AMERICAS
Enad Global 7, a game development studio, agreed to acquire Daybreak Game, an American video game developer, for $300m.
”Daybreak is a studio I have the utmost admiration for, not only for their games but the teams behind those games and services. Together we have bold and exciting plans for the future, and I look forward to making those dreams a reality for gamers all over the world,” Robin Flodin, EG7 CEO and Co-founder.
Daybreak is advised by Aream & Co, Swedbank and Perkins Coie. Enad Global 7 is advised by Carnegie Investment Bank, LionTree Advisors, Baker McKenzie and Eminova Fondkommission. Financial advisors are advised by Gernandt & Danielsson.
Platinum Equity-backed Nesco, one of the largest providers of specialty equipment, parts, tools, accessories and services, agreed to acquire Custom Truck One Source, a provider of specialized truck and heavy equipment solutions, for $1.47bn. Platinum Equity, the financial sponsor in the specialty rental equipment industry, has committed to invest over $850m in Nesco and will hold a majority interest in the combined company.
"I want to thank our dedicated employees for all that they do each day. Looking ahead, as a combined company, we will be very well positioned to capitalize on a broad range of growth opportunities and better serve our customers' specialty rental equipment needs on a national basis. We look forward to working together with the Nesco team to realize substantial synergies that will create meaningful value for all our stakeholders," Fred Ross, CTOS Chief Executive Officer.
CTOS is advised by Citigroup and Kirkland & Ellis. Platinum Equity is advised by Hughes Hubbard & Reed. Nesco is advised by JP Morgan, Latham & Watkins and Joele Frank. Debt financing was provided by Bank of America Merrill Lynch. JP Morgan is advised by Davis Polk.
Flutter Entertainment, a global sports betting and gaming group, agreed to acquire an additional 37% stake in FanDuel, a New York City headquartered gaming company, from Fastball Holdings for $4.2bn.
"Flutter's initial acquisition of a controlling stake in FanDuel in 2018 has been transformational for the shape of the Group. Our number one position in the crucial US market is built on many of the assets we acquired through that transaction, supported by the broader Group's capabilities. Our intention has always been to increase our stake in the business and I'm delighted to be able to do so earlier than originally planned and at a discount to its closest peer," Peter Jackson, Flutter CEO.
Flutter Entertainment is advised by Davy Corporate Finance, Goldman Sachs, Wachtell Lipton Rosen & Katz, Drury Porter Novelli and Finsbury Glover Hering. Fastball Holdings is advised by Moelis & Co.
AE Industrial-backed NuWave Solutions, a provider of data management, advanced analytics, artificial intelligence, cloud solutions and technologies to the US federal government, completed the acquisition of BigBear, a provider of cloud-based big data analytics solutions to the national security community within the US government. Financial terms were not disclosed.
"BigBear's data and analytics solutions bolster our existing capabilities to address the entire spectrum of information superiority. Making better decisions from data while mitigating risk is a top priority for our government customers, and we look forward to working with the BigBear team as we supplement our capabilities to meet growing demand," Reggie Brothers, NuWave CEO.
BigBear was advised Robert W Baird, Foundry General Counsel and King & Spalding. NuWave Solutions was advised by Ernst & Young, Akerman and Lambert & Co.
Macquarie Group, an Australian multinational independent investment bank and financial services company, agreed to acquire Waddell & Reed Financial, an American asset management and financial planning company, for $1.7bn.
"Over the past few years, we have been focused on leveraging our strong heritage as the foundation for transforming our firm into a more diversified and growth-oriented financial services enterprise. The long-term partnership between Macquarie and LPL as part of this transaction accelerates that transformation and ultimately will benefit our clients and independent financial advisors while delivering significant value to our stockholders," Philip J. Sanders, Waddell & Reed Financial CEO.
Waddell & Reed Financial is advised by JP Morgan, Wells Fargo Securities, Joele Frank and Norton Rose Fulbright. Macquarie Group is advised by RBC Capital Markets and Allen & Overy.
Private equity firm Harvest Partners agreed to invest in Galway Insurance Holdings, the holding company for EPIC Brokers & Consultants and JenCap Holdings, which together represent one of the US' largest insurance distribution firms. Galway's existing private equity investors, Oak Hill Capital and The Carlyle Group, will reinvest alongside the management team and employee shareholders, who will remain significant shareholders. Financial terms were not disclosed.
"John, Steve and John have built an exceptional business with the support of Oak Hill and Carlyle that we look forward to continue aggressively growing" with Steve Carlson, Partner, adding "It is an optimal time to invest in such a strong team to capitalize on favourable dynamics in the insurance distribution space," Jay Wilkins, Harvest COO and Partner.
Galway Insurance is advised by Evercore, Goldman Sachs, Morgan Stanley and Weil Gotshal and Manges. Harvest Partners is advised by Ropes & Gray. The Carlyle Group is advised by Wachtell Lipton Rosen & Katz.
BancorpSouth Bank, an American bank, agreed to acquire National United Bancshares, the parent company of National United Bank, for $115m.
"It was important for both of our companies to take time to understand and evaluate the potential impact the pandemic would have on the potential merger. This merger creates an excellent opportunity to broaden our Central Texas presence and continue to expand in key markets. National United is a trusted financial institution that has been serving its community for more than 125 years, and its culture and mission are similar to ours. We look forward to welcoming our new customers and teammates pending the completion of this merger," Dan Rollins, BancorpSouth Chairman and CEO.
National United Bancshares is advised by Stephens and Fenimore Kay Harrison & Ford. BancorpSouth Bank is advised by Alston & Bird and Waller Lansden Dortch & Davis.
Arco Platform, an educational software provider, completed the acquisition of Escola da Inteligência, a solution in social-emotional learning in Brazil, for $89m.
"EI's team is proud to be joining Arco, a company that we admire and that has the same focus on quality that we do. This deal will combine the leading company in cognitive solutions with the leader in social-emotional learning. Together we will continue writing a successful story for EI, as this deal unlocks cross-sell opportunities and accelerates our technology offering," Camila Cury, EI CEO.
Escola da Inteligência was advised by BTG Pactual and Machado Meyer Sendacz e Opice Advogados. Arco Platform was advised by Riza Capital and Lobo de Rizzo.
L Catterton, an American private equity company based in Greenwich, Connecticut, led a $150m Series B round in Function of Beauty, a creator of customizable hair, skin, and body care products, with participation from CircleUp and GGV.
"Function of Beauty has cracked the code of mass customization and is poised to redefine the beauty landscape. We are delighted to partner with Zahir, Joshua, Hien, and the company's passionate team to grow the brand. Together, we look forward to deploying an even more aggressive growth marketing strategy in domestic and international markets while fostering breakthrough product innovation in hair care, skincare, and more," Avik Pramanik, L Catterton Partner.
Function of Beauty is advised by Goldman Sachs, Cooley and Purple PR. L Catterton is advised by Gibson Dunn & Crutcher and Joele Frank.
XPO Logistics, an American multinational transportation and contract logistics company, is set to spin-off its logistics segment into a separate publicly-traded company.
"By uncoupling our transportation and logistics segments, we intend to create two high-performing, pure-play companies to serve the best interests of all our stakeholders. Both businesses will have greater flexibility to tailor strategic decision-making and capital allocations to their end-markets, with the benefit of strong positioning as customer-focused innovators. We currently believe that this spin-off is the most effective way to unlock significant value for our customers, employees and shareholders," Brad Jacobs, XPO Logistics Chairman and CEO.
XPO Logistics is advised by Goldman Sachs, Wachtell Lipton Rosen & Katz and Kekst CNC.
Summit Partners, a global growth investor, led a $290m funding round in ShipMonk, a provider of e-commerce fulfilment and technology solutions.
"ShipMonk was founded to alleviate the burden of supply chain management and allow brand owners to focus on the magic of their front-end customer experience. Small and medium-sized brands are working at an incredible pace to keep up with both increased demand and consumers' service-level expectations. Fulfilment and inventory management technology has quickly become a critical component to ensure seamless delivery. Our solutions can quite literally make the difference between an item arriving on time or behind schedule, and ultimately, the difference between building brand loyalty or losing a valuable customer," Jan Bednar, ShipMonk Founder and CEO.
ShipMonk was advised by Goldman Sachs and Walker Comms.
FedEx, an American multinational delivery services company headquartered in Memphis, agreed to acquire ShopRunner, an e-commerce platform. Financial terms were not disclosed.
"In pursuit of our purpose of creating the future of retail, we have built the foundation of a cross-brand ecosystem to create a simple shopping experience for consumers and to aggregate the scale of our network for our partners' benefit. The unparalleled reach and assets of FedEx will accelerate our existing capabilities and align with our goal of creating new products and services that advance a more open, collaborative e-commerce ecosystem," Sam Yagan, ShopRunner CEO.
ShopRunner is advised by Evercore and Morgan Lewis & Bockius.
Crossplane Capital, a Dallas-based private equity firm, completed the acquisition of Griffin Dewatering, a provider of groundwater control solutions for large scale civil and infrastructure, industrial, power and commercial construction projects. Financial terms were not disclosed.
"We are incredibly excited to be partnering with the Griffin team to continue to expand the Company's market-leading complex dewatering and water treatment capabilities. We believe Griffin is a uniquely strategic business with unmatched experience and knowledge in its market, making it a very compelling investment for Crossplane. The ability to provide comprehensive water management solutions to its customers' job sites positions Griffin as a risk mitigator and invaluable partner in the construction process," Mike Sullivan, Crossplane Capital Managing Director.
Griffin Dewatering was advised by Willkie Farr & Gallagher.
Riverside Partners, a private equity investment firm, agreed to merge Convergence Networks, a cybersecurity firm, and Grade A, an Ottawa-based managed services provider. Financial terms were not disclosed.
"We are excited to invest in these two complementary companies that provide best-in-class IT and cybersecurity services to SMB clients. The merged company's clients can continue to rely upon the same personalized local service they have become accustomed to receiving. At the same time, the newly combined company will offer additional services, greater time-zone coverage, and a deeper bench of technical engineers available to address and defend the expanding and everchanging nature of technology," David Del Papa, Riverside General Partner.
Convergence Networks and Grade A are advised by Martinwolf.
Investment firm Insight Partners led a $138m Series E round in Bizzabo, which provides a platform to plan and run both virtual and in-person conferences, with participation from Viola Growth, Next47, and OurCrowd.
"Covid-19 has permanently transformed the professional events category. Bizzabo's impressive growth and momentum began pre-pandemic and accelerated during it as they launched the industry's first end-to-end event technology solution. Their pedigree in both in-person and virtual events and their impressive execution capabilities have them well-positioned to lead this rapidly evolving space. We are excited to partner with their leadership team and to support them in this new phase of growth," Matt Gatto, Insight Partners Managing Director.
Bizzabo was advised by Crenshaw Communications.
New State Capital Partners, a private equity firm, completed the acquisition of a majority stake in KMS, a wholesaler of consumer product closeouts. Financial terms were not disclosed.
"Consumers are increasingly hunting for bargains within the off-price retail channel, and we see those habits firming and accelerating regardless of underlying economic factors. KMS can build on its broad array of longstanding relationships in product sourcing and wholesale channel delivery, and we also see great potential for growth within the company's direct-to-consumer business. We look forward to working with the KMS team to support the next phase of the company's success," Kurt Lentz, New State Principal.
New State Capital was advised by Lambert & Co.
HIG Capital-backed Recochem, a global company in manufacturing, marketing, and distributing automotive aftermarket and household fluids, completed the acquisition of KOST USA, an American manufacturer of coolant/antifreeze. Financial terms were not disclosed.
“The acquisition of KOST is strategically important for Recochem, significantly increasing the company’s presence in the United States. The combined business is a leading manufacturer and distributor and one of the few scaled players in automotive aftermarket consumable fluids across North America. KOST has a loyal customer following and an excellent reputation for quality products and outstanding service. We are very excited about partnering with the team at KOST to support the company’s continued expansion,” Richard Boudreaux, Recochem President and CEO.
KOST USA was advised by Grace Matthews.
Investment firm Insight Partners completed the acquisition of a majority stake in CommerceHub, an e-commerce solutions provider, from private equity firms GTCR and Sycamore Partners. Financial terms were not disclosed.
"This investment represents yet another new and exciting chapter for CommerceHub. Insight Partners shares our vision that all commerce has become ecommerce and together, we will continue our efforts to advance the capabilities of the digital supply chain," Frank Poore, CommerceHub Founder and CEO.
CommerceHub was advised by Morgan Stanley.
Companhia de Transmissão de Energia Elétrica Paulista, a Brazilian electric utility, agreed to acquire Piratininga-Bandeirantes Transmissora de Energia, an energy transmission company, from SF Energia, a photovoltaic energy and energy management firm, for $305m. The consummation of the transaction is subject to the fulfilment of certain conditions.
The transaction reinforces CTEEP's strategy of growth with sustainable value creation with a commitment to create value through investments in projects that contribute to the expansion of Brazil’s power transmission system.
Crest Rock Partners, a Denver-based private equity firm investing in lower middle market software, technology, services and manufacturing businesses, completed the investment in Lumin8 Transportation Technologies, a provider of traffic and intelligent transportation systems. Financial terms were not disclosed.
"The Lumin8 team has done a tremendous job growing their individual businesses by consistently executing for their customers and by taking care of their employees. The combined company will benefit significantly from shared resources and expertise, which should catalyze further geographic expansion. We are excited to help the Lumin8 team take on what we believe to be an incredible opportunity in the US traffic and ITS markets," Steve Johnson, Crest Rock Partner.
Marsh & McLennan, an insurance broker and risk advisor, agreed to acquire INSPRO, a full-service insurance agency in state of Nebraska. Financial terms were not disclosed.
“As MMA continues to expand our reach across the US, we are fortunate to welcome INSPRO, a regional leader with a rich history of providing value-added services to companies of all sizes. Their dedication to client service and strong corporate culture make the INSPRO team a natural fit for MMA. We are excited to have them on board,” David Eslick, Marsh & McLennan Agency CEO.
Amazon in talks to buy Wondery.
WSJ reported that Amazon is in exclusive talks to purchase podcast startup Wondery, as the tech giant pushes further into the growing audio sector.
The talks value Wondery at over $300m. Wondery's last funding round, in June 2019, valued the company at $100m. The deal talks are continuing and negotiations could still fall apart.
Dyal Capital in talks to merge with Owl Rock Capital. (FS)
Neuberger Berman's Dyal Capital Partners, an investment platform, is in talks to merge with Owl Rock Capital Group, a specialty finance company focused on providing direct lending solutions to middle-market companies. The transaction will be carried out with a SPAC help.
The companies confirmed their talks in a joint statement. The founders of Owl Rock and Dyal would lead the stand-alone firm, and the investment teams and processes would remain unchanged. The Owl Rock and Dyal founders, alongside Neuberger Berman Group, the parent of Dyal, would own meaningful positions in the combined business.
The parties signed a non-binding letter of intent and are engaged in exclusive negotiations with Altimar Acquisition, a special purpose acquisition company, to facilitate the potential combination.
Uber in talks to sell air taxi business.
Uber is in talks to sell Uber Elevate, its air taxi business, to Joby Aviation, an aerospace firm, Reuters reported. Uber's shares rose over 6% following the news.
In May, due to extensive damages caused by the Covid pandemic, the company cut 23% of its workforce as part of aggressive cost cuts and vowed to focus on its core ride-hailing and food-delivery businesses. It is also reported that Uber is also in talks to sell its self-driving business.
Aimco spurns 'grossly inadequate' buyout offer.
Apartment Investment and Management, a publicly-traded real estate investment trust, said it had received a buyout offer which the board deemed "grossly inadequate" and not in the best interests of the company.
The offer was reportedly made by Westdale Real Estate Investment and Management, a national real estate investment and management company headquartered in Dallas. Aimco said it would continue with a previously announced separation of Apartment Income REIT.
KKR nears $800m warehouse deal. (FS, RE)
KKR is nearing the deal to acquire a portfolio of US warehouses for $800m, Bloomberg reported. The transaction could be announced as soon as next week.
Barclays is reportedly arranging about $700m in commercial mortgage-backed securities to finance the deal, which includes assets in markets including Atlanta, Chicago, Dallas and Baltimore.
Itau raises $956m with XP share sale.
Itau Unibanco, a Brazilian publicly quoted bank with headquarters in São Paulo, raised at least $956m, by selling a 4.4% stake in brokerage XP in a share offering.
XP's share price in the offering was set at $39, down 3.5% from its closing price previous day. Itau decided to divest its 46% stake in XP after the failed attempt to secure full control over the fintech group in 2017.
MBK Partners puts Apex Logistics on sale. (FS)
MBK Partners, a North Asia-based private equity firm, put Apex Logistics, an air freight firm, for sale, hoping to secure a $1bn valuation as coronavirus pandemic advanced Apex's business, Reuters reported.
The company has seen air freight demand surge as the cargo capacity usually available in passenger planes has evaporated during the Covid-19 pandemic as air travel all but shut down. MBK is reportedly marketing Apex to logistics groups as DSV, North American Expeditors or Kuwait-based Agility.
MBK is advised by Morgan Stanley.
Amring Pharmaceuticals acquires rights to LYSTEDA.
Amring Pharmaceuticals, a generic pharmaceutical company, agreed to acquire rights to LYSTEDA, a first-in-class, non-hormonal therapy indicated specifically for treatment of women with cyclic heavy menstrual bleeding, from Ferring International Center, a pharmaceutical company in Saint-Prex, Switzerland. Financial terms were not disclosed.
"With the acquisition of LYSTEDA, Amring is further securing its position as a market leader in the treatment of HMB and expands product opportunities in markets outside of the USA. We believe that this brings long term value to patients and customers in our target markets," Daniel Carbery, Amring President and CEO.
JMI Equity looking to raise $1.3bn for Fund X. (FS)
JMI Equity set a $1.3bn target for its 10th flagship fund. With offices in Baltimore and San Diego, JMI makes growth investments of between $15m and $125m in software companies across education, healthcare IT, human resources and other sectors.
The firm raised $1.2bn for its ninth flagship fund in 2018.
Conduit Holdings shares soar after $1.1bn IPO.
Shares of the Bermuda-based reinsurer Conduit Holdings rose after its $1.1bn IPO. Stock rose 7% from the original offering price. Conduit sold 164m shares offering each of them for 500 pence, with the order book closing two days earlier than planned.
The company hopes for rising prices for commercial insurance. Its cost has already been increasing for a few years, and it surged during Covid pandemic that made risks grow across multiple lines of business.
Capitol Investment prices $300m IPO. (FS)
Capitol Investment, a special purpose acquisition company, announced that it priced its IPO at $10 per unit for aggregate gross proceeds of $300m.
Each unit consists of one share of the company's Class A common stock and one third of one warrant, each whole warrant entitling the holder thereof to purchase one share of the company's Class A common stock at an exercise price of $11.5.
Capitol Investment is advised by Citigroup, Deutsche Bank, and Morgan Stanley.
Rodgers Silicon Valley Acquisition prices $200m IPO. (FS)
Rodgers Silicon Valley Acquisition, a special purpose acquisition company, announced the pricing of its initial public offering of 20m units at the price of $10.
Each unit will consist of one share of common stock and one-half of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one share of common stock at $11.5 per share.
Rodgers is advised by Oppenheimer & Co.
Trepont Acquisition prices its $200m IPO. (FS)
Trepont Acquisition, an acquisition vehichle, announced that it priced its IPO of 20m units at the price of $10. The units are expected to be listed on the NYSE.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.5 per share.
Trepont is advised by Credit Suisse.
Citigroup's Steve Volk to retire. (People)
Steve Volk, Citigroup Chairman, will retire from the bank next year in February, according to an internal memo signed by CEO Michael Corbat and two of his top deputies. Despite the departure, Mr Volk plans to continue working as a board member of the agricultural company Continental Grain.
"Steve has helped bring in and maintain some of our most important and durable client relationships," Michael Corbat, CEO and Jane Fraser, President.
EMEA
Reuters reported that London Stock Exchange Group is set to win EU antitrust approval for its $27bn takeover of Refinitiv, a global provider of financial market data and infrastructure.
The LSE, seeking to diversify into the financial data sector and reduce reliance on unpredictable trading volumes, unveiled its plan to buy Refinitiv last year, but faced hurdles in Brussels, with the deadline for EU approval pushed back to January 2021.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett and Eterna Partners. LSE is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer and Teneo. Financial advisors are advised by Herbert Smith Freehills. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
CVC-backed AR Packaging, a packaging company, completed the acquisition of Kroha, a specialist in folding carton packaging for pharmaceuticals. Financial terms were not disclosed.
"I am very pleased to see AR Packaging as the chosen partner for Kroha. The owner Franz Kroha has developed the company to a well-recognized supplier to healthcare customers with high demands. Taking over the responsibilities of Kroha confirms our ambition for further growth of the AR Packaging core segments, both organically and through further acquisitions," Harald Schulz, AR Packaging President and CEO.
Kroha was advised by ARQIS Rechtsanwalte and Finkenhof.
EQT Partners-backed Recover Nordic, a provider of property remediation and environmental services, agreed to acquire SWE Skadeteknikgruppen, a Swedish environmental investigation firm. Financial terms were not disclosed.
The acquisition strengthens Recover’s presence within water damages and environmental investigations.
Recover Nordic is advised by Advokatfirman Lindahl.
Rolls-Royce, a British multinational engineering company, completed the acquisition of Servowatch, a supplier of ship control systems. Financial terms were not disclosed.
"The team at Servowatch are very pleased and proud to be joining Rolls-Royce Power Systems and see very positively the synergy of products, also the focus on innovation and customer service, that is the recognized hallmark of Rolls-Royce globally. We look forward to contributing our efforts and products to the group, also to our further development as a business unit, under Rolls-Royce ownership," Wayne Ross, Servowatch Managing Director.
Rolls-Royce was advised by Brunswick Group.
CVC Capital Partners, a private equity firm, agreed to acquire RiverStone Europe, a run-off insurance services provider, from Fairfax and OMERS, the pension plan for Ontario's municipal employees, for c.$750m. The transaction is subject to customary closing conditions, including various regulatory approvals, and is expected to close in early 2021.
"RiverStone Europe is an industry leader in run-off insurance services, and CVC's scale and vision will give RiverStone Europe, under the continued leadership of Luke and his management team, the opportunity to further grow the business. Nick and Luke are also fully supportive of this transaction, based on their strong beliefs that it was the best way for RiverStone Europe to continue to grow and pursue run-off transactions. We wish Luke and all of the employees at Riverstone Europe much success in the future. Fairfax remains committed to continuing to grow its other European businesses, including its Lloyd's of London activities," Prem Watsa, Fairfax Chairman and Chief Executive Officer.
Parcom Capital, a pan-European investment firm, agreed to acquire Climate for Life, a provider of healthy and energy-efficient HVAC indoor climate solutions, from private equity firm Gimv. Financial terms were not disclosed.
"With its differentiating and market-leading product offering, Climate for Life actively contributes to making the Dutch housing market more sustainable. This market is moving and we strongly believe in the many growth opportunities ahead for Climate for Life. We are looking forward to actively support the dedicated management team in the continued realization of their ambitions," Willem-Jan Merckel, Parcom Partner.
Cain International, the privately held investment firm led by Jonathan Goldstein, agreed to acquire Prezzo, a chain of British-owned restaurants serving food inspired by Italian cuisine in the United Kingdom and Ireland. Financial terms were not disclosed.
"We firmly believe that strong hospitality and leisure brands with disciplined leadership will thrive in a post-Covid landscape. Prezzo has a clear vision for how to best serve its customers and communities and I am confident that the combination of Cain's operational and financial expertise, the exceptional management team led by Karen, and the commitment of Prezzo's entire workforce will enable the business to realize its full potential. We are extremely excited about joining the Prezzo family and putting it on a path toward renewed growth," Jonathan Goldstein, Cain International CEO.
Engie explores banks for $6bn services disposal.
Engie, a French multinational electric utility company, is exploring its options of banks for the divestiture of services businesses, Bloomberg reported. BNP Paribas, Credit Suisse and Lazard have reportedly been shortlisted for potential roles. The banks will help Engie study strategic options for the assets, including a sale or initial public offering.
The company plans to seek a valuation of around $6bn for the operations, which include electrical installation as well as services for heating and ventilation systems. Some private equity firms reportedly are already studying the businesses.
Bafin says banking union no precondition for bank mergers.
Felix Hufeld, head of Bafin, said that the completion of Europe’s banking union with creation of a joint deposit protection scheme is not a precondition for cross-border bank mergers.
“If a cross-border merger makes economic sense, it will not fail because the third pillar of the banking union is not yet complete. The fact that there have hardly been any such mergers so far is primarily due to their high complexity and doubts about their economic sense," Felix Hufeld, Bafin President.
South Africa to raise $400m for stake sale in SAA.
South Africa is looking to raise about $400m from the sale of a stake in its bankrupt national airline South African Airways, Bloomberg reported. The funds would reportedly be used to recapitalize the reformed South African Airways.
The government is banking on SAA attracting interest because it holds some lucrative routes and valuable landing slots, such as at London’s Heathrow Airport.
Aberdeen Standard raises $1bn for infrastructure fund. (FS)
Aberdeen Standard, a global asset manager, raised $1bn in investments beating the final target value of commitments for its second infrastructure fundraise.
The firm gathered $810m for SL Capital Infrastructure Fund II and remaing $190m through a segregated account. The fund will target direct investment in mid-market core infrastructure transactions in the UK and Continental Europe.
Xavier Rolet joins an acquisition vehicle. (People)
Xavier Rolet, former London Stock Exchange boss, joined the acquisition vehicle that looks for technology deals across Europe and is led by Makram Azar, ex Barclays banker.
The SPAC is named Golden Falcon Acquisition, and it will be listed on NYSE with a target fundraising of $300m. Rolet, who left the LSE in 2017, will serve as an independent director of the new vehicle.
APAC
Reuters reported that the year-long spat between activist funds and a small real estate investment trust over the $227m merger between Sabana REIT and ESR-REIT is nearing a climax in Singapore, a battle that could embolden more investor dissent in a sleepy market dominated by retail shareholders.
The activists say a proposed deal between Sabana REIT and ESR-REIT, whose managers are both owned by a unit of Asian logistics giant ESR Cayman, undervalues Sabana REIT and are confident of blocking it. A victory at Sabana REIT's investors' vote would mark a rare win for activists in the city-state and signal their growing clout with retail shareholders.
Sabana REIT is advised by Credit Suisse and HSBC. ESR-REIT is advised by Citigroup, Maybank, RHB, United Overseas Bank, WongPartnership and Newgate Communications.
Advantage Partners, a services provider to private equity funds, completed the acquisition of Qit, a provider of a wide range of outsourcing services, from private equity firm CLSA. Financial terms were not disclosed.
"AP Funds plan to support the company's growth by working with Qit's management and employees to further strengthen the operating foundation that they have worked so hard to establish," Advantage Partners.
Robinsons Land picks banks for $500m REIT IPO.
Robinsons Land, a Philippine developer, picked arrangers for the initial public offering of a property trust that could raise as much as $500m, Bloomberg reported.
UBS and Bank of the Philippine Islands will advise Robinsons on the planned listing. An office portfolio will reportedly back the real estate investment trust with an estimated valuation of as much as $2bn.
NextGen Funds launches first-ever Australia AI fund. (FS)
NextGen Funds Management, a future-focused alternative investment company, launched Australia's first pure Artificial Intelligence fund to invest in businesses operating in the AI sphere and address environmental, social, and industrial challenges globally.
The fund targets sophisticated investors like high net worth individuals, family offices and institutions. It will invest in both debt and equity and diversify between multiple industry sectors and company growth stages, ranging from start-up to pre-IPO.
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