AMERICAS
Biote Holdings, a hormone therapy services provider, agreed to go public via a SPAC merger with Haymaker Acquisition III, a special purposes acquisition company, in a $737m deal.
“Biote has a huge opportunity to enable physicians to help this highly underserved patient population take greater control of their health. Biote is committed to educating and empowering providers to effectively treat patients and help them understand the critical role that hormones play in healthy aging. We welcome Haymaker as partners and look forward to the role our status as a public company will play in increasing access to, and awareness of, our leading hormone therapy practice-building business," Terry Weber, Biote CEO.
Biote Holdings is advised by Jefferies & Company, Truist Bank, Cooley and Westwicke. Haymaker Acquisition III is advised by Cantor Fitzgerald, Citigroup, Truist Bank, William Blair & Co, DLA Piper and Ellenoff Grossman & Schole.
Britain's antitrust regulator The Competition and Markets Authority, which has been stepping up its regulation of Big Tech, will look into Microsoft's $16bn purchase of artificial intelligence and speech technology firm Nuance Communications, consider if the deal would result in lesser competition in the UK market.
Microsoft has been in preliminary talks with the CMA ahead of a formal request for approval of the Nuance deal. Interested parties have until January 10 to comment on the deal, Reuters reported.
Nuance is advised by Evercore, Paul Weiss Rifkind Wharton & Garrison, Joele Frank and Waggener Edstrom. Evercore is advised by Kirkland & Ellis. Microsoft is advised by Goldman Sachs, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom and WE Communications.
Australian billionaire Andrew Forrest's Wyloo Metals raised its offer to CAD1.1($0.86) a share for Canadian nickel producer Noront Resources shortly after failing to come to an agreement to support a rival bid by BHP Group.
The new offer valuing the Canadian miner at CAD616.9m($485m), 57% higher than its prior bid and outmatching BHP's CAD0.75($0.58) per-share offer.
Noront is advised by Stifel, TD Securities, Bennett Jones and Longview Communications. Wyloo is advised by McCarthy Tetrault. BHP is advised by BMO Capital Markets, Blake Cassels & Graydon and Kingsdale Advisors.
Pfizer, a pharmaceutical and biotechnology corporation, agreed to acquire Arena Pharmaceuticals, a clinical stage company developing potential therapies for the treatment of several immuno-inflammatory diseases, for $6.7bn.
“The proposed acquisition of Arena complements our capabilities and expertise in Inflammation and Immunology, a Pfizer innovation engine developing potential therapies for patients with debilitating immuno-inflammatory diseases with a need for more effective treatment options. Utilizing Pfizer’s leading research and global development capabilities, we plan to accelerate the clinical development of etrasimod for patients with immuno-inflammatory diseases,” Mike Gladstone, Pfizer Global President and General Manager of Inflammation and Immunology.
Pfizer is advised by Bank of America, Centerview Partners, Ropes & Gray and Arnold & Porter Kaye Scholer. Arena is advised by Guggenheim Partners, Evercore and Cooley.
Lone Star, a private equity firm, agreed to acquire SPX FLOW, a provider of process solutions for the nutrition, health and industrial markets, for $3.8bn.
"We are excited about the opportunity to partner with SPX FLOW. This acquisition is consistent with Lone Star's strategy to invest in businesses with substantial runway for growth. We have great respect for SPX FLOW's talented employees and their commitment to innovation and serving customers. We look forward to working with Marc and the entire team to help advance SPX FLOW's strategy and capture the opportunities ahead," Donald Quintin, Lone Star President.
SPX FLOW is advised by Morgan Stanley and Winston & Strawn. Lone Star is advised by Citi, RBC Capital Markets, Bank of America, Gibson Dunn & Crutcher and Kirkland & Ellis.
LiveWire, Harley-Davidson's electric motorcycle division, agreed to go public via a SPAC merger with AEA-Bridges Impact in a $1.77bn deal. Investors in PIPE included Harley-Davidson and KYMCO.
"We are at the confluence of two seminal shifts impacting the industry – vehicle electrification and sustainability. LiveWire is well-positioned to become the premier sustainable electric motorcycle brand and redefine the industry by leveraging the manufacturing and distribution expertise of Harley-Davidson and KYMCO. We're excited to partner with Harley-Davidson and the LiveWire team to help define the future of electric motorcycles as the industry continues its rapid transformation," John Garcia, AEA-Bridges Impact Chairman and Co-CEO.
Harley-Davidson is advised by JP Morgan, Latham & Watkins and Sard Verbinnen & Co. ABIC is advised by Credit Suisse, Citigroup, Kirkland & Ellis and Joele Frank.
Hain Celestial, an organic and natural products company, agreed to acquire Proven Brands, a snack food manufacturer, from Clearlake Capital Group, an investment firm, for $259m.
"We have been proud to partner with Aldo, Sammy and the entire team in executing on our combined vision of scaling a better-for-you snack platform to meet the demands of today's health conscious, informed consumers. Given our previous experience with Hain Celestial, who acquired our former portfolio company World Gourmet / Sensible Portions in 2010, we believe ParmCrisps and Thinsters have found a perfect home, and we look forward to the brands' continued success under Hain," Jose Feliciano and Behdad Eghbali, Clearlake Co-Founders and Managing Partners.
Proven Brands is advised by Bank of America, Piper Sandler and Bright Red Agency. Clearlake Capital is advised by Sidley Austin and Lambert & Co. Hain Celestial is advised by Venable.
Triple-S Management, a healthcare services company in Puerto Rico, announced that the merger with GuideWell Mutual Holding, a health solutions company and parent of Blue Cross and Blue Shield of Florida, was approved by Triple-S stockholders.
The transaction is expected to close by the end of the second quarter of 2022, subject to satisfaction of normal closing conditions and the approval of the Office of the Commissioner of Insurance of Puerto Rico.
Triple-S is advised by Goldman Sachs, Davis Polk & Wardwell and ICR. GuideWell is advised by JP Morgan, Cravath Swaine & Moore and Joele Frank.
Ryder System, a supply chain, fleet management and logistics solutions provider, agreed to acquire Whiplash, a provider of omnichannel fulfillment and logistics services, for $480m.
“The acquisition of Whiplash is consistent with our strategy to accelerate growth in our higher-return supply chain business. It also expands our e-commerce and omnichannel fulfillment network and reflects our continued focus on technology and innovation," Robert Sanchez, Ryder Chairman and CEO.
Whiplash is advised by JP Morgan and Paul Hastings. Ryder System is advised by Wofford Advisors and Blank Rome.
Quad-C Management, a middle market private equity firm, completed the acquisition of MNX Global Logistics, a logistics services provider, from Audax Private Equity, a private equity firm. Financial terms were not disclosed.
“We are excited to partner with Quad-C as MNX pursues its vision to be a world leader in time-critical transportation services. Quad-C brings deep industry expertise and resources that we believe will help us build on our market leadership position by expanding our service offerings and our value proposition to our clients through strategic acquisitions and growth initiatives," John Labrie, MNX President and CEO.
Audax Private Equity is advised by JP Morgan, Jefferies & Company, Kirkland & Ellis and Sard Verbinnen & Co.
Ameris Bancorp-backed Ameris Bank, a financial institution, completed the acquisition of Balboa Capital, an online provider of business lending solutions. Financial terms were not disclosed.
"Balboa Capital has helped tens of thousands of businesses access growth capital with instant credit decisions and same day funding. We look forward to providing Balboa Capital's lending technology and bringing a new digital lending option to more of our business customers. Just as important, Balboa Capital brings more than 30 years of technology expertise to Ameris Bank led by Patrick Byrne, its chief executive officer, and Phil Silva, company president. We are excited to have Pat, Phil and their team join our organization as we expand our online lending capabilities," Palmer Proctor, Ameris Bancorp CEO.
Balboa Capital was advised by Keefe Bruyette & Woods and Moore & Van Allen. Ameris Bank was advised by Piper Sandler and Covington & Burling.
AAON completed the acquisition of BasX Solutions for $200m.
AAON, a manufacturer of HVAC products, completed the acquisition of BasX Solutions, a manufacturer of data center cooling solutions, cleanroom systems, custom HVAC systems and modular solutions, for $200m.
“This is a significant milestone in our Company’s history, and we are pleased to formally welcome the BasX Solutions family to AAON. Strategically, this acquisition provides AAON with an immediate presence in the high-growth data center and cleanroom markets, both of which the Company has historically had minimal exposure. The growth and profitability fundamentals of these new markets are very compelling, and we are eager to leverage the BasX platform with our financial strength and manufacturing capacity to drive accelerated share gains," Gary Fields, AAON President and CEO.
AAON was advised by JP Morgan and Wells Fargo Securities.
Nucor, a manufacturer of steel, agreed to acquire a 51% stake in California Steel Industries, a steel processing and finishing company, from Vale, a producer of iron, and JFE Steel, a steel manufacturer, for $400m.
"Acquiring a majority ownership stake in California Steel Industries expands our geographic reach in sheet steel and gives us a strong presence on the West Coast. This acquisition will grow our portfolio of value-added sheet products, provide opportunities for increased internal shipments and enable us to provide our downstream businesses in the region such as Verco and Hannibal Industries with sheet steel products. We look forward to continuing to grow with our partners at JFE," Leon Topalian, Nucor Corporation President and CEO.
Vale is advised by Jefferies & Company.
PNM Resources, an energy holding company based in Albuquerque, completed the acquisition of Western Spirit Transmission Project from Pattern Development, for $285m.
"This project demonstrates one way New Mexico's renewable potential can be used to advance the state's economy, and it also highlights the critical need for transmission investment to achieve the clean energy future. We support NM RETA's goal to encourage renewable investment in the state and look forward to additional future opportunities," Pat Vincent-Collawn, PNM Resources Chairman, President and CEO.
Pattern Development was advised by Skadden Arps Slate Meagher & Flom.
Simpar, a passenger car rental holding company, completed the acquisition of Sagamar, an auto retailer, for $55m.
Sagamar will be incorporated by Simpar’s car retail subsidiary Original Holding as it aims to expands the capillarity and the portfolio of brands offered in both new and used light vehicles sales.
Walmart-backed Symbotic finalizes a $4.5bn SPAC merger. (FS)
American grocery retailer Walmart-backed robotics and automation company Symbotic is finalizing plans for a $4.5bn merger with SVF Investment Corp 3, a New York-listed special purpose acquisition company created by the Japanese technology giant SoftBank, SkyNews reported.
Walmart is expected to participate in the capital-raising element of the deal known as the PIPE, alongside other shareholders.
EMEA
Azerion Holding, a digital entertainment and media company, agreed to go public via a SPAC merger with European FinTech IPO Company 1, a special purposes acquisition company, in a €1.3bn ($1.5bn) deal.
“Azerion has experienced significant growth since its inception in 2014, and we have been looking for effective ways to build on this growth whilst consolidating our leading position in the markets we operate in. This business combination, and the subsequent listing of Azerion, will not only give us access to the capital markets but will also help us raise our profile amongst our customer and partner groups and talented workforce globally. Furthermore, in a consolidating and competitive market, it will help us stay financially flexible whilst fuelling our business expansion, both organically and through acquisitions. We are very pleased to partner with a highly reputable and well-established team in EFIC1," Atilla Aytekin, Azerion Co-Founder and Co-CEO.
Azerion is advised by Citigroup, Jefferies & Company, Rothschild & Co and Stibbe. EFIC1 is advised by ABN Amro, Credit Suisse, ING Bank, Oddo Corporate Finance, Pareto Securities, Clifford Chance and Hogan Lovells.
Basalt Infrastructure Partners, a private equity firm, agreed to acquire Nobina, a transport company, for $1bn.
"The offer represents an all-time high valuation of Nobina and provides a good opportunity for investors to realize their investments at an attractive premium. We appreciate the high quality of Nobina’s management, employees, operations and strong relationships with business partners and customers in various regions. We are excited about the opportunity to support Nobina and contribute to the development of the public transport systems in the Nordics by drawing upon our extensive experience in managing and growing companies in the transport sector," Rob Gregor, Basalt Infrastructure Partners Managing Partner.
Nobina is advised by Brunswick Group. Basalt Infrastructure is advised by Rothschild & Co, Latham & Watkins and Roschier Attorneys.
German state-owned insurance group Provinzial NordWest completed the merger with Provinzial Rheinland, which provides insurance services in Germany. Financial terms were not disclosed.
"I am very happy that the two Provincial Groups have found a good compromise after a hard struggle, with which, in my opinion, both sides can live very well. The merger would create a top 10 insurer with a premium volume of over $6.8bn," Wolfgang Breuer, Provincial NorthWest Manager.
Provinzial NordWest was advised by Hengeler Mueller.
Ramsay Health Care, a multinational healthcare provider and hospital network, agreed to acquire Elysium Healthcare, a provider of mental health services, for $1bn.
“The acquisition of Elysium will expand Ramsay’s patient pathways into the £15bn($20bn) UK mental health market at a time when more and more people are seeking support for mental health, learning difficulties and neurological issues. It will provide opportunities to leverage the expertise of Elysium and Ramsay’s existing mental health facilities and clinicians in Australia, France, and Sweden to drive improved patient outcomes across our mental health activities globally. Ramsay and Elysium share a strong commitment to clinical excellence, high-quality care and patient safety, with a matching focus on caring for our people and partners. We look forward to strengthening our important partnership with the NHS,” Craig McNally, Ramsay managing director and CEO.
MTS, a mobile operator, agreed to acquire VisionLabs, a biometrics company, for $95m.
“With MTS AI, we are creating a powerful center of excellence in artificial intelligence, which will bring together strengths across people, expertise, and product development. The acquisition of VisionLabs will reinforce our AI product portfolio in the promising computer vision space, which will enable us to further enhance the potential of the MTS digital ecosystem, as well as deliver world-class solutions for corporate clients in both Russia and abroad,” Viacheslav Nikolaev, MTS President and CEO.
Donnelley Financial Solutions, a risk and compliance solutions company, completed the acquisition of Guardum, a data security and privacy software provider. Financial terms were not disclosed.
"DFIN's industry-leading software solutions address the most challenging regulatory and compliance issues that companies face. Incorporating Guardum's data security and public information technology into our platform creates privacy intelligence by identifying and protecting our clients' sensitive data, automating time-consuming processes, and reducing the risk of exposing sensitive data to comply with the growing number of privacy regulations in an ever-changing digital world," Craig Clay, DFIN President of Global Capital Markets.
Shoprite-owned Checkers, a FMCG retailer, and RTT Group, a delivery company, agreed to form a joint venture.
"Owning the last mile home delivery aspect of our Sixty60 service is an important part of building out our digital ecosystem for customers,. This RTT On-demand joint venture will allow the group the opportunity to continue enhancing our order fulfilment and last-mile delivery capabilities," Pieter Engelbrecht, Shoprite Group CEO.
Beijing Automotive Group has a 9.98% stake in Daimler and has no plans to increase it.
Daimler, a German multinational automotive corporation, said its shareholder Beijing Automotive Group does not plan to increase its stake in the German luxury carmaker beyond the 9.98% stake it has held since 2019.
The statement was the first public confirmation that BAIC's stake has risen from a previously disclosed 5%. State-owned BAIC has been Daimler's main partner in China for years and operates Mercedes-Benz factories in Beijing through Beijing Benz Automotive.
Spanish government is in no hurry to sell Caixabank stake.
The Spanish government is in no rush to sell its 16% stake in Caixabank, a financial group in retail banking in Spain, Economy minister Nadia Calvino said.
Exxon is in talks to buy a stake in oil field.
Halliburton and Exxon Mobil are in talks over the latter’s attempt to sell a a stake in the West Qurna-1 oil field in southern Iraq.
Iraq wants a US partner for Exxon’s stake, Oil Minister Ihsan Abdul Jabbar said. If the talks with Halliburton fail, Iraq will step in to buy it, he added. He said a few days ago that Iraqi state company Basra Oil is a potential buyer, Bloomberg reported.
Vifor Pharma's shares surge after merger deal with CSL confirmed.
Vifor Pharma's shares surged more than 15% after the Swiss drugmaker and Australia's CSL, a biotechnology company, both confirmed they were talking about a potential merger. Reuters reported.
"Vifor is in discussions with CSL about a possible transaction. No decisions have been made yet and there is no time frame for this," Vifor.
APAC
Australian coal-seam gas producer Senex Energy, agreed to be acquired by POSCO International, a trading company, in an A$852m($610m) deal. The Senex Board unanimously recommends that shareholders vote in favour of the Scheme.
“Throughout our discussions with PIC, the Senex Board has been focused on maximising value for our shareholders. The offer announced today, which is recommended by the Board, reflects an attractive value for Senex and the opportunity for our shareholders to realise a certain cash price for their shares,” Trevor Bourne, Senex Chairman.
Senex is advised by Macquarie Group, Rothschild & Co, Clayton Utz and Domestique.
SBI Holdings, a financial services group, completed the acquisition of a 28% stake in Shinsei Bank, a commercial bank, for $1bn.
SBI aims to become Japan’s fourth largest banking group and already owns the country’s largest online brokerage, an online bank and an asset manager. It has been taking stakes in smaller lenders to create a nationwide network.
Shinsei Bank was advised by Morgan Stanley. SBI Holding was advised by Citigroup.
Australian retirement services providers QIC and Sunsuper, agreed to acquire Evolution Healthcare, a corporate hospital platform, from Pacific Equity Partners, a private equity firm. Financial terms were not disclosed.
“We’re very pleased to have been successful in securing Evolution Healthcare, a long-standing and dominant healthcare operator with strong incumbent positions in its key catchments. It is a platform with an experienced management team which has strong potential for future growth and expansion over time. This investment is wholly aligned with our sector centric, thematic-based infrastructure investment strategy. It leverages one of our key megatrends, an aging population, and the secular tailwinds of increased chronic illness and growing healthcare needs arising from public health constraints," Ross Israel, QIC Head of Global Infrastructure.
QIC is advised by Rothschild & Co.
Sichuan Energy Investment, Han’s Laser Technology, Changzhou Xingyu and CDH Investments led a $940m Series B funding round in SVOLT, a high-tech energy company.
“The company will consistently strengthen its R&D efforts, build a global technology-innovative brand image and consistently implement its global production capacity plan of 600 GWh in 2025,” Hongxin Yang, SVOLT Chairman and CEO.
JP Morgan Asset Management, agreed to acquire a 50% stake in One George Street, an office real estate in Singapore, for $472m.
The 23-floor Grade A office tower is strategically located in the central business district with access to multiple transport links. It has a green building certification and an occupancy rate of 97% as of September 30.
TPG, an alternative asset firm, Abu Dhabi Investment Authority, a sovereign wealth fund, and Temasek, an investment company, lead a $350m investment in The CrownX, a retail platform, of Masan Group, a food and beverage company.
"Powered by its rising middle class and rapid urbanization, Vietnam is well-positioned to be a significant driver of the next chapter of Asia's consumption story. Having witnessed Masan's turnaround of WinCommerce (WCM), we believe that The CrownX is the platform to capture this opportunity. They will develop the ecosystem further to expand their services to create value for all Vietnamese consumers. Leveraging our deep experience investing across the consumer sector and in Southeast Asia, we look forward to working with the management team at The CrownX to accelerate the company's vision," David Tan, TPG Capital Asia Managing Director.
Shriram Capital, Shriram City Union to merge with Shriram Transport.
Insurance services provider Shriram group will merge Shriram Capital and Shriram City Union Finance with Shriram Transport Finance as part of restructuring in the group. The new entity will be named Shriram Finance. The merger would help the group bring together all its lending products – Commercial vehicles, Two-Wheeler Loans, Gold Loan, Personal Loan, Auto Loan & Small Enterprise Finance.
Pursuant to the merger, Shriram Transport will issue 1.55 shares for every one share of SCUF and 0.097 shares for every one share of SCL, STFC said in filing with BSE.
The boards of three companies have approved the merger of SCL & SCUF with STFC. The merger is subject to the approval of shareholders of three companies and regulatory bodies like Reserve Bank of India and National Housing Bank.
Shriram is advised by Morgan Stanley, ICICI Securities, Ernst and Young, J&M Legal, HSBC and JM Financial.
Didi plans to hire Goldman Sachs for its Hong Kong listing.
Didi Global plans to hire Goldman Sachs for its planned Hong Kong listing and US delisting, as it moves to withdraw from the New York exchange after just five months.
Didi, which made its debut in New York on June 30 after raising $4.4bn via an initial public offering, said last week that it plans to delist from the US bourse and pursue a Hong Kong listing. The company is under pressure from Beijing to quit the New York Stock Exchange after running foul of Chinese authorities by pushing ahead with its IPO despite being asked to put it on hold while a review of its data practices was conducted, Reuters reported.
Amazon-backed More Retail is weighing India IPO at $5bn valuation.
Amazon-backed More Retail, an Indian grocery chain, is considering an initial public offering that could value the company at as much as $5bn.
The company is weighing a first-time share sale in Mumbai as early as June. More Retail could raise as much as $500m in a listing, which would consist largely of new shares, Bloomberg reported.
Hyundai Engineering seeks to raise up to $1bn via IPO.
Hyundai Engineering, part of South Korea's Hyundai Motor Group, will make a trading debut on the Korea Exchange next February, raising up to $1bn.
The builder of apartments and infrastructure facilities plans to offer its shares for a total of $783m to $1bn in a public offering. Its affiliated companies and Hyundai Motor Group Chairman Chung Eui-sun will sell part of their shares in the IPO.
SenseTime postpones Hong Kong IPO.
SenseTime Group, a Chinese artificial intelligence firm, said it remains committed to completing its initial public offering after postponing the Hong Kong listing to update its prospectus with new US sanctions on the company.
SenseTime will issue refunds to retail investors as it works to publish a supplemental prospectus with an updated listing timetable and other relevant information, Bloomberg reported.
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