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AMERICAS
Yamana Gold, a company that owns and operates gold, silver and copper mines, said it has entered an agreement with Pan American Silver, a mining company, and Agnico Eagle, a gold producer, after determining their takeover offer was superior to an earlier bid by Gold Fields.
The company’s board “now unanimously recommends that Yamana shareholders vote against the Gold Fields transaction,” when they meet to vote on the deal on November 21. The company entered the arrangement agreement following the waiver by Gold Fields of its five business day matching right.
GHO Capital, a healthcare investment adviser, and The Vistria Group, a private equity firm, agreed to acquire a majority stake in Alcami, a pharmaceutical contract development, and manufacturing organization, from two private equity firms, Madison Dearborn and Ampersand Capital. Financial terms were not disclosed.
"This is an ideal partnership in furthering Alcami’s strategic transformation, unprecedented growth rate and comprehensive service offerings valued by over 1k clients around the globe. GHO and The Vistria Group have excellent reputations for partnering with high-growth companies that create value for all stakeholders. We want to thank the MDP and Ampersand teams for their strong leadership and support of Alcami over the last several years and we look forward to further scaling our offering, capacity and geographic reach with our new partners," Patrick Walsh, Alcami Chairman and CEO.
GHO Capital and The Vistria Group are advised by Lockton Companies, McKinsey & Company, Ernst & Young, Jefferies & Company, OES Capital Group, Ropes & Gray and Deloitte. Debt financing is provided by Ares Management. GHO Capital is advised by Consilium Strategic Communications (led by Amber Fennell and Matthew Cole). The Vistria Group is advised by Res Publica Group. Alcami is advised by Morgan Stanley and Kirkland & Ellis. Madison Dearborn is advised by Abernathy MacGregor Group (led by Chuck Dohrenwend).
Combs Enterprises, a diverse portfolio of businesses and investments, agreed to acquire three markets assets from Columbia Care, a cultivator, manufacturer and provider of medical and adult use cannabis products, and Cresco, a vertically integrated multi-state operator and wholesaler of branded cannabis, for $185m.
“These assets offer the Combs’ team significant market presence, enabling them to make the most impact on the industry as a whole. It’s been clear to us that Sean has the right team to carry on the strong legacy of these Columbia Care and Cresco Labs facilities, and we can’t wait to see how he helps shape the cannabis industry going forward through his entrepreneurial leadership and innovation,” Nicholas Vita, Columbia Care CEO and Co-founder.
Combs Enterprises is advised by Empowerment IP Capital, Evercore and Goodwin Procter. Cresco is advised by Solidum Capital Advisors, Stoic Advisory and Paul Hastings. Columbia Care is advised by ATB Capital Markets, Gramercy Capital and Foley Hoag.
Profusa, a developer of tissue-integrating biosensors designed to assist continuous monitoring of body chemistry, agreed to go public via a SPAC merger with NorthView Acquisition in a $264m.
"We believe our merger with Profusa represents a rare opportunity to partner with a management team and business that is highly sought after to be a public company with a true platform solution, globally focused and with technology validated via product approval and ready for launch. We are confident that this business combination will provide Profusa or the Combined Company with the financial resources to launch its commercial plans for its oxygen biosensor product, seek FDA approval for its continuous glucose monitoring product, and continue to develop near term revenue opportunities to leverage its novel tissue integrated biosensor technology platform," Jack Stover, NorthView CEO.
Profusa is advised by HC Wainwright and Sidley Austin. NorthView is advised by Dawson James Securities, I-Bankers and ArentFox Schiff.
Fulgent Genetics, a technology company focused on genetic testing, completed the acquisition of Fulgent Pharma, an independent clinical-stage therapeutics development company focused on developing innovative cancer treatments, for $100m.
"This acquisition advances our mission to build a holistic platform to provide comprehensive solutions and services across the cancer care continuum, including early detection, diagnostics, and monitoring, as well as drug discovery and development. With my commitment and our teams already in place, the combination of these two businesses diversifies our assets and will, we believe, provide sustainable future revenue and margin opportunity through a potentially lucrative target oncology market," Ming Hsieh, Fulgent Genetics Chairman and CEO.
Fulgent Genetics was advised by First Principles Advisory Group, Cooley, Mintz Levin and Blueshirt Group (led by Melanie Solomon). Fulgent Pharma was advised by Procopio (led by Paul Johnson).
1st Security Bank of Washington, a provider of banking services, agreed to acquire seven branches in Washington and Oregon from Columbia Banking System, a commercial banking institution. Financial terms were not disclosed.
"We are excited about the proposed acquisition of these branches and the expansion of our franchise into the Oregon market. As experienced acquirers, we are committed to providing our new customers and employees with the best possible transition from Columbia and look forward to offering our personalized banking services to these communities for years to come," Joe Adams, 1st Security CEO.
Columbia Banking System is advised by Sullivan & Cromwell (led by Patrick S. Brown) and Financial Profiles (led by Moira Conlon). 1st Security Bank of Washington is advised by Raymond James (led by Aaron DiRusso).
First Northern Community Bancorp, a bank holding company for a community bank, agreed to acquire three branches in Northern California from Columbia Banking System, a commercial banking institution. Financial terms were not disclosed.
"We are excited about the expansion of our franchise through the proposed acquisition of these branches. These markets are a natural fit for First Northern and allow us to extend our footprint north along the I-5 corridor. We are committed to serving the communities of Colusa, Orland, and Willows and look forward to welcoming the Columbia branch employees with open arms and providing our new customers and communities with First Northern Bank'sBank's exceptional brand of personalized service," Louise A. Walker, First Northern President and CEO.
North Castle Partners, a private equity firm, agreed to acquire a majority stake in NEST New York, a manufacturer and retailer of luxury home fragrances, from Eurazeo, an investment company, at $200m valuation.
"Since I founded NEST in 2008, I have been fortunate to have exceptional partners that have helped the brand solidify its position as one of the world's most trusted and highly regarded fragrance brands. I am deeply grateful for Eurazeo's partnership and expertise, which have enabled the business to flourish and deliver impressive growth over the past five years. As the brand embarks on its next chapter of growth, I look forward to partnering with North Castle and reuniting with Rich Gersten, whom I have had the pleasure of working with in the past," Laura Slatkin, NEST New York Founder.
Eurazeo is advised by Abernathy MacGregor Group. NEST New York is advised by Perella Weinberg Partners.
Foxconn, a contract manufacturer for electronics, agreed to invest $170m in Lordstown Motors, an original equipment manufacturer of electric vehicles focused on the commercial fleet market.
Lordstown Motors will use the proceeds to fund development and design activities for a new electric vehicle program in collaboration with Foxconn.
"Over the last year, the LMC and Foxconn teams have worked collaboratively to bring the Endurance into commercial production, despite numerous external challenges. We acknowledge and appreciate the confidence in our team that is shown by this investment. The combination of LMC'sLMC's experienced vehicle development team, Foxconn'sFoxconn's growing EV ecosystem, the MIH platform, and our asset-light business model will allow us to bring great EVs to market faster and more efficiently," Edward Hightower, LMC CEO and President.
Lordstown Motors is advised by Robar PR.
Incline Equity, a private equity firm, agreed to invest in Icreon, a digital transformation agency to enterprise and mid-market clients. Financial terms were not disclosed.
"We are proud of the long-term client relationships we have developed over the last 20 years. Incline is the ideal partner to help us further expand upon what we'vewe've built through enhancing capabilities and adding partnerships that will deepen our customer relationships and service offerings. We look forward to continuing to build out a wholistic digital transformation offering in our next chapter," Himanshu Sareen, Icreon Founder and CEO.
Icreon is advised by Robert W Baird.
Ascend, a service provider of logistics services, completed the acquisition of Fuchs Trucking, a full service trucking and logistics company. Financial terms were not disclosed.
“We are excited to combine forces with Ascend and build on our company’s excellent track record for service. Together we will be best able to serve the rising complexity of our customers’ supply chains. We look forward to growing together with Ascend and creating additional jobs in the Sauk City. Additionally, we will benefit by combining with Ascend to expand our capabilities and improve our buying power, boosting our competitiveness in the regional truckload market,” Jay Doescher, Fuchs President.
HKA, a provider of claims consulting services, completed the acquisition of TM Financial Forensics, a US-based disputes consulting firm specializing in financial, accounting, economic, engineering, scheduling, and damages analyses. Financial terms were not disclosed.
"TMF joining HKA is another major milestone for the Americas Group. Our capabilities in intellectual property and patent litigation are also significantly enhanced in addition to adding complementary resources in other practice areas," Frank Giunta, HKA Partner and Head of Americas.
WonderFi, a technology company, completed the acquisition of Blockchain Foundry, a blockchain development firm. Financial terms were not disclosed.
“We are thrilled to be joining the WonderFi team, which has deep expertise in Web3 and a complementary product mix to BCF’s current products and development initiatives. There are numerous operational and consumer synergies which we can capitalize on to enhance opportunities across a range of Web3 experiences," Dan Wasyluk, BCF commented CEO.
Carrefour Brasil mulls real estate business carve-out.
Grupo Carrefour Brasil said it has started studies for a potential carve-out of its real estate business unit, which includes more than 450 assets and could lead to the creation of a retail-focused company with more than $287m of net operating income.
The company, formally known as Atacadao, added in a securities filing that the move also included the potential sale of a minority stake in Carrefour Real Estate to a strategic investor.
T-Mobile seeks a fiber-optic venture aimed at home internet.
T-Mobile US, the nation’s second-largest wireless carrier, is exploring options to create a fiber-optic network, either through a joint venture or a commercial partnership, Bloomberg reported.
The company is working with Citigroup to find partners to build a fiber network targeting the home-broadband market that will require several billion dollars of investment. The joint venture could be worth $4bn and T-Mobile could chip in on the part of that.
Adams Street closes the fund with over $1.3bn of capital commitments. (FS)
Adams Street Partners, a private markets investment management firm with more than $52bn of assets under management, has completed fundraising for its Co-Investment Fund V, which was oversubscribed with more than $1.3bn of committed capital.
The fund saw high demand globally, exceeding original targets and showing a strong representation from existing and new investors. The successful close of Fund V raises total co-investment strategy assets to $4.2bn.
Vinson & Elkins adds M&A and PE partner to New York office. (People)
Vinson & Elkins has appointed Francisco J Morales Barrón as a partner based in the firm's Mergers & Acquisitions and Private Equity practice group based in New York.
Morales’ practice focuses on public and private company mergers and acquisitions, private equity transactions, activist defense, and public company corporate governance. His roster of clients has included KKR, Accenture, Danaher Corporation and Fox Corporation. He joins the firm from Kirkland & Ellis.
EMEA
Five Arrows Principal Investments, an investment manager, and Providence Equity, a global private equity investment firm, agreed to invest in A2MAC1, a provider of vehicle benchmarking insights and solutions across the mobility industry. Financial terms were not disclosed.
"This transaction is a testament to the hard work of our global team, the strength and successful execution of our transformation and global growth plan, and demonstrates the long and expansive runway ahead of A2MAC1. On behalf of the entire A2MAC1 team, I am thrilled and grateful to continue working with our partners at Five Arrows, and warmly welcome our new partner, Providence, as we seek to continue taking the business from strength to strength, motivated by continuously expanding the value of our platform and actionable insights for all customers and their employees worldwide," Frank Bunte, A2MAC1 CEO.
Five Arrows is advised by Boston Consulting Group, PricewaterhouseCoopers, Alantra, Alvarez & Marsal, Harris Williams & Co (led by Thierry Monjauze and Julien Oussadon), Jefferies & Company, Bredin Prat and Paul Hastings. Providence Equity is advised by Roland Berger, Arma Partners, Raphael Financial Advisory, Allen & Overy, Gide Loyrette Nouel, Kirkland & Ellis, FGS Global (led by Charlie Chichester), FTI Consulting, PricewaterhouseCoopers and West Monroe Partners. A2MAC1 is advised by Callisto, Jeausserand Audouard and Zeno Group.
A $4.2bn acquisition of student accommodation provider Student Roost by GIC, a sovereign wealth fund, and Greystar, a provider of real estate services, from Brookfield could lead to higher rent and lower-quality housing for students in Birmingham.
The Competition and Markets Authority'sAuthority's phase 1 assessment looked at how the proposed deal could impact students and universities across the UK, focusing on cities where GIC, Greystar, and Student Roost have a significant combined presence.
The CMA found that the acquisition would not lead to competition concerns in most cities because the combined businesses would continue to face sufficient competition from other accommodation providers. But in Birmingham, the CMA found that the combined businesses would not face enough competition across several university campuses, potentially resulting in higher prices and lower-quality student services.
GIC, Greystar, and Student Roost have accepted that the acquisition could raise competition concerns in Birmingham and intend to offer remedies to address them fully. The CMA expects to receive their formal proposal within the next five working days. Provided the proposed remedy addresses the CMA'sCMA's concerns, the merger will be cleared without the need for an in-depth phase 2 investigation.
Equatorial Coca-Cola Bottling Company, a bottler of The Coca-Cola Company across North and West Africa, agreed to acquire Atlas Bottling Company, the Northern Moroccan Coca-Cola bottler, from Diana Holding, an industrial holding company.
"As a company headquartered in Morocco, we are deeply committed to the country and the African continent. We embrace the acquisition of Atlas Bottling Company with optimism and look forward to unlocking opportunities in the Moroccan soft drinks market for the benefit of all stakeholders. We are devoted to continuing to build on Diana Holding's and ABC's legacy of service and excellence. We are proud of our role in the Coca-Cola system and this transaction reinforces our position as a leading anchor bottler in Africa," Alfonso Bosch, ECCBC CEO.
ECCBC is advised by Rothschild & Co, Bennani & Associés and Latham & Watkins (led by Ignacio Pallares). Diana Holding is advised by Ascent Capital Partners and Asafo & Co (led by Patrick Larrivé).
Sony, a firm that manufactures audio, home video game consoles, communications, key devices, and information technology products, agreed to acquire Beyond Sports, a developer of a 3D simulation platform.
"We are confident that the acquisition of Beyond Sports will further strengthen our sports business to realize new sports entertainment bridging live and virtual worlds. By maximizing Beyond Sports'Sports' technology and expertise, we aim to create new sports entertainment experiences that unlock the power and emotion of sports," Hiroshi Kawano, Sony Corporate Executive, Executive Vice President.
Beyond Sports is advised by Loyens & Loeff (led by Roel Fluit). Sony is advised by Rothschild & Co.
IMI, a specialized engineering company, agreed to acquire Heatmiser, an intelligent thermostatic control manufacturer for radiant systems, for £110m.
"I am very excited about the possibilities that Heatmiser provides for our division and its potential to provide significant energy efficiencies for our customers. Helping our customers save energy is key to our Better World purpose. The business has a fantastic range of smart products, a leading position in the UK, and a highly innovative and recognised proposition for its customers. We look forward to working with Martyn & Sarah Kay and the entire Heatmiser team to grow the business jointly in the coming years," Phil Clifton, IMI Divisional Managing Director of Hydronic Engineering.
IMI is advised by Headland Consultancy (led by Matt Denham).
Positive Group, a digital communication company, completed the acquisition of Marketing 1BY1, an advertising company. Financial terms were not disclosed.
“The arrival of Marketing 1BY1 within the Positive group is a great opportunity for our respective customers. Offering the best of CDP platforms to Sarbacane customers and all the features of the Sarbacane solution for Marketing 1BY1 customers. We are delighted to welcome them to our great tribe," Mathieu Tarnus, Positive Group CEO.
KKR, a global investment firm, agreed to acquire Albioma, an independent renewable energy producer, for €485m.
Albioma operates over 1 GW of installed capacity around the world, through thermal, solar and geothermal power assets, mainly in French metropolitan and overseas territories. As part of its strategy to support the energy transition, the company aims to end coal use by 2025 by pursuing the conversion of its coal fired power plants into primarily residual biomass power plants and generate 100% of its electricity from renewable energy by 2030.
BOND, a venture capital firm, led a $150m Series B funding round in Yassir, a ride-hailing and food delivery application developer, with participation from DN Capital, Dorsal Capital, Quiet Capital, Spike Ventures, and Y Combinator.
"We believe technology will foundationally rearchitect consumers' relationship with daily needs – transportation, food, financial services – not just in developed countries, but in every corner of the world. This investment is an extension of that belief in an underserved but dynamic, rapidly growing region. Emerging out of North Africa, the app has already become indispensable to users for critical aspects of their lives," Daegwon Chae, BOND General Partner.
EMZ, a private equity firm, led a $110m funding round in Positive Group, a publisher of applications for corporate communications.
“Three years ago, we started a new phase of growth by not only continuing to develop our historical activities, but also by allowing ourselves to make targeted acquisitions to grow faster, enlarge our functional scope and expand abroad. To implement this strategy, we needed the right partners, aligned with our values, our vision and our ambition. An equation that has been solved through our discussions with the EMZ teams in addition to IDI, who joined us in 2020. We are very pleased to welcome them to the group’s capita," Mathieu Tarnus, Sarbacane Group Founder and CEO.
Worldline, a provider of information technology services, agreed to acquire the merchant acquiring activities of Banco Desio, a bank providing cash management, leasing and factoring, asset management, internet banking, mobile banking, and foreign trade services, for €100m.
"This transaction offers attractive development opportunities for Worldline in the coming years, leveraging a strong banking network as a key commercial channel in order to distribute Worldline'sWorldline's full suite of end-to-end payment solutions to merchants. With this transaction, Worldline keeps on playing the leading role in the consolidation of the European payments industry, with a focus on value-creating consolidation opportunities, enhancing Worldline scale, reach, and significant presence in a growing number of countries," Gilles Grapinet, Worldline CEO.
Renault, a French multinational automobile manufacturer, and Geely, a Chinese multinational automotive company, agreed to form a joint venture to produce gasoline-powered and hybrid powertrains. Financial terms were not disclosed.
Renault and Geely will each hold 50%. The venture will have 17 plants with annual production capacity of 5m powertrains, five research and development centers on three continents, and some 19k employees. The Renault-Geely agreement will enable the creation of a global leader in hybrid technologies to provide highly efficient advanced solutions for automakers worldwide.
Sherwin-Williams, a company in the paint and coating manufacturing industry, agreed to acquire Specialized Industrial Coatings, a Peter Möhrle and GP Capital venture comprised of Oskar Nolte and Klumpp Coatings. Financial terms were not disclosed.
"This acquisition creates opportunities to accelerate our profitable growth in the global industrial wood market and fits our strategy of acquiring complementary, high-quality and differentiated businesses.The company's extensive offerings include unique and innovative foil coatings, which provide us with access to another adjacent growth market where Sherwin-Williams has not participated previously. We are excited by Oskar Nolte's and Klumpp Coatings' strong technical and commercial teams, excellent relationships with multi-national and local customers, strategically-located manufacturing, and key specification and approval positions, all of which we will leverage further throughout Europe and beyond. We look forward to welcoming the talented employees of these businesses to the Sherwin-Williams family upon the close of the transaction," John G. Morikis, Sherwin-Williams Chairman and CEO.
Ireland sells 5% of AIB for $396m.
Ireland sold 5% of Allied Irish Banks to institutional investors for €397m ($396m), the finance ministry said, part of a drive to sell down bank stakes acquired during the financial crisis.
Dublin began gradually selling shares in AIB for the first time since a 2017 IPO at the start of the year through a share trading plan, and Monday's placing marked the second time in five months it has sold a 5% stake in one go.
Liverpool FC owners weigh sale of historic UK football club.
The US owners of Liverpool FC are considering a sale of the historic English football club. That what could be one of the most valuable sports deals of all time, Bloomberg reported.
Fenway Sports Group Holdings is working with Goldman Sachs Group and Morgan Stanley as it gauges buyer interest in the English Premier League team. Liverpool's valuation could exceed £4bn because of the club's trophy-winning history, global fan base and commercial value.
Saudi Arabia’s PIF to consider bidding for Ooredoo’s tower unit. (FS)
Saudi Arabia’s Public Investment Fund is among suitors weighing a final bid for network towers being sold by Qatari telecom firm Ooredoo. Ooredoo shares jumped in Doha trading.
American Tower, IHS Holding and Helios Towers are also considering binding offers for all or part of the portfolio. Ooredoo’s tower assets, which span the Persian Gulf region, as well as countries including Algeria, could be valued at $3bn to $5bn in any deal, Bloomberg reported.
Germany likely to block Chinese takeover of Elmos' chip production.
Germany's economy ministry has recommended to the cabinet that the government block the Chinese takeover of Elmos' chip factory, saying it would pose a threat to national security.
Elmos said that the German government would likely block the sale to competitor Silex, a Swedish company that is a subsidiary of Chinese group Sai Microelectronics.
Greece to cancel Alexandroupolis port sale.
Greece is calling off the privatization of its northern port of Alexandroupolis and has decided it should leave it as a state-owned property, Greek Prime Minister Kyriakos Mitsotakis said.
“The government has decided that under the current circumstances Alexandropolis is of such great strategic, geopolitical and energy importance to our country that it should remain under the jurisdiction of the Greek people,” Kyriakos Mitsotakis, Greek Prime Minister.
EU wants broader rules on companies' market power.
EU regulators want broader rules defining companies' market power, with more weight given to innovation and pointers on what digital markets are, the European Commission said, prompted in part by the growing power of tech giants.
The rules, known as the EU market definition notice, date back to 1997 and help regulators measure a company's pricing power in a merger or its power to shut out rivals in an antitrust case. The information can help regulators to decide whether to demand concessions from a company.
Porsche stock is a Wall Street darling with 22% surge since IPO.
Porsche is brimming with analyst favor a little over a month after its landmark initial public offering.
Goldman Sachs, JPMorgan, Citigroup and Deutsche Bank analysts rated the luxury carmaker a buy or equivalent, lauding its brand presence, focus on electric vehicles and resilient financial performance. They are among a slew of brokers initiating coverage on the company, which has no sell ratings so far.
Hg raises $11bn for largest European buyout fund. (FS)
European private equity major Hg has raised $11bn for its latest fund, Saturn 3, significantly ahead of its original $8.5bn and making it the largest European buyout fund to close so far this ear.
The fund which launched at the end of last year, reportedly closed in August. The $11bn raised makes it 22% larger than the year's next biggest European fund Nordic Capital‘s €9bn ($9bn) Nordic Capital XI, which closed in October, and around 59% larger than BC Partners‘ €6.9bn BC European Capital XI, which closed in January.
APAC
KKR, a global investment firm, agreed to invest $400m in Serentica Renewables, a renewable energy semiconductor manufacturing company.
“Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India. Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support these companies in their decarbonization objectives. We are delighted to back Serentica through this latest strategic partnership and are excited to develop Serentica into a leading decabonization platform that can contribute meaningfully to the energy transition requirements that lie ahead of us,” Hardik Shah, KKR Partner.
Serentica Renewables is advised by Standard Chartered Bank and Simpson Thacher & Bartlett (led by Ian Ho).
Aniplus, an Asian multinational television channel and anime distributor, and Keistone Partners, a Korean private equity fund, agreed to acquire an 87.5% stake in Laftel, a developer of an online animation video streaming platform, from Ridi, a content platform, for $58m.
Laftel is the largest animation OTT platform in Korea, with about 5m members. Sales have more than doubled each year in the past three years. It is known to be the sole money-making OTT player in Korea as an exclusive rights holder for more than 90% of new animations released in Japan.
Ridi is advised by UBS.
Baozun, an e-commerce service partner that helps brands execute their e-commerce strategies in China, agreed to acquire Gap Greater China, a firm that retails apparel, accessories, and personal-care products, for $50m.
"This acquisition accelerates our evolution into a technology-driven, omnichannel commerce player. Technology is at the center of our strategy, and it is our competitive advantage. With Gap'sGap's brand equity and significant size in Greater China, BBM will start at a higher point to bridge the digital commerce/brick-and-mortar divide at scale and do what few have done in retail," Vincent Qiu, Baozun Chairman and CEO.
Baozun is advised by Weber Shandwick.
Grocery retailer Big C is said to weigh $500m IPO.
Big C Supercenter, which runs supermarkets and convenience stores in Southeast Asia, is considering going public again in Bangkok through an initial public offering that could raise more than $500m, Bloomberg reported.
The Bangkok-based company is sounding out investment banks for proposals for the share sale, which could happen as soon as next year.
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