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AMERICAS
Twitter's $44bn deal to be acquired by Elon Musk means it risks losing advertisers and employees, who may be concerned about the company’s uncertain future, Bloomberg reported.
Twitter said it may be difficult to attract and retain key people, and mentioned “the possibility that our current employees could be distracted, and their productivity decline as a result, due to uncertainty regarding the merger.”
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett and Wilson Sonsini Goodrich & Rosati. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery and Skadden Arps Slate Meagher & Flom. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providers are advised by Davis Polk & Wardwell.
LetsGetChecked, a healthcare solutions company, completed the acquisition of BioIQ, an analytics-driven population health and testing platform company. Financial terms were not disclosed.
“The future of healthcare is in providing high-quality at-home diagnostics and care that comprehensively serve an individual’s health needs throughout their whole life. With this acquisition, LetsGetChecked gains a trusted partner with an extensive knowledge base and a breadth of experience in serving health plans and employer markets to deliver healthcare solutions at scale," Peter Foley, LetsGetChecked Founder and CEO.
LetsGetChecked was advised by SVB Leerink, Goodwin Procter, Mason Hayes & Curran and Azione. BioIQ was advised by Credit Suisse and Cooley.
KPS Capital Partners, a private equity firm, completed the acquisition of Oldcastle BuildingEnvelope, a provider of glazing-focused interior and exterior products, from CRH, an international group of diversified building materials businesses, for $3.8bn.
"We are thrilled to acquire North America's largest provider of architectural hardware, glass and glazing systems. OBE is the only 'one-stop shop' for every critical product a glazing industry customer needs, and the Company serves attractive, growing end-markets. We intend to drive profitable growth by providing the Company with the financial resources to invest in commercial and operational excellence," Raquel Vargas Palmer, KPS Co-Managing Partner.
KPS Capital was advised by Citigroup and Paul Weiss Rifkind Wharton & Garrison. CRH was advised by Bank of America and JP Morgan.
eGroup Holding, an IT solutions and managed services provider, completed the acquisition of Enabling Technologies, a cloud services provider. Financial terms were not disclosed.
“I am extremely thrilled and eager to join forces with Mike Carter and his outstanding team at eGroup. Our alliance with eGroup creates a juggernaut in the Microsoft ecosystem and will pay major dividends for our highly regarded associates and global clients going forward. This new chapter in our 30-year history is a continuum of our quest to take our business to greater heights and new destinations," Bill Vollerthum, Enabling President and CEO.
eGroup was advised by Shearman & Sterling. Debt financing was provided by Woodforest National Bank.
EnCap Flatrock Midstream, a private equity firm, completed a $300m investment in Rangeland Energy, an oil and gas company.
“We are very excited to launch Rangeland IV and continue our long-term partnership with EnCap Flatrock Midstream. Rangeland IV will be focused on acquiring assets and developing projects that accommodate an ever-increasing global demand for traditional energy commodities while simultaneously assessing new opportunities in an evolving energy landscape," Chris Keene, Rangeland Energy CEO.
Rangeland Energy was advised by Ten|10 Group.
PTC, an American computer software and services company, completed the acquisition of Intland Software, a software development firm, for $280m.
"We are pleased to complete the acquisition of Intland. Codebeamer is fast becoming the new standard in safety-critical and regulated industries as products are increasingly differentiated by software. The addition of Codebeamer to our ALM suite will bolster both ALM and PLM growth potential by significantly increasing our product strength and market momentum," Jim Heppelmann, PTC President and CEO.
PTC was advised by Centerview Partners.
ZENVIA, a cloud-based CX communications platform, completed the acquisition of Movidesk, a service desk software, for $59m.
"This transaction concludes a series of acquisitions performed by ZENVIA in the last 18 months, including D1 and SenseData, which will enable us to consolidate our position as a unified end-to-end CX SaaS platform. Movidesk will play a key role in this consolidation. We are looking forward to welcoming the Movidesk team to our world of Humanz," Cassio Bobsin, ZENVIA CEO.
ZENVIA was advised by Danthi Comunicações.
Cressey-backed Lifeway Mobility, a provider of home accessibility solutions, completed the acquisition of Accessible Systems, an accessibility solutions provider. Financial terms were not disclosed.
“We are proud of the reputation we have earned in our mission to serve families who want to stay in their own home during their time of need. Our new partnership with Lifeway will further strengthen our resources and capabilities as we support our customers. The mission of our combined team is to serve more of the country where there may not be home accessibility resources currently," Nathan Colburn, ASI Co-Founder.
Accessible Systems was advised by Ropes & Gray.
Cboe, a global market infrastructure and tradable products provide, completed the acquisition of ErisX, a US based digital asset spot market. Financial terms are not disclosed.
"Adding ErisX to the Cboe network is another exciting chapter in Cboe's growth story. We see enormous potential in the digital asset market and are excited to apply our blueprint of success to this burgeoning asset class. Tom Chippas and the entire ErisX team have made significant progress bringing the regulatory framework and transparency of traditional markets to the digital asset space, and I look forward to working together, with our industry partners, to grow the digital asset market on a global scale," Ed Tilly, Cboe Global Markets Chairman, President and CEO.
Cboe was adised by Citigroup.
Livent, a chemical manufacturing company, agreed to acquire a 25% stake in Nemaska Lithium, a lithium mining company, from The Pallinghurst Group, a private equity firm. Livent will issue 17m shares of its common stock to The Pallinghurst Group.
"Nemaska has made significant progress with its strategic plans under QLP's leadership. We will merge our interests in an all-share transaction and our investors are excited to continue to be exposed to Nemaska as long-term shareholders in Livent," Arne H. Frandsen and Andrew Willis, Pallinghurst Co-Founders and Managing Partners.
Livent is advised by Davis Polk & Wardwell.
Family Zone, a cyber safety softwar, agreed to acquire Qustodio, a family online safety provider, for $52m.
"The bringing together of Qustodio and Family Zone will be seen in time as a turning point in online safety globally. We are honored and excited to be welcoming the Qustodio team into our family," Tim Levy, Family Zone Managing Director.
Two Six Technologies, a technology-focused provider of products and expertise to US national security customers, completed the acquisition of Thresher, a software company. Financial terms were not disclosed.
“Thresher’s products and people are a compelling and complementary fit for Two Six, with our shared focus on advanced technologies, innovative products, and the global threats of great power competition. I’m excited to welcome this exceptional team to Two Six and believe this partnership will enable us to have an even bigger impact with our customers," Joe Logue, Two Six Technologies CEO.
Converge Technology, a software-enabled IT & cloud solutions provider, completed the acquisition of Interdynamix, a systems integrator focused on business, engineering, and innovation. Financial terms were not disclosed.
“Joining Converge is truly a game changer for Interdynamix that will allow us to further our business goals. Becoming part of Converge elevates our ability to deliver a ‘client first’ approach with expanded solution and service offerings, all while maintaining the highest level of innovation," Devin Vandenberg, Interdynamix CEO.
Brookfield weighs deal with Switch. (FS)
Brookfield Asset Management is exploring a takeover of data-center operator Switch, Bloomberg reported.
The alternative asset manager is among potential buyers circling Las Vegas-based Switch as it weighs a sale. No final decision has been made and Brookfield could opt against pursuing a deal.
Catalio Capital closes fund III at $381m. (FS)
Catalio Capital Management, a multi-strategy life sciences investment firm, announced the successful close of its third venture fund, Catalio Nexus Fund III, with more than $381m in total capital commitments, exceeding its original $300m target.
Fund III will invest in breakthrough biomedical technology companies at all stages of growth, from inception to IPO.
EMEA
Britain's Competition and Markets Authority proposed to accept an offer from supermarket group Morrisons' new private equity owner, Clayton, Dubilier & Rice, to sell 87 petrol stations to address concerns over higher fuel prices, Reuters reported.
"The sale of these petrol stations will preserve competition and prevent motorists from losing out due to this deal, which is particularly important when prices have recently hit record highs," Colin Raftery, CMA Senior Director.
Morrisons was advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. Clayton was advised by BNP Paribas, Bank of America, Goldman Sachs, JP Morgan, Mizuho Securities, Clifford Chance,Debevoise & Plimpton, Teneo. Financial advisors were advised by Norton Rose Fulbright. Fortress was advised by HSBC, RBC Capital Markets, Slaughter & May, TB Cardew. Debt financing was provided by HSBC and RBC Capital Markets. Debt providers were advised by Linklaters. Financial advisors were advised by Herbert Smith Freehills. Koch was advised by Jones Day. Apollo was advised by Dechert.
Astorg Partners, a private equity firm, agreed to acquire CordenPharma, a pharmaceutical CDMO, from International Chemical Investors Group, a chemical company. Financial terms were not disclosed.
"The transaction is the result of our thematic sourcing effort in pharma services. We identified the Company as a leading CDMO focused on some of the most promising areas of pharma R&D and with a strong customer focus and unique innovation capabilities," Judith Charpentier, Astorg Partner and Head of Healthcare.
Astorg Partners is advised by Boston Consulting Group, Alvarez & Marsal, Ernst & Young, Houlihan Lokey, Jefferies & Company and Latham & Watkins. ICIG is advised by LEK Consulting, ERM Group, PricewaterhouseCoopers, William Blair & Co and Freshfields Bruckhaus Deringer.
Atairos Group, a private equity firm, agreed to acquire a 62.1% stake in Ocean Outdoor, an advertising firm, for $360m.
"Ocean is a proven UK and Northern European market leader in the attractive Digital Out of Home advertising industry. The company's unique footprint of premium and super-premium sites positions it well to continue to innovate and lead as the industry recovers in a post pandemic world. We have long admired Ocean's experienced management team, talented people and attractive portfolio. We are excited to bring our knowledge and experience as a long-term supportive investor to further strengthen Ocean's differentiated platform and help accelerate its next phase of growth," Melissa Bethell, Atairos Partner.
Ocean Outdoor is advised by Barclays, LionTree Advisors, Maples Group, White & Case and Yellow Jersey. Atairos is advised by Lazard, Davis Polk & Wardwell and Ogier.
EG Group, a British retailer which operates petrol stations and fast food outlets, completed the acquisition of the filling station business of Österreichische Mineralölverwaltung, an oil and gas company, for $589m.
“We are delighted about the level of interest in our filling station business in Germany and to have reached an agreement with EG Group. This marks a further step in our previously announced $2.4bn divestment program and this transaction will reduce OMV’s debt by approximately half a billion euros at the time of closing”, Rainer Seele, OMV Chairman of the Executive Board and CEO.
EG Group was advised by Morgan Stanley, Latham & Watkins and Brunswick Group. OMV was advised by JP Morgan.
AMF, a pension company, completed a $100m investment in Polarium, an energy storage solutions provider.
“We have been on a rapid growth journey from day one. Helping the telecom sector to reduce their carbon footprint and increase their profitability by switching from diesel generators and lead acid batteries for reserve power to smart lithium-based solutions. With AMF as our partner, we are well positioned to accelerate our growth within reserve power, and springboard that expertise to capture more of the ever-growing market for energy optimization. Today is a huge milestone for Polarium. But remember, we are just getting started,” Stefan Jansson, Polarium CEO and Founder.
Polarium was advised by JP Morgan and Mannheimer Swartling.
Stonepeak, an alternative investment firm, agreed to invest €1bn ($1.05) in Inspired Education Group, a group of premium schools.
“In less than 9 years, we have become the leading global group of premium schools. We have been able to do so by being laser focused on delivering an outstanding holistic educational journey to our students around the world and getting over 90% of them into their first-choice university destinations. In addition to owning some of the leading schools globally, we have been rapidly growing our fully online school and expanding our technology initiatives in our classrooms. I am proud to have assembled some of the most prestigious blue-chip investors to support our expansion including GIC, TA Associates, Warburg Pincus, and the Oppenheimer and Mansour family offices. I would like to now welcome Stonepeak, who are exactly the type of long-term investor that shares our ambition, vision for growth and dedication to the pursuit of excellence in education, to our group," Nadim Nsouli, Inspired Founder, Chairman, and CEO.
Lantmännen-backed Swecon, a manufacture and supplier of construction machinery, completed the acquisition of Kewab Rental, a rental company. Financial terms were not disclosed.
“Through this acquisition, we execute our strategy to meet customer needs while broadening our offering, investing in the rental market and increasing access to used machines. We already have a well-functioning collaboration between the companies and Kewab Rental has many strong customer relationships that we look forward to strengthen further,” Joakim Arndorw, Swecon CEO.
Citigroup explores a sale of its Russia consumer arm.
Citigroup is in “active dialog” to carry out the sale of its Russia consumer business that it announced a year ago, DealStreetAsia reported.
Investors have been worried that the sale was in limbo because of economic sanctions western nations have imposed to punish Russia for its invasion of Ukraine. Citigroup will continue to serve multi-national corporations in Russia because they need the bank to shut down their businesses there.
BP's share price soars.
BP recorded its biggest quarterly loss after writing down $24bn to exit its Russia businesses but a strong operational performance on the back of rocketing oil and gas prices helped the British energy firm step up share buybacks, Reuters reported.
BP shares were up 2.5% in London trading, outperforming rivals, after the company reported its strongest operational performance since 2008.
Norway's sovereign wealth fund faces fluctuation. (FS)
Norway's $1.2tn sovereign wealth fund is prepared for a rocky ride as it confronts the biggest geopolitical changes in three decades, Reuters reported.
"We probably face the greatest changes for 30 years," Nicolai Tangen, Norges Bank Investment Management CEO. The world's largest sovereign wealth fund expects "growing frictions between superpowers and a reversal of globalization."
APAC
CH-AUTO, an electric vehicle manufacturing and design service company, agreed to go public via a SPAC merger with Mountain Crest Acquisition IV, a blank check company, in a $2.7bn deal.
“CH-AUTO is a unique and compelling investment opportunity, being one of the first EV automakers in China with proven technology breakthroughs as well as manufacturing innovations, along with its enormous future growth potential through its existing and pipeline vehicle models. I am thrilled to be partnering with Mr. Lu and his exceptional team to bring their vision to fruition,” Suying Liu, Mountain Crest Chairman, CEO and CFO.
CH-AUTO is advised by China Bridge Capital, Wilson Sonsini Goodrich & Rosati, JunHe, Harneys Group. Mountain Crest is advised by Loeb & Loeb.
Albaugh, a chemical manufacturing company, completed the acquisition of Rotam Global AgroSciences, a holding company, which engages in the research, development, manufacture, and sale of crop protection agents and plant nutrients, for $198m.
"We have long admired Rotam, their strong portfolio, competencies and people, and we look forward to welcoming them into the Albaugh family, bringing new strengths to our company and offering unique value to our customers world-wide, partners, people and society at large," Dennis Albaugh, Albaugh Founder and Chairman.
Rotam was advised by Deloitte and Dentons. Albaugh was advised by HSBC, JP Morgan, Collas Crill and Jones Day.
Bodhi Tree Systems, an investment firm, agreed to acquire a minority stake in Allen Career Institute, an educational services provider, for $600m.
Bodhi Tree will leverage Allen's founders’ shared track record of building iconic consumer businesses to build Allen into a world-class digital education business of the future.
Y Combinator, a private equity fim, led a $200m Series D round in Zepto, a grocery delivery platform, with participation from Nexus Venture Partners, Glade Brook Capital, Lachy Groom, Kaiser Permanente and Contrary.
“It is getting clearer in the space that there will be an Amazon and Flipkart-type of scenario... and for us, the intent was to accelerate that trend. The objective here is just to get into a position where we have enough currency to start consolidating in the next year," Aadit Palicha, Zepto Co-Founder and CEO.
HSBC's share raised after largest shareholder Ping An's breakup proposal.
Shares in HSBC Holdings gained after its largest shareholder, Chinese insurance giant Ping An, urged a break-up of the London-headquartered bank in a bid to improve returns, Reuters reported.
Ping An called on HSBC to look at options including spinning off the Asian business, where it earns two-thirds of its pre-tax profits, or taking other steps to boost its valuation.
Rise Capital starts India operation. (FS, People)
US-based Rise Capital, founded by former Tiger Global executive Nazar Yasin, has announced its entry into India, and appointed Anuj Mehta as its India investment head, DealStreetAsia reported.
Founded in 2013, Rise Capital is looking to make seed to Series B bets on Indian companies with a cheque size ranging from $100k-10m from its third fund.
GD1 launches first cryptocurrency fund in New Zealand. (FS)
Venture capital firm Global From Day 1 announced the launch of GD1 Crypto Fund 1, the first web3 and crypto-focused venture vehicle from New Zealand, DealStreetAsia reported.
The $5m fund focuses on investing in the next generation of web3/crypto entrepreneurs globally. It will be investing in pre-seed to series A companies across decentralized finance, decentralised autonomous organizations, NFTs, web3, crypto infrastructure, and tangential sectors.
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