AMERICAS
The Justice Department (USA) approved T-Mobile US’s merger with Sprint after the companies agreed to create a new wireless carrier by selling assets to satellite-TV provider Dish Network.
A deal brokered by the Justice Department will require Dish, which has been sitting on valuable airwaves, to build a 5G network for cellphone customers. To help it get started, T-Mobile will sell Sprint’s prepaid brands to Dish and give access to its network for seven years.
Morrison & Foerster is advising Softbank. 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 Corp.
Global investment firms The Carlyle Group and Stellex Capital Management struck a deal to acquire and merge Vigor Industrial, an infrastructure, defense, and maritime services company, and MHI Holdings, a ship repair, maintenance, and other ship husbandry services company. Financial terms were not disclosed.
Frank Foti, President and CEO of Vigor, said, “Through this transaction, Vigor gains responsible, forward-thinking investors who will seek to build on our current platform while maintaining a values-driven culture. In addition, we are excited to join forces with a company of MHI’s caliber which has a history of delivering strong results and shares our mission to serve the people who protect our country every day. This evolution takes us where we want to go, growing sustainable jobs into the future. I’m excited to be an investor in this adventure and to be a part of what’s to come.”
Charles Schwab Corporation, a bank and stockbroker based in San Francisco, agreed to acquire assets of USAA’s Investment Management Company, a San Antonio, Texas-based Fortune 500 diversified financial services group, for $1.8bn. The companies have also agreed to enter into a long-term referral agreement, effective at closing of the acquisition, that would make Schwab the exclusive wealth management and brokerage provider for USAA members.
Walt Bettinger, president and CEO of Schwab, said, “We are honored to be entrusted with serving the financial needs of USAA’s members. We have long admired USAA’s mission to enhance the financial security of our country’s military service men and women and their families. Both of our companies share a commitment to integrity and service, and both have strong track records of achievement for those we serve, which is why we believe this relationship makes so much sense for everyone involved.”
Credit Suisse and Davis Polk & Wardwell advised Charles Schwab. Goldman Sachs and Simpson Thacher & Bartlett advised USAA.
Gemphire Therapeutics, a clinical-stage biopharmaceutical company focused on developing therapies for the treatment of dyslipidemia as well as nonalcoholic fatty liver disease, and NeuroBo Pharmaceuticals, a privately-held clinical-stage biotechnology company focused on novel, disease-modifying therapies for neurodegenerative diseases enter into a definitive merger. Financial terms were not disclosed.
“We are excited about the opportunities and resources that will become available to NeuroBo and its therapeutic pipeline as a result of the merger,” explained John L. Brooks III, president and chief executive officer, NeuroBo Pharmaceuticals. “As we move towards developing both NB-01 and NB-02, we believe that having shares publicly traded on Nasdaq will provide greater opportunity to advance our therapeutic pipeline and corporate strategy.”
Consilium Partners and Mintz Levin are advising NeuroBo. Ladenburg Thalmann and Honigman Miller Schwartz & Cohn are advising Gemphire.
Apple agreed to acquire a majority stake in Intel’s smartphone modem business for $1bn. Approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases. The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals and other customary conditions, including works council and other relevant consultations in certain jurisdictions.
“This agreement enables us to focus on developing technology for the 5G network while retaining critical intellectual property and modem technology that our team has created,” said Intel CEO Bob Swan. “We have long respected Apple and we’re confident they provide the right environment for this talented team and these important assets moving forward. We’re looking forward to putting our full effort into 5G where it most closely aligns with the needs of our global customer base, including network operators, telecommunications equipment manufacturers and cloud service providers.”
Goldman Sachs, Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell advised Intel.
Expedia Group, an online travel company, completes the acquisition of Liberty Expedia Holdings, a holding company that controls millions of shares in Expedia, for $2.6bn.
In connection with the transaction, Barry Diller, Chairman and Senior Executive of Expedia Group, and his family foundation, exchanged shares of common stock of Expedia Group for shares of Expedia Group Class B common stock held by Liberty Expedia. Mr. Diller and his family foundation remain the largest voting shareholder of Expedia Group, owning shares representing approximately 28% of the total voting power of Expedia Group.
"This road, frequently travelled since 1994, between me, John Malone, and Liberty Media has produced much success, none of which could have been possible without Dr. Malone's encouragement and support," said Barry Diller. "While the formal partnership ends with this transaction, my gratitude to John and Liberty will never end for giving me the opportunity to begin the journey."
Skadden Arps Slate Meagher & Flom is advising Liberty Expedia Holdings.
HGGC, a leading middle-market private equity firm acquires Monotype Imaging Holdings, a leading global provider of design assets, technology, and expertise, enabling designers, marketers, and engineers to empower expression and enable digital engagement across any environment for $825m.
The proposed transaction is subject to, among other customary closing conditions, approval by the holders of a majority of the shares of Monotype common stock, the expiration or termination of any applicable waiting periods under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and the receipt of all clearances, approvals and/or authorizations required by German antitrust laws. Following completion of the transaction, Monotype will become a privately-held company and shares of Monotype’s common stock will no longer be listed on any public market.
JP Morgan and Goodwin Procter are advising Monotype. Deutsche Bank and Kirkland & Ellis are advising HGGC.
Cinépolis, the 2nd largest cinema operator in the world in terms of moviegoers, acquires Moviehouse & Eatery, an upscale dine-in movie theatre circuit in Texas. Financial terms were not disclosed.
The acquisition expands Cinépolis USA's footprint, with no immediate plans to make any operational or guest-facing changes to the Moviehouse & Eatery brand. Moviehouse & Eatery will continue to operate independently until further notice and retain all existing employees, programs and scheduled events.
"Cinépolis shares the same high standards that we maintain at Moviehouse & Eatery and it is the perfect company to take Moviehouse to the next level. We are excited that Cinépolis will expand the Moviehouse experience to people all across the country." Leslie Sloan, Moviehouse & Eatery co-founder.
Pj Solomon and Hightower and Associates are advising Moviehouse. Dechert is advising CInepolis.
Live Nation, an American global entertainment company, agreed to acquire a 51% stake in CIE’s live entertainment business. Financial terms were not disclosed.
“We are extremely proud to join Live Nation,” said Alejandro Soberón Kuri, President and CEO of CIE. “This evolution of our long-standing relationship with Live Nation gives us a unique opportunity to continue OCESA´s 30-year contribution to the development of the Mexican live entertainment industry. In addition, this partnership will foster CIE´s commitment to the promotion of Mexican artistic talent abroad.”
LionTree advised Live Nation.
DFW Capital Partners, a private equity investment firm acquires Vertex Group, a provider of customer information system software and integration services from Oak Hill Capital and GenNx360 Capital Partners. Financial terms were not disclosed.
"DFW is thrilled to partner with Vertex and its management team at an exciting time in the utility industry." Keith Pennel, DFW Managing Partner.
East West Bank is providing debt to DFW.
OmniTRAX, one of the largest privately held rail-centric transportation and logistics service companies in North America acquires he 101-year-old Winchester & Western Railroad (WW) from Covia Holdings Corporation for $105m.
The acquisition expands the OmniTRAX-managed short line portfolio into key new distribution locations in multiple east coast markets, providing OmniTRAX’s customers access to 100 million people within a day’s transit.
“OmniTRAX has been growing at an average annual rate of 20+ percent for the past five years and the acquisition of this strategic distribution hub is a deliberate step toward enhancing the continued growth and strength of our thriving network,” said Kevin Shuba, OmniTRAX CEO. “Our expansion into these dynamic markets with a diverse, established customer base and strong regional economic partners offers tremendous growth potential and we have high expectations for economic impact and job production.”
EVO Transportation & Energy Services, an alternative fuel services company, announces the acquisition of Finkle Transport, a family-owned and operated trucking company based in Clifton, New Jersey. Financial terms were not disclosed.
“Acquiring Finkle, a substantial freight provider with deep connections to the USPS, marks another important milestone for EVO,” said John Yeros, CEO of EVO. “As we continue to execute our roll-up strategy to be the USPS’s preferred provider, adding Finkle’s extensive footprint in the Northeast will expand our platform’s reach into new geographies with significant potential for growth. Also, Finkle’s relationships and additional contracts with non-postal service customers furthers our goal of improving our truck utilization during off-hours."
Pfizer-Mylan discusses combining the off-patent drugs business.
Pfizer is in talks to merge its off-patent drugs business with Mylan in a stock deal, the Wall Street Journal reported.
Mylan shareholders would receive a little more than 40% of the newly formed entity, with Pfizer shareholders receiving the remainder. Pfizer would also get about $12bn in proceeds from a new sale of debt.
Presidio Petroleum acquired assets from Apache Corporation. (FS)
Presidio Investment Holdings, an investment holding company, announced that it has completed its acquisition of all the oil and natural gas producing properties in the western Anadarko Basin of Texas, Oklahoma, and Kansas from Apache Corporation and its affiliates. Presidio Petroleum is a portfolio company majority owned by investment funds managed by Morgan Stanley Energy Partners, the energy private equity business of Morgan Stanley Investment Management. This transaction represents the first add-on acquisition for the Company since MSEP’s initial investment in May 2018.
Chris Hammack, Co-Founder and Co-Chief Executive Officer of Presidio Petroleum, said, “We are thrilled to add Apache’s high quality western Anadarko Basin assets to our portfolio and are excited to welcome the outstanding team responsible for operating these assets at Apache to the Presidio family. Apache has done a tremendous job assembling and developing these properties, and we are eager to leverage Presidio’s existing operations and expertise in the Basin, strengthened by the addition of Apache’s field operations team, to further enhance the assets.”
Nubank raises $400m in recent investment round.
Nubank, the leader in financial technology in Latin America, raises $400m in its Series F investment round that could value Nubank at $10bn. The round was led by TCV, one of the largest growth equity firms based in the US. Existing investors Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, and Thrive Capital also participated in the round. The transaction is subject to customary closing conditions.
"TCV has supported some of the most remarkable disruptors of our time, including Netflix, Spotify, and Zillow, with capital, strategic guidance, and industry expertise, and we look forward to partnering with them as we grow the business." David Vélez, Nubank Founder and CEO.
C-Bons International Group backs out from the acquisition of LPGA International Golf Clubs.
C-Bons International Group, a Texas-based golf course operator, backs out from the sale of LPGA International Golf Club, Daytona Beach Florida, from Consolidated-Tomoka Land, a Florida-based real estate company.
Tomoka’s broker, Steven M. Ekovich at Marcus & Millichap, is pursuing the remarketing of the opportunity with the other interested parties identified during the company’s initial marketing efforts in the first quarter of 2019.
Solid Biosciences up 13% on $60m capital raise.
Solid Biosciences has entered into a securities purchase agreement with a select group of institutional investors and accredited investors for a $60m private placement, which is expected to close on or about July 30, 2019, subject to the satisfaction of customary closing conditions.
The private placement includes a mix of new and existing investors, including Perceptive Advisors, Boxer Capital, EcoR1 Capital, Bain Capital Life Sciences, Capital Management, Waverly Capital, Invus and certain board members and executive officers.
Datadog hires banks for IPO.
Datadog, a monitoring service for cloud-scale applications, providing monitoring of servers, databases, tools, and services, through a SaaS-based data analytics platform, hired Morgan Stanley, Goldman Sachs, JPMorgan and Credit Suisse for its initial public offering. The IPO could assign Datadog a valuation of several billion of dollars. This would eclipse Datadog’s prior public valuation of $640m in 2015.
Vodafone finalizes Network Sharing Partnership with Telecom Italia.
Vodafone finalized Network Sharing Partnership with Telecom Italia (TIM) whereby agreed to combine its Italian towers with INWIT, an Italian telecom company controlled by TIM.
The Network Sharing Partnership is expected to enable faster deployment of 5G over a wider geographic area at a lower cost and deliver net cumulative cashflow benefits to Vodafone of at least €800m ($890m) over the next 10 years. Vodafone has also agreed to merge its passive tower infrastructure in Italy into INWIT. As part of the Combination, Vodafone will receive a cash consideration of €2.1bn ($2.3bn) and a 37.5% shareholding in the combined entity, which will remain listed on the Milan Stock Exchange. Based on the 30-day VWAP of the INWIT share price prior to this announcement, Vodafone's shareholding would be valued at €3.1bn ($3.5bn), which implies an enterprise value for Vodafone Italy Towers of €5.3bn ($5.9bn).
Aldo Bisio, CEO of Vodafone Italia, said: "This agreement will enable us to step up the rollout of 5G for the benefit of our customers and the community as a whole. 5G has a key role to play in modernising the country. It will provide the technology platform from which to launch innovative new services capable of making business models more efficient and improving productivity throughout the value chain, helping to build a more competitive digital economy. Network sharing reaps the benefits of 5G and at the same time reduces the impact on the environment and lowers rollout costs, allowing more investment in services for customers."
Mediobanca and Studio Pedersoli e Associati are advising INWIT. Banca IMI, Bank of America Merrill Lynch, Goldman Sachs and Gianni Origoni Grippo Cappelli & Partners are advising Telecom Italia. UBS and NCTM are advising Vodafone.
Cobham could fetch a higher price after having repaired its balance sheet and made a “broad-ranging improvement” that will pay off over the next few years, Silchester International Investors, which owns about 12%, said. The weak UK currency as well as Cobham’s US operations make it a compelling target for a buyer “with significant North American interests,” the London-based fund said.
Bank of America Merrill Lynch, JP Morgan, Rothschild & Co, Allen & Overy and MHP Communications are advising Cobham. Citigroup, Credit Suisse, Goldman Sachs, Linklaters, Weil Gotshal & Manges and Finsbury are advising Advent. GSO provided debt financing and was advised by White & Case.
Abenex Capital announced an MBO of Blanchon. (FS)
Private equity firm Abenex Capital announced an MBO of Blanchon, the specialist in wood maintenance products and varnishes. The investment allows the heirs of the founder, who hold most of the capital, to sell their shares. Financial terms were not disclosed.
Jérôme Vandermarcq, Abenex, said: "The company is one of the strong examples of development with innovation."
Rothschild & Co advised Blanchon. DD Esgtauw, Deloitte, Indefi, Lamartine Conseil and Ratheaux advised Abenex. BNP Paribas, CIC Lyonnaise De Banque, Credit Agricole, LCL and Societe Generale provided debt financing and were advised by Hogan Lovells.
KCOM shareholders approve the £628m Macquarie Deal.
Shareholders of KCOM Group approve of the takeover of KCOM by Macquarie group for £628m ($787m) in an all-cash deal. Macquarie's final offer represented a premium of 66% to the closing price of 72.5 pence for each KCOM share on 23 April 2019. KCOM said it found the offer to be fair and reasonable, and recommended shareholders to vote in favor of it.
Macquarie won in a bidding war against Universities Superannuation Scheme, which made three unsuccessful offers.
Investec, Peel Hunt, Rothschild & Co, Addleshaw Goddard, and FTI Consulting are advising KCOM Group. Barclays, Freshfields Bruckhaus Deringer, and Citigate Dewe Rogerson are advising Macquarie Group.
Alcedo acquired a 68% stake in Eurochef.
Alcedo, a business management consultant in Treviso, Italy, acquired a 68% stake in Eurochef, which specializes in manufacturing innovative food service equipment designed to allow high-quality cooking. Financial terms were not disclosed.
"Eurochef represents a formidable success story in one of the most dynamic market segments in the food sector" explains Maurizio Tiveron, Chairman of Alcedo. "Also through its own brand "Lo chef a casa", Eurochef quickly built up an excellent market positioning in the ready meals sector thanks to a unique combination of great taste, tradition and practicality that is recognized by its clients and consumers. Alcedo very much looks forward to work alongside the two founders - Stefano Stanghellini and Alessandro Cipriano - to accelerate the growth and internationalization of Eurochef, also through aggregations in a market that is still highly fragmented, but showing many absolute excellences”.
Studio Firma and Studio Lambertini & Associates advised Eurochef. Studio Milano Notai advised Alcedo. Banco BPM provided debt financing and was advised Dentons.
3i Infrastructure acquires Ionisos from Ardian for $245m. (FS)
3i Infrastructure, a leading European investment firm acquires Ionisos, a manufacturer of medical sterilization devices from Ardian for $245m.
"Ionisos is a defensive business which has grown organically and through bolt-on M&A. We look forward to working with the management team to continue its strong track record of providing market-leading services while growing its presence across Europe." Phil White, 3i Infrastructure Investment Manager.
Delaby & Dorison is advising Ionisos. Natixis Partners and Weil Gotshal and Manges are advising Ardian.
Fleury Michon acquired a 90% stake in Marfo Food Group.
Fleury Michon, a French agri-food business quoted at the Bourse de Paris, acquired a 90% stake in Marfo Food Group, the second largest European player in meals for airline catering. Financial terms were not disclosed.
"In accordance with the Strategic Plan, we accelerate our development by making acquisitions. The acquisition of a stake in Marfo allows us to take positions in the rapidly growing airline catering sector, which has become one of the pillars of the Group's activity. " said Régis Lebrun, CEO of Fleury Michon.
“In 65 years, the Raja Group has developed while remaining faithful since its creation to the entrepreneurial spirit and culture of customer service,” said CEO Danièle Kapel-Marcovici of Raja. “This acquisition is the largest external growth transaction of our group. Our goal is to implement our strategy of being a global business partner to companies and accelerate our growth in Europe. I welcome this new acquisition, which strengthens our position on the European B2B market beyond our strong organic growth.”
Rothschild & Co advised the sellers.
Mammoet acquires ALE.
Mammoet, a leading heavy lift, and transport operator acquires ALE, a specialist in engineered heavy lifting and transport for sectors such as the petrochemical industry, renewable energy, power generation, civil construction, and the offshore industry. Financial terms were not disclosed.
The closing of the transaction is subject to the approval of the relevant competition authorities. Until that time, Mammoet and ALE will continue to operate strictly independently.
"We are very happy with this agreement. Mammoet and ALE complement each other in geographical presence on all continents. Together, we have a well-balanced portfolio of activities worldwide. This enables us to improve our service proposition and create synergies, as we are able to mobilize equipment and personnel swiftly anywhere. Last but not least, Mammoet and ALE both have a strong legacy in innovations which, once combined, will enable us to grow as a technologically leading player.” Paul van Gelder, Mammoet CEO.
ING is advising Mammoet.
Lagardère to acquire Belgium-based International Duty-Free for €250m.
Lagardère, a multinational media conglomerate headquartered in the 16th arrondissement of Paris, agreed to acquire Belgium-based International Duty Free, a leading travel retail operator, for €250m ($278m).
Xavier Le Clef, Managing Director of CNP and Chairman of IDF: “IDF is special to us at CNP because we have supported its development since 1991. We’re now passing the baton to Lagardère Travel Retail, convinced that they will be a great partner in maintaining IDF’s growth over the long term while preserving its unique DNA as well as its strong commitment to its employees and partners. I’d like to thank the IDF teams wholeheartedly for their amazing work all these years as they built the company up to occupy the leadership position it now enjoys in the Travel Retail market.”
Schroders acquires a majority stake in BlueOrchard. (FS)
Schroders, a leading British asset management firm acquires a majority stake in BlueOrchard Finance, a leading Swiss impact investor. Financial terms were not disclosed.
Schroders’ partnership with BlueOrchard supports the expansion of its sustainability capabilities. While partnering with Schroders enables BlueOrchard to further drive innovation and growth and increase its impact across emerging and frontier markets.
"We are delighted with today’s announcement. Schroders’ stable ownership structure and heritage, which is closely aligned with BlueOrchard’s long-term investment philosophy make them an excellent partner for our business." Patrick Scheurie, BlueOrchard CEO.
I Squared-backed TIP Trailer acquires PEMA from Societe General. (FS)
I Squared Capital-backed TIP Trailer Services, a company specialized in operational leasing of transportation equipment in Europe and Canada acquires PEMA, a truck and trailer rental company from Societe General. Financial terms were not disclosed.
The completion of the transaction is subject to the approval of the relevant antitrust authorities. The closing is expected to take place in the upcoming months.
REN to acquire Transemel for $167m.
REN, a Portuguese energy sector company which is the current concession holder of the country's two main energy infrastructure networks, agreed to acquire Transemel for $167m. Transemel owns and operates 92 km of electricity transmission lines and five substations, located mainly in northern Chile.
The investments made in Chile match REN's strategic requirements. A larger presence in this country allows the company to focus on a single geography, already known to REN, where it has had a good experience and where the company can leverage its highly reputed technical expertise.
Huntsman acquires the rest 50% stakes in Sasol-Huntsman Joint Venture for $93m.
Huntsman, a leading manufacturer of specialty chemicals acquires the rest 50% stakes in Sasol-Huntsman Joint Venture for $92.5m from Sasol.
Huntsman and Sasol currently anticipate the closing of the transaction to occur in the fourth quarter of 2019, subject to regulatory approvals and customary closing conditions.
"Acquiring the remaining interest in our maleic German joint venture from Sasol will provide us with the flexibility to fully integrate our European business into our worldwide footprint, thereby better servicing our global customer base in key markets such as construction and coatings. This fits well into our core strategy to expand our portfolio of businesses with higher, more stable margins and strong free cash flow." Peter Huntsman, Huntsman CEO.
IQ-EQ completes the acquisition of Peru & Partners.
IQ-EQ, a leading investor services group acquires Peru & Partners, a Paris-based consulting firm and fund administrator dedicated to the private equity market. Financial terms were not disclosed.
This latest acquisition further strengthens our Group’s service offering in France and complements our existing Paris-based business, Equitis.
"The acquisition of Peru & Partners is the natural choice to build out our service offering in France, the fourth largest private equity market in the world. The combination of the teams’ experience and longstanding reputation for client service excellence perfectly complements that of our existing business, Equitis. With an extended and highly experienced team in place we now have the ability to offer an even greater range of services and solutions to our growing client base in this key market. I’m delighted to welcome Sebastien and his team to the Group and look forward to exciting times ahead." Serge Krancenblum, IQ-EQ Executive Chairman.
Henkel acquires a 51% stake in eSalon.
Henkel, a German chemical and consumer goods company acquires a 51% stake in eSalon.com, a creator of customized hair colorations. Financial terms were not disclosed.
The agreement is subject to customary closing conditions, including regulatory approvals.
“Through our partnership with Henkel, we look forward to accelerating our marketing efforts and enhancing our product offering for our current and future clients.” Francisco Gimenez, eSalon CEO.
Emmi acquired Pasticceria Quadrifoglio.
Emmi, a Swiss milk processor and dairy products company headquartered in Lucerne, acquired Pasticceria Quadrifoglio, an Italian dessert provider. Financial terms were not disclosed.
With this deal a fourth player is being added to the existing “Emmi Dessert Italia” network, which comprises the three production locations in Gattico, Pero and Lasnigo in Northern Italy: The integration of Pasticceria Quadrifoglio, located with two production sites near Modena, will further expand Emmi’s production and distribution capabilities.
Jellyfish acquired Israel-based Perelview.
Jellyfish, a digital partner to some of the world’s leading brands, acquired Israel-based Perelview, a digital marketing agency. Financial terms were not disclosed.
Rob Pierre, CEO of Jellyfish, said: “As we continue with our global expansion, this acquisition marks an incredible opportunity to extend our reach in the growing Israeli market.
London Stock Exchange in advanced talks to acquire Refinitiv for $27bn.
The London Stock Exchange Group has confirmed that it is in advanced talks to buy Refinitiv, a global exchanges and data powerhouse for $27bn.
The proposed all-share deal would leave the Blackstone-led consortium, Refinitiv’s majority owner, with a 20% stake in the LSE and likely mean it lands a seat on the board.
LSE would pay for the transaction entirely with the issuance of new shares. That will result in Refinitiv shareholders owning about 37% of the combined group, though they will have less than 30% of its voting rights.
Canson Capital Partners and Evercore are advising Refinitiv. Goldman Sachs, Robey Warshaw, Morgan Stanley, and Barclays Capital are advising London Stock Exchange.
Just Eat and Takeaway entered merger talks.
Financial Times reported that Just Eat and Takeaway, two online food order and delivery service providers, are in talks to combine their online food ordering businesses and create a company worth £9bn ($11bn), forming a larger rival to Amazon-backed Deliveroo and Uber Eats. A merger of London-based Just-Eat and Amsterdam-headquartered Takeaway would create a group with the capacity to process billions of euros worth of online food deliveries every year from both local restaurants and international dining chains.
The deal would be structured as an offer for Just Eat by Takeaway. The two companies have until August 24 to agree a deal, under takeover rules.
Qatari Prime Minister plans sale of $869m London, Paris hotels.
The family office of former Qatari Prime Minister Sheikh Hamad bin Jassim Al Thani is considering the sale of luxury hotels in London and Paris valued at a total of about $869m. Sheikh Hamad, often referred to as HBJ, served as Qatar’s prime minister from 2007 to 2013 and was head of the Qatar Investment Authority, the country’s sovereign wealth fund. Both the fund and the Qatari royal family have been among the most prolific investors in luxury property in the world, snapping up trophy hotels, office buildings and stores in cities including London, Paris and New York.
Eastdil Secured and Jones Lang LaSalle are advising on the sale.
FAS approves plans for a merger of Satkin, and Kosogorsky.
FAS approved the merger of Satkin Iron Smelting Plant (SCHPZ) and Kosogorsky Metallurgical Plant (KMZ), which are the largest producers of ferroalloys in Russia. The service believes that the merger of companies will not lead to the emergence of a monopolist, since their total share of sales last year was 20.9%.
“Our analysis of the state of competition showed that the total share of companies in the commodity market of ferromanganese after their merger will not exceed 35%, which meets the requirements of the law on protection of competition. At the same time, there is already a participant on the market whose market share exceeds 40%,” Nell Galimkhanova, FAS Russia Head.
Luminus raises a $111 funds from Green Bonds.
Luminus has concluded its first green financing for $111.23m, linked to green bonds (Green Bonds) issued by the EDF group.
The funds serve to finance Luminus' ambitions concerning investments in renewable energy. Every project must meet strict social and ecological criteria to be eligible for funding.
"With this credit instrument, Luminus is strengthening its commitment to invest in renewable energy in Belgium, and this within a clear and transparent framework," Agnes Butterlin, Luminus CFO.
Vodafone plans IPO of the tower assets.
Bloomberg reported that shares of Vodafone Group, a British multinational telecommunications conglomerate, gained the most in more than a decade on the phone carrier’s plan to carve out its towers business and consider an initial public offering or minority stake sale of the new unit. The stock rose as much as 10.4%, the biggest intraday jump since November 2008. Vodafone said it plans to monetize a substantial part of the broader towers unit over the next 18 months after receiving several offers for tower assets. It could IPO or sell a minority stake in the broader unit, as well as selling minority or majority stakes of assets in individual countries.
Four Private Equity firms to bid for Cogital, an accounting challenger.
Financial Times reported, a range of private equity groups are in the final stages of bidding for Cogital, a leading accountancy group in a deal that would value the challenger accountancy firm at around $1.24bn, including debt, as buyout funds look to cash in on an industry under threat.
It is not clear whether this is a sale for a majority or a minority stake. BC Partners, Permira and PAI in Europe and Hellman & Friedman in the US are preparing final bids due by mid-August as they seek to take control of the company set up by rival Hg in 2016.
Naxicap and Ardian looking to back Emera MBO. (FS)
Private equity firms Naxicap Partners and Ardian have entered into exclusive negotiations to acquire France-based Emera Group, a provider of residential care-home services, investing alongside founder Claude Cheton. Financial terms were not disclosed.
Polish antitrust regulators approved Tauron's wind farm acquisition.
Polish antitrust regulators approved Tauron's wind farm acquisition. Tauron owns power and heat generation and distribution, and coal mining assets through a number of companies, particularly in south-western Poland. The deal to acquire the windfarms was approved on July 25.
APAC
Private equity firm Allegro Funds invested in Perth Radiological Center, Western Australia’s largest diagnostic imaging provider. Financial terms were not disclosed.
PRC Chairman, Dr Martin Blake, said, “The existing Allegro relationship combined with a unique doctor ownership model and the calibre of the major institutional co-investors were the factors that resulted in us selecting Allegro as our partner for the next stage of growth and transformation. We are excited to be working with the Allegro team to drive the next phase of transformation with a partner who understands our business and the opportunities available and where there is complete alignment of interest. We are privileged to provide services in Perth and we look forward to extending our service offerings.”
Allegro was advised by Minter Ellison, Greenmount, EY and Rothschild & Co. PRC was advised by PwC and KWM.
Blackstone Group invested $250m in Future Lifestyle Fashions, an integrated fashion company in India. Blackstone is expected to take 6-7% holding in the company.
The primary investment will be through a combination of equity and structured debt that will fund the capital expansion of the deep-discount retail format Brand Factory. The structured credit line will be for five years with a fixed coupon while the equity upside is expected to accrue through Blackstone’s stake in Future Lifestyle’s operating company.
Signify, the world leader in lighting, acquires 51% stake in China-based Klite Lighting, one of the leading providers of high-quality, cost-efficient LED lamps and luminaires. Financial terms were not disclosed.
“We are very excited to strengthen our partnership with Signify, whose market leading position and state-of-the-art technology will form a great synergy with our know-how,” said Yanwei Shen, Chairman of Klite Lighting. “In addition, we’ll continue to provide products and services to existing and new customers, with whom we’re committed to further develop strategic partnerships.”
Olympus Capital Asia, a leading private investment firm in Asia, acquires 25% stake in Thai Credit Retail Bank for $91m.
As a result of this investment, Olympus Capital will become Thai Credit's largest external investor and the existing sponsors will continue to be the largest shareholders. Olympus Capital nominees will also join the Board of Directors of the Thai Credit.
"Thai Credit has successfully and profitably addressed the challenge of providing banking services to the underbanked population in Thailand. We look forward to working closely with the majority shareholder and senior management to further build on fundamentals and grow Thai Credit rapidly over the next several years.” Gaurav Malik, Olympus Capital Managing Director.
Bilibili, a leading online entertainment platform for young generations in China, has signed a definitive agreement to acquire a majority stake in Chaodian, through the injection of capital and the acquisition of equity interests from non-affiliated existing shareholders.
Chaodian runs various off-line events including its flagship concert and exhibition Bilibili Macro Link and Bilibili World. It also operates an industry-related talent agency representing hundreds of artists and entertainment professionals, many of which are Bilibili’s top content creators.
“Our alignment with Chaodian broadens our reach beyond our core online platform and progresses our commercialization efforts. We see clear synergies between our two entities, including the ability to capitalize on Chaodian’s expertise in offline events planning, and talent acquisition and management. Through this partnership, we are better positioned to grow our brand across various high-profile offline events, while enhancing our PUGC commercialization capabilities through closer bonds with Bilibili’s key content creators, strengthening the virtuous cycle of entertainment.” Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili.
Ernst & Young, the leading professional services brand, acquired C Centric, a leading provider of CRM solutions and services to help businesses rethink, redesign and deliver better customer experience. Financial terms were not disclosed.
Rohan Sachdev, Partner and Leader, Advisory Services, EY in India, says: “The C Centric team has a strong reputation in the market for delivering leading edge CRM solutions and services across industries, particularly financial services including banking and insurance. Over the past couple of years, we have collaborated with the C Centric team in strategizing and implementing several complex, large-scale digital transformation programs and our clients have benefitted immensely from this association. Their addition to EY will strengthen our ability to help businesses capitalize on the digital wave and provide an end-to-end digital experience to customers.”
FGV Holdings entered talks to sell stake in MSM Malaysia Holdings.
Malaysia’s agricultural and agri-commodities company FGV Holdings entered negotiations to sell part of its stake in MSM Malaysia Holdings, a refined sugar producer. Currently, FGV holds 51% stake in MSM Malaysia. Following the disposal, FGV and the acquirer may hold the same shareholding in MSM.
"The board of directors of FGV wishes to clarify that the group is exploring potential collaborations in the palm and sugar industries, both in the upstream and downstream sectors," the company said in a statement.
Wanda Sports downsized its US IPO, raised $190m.
Wanda Sports, a sport events owner whose interests include selling sponsorship rights to the FIFA World Cup, raised $190m in its downsized US IPO. The Beijing-based company, a unit of Chinese conglomerate Dalian Wanda Group, sold about 23.8m American depositary shares at $8 each, compared with a previously stated target of selling 28m between $9 to $11.
The downsizing indicates tepid US investor demand for Chinese stocks after China’s largest live-streaming platform DouYu International Holdings priced its $775m Nasdaq IPO at the bottom of a price range last week.
Utico plans $366m Singapore IPO in 2 years.
United Arab Emirates-based utility Utico FZC plans to raise as much as $366m through a listing on the Singapore Exchange in the next two years, according to chief executive officer Richard Menezes. Utico is one of the suitors for embattled water treatment firm Hyflux and is planning to acquire an 88% stake in the company. The company has received “substantial approvals” from creditors for the deal after several meetings, Menezes said.
Synspective raised $100m in funding. (FS)
Synspective, a Japanese startup which provides satellite data solutions using small sized SAR satellites, accumulated $100m in funding since its foundation in February 2018. Raising that amount in less than 17 months makes Synspective the world’s fastest and Japan’s second highest funded space startup. The investment will help strengthen the company’s SAR satellite development, manufacturing systems, and solutions development.
Synspective’s Co-founder and CEO, Motoyuki Arai, commented that “Synspective's first demonstration satellite is to be launched in 2020 and is steadily being developed. Customized solutions services have already been contracted by several companies, prior to launch. By providing objective satellite data, Synspective will contribute to the progress of the advancing world by supporting people's decision-making and impactful actions."
Navis Partners and Oaktree halt Evolution Wellness sale process. (FS)
Private equity firms Navis Partners and Oaktree Capital halted the sale process of their Asia wellness business Evolution Wellness due to lacklustre interest. The sale process started in March, with Oaktree and Navis asking for as much as $1bn for the business. According to several reports, bidders felt the valuation of the fitness business was too high.
Temasek looking to sell ACR Capital.
Temasek, a Singaporean investment holding company, revived its plan to sell a majority stake in ACR Capital, a Singapore-based reinsurance company. Temasek hired Morgan Stanley to advise on the sale.
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