The Competition Bureau is asking the Federal Court of Appeal to set aside a decision by the Competition Tribunal dismissing its case against Rogers Communications' $16bn takeover of Shaw Communications, a Canadian telecommunications company.
The federal competition regulator says the tribunal made a mistake in assessing the deal, alleging that the tribunal made fundamental errors of law. The first reason given was that the tribunal decided, based on the merger and the proposal, that would see Quebecor's Videotron acquire Shaw's Freedom Mobile business rather than Rogers' acquisition of Shaw alone, Bloomberg reported.
The second reason was that the tribunal assessed the Freedom Mobile sale without consent from the bureau's commissioner.
Shaw is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons (led by William Jenkins and Bill Gilliland) and Wachtell Lipton Rosen & Katz (led by Mark Stagliano and Adam Emmerich). Financial advisors are advised by Osler Hoskin & Harcourt. Rogers is advised by Bank of America, Barclays, Cravath Swaine & Moore (led by Erik Tavzel, Andrew C. Elken, Michael S. Goldman and Joseph D. Zavaglia), Goodmans (led by Chris Sunstrum and Dale Lastman) and Torys (led by Richard Willoughby). Financial advisors are advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault (led by Richard Higa).
Ontario Teachers-backed APCO Holdings, a provider and administrator of F&I products for the auto industry, agreed to acquire National Auto Care, an operating provider of products such as vehicle service contracts, guaranteed asset protection, limited warranty, tire, and wheel, from Lovell Minnick Partners, a private equity firm. Financial terms were not disclosed.
"We laid out a very ambitious growth plan from the beginning, knowing that we would need to invest heavily in the business to achieve our goals. LMP supported us each step of the way, offering both expertise and resources to help us execute on the vision. As we move into the next chapter, we are excited to unite with APCO, which will enable us to achieve the next set of ambitious growth objectives," Courtney Hoffman, NAC Senior VP of Mergers & Acquisitions.
National Auto Care is advised by Piper Sandler and Schulte Roth & Zabel. Lovell Minnick Partners is advised by Prosek Partners. APCO Holdings is advised by BMO Capital Markets, CIBC World Markets, RBC Capital Markets, Scotiabank, TD Securities and Weil Gotshal and Manges. Debt financing is provided by BMO Capital Markets, CIBC World Markets, RBC Capital Markets, Scotiabank and TD Securities.
PTC, a firm that develops and delivers technology solutions, completed the acquisition of ServiceMax, a software provider, from Silver Lake, a private equity firm, for $1.5bn.
"Completing the ServiceMax acquisition ushers in the next era of PTC's closed-loop PLM strategy. With the ServiceMax® FSM suite in our portfolio, the solution set we can now offer for the service part of the product lifecycle is one of the broadest in the industry. We look forward to expanding the ServiceMax business globally and bringing these important product service capabilities to our customers," Jim Heppelmann, PTC President and CEO.
ServiceMax was advised by Barclays and Ropes & Gray (led by Eric Issadore). PTC was advised by Centerview Partners (led by David J. Hess and Stefan Neata) and Goodwin Procter (led by Ed Amer and Rob Dzialo). Centerview Partners was advised by Latham & Watkins (led by Justin Hamill). Debt providers were Bank of America, Huntington, JP Morgan and TD Securities.
Tiedemann Group, an organization of interrelated companies providing real estate and construction services, and Alvarium Investments, a multi-family office, went public via a merger with Cartesian Growth, a blank check company, in a $1.4bn deal.
"We are thrilled to partner with Alvarium to establish a truly unique, global investment firm in Alvarium Tiedemann. Alvarium brings a culture of entrepreneurism and a breadth of global capabilities and expertise that will complement our existing client experience. I believe the combination of talent and geographic reach with Cartesian's access to capital will provide the permanence needed to continue to grow and evolve a dynamic investment platform. We have a unified vision that is committed to diversity and inclusion, serving our clients and continuing on our path to becoming a differentiated leader in investment strategies and services," Michael Tiedemann, Tiedemann Group CEO.
Alvarium Investments was advised by Raymond James (led by Elizabeth Bloomer Nesvold and Ed Higham), Spencer House and Goodwin Procter. Tiedemann Group was advised by Piper Sandler, Seward & Kissel (led by James E. Abbott and Nick Katsanos) and Prosek Partners. Cartesian Growth was advised by Bank of America, Cantor Fitzgerald and Greenberg Traurig. Bank of America was advised by Shearman & Sterling (led by John A. Marzulli).
Sesen Bio, a late-stage clinical company, reiterates the company’s confidence in, and commitment to, the pending $457m merger with Carisma Therapeutics, a developer of gene-modified macrophage cell therapies.
"The pending merger with Carisma provides immediate cash value for Sesen Bio stockholders and additional upside through ownership in the combined company, which the company believes is far superior to the risk, uncertainty and prolonged timeline associated with other potential strategic alternatives, including a dissolution and liquidation of Sesen Bio," Sesen Bio.
Carisma is advised by Bank of America, Evercore, WilmerHale and Real Chemistry. Financial advisors are advised by Shearman & Sterling and Sullivan & Cromwell (led by Stephen M. Kotran). Sesen Bio is advised by SVB Securities and Hogan Lovells (led by Steven J. Abrams, Jessica Bisignano and Tiffany Posil). SVB Securities is advised by Fried Frank Harris Shriver & Jacobson (led by Warren S. de Wied).
L3Harris Technologies, an American technology company, defense contractor, and information technology services provider, completed the acquisition of the Link 16 Tactical Data Links business of Viasat, a satellite communications company, for $2bn.
"This transaction will transform our balance sheet, reduce cash interest obligations, and sharpen strategic focus while enabling continued growth opportunities for the Link 16 business and assuring our customers of a competitive, innovative and reliable source for their future needs. The Link 16 Tactical Data Links business has been an important contributor to Viasat's growth and earnings, and the transaction recognizes the value created by our outstanding team. L3Harris has been a long-time Link 16 strategic partner and has a portfolio that will benefit significantly from these capabilities. Looking ahead, the ViaSat-3 constellation and the Inmarsat acquisition both create greater forward-looking government systems growth opportunities in space-based businesses with more R&D, capital and operational synergies," Mark Dankberg, Viasat CEO and Chairman of the Board.
TELUS International, a digital customer experience innovator, completed the acquisition of WillowTree, a full-service digital product provider, for $1.2bn.
"We are excited to announce a strategic next step in our ambition to continue building TELUS International – an important and differentiated growth driver for TELUS – into a global asset of consequence while significantly enhancing the end-to-end digital experiences of our customers around the world," Darren Entwistle, TELUS President and CEO.
Partners Group, a global private markets investment manager, completed the acquisition of SureWerx, a manufacturer of professional-grade safety and equipment products for workers, from Riverside, a private equity firm. Financial terms were not disclosed.
"Our brands have a long history of high performance and technical superiority, which clearly differentiate them from competitors. At SureWerx, we incorporate input from end-users during our internal product innovation and manufacturing review processes, which allows us to develop unique and tailored solutions. We are now looking to cement our market-leading position and institutionalize our vision. Partners Group's operational expertise and financial resources make the firm an ideal long-term partner to help us achieve our goals," Chris Baby, SureWerx CEO.
Partners Group was advised by Latham & Watkins. Riverside was advised by Alvarez & Marsal, BMO Capital Markets, Houlihan Lokey and Jones Day (led by Lisa Lathrop).
United Community Banks, a bank holding company, completed the acquisition of Progress Financial, a financial holding company, for $340m.
"I would like to thank the dedicated employees of Progress that have elevated our franchise over the past several years to one of the best performing banks in our region. I am proud of the company we have built together and believe that a partnership with United represents an excellent opportunity for us to continue to serve our customers at the highest level. We also greatly value United's commitment to communities because that has always been a big part of our Progress culture," David Nast, Progress President and CEO.
Progress Financial was advised by Stephens and Maynard Cooper & Gale. United Community Banks was advised by Piper Sandler (led by Scott Clark and Peter Finnerty) and Nelson Mullins Riley & Scarborough.
Brookline Bancorp, a multi-bank holding company, completed the acquisition of PCSB Financial Corporation, a bank holding company, for $313m.
"I am pleased to announce the combination of PCSB and Brookline. This transaction represents a unique opportunity for Brookline to expand its banking operations into one of the country's largest deposit markets through the acquisition of a complementary commercial banking organization. PCSB has a high-quality loan portfolio, deposit base, and talented employees, making it an excellent addition to our organization," Paul Perrault, Brookline Chairman and CEO.
PCSB was advised by Piper Sandler and Luse Gorman. Brookline was advised by Performance Trust Capital Partners and Goodwin Procter (led by Samantha M. Kirby).
ProFrac, an energy services company, completed the acquisition of REV Energy, a pressure pumping service provider, for $140m.
"We are pleased to acquire REV, a company with a track record for high-quality service as well as safety and efficiency. REV operates three fleets consisting of mostly modern Tier IV conventional pumps that can be converted into next-generation assets through DGB upgrades. We are excited for the future with REV and believe that both our customers and shareholders will benefit from the combination," Ladd Wilks, ProFrac CEO.
REV Energy was advised by Piper Sandler and Sparkman + Foote. ProFrac was advised by Brown Rudnick, Lowenstein Sandler and Dennard Lascar (led by Ken Dennard).
Cognos Therapeutics, a developer of diagnostic devices, agreed to go public via a SPA merger with Nocturne Acquisition in a $120m deal.
"With over 15 years of research and development, Cognos has laid out a roadmap to deliver a novel targeted solution in the important field of brain cancer. Cognos' SINNAIS has the potential to become the world's first implantable device for local and metronomic delivery of therapeutics for treatment of neurological diseases. SINNAIS will enable unprecedented, targeted delivery of chemotherapeutics for persistent glioma and other solid tumors. It will provide physicians with an effective alternative method to monitor and treat tumor-based brain cancer and other neurological diseases," Henry Monzon, Nocturne Chairman and CEO.
Cognos Therapeutics is advised by Maxim Group and Ellenoff Grossman & Schole. Nocturne Acquisition is advised by Newbridge Securities, Dechert and MZ Group (led by Chris Tyson).
ConnectM, a vertically integrated clean energy technology, and solutions provider, agreed to go public via a SPAC merger with Monterey Capital Acquisition in a $145m deal.
"We are thrilled to partner with MCAC as our missions are directly aligned, and the partnership is complementary. We believe we have chosen the ideal partner as we embark on our journey towards becoming a public company, which we expect will provide us with capital to fuel expansion and growth plans. While 2022 alone has proven to be a record year for our company, and we have experienced great successes to-date, we believe this is only the beginning and that we have laid the proper foundation to support our expansion and future endeavors as we offer a single connected operations platform through our Aurai and Yantra offerings for all electric assets," Bhaskar Panigrahi, ConnectM Chairman and CEO.
ConnectM is advised by EF Hutton, Burns & Levinson and MZ Group. Monterey Capital Acquisition is advised by Mintz Levin.
CORE Industrial Partners-backed Saylite, a lighting solutions provider, completed the acquisition of Vantage Lighting, a manufacturer of specification-grade LED lighting products. Financial terms were not disclosed.
“Vantage’s downlighting portfolio is highly complementary, with no product overlap, to Saylite’s existing suite of lighting products. We are excited to provide our existing customers with a broader offering of products and services,” Frank Papa, CORE Senior Partner.
Vantage was advised by Merrimack Group and Gennari Aronson. CORE was advised by Norton Rose Fulbright and BackBay Communications.
L2 Brands, the parent company of the League apparel and Legacy headwear brands, completed the acquisition of Ouray Sportswear and Locale Outdoor, two suppliers for quality apparel and headwear to the destination, collegiate, golf and corporate channels, from S&S, a distributor of apparel and accessories.
"We are thrilled to welcome the Ouray and Locale team to the L2 family. Both are a tremendous addition and highly complementary fit for L2's portfolio with significant potential for continued growth. We look forward to working with their team as we focus on bringing Ouray's and Locale's products to new customers and markets," Paige Wingert, L2 Brands CEO.
L2 Brands was advised by BMO Capital Markets and Miller & Martin. S&S was advised by Intrepid Investment Bankers and McDermott Will & Emery.
Renasant, an American regional commercial, financial institution, completed the acquisition of Republic Business Credit, formally known as Continental Republic Capital, a commercial finance company. Financial terms were not disclosed.
"We are excited to welcome Republic Business Credit to Renasant Bank. RBC has a track record of growth, profitability, and strong asset quality. This partnership allows Renasant to add depth to lines of business where we have expertise and have experienced success," Mitch Waycaster, Renasant President and CEO.
Republic Business Credit was advised by Hovde Group and Krieg DeVault. Renasant was advised by Raymond James (led by Sanjay Patel) and Phelps Dunbar.
Choreo, an independent registered investment adviser, completed the acquisition of Enso Wealth Management, a firm with approximately $1.8bn in assets under management. Financial terms were not disclosed.
"Speaking on behalf of everyone at Enso Wealth Management, we are delighted to be joining Choreo. While I am enormously proud of what we have achieved over the years, joining forces with Larry and the Choreo team will provide us with the tools, resources, and expertise that will allow us to serve our clients better than ever before and take our business to the next level. I'm excited to see what we can accomplish together moving forward," Jim DeCota, Enso Co-Founder and President.
Enso Wealth Management was advised by Turkey Hill Management (led by Jessica Polito) and Faegre Drinker Biddle & Reath. Choreo was advised by Vedder Price and Haven Tower Group (led by Michael Dugan).
Gaming And Leisure Properties, a real estate investment trust specializing in casino properties, completed the acquisition of two Rhode Island casino properties from Bally's, a global casino-entertainment company, for $635m.
"Bally's is excited to enter into this transaction with GLPI, further strengthening our growing relationship. The transaction will provide the Company with significant, long-term liquidity, ensuring that Bally's is best positioned to continue executing its capital and strategic plan, as well as to capitalize on future opportunities presented in the market," Bobby Lavan, Bally's CFO.
Progress, a provider of application development and infrastructure software, agreed to acquire MarkLogic, a developer of a metadata refining platform designed to support powerful models, from Vector Capital, a private equity firm, for $355m.
"The key to the success of any business is its ability to tackle complex data challenges through informed decision-making. To do this effectively, users must turn data into actionable insights—and that is what MarkLogic delivers. Progress' digital experience and infrastructure software products, along with MarkLogic products, will create an unmatched platform, giving customers access to an increasingly more complete offering to drive business success," Yogesh Gupta, Progress CEO.
MarkLogic is advised by Jefferies & Company and Paul Hastings. Progress is advised by DLA Piper.
RS Group, a distributor of industrial and electronics products, completed the acquisition of Risoul, an industrial equipment supplier, for $275m.
"We are accelerating our organic growth with bolt-on acquisitions that meet our key strategic, financial, and cultural criteria. Risoul enables RS to expand our position and execution expertise in the Americas, specifically in Mexico and the rest of Latin America, and drive cross-selling synergies across our product and service solutions offer. As part of RS Group, Risoul will benefit from our digital capabilities and international scale, providing an opportunity to expand beyond its existing strengths while creating new capabilities. We are excited about the growth opportunities we see as part of our Journey to Greatness and welcome the Risoul team to the RS Group," Lindsley Ruth, RS Group CEO.
RS Group was advised by Ernst & Young, Citigroup and Tulchan Communications (led by Martin Robinson).
Cavco Industries, a firm that designs and produces factory-built housing products, completed the acquisition of Solitaire Homes, an operator of manufacturing facilities in New Mexico, Oklahoma, and Mexico, for $93m.
"Pete Hogstad and the Elliott family have built a strong company with a well-deserved reputation for quality homes. The addition of Solitaire Homes to our existing manufacturing and retail system strengthens our position in the Southwest and expands our manufacturing capabilities into Mexico. We look forward to working with the Solitaire team to continue building on their record of success," Bill Boor, Cavco President and CEO.
Solitaire Homes was advised by Hartzog Conger Cason. Cavco Industries was advised by True North Advisors and Polsinelli PC.
Mitsui Sumitomo Insurance Company, a Japanese insurance holding company, completed the acquisition of Transverse Insurance Group, a US-based, hybrid fronting company, from Virgo Investment Group, a private investment firm with a track record of building and transforming businesses. Financial terms were not disclosed.
"We take a flexible and collaborative approach at Virgo, launching businesses in attractive niches when the opportunity is right. We identified the fronting segment in 2018 as a growing and underserved market in which we could build a differentiated competitor, and are proud of how we built Transverse from the ground up to provide both MGA and reinsurance clients with innovative solutions. With Erik and Dave remaining at the helm, Transverse is well-positioned to continue expanding its customer base, and industry reach under the MSI umbrella. We are honored to have had the opportunity to establish Transverse and are excited to watch its continued growth as part of a global leader in the insurance marketplace," Jesse Watson, Virgo Founder and CIO.
Behrman Capital-backed George Industries, a designer and manufacturer of mission-critical and highly engineered components, agreed to merge with Alexander Machine & Tool Company, a provider of complex engineered solutions for mission-critical defense applications. Financial terms were not disclosed.
"Combining with AM&T significantly broadens the combined company's thermal management solutions offering. Bringing together George Industries' decades of manufacturing know-how in brazing capabilities with AM&T's engineering, design, and high-precision manufacturing will allow for significant cross-selling opportunities as we look to build upon our strategic position and long-term growth prospects. We expect a very smooth integration that will enable us to stay focused on serving all of our stakeholders," Jan Mathiesen, George Industries CEO.
Alexander Machine & Tool Company is advised by Houlihan Lokey. George Industries is advised by Latham & Watkins. Behrman Capital is advised by Kekst CNC.
FTAI Aviation, an aerospace company, and Platinum Equity-backed Unical Aviation, a provider of aircraft parts and components, completed the acquisition of iAero Thrust, a manufacturer of aircraft engines. Financial terms were not disclosed.
"We are excited to partner with Unical and add QuickTurn to our portfolio of CFM56 engine maintenance products. QuickTurn complements our existing maintenance center, The Module Factory, with Lockheed Martin in Montreal, where we build and supply high-quality modules. QuickTurn enables us to deliver module exchanges directly to customers offering a new standard for speed and convenience," Joe Adams, FTAI CEO.
iAero Thrust was advised by Jefferies & Company and King & Spalding. Unical Aviation was advised by Morgan Lewis & Bockius.
Masonite, a firm engaged in designing, manufacturing, marketing, and distributing interior and exterior doors, completed the acquisition of Endura Products, a manufacturer of high-performance door frames and door system components, for $375m.
"We are thrilled to welcome the Endura team to the Masonite family. Endura shares our passion for creating solutions that address homeowner needs for comfort, security, style, and convenience. In recent years, we have significantly increased our level of collaboration with Endura on new product offerings featuring integrated door systems that drive superior performance. The combination of our two companies is a natural fit that will allow us to accelerate our Doors That Do MoreTM strategy and maximize our growth potential," Howard Heckes, Masonite President and CEO.
Masonite was advised by Wachtell Lipton Rosen & Katz (led by Benjamin M. Roth). Financial advisors were advised by Simpson Thacher & Bartlett.
Thomson Reuters, a media publishing company, completed the acquisition of SurePrep, a tax automation software and services provider, from Bregal Sagemount, a private equity company, for $500m.
"This transaction builds on our existing partnership/reseller arrangement to deliver our vision of end-to-end tax automation that solves our customers' biggest pain points. Additionally, Thomson Reuters has made it clear they are committed to maintaining SurePrep's ability to interoperate with multiple vendors across an open tax software ecosystem. We could not be more excited for what this combination brings to our team members, our customers, and the future of applied artificial intelligence," Dave Wyle, SurePrep CEO.
Quipt Home Medical, a provider of in-home monitoring equipment, supplies, and services, completed the acquisition of Great Elm Healthcare, a durable medical equipment business of Great Elm Group, for $80m.
"The successful sale of our DME business and the recently announced Forest transaction are transformative for Great Elm. When combined, the two transactions are expected to increase holding company cash by over $70m. This allows Great Elm to dedicate more resources to scaling its Investment Management business, utilizing the expertise and relationships of our board and management team. We continue to evaluate various strategies, which could include investments in our existing funds or the acquisition of the management rights of new, long-duration capital vehicles. Additionally, the sale simplifies our reporting and organizational structure," Jason Reese, GEG Executive Chairman.
Great Elm Group was advised by Imperial Capital.
Choreo, a company that provides investment advisory services, completed the acquisition of Cherry Bekaert Wealth Management, an asset management company, from Cherry Bekaert, a financial services provider. Financial terms were not disclosed.
"This is just the start of our partnership with Cherry Bekaert. Both of our firms live at the intersection of wealth, financial, tax, and estate planning. Together we believe we can do an even better job of choreographing our clients' lives. We're elated to welcome our new teammates," Larry Miles, Choreo CEO.
Accenture, a multinational professional services company, completed the acquisition of Inspirage, an integrated supply chain specialist firm focused on Oracle technology, from RLH Equity Partners, a private equity firm. Financial terms were not disclosed.
"Our goal is to drive value for our clients, empowering them to evolve their businesses by embracing the cloud continuum and digital technologies. We look forward to joining forces with Inspirage, a highly valued Oracle partner with top talent and an impressive track record. Together, we will help unleash the power of Oracle Cloud to drive impactful results," Samia Tarraf, Accenture North America Oracle Business Group Lead.
Ryan Specialty, a service provider of specialty products and solutions for insurance brokers, agents, and carriers, completed the acquisition of Griffin Underwriting Services, an international specialty insurance firm. Financial terms were not disclosed.
"We are excited to embrace the exceptional professionals at Griffin into Ryan Specialty. Griffin deepens our offerings in the Pacific Northwest, broadening our geographic scope and capabilities. Additionally, Griffin is a critical piece to our continual buildout of our national binding authority offering. We look forward to welcoming the Griffin team to Ryan Specialty," Tim Turner, Ryan Specialty President and RT Specialty Chairman and CEO.
Griffin Underwriting Services was advised by Dowling Hales.
Blue Cross Blue Shield of Michigan, a nonprofit mutual insurance company, completed the acquisition of AmeriTrust Group, a specialty insurance firm, from Fosun, a global innovation-driven consumer group. Financial terms were not disclosed.
"Adding a trusted and respected company like AmeriTrust to the Blue Cross Blue Shield of Michigan enterprise is exceptional news for our organization. We look forward to the expanded capabilities and talented team AmeriTrust will add to AF Group's industry-leading expertise in the property and casualty space, enabling greater service offerings to agents and customers," Daniel J. Loepp, Blue Cross Blue Shield of Michigan President and CEO.
Cadence, a full-service contract manufacturing partner, completed the acquisition of Utitec, a manufacturer specializing in miniature, deep drawn medical device and commercial components. Financial terms were not disclosed.
"Acquiring Utitec better positions Cadence to lead the medical device contract manufacturing industry through investment, innovation, and faster growth to best meet our customers' evolving needs. We look forward to leveraging the company's deep expertise in miniature, high-precision components for medical devices, while expanding our capabilities to include deep draw and additional cleanroom assembly capacity in Costa Rica to support new and transfer products for our customers," Rob Werge, Cadence President and CEO.
Utitec was advised by Brown Gibbons Lang & Company.
GoLogiq, a global provider of fintech and consumer data analytics, agreed to merge with GammaRey, a privately-held fintech ecosystem, in a $320m deal.
"This merger also paves the way to complete a new acquisition target introduced by GammaRey with whom we are in late stages of negotiation. We anticipate that its more than $9bn in managed assets will further strengthen our value proposition to not only prospective customers but also the additional high-value acquisition targets we are pursuing this year. Assuming the completion of certain prospective acquisitions, we are currently targeting more than $50m in annualized revenues for 2023," Brent Suen, GoLogiq Chairman.
Cox Enterprises, a global conglomerate, agreed to acquire a majority stake in Nexus Circular, an advanced recycling company, for $150m.
"We're building platforms with the power to impact both business and the environment. Nexus Circular is an exciting part of our broader cleantech strategy to acquire and scale businesses that have a positive impact on the planet. We continue to look for opportunities to partner with companies like Nexus, which is helping to build a better future for the next generation. That's what we're all about at Cox," Steve Bradley, Cox Enterprises Vice President of cleantech.
Daikin, an indoor comfort solutions provider company, completed the acquisition of Williams Distributing, a distribution powerhouse for heating, ventilation, and air conditioning equipment and residential building products. Financial terms were not disclosed.
"Bringing Williams Distributing with its skilled team members, attentive customer service, and extensive locations into the Daikin family strengthens our position in the Great Lakes region. Williams has long been an important, successful partner for Daikin, Daikin Applied, Goodman, and Amana brand HVAC products. The acquisition of this outstanding distributor is another significant step on our path to make Daikin the #1 indoor comfort solutions provider in North America," Takayuki Inoue, Daikin Executive Vice President and Chief Sales and Marketing Officer.
Holland & Knight, a law firm headquartered in Miami, Florida, agreed to merge with Waller Lansden Dortch & Davis, a firm that provides a wide array of services related to mergers and acquisitions, taxation, intellectual property, restructuring, and bankruptcy. Financial terms were not disclosed.
"Waller has a stellar reputation and enjoys a roster of prestigious national clients. We look forward to joining forces with one of the most established and well-respected brands in healthcare law, along with remarkable capabilities in many other key industries and practices that are well aligned with our strategic initiatives," Steven Sonberg, Holland & Knight Managing Partner.
H.I.G.-backed Health Network One, an operator of a healthcare network of specialty medical companies, completed the acquisition of Premier Eye Care, an eye care company. Financial terms were not disclosed.
“We are excited to welcome Premier into the Health Network One family. Its focus on providing cost-effective access to high quality healthcare creates a natural fit with Health Network One’s own value-based solutions. Premier’s clinical expertise in ophthalmology and optometry services, along with its robust provider network, greatly enhances our existing eyecare business. The acquisition presents an exciting opportunity to work collectively with the entire Premier management team to best serve our provider network, our health insurance partners, and their patients and members,” Luis Mosquera, Health Network One CEO.
Marsh McLennan Agency, a business insurance provider, completed the acquisition of HMS Insurance Associates, an independent insurance agency. Financial terms were not disclosed.
“The MMA goal has always been to partner with the best firms and together build a unique experience for colleagues and clients. With exceptional leadership, client satisfaction, long-term client retention, and decades of profitable growth, we are delighted to bring the HMS team on board,” John Stanchina, MMA CEO of Mid-Atlantic region.
Tokyo Gas nears $4.6bn deal to buy Rockcliff Energy. (FS)
A Tokyo Gas unit is in advanced talks to buy US natural gas producer Rockcliff Energy in a deal worth about $4.6bn, including debt, Bloomberg reported.
Houston-based TG Natural Resources, which is majority-owned by Tokyo Gas, is discussing purchasing Rockcliff from private equity firm Quantum Energy Partners. An all-cash deal could be announced as soon as this month, though it’s possible — as with all deals that aren’t finalized — that terms change or talks collapse.
UC Investments forms a venture with Blackstone to invest $4bn in BREIT common shares. (FS)
The Office of the Chief Investment Officer of the Regents of the University of California and Blackstone announced a long-term strategic venture in which UC Investments will invest $4bn in Blackstone Real Estate Income Trust Class I common shares, the largest existing share class. Blackstone will then contribute $1bn of its current BREIT holdings as part of a strategic venture with UC Investments.
"Blackstone is committed to bringing the highest quality alternative investment products to individual investors to improve their returns. UC Investments' $4bn investment is validation of this strategy, and we are proud to add the UC system to the more than 200k investors already benefitting from BREIT. UC Investments' commitment builds upon its 15-year partnership with Blackstone and gives BREIT increased balance sheet flexibility and capital during an opportune deployment period for all our investors," Stephen A. Schwarzman, Blackstone Chairman, CEO and Co-Founder.
Blackstone Real Estate Income Trust is advised by Simpson Thacher & Bartlett. UC Investments is advised by Goodwin Procter.
SpaceX is raising $750m at a $137bn valuation. (FS)
Bloomberg reported that Elon Musk's reusable rocket maker and satellite internet company, SpaceX, is raising $750m in a new round of funding that values the company at $137bn.
Last month, it was reported that SpaceX allowed insiders to sell at $77 per share, which would have put the company's valuation near $140bn. According to an e-mail sent to prospective SpaceX investors, Andreessen Horowitz will likely lead the new funding round. Early SpaceX investors included Founders Fund, Sequoia, Gigafund, and many others.
Goldman Sachs dealmakers see M&A recovery in second half of 2023.
Goldman Sachs Group’s top dealmakers are bullish on a recovery in global mergers & acquisitions in the second half of 2023 despite a slowdown in economic growth and a weak credit market.
As economic forecasts turn gloomier, executives at the Wall Street powerhouse - including Dan Dees and Jim Esposito, who jointly run its global banking and markets division - said they are primed for a recovery when financing markets ease up, potentially as early as the second half of 2023, Reuters reported.
Hamilton Lane closes its largest direct equity fund to date at over $2bn. (FS)
US-based private markets investment giant Hamilton Lane has closed its fifth co-investment fund worth $2.1bn, its largest to date.
The fund, dubbed Hamilton Lane Equity Opportunities Fund V, has received commitments from global LPs, including public pension funds, sovereign wealth funds, Taft-Hartley pension plans, endowments, foundations, high net worth individuals, and other financial institutions, DealStreetAsia reported.
M33 Growth closes $340m third fund. (FS)
M33 Growth, a venture and growth stage investment firm, announced that it closed a $340m third fund in December, exceeding its target after a quick fundraise. Investors included some of the nation's endowments, philanthropic foundations, and family offices.
"We started M33 Growth to help fuel the next set of great success stories in American business. We seek to back gritty founders who have built software companies in verticals often underserved by contemporary technology that are ripe for disruption. We're thrilled about Fund III because we believe it will allow us to expand and accelerate our strategic acquisitions sourcing, talent, sales and go-to-market platform," Brian Shortsleeve, M33 Growth Co-Founder.
Citadel’s surveyor nabs Point72-bound Rakesh Kumar for ECM. (FS, People)
Ken Griffin’s Citadel hired Blackstone alum Rakesh Kumar as head of equity capital markets at its Surveyor Capital unit, Bloomberg reported.
Kumar, a portfolio manager, will report to Phillip Lee, who runs Surveyor. His hire follows the September departure of Andrew Liebeskind, who as one of the industry’s more prominent block traders, was among more than a dozen executives whose communications were scrutinized as part of sweeping US probe into how Wall Street firms handle such trades.