love and respect that permeates A Plus is second to none, and we will work with the Company to continue the legacy of industry-leading service to its clients," Hyperion.
Hyperion was advised by D.A. Davidson & Co and McGuireWoods. Debt was provided by Plexus Capital and Source Capital.
Alberta Investment Management, an institutional investment manager, completed the acquisition of an additional 59% stake in Howard Energy Partners, a diversified energy platform, from Astatine Investment Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to make further investment in Howard Energy and to grow our global portfolio of high-quality energy infrastructure assets on behalf of our clients. AIMCo's significant ownership ensures continuity of a very successful, long-term partnership with Howard Energy," Ben Hawkins, Alberta Executive Managing Director and Head of Infrastructure, Renewables & Sustainable Investing.
Alberta was advised by Tudor Pickering Holt and Kirkland & Ellis. Astatine was advised by RBC Capital Markets.
Greif, an industrial packaging products and services provider, agreed to acquire Lee Container, a manufacturer of high-performance barrier and conventional blow-molded containers, for $330m.
"The acquisition of Lee Container is a critical step in our continued Build to Last journey. Lee is an exceptional strategic and cultural fit, with exceptional people and values as well as a favorable mix of product and end-market exposures. The Lee acquisition solidifies our commitment to growing our jerrycan and small plastic bottle footprint and adds a further growth engine to our GIP business. I am excited to welcome our new colleagues to the Greif family and look forward to growing our business together with them," Ole Rosgaard, Greif President and CEO.
Lee Container is advised by Robert W Baird. Greif is advised by Stifel.
Lee Equity and Twin Point-backed Alliance, a distributor of wireless telecommunications technology, agreed to merge with GetWireless, a distributor of cellular solutions. Financial terms were not disclosed
"We are excited to partner with GetWireless given its first-rate management team, technical competency, strong supplier relationships, and fantastic partnerships in the value-added reseller and integrator markets. We look forward to continuing to serve the growing and increasingly complex needs of the wireless telecommunications industry and providing our customers with a comprehensive portfolio of the highest quality products," Ron Moss, Alliance CEO.
GetWireless is advised by Winthrop & Weinstine. Alliance is advised by Harter Secrest & Emery.
Atkore, a manufacturer and distributor of electrical, mechanical, and safety infrastructure solutions, completed the acquisition of Elite Polymer Solutions, a manufacturer and distributor of high-density polyethylene conduits and specialty conduits, for $92m.
"The acquisition of Elite Polymer Solutions strengthens our HDPE conduit product portfolio, expands our national presence and enables us to better serve increased demand for underground protection in the electrical, utility and telecom industries," John Pregenzer, Atkore President of Electrical business.
Binance, a cryptocurrency exchange and blockchain ecosystem, agreed to acquire FTX Trading, a cryptocurrency derivatives exchange. Financial terms were not disclosed.
"Things have come full circle, and FTX's first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX," Sam Bankman-Fried, FTX CEO.
Elon Musk sells almost $4bn of Tesla stock after Twitter takeover.
Elon Musk sold almost $4bn in Tesla stock after buying Twitter for $44bn. Mr. Musk sold 19.5m shares, WSJ reported.
The Tesla chief executive, who has become the world’s wealthiest person thanks in large part to his stake in the car company, has sold more than $19bn of the electric-vehicle maker’s stock this year.
One Rock Capital explores selling $3bn food additives maker Innophos. (FS)
One Rock Capital Partners, a mid-market private equity firm, is weighing options for portfolio company Innophos Holding, including a sale that could value the maker of food additives at more than $3bn, Bloomberg reported.
The private equity firm is working with advisers to explore strategic options for Cranbury, New Jersey-based Innophos. No decisions have been made and One Rock could elect to keep the business.
Netflix explores investing in sports leagues, bidding on streaming rights.
Netflix is warming up to the idea of offering live sports on its platform—as long as it can do so without breaking the bank, WSJ reported.
The company recently bid for the streaming rights for the ATP tennis tour for some European countries, including France and the UK, but dropped out, one of the people said. It also discussed bidding for a series of other events including UK rights to the Women’s Tennis Association and cycling competitions.
Invictus Growth Partners closes oversubscribed funds totaling $322m. (FS)
Invictus Growth Partners has closed its oversubscribed debut fund, Invictus Growth Fund I, with fund commitments totaling $322m to its core fund and related co-investment funds.
The funds include an oversubscribed Fund I at $216m, which closed above the fundraising target of $200m, as well as $106m in related co-invested capital subscribed by the institutional limited partners as part of Invictus’ programmatic co-investment program. The institutional LP base includes state pension funds, corporate pension funds, insurance companies, funds of funds, and family offices.
Jefferies poaches restructuring pair from Rothschild, Lazard. (FS, People)
Jefferies Financial Group is expanding its restructuring practice into Europe by hiring two of the region’s most senior bankers in the space, Bloomberg reported.
The New York-based investment bank has recruited Glen Cronin from Rothschild and David Burlison from Lazard as co-heads for restructuring in Europe, the Middle East and Africa.
EMEA
KKR and Global Infrastructure Partners agreed to acquire an 81.7% stake in Vantage Towers, a telecommunication infrastructure provider, from Vodafone, a telecommunications group, in a $16.3bn deal.
"We're delighted to join forces with Vodafone and KKR to invest in Vantage Towers, a high-quality European tower portfolio with strong upside potential. We are looking forward to capturing the exciting value-creating opportunities in the European telecoms infrastructure sector by advancing Vantage Towers' strategy and supporting its capacity to build new sites. As strategic partners with Vodafone and KKR, we will bring our deep infrastructure expertise and resources to help the company deliver the best data connectivity for individuals and businesses and contribute to enabling Europe's digital future in the interest of all stakeholders," Will Brilliant, GIP Partner and Head of Digital Infrastructure.
Chart Industries, a manufacturer of highly engineered equipment servicing multiple applications, agreed to acquire Howden, a provider of air and gas handling solutions, from KPS Capital, a private equity firm, for $4.4bn.
"The combination of Chart and Howden furthers our global leadership position in highly engineered process technologies and products serving the Nexus of Clean™ – clean power, clean water, clean food and clean industrials. The offerings of Chart and Howden are highly complementary, bringing multiple cost synergies, commercial synergies and efficiencies in the first year, along with significant aftermarket, service and repair exposure, which lifts the margin profile of the combined business, adds resiliency and broadens our end markets. The two companies have shared customer-centric values and are both very committed to innovation which will result in expanded reach into global markets and acceleration in product development," Jill Evanko, Chart CEO and President.
Howden and KPS are advised by Barclays, Evercore, JP Morgan, Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison. Chart is advised by Bank of America and Winston & Strawn.
Pantheon Infrastructure, an investment firm, agreed to invest €53m ($53m) in National Broadband Ireland, a firm engaged in the development of high-speed fibre broadband network for rural Ireland.
"We are delighted to announce this latest transaction in a high-quality fibre asset alongside our long-standing partner Asterion. NBI's commitment to providing high-speed broadband to underserved areas in Ireland makes it a compelling investment proposition which has a positive impact on local communities," Richard Sem, Pantheon Partner.
Pantheon Infrastructure is advised by Investec and TB Cardew (led by Ed Orlebar).
Infinite Electronics, a supplier of electronic components, agreed to acquire Cable Connectivity Group, a specialty cables and cable connectivity solutions producer, from Torqx Capital, an investment firm, and TKH Group, a technology company. Financial terms were not disclosed.
"CCG's product portfolio, culture and talented team are an excellent complement to Infinite Electronics. We are very excited to welcome CCG and the team to Infinite Electronics and our portfolio of high-performing brands. This acquisition will provide us the unique opportunity to expand our business in both the European and North American markets, and offer significant possibilities to grow together," Penny Cotner, Infinite Electronics President and CEO.
Infinite is advised by De Brauw Blackstone Westbroek (led by Pete Lawley). Cable Connectivity is advised by Loyens & Loeff.
General Atlantic, an investment company, completed the acquisition of a 15% stake in Kahoot, an edtech company, from Softbank, a private equity fund. Financial terms were not disclosed.
"We are very grateful to SoftBank for their partnership over the past two years. As Kahoot! continues to pursue its mission to improve lifelong learning by building a leading global learning and engagement platform, we are thrilled to add a partner of General Atlantic's caliber. The team at GA brings deep experience in scaling global education technology and software businesses and positioning market leaders for long-term success, and we look forward to our next phase of momentum in empowering the learning ecosystem around the world," Eilert Hanoa, Kahoot CEO.
General Atlantic was advised by JP Morgan and Wikborg Rein (led by Per Anders Saehle).
Kearney, a global management consulting firm, completed the acquisition of OPTANO, a provider of AI-powered operations optimization solutions. Financial terms were not disclosed.
"Supporting our clients in making their operations future-proof requires AI-powered offerings. OPTANO adds just the right solutions to complement Kearney's preeminent data and analytics capabilities for tomorrow's operations challenges," Stephan Krubasik, Kearney Global Co-Lead of analytics.
Kearney was advised by Dukas Linden Public Relations.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, agreed to invest an additional £70m ($81m) in Newcastle United, an English football club.
"We are at the beginning of a long-term plan that aims to build a club that can compete consistently at the highest levels of English and European football. This additional investment further enables us to continue implementing the business plan," Darren Eales, Newcastle CEO.
EDF employees challenge chairman’s role in $9.8bn buyout.
A group of Electricite de France employee shareholders is challenging the role of the company’s outgoing chairman and chief executive officer in a $9.8bn government bid to take the firm back into full state ownership.
Jean-Bernard Levy didn’t inform fellow directors of his potential conflicts of interest before deliberations on the deal, the employee group alleged in a letter sent to EDF’s board and the French financial regulator, Bloomberg reported.
Vertu Motors is in advanced talks to acquire Helston Garages for $722m.
Vertu Motors, a car dealership group, is in advanced talks to acquire Helston Garages, a car dealer, for $722m.
"These discussions may or may not lead to a transaction. Funding for the transaction, were it to occur, would be from re-financed and new debt facilities, including long-term mortgage funding," Vertu Motors.
ProSiebenSat.1 interested in Sky TV operations in Germany.
German media group ProSiebenSat.1 is exploring a potential deal to buy into Sky's pay-TV operations in Germany, Reuters reported.
Deliberations are still ongoing and there is no certainty any deal will go through. Tthere were limited synergies between the two businesses, given that ProSiebenSat.1's TV business was driven by advertising.
Next set to buy British Made.com.
Next is in line to acquire British online furniture retailer Made.com Group which has appointed PwC as its administrator, Reuters reported.
Next is a British multinational clothing, footwear and home products retailer, which has its headquarters in Enderby, England
Meloni government weighs options for debt-ridden Telecom Italia, including a takeover.
Italian government officials are reviewing options for Telecom Italia including a possible state-backed takeover bid, as Giorgia Meloni’s administration looks to set a policy for shoring up the debt-ridden phone carrier.
The government is expected to accelerate turnaround efforts for the company, which issued three profit warnings last year and has lost ground in its home market to low-cost rivals. But leaders including Meloni and Finance Minister Giancarlo Giorgetti have not yet made a decision on their exact approach, Bloomberg reported.
EQT closes Europe's largest VC fund for early-stage tech startups at €1.1bn. (FS)
EQT has held the final close of EQT Ventures III at €1bn ($1bn) of fee-generating commitments, and €1.1bn ($1.1bn) of total commitments, making it the largest European fund to date focused on investments in European and North American early-stage tech startups.
The fund, which includes participation from a wide range of European, North American and Asian institutional investors, foundations, and endowments will make investments of $1m-50m in founder-led startups using technology to try and solve some of the biggest challenges facing society.
APAC
Adani Ports and Special Economic Zone, a private multi-port operator, agreed to acquire a 49.38% stake in Indian Oiltanking, a liquid storage facility company, for $129m.
"With this acquisition, APSEZ's oil storage capacity jumps 200% to 3.6m KL, making it India's largest third-party liquid storage company. This ties well with our ambition to become the largest transport utility globally. This stake purchase is also well aligned with our strategy of diversifying the cargo mix with focus on products and services having higher realization and margins. The deal will further strengthen our strategic partnership with IOCL, a key stakeholder and India's largest refiner and customer of oil storage tanks," Karan Adani, APSEZ CEO.
WestBridge Capital, a private equity firm, led a $57m Series A funding round in Keka, an HR tech firm.
"I believe we raised funding at the right time. We have been the fastest-growing HR tech leader in our space. Although we got several offers for funding in the past, we never felt the timing was right. Finding the right investment partner was also very important for us. We wanted to partner with someone who had a long-term vision for the HR tech space. I am happy that we found the right investing partner in WestBridge Capital. This is not just about securing funding; it is also a validation of our ideas and approach in a world where many funded businesses are struggling to survive," Vijay Yalamanchili, Keka CEO.
Globe raises $293m through rights offer.
Philippine telecom giant and digital solutions platform Globe has raised approximately $293m from its stock rights offering that received shareholder support, the company announced.
The Ayala-led telco formally listed 11m common shares newly issued to participating shareholders on the Philippine Stock Exchange, DealStreetAsia reported.
Empower’s Dubai IPO raises $724m after pricing at the top.
Emirates Central Cooling Systems’s initial public offering in Dubai raised $724m after pricing its shares at the top of a marketed range, with investors putting in $34bn in bids in a show of continued appetite for Middle Eastern share offerings.
Shareholders Dubai Electricity & Water Authority and Emirates Power Investment sold 2bn shares - a 20% stake. The IPO of Empower, as the district cooling firm is known, was doubled in size to a 20% stake from 10% because of strong investor demand, Bloomberg reported.
Dubai's Palm Island developer bags $4.6bn funding for new waterfront projects. (FS)
Dubai state developer Nakheel has secured $4.6bn in financing as the group behind the palm-shaped islands accelerates plans for new waterfront projects including Dubai Islands amid a red hot property market, DealStreetAsia reported.
Nakheel said in a statement that the transaction comprised of $3bn in refinancing and additional funds of $1.6bn through a syndicate from Emirates NBD, Mashreqbank and Dubai Islamic Bank.
FountainVest Partners plans to raise $414m RMB Fund II for growth-stage deals. (FS)
Chinese private equity firm FountainVest Partners is targeting to raise $414m for its second RMB-denominated fund, the firm disclosed in a statement, DealStreetAsia reported.
The new fund will add to FountainVest’s existing portfolio of four US dollar funds and one Chinese yuan fund. The fund will mainly invest in growth-stage opportunities in China across the industries of advanced manufacturing, healthcare, and consumption, among others.
CalPERS commits $282m to Sequoia China's four funds. (FS)
The California Public Employees’ Retirement System, the largest pension fund in the US, has committed $282m in total to Sequoia Capital China's four new China venture capital funds, DealStreetAsia reported.
Separately, the US pension fund also made an additional $1.26bn commitment to Golden Reef Infrastructure Trust, a fund managed by QIC, one of Australia’s largest investment managers.
Motilal Oswal Alternates in talks to top up in VVDN Technologies. (FS)
India-focused fund manager Motilal Oswal Alternates, which is already an investor in Gurugram-based product engineering firm VVDN Technologies, is in talks to pump additional capital into the company, DealStreetAsia reported.
Negotiations are gaining pace as the company looks to raise funding in the range of $125m-150m.
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