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AMERICAS
DISH Network, a television provider, agreed to merge with EchoStar, a worldwide provider of satellite communication and Internet services. Financial terms were not disclosed.
"The combination of DISH and EchoStar brings together two trailblazers with complementary portfolios and a shared commitment to change the way the world communicates. DISH is transforming America's wireless infrastructure with its 5G technology. With EchoStar's engineering capabilities, managed network services delivery and worldwide S-band spectrum rights, the combined company will have greater resources and the financial flexibility to deliver connectivity to consumers, enterprises and governments around the world," Erik Carlson, DISH Network President and CEO.
GTCR, a private equity firm, agreed to acquire commercial business of ADT, a company that provides residential, small and large business electronic security, fire protection, and other related alarm monitoring services, for $1.6bn.
“The decision to divest ADT’s commercial business is a value-enhancing transaction that focuses our portfolio on growth opportunities in our consumer markets. The sale enables ADT to monetize the commercial business at an attractive valuation and accelerate our debt reduction goals. With greater financial flexibility, we will be better positioned to grow through our strategic differentiators and innovative offerings, including our partnerships with Google and State Farm. We will continue our journey to be the premier provider of safe, smart and sustainable solutions that meet the evolved definition of what safety means to consumers today. This transaction is mutually beneficial for ADT and ADT Commercial, which will benefit from GTCR’s support and expertise, positioning the business to continue providing best-in-class solutions and services to its customers. We thank the entire ADT Commercial team for their hard work and look forward to seeing them grow,” Jim DeVries, ADT President and CEO.
GTCR is advised by Raymond James, Stifel and Kirkland & Ellis. ADT is advised by Citigroup, RBC Capital Markets and Cravath Swaine & Moore.
Equifax, a global data, analytics, and technology company, completed the acquisition of Boa Vista Servicos, a credit reporting services provider, for $640m.
"This merger will enable us to drive new, innovative solutions to address the challenges and needs of the Brazilian market – the seventh most populated country in the world. We look forward to working with Equifax to bring new products and capabilities leveraging the global Equifax Cloud platform to Brazilian lenders and service providers to help them better understand their customers and promote greater financial inclusion to meet the needs of the approximately 34m unbanked or underbanked consumers in Brazil," Márcio Fabbris, Boa Vista Serviços CEO.
Equifax was advised by Bank of America, Hogan Lovells (led by Keith Flaum) and Machado Meyer Sendacz e Opice Advogados (led by Adriana Pallis Romano). Boa Vista was advised by Citigroup, UBS and Pinheiro Guimaraes Advogados.
Kohlberg, a private equity firm, agreed to acquire majority stake in Worldwide Clinical Trials, a full service contract research organization, from TJC, a private equity firm focused on leveraged buyout and management buyout investments. Financial terms were not disclosed.
“Over the past few years, we’ve been on a growth journey at Worldwide driven by a deliberate strategy centered on deep scientific expertise and aligned with industry trends and customer needs – one that sets us apart from others in our space. Our team members and their trusted customer relationships are the driving force behind our success, and I thank our partners at TJC for their many years of support helping us build to where we are today. We are thrilled to team up with Kohlberg, who brings us considerable depth of experience across the full continuum of outsourced pharma services, and I look forward to the next phase of our growth journey and continuing to help our customers bring new life-changing medications and treatments to patients around the world," Peter Benton, Worldwide President and Co-CEO.
Kohlberg is advised by Centerview Partners, Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino and Samuel J. Welt) and FGS Global. TJC is advised by Kirkland & Ellis. Worldwide Clinical is advised by Jefferies & Company.
KKR, a private equity firm, agreed to acquire Simon & Schuster, a printing services company, from Paramount, a mass media and entertainment conglomerate, for $1.62bn.
“All of the executives at Simon & Schuster who met with KKR came away from those conversations impressed with the depth of KKR’s interest in our business and their commitment to helping us grow, thrive and become an even stronger company. With KKR’s support, we look forward to collaborating on new strategies that will enhance our ability to provide readers a great array of books and to give authors the best possible publication they can receive,” Jonathan Karp, Simon & Schuster President and CEO.
KKR is advised by Simpson Thacher & Bartlett. Paramount is advised by LionTree Advisors and Shearman & Sterling (led by Dan Litowitz and Lara Aryani).
Roper Technologies, a diversified industrial company, completed the acquisition of Syntellis Performance Solutions, a provider of innovative enterprise performance management software, data and intelligence solutions, for $1.25bn.
"The Syntellis transaction is another great example of Roper’s disciplined and process-driven acquisition approach. Syntellis is a fantastic business that meets all of our acquisition criteria, including niche market leadership, mission critical solutions, a high recurring revenue mix, strong customer retention, negative working capital, and excellent cash conversion," Neil Hunn, Roper Technologies President and CEO.
Allegro MicroSystems, a company in power and sensing semiconductor technology for motion control and energy efficient systems, agreed to acquire Crocus Technology, an advanced tunnel magnetoresistance sensor technology company, for $420m.
"Allegro has invested in TMR technology for the past decade, providing our customers with innovative and high-performing solutions enabling them to design products with optimal performance. We are seeing broader application of TMR technology as the megatrends of electrification and automation accelerate. This highly complementary acquisition aligns perfectly with Allegro's growth initiatives and our focus on e-mobility, clean energy and automation," Vineet Nargolwala, Allegro President and CEO.
Crocus is advised by Barclays.
Mitsui, a general trading company, agreed to invest $360m in Industrial Pesquera Santa Priscila, an integrated shrimp and tilapia producer with breeding, hatchery, and nursery facilities.
"Shrimp is an important product that will meet the rising demand for sustainable protein, as the world's population and economy grows, and responds to health-conscious consumers with its low-calorie and high-protein content, with a short production cycle and high feed efficiency. In Ecuador, the world's center of shrimp farming industry for export, Mitsui and IPSP's founders will jointly collaborate to pursue increased productivity and efficiencies, to optimize operational excellence and best serve customer's needs. The partners will work to maintain a high focus on social responsibility, respect for the environment, high product quality, and will continue strengthening IPSP to lead modernization of the growing industry," Mitsui.
Founders Fund, a venture capital firm investing in companies building revolutionary technologies, led a $280m round in Neuralink, a neurotechnology company.
"We're extremely excited about this next chapter at Neuralink," Neuralink.
Equity Trust, a custodian of self-directed IRAs, completed the acquisition of Midland Trust, a self-directed IRA company. Financial terms were not disclosed.
"We are thrilled to welcome Midland Trust's clients and employees to the Equity family. This acquisition aligns perfectly with our strategy to provide the highest-quality products and services to our customers while enabling them to maximize their retirement savings. We are excited to join forces with the talented, customer-focused employees of Midland to deliver a world-class experience," George Sullivan, Equity Trust CEO.
Angeles Equity-backed VisTech Manufacturing, a vertically-integrated noise, vibration, and harshness solutions provider, completed the acquisition of Industry Products, a supplier of NVH solutions, primarily to automotive original equipment manufacturers. Financial terms were not disclosed.
“This is a very strategic and synergistic transaction that creates meaningful scale and an exceptional set of capabilities. Combining IPC’s product portfolio and strategic manufacturing locations with VisTech will allow us to better serve our customers with a comprehensive set of differentiated NVH solutions,” Sameer Patel, Angeles Equity Managing Director.
Starwood weighs sale option for $230m American dream debt.
Starwood Property Trust says a debt sale at a discount is a possible option for money tied up in a $230m loan on the beleaguered American Dream mall and entertainment complex in New Jersey’s Meadowlands.
Starwood Property, a real estate investment trust headed by Barry Sternlicht, has the American Dream loan on non-accrual status, which means they have not recognized current income on it, and its book basis on the debt has been reduced to about 70 cents on the dollar.
Glencore keeps dealmaking powder dry for Teck as payouts drop.
Glencore underlined its continued interest in a deal with Teck Resources by holding back $2bn for a potential purchase of the Canadian miner’s coal business — cash it would otherwise have returned to shareholders.
Glencore disclosed its new deals war chest in its first-half results, as it joined rival miners in reporting a steep drop in profits. This drop was a result of a retreat in commodity prices combined with a return to more normal trading conditions, following the wild swings of 2022.
Apollo to offer $1bn of stock to boost Athene's growth. (FS)
Apollo Global Management said it would sell as much as $1.15bn of convertible stock aimed at helping its Athene unit seize on market turbulence.
The alternative investment firm it intends to use the proceeds to “capitalize on attractive opportunities available in the current market environment.” The shares dropped 3.2% to $83.55 in late New York trading.
Revelstoke Capital Partners raises $1.7bn fund. (FS)
Revelstoke Capital Partners, a Denver-based private equity firm with $5.8bn of assets under management, has closed Revelstoke Capital Partners Fund III and various affiliated investment vehicles totaling $1.7bn.
RCP Fund III surpassed its target of $1bn. Since 2018, the firm has raised $3.7bn of equity commitments to execute on its strategy of working with entrepreneurs and management teams to build healthcare services companies.
EMEA
newcleo, a nuclear technology company, agreed to acquire Rütschi, a producer of engineered pumps for nuclear applications, from Gruppo Aturia, a provider of fluid transfer technologies, for $76m.
“I am delighted to welcome the Rütschi Group team to newcleo. The addition of a further 70 colleagues with outstanding skills in nuclear engineering and project management, of manufacturing facilities in key geographies such as France and Switzerland and a high quality customer base brings a further important step in newcleo’s industrialisation strategy," Stefano Buono, newcleo Chairman and CEO.
JD Sports Fashion, a chain of retail stores which sell brand-name sports and leisure wear, agreed to acquire the remaining 40% stake in Marketing Investment Group, a company that is operating in the footwear and clothing market. Financial terms were not disclosed.
"Acquiring the remaining 40% stake in MIG allows us to accelerate the development of JD in Central and Eastern Europe, the strong foundations for which have been established alongside the outgoing shareholders. Increasing JD's presence in the region through new store openings and further investment in our omnichannel capabilities is a key part of the strategic growth plan set out at our Capital Markets Day presentation. The complementary Sizeer brand provides a strong platform for the MIG business and the JD brand has evidenced strong initial traction with the consumer, which we will continue to build upon. We look forward to closing the transaction and continuing an exciting journey with the local management team," Régis Schultz, JD Sports Fashion CEO.
JD Sports Fashion is advised by FGS Global (led by Rollo Head).
Thai Airways, a flag carrier of Thailand, and Turkish Airlines, a flag carrier of Turkey, agreed to form a joint venture. Financial terms were not disclosed.
“Our customers will be able to conveniently travel between Thailand and Türkiye as well as on to Europe and other points in Asia, making full use of the extensive networks offered by THAI and Turkish Airlines,” Chai Eamsiri, THAI Airways CEO.
BC Partners and Pollen Street-backed Shawbrook eyes £3.5bn Co-operative Bank merger. (FS)
Shawbrook Group, a UK-based small business lender backed by private equity firms including BC Partners and Pollen Street Capital, is planning a £3.5bn ($4.5bn) merger with Co-operative Bank in what would be one of the most significant UK banking deals since the 2008 financial crisis, Telegraph reported.
Shawbrook Group, the small business lender, has approached the owners of the Co-operative Bank with proposals for a stock-based merger.
Crypto exchange Bitstamp is in talks to raise funds for expansion. (FS)
Bitstamp, one of the oldest crypto exchanges, is in talks to raise fresh funding, according to Jean-Baptiste Graftieaux, global chief executive officer of the platform, Bloomberg reported.
Bitstamp started the fundraising process in late June, with Galaxy Digital acting as an adviser. The exchange plans to use the funds for operations, including launching derivatives trading in Europe next year and expanding the number of markets it serves in Asia, as well its operations in the UK.
SoftBank begins making investments again timidly with fear.
SoftBank Group Vision Fund eked out its first profit in more than a year and said it’s cautiously resuming investments to capitalize on the opportunities in artificial intelligence and other emerging technologies.
The Vision Fund invested $1.6bn in the June quarter after coming to a virtual halt as investors soured on money-losing startups. But that’s still just a fraction of the fund’s early spending pace.
Gordon Brothers weighs rescue bid for British retailer Wilko. (FS)
Gordon Brothers, a liquidation and restructuring firm specialist investor in Britain's Wilko was exploring a bid to rescue the struggling retail chain, SkyNews reported.
The discount retail chain, which sells homeware and household goods, had received indicative offers to help recapitalise itself but none of them were able to provide sufficient liquidity in the time needed, putting 12k jobs on the line.
Apple and Samsung to invest in SoftBank's Arm at IPO. (FS)
Apple and Samsung Electronics will invest in SoftBank Group-owned chip designer Arm at its initial public offering, expected in September.
In June that Arm was in talks with some ten companies - including Apple, Samsung and Intel - with the aim of bringing on one or more anchor investors in the offering, Reuters reprted.
TSMC to build $11bn German plant with Infineon, NXP, and Bosch.
Taiwan Semiconductor Manufacturing has agreed to build a €10bn ($11bn) plant in eastern Germany in partnership with Infineon Technologies, NXP Semiconductors, and Robert Bosch.
The planned fab will be 70% owned by TSMC, which will operate the facility in the city of Dresden, with Infineon, NXP, and Bosch each holding a 10% equity stake.
Warburg Pincus eyes legal action over Polish pharmacy law change. (FS)
Warburg Pincus, a private equity firm that invests in companies based in the Americas, Europe, Middle East, and Asia is prepared to take legal action against Poland over what it sees as a de-facto freeze of its investment in Gdansk-based pharmacy operator Gemini.
US-based Warburg Pincus has told the Polish government it plans to file for arbitration if an amendment to a 2017 law preventing investors from expanding, buying, or selling pharmacies gets enshrined in the coming weeks.
APAC
Carlyle to acquire a minority stake in Quest Global from Bain Capital and Advent International for $500m. (FS)
Carlyle, a global investment firm with deep industry that deploys private capital across its business, agreed to acquire a minority stake in Quest Global, an engineering research and development services company, from Bain Capital, a private investment firm that specializes in private equity, venture capital, credit, public equity, and Advent International, a private equity firm that invests in business and financial services, for $500m.
"At Quest Global, we believe engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow – to create a brighter future. It was a great value-added partnership with Carlyle the first time around, and I look forward to working with Carlyle again, to propel us in the journey ahead. Together, I am confident we will deliver on our mutual commitment to provide cutting-edge engineering solutions to our clients around the world, while preserving our entrepreneurial culture," Ajit Prabhu, Quest Global Chairman and CEO.
Carlyle is advised by KPMG, Citibank, Deutsche Bank, HSBC, ING Group, Nomura, Standard Chartered Bank, Clifford Chance, Allen & Overy, Linklaters and Trilegal. Quest Global is advised by BNP Paribas, Barclays, JP Morgan, and Latham & Watkins.
Mixed Reform Fund, a national fund supporting mixed-ownership reforms of state-owned enterprises, and CCB, a private equity investment arm of China Construction Bank, led a $111m Series C round in Beijing Sinoscience Fulleryo, a producer of a large-scale cryogenic equipment, with participation from CMG-SDIC Capital and Yuexiu Industrial Fund.
The Beijing-based firm will use the proceeds to expand the manufacturing capability of its cryogenic equipment.
Advent International, a private equity firm, agreed to acquire a majority stake in Zimmermann, a luxury fashion brand, from Style Capital, a private equity fund specialising in fashion and lifestyle brands. Financial terms were not disclosed.
The investment by Advent will allow Zimmermann to speed up expansion abroad including in Asia and the Middle East, and boost its distribution network, including the digital offer.
Australia's Woodside to sell 10% stake in Scarborough to LNG Japan for $500m.
Woodside Energy Group it had entered a deal with LNG Japan to sell a 10% participating interest in its $12bn Scarborough liquefied natural gas project in Australia for $500m.
Australia's No.1 independent oil and gas producer, which owns 100% of the project since merging with BHP in 2022, has long flagged its interest to sell down its stake in the venture.
Japan's Suzuki to get bigger stake in India's Maruti after sale of plant.
Maruti Suzuki, India's top automaker by sales, it would pay Suzuki Motor in preference shares to take over a local manufacturing plant in a deal that will also boost the Japanese automaker's stake in the company, Reuters reported.
The share allotment will boost Suzuki's stake in the Indian automaker by about 1.8%, said Ajay Seth, Maruti CFO. Suzuki currently has a 56.48% stake in Maruti.
China's CanSino in mRNA vaccine deal with AstraZeneca.
CanSino Biologics has agreed with AstraZeneca to provide "contract development and manufacturing services" to support the Anglo-Swedish drugmaker's messenger RNA vaccine programme, Reuters reported.
CanSino said it would manufacture and supply unspecified mRNA products to AstraZeneca. In China, which has relied on locally produced Covid-19 vaccines rather than allowing mRNA products from foreign manufacturers to be imported, mRNA vaccines are still not in widespread use.
Law firm Dentons splits from China arm as Beijing scrutiny grows.
Global law firm Dentons is splitting from its Chinese operations to comply with impending data regulations, one of the more significant withdrawals by a Western company as Beijing intensifies a campaign to curb outflows of valuable information.
Dentons, a law firm with partners from the US to France, is separating this month from its Chinese-based arm in response to “government mandates” related to cybersecurity and data protection. It will become fully independent of Beijing Dacheng Law Offices, a local private firm it partnered with in 2015.
Australian $100bn pension fund says active in Japan, neutral on China.
Australia's third largest pension fund will stay active in Japanese markets in the coming months and is neutral about China despite growing investor aversion to the country's markets, Reuters reported.
The A$160bn ($104bn) Aware Super made "good money" recently due to an overweight position in Japanese equities, said Michael Winchester, Head of Investment Strategy.
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