AMERICAS
Goldfinch Partners, a private equity firm, completed the $125m investment in Vesta, a provider of fraud protection and payment technologies.
"Vesta's CEO Ron Hynes and his team have broadened the firm's product range and entered new markets, giving new life to a pioneer and longtime leader in the card-not-present payments space. We're pleased to back the team and the company as they continue to grow and serve organizations across the e-commerce and fintech space," Sean Collins, Goldfinch Partners Co-Founder and Managing Partner.
Vesta was advised by Financial Technology Partners and LANE PR. Goldfinch Partners was advised by Freshfields Bruckhaus Deringer and 150 Bond.
Shionogi, a Japanese pharmaceutical company, agreed to acquire Tetra Therapeutics, a clinical stage biotechnology company, for $500m. Under the terms of the merger agreement, Tetra will become a wholly owned subsidiary of Shionogi, and Shionogi will have global rights to BPN14770 and all Tetra compounds.
"We are excited to combine Tetra’s portfolio with our drug development capabilities to further advance BPN14770 in CNS disorders, including AD and FXS. Tetra’s deep level of drug discovery know-how in the CNS area will help us to solve for the cognitive disorders our ageing population is facing, and we believe we are well-positioned to bring BPN14770 to patients in need," Isao Teshirogi, Shionogi President and CEO.
Tetra Therapeutics is advised by Nomura and Argot Partners.
Savant Systems, a smart home company, agreed to acquire the lightning division of General Electric, an American multinational conglomerate. Financial terms were not disclosed.
"We are committed to ensuring that GE Lighting's long history of industry leadership continues, while bringing exceptional value and reliability to retail partners and consumers as the number one intelligent lighting company worldwide. Never before has connectivity, security, intelligent lighting and entertainment, all enjoyed within the comforts of home, been more top of mind with consumers," Robert Madonna Savant Systems Founder and CEO.
Savant Systems is advised by Small Girls PR and Wirc Media. General Electric is advised by UBS.
Sensei Biotherapeutics, a clinical-stage biopharmaceutical company developing precision immuno-oncology therapies, completed the acquisition of Alvaxa Biosciences, a camelid antibody therapeutics company. Financial terms were not disclosed.
"We are delighted to announce the acquisition of Alvaxa Biosciences. Nanobodies are the next stage of our strategy to build out our proprietary ImmunoPhage™ platform, a next-generation universal vaccine platform capable of driving precise antigen-specific immunity while also amplifying or attenuating key immune signals, all within a vaccine," John Celebi, Sensei Biotherapeutics President and CEO.
Sensei Biotherapeutics was advised by Stern IR and The Yates Network.
Silverpeak-backed Irving Oil, a Canada-based oil refinery operator, agreed to acquire North Atlantic Refining, the owner of the Come-by-Chance refinery in Newfoundland. Irving will buy the company's network of retail sites and other marketing assets. Financial terms were not disclosed.
"We are coming from what we call a basket-case refinery to become a refinery of the future," Thomas Jenke, North Atlantic former CEO.
Silver Lake Partners, a private equity company, completed the acquisition of a 12% stake of Far Point Acquisition, a special purpose acquisition company, for c. $100m.
The transaction took place in order to encourage Far Point Acquisition to proceed with the Global Blue merger announced earlier.
OrbiMed led the Series B $105m investment in AbCellera, a privately held biotech with a drug discovery platform that searches and analyzes natural immune systems to find antibodies.
“Drug development takes too long, fails too often, and costs too much. With the backing of visionary investors, we will double-down on our strategy of making long-term investments in technology and teams that are needed to put drug development on the fast track,” Ph.D. Carl Hansen, AbCellera CEO.
Carl Icahn takes nearly $2bn loss as he sells Hertz stock. (FS)
Carl Icahn sold his entire stake in Hertz on the first business day after the embattled car-rental firm said that it would file for bankruptcy.
Entities controlled by Icahn sold 55.3m Hertz shares on the open market for $40m, an average per-share price of 72 cents. Icahn disclosed the transaction in a form he filed with the Securities and Exchange Commission. He had been the company’s top shareholder, as the shares sold represented a 39% stake in the company.
Foley Trasimene announces pricing of $900m IPO. (FS)
Foley Trasimene Acquisition announced the pricing of its initial public offering of 90m units at a price of $10 per unit. The company granted the underwriters of the offering a 45-day option to purchase up to an additional 13.5m units at the public offering price. Each unit consists of one share of the Company’s Class A common stock and one-third of one warrant. Each whole warrant entitles the holder to one share of the company’s Class A common stock at a price of $11.5 per share.
Sponsors of the company are Bilcar, an affiliate of Bilcar Partnership, and Trasimene Capital, an affiliate of Trasimene Capital Management, both led by William P. Foley, II. Credit Suisse and BofA Securities are acting as joint book-running managers for the offering.
Carlyle-backed ZoomInfo seeks to raise about $800m in Nasdaq IPO. (FS)
ZoomInfo Technologies expects to raise up to $801m in its US IPO, as the market for new issues rebounds after the Covid-19 pandemic put several debuts on hold for a couple of months.
The Carlyle-backed business intelligence platform expects its offering of 44.5m shares to be priced between $16 and $18 per class A share, valuing it at $6.9bn at the top end of the range.
Some funds and accounts managed by units of BlackRock entities related to Dragoneer Investment Group, and Fidelity Management & Research Company have indicated an interest in buying shares worth $100m each as part of the IPO.
Bill Ackman divests his stakes in Berkshire Hathaway and Blackstone. (FS)
Bill Ackman, an activist investor, exited his investments in Warren Buffett’s Berkshire Hathaway as well as his recently acquired investments in the Blackstone Group and Park Hotels & Resorts.
Ackman’s Pershing Square Capital Management sold off Blackstone and Park Hotels because it wasn’t able to build large enough positions at attractive prices before markets rebounded.
Ontex to acquire US feminine hygiene assets.
Ontex agreed to acquire the Albaad Massuot Yitzhak feminine hygiene production assets in Rockingham County. Financial terms were not disclosed.
Ontex’ agreement with Albaad covers the production lines and related equipment in Rockingham County as well as a license for all corresponding inventory and intellectual property.
"Following the previously-announced decision to invest in manufacturing in the eastern part of the country to complement shipments from abroad, we are proud to announce the forthcoming opening of Ontex’ first US production site as well as the acquisition of feminine hygiene production assets,” Charles Bouaziz, Ontex CEO.
EMEA
Firmenich, a privately-owned perfume and taste company, completed its acquisition of DRT, a plant-based chemistry company, from Ardian and Tikehau Capital. Financial terms were not disclosed.
"This acquisition affirms our commitment to becoming a global leader in renewable ingredients as we meet the growing demand for sustainable products in Perfumery and beyond. Above all, we look forward to working with our long-time partners and welcoming all DRT employees to Firmenich," Gilbert Ghostine, Firmenich CEO.
DRT was advised by Image Sept. Ardian was advised by Citigroup, Rothschild & Co, Latham & Watkins, White & Case, and Headland Consultancy. Firmenich was advised by Goldman Sachs, Raphaël Financial Advisory, DGM Conseil and Bredin Prat.
EQT Partners, a global investment organization, agreed to acquire a majority stake in Freepik Company, a tech company specializing in creating and providing visual content. Financial terms were not disclosed.
"EQT's digital and sector expertise, global platform, combined with local presence across Europe, the US and Asia, as well as its extensive network of advisors will be key to our future success and of great value for the strengthening of our management team," Joaquin Cuenca, Freepik Co-Founder.
Freepik Company is advised by Deloitte, Drake Star Partners and Callol Coca & Asociados. EQT Partners is advised by Boston Consulting Group, KPMG, LionTree Advisors, Allen & Overy and Freshfields Bruckhaus Deringer.
Boohoo, an online fashion retailer, agreed to acquire the remaining 34% stake in PrettyLittleThing, a retailer of apparel products, for c.$398m.
"Three years ago we wanted Umar focused on PLT, now is the right time to shift the emphasis," Neil Catto, Boohoo Finance Director.
Boohoo is advised by Jefferies & Company, KPMG, Zeus Capital, Buchanan, and Zeus Capital.
KKR is set to invest $1bn in Global Technical Realty, a build-to-suit and roll-up acquisition data center platform in Europe.
“The data center market in Europe presents a unique opportunity to invest behind the secular trend of increased cloud services adoption and demand for data. The 25 years of industry experience that Franek brings to the table, alongside the rest of the management team, is impressive and exactly the kind of know-how we sought out to invest in the sector,” Waldemar Szlezak, KKR Managing Director.
KKR is advised by Simpson Thacher & Bartlett and Finsbury. Global Technical Realty is advised by Charles Russell Speechlys and Maiilot Jaune Communications.
A top European court annulled the 2016 decision by Margrethe Vestager, the EU’s competition commissioner, to block a merger of two British mobile telecoms companies on consumer interest grounds.
The ruling by the General Court, the EU’s second highest court, overturns the European Commission’s decision four years ago to block the $12.9bn takeover of Telefonica’s O2 network in the UK by Three, owned by Hong Kong’s CK Hutchison. It calls into question the commission’s approach to merger interventions and could trigger further telecoms consolidation in several European markets.
The court ruled the commission had made “several errors of law” in calculating the potentially harmful effects of the Three-O2 deal, and argued it had not proven that prices would rise or that competition would be harmed as a result.
CK Hutchison is advised by Finsbury and FTI Consulting.
Connexity, an operator of shopping web sites, completed the acquisition of Skimlinks, a provider of monetization solutions for commerce-oriented publishers. Financial terms were not disclosed.
"Connexity and Skimlinks share a similar mission as architects of online shopping markets. Our solutions help retailers acquire new customers and sales while enabling ecommerce-oriented publishers to monetize engaged shopping audiences. Combining the companies creates more scale on both sides of the marketplace,” Bill Glass, Connexity CEO.
Connexity was advised by the JEGI. Skimlinks was advised by Stifel.
Main Capital-backed Onventis, a cloud provider, completed the acquisition of WorkFlowWise, a cloud-based provider for workflow automation, invoicing and expense management. Financial terms were not disclosed.
"We were immediately impressed by their smart invoicing solutions, their customer references and the deep process know-how they have developed over the years. The combination of our product portfolios will significantly improve our e-procurement offering especially in the fast growing market for fully automated invoicing solutions," Frank Schmidt, Onventis CEO.
Russmedia-backed Erento, a marketplace for rental items, completed the acquisition of Campanda, a marketplace for motorhome bookings. Financial terms were not disclosed.
"RVs are an important part of our erento marketplace. Campanda is the ideal addition to our portfolio," Luka Dremelj, Erento Managing Director.
Coller Capital led the GP-led secondary deal for $10.9bn Permira fund. (FS)
Coller Capital led the GP-led secondaries deal for the assets remaining in Permira’s $10.9bn fourth fund.
The transaction will see four software and technology assets in Permira IV, which started investing in 2006, as well as a co-investment vehicle for the largest one, transfer into a new vehicle with $829m of commitments. The largest of these assets, cloud-based contact centre operator Genesys, was acquired by Permira in 2012 in a deal that valued the company at $1.5bn.
Circassia Group completed the Tudorza and Duaklir assets transfer to AstraZeneca.
Circassia Group, a specialty biopharmaceutical company, announced the completion of Tudorza and Duaklir assets transfer to AstraZeneca, a global, science-led biopharmaceutical business.
"The completion of this transaction transforms Circassia into a debt-free business. Niox is a highly differentiated respiratory diagnostic platform that will be able to deliver long-term growth and enhanced shareholder returns," Ian Johnson, Circassia Executive Chairman.
FedEx considers taking a stake in Hermes.
FedEx, the US logistics company, is close to taking a stake in German parcel delivery firm Hermes, Reuters reported.
Petra Scharner-Wolff, the finance chief of Hermes, which is owned by e-commerce group Otto, said the firm’s effort to find a strategic partner for its European parcel service had garnered broad interest.
Carlyle's Africa dealmakers leave to create their buyout firm. (FS, People)
Four dealmakers responsible for Carlyle Group Sub-Saharan Africa Fund are leaving to launch their own firm, Carlyle said in the latest private equity retreat from the continent, Reuters reported.
Carlyle will remain active in Africa with its other funds, including Carlyle International Energy Partners. But the Washington DC-based firm said it would no longer pursue an Africa-dedicated buyout fund to succeed its $700m Carlyle Sub-Saharan Africa Fund, which it raised in 2014.
Flint nears debt deal ahead of planned sale. (FS)
The world’s second-largest printing ink maker, Flint Group, is nearing a debt deal seen as a pre-condition to proceed with a sales process that its owners launched last year, Reuters reported.
Flint Group has seen its supply chains affected and sales decrease during the coronavirus pandemic and expects its 2020 earnings before interest, tax, depreciation and amortization to fall from the $266m in 2019.
The company, owned by Goldman Sachs’ private equity arm and US-based conglomerate Koch Industries, has engaged with its lenders to put its financing on a new footing.
SoftBank-backed OakNorth seeks sale of $400m stake. (FS)
OakNorth, a UK fintech backed by SoftBank, is seeking to sell a $400m stake held by an investor, FN reported.
The secondary sale comes as Covid-19 continues to ravage economies all over the world. In the US, companies have shuttered in an attempt to stop the spread of the virus.
FT Partners is advising on the secondary transaction. Indiabulls Housing Finance is the seller.
APAC
Santos, an Australian energy company, completed the acquisition of stakes in Bayu-Undan, a gas-condensate field, Darwin liquefied natural gas facility and Barossa Project, a gas and light condensate field, from ConocoPhillips, an independent exploration and production company, for $1.3bn.
"As a foundation partner in Bayu-Undan and Darwin, and an existing partner in Barossa, we know these assets well. We are delighted to assume operatorship and continue to progress the Barossa project so that a final investment decision can be made when market conditions permit," Kevin Gallagher Santos Managing Director and CEO.
Santos was advised by Credit Suisse, J.B. North & Co and Allens.
Telidyne, a technology company providing software development services and offering digital payments, failed to acquire a 56% stake acquisition in Ducon Infratechnologies, a provider of equipment and systems related to FGD systems for utilities and industrial plants, bulk material handling systems, IT services, electrification and other infrastructure turnkey projects.
Telidyne announced the stake acquisition could not be completed due to inability to receive an approval from the Indian authorities for this purchase.
Big Hit Entertainment filed for IPO.
Big Hit Entertainment, the manager of K-pop boy band BTS, filed for an IPO in South Korea in a test of investor appetite during global efforts to end the coronavirus pandemic. The deal could give Big Hit a market capitalization of as much as $1.6bn.
Big Hit has helped popularize K-pop, adding to the rising global visibility of Korean entertainment including TV dramas popular across Asia and films like “Parasite,” the surprise winner of this year’s Academy Award for best picture.
Google considers acquiring a stake in Vodafone Idea.
Google is exploring an investment in Vodafone’s struggling India business in a move that could pit the US internet group in a battle against Facebook for the world’s fastest-growing mobile market, FT reported.
Google was considering buying stake of about 5% in Vodafone Idea, a partnership between the UK telecoms company and India’s Aditya Birla Group that has been under severe financial strain.
NTPC considers acquiring Reliance Infrastructure's BSES Yamuna and Rajdhani.
State-owned NTPC entered the race to acquire a majority stake in Reliance Infrastructure-led BSES Yamuna and Rajdhani, which is the electricity distribution company in Delhi.
Delhi-based BSES Yamuna and Rajdhani are owned by Reliance Infrastructure with 51% stake, and 49% are owned by the Delhi government. In 2002, discom business that was run by the Delhi government was privatized by way of licensing under the Public-Private Partnership model.
"NTPC has decided to foray into the distribution sector and is keen on acquiring the distribution assets. It has submitted that NTPC is keen to explore opportunities for acquiring a 51% stake in BSES Yamuna and Rajdhani, which are on sale, provided the equity sale is done through a transparent process," NTPC.
Malaysia armed forces fund weighs taking Boustead private. (FS)
Malaysia’s armed forces pension fund confirmed that it is considering taking conglomerate Boustead private, Bloomberg reported. Lembaga Tabung Angkatan Tentera, which owns 59% of Boustead, said it expects to propose an offer price of $0.18 per share if it decides to proceed. The offer is indicative only and non-binding.
LTAT was weighing options for its stake in Boustead. The military fund has received approval for a loan to finance the deal.
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