AMERICAS
KKR and Global Infrastructure Partners, an infrastructure investor, agreed to acquire CyrusOne, a data center REIT, for $15bn.
“CyrusOne has built one of the strongest data center companies in the world and has a strong track record of development and operational expertise in addition to delivering best-in-class service to its customers. We are excited to work together with the Company’s proven team to build on CyrusOne’s market leadership and support their customers’ growing data center infrastructure requirements. We see numerous opportunities ahead to continue expanding CyrusOne’s footprint across key global digital gateway markets and look forward to leveraging our global resources, access to long term capital and deep expertise to support the Company’s growth” Waldemar Szlezak, KKR Managing Director and Will Brilliant, GIP Partner.
CyrusOne is advised by DH Capital, Morgan Stanley, Cravath Swaine & Moore, Eversheds Sutherland, Venable and Joele Frank. KKR and GIP are advised by Barclays, Citigroup, Goldman Sachs, JP Morgan, KKR Capital Markets, Wells Fargo Securities, Dentons, Kirkland & Ellis and Paul Weiss Rifkind Wharton & Garrison.
Gold miner Agnico Eagle Mines announced that independent proxy advisory firm Glass Lewis, recommended that Agnico Eagle shareholders vote for the matters to be voted on at the special meetings of shareholders in connection with the previously announced merger of equals with Kirkland Lake Gold.
With this positive recommendation, Agnico Eagle and Kirkland Lake Gold have now received positive voting recommendations with respect to the Merger from Glass Lewis and Institutional Shareholder Services, the two leading independent proxy advisory firms that provide voting recommendations to institutional investors.
Kirkland Lake Gold is advised by BMO Capital Markets, CIBC World Markets, Maxit Capital, Cassels Brock & Blackwell and Fasken. Agnico Eagle is advised by Bank of America, TD Securities, Trinity Advisors Corporation and Davies Ward Phillips & Vineberg.
Cosmetics manufacturers Obagi and Milk Makeup, agreed to go public via a SPAC merger with Waldencast Acquisition, a special purposes acquisition company, in a $1.2bn deal.
“Waldencast’s ambition to build a global best-in-class beauty and wellness company that embraces conscious, purpose-driven brands is aligned with Obagi’s purpose, vision and values, making Waldencast an ideal fit. I look forward to working with Michel and the team as we continue to develop effective, science-based skin care that includes and embraces the full spectrum of beauty and self-care," Jaime Castle, Obagi CEO.
Milk Makeup is advised by Raymond James and Goodwin Procter. Obagi is advised by Lazard and Latham & Watkins. Waldencast is advised by Credit Suisse, JP Morgan, Skadden Arps Slate Meagher & Flom and Gladstone Place Partners.
The Federal Communications Commission has approved Gray's acquisition of Meredith, and Meredith will now seek the transaction's approval at a November 30, 2021, special shareholder meeting.
Meredith continues to expect the transaction to close on December 1, 2021, subject to shareholder approval of Gray's acquisition, and subject to the satisfaction of the other terms and conditions of the merger with Gray.
Gray is advised by Wells Fargo Securities, Eversheds Sutherland and Jones Day. Meredith is advised by BDT & Co, Lazard, Moelis & Co, Cooley and Brunswick Group.
American Tower, a real estate investment trust, agreed to acquire CoreSite, a real estate investment trust that invests in carrier-neutral data centers, for $10.1bn.
By combining the capabilities, talent and resources of American Tower and CoreSite, the combined company will be even better equipped to deliver superior service and expanded solutions to customers.
“We are excited to partner with American Tower to expand its communications infrastructure ecosystem and accelerate its edge computing strategy through the addition of CoreSite’s differentiated portfolio of U.S. metro data center campuses. The combined company will be ideally positioned to address the growing need for convergence between mobile network providers, cloud service providers, and other digital platforms as 5G deployments emerge and evolve," Paul Szurek, CoreSite CEO.
CoreSite is advised by Evercore and Wachtell Lipton Rosen & Katz. American Tower is advised by CDX Advisors, JP Morgan and Cleary Gottlieb Steen & Hamilton. Debt financing is provided by JP Morgan.
Durational Capital Management, a private equity firm, agreed to acquire Casper Sleep, an e-commerce company that sells sleep products, for $308m.
"We are delighted to announce this transaction with Durational Capital Management that creates immediate and substantial value for shareholders, and allows Casper to move forward on strong financial footing. This agreement offers a promising opportunity to realize the highest value for our stockholders while providing Casper with much needed capital to execute on future initiatives to sustain and grow its business," Philip Krim, Casper Co-Founder and CEO.
Casper Sleep is advised by Jefferies & Company, Latham & Watkins and JCIR. Durational Capital is advised by Kirkland & Ellis and Sard Verbinnen & Co.
Meredith announced that it has received necessary regulatory approvals for the cloning of the $2.7bn deal with IAC-backed Dotdash, a provider of an online content website.
Meredith continues to expect the transaction to close on December 1, 2021, subject to the spin-off of Meredith Holdings and its merger with Dotdash.
Interactivecorp is advised by JP Morgan and Wachtell Lipton Rosen & Katz. Meredith is advised by Moelis & Co, Cooley and Brunswick Group.
Restaurant Brands International, a quick service restaurant company, agreed to acquire Firehouse Restaurant Group, a restaurant chain, for $1bn.
"Firehouse Subs is a special brand with a talented team, impressive culture and community focus that resonates with guests and closely aligns with our core values at RBI. We see tremendous potential to accelerate U.S. and international growth at Firehouse Subs with RBI's development expertise, global franchisee network and digital capabilities. We are excited to welcome the Firehouse Subs team to the RBI family and to continue our ambitious dream of building the world's most loved restaurant brands," José Cil, RBI CEO.
RBI is advised by Bank of America, JP Morgan and Paul Weiss Rifkind Wharton & Garrison. Firehouse Subs is advised by TD Securities and Latham & Watkins.
L'OCCITANE, a retailer of body, face, fragrances and home products, completed the acquisition of Sol de Janeiro, a skincare brand, from Prelude Growth Partners, a private equity firm. Financial terms were not disclosed.
"It has been a privilege to support Sol de Janeiro to become a leading lifestyle skincare brand. Born from an authentic Brazilian philosophy of self-love and joy, Sol de Janeiro delivers exceptional, iconic products to an ever-growing set of passionate consumers. We are proud to have played an integral role in the Company's growth story over the past several years and are thrilled for Sol de Janeiro to become part of the L'OCCITANE family," Alicia Sontag, Prelude Growth Partners Co-Founder and Managing Partner.
Prelude was advised by Raymond James, Cooley, Finn Dixon & Herling and Joele Frank.
SPX, an engineered products and technologies supplier, agreed to acquire Cincinnati Fan & Ventilator, a manufacturer of engineered air moving solutions, from Dominus Capital, a private equity investment firm. Financial terms were not disclosed.
"Cincinnati Fan has become a leading player in the air movement space. Dominus was able to bring significant resources to professionalize the business and grow both organically and through acquisition. We completed two acquisitions, expanded capacity, and invested in new product development under our ownership. Paul, management, and the company are very well positioned to drive growth for SPX and its investors," Bob Haswell, Dominus Founding Partner.
Cincinnati is advised by William Blair & Co and White & Case. SPX is advised by BlackArch Partners and Holland & Knight.
Jera, an individual buyer of liquefied natural gas, agreed to acquire a 25.7% stake in Freeport LNG, a liquefaction terminal, from Global Infrastructure Partners, an infrastructure fund, for $2.5bn.
Jera is advised by Goldman Sachs and Sidley Austin.
IMI Precision Engineering, a motion and fluid control technologies provider, agreed to acquire Adaptas Solutions, a strategic OEM supplier for key products and manufacturing service, for $271m.
"Our strategy at IMI is all about delivering tremendous value by solving industry problems - and putting customers at the heart of our decisions and processes. We are delighted to partner with Adaptas whose business model and values are very similar to our own and I am excited to welcome all at Adaptas into the IMI team," Roy Twite, IMI CEO.
IMI is advised by Headland Consultancy.
Y Combinator, an American technology startup accelerator, led the $201m Series D round in Podium, a communication and payments platform for local businesses. Other investors in the round included Durable Capital Partners, Arpex Capital, Accel, Album VC, IVP, Sapphire Ventures, Summit Partners, and Sorenson. This round brought company's valuation to $3bn.
"We see this as a watershed moment for local businesses all over the world, especially as the world opens up again and local businesses are tasked with meeting the changing preferences of consumers who have welcomed digital-first interactions through the pandemic. Our goal is to help communities get back on their feet and to help local businesses participate in a meaningful way in the digital evolution happening at the local level," Eric Rea, Podium Co-Founder and CEO.
Premier League plans to sell US TV rights for record high at $2bn.
The English Premier League is nearing the sale of its US television rights for about $2bn, setting a new overseas record, Reuters reported.
ViacomCBS and Walt Disney Co-owned ESPN are among the broadcasters bidding for the rights with Comcast's NBC, the current holder, with second-round bids due on November 18.
Stonepeak, Targa look to sell Gulf Coast Express stake for $750m. (FS)
Investment company Stonepeak and pipeline operator Targa Resources are interested in selling their 25% stake in Gulf Coast Express stake, a natural gas pipeline, for $750m, Reuters reported.
Stonepeak and Targa Resources have reportedly hired an investment bank to sell Targa GCX Pipeline, the stake owner in the Gulf Coast Express pipeline. Stonepeak owns 80% of Targa GCX Pipeline and Targa Resources owns 20%.
Trump's Washington hotel is near $375m deal.
Former President Donald Trump's family hotel company has reached a deal to sell the rights to its Washington, D.C., hotel for $375m. Miami-based investment firm CGI Merchant Group is in contract to acquire the lease, Reuters reported.
CGI intends to remove the Trump name and has reached an agreement with Hilton Worldwide to have the property managed and branded by Hilton's Waldorf Astoria group.
PE buyers plot to carve up General Electric. (FS)
Private equity buyers are looking to carve up General Electric, an American multinational conglomerate, into small pieces following the decision to split into three companies, FT reported.
Larry Culp, GE's CEO, said the split into divisions focused on healthcare, energy and aviation would help its businesses pursue their own strategies with more freedom. The split could result in even more extensive breakdown as a result of PE buyers stepping in.
EMEA
KBC Group, a banking services provider, agreed to acquire the Bulgarian business of Raiffeisenbank, a corporate and investment bank, for $1.16bn.
“Acquiring Raiffeisenbank (Bulgaria) is another testimony to our commitment to the Bulgarian market and support to the Bulgarian economy. We’re extremely happy to acquire a high-quality business with an excellent reputation and management team. Its clear focus on innovation and digitalisation, combined with a high customer satisfaction rating, mirrors our own Digital First strategy and will allow us to further expand our Bulgarian business, reaffirming our leading position in the Bulgarian financial market," Johan Thijs, KBC Group CEO.
Raiffeisenbank is advised by Citigroup.
HEINEKEN, a Dutch brewer, agreed to acquire Distell, a producer and marketer of alcoholic beverages, and Namibia Breweries, beverage manufacturing Company, for $4.6bn.
“We are very excited to bring together three strong businesses to create a regional beverage champion, perfectly positioned to capture significant growth opportunities in Southern Africa. Distell is a highly regarded, resilient business with leading brands, a talented workforce and a strong track record of innovation and growth in Africa. With NBL, there are exciting opportunities to expand premium beer and cider in Namibia and grow the iconic Windhoek brand beyond its home market. Today’s announcement is a vote of confidence in the long-term prospects of South Africa and Namibia and we commit to being a strong partner for growth and to make a positive impact in the communities in which we operate.” Dolf van den Brink, HEINEKEN Chairman and CEO.
BBVA, a digital bank, agreed to acquire the remaining 50.15% of stake in Garanti, a financial services company, for $2.57bn.
“This transaction represents a great opportunity to invest in our franchise in Turkey and create value for our shareholders. Additionally, the price is very attractive for Garanti BBVA minority shareholders,” Carlos Torres Vila, BBVA Chairman.
TIER, a shared micro-mobility provider, completed the acquisition of nextbike, a bike-sharing service company. Fianncial terms were not disclosed.
"The acquisition of nextbike - with its unrivalled experience and relationships across hundreds of cities - is a unique opportunity to take bikeshare to the next level, getting more people out of cars and offering the most sustainable mobility solution. I have always held a deep belief in the transformative power of bikes in cities - and it is great to see the bike market is growing rapidly. Our shared values of sustainability and respect for cities across two strong leadership teams, underpinned by TIER's financial backing and capital efficiency, present an unstoppable, joint mission to change mobility for good," Lawrence Leuschner, TIER CEO and Co-Founder.
BNP Paribas explores sale of Bank of the West.
BNP Paribas, a French international banking group, explores the sale of Bank of the West, its US arm, in an attempt to retreat from the American retail banking market after struggling to compete with larger and better capitalised rivals, Reuters reported.
JP Morgan and Goldman Sachs are reportedly preparing the business for a sale and have been working closely with BNP to gauge interest from prospective bidders.
McLaren denied report about its buyout by Audi.
McLaren Group, a company operating in Formula One and other motorsports, the manufacture of luxury cars, denied the report about its buyout by Audi. McLaren also seeks to remove the story
The report by Autocar suggested that Audi acquired 100% of the struggling McLaren Group. According to the report, no changes to management have been made.
"McLaren's technology strategy has always involved ongoing discussions and collaboration with relevant partners and suppliers, including other carmakers, however, there has been no change in the ownership structure of the McLaren Group," McLaren Group.
Vodacom mulls listing South African unit.
Vodacom, a South African mobile communications company, may consider listing its South African financial services business separately to achieve greater value.
According to the CEO, the company will also separate its telecom tower portfolio into a new unit to bring partners into the business.
"We are looking at how to give more disclosure so that the market gives us credit for our assets. If not, we will look at optionality on whether to list some," Shameel Joosub, Vodacom CEO.
Zentiva denies it is for sale. (FS)
Zentiva, a Czech generic drug maker, denied the report that its parent Advent is looking to sell it. Previously, a daily The Hospodarske Noviny newspaper reported the company might be sold for $2.8bn-$3.4bn, saying the process could begin in early 2022.
Turkish banking stocks rise on BBVA deal news.
Turkish banking stocks rise following the news from BBVA, a Spanish multinational financial services company, regarding the acquistion of the remaining shares in its Turkish unit.
It is the best day for Turkish bank stocks in six years. The Borsa Istanbul Banks Index, an index comprising of Turkish lenders, was trading 9.5% higher in Istanbul.
Almunajem Foods's IPO shares are sold out.
All of the shares meant to be sold during the IPO of Almunajem Foods, a private food company, are reportedly booked due to high demand, according to Bloomberg.
The IPO is expected to bring $288m in proceeds. The company sells 30% stake, $14.66 per share. The investors' demand reportedly covered all shares within hours of opening the order book.
Dubai Electricity & Water Authority invites banks to pitch for IPO.
Dubai Electricity & Water Authority, a public service infrastructure company, has invited banks to pitch their services for its upcoming IPO, which could value the company at $25bn, Bloomberg reported.
The company reportedly names Moelis as an adviser, but will probably choose a mix of international and local banks. It was also reported that DEWA may try to sell less than a minimum 25% stake during the IPO.
Ahold Delhaize plans Bol.com's listing next year.
Ahold Delhaize, a supermarket group, said it plans to list Bol.com, an online retail business, in the second half of 2022, Reuters reported. Ahold noted it would retain control over the spun-out company.
"We see an opportunity for Bol to grow faster. Both Bol and Amazon in the Dutch market gained share, but the gap we had ahead of Amazon has not changed over time," Frans Muller, Ahold CEO.
3one4 Capital raises $133m for its third fund. (FS)
Early-stage investor 3one4 Capital has raised $134m for its third flagship fund from both domestic and international institutional investors. The fund surpassed its target of $101m riding on strong investor interest as the Indian startup ecosystem becomes increasingly attractive.
The venture capital firm had started raising its third flagship fund in 2020. It has raised five funds since its inception in 2016, including three flagship and two follow-on funds.
Fund III will continue the investor’s focus on its core strategy to build a portfolio of 25-30 early-stage startups for each fund. It will back SaaS and enterprise automation, fintech, direct-to-consumer, digital media, and deep technology startups.
APAC
Ascendent Capital-backed Kidedu Holdings terminated the $230m merger with Tarena International, a provider of professional education and K-12 education services in China.
"We are committed to our growth strategy of continuous quality upgrade of our excellent educational products and services and relentless enhancement in our operational efficiencies. In the second quarter of 2021, our total net revenues and gross profit margin increased significantly and net loss decreased substantially compared to the same period of last year. The Company expects its total net revenues for the third quarter of 2021 to exceed its financial results for the second quarter. We believe that the Company can maintain a sustainable growth in the adult professional education and childhood & adolescent quality education businesses," Ying Sun, Tarena CEO.
Emart, a South Korean retailer, completed the acquisition of an 80.01% stake in the Korean business of eBay, a multinational e-commerce company, for $3bn.
"We are pleased to finalize the deal between eBay Korea and Emart, bringing together two strong e-commerce and retail companies that can unlock tremendous potential in Korea. By joining Emart, the eBay Korea business has an enormous opportunity ahead. We believe this deal allows eBay to further focus on growing our core marketplace and will offer additional value for our customers, employees and shareholders," Jamie Iannone, eBay CEO.
Emart was advised by JP Morgan, Bae Kim & Lee and Ropes & Gray. eBay was advised by Goldman Sachs, Morgan Stanley, Kim & Chang and Wachtell Lipton Rosen & Katz. Goldman Sachs and Morgan Stanley are advised by Sullivan & Cromwell.
Cuscaden Peak, a consortium linked to Singapore state investor Temasek, has raised its bid for media and real estate company Singapore Press to about S$3.9bn($2.88bn), Reuters reported.
Cuscaden's new offer of S$2.4($1.77) per SPH share, is a near 15% jump from its initial bid of S$2.1($1.55) per share and also tops Keppel's rival offer of S$2.35($1.73).
Temasek is advised by Morgan Stanley. Keppel is advised by JP Morgan and WongPartnership. Singapore Press is advised by Credit Suisse and Klareco Communications.
Australia’s Link Administration said it was appropriate to provide Carlyle Group with due diligence information, as it is considering its new $2bn takeover offer.
The Sydney-based company said it would give Carlyle due diligence information on a non-exclusive basis so it can develop a revised proposal which can be recommended to its shareholders.
The fresh bid, announced earlier this month, marked a renewed attempt by Carlyle to buy Link after it pursued the company with Pacific Equity Partners in late 2020, Reuters reported.
Link is advised by Macquarie Group, UBS, Herbert Smith Freehills and GRACosway. Carlyle is advised by Gilbert + Tobin.
Global Infrastructure Partners, an infrastructure investment fund, agreed to acquire a 49% stake in Woodside Petroleum's Pluto LNG plant for $5.6bn.
"The sale of the interest in Pluto Train 2 is a significant milestone as we progress towards a final investment decision on our Scarborough development, further de-risking this globally competitive investment," Meg O'Neill Woodside CEO.
GIP is advised by Allens. Woodside is advised by Morgan Stanley, Rothschild & Co and Ashurst.
Private equity firms Sea Capital and Kora Management led a $725m series B funding round in Forte, a blockchain gaming platform. Additional investors include Animoca Brands, Huuuge Games, Overwolf, Playstudios, Warner Music Group, zVentures, Cosmos, Polygon Studios, Solana Ventures, Griffin Gaming Partners, Andreessen Horowitz, and Tiger Global.
“Forte has incredible traction in the gaming space, due in part to the robustness of its technical and compliance solutions. We partnered with Forte because of its ethos of building a platform that is simple to integrate without limiting developer flexibility or control, building for the long-term, solving scalability challenges that limit transaction throughput on blockchains today, mitigating high latency and costs associated with blockchain transactions, as well as future-proofing with blockchain portability and cross-chain interoperability,” Daniel Jacobs, Kora Capital Founder.
Forte was advised by LionTree Advisors.
Rimorchiatori Mediterranei, a harbour towage operator, agreed to acquire a 49% stake in towage and shipping services providers KST and Maju from business conglomerates Boskalis and Keppel, for $91m.
The agreement is subject to approval from the regulatory agencies in Singapore and the transaction is expected to close in the first half of 2022.
Rimorchiatori Mediterranei is advised by Rothschild & Co.
Amazon completed the $200m investment in Amazon Seller Services, company's ecommerce marketplace that connects sellers and buyers in India and internationally.
Fresh funding would help company compete with local rivals. Amazon historically invested heavily in India to improve its services there.
Goldman Sachs and CMC Capital Partners led a $150m Series C funding round in Cyclone Robotics, a developer of robotic process automation software. Additional investors include Lavender Hill Capital Partners, ZWC Partners, V Fund, DCM, Matrix Partners and Source Code Capital.
The fund raised will be used to bolster the company's hyperautomation capabilities and products with an objective to expand customer coverage as well as global partnerships. In the future, Cyclone Robotics will invest more in the product development of hyperautomation. In addition, the investment will help Cyclone Robotics to develop its partnership program to the next level - by providing more inclusive training resources, enablement and fast-response service.
HSBC names executives for commercial banking business in Asia. (People)
HSBC, a British multinational investment bank, has selected two executives to manage Asia Pacific commercial banking business in an attempt to increase focus on the region.
Amanda Murphy, currently in Britain, will take charge of commercial banking operations in South and Southeast Asia from Singapore. Frank Fang, who is now the head of commercial banking for Hong Kong and Macau, will continue to lead the business in his area.
China Aoyuan to sell c. $116m worth of assets.
China Aoyuan, a property developer, said it will sell c. $116m worth of assets in Hong Kong units. The sale would mean a net loss on some assets.
The company will incur a $23m loss from selling shares in small developer's units Double Bliss, Mingwan Investments, and Prestige Well. Overall, the $116 selloff would involve the disposal of shares and loans.
Meicai picked banks for Hong Kong IPO.
Meicai, an agricultural products company, has picked banks for Hong Kong IPO, Bloomberg reported. The selection was made in favor of Citigroup and Nomura.
The IPO could reportedly raise from $300m to $500m in proceeds. The preparation for the offering started in July 2021.
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