AMERICAS
El Paso Electric Company, a regional electric utility providing generation, transmission and distribution service, and the Infrastructure Investments Fund, a $12.5bn private investment vehicle advised by a dedicated infrastructure investment group within JP Morgan Investment Management, mutually agreed to extend the termination date for their transaction to September 1, 2020.
As previously announced, the proposed acquisition is pending final approval from the Federal Energy Regulatory Commission. The FERC's approval of the parties' mitigation plan is the last regulatory approval needed to close the proposed acquisition. EPE and IIF continue to expect to close the transaction in the first half of 2020.
El Paso Electric is advised by Lazard, Baker Botts and Sard Verbinnen & Co. Lazard is advised by Cravath Swaine & Moore. Infrastructure Investments Fund is advised by Bank of America Merrill Lynch, Skadden Arps Slate Meagher & Flom and Joele Frank. Bank of America Merrill Lynch is advised by Davis Polk & Wardwell. Debt financing is provided by Bank of America Merrill Lynch.
Xperi, a semiconductor devices manufacturer, completed the merger with set-top box maker TiVo, forming a leader in consumer and entertainment technology and IP licensing, representing the combined enterprise value of c. $3bn.
“With this combination, we are better positioned to transform the entertainment experience across the home, auto and mobile markets with smarter technologies that enable extraordinary experiences. With the combined expertise of our innovative R&D teams and a broader market TAM, we will be well-positioned to achieve even better patent monetization outcomes, greater cash flow generation and long-term value creation,” Jon Kirchner, Xperi CEO.
Xperi was advised by Centerview Partners, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Centerview Partners was advised by Sullivan & Cromwell. TiVo was advised by LionTree Advisors and Cooley. Debt financing was provided by Royal Bank of Canada and Bank of America Merrill Lynch.
Ecolab, a global provider of water, hygiene, and energy technologies, announced the final exchange ratio for its split-off exchange offer in connection with the previously announced separation of Ecolab’s Upstream Energy business and the subsequent merger of ChampionX with a subsidiary of Apergy, an oilfield equipment provider.
The exchange ratio will be 24.6667 shares of Apergy common stock that will ultimately be received for each share of Ecolab common stock validly tendered and accepted by Ecolab in accordance with the terms of the exchange offer. The exchange offer will expire at 12:01 a.m., New York City time, on June 3, 2020, unless terminated or extended, and the closing of the merger is expected to occur promptly following the consummation of the exchange offer.
Apergy is advised by Centerview Partners, Lazard and Weil Gotshal and Manges. Ecolab is advised by Bank of America Merrill Lynch and Skadden Arps Slate Meagher & Flom.
Mudrick Capital Management, an investment firm specializing in distressed credit and event-driven investing, completed the acquisition of Hycroft Mining, a US-based, gold and silver producer operating the Hycroft mine located in the world-class mining region of Northern Nevada, for $537m.
"This is a critical transaction that paves the way for the development of Hycroft into one of the world's premier gold and silver producers with a long life and in a desirable mining jurisdiction. We now have the pieces we need to build a profitable future for the mine, its employees and the surrounding areas," Randy Buffington, Hycroft Mining President and CEO.
Hycroft Mining was advised by BMO Capital Markets, Greenhill & Co and Neal Gerber & Eisenberg. Mudrick Capital Management was advised by Cantor Fitzgerald, Duff & Phelps and Weil Gotshal and Manges.
Starwood Capital, a global investment firm focused on real estate, agreed to invest $325m in TPG RE Finance Trust, a Maryland corporation that is a commercial real estate finance company.
"We are pleased to partner with TPG RE Finance Trust to provide the company with liquidity to navigate this unprecedented period. With this recapitalization and through our new position as a TRTX stakeholder, we firmly believe the company is positioned for sustained long-term success and will generate meaningful value for its shareholders and the partners of our fund moving forward," Ethan Bing, Starwood Capital Managing Director.
TPG RE Finance Trust is advised by Houlihan Lokey and Kirkland & Ellis. Starwood Capital is advised by Credit Suisse, Sidley Austin and Abernathy MacGregor Group.
Schultze Special Purpose Acquisition, a blank check company, agreed to merge with Clever Leaves International, a multi-national cannabis operator. The combined public company will be listed on NASDAQ.
“We are confident Clever Leaves represents a tremendous partner for SAMA and an attractive public market story through its thoughtfully constructed, vertically integrated international platform and outstanding management team. Clever Leaves has earned its industry-leading market position through its high-quality genetics capability and highly scalable cultivation, and extraction capacity. Moreover, the leveragability of its pre-existing distribution infrastructure, unique GMP certification, and disruptive low-cost model bring us great enthusiasm about its future prospects,” George J. Schultze, SAMA Chairman and CEO.
SAMA is advised by Canaccord Genuity, EarlyBirdCapital, Greenberg Traurig, Posse Herrera & Ruiz and Stikeman Elliott.
Pacific Premier, a bank with c. $11.8bn in assets, completed the acquisition of Opus Bank, an FDIC-insured California-chartered commercial bank, for $744m. Existing Pacific Premier shareholders own c. 63% of the outstanding shares of the combined company and Opus shareholders own c. 37%.
“We are pleased to welcome the clients and employees of Opus Bank and PENSCO Trust. This strategic combination creates one of the premier commercial banks in the Western United States, provides us with a meaningful presence in attractive metropolitan markets, a broad offering of banking products, and improved diversification of our banking franchise. The combination expands our capital and liquidity resources, which enhances our ability to be a source of strength to our clients and communities impacted by the Covid-19 pandemic,” Steven R. Gardner, Pacific Premier Chairman, President and CEO.
Pacific Premier was advised by D.A. Davidson & Co and Holland & Knight. Opus Bank was advised by Piper Sandler and Sullivan & Cromwell.
DropCar and AYRO announced that their shareholders approved their all-stock merger agreement. Common shares of AYRO commenced trading as NASDAQ: AYRO on May 29.
"We are excited about the opportunity to introduce our company to the public, along with its line-up of light-duty electric vehicles, as well as our strategic partnership with Club Car®, a unit of Ingersoll Rand. Going public with a NASDAQ listing is an important milestone for our company, and we look forward to engaging with new investors to share our vision for AYRO and create value for our shareholders," Rod Keller, AYRO CEO.
AYRO was advised by Darrow Associates. DropCar was advised by Palladium Capital Advisors.
Equinix, a global interconnection and data centre company, agreed to acquire 13 data centre sites from BCE, Canada's communications company, for $750m.
"The acquisition of these 13 strategic assets further extends the depth and breadth of Equinix's global platform, which currently spans 26 countries and 55 metros. It will position Equinix as a market leader for data centre and interconnection services in Canada, with high-quality assets from coast to coast and a large, diversified ecosystem of Canadian businesses. Additionally, it opens key gateways for North America to Asia through Vancouver and North America to Europe through the submarine cable systems in the Millidgeville area," Jon Lin, Equinix Americas President.
Equinix is advised by JP Morgan and Citigroup.
PTC Therapeutics, a US pharmaceutical company, completed the acquisition of Censa Pharmaceuticals, a biopharmaceutical company, for $41m. The deal also includes $217m more tied to development and regulatory milestones for Censa's two most advanced programs plus a priority review voucher, which allows for expedited FDA review.
"We're thrilled to complete the acquisition of Censa. This acquisition adds a well-established late-stage PKU clinical program to our growing rare disease portfolio. Given PTC's established development and commercial capabilities, we're well-positioned to bring this therapy to patients with unmet medical need expeditiously," Stuart W. Peltz, PTC Therapeutics CEO.
NSI Industries, a provider of electrical products, completed the acquisition of Polaris Electrical Connectors, a manufacturer of insulated electrical connectors. Financial terms were not disclosed.
“The acquisition of Polaris further accelerates our growth as an electrical products company focused on providing innovative, profitable and quality solutions to our distributor partners, in multiple markets. Polaris is one of the most well recognized and respected brands in the industry and their product portfolio is completely complementary to our electrical solutions and together we have the ability to successfully serve all of our markets with a more comprehensive set of solutions,” G. R. Schrotenboer, NSI Industries CEO.
Tokio Marine HCC, an international speciality insurance group, completed the acquisition of GCube, a renewable energy risks specialist. Financial terms were not disclosed.
"This strategic investment underlines our commitment to the renewable energy insurance market and our desire to actively address the issues around sustainability, helping us move towards a safe, secure and sustainable future. GCube also adds significant weight to our existing classes of speciality insurance and is in line with our strategy of acquiring businesses which possess real market-leading expertise, complement our existing portfolio and offer opportunities for growth and diversification," Barry Cook, Tokio Marine HCC CEO.
Global management consulting firm Oliver Wyman agreed to invest in Corridor Platforms, a decision workflow governance and automation software provider. Financial terms were not disclosed.
"Oliver Wyman has decades of experience at the forefront of risk management and advanced analytics. We could not have found a better firm to help clients leverage Corridor Platforms solutions and create rapid, sustainable, and lasting impact," Manish Gupta, Corridor Platforms CEO.
Sirius Computer Solutions, a national IT solutions integrator, completed the acquisition of Advanced Systems Group, a provider of IT data centre solutions. Financial terms were not disclosed.
"One of the things that really attracted Sirius to ASG is its focus on client satisfaction and the dedication its team has to helping clients make informed, confident decisions that will best meet the needs of their business. The talent of the ASG team really complements that of the Sirius'. ASG has always been a strong and admired competitor in the western region, and we are excited to make an investment in the future of our company that will truly add value for our clients and partners alike," Joe Mertens, Sirius President and CEO.
Transportation Infrastructure Partners, a joint venture between Ridgewood Infrastructure and Savage focused on acquiring and operating critical transportation and logistics infrastructure, agreed to acquire Carolina Marine Terminal, a multi-modal marine dry good bulk port facility in Wilmington, NC. Financial terms were not disclosed.
"We're thrilled to have Transportation Infrastructure Partners as the new owner of CMT. We're delighted that our customers and employees will be working with a group of the calibre of Savage and Ridgewood. We're excited to watch them build upon our success and take CMT to the next level," Mike McCarley and Kevin Walker, CMT Founders.
Embraer open to new partnerships after Boeing deal collapse.
Reuters reported that Brazilian planemaker Embraer expects to sign new strategic partnerships in the future, after Boeing abruptly cancelled a deal in April to take over the company's commercial jet division.
Embraer Chief Executive Francisco Gomes Neto said it was still early to discuss such opportunities as the company is studying a new five-year plan. He added that partnerships could involve products, engineering and production.
EMEA
US private equity firm Warburg Pincus is injecting around £250m ($309m) into the merger of Tilney and Smith & Williamson to help get the deal between the wealth managers over the line. The new structure will see Warburg Pincus emerge as the second-largest shareholder in the group behind another private equity firm, Permira.
"This is a real vote of confidence in what we are building and its prospects and we look forward to progressing the deal through to completion in the coming months," Chris Woodhead, Tilney CEO.
S&W is advised by Keefe Bruyette & Woods, Stifel and Macfarlanes. Tilney is advised by Evercore and Freshfields Bruckhaus Deringer. AGF is advised by Spencer House and DAC Beachcroft. Warburg Pincus is advised by Rothschild & Co and Kirkland & Ellis.
Capital & Counties Properties, a United Kingdom-based property investment and development company, agreed to acquire a 26.3% stake in Shaftesbury, a British real estate investment trust which invests exclusively in the heart of London's West End, from Veloqx for $538m.
"As long-term investors in the Covent Garden estate and the West End, the investment in Shaftesbury represents a unique opportunity to deploy our capital in an exceptional portfolio at an attractive entry price, which we believe will generate long-term value for Capco shareholders," Ian Hawksworth, Capco CEO.
Shaftesbury is advised by MHP Communications and RMS Partners. Capco is advised by Bank of America Merrill Lynch, Rothschild & Co, Hudson Sandler and Instinctif Partners. Veloqx is advised by Citigroup.
Private equity firm Avista Capital Partners agreed to acquire a 50% stake in Vision Healthcare, a Belgium-based online consumer health retailer, for $336m.
US-based sponsor Avista plans to assist the company with its international expansion, focusing on the US, and will also support its growth via further investments and add-on acquisitions, according to a statement from Vision Healthcare.
Vision Healthcare is advised by PricewaterhouseCoopers, Rothschild & Co and Allen & Overy. Avista is advised by Ropes & Gray and Stibbe.
Culina, a provider of logistics services for food and drink companies, completed the acquisition of Fowler Welch, a provider of food supply-chain services, from Dart Group, a holding company based in Leeds, for $121m.
The Board of Dart believes that the transaction will enable the group to focus on its long-term strategy of growing its Leisure Travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership.
Dart Group was advised by Arden Partners, Canaccord Genuity, Cenkos Securities and Buchanan.
WhiteHorse Capital, the direct lending affiliate of HIG Capital, provided a new senior secured term loan facility to Connexity, an operator of shopping web sites, to support its acquisition of SkimLinks, a provider of monetization solutions for commerce-oriented publishers.
“We closed this transaction in a very challenging underwriting environment and WhiteHorse delivered in all respects: moving on a compressed timeline, being commercial on documentation, and acting with integrity throughout to close a highly impactful acquisition for Connexity. This was a great start to a partnership,” J.T. Treadwell, Symphony Technology Group, Managing Director.
Connexity was advised by JEGI. SkimLinks was advised by Stifel.
Investment funds KKR, Cinven and Providence Equity Partners offered to acquire Masmovil, the fourth largest telecommunications operator in Spain, for $3.3bn.
The funds already have a presence in the Spanish telecommunications market. They reportedly seek to delist Masmovil.
Zynga, a provider of interactive entertainment, agreed to acquire Peak, a mobile gaming company, for $1.8bn.
"We are honoured to welcome Sidar and team to Zynga. Peak is one of the world's best puzzle game makers and we could not be more excited to add such creative and passionate talent to our company. With the addition of Toon Blast and Toy Blast, we are expanding our live services portfolio to eight forever franchises, meaningfully increasing our global audience base and adding to our exciting new game pipeline. As a combined team, we are well-positioned to grow faster together," Frank Gibeau, Zynga CEO.
BC Partners-backed United Group, a telecoms and media operator in South-Eastern Europe, agreed to invest in Forthnet, a telecoms and pay-TV provider in Greece. Financial terms were not disclosed.
"We are pleased that Forthnet will be joining United Group and I'm excited that we continue to strengthen our business and provide our customers across the region with a broad range of cutting-edge services. We see significant opportunity to work with Forthnet to drive growth in Pay-TV services and to launch into the mobile phone market and are pleased to be expanding our reach into the Greek market," Victoriya Boklag, United Group CEO.
US infrastructure investor Alinda Capital completed the acquisition of Glide, which designs, installs and manages fibre networks required to deliver broadband connectivity, from Inflexion. Financial terms were not disclosed.
"We are pleased to have supported Glide's strong growth journey, which has seen the company transformed into the UK fibre leader serving niche markets and benefitting from the exponential growth in broadband usage. That Glide attracted strong interest at this time is vindication of its position as a robust leader in its field. Its transformation through the strategic M&A we supported has given it a very strong and defensible position, making it well placed to continue to grow further with its new backers," Simon Turner, Inflexion Managing Partner.
Guru Capital, a Switzerland-based private equity firm with specific experience in the CFD space, agreed to acquire ETX Capital, a provider of multi-asset CFDs and spread betting products, from JRJ Group, an international private equity investment firm. The transaction is subject to regulatory approval and is expected to close by the end of the year. Financial terms were not disclosed.
The acquisition of ETX Capital enables Guru Capital to immediately gain significant market share in the highly competitive UK market. ETX Capital has built a best-in-class CFD business and Guru Capital intends to further expand and grow the brand alongside the company’s talented employees.
AGC Networks, an information and communication technology solution provider and integrator, agreed to acquire Fujisoft, an information technology solutions and service provider. The proposed acquisition is subject to approval from the Department of Economic Development in Dubai and from Abu Dhabi Department of Economic Development for the company in Abu Dhabi. Financial terms were not disclosed.
"We are excited to welcome Fujisoft team members as part of the AGC family. This acquisition accelerates our expansion in MEA region. In our pursuit to remain the customer's trusted partner in providing technology solutions and services, the combination of Fujisoft and AGC will strengthen our relationship and relevance with our combined customers in the region," Sanjeev Verma, AGC Networks Executive Director and CEO.
Greencoat Capital completed the acquisition of Sleaford REP from Glennmont Partners. (FS)
Greencoat Capital, a specialist asset manager that is dedicated to the resource efficiency and renewable energy sectors, completed the acquisition of Sleaford Renewable Energy Plant from Glennmont Partners, a fund manager focusing exclusively on investment in clean energy infrastructure. With this sale, the last remaining asset of Glennmont’s $485m Clean Energy Fund I has been divested. Financial terms were not disclosed.
“We are delighted to complete the sale of the Sleaford Renewable Energy Plant to Greencoat. This deal proves Glennmont’s ability to provide stable, predictable returns on investment in clean energy infrastructure. The full divestment from Fund I underlines our successful approach working across different markets and technologies. Our team’s unique blend of expertise in operations and asset management will ensure that we continue to identify and secure further value from assets," Peter Dickson, Glennmont Partner.
Glennmont was advised by Evercore and Eversheds Sutherland.
KKR set to inject funds in Selecta. (FS)
KKR is preparing to inject funds into Swiss vending machine company Selecta, which is saddled with debts and faces a loss of business due to the coronavirus crisis. The plan is expected to involve c.$200m in new loans granted by KKR to the company.
KKR has backed Selecta since it acquired a majority stake in the business from Allianz Capital Partners in 2015.
Leonardo Del Vecchio seeks to buy 20% of Mediobanca.
Bloomberg reported that Italian eyewear billionaire Leonardo Del Vecchio stepped up his efforts to become a bigger player in Italy's finance industry, asking for approval to raise his stake in Mediobanca to as much as 20%. The lender's shares jumped as much as 14%.
Del Vecchio, who owns 10% of Italy's largest publicly traded investment bank, submitted the request to the Bank of Italy on May 29, a day after press speculation mounted on his move.
Ted Baker intends to raise $118m in a share sale to handle the pandemic pressure.
Ted Baker, a British luxury clothing retail company, intends to raise $118m from newly issued shares to tackle the damage caused by the coronavirus pandemic which drove the company into an annual loss, Reuters reported.
In early trade shares of the company slipped 24%, making it over a 70% loss this year. For the financial year ended January 25, 2020, Ted Baker declared a pretax loss of $105m, contrasted with a profit of $40m in the prior year. Total revenue decreased by 1.4% to $826m.
"The Board recognises that last year's performance was disappointing for all of Ted Baker's stakeholders, reflecting a challenging external environment as well as significant internal disruption, driven by a number of senior leadership departures," Ted Baker.
The Universities Superannuation Scheme to abolish coal, tobacco and weapon investments. (FS)
Universities Superannuation Scheme, the UK's pension fund, is joining the world's top investors' movement to leave industries unsustainable in the long term, selling out its investments in coal, tobacco, and controversial weaponry.
The fund will start with the sellout of about £180m ($222m) worth of tobacco stocks in BAT, Imperial Brands and Altria Group.
USS promised not to return to these industries in the future, and will also commit not to invest in energy companies that make more than 25% of their revenues from thermal coal.
APAC
Hillhouse led a $160m Series B round for Genor Biopharma, a biopharmaceutical company, which develops and commercializes therapeutic monoclonal antibodies, Fc-fusion proteins, and recombinant therapeutic proteins. The round saw participation from Temasek, Life Science Fund, Kaiyuan International and Cavenham PE.
"The year of 2020 is a significant year for Genor Biopharma. We are in the final sprint to push those mature medicines to hit the market, meanwhile accelerating the R&D process in oncological immunotherapy," Guo Feng, Genor CEO.
Credit Suisse, a Swiss multinational investment bank and financial services company, completed the acquisition of an additional 18% stake in Credit Suisse Founder Securities, its securities joint venture with Founder Securities, increasing its holding from 33% to 51%. Financial terms were not disclosed.
The shareholding of Founder Securities in CSFS will reduce to 49% as a result. Credit Suisse will continue to work closely with Founder Securities and the respective regulatory authorities in this regard.
Uday Kotak aims to raise $919m in a bank share sale. (FS)
Uday Kotak, a billionaire and a Managing Director at Kotak Mahindra Bank, seeks to raise $919m by selling his stake in the Indian lender. Kotak is selling 56m shares of the bank for around $16 per share, according to Bloomberg. The price represents a discount of up to 2.7% compared to closing price on Monday. The billionaire's stake in the bank will be reduced from 28.93% to 26.1%.
The sale follows a resolution of an unusual legal dispute with the Reserve Bank of India over the velocity at which Kotak should decrease his stake in the bank. It was agreed that Kotak should lower his holding to 26% by August.
Netease plans to raise up to $3bn in Hong Kong secondary listing. (FS)
Netease, a Chinese tech group, intends to gather up to $3bn in secondary listing in Hong Kong in one of the largest equity deals in 2020, according to DealStreetAsia. Institutional book building started on Monday, and retail offering is expected to run until the end of the week.
Netease is only the second company to file for a secondary listing in Hong Kong. Alibaba did so in 2019 after US-listed Chinese companies got the right to seek a secondary listing in Hong Kong.
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