Ritchie Bros completed the acquisition of IAA for $7.3bn.
Ritchie Bros, a global asset management and disposition company, completed the acquisition of IAA, a global digital marketplace connecting vehicle buyers and sellers, for $7.3bn.
"The closing of the IAA acquisition represents the beginning of an exciting new chapter for Ritchie Bros. as we expect the combination of our businesses to drive long-term, profitable growth and significant, sustainable shareholder value creation. With IAA, we will accelerate our transformation into a premier digital marketplace and expand into an attractive, adjacent vertical, broadening our global footprint. Our combined yard footprint, marketplace infrastructure and comprehensive suite of innovative solutions will allow us to serve customers more effectively and efficiently than ever before," Ann Fandozzi, Ritchie Bros CEO.
IAA was advised by JP Morgan, Latham & Watkins (led by Bradley Faris and Christopher Drewry), Blake Cassels & Graydon, Cooley (led by Ian A. Nussbaum and Jamie Leigh) and ICR (led by Farah Soi). JP Morgan was advised by Simpson Thacher & Bartlett (led by Caroline Gottschalk and Jakob Rendtorff). Ritchie was advised by Evercore, Goldman Sachs, Guggenheim Partners, RBC Capital Markets, Dorsey & Whitney (led by Michael R. Mills and Christopher L. Doerksen), Goodwin Procter (led by Stuart Cable, Lisa Haddad and Mark Opper), McCarthy Tetrault (led by David Frost and Shea T. Small), Skadden Arps Slate Meagher & Flom (led by Gregg Noel) and Joele Frank (led by Daniel Katcher and Joele Frank). Financial advisors were advised by Freshfields Bruckhaus Deringer (led by Paul Tiger).
Heidmar to go public via a SPAC merger with Home Plate Acquisition in a $261m deal.
Heidmar, a commercial and pool management business servicing the crude oil and refined petroleum product tanker market, agreed to go public via a SPAC merger with Home Plate Acquisition, a special purpose acquisition company, in a $261m deal.
"We are delighted to announce our entry into a definitive agreement to merge with Home Plate and list Heidmar on Nasdaq. This is our most transformative transaction since taking leadership of the company in 2020 and having grown revenues from approximately $5m in 2021 to $53m estimated in 2023. Our asset light business as a single platform aggregator of maritime services offering fee-based commercial management services to the tanker industry provides investors an alternative to participate in the sector at a time when the tanker industry is enjoying very favorable and sustainable fundamentals," Pankaj Khanna, Heidmar CEO.
Home Plate is advised by ClearThink, Jefferies & Company and Latham & Watkins. Financial advisors are advised by Paul Hastings. Heidmar is advised by Seaborne Capital Advisors, Seward & Kissel and Capital Link (led by Nicolas Bornozis).
Knight-Swift Transportation to acquire US Xpress Enterprises for $808m.
Knight-Swift Transportation, a freight transportation company, agreed to acquire US Xpress Enterprises, a truckload carrier, for $808m.
"The opportunity to add one of the largest and most well-known brands in our industry, with significant opportunity to improve earnings, gain customers and reach more professional drivers, was very compelling to us. We expect to apply the same playbook that proved successful in the Knight-Swift merger as we share best practices, improve operations and work together to help U.S. Xpress become the best that it can be," Dave Jackson Knight-Swift CEO.
US Xpress is advised by JP Morgan, Holland & Hart and King & Spalding. Knight-Swift is advised by Fried Frank Harris Shriver & Jacobson and Scudder Law Firm.
First Mid Bancshares to acquire Blackhawk for $90m.
First Mid Bancshares, a bank holding company, agreed to acquire Blackhawk, a parent company of Blackhawk Bank, for $90m.
"Blackhawk has a long history of providing excellent service with a community-minded focus that aligns very well with First Mid's philosophy. We have been talking to Todd and his team for a number of years about a possible combination of our organizations. And, while there is volatility in the equity markets for banks today, the discussions which led to today's announcement started a long time ago. We have partnered with Blackhawk on many projects over the last several years and could not be more confident in the cultural and strategic alignment," Joe Dively, First Mid Chairman and CEO.
Blackhawk is advised by Piper Sandler and Reinhart Boerner Van Deuren. First Mid is advised by Janney Montgomery Scott and ArentFox Schiff.
Pernod Ricard, a producer of wines and spirits, agreed to acquire a majority stake in Skrewball, a peanut butter flavored American whiskey. Financial terms were not disclosed.
"Skrewball has proven its uniqueness and success with a large audience, so we are delighted to have this brand as part of our portfolio. With a product that brings an iconic American flavor to the spirits world, Steven and Brittany have found a true point of difference in the category. We are looking forward to unlocking the magic of this brand and a successful journey ahead," Ann Mukherjee, Pernod Ricard North America Chairman and CEO.
Skrewball is advised by Perella Weinberg Partners, Latham & Watkins and Crowe PR (led by
Natalia Barclay). Pernod Ricard is advised by Debevoise & Plimpton (led by
Paul Bird and
Sue Meng).
Ducommun to acquire BLR Aerospace.
Ducommun, a provider of manufacturing products and solutions to customers in the aerospace, defense and industrial markets, agreed to acquire BLR Aerospace, a provider of performance-enhancing products for helicopters and airplanes. Financial terms were not disclosed.
"I am delighted to welcome the team at BLR Aerospace to Ducommun as we continue to add proprietary engineered products to our portfolio. This is a first step in our commitment made during Ducommun's Investor Day last December to increase the amount of engineered products and aftermarket in our revenues. BLR is an absolute industry leader in providing engineered products and aftermarket services to rotorcraft, fixed-wing business aviation OEM customers and fleet operators worldwide and their team will only strengthen our position," Stephen G. Oswald, Ducommun Chairman, President and CEO.
Ducommun is advised by B. Riley Securities and Winston & Strawn. BLR Aerospace is advised by Houlihan Lokey.
Stella Point Capital-backed Velir completed the acquisition of Brooklyn Data. (FS)
Stella Point Capital-backed Velir, a data-driven experience agency, completed the acquisition of Brooklyn Data, a data and analytics consultancy. Financial terms were not disclosed.
"We are very excited to welcome Brooklyn Data into the Velir organization. Their leadership position in the data and analytics space, coupled with our award-winning, fully integrated, digital experience capabilities will allow us to enhance customer experiences, deliver personalization solutions at scale and further optimize the digital marketing strategies of our clients," Dave Valliere, Velir CEO.
Brooklyn Data was advised by BrightTower. Stella Point was advised by Pharus Advisors.
New Heritage Capital-backed Carnegie, a higher education enrollment marketing and strategy company, completed the acquisition of CLARUS, a community college marketing company. Financial terms were not disclosed.
"CLARUS Corporation has partnered with the community college market for over 30 years, producing remarkable results for this population within higher education. Their extensive understanding of the community college population is an expertise we are thrilled to add to Carnegie's deep knowledge of the industry. We look forward to serving this community together," Joe Moore, Carnegie Chairman.
Thermo Fisher, Celltrion vie for Baxter's biopharma unit.
US scientific instruments maker Thermo Fisher Scientific and South Korea's Celltrion are among those competing to acquire the biopharma solutions business of medical device maker Baxter International.
Vitamin Shoppe owner Franchise Group received unsolicited proposal.
Vitamin Shoppe owner Franchise Group had received an unsolicited proposal to buy the company at $30 per share in cash.
The offer represents a near 32% premium to the stock's last close and values the company at about $1.05bn. Shares rose about 9% to $24.85. They have halved in the past 15 months due to weakening demand in the face of still-high inflation.
Laxman Narasimhan assumes role of Starbucks CEO. (People)
Starbucks announced that Laxman Narasimhan has assumed the role of CEO and will join the company’s board of directors. Narasimhan was named incoming CEO on September 1, 2022, succeeding company founder and now former CEO, Howard Schultz.
Following the global search for the new leader of Starbucks, Narasimhan joined the company as incoming CEO on October 1, 2022, bringing nearly 30 years of experience leading global consumer goods businesses and advising retail, grocery, restaurant and e-commerce companies. Over the past five months, he has embarked on a unique immersion experience, traveling to work with partners in over 30 stores, manufacturing plants and in support centers around the world, earning his barista certification along the way. He became immersed in the reinvention plans for the company led by Schultz who returned as interim CEO effective April 4, 2022.
EMEA
Liberty Global, a British-Dutch-American multinational telecommunications company, agreed to acquire the remaining 37.7% stake in Telenet Group, a provider of cable broadband services, for €904m ($969m).
"We believe an offer of €22 ($23.6) per share provides a good opportunity for Telenet shareholders to monetize their investment at an attractive premium. We welcome the unanimous decision of Telenet's board of directors to support and recommend this offer. We are proud of how Telenet has evolved in recent years, and we are fully committed to Belgium and all the company's stakeholders," Mike Fries, Liberty Global CEO.
Telenet Group is advised by Goldman Sachs, Lazard, Baker McKenzie and Freshfields Bruckhaus Deringer. Liberty Global is advised by BNP Paribas, JP Morgan, LionTree Advisors, Allen & Overy, Ropes & Gray and Shearman & Sterling (led by
Daniel Litowitz,
George Casey and
Simon Burrows).
Zura Bio, a clinical-stage biotechnology company, went public via a SPAC merger with JATT Acquisition, a special purpose acquisition company, in a $215m deal.
"This is an important milestone for our company and investors. I am eager to work alongside the proven and experienced leadership at Zura Bio as we collectively build the next immunology leader. This transaction allows us to progress our multi-asset pipeline targeting important immunology pathways, including IL7, TSLP and IL33, with best-in-class potential to help patients in need of new therapies," Someit Sidhu, Zura Bio CEO.
Zura Bio was advised by McDermott Will & Emery (led by
Ari Edelman) and Ogier. JATT Acquisition was advised by Chardan, Raymond James, Loeb & Loeb, Maples Group, Simmons & Simmons, Stern IR (led by
Anne Marie Fields) and Triquartista Consulting (led by
Chris Wilson). Raymond James was advised by Paul Hastings.
Sopra Steria, a consulting, digital services and software development company, offered to acquire Ordina, a digital business company, for $555m.
"Sopra Steria's strategy is anchored on a Europe-wide independent corporate plan underpinned by expansion through organic and acquisition-led growth. Its goal is to generate substantial added value by leveraging a comprehensive range of end-to-end solutions and its combination of technology and sector-specific expertise. The proposed acquisition of Ordina would be an acceleration of our strategy. It would materialize our ambition of building a European player with a balanced geographical portfolio. The combination would also reinforce our business in strategic sectors such as public, defence & security, financial services and transport. That will help to confirm Sopra Steria's robust positioning in digital sovereignty and trust for its European clients," Pierre Pasquier, Sopra Steria Chairman.
Ordina is advised by ABN Amro, AXECO Corporate Finance, Stibbe and CFF Communications (led by
Uneke Dekkers). Sopra Steria is advised by Messier & Associes, Van Bael & Bellis and Image Sept (led by
Caroline Simon).
Regent, a private equity firm, agreed to acquire Pearson Online Learning Services from Pearson, a publishing and education company. Financial terms were not disclosed.
Regent is a global private equity firm focused on acquiring businesses and deploying its strategic and operational expertise to fuel growth and innovation.
Pearson is advised by Morgan Stanley and Freshfields Bruckhaus Deringer.
Credit Suisse impact on Italian banking system insignificant.
The impact of the Credit Suisse crisis on the Italian banking system is insignificant, Economy Minister Giancarlo Giorgetti said.
Giorgetti also expressed surprise at the Swiss authorities' decision to give priority to Credit Suisse shareholders over bondholders in its rescue merger with UBS,
Reuters reported.
UBS aims to boost its dealmaker ranks, not spin out First Boston.
UBS Group wants to cherry pick top dealmakers from Credit Suisse Group’s investment bank instead of supporting Michael Klein’s plan to build a new independent firm.
UBS executives have told their Credit Suisse counterparts that they prefer selectively bolstering their own investment bank while dumping the riskier operations. In initial talks, the acquiring bank indicated little interest in continuing the planned effort for a CS First Boston carveout that would create a new competitor,
Bloomberg reported.
UK's Illuminate Financial on track to close $220m Fund 3, opens SG office. (FS)
London-headquartered B2B fintech venture capital firm Illuminate Financial is nearing the final close of its third $220m fund, which will see it increase its deployments into Asia, said a senior executive at the firm.
The investor has secured capital commitments of around $200m from limited partners including Jefferies, JP Morgan, Citi, S&P Global, Deutsche Borse, SGX and others. The firm is on track to hit a final close of the fund at around $220-250m by May, said its newly appointed Asia partner, Luca Zorzino,
DealStreetAsia reported.
APAC
Braiin, a precision agriculture solutions and analytics services company, agreed to go public via a SPAC merger with Northern Revival Acquisition, a special purpose acquisition company, in a $215m deal.
"Partnering with Northern Revival Acquisition Corporation is a major milestone in our company's development. This business combination and entry into the public markets will allow us access to a much larger pool of capital and increase awareness and adoption of our products and services to expand the practice of precision agriculture around the world," Natraj Balasubramanian, Braiin CEO.
Braiin is led by Winston & Strawn. NRAC is led by Loeb & Loeb and Keating & Co.
Wyloo Metals, a mining company, agreed to acquire the remaining 80% stake in Mincor Resources, a company focused on re-establishing nickel production, for $407m.
"Wyloo is providing an immediate opportunity for all Mincor shareholders who wish to dispose of their holdings to do so at a significant premium to Mincor's last closing price. Wyloo's Offer is unconditional; shareholders can sell into Wyloo's on-market bid today and receive certain cash value for their Mincor shares," Luca Giacovazzi, Wyloo Metals CEO.
Wyloo Metals is advised by Bank of America and Clayton Utz.
GOTOKO shareholders eyeing exit from B2B grocery platform.
GOTOKO, a B2B grocery joint venture of Indonesia-listed GoTo Group and FMCG giant Unilever, is eyeing a strategic sale with its shareholders seeking a majority exit.
GOTOKO, which was launched in 2020, is an end-to-end B2B digital platform connecting brands with underserved retailers all over Indonesia,
DealStreetAsia reported.
HK tycoon John Lau weighing logistics empire sale amid interest.
Hong Kong tycoon John Lau is considering options including a sale of his logistics assets amid interest from potential buyers,
Bloomberg reported.
Lau held preliminary talks with global logistics companies and other potential buyers for the business including Hong Kong-based holding company Cargo Services Far East. The assets may fetch a valuation of more than $1bn.
Hillhouse-backed Cowell picks banks for Hong Kong IPO. (FS)
Cowell Health, a Chinese drugstore chain backed by Hillhouse Capital, has selected banks for its Hong Kong initial public offering that could raise more than $500m.
Bank of America, Goldman Sachs Group and Haitong International Securities Group are working on the potential share sale. A listing could happen as soon as in the second half of this year,
Bloomberg reported.
Chinese biotech unicorn XtalPi to set up investment fund, research lab in HK.
XtalPi, a SoftBank-backed Chinese unicorn that applies AI techniques for drug development, is planning to establish a research base in Hong Kong. The Shenzhen-based biotech firm is also setting up an investment fund called 42 Capital Partners,
DealStreetAsia reported.
The move to set up a lab in Hong Kong runs against the tide as the city is widely perceived as a fundraising hub but not a nerve centre for research. Of the 97 biotech firms listed on the Hong Kong stock exchange, only 3% have a research base in the city, show data from the think tank Our Hong Kong Foundation. Most of the listed biotech players have their research labs in mainland China cities such as Shanghai, Shenzhen, or Suzhou.
Barclays hires Deustche Bank’s Lim for Singapore coverage. (People)
Barclays has hired Deutsche Bank investment banker Jiongting Lim to lead its client coverage in Singapore.
Lim, who joined the German lender in 2020 as a director for mergers and acquisitions in Southeast Asia, has tendered his resignation and is on leave now. He is due to join Barclays in June,
Bloomberg reported.
