KKR to acquire Barracuda Networks from Thoma Bravo for $4bn.

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AMERICAS

Bluerock Residential Growth REIT stockholders approve the $3.6bn deal with Blackstone. (FS)

Shareholders of Bluerock Residential Growth REIT, a residential REIT, approved the $3.6bn acquisition by The Blackstone Group. The acquisition is currently expected to close in the second quarter of 2022.

"We are pleased that our stockholders have approved this transaction and thank them for their continued support. Today's stockholder approval marks a key step in completing the transaction and delivering on the tremendous value it offers to our stockholders," Ramin Kamfar, Bluerock Residential Growth REIT Chairman and CEO.

Bluerock Residential Growth REIT is advised by Bank of America, Duff & Phelps, Eastdil Secured, Morgan Stanley, Kaplan Voekler Cunningham & Frank, Vinson & Elkins and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Cravath Swaine & Moore. Blackstone is advised by Barclays, Wells Fargo Securities, Simpson Thacher & Bartlett and Joele Frank.

Halozyme to acquire Antares Pharma for $960m.

Halozyme, a biopharmaceutical company bringing disruptive solutions to significantly improve patient experiences and outcomes for emerging and established therapies, agreed to acquire Antares Pharma, a specialty pharmaceutical company, for $960m.

"We are pleased to have reached this agreement with Halozyme, as this transaction showcases the value of Antares' highly complementary business, provides our shareholders with attractive and certain value, and brings together industry-leading expertise and drug delivery platforms to accelerate growth and create new opportunities. As we remain committed to continuing to serve our partners, I would like to thank our employees for their hard work and dedication to this mission. We look forward to working with the Halozyme team to complete the transaction and deliver best-in-class therapies and drug delivery solutions," Robert F. Apple, Antares President and CEO.

Antares Pharma is advised by Jefferies & Company, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Halozyne is advised by Bank of America, Wells Fargo Securities, Weil Gotshal and Manges, Argot Partners and Joele Frank.

Rockpoint completed the investment in Margaritaville Enterprises. (FS)

Rockpoint, a real estate private equity firm headquartered in Boston, completed the investment in Margaritaville Enterprises, a global lifestyle brand. Financial terms were not disclosed.

"The Margaritaville team has built a tremendous business, creating an established brand that provides significant value to asset owners through its strong top-line performance and unique, differentiated customer experience. We believe Margaritaville is poised to capitalize on demographic and secular trends, and we look forward to helping them continue to grow the platform. We are very excited about our strategic partnership," Tom Gilbane, Rockpoint Managing Member.

Margaritaville Enterprises was advised by Lazard, Greenberg Traurig, King & Spalding and Lambert & Co. Rockpoint was advised by Bank of America and Gibson Dunn & Crutcher.

KKR to acquire Barracuda Networks from Thoma Bravo for $4bn. (FS)

KKR, a global investment firm, agreed to acquire Barracuda Networks, a provider of cloud-first security solutions, from Thoma Bravo, a software investment firm, for $4bn.

"We believe that with the support of KKR, we will continue to invest in growth and foster a culture that gives our team the resources and inspiration to continue to create and deliver the next generation of leading cybersecurity solutions for our customers and partners. We are very appreciative of Thoma Bravo's support and very excited to be working with KKR on this next phase of Barracuda's journey," Hatem Naguib, Barracuda CEO.

Barracuda Networks and Thoma Bravo are advised by JP Morgan, Kirkland & Ellis and Finsbury Glover Hering. KKR is advised by Barclays, DBO Partners, Guggenheim Partners and Simpson Thacher & Bartlett.

Bay Grove-backed Lineage Logistics to acquire VersaCold Logistics Services from TorQuest Partners, IMCO and OPTrust. (FS)

Bay Grove-backed Lineage Logistics, an international warehousing and logistics management company, agreed to acquire VersaCold Logistics Services, a cold chain solution provider in Canada, from TorQuest Partners, IMCO and OPTrust. Financial terms were not disclosed.

"Our acquisition of VersaCold represents yet another milestone and an important broadening of our business in Canada. In its 80-plus-year history, VersaCold has built a stellar reputation by providing customers with differentiated and fully integrated warehousing and transportation solutions across Canada. We are excited to bring them into the One Lineage family and work alongside the VersaCold leadership team to better serve customers across North America. We also look forward to supporting capacity expansion plans at a number of warehouses across key Canadian markets," Greg Lehmkuhl, Lineage Logistics President and CEO.

VersaCold is advised by Wells Fargo Securities and Stikeman Elliott. Lineage Logistics is advised by JP Morgan, Scotiabank, Bennett Jones and Latham & Watkins.

GlaxoSmithKline to acquire Sierra Oncology for $1.9bn.

GlaxoSmithKline, a science-led global healthcare company, agreed to acquire Sierra Oncology, a late-stage clinical drug development biopharmaceutical company, for $1.9bn.

"Sierra Oncology complements our commercial and medical expertise in haematology. Momelotinib offers a differentiated treatment option that could address the significant unmet medical needs of myelofibrosis patients with anaemia, the major reason patients discontinue treatment. With this proposed acquisition, we have the opportunity to potentially bring meaningful new benefits to patients and further strengthen our portfolio of specialty medicines," Luke Miels, GSK CCO.

GlaxoSmithKline is advised by PJT Partners and Cleary Gottlieb Steen & Hamilton. Sierra Oncology is advised by Lazard and Wilson Sonsini Goodrich & Rosati.

Aquiline Capital Partners to invest in Distinguished Programs. (FS)

Aquiline Capital Partners, a private investment firm based in New York and London, agreed to invest in Distinguished Programs, a national insurance program manager. Financial terms were not disclosed.

"Under the leadership of Andy Potash, Distinguished has established itself as a highly respected program manager with significant opportunities for continued organic and acquisition-based growth. We are excited to be working again with former Aquiline Partners and portfolio company executives in Bill, Jason and Steve and look forward to supporting them and the Distinguished team on this next phase of expansion," Jeff Greenberg, Aquiline Capital Partners Chairman and CEO.

Distinguished Programs is advised by Evercore, Patterson Belknap and Prosek Partners. Aquiline Capital is advised by Willkie Farr & Gallagher.

HBC and Ares Management completed the $500m investment in Convene. (FS)

HBC, a holding company of investments and businesses at the intersection of technology, retail operations, and real estate, and Ares Management, a global alternative investment manager, completed the $500m investment in Convene, a hybrid meeting, event, and workspace provider.

"We are proud to support Ryan and the Convene team in their continued growth as they further enable the future of work through innovative spaces and experiences. We believe that this transaction will help accelerate Convene's leadership position and we look forward to being a partner to them as they execute on future opportunities," Craig Snyder, Ares Partner.

Convene was advised by DKC Public Relations. Brookfield was advised by Jones Day.

Everstone Group and Goldman Sachs Merchant Banking-backed Infostretch completed the acquisition of Apexon. (FS)

Everstone Group and Goldman Sachs Merchant Banking-backed Infostretch, a digital engineering services firm, completed the acquisition of Apexon, an information technology consulting services provider. Financial terms are not disclosed.

"The need for digital expertise continues to grow as organizations look for new ways to apply the latest technologies to drive their businesses forward. Through the merger with Apexon, we can offer new solutions and enhance the impact of our clients' strategic digital initiatives in order to deliver on their critical business objectives. The Apexon team brings both scale and maturity and positions the company for long-term partnerships with our clients," Rutesh Shah, Infostretch Co-Founder.

Apexon was advised by Shearman & Sterling. Infostretch was advised by Walsh Group Marketing.

Silver Lake led a $150m Series C round in Genies. (FS)

Silver Lake, an American global private equity firm, led a $150m Series C round in Genies, the avatar technology company shaping the leading edge of Web3 culture, with participation from BOND, NEA, and Tamarack Global.

"We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2. With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born. In Web3, Gen Z avatar ecosystem builders are going to be the leaders of innovation and, through our creator tools, we strive to empower their wildest imaginations, ideas, and experiences as avatar creations," Akash Nigam, Genies CEO.

Genies was advised by Virgo PR.

Lakeside Book Company completed the acquisition of Phoenix Color from ALJ Regional.

Lakeside Book Company, the book printing division of LSC Communications, completed the acquisition of Phoenix Color, a premier supplier for publishing companies, from ALJ Regional, an IT service management company. Financial terms were not disclosed.

"Phoenix has been a premier supplier for publishing companies for over forty years. I wish to thank Marc and John for their leadership, which helped to earn Phoenix its position as the industry standard in both quality and service. We will uphold this reputation and are delighted to welcome the exceptional Phoenix team to our family at Lakeside Book Company," Dave McCree, Lakeside CEO.

Lakeside was advised by Willkie Farr & Gallagher.

BlackRock led a $400m funding round in Circle. (FS)

BlackRock, an investment management firm, led a $400m funding round in Circle, a global internet finance firm and the issuer of USD Coin, with participation from Fidelity Management and Research, Marshall Wace and Fin Capital.

"Dollar digital currencies like USDC are fueling a global economic transformation, and Circle's technology infrastructure sits at the center of that change. This funding round will drive the next evolution of Circle's growth. It's particularly gratifying to add BlackRock as a strategic investor in the company. We look forward to developing our partnership," Jeremy Allaire, Circle CEO.

Goldman Sachs Asset Management and B Capital led a $200m funding round in Newfront. (FS)

Investment companies Goldman Sachs Asset Management and B Capital led a $200m funding round in Newfront, the modern insurance brokerage platform, with participation from Founders Fund and Meritech Capital, Y Combinator, Index Ventures, Bloomberg Beta, XYZ, Susa Ventures, Pruven, Propel, Vetamer, Altai and Tony Xu.

"The nature of risk has changed drastically over the past century but the insurance industry has not modernized to meet these new challenges. This investment furthers Newfront's commitment to building the modern platform for clients, insurance professionals, and trading partners," Spike Lipkin, Newfront Co-Founder and CEO.

SoftBank Vision Fund 2 led a $125m Series C round in Observe.AI. (FS)

SoftBank Vision Fund 2, a venture capital fund, led a $125m Series C round in Observe.AI, an Intelligent Workforce Platform that transforms contact centers through AI, with participation from Zoom.

"Observe.AI has a transformative vision to deliver actionable and trustworthy AI that empowers digital-first businesses to create exceptional customer experiences," Priya Saiprasad, SoftBank Partner.

ResourceWise completed the acquisition of Wood Resources International.

ResourceWise, a group of companies that provide data, analytics, and market insight to natural resource-based commodity markets, completed the acquisition of Wood Resources International, an internationally recognized forest industry consulting firm. Financial terms were not disclosed.

"The addition of WRI to the ResourceWise family supports our long-term objective to be the leading source of data and analytics platforms to a range of global commodity markets. With the acquisition of WRI, ResourceWise gains not only Ekström's more than 30 years of global forest products industry experience, but also wood fiber price data for more than 20 countries over the course of 25+ years. This data will augment the data that Forest2Market has collected in North America for 22 years, and Ekström's expertise will allow us to more robustly cover the analytics and consulting needs of our customers worldwide," Pete Stewart, ResourceWise CEO.

FEMSA to acquire Sigma Supply.

FEMSA, a Mexican multinational beverage and retail company, agreed to acquire Sigma Supply, a packaging solutions provider. Financial terms are not disclosed.

Sigma Supply operates 18 distribution centers. Sigma Supply will add significant capabilities in packaging materials distribution, solutions and services.

Wynnchurch Capital-backed Trimlite to acquire Builders Hardware. (FS)

Wynnchurch Capital-backed Trimlite, a door supplier in Renton, Washington, agreed to acquire Builders Hardware, a distributor of exterior doors, door glass, and related door products serving residential and commercial end markets. Financial terms were not disclosed.

"We are extremely proud of the business our family has built since Les Godwin founded BHI in 1954, and we are excited to partner with Trimlite and Wynnchurch during our next phase of growth. Partnering with Trimlite will expand our product offering and allow us to better serve new and existing customers across the Southeast US," Will Godwin, BHI General Manager.

Battery Ventures-backed SaaSOptics to merge with Chargify. (FS)

Battery Ventures-backed SaaSOptics, a software company in Peachtree Corners, Georgia, agreed to merge with Chargify, a software company. Financial terms were not disclosed.

The combined company will be known as Maxio and will provide all-in-one revenue management and advanced subscription billing solutions for high-growth software-as-a-service companies.

Apollo-led group looks to take $4bn of Citrix buyout debt. (FS)

Apollo Global Management has approached the banks behind the buyout financing for Citrix Systems with an offer to purchase as much as $4bn of the debt together with other private credit funds, Bloomberg reported.

Discussions with the banks are still preliminary and have so far focused on the secured portion of the $15bn commitment. Ares Management and Blackstone are among the other private credit firms that have been contacted by Apollo.

Deutsche Telekom edges closer to T-Mobile control after deal.

Deutsche Telekom, a German telecommunications company, paid $2.4bn to SoftBank, a Japanese multinational conglomerate holding company, to increase its stake in T-Mobile USA by approximately 2%, taking it closer to its goal of holding a majority of the US division, Bloomberg reported.

Deutsche Telekom now holds 48.4% of the company after buying 21.2m shares at an average price of $113 per T-Mobile share. The company is using part of the approximately $6bn received from the recently completed sale of T-Mobile Netherlands to the Apax Partners and Warburg Pincus to purchase the stake.

JP Morgan-led group discussing 11% yield on struggling junk-bond sale. (FS)

A group of banks led by JP Morgan is struggling to sell a $585m junk bond to help fund the acquisition of building materials business Oldcastle BuildingEnvelope by buyout firm KPS Capital Partners.

Pricing discussions on the unsecured notes have increased to a yield of up to 11%. That’s more than initial pricing discussions of mid-to-high 9% on the deal, and above the average yield of 9.81% on debt in the CCC tier, Bloomberg reported.

Maha Energy eyes Petrobras' Tartaruga field in Brazil.

Maha Energy, a Sweden-based independent, international upstream oil and gas company, remains interested in purchasing Petrobras' stake in the Tartaruga oil field in northeastern Brazil after the company's first attempt at buying the asset was unsuccessful.

Petroleo Brasileiro because the state-run oil firm is formally recognized, introduced in 2020 that it was promoting its 25% minority stake in Tartaruga, a small shallow-water field off Brazil’s Sergipe state. The remaining 75% already belongs to Maha, Reuters reported.

Circle will apply for US Crypto bank charter in near future.

Circle Internet Financial, a crypto payments startup, said it’s closer to submitting an application to operate as a bank in the US, pushing forward with a months-old plan even as regulators make it more difficult for crypto companies to secure this kind of license, Bloomberg reported.

Circle, the issuer of the second-largest stablecoin, disclosed its intention to become a crypto bank in August and has held ongoing discussions with regulators since then, Chief Executive Officer Jeremy Allaire said in an interview. He did not say when the company would submit the application, saying only that it would be “hopefully in the near future.”

Sequoia Capital is looking to raise $7.1bn for new set of funds. (FS)

Sequoia Capital, a private equity firm, is targeting $400m for its third seed fund while setting the hard cap at $480m. It is also looking to raise $900m for its ninth venture fund while the hard cap is set at $1.1bn.

It was targeting between $500m and $600m for its Crypto Fund, which will target investments in crypto tokens; between $3.2bn and $3.5bn for a new Expansion Fund, which will target US and European growth deals; and between $900m and $950m for its Ecosystem fund of funds, AltAssets reported.

One Equity Partners closes $2.7bn private equity fund. (FS)

One Equity Partners, a middle market private equity firm, announced the closing of One Equity Partners VIII, with committed capital of $2.7bn. The closing of OEP VIII brings the firm’s combined assets under management and committed capital to approximately $10bn.

"We are grateful for the support from our investors and remain focused on our signature ‘Transformative Combination’ strategy in which we merge complementary, like-sized businesses to create market leaders, and do so with the modest use of leverage. This approach has historically helped our portfolio withstand a variety of economic conditions and allowed us to be nimble and opportunistic during periods of short-term volatility," Dick Cashin, One Equity Partners President and Founder.

MetLife Investment Management closes new fund at $1.6bn. (FS)

MetLife Investment Management, the institutional asset management business of MetLife, announced the launch of a private equity fund investment platform for institutional clients in concert with the closing of approximately $1.6bn in commitments to a new MIM-managed fund-of-funds.

The new fund purchased a portfolio of approximately $1.2bn of private equity and venture capital assets with funded and unfunded commitments totaling $1.2bn from MetLife affiliates as part of a managed secondary sale transaction anchored by funds managed by HarbourVest Partners, which served as lead investor.

Carnelian Energy Capital closes fourth fund at $975m upsized hard cap. (FS)

Carnelian Energy Capital Management, a family of private equity funds focused on investments across the North American energy sector, announced the closing of its oversubscribed and upsized fourth fund, Carnelian Energy Capital IV, with $975m of capital commitments.

"We are humbled by the support and partnership from our investors who have chosen to be engaged stakeholders in meeting the world's critical energy needs in an environmentally-responsible way," Daniel Goodman, Carnelian Partner.

Savano Capital Partners closes oversubscribed $157m Fund III. (FS)

Savano Capital Partners closed its third fund, Savano Capital Partners III with $157m of committed capital. With this oversubscribed fund, Savano's total firm-wide AUM now exceeds $300m.

"Secondary liquidity is increasingly critical for companies and their shareholders, particularly with the longer paths to exit timing that most companies are experiencing. Our flexible approach to working with expansion-stage companies and shareholders makes Savano a great partner for those who need creatively-structured liquidity and growth equity solutions," Matt Good, Savano COO.

Hg appoints four new partners, CFO and head of talent. (FS, People)

Hg, a software and services investor, is promoting three colleagues to partner: Chris Fielding, Hector Guinness and Benedikt Joeris. In addition, Alexandre Flavier recently joined as a Partner, with a primary focus on software and tech-enabled services investments in France.

Philip Marshall has also recently joined Hg as Group CFO, while Kerry Heaton has joined Hg as Head of Talent from HSBC.

EMEA

Noble and Maersk Drilling provide an update on antitrust clearance.

Noble and Maersk Drilling provided an update on the ongoing merger control process for their $3.4bn business combination. The transaction has been unconditionally approved by the competition authorities in Brazil, Norway, and the Republic of Trinidad & Tobago. Accordingly, the only outstanding pre-closing merger control clearances are in Angola and the United Kingdom. The parties expect the competition authority in Angola to unconditionally approve the transaction in April 2022.

"This combination carries strong industry logic. With the combination we are creating a differentiated provider of offshore drilling services, which will be able to enhance the customer experience through increased scale, global reach, and industry-leading innovation. The combination will create value for all shareholders and will offer investors a unique opportunity to benefit from the market recovery, a robust financial position and strong free cash flow potential, all paving the way for the potential return of capital to shareholders," Claus V. Hemmingsen, Maersk Drilling Chairperson.

Maersk Drilling is advised by JP Morgan, Davis Polk & Wardwell and Gorrissen Federspiel. JP Morgan is advised by Cravath Swaine & Moore. Noble is advised by DNB Bank, Ducera Partners, Kirkland & Ellis, Plesner and Travers Smith. Financial advisors are advised by Morrison & Foerster.

Trillium Flow Technologies completed the acquisition of the industrial pumps business of Termomeccanica.

Trillium Flow Technologies, a provider of valves, pumps and aftermarket services, completed the acquisition of the industrial pumps business of Termomeccanica, a provider of construction services. Financial terms were not disclosed.

"The acquisition will create a much larger Italian engineered pump manufacturer by combining two strong legacy brands with a highly complementary product portfolio, installed base, and service capabilities. The joint entity will be best positioned to support our local and international customers in a more comprehensive and impactful way," Paolo Macchi, Termomeccanica Managing Director of Gabbioneta Pumps.

Trillium Flow Technologies was advised by Rothschild & Co and Morgan Lewis & Bockius.

Clal Insurance to acquire Max from Warburg Pincus for $770m. (FS)

Clal Insurance, an Israeli insurer, agreed to acquire Max, an Israeli financial company which offers credit solutions and other financial products, from Warburg Pincus, a private equity firm, for $770m.

Clal does not foresee any difficulty in obtaining approval from the regulators, among other things because the acquisition will boost competition in the provision of credit, and other Israeli insurance companies are already deeply involved in the credit industry.

Smash Capital led a $175m Series C funding round in Wagestream. (FS)

Smash Capital, a private equity firm, led a $175m Series C funding round in Wagestream, a financial application, with participation from BlackRock, Balderton Capital, Northzone, Fair By Design and Silicon Valley Bank.

"When we launched Wagestream, many employers viewed financial wellbeing in the workplace as a long-term aspiration; now they realize it is an emergency. For example, 93% of companies we recently surveyed plan to put a financial wellbeing program in place, and we’re seeing a similar shift in the US. By addressing the financial wellbeing of their employees, employers become the hero and solve their own HR challenges in the process – from recruitment, to retention, to productivity," Peter Briffett, Wagestream Co-Founder and CEO.

G Squared and Insight Partners led a $111m Series B2 round in Choco. (FS)

Investment firms G Squared and Insight Partners led a $111m Series B2 round in Choco, a Berlin, Germany-based food technology company.

The company will use the additional funding to drive continued technology innovation, support its growth in the US and Europe, and expand to additional markets.

I Squared Capital-backed TIP Trailer Services to acquire the trailer leasing and maintenance business of Ryder. (FS)

I Squared Capital-backed TIP Trailer Services, an equipment service providers, specialising in trailer leasing, rental, maintenance and repair, agreed to acquire the trailer leasing and maintenance business of Ryder, an American transportation and logistics company. Financial terms are not disclosed.

"Acquiring the trailer leasing and maintenance business of Ryder is another key milestone in our growth path. It increases our UK and Ireland footprint, allowing us to improve service offering and infrastructure in areas where we have gaps today. It will increase our service offering to customers, expand and diversify our customer base in the UK," Bob Fast, TIP President and CEO.

Abry Partners to invest in Inoapps. (FS)

Abry Partners, a Boston-based private equity firm, agreed to invest in Inoapps, a global Oracle partner. Financial terms were not disclosed.

"Building on our successful track record in the specialized consulting and managed services sectors, we are excited to team up with Andy, a successful entrepreneur who has built a fast-growing practice around the Oracle ecosystem," Nicolas Massard, Abry Partner.

Kenyan firms chase $1.6bn deals in new bloc entrant Congo. (FS)

Investors from Kenya plan to invest about $1.6bn in the Democratic Republic of Congo, Equity Group Holding said days after the country joined the East African Community, Bloomberg reported.

About two dozen companies from the bloc’s largest economy are looking to expand in Congo, with investments in cement-manufacturing to food-processing and finance, Equity said in a statement. The lender, Kenya’s biggest by market value, plans to inject $100m in its Congolese subsidiary EquityBCDC to enhance “capacity to fund development projects and large mining & manufacturing companies in DRC,” it said.

London Piccadilly Lights operator in takeover talks. (FS)

Ocean Outdoor, the digital advertising firm that operates London’s Piccadilly Lights screen, says it’s in talks with investment firm Atairos about a takeover.

There’s no certainty that the talks will lead to an offer, and a further announcement will be made when appropriate, Ocean Outdoor said in a short statement. The billboard firm which is also the outdoor media partner for Canary Wharf Group, a center for London’s finance industry announced a strategic review of the business in November, saying shares were undervalued, Bloomberg reported.

Oakley gears up to sell German cloud computing firm Contabo. (FS)

Private equity firm Oakley is looking to sell its majority stake in German cloud hosting platform Contabo as it seeks to capitalise on demand for cloud computing fuelled by the Covid-19 pandemic, Reuters reported.

The Munich-based firm might be valued at between $760m and $869m as a part of an public sale course of anticipated after the Easter break.

Ted Baker says bidder Sycamore to take part in sale process. (FS)

Ted Baker, a British high-street clothing retail company, said Sycamore, a private equity firm, would be part of its sale process, days after the British fashion retailer disclosed it was open to a sale following a flurry of takeover interest.

The retailer last week launched a formal sale process after Sycamore improved its takeover proposal and another third party showed interest in bidding for the company, Reuters reported.

BlackRock and Vanguard invest in $6.1bn DEWA listing. (FS)

Dubai Electricity & Water Authority’s $6.1bn IPO attracted global investors including BlackRock and Vanguard Group, Bloomberg reported.

Dubai’s main utility also drew in Fidelity Investments, Franklin Templeton and GIC. T. Rowe Price also submitted orders.

Abu Dhabi wealth fund and Chimera to list Middle East’s first SPAC. (FS)

Abu Dhabi is gearing up to host the Middle East’s first blank-check listing, even as regulatory pressures and dismal returns put the brakes on the trend in New York.

ADQ and Chimera Investments-backed ADC Acquisition plans to raise $100m, according to a statement. The special purpose acquisition company will target firms in the Middle East and North Africa that are technology-driven and have attractive valuations, Bloomberg reported.

APAC

Dongfeng to acquire an additional stake in Dongfeng-Stellantis joint venture.

Dongfeng, an automobile company, agreed to acquire an additional stake in Dongfeng-Stellantis joint venture, from Stellantis, a global automaker and provider of innovative mobility solutions. Financial terms were not disclosed.

"As we continue our push to drive profitable growth in China, we need to also reset our financial services offering in the country," Carlos Tavares, Stellantis General Director.

Malaysia’s Hibiscus explores Singapore SPAC listing.

Hibiscus Petroleum is considering listing a special purpose acquisition company in Singapore that could raise as much as $147m, Bloomberg reported.

The Malaysian independent oil and gas explorer has held talks with potential advisers on the potential SPAC initial public offering. The blank-check company, which could raise $110m to $147m, will look for acquisition targets in the renewable energy sector.

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