|
AMERICAS
Pennsylvania is joining more than a dozen states that have filed a lawsuit aimed at stopping T-Mobile US’s $26bn purchase of Sprint, Reuters reported. Attorneys general from 17 states and the District of Columbia have signed on to stop the merger, which they argue will lead to higher prices for consumers. The multi-state lawsuit is being led by New York and California.
The US District Court in Manhattan has ordered that the trial be delayed to Dec. 9, a victory for the states, which said they needed more time to investigate the deal.
Richards Layton and Finger, Wachtell Lipton Rosen & Katz, Latham & Watkins, Hogan Lovells, DLA Piper, Allen & Overy, PJT Partners, Morgan Stanley, Goldman Sachs, Evercore, Deutsche Bank are advising Deutsche Telekom. Skadden Arps Slate Meagher & Flom, Simpson Thatcher & Bartlett, Potter Anderson & Corroon, Morrison & Foerster, Goodwin Procter, The Raine Group, SMBC Nikko, Mizuho Securities, JP Morgan, Centerview Partners are advising Sprint. Morrison & Foerster is advising Softbank.
Petrofac, a provider of oilfield services to the international oil and gas industry, sold remaining 51% of Mexican operations to Perenco, an independent Anglo-French oil and gas company, for a total consideration of $276m.
Perenco CEO, Benoit de la Fouchardière, said: "The signing of this agreement to acquire the remaining shares in Petrofac's Mexico operations marks another strategic move for Perenco, which will allow us to accelerate the deployment of our expertise in relation to the Santuario, Magallanes and Arenque assets. We believe that our unique know-how will significantly enhance the production and value of these mature fields and allow us to address all the associated challenges."
Tulchan Communications advised Petrofac.
Datavard, a recognized global leader in data transformation and solutions in SAP landscape transformation, acquired Formbit, a leading expert in SAP-certified System Landscape Optimization projects. Financial terms were not disclosed.
"Formbit’s DNA is perfectly aligned to our own and by adding such a recognized expert in SAP data transformations to our world-class team at Datavard we are excited to bring even more impactful results for our customers while extending the world-class delivery capability of Datavard.” Gregor Stoecker, Datavard, CEO.
Notion Strategies advised Datavard.
A consortium formed by Warburg Pincus and J. Safra Group acquired a stake in Allied Universal, a privately-owned facility services company based in the United States, from Wendel and CDPQ for $900m.
“Since our 2015 investment in AlliedBarton, the Company has grown revenues from $2bn to over $7bn, achieved through consistent organic growth, M&A, and the merger with Universal Services of America. We are extremely proud of the progress that Steve Jones and the entire Allied Universal team have made during our partnership and look forward to supporting the Company’s continued success.” Adam Reinmann, Managing Director, and CEO of Wendel North America.
Hub International, a leading global insurance brokerage, acquired Pennsylvania-based WhartonHill Advisors, an institutional investment consulting and private wealth firm. Financial terms were not disclosed.
"We're excited to have WhartonHill Advisors join Hub's growing group of passionate, retirement plan and private wealth advisors," said David Reich, National President, Hub Retirement and Private Wealth. "As the 'health meets wealth conversation' continues to grow in the workplace, we'll continue to expand our advisory services to offer meaningful resources to help our clients reach better outcomes."
Ruder Finn, one of the world's largest independent global communications and creative agencies, acquired SPI Group, a corporate communications agency with expertise in improving employee experience, building corporate brands and enhancing corporate reputation. Financial terms were not disclosed.
"Today, as the workforce undergoes a constant transformation, employees are now the driving force behind productivity, growth, and innovation. Companies must no longer view their workforce as 'employees,' but instead, treat them as highly valuable customers. SPI Group uses digital solutions to create experiences that not only engage and activate employees but build an authentic, transparent and highly motivated community." Kathy Bloomgarden, CEO, Ruder Finn.
Nielsen, a global measurement and data analytics company, agreed to acquire OpenSlate, the leading independent provider of brand safety and content suitability measurement across global digital platforms. Financial terms were not disclosed.
"As CMOs look to connect with consumers with greater accuracy and intelligence, reaching the right audience in the right environment is more pivotal than ever," said Nikesh Patel, SVP of Digital Product Leadership at Nielsen."Our new strategic alliance with OpenSlate will allow us to deliver brand safety insights on top of the trusted digital audience measurement that Nielsen brings to the market."
Ginkgo Bioworks, a biotech company founded in 2009 by scientists from MIT, raised $290m in Series E financing round with participation from all existing major investors and other new investors including funds and accounts advised by T. Rowe Price Associates.
The latest round of funding will be used to further expand the reach of Ginkgo's platform for cell programming, enabling greater access to the expertise, scale, resources, and technology needed to effectively harness the power of biology.
Crossplane Capital, a Dallas-based private equity firm, agreed to invest in Accent Family of Companies, the leading value-added distributor of baling wire, wire ties and wire tier machines into the waste and recycling industries. Financial terms were not disclosed.
"Our family and the Accent management team are excited to enter into this new partnership with Crossplane Capital. Accent has a number of avenues to continue growing, and we believe Crossplane is the ideal financial and operational partner to work alongside us during our next phase of growth. Crossplane understands our unique culture and the importance of investing in people and infrastructure to be a market-leading industrial distribution company." Bill Sims, CEO, Accent.
Fairfield Gourmet Food Corporation, the parent company of David's Cookies, agreed to acquire Foxtail Foods, which delivers bakery recipes for some of the most respected brands in food service and retail. Financial terms were not disclosed.
"We are excited at this opportunity to expand David's Cookies production and distribution footprint to the Midwest. Pies will make a great addition to our already well-rounded portfolio. We are especially excited to provide our customers with the ability to offer their patron's freshly baked pies in addition to freshly baked cookies. David's Cookies is committed to the continued expansion and upgrade of Foxtail Foods state of the art manufacturing facility. David's Cookies and Foxtail Foods have always been committed to offering their customers spectacular tasting, consistently fresh, and innovative varieties of desserts made from the finest ingredients. The combination of the two companies will ensure that this commitment will never waiver." Ari Margulies, President, David's Cookies.
HR Path, the global human resources specialist, acquired Exaserv, a global SuccessFactors solution provider. Financial terms were not disclosed.
"This deal empowers us to boost our Global SAP SuccessFactors capacity. HR Path is one of the few SAP SuccessFactors partners with global coverage. With the Exaserv team joining our group, we are strengthening our business in North America, especially in the US, along with Benelux and India." François Boulet, Co-CEO, HR Path.
U-C Coatings, a portfolio company of High Road Capital Partners, completed the acquisition of the stains and industrial coatings business of Eco Chemical. Financial terms were not disclosed.
“The acquisition of Eco Chemical deepens U-C Coatings’ position in the softwood market, adds the pressure-treating channel, and broadens U-C Coatings’ product offerings by introducing stains and coatings that capitalize on trends such as vintage wood. It also expands U-C Coatings’ geographic presence on the West Coast and gives customers on the East Coast access to new products for the pressure-treated lumber market.” Jeff Goodrich, Partner, High Road Capital Partners.
Cannagistics announced the signing of a Letter of Intent with Unified Cannabis of Calgary whereby Unified will merge qualified assets into the company in an all-stock transaction. The company will then raise the capital necessary to effectuate the merger of the assets and acquisition targets of Unified and for the explosive organic growth strategy of Cannagistics and Unified, combined, thus creating the first CBD/Hemp/Cannabis International Vertically Optimized Company. Financial terms were not disclosed.
“We’re ecstatic to be joining forces with Cannagistics and be able to help monetize their licensed CBD Fast Acting IP into products. Being able to grow, manufacture and then retail those patented fast-acting CBD products into our stores will give us a competitive edge in having a premiere science-based highly effective CBD line. Along with the infrastructure provided by the Unified acquisition targets for both cultivation, processing, logistical and retail, we now have one of the first CBD product and services related companies that is profitable within one-quarter of consolidation.” Jonathan Denis, Unified, Chairman.
Blackstone close to buying Great Wolf from Centerview for $2.9bn. (FS)
Blackstone Group is close to striking a deal to acquire Great Wolf, a chain of indoor water parks, from Centerview Partners for as much as $2.9bn. The deal would likely be led by Blackstone’s real estate investment arm.
Airbnb looking to go public in 2020.
Airbnb, an online marketplace for arranging or offering lodging, primarily homestays, or tourism experiences, announced its plans to go public in 2020. The firm stands to be among the biggest listings in 2020, having been valued at $31bn in its most recent funding round.
Airbnb said that it made “substantially more” than $1bn in revenue in the second quarter of 2019 and that Airbnb hosts — people who rent out rooms or apartments on the platform — have made more than $80bn from renting their homes since it was created.
Los Angeles Dodgers close the sale of a minority stake.
The Los Angeles Dodgers, an American professional baseball team, closed the sale of a minority stake, according to a Bloomberg report. The price and size of the stake nor the buyer were disclosed. The team is currently valued at approximately $3.3bn.
EMEA
FT reported that the chief executive of the London Stock Exchange Group had launched a robust defense of its $27bn acquisition of data and trading group Refinitiv that the Hong Kong Exchanges and Clearing is trying to gatecrash with its bid for the UK bourse. LSE shareholders have broadly welcomed the Refinitiv acquisition.
The HKEX, whose largest shareholder is the Hong Kong government, has said it will launch a charm offensive to appeal directly to the UK company’s shareholders following the LSE’s rejection of the bid.
Canson Capital Partners, Evercore, Jefferies & Company, and Eterna Partners are advising Refinitiv. RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Freshfields Bruckhaus Deringer, and Teneo are advising LSEG. Allen & Overy is advising Thomson Reuters. Simpson Thacher & Bartlett is advising Blackstone.
Lovell Minnick Partners offered to acquire Charles Taylor, a United Kingdom-based provider of professional services to the insurance market, for £261m ($325m). The offer price represents a premium of 34% to the closing price per Charles Taylor share on 18 September 2019.
"The Charles Taylor Board is confident in the quality and long term prospects of the Charles Taylor group but believes that this offer recognizes these factors and represents a good opportunity for shareholders to realize value for their investment at an attractive premium. As a private company with Lovell Minnick's backing, I believe Charles Taylor will continue to capitalize on opportunities in its markets and ensure the future success of Charles Taylor for employees, partners, and clients." Edward Creasy, Chairman of Charles Taylor.
Liberum Capital, Rothschild & Co, Davis Polk & Wardwell, and Newgate Communications are advising Charles Taylor. RBC Capital Markets, Debevoise & Plimpton and Camarco are advising Lovell Minnick Partners.
Tilney, a financial planning and investment firm, agreed to acquire and merge with Smith & Williamson, a United Kingdom financial and professional services firm, in a £625m ($780m) deal.
“The merger of Tilney and Smith & Williamson represents a compelling combination and together, we will look to build on the considerable and complementary strengths of both firms. Like Tilney, Smith & Williamson has an excellent reputation for looking after its clients over many years and we recognize the value its culture and expertise will bring to the combined group. This is a transformational deal, which will create a truly unique business, able to support clients from across the wealth spectrum with a comprehensive range of services for both their personal wealth management and business needs." Chris Woodhouse, Chief Executive of Tilney.
Keefe Bruyette & Woods and Macfarlanes are advising Smith & Williamson. Evercore and Freshfields Bruckhaus Deringer are advising Tilney.
The Competition and Markets Authority is considering blocking JD Sports' £90m ($112m) takeover of Footasylum. The regulators believe a combination could push up prices and lessen choice for shoppers.
Peter Cowgill, executive chairman of JD Sports Fashion, said: "We continue to believe that Footasylum would be a positive addition to the group, bringing a differentiated customer demographic and fashion-led product range that is complementary to our existing business."
GCA Altium and Powerscourt are advising Footasylum. Rothschild & Co, Addleshaw Goddard, and MHP Communications are advising JD Sports. Ashurst is advising Rothschild & Co.
Coca-Cola HBC, the world's third-largest Coca-Cola anchor bottler in terms of volume, agreed to acquire Lurisia, an Italian premium water and adult sparkling beverages company, for €88m ($97m).
The acquisition of Lurisia complements the existing Coca-Cola HBC beverage portfolio in Italy and is a strong fit for the company's 24/7 total beverage partner strategy. It supports the company's drive to further premiums its portfolio and offer consumers an authentic Italian brand with a strong heritage and well-rooted Italian origins.
UBS, Teneo and V+O Communications are advising Coca-Cola HBC.
Sherpa Capital, a private equity fund manager, agreed to invest in Omega Spice, a Spanish leader in the manufacture and distribution of spices and dehydrated vegetables for large food companies. Financial terms were not disclosed.
Through this transaction, the company will obtain the financial lung necessary to undertake its ambitious growth plan.
“The arrival of Sherpa in our company consolidates our growth project in the food industry sector where the quality of our product has a recognized prestige and occupies a position that makes us a supplier strategic for the main multinationals." José García, CEO, Omega.
Ernst & Young and Garrigues advised Omega Spice, Gómez Acebo and Pombo advised Sherpa Capital.
Ørsted, which provides utility services, enters into an agreement to divest its Danish power distribution residential customer and City Light businesses to SEAS-NVE, which generates, purchases, transmits, and distributes electricity, for $3.1bn.
Ørsted’s strategic ambition of becoming a global leader in green energy and the company’s significant expansion of renewable energy production would further reduce the strategic and financial importance of the Danish downstream business in the coming years.
“With Ørsted’s global expansion in renewable energy, we’re no longer the right owner of Radius and the Danish residential customer and City Light businesses. We’re therefore happy to enter into an agreement with SEAS-NVE, which is Denmark’s second-largest cooperatively-owned energy company, to buy these businesses. The agreement ensures an attractive transaction for Ørsted’s shareholders and provides a good future home for the customers and for our highly skilled employees. We’ll use the proceeds from the divestment to continue our global investments in green energy.” Henrik Poulsen, CEO, and Presiden, Ørsted.
Danske Bank and Citigroup advised Ørsted.
EMH Partners, a private equity firm, purchased a significant minority shareholding in Liganova Group, a specialist in transforming retail spaces into experience channels. Financial terms were not disclosed.
"The world is radically changing. And so is global consumer behavior. We are entering the perfect storm in retail. This creates a unique opportunity for the business of Liganova as we have always been pioneers in the transformation of commercial spaces. We have found our perfect match in EMH Partners. The team, the company’s entrepreneurial approach and its focus on digitalization will help us boost our international expansion plans and our capability to digital and physical spaces. Moreover, we share the same mission – to transform commercial spaces into physical experience channels.” Vincent Bodo Andrin, founder and CEO, Liganova Group.
PIABO PR advised EMH Partners.
Voith Group, a global technology company, agreed to acquire BTG Group, a multinational provider of integrated, highly specialized process solutions for the global pulp and paper industry, from Spectris, a supplier of precision instrumentation and controls, for €319m ($353m).
“BTG and Voith together have 250 years of technical experience in the global paper industry. This strategic step will bring many advantages for the entire industry. With BTG, we found an ideal match to complement our portfolio and get the chance to add a high-performing company with widely recognized expertise in the pulp and paper market. This helps us to expand our competitive position as a full-line supplier for the paper industry in the areas of consumables, instruments, services and software,” Toralf Haag, President & CEO of the Voith Group.
Slaughter & May is advising Spectris.
Telefónica acquires a 50% stake in Prosegur's alarm business in Spain. This transaction, which must be submitted for approval by the appropriate authorities, represents a valuation of 50% of Prosegur's alarm business in Spain of €300m ($332m), subject to the standard adjustments in this type of transactions on debt, working capital and existing customers at the time of the closing of the transaction.
In recent years, the Spanish alarm market has experienced significant growth rates. This trend is expected to increase over the next few years due to the fundamental role that security will play in the connected home. The collaboration between Prosegur and Telefónica, leading companies in their sectors, aims to capture this opportunity, given the great strategic fit and complementarity of the contributions of both partners, giving rise to an association with a vision to lead the growth of this sector.
“With this agreement, we welcome the leading security company as partners and future shareholders. For Telefónica, having a partner such as Prosegur will allow us to quickly advance in our desire to be more relevant in our customers' lives with a wider offer of services for their homes” Ángel Vilá, Telefónica COO.
Clearwater International, the leading global mid-market M&A firm, agreed to acquire Italy-based Brera Financial Advisory. Financial terms were not disclosed.
"Clearwater’s global presence is growing and this step allows Clearwater a stronger presence into southern Europe. Our Italian team is able to benefit from Clearwater’s international presence and sector expertise; gained in over 1500 transactions completed in more than 30 countries. The team in Milan add further depth to the ten sectors we operate in and we are excited to have them on board." Michael Reeves, Chief Executive Officer, Clearwater International.
GitHub, an American company that provides hosting for software development, agreed to acquire Semmle, a code analysis tool that helps developers and security researchers discover potential vulnerabilities in their code. Financial terms were not disclosed.
“GitHub is the one place where the community meets, where security experts and open-source maintainers collaborate, and where the consumers of open source find their building blocks,” says Semmle CEO and co-founder Oege De Moor. “GitHub’s recent moves to secure the ecosystem (with maintainer security advisories, automated security fixes, token scanning and many other advances in secure development) are all pieces of the same puzzle. The Semmle vision and technology belong at GitHub.”
BKW, a Swiss construction company, agreed to acquire swisspro Group, which provides building automation solutions and electrical installations. Financial terms were not disclosed.
With this deal, BKW Building Solutions will now become a leading provider of integrated solutions in the ICT and building automation solutions and electrical engineering sectors. At the same time, this offers the owners of swisspro a Swiss solution that will allow their company to continue to develop while securing the jobs of its employees in Switzerland.
BP could be a suitor for assets coming out of Lotos/PKN merger.
Bogdan Kucharski, President of BP Poland, said the company could make a bid for merged Lotos and PKN Orlen assets, should they be put on the selling block to ensure the completion of the merger. Lotos and PKN are currently undergoing antitrust evaluation regarding their potential combination.
PNE opens data room for potential suitors. (FS)
PNE, a German company developing wind farms on land and at sea, attracted interest from private equity and infrastructure investors following a recent takeover approach by a Morgan Stanley fund. The firm will give potential suitors access to its data room.
PwC is advising PNE.
Legal & General completed its £930m buy-in with the Tate & Lyle Pension Scheme.
Legal & General Assurance Society, a British multinational financial services company, announced that it completed a £930m ($1.2bn) full buy-in for the members of the Tate & Lyle Pension Scheme. This buy-in follows on from the first transaction undertaken by the Trustee and Legal & General in 2012 for £350m ($437m), meaning that all scheme members are now covered by Legal & General, with a total value of approx. £1.2bn ($1.5bn).
Macfarlanes advised Legal & General. LCP and Linklaters advised the trustees.
CVC hires director for European private debt team. (FS, People)
CVC Credit Partners appointed Hamza Filali as director of its European private debt team based in Paris. He will focus on private debt opportunities in France and report to Neale Broadhead, CVC’s head of European private debt.
Blackstone close to buying Louis Hotels in Greece. (FS)
Blackstone is nearing a deal to buy several Greek resorts from Louis Hotels, the hotel arm of the Cyprus group Louis, for as much as $220m. There is no certainty that an agreement will be signed.
APAC
AIA Group, the largest public listed pan-Asian life insurance group, made an investment in Series F round of Gojek, Southeast Asia's leading on-demand multi-service platform and digital payment technology group. The investment comes alongside a strategic partnership agreement between the two companies. The round is led by Google, JD.com, Tencent, Mitsubishi and Provident Capital.
“Our in-depth consumer knowledge and digital footprint across the country, combined with AIA Indonesia’s expertise in financial protection solutions, will enable the partnership to bring our users greater value through an expanded range of products and services,” said Gojek co-founder Kevin Aluwi.
Davis Polk & Wardwell is advising Gojek. Hogan Lovells is advising Google.
AllinMD Orthopaedics, which holds an internet hospital license in China, raised $100m in Series B financing round. Singaporean sovereign wealth fund Temasek and US venture capital firm H Capital led this round, while Tencent and Trustbridge Partners also joined.
The fresh funds will be used to increase the number of AllinMD’s bricks-and-mortar hospitals and to expand its online education services to more doctors living in China’s smaller cities and rural areas.
Investors looking to enter India to replicate Blackstone REIT's success. (FS)
Bloomberg reported that Blackstone-backed real estate investment trust’s successful India trading debut left global funds, including Japan’s NikkoAM-StraitsTrading Asia, looking to enter the country.
Eastspring Investments, North Carolina Fund, and Sentry Global are among names looking to invest in the instrument that bets on India’s rent-yielding real estate.
Vertex raised $305m for its fourth SE Asia-India fund. (FS)
Vertex, a unit of Singapore’s Temasek Holdings, raised $305m for its fourth SE Asia-India fund. The amount raised was a record for an early-stage investment vehicle in the region. The new fund exceeded its original target of $230m.
“We could have easily raised a larger fund, but we felt it was a sufficient size for an early-stage fund like us,” said Chua Kee Lock, managing partner of Vertex Ventures Southeast Asia and India. “At the end of the day, it’s about generating real cash returns to investors.”
India considers selling part of Air India to a foreign airline.
India’s government is open to selling a partial stake in debt-laden state-run carrier Air India to a foreign airline, Reuters reported. The government will likely invite preliminary bids for the carrier by Oct. 10.
|
