AMERICAS
Nautic Partners-backed Innovative Renal, a healthcare services provider, agreed to acquire American Renal Associates, a dialysis services provider, for $853m.
“We are excited to bring together ARA management and IRC’s complementary team of executives as we look to support the Company in executing against its strategic plan built on a differentiated, patient-centric approach to the renal care market,” Dan Killeen, Nautic Principal.
American Renal is advised by Bank of America Merrill Lynch, Goldman Sachs, Epstein Becker Green, Latham & Watkins, Richards Layton and Finger, and Kekst CNC. Nautic Partners is advised by Guggenheim Partners and Goodwin Procter. Innovative Renal is advised by Raymond James. Goldman Sachs is advised by Skadden Arps Slate Meagher & Flom.
Hyliion, a provider of electrified powertrain solutions, completed the merger with Tortoise Acquisition, a special purpose acquisition company, in a $1.5bn deal.
Upon the closing of the transaction, the combined entity was named Hyliion Holdings and was listed on the NYSE under the new ticker symbol “HYLN.”
"We are proud to have combined with Hyliion and look forward to working collaboratively with Thomas and the new board to make this transaction a long-term success. Hyliion’s compelling value proposition includes offering the lowest-cost, longest-range and highest-payload option among existing and announced Class 8 commercial electric vehicles while also delivering important net-negative carbon emission profiles,” Vince Cubbage, Tortoise Chairman and CEO.
Hyliion is advised by Marathon Capital, Cooley, Wick Phillips, and Red Fan Communications. Tortoise was advised Morrow Sodali Global, Barclays, Goldman Sachs, Vinson & Elkins, and Zito Partners.
Over 89% of Noble Energy shareholders have approved the $13bn acquisition by energy giant Chevron, cementing one of the US industry's biggest transaction this year.
The vote on Friday during a virtual shareholder meeting came despite opposition from Elliott Management. The activist hedge fund was said to seek a break-up of the deal because it thought Chevron wasn’t paying enough. The biggest proxy-advisory firms disagreed and urged investors to support the tie-up, Bloomberg reported.
Noble Energy is advised by JP Morgan, Vinson & Elkins, and Joele Frank. JP Morgan is advised by Simpson Thacher & Bartlett. Chevron is advised by Credit Suisse, Alston & Bird, Paul Weiss Rifkind Wharton & Garrison, and Shearman & Sterling.
Altamont Capital, a private equity firm, completed the acquisition of a minority stake in Cornerstone Advisors, a provider of advisory services to banking institutions. Financial terms were not disclosed.
"We are very excited about this investment and believe that it positions Cornerstone very well for the future. With Altamont's resources, we are better suited to capitalize on attractive growth opportunities while continuing to provide our clients with the superior solutions and customer experience that they have come to expect," Scott Sommer, Cornerstone CEO.
Cornerstone was advised by Clearsight Advisors and Snell & Wilmer. Altamont Capital was advised by Lazard, Morrison & Foerster, Ropes & Gray, and Joele Frank. Debt financing was provided by Churchill Asset Management and LBC Credit Partners.
Oaktree Capital-backed Oaktree Acquisition, a special purposes acquisition vehicle, agreed to merge with Hims, a telehealth company, in a $1.6bn deal. Upon completion of the transaction, the combined company’s securities are expected to be traded on the New York Stock Exchange under the symbol “HIMS.”
“We’re thrilled to partner with Oaktree Acquisition to usher Hims & Hers into our next phase of growth as we work to become the front door to the healthcare system, serving as the first stop for peoples’ health and wellness needs across hundreds of conditions. Hims & Hers was founded to make it easier and more affordable for everyone to get the healthcare they need. We remain committed to advancing that goal as we expand into new categories of care and build an enduring healthcare company that brings choice, affordability and access to consumers," Andrew Dudum, Hims Founder and CEO.
Hims is advised by LionTree Advisors, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, and Westwicke. Oaktree is advised by Credit Suisse, Deutsche Bank, and Kirkland & Ellis.
Covis Group, a global speciality pharmaceutical company, agreed to acquire AMAG Pharmaceuticals, a commercial-stage biopharmaceutical company, for $498m.
"AMAG's category leading treatments are strong strategic complements to our existing therapeutic portfolio. Through this combination, we believe we will be able to unlock value for all of our stakeholders, employees and patients through the effective and efficient management of these products, coupled with our two companies' longstanding commitment to expanding patient access to therapy and putting patient interests first. At Covis, we never lose sight that our patients are our paramount concern. We look forward to engaging with the talented team at AMAG as we work together to plan the integration of our two organizations," Michael Porter, Covis CEO.
AMAG Pharmaceuticals is advised by Goldman Sachs, Goodwin Procter and Sard Verbinnen & Co. Goldman Sachs is advised by Skadden Arps Slate Meagher & Flom. Covis Group is advised by Paul Weiss Rifkind Wharton & Garrison and Breakwater Strategy.
Roark Capital, a private equity firm, completed the acquisition of ServiceMaster Brands business, a provider of pest control services, from ServiceMaster Global, a provider of residential and commercial services, for $1.5bn.
"We are thrilled to welcome ServiceMaster Brands to our family. We are excited to partner with the team and support ServiceMaster Brands’ long-tenured and successful franchisees to realize the tremendous growth potential of these brands," Mike Thompson, Roark Capital Managing Director.
Roark Capital was advised by JP Morgan, Paul Weiss Rifkind Wharton & Garrison, and ICR. Debt financing to Roark Capital is provided by Barclays. ServiceMaster was advised by Lazard and Wachtell Lipton Rosen & Katz.
LyondellBasell, a chemical company, agreed to acquire a 50% stake in the US chemicals business of Sasol, an integrated energy and chemical company for $2bn.
The agreement includes a definitive agreement to form a 50/50 joint venture. The JV will operate under the name Louisiana Integrated PolyEthylene JV. Under the terms of the transaction agreements, each JV partner will provide pro-rata shares of ethane feedstocks and will offtake pro-rata shares of cracker and polyethylene products at cost. LyondellBasell will operate the US Base Chemicals assets on behalf of the JV.
“This investment represents a unique opportunity to bring together the best of both companies and create deep, long-term value while immediately realizing the many benefits of new, strategically-located, world-scale assets. This approach is consistent with our strategy of investing in high quality assets that meet our threshold for value creation, while also maintaining our investment grade rating and commitment to our dividend. The transaction is expected to be accretive to both cash flow and EPS within one year with significant upside as market conditions continue to improve," Bob Patel, LyondellBasell CEO.
LyondellBasell is advised by Dyal Co, JP Morgan, and Kirkland & Ellis. Sasol is advised by Bank of America Merrill Lynch and Latham & Watkins.
Goldman Sachs BDC and Goldman Sachs Middle Market Lending announced that each company had obtained stockholder approval of all of the proposals related to the $1bn merger of the two companies.
“We would like to thank our stockholders for their strong support of the merger. We are confident that the increased size and scale of the combined company will deliver benefits to all of our stakeholders, as we strengthen our position as a leading lender to middle market borrowers," Brendan McGovern, Goldman Sachs President and CEO.
GSBD is advised by Bank of America Merrill Lynch, Dechert and Wachtell Lipton Rosen & Katz. MMLC is advised by Morgan Stanley and Eversheds Sutherland.
Kohlberg & Company, a private equity firm, agreed to acquire a majority stake in Parts Authority, distributor of automotive replacement parts from The Jordan Company, a private equity firm. Financial terms were not disclosed.
"TJC has been an excellent partner to Parts Authority over the past several years as we have continued to expand our footprint in the US through new greenfield locations and acquisitions. The entire Parts Authority staff is excited to partner with Kohlberg for this next phase as we look to continue expanding our business across the nation," Randy Buller, Parts Authority CEO.
Parts Authority is advised by Cowen & Company, Harris Williams, and Kirkland & Ellis. Kohlberg is advised by Stifel and Paul Weiss Rifkind Wharton & Garrison.
Blackstone-backed Cryoport, a provider of cold chain logistics solutions, completed the acquisition of MVE Biological Products, a cryobiological products business, from Chart Industries, a manufacturer of cryogenic equipment, for $320m.
"The acquisition is expected to expand Cryoport's total addressable market, provide our clients' with expanded end-to-end support across the cell and gene therapy value chain and enhance our innovation pipeline," Jerrell Shelton, Cryoport CEO.
Blackstone was advised by Goldman Sachs and Simpson Thacher & Bartlett. Cryoport was advised by Morgan Stanley and Latham & Watkins. Chart was advised by Winston & Strawn.
Morgan Stanley, a global financial services firm, completed the acquisition of E*TRADE, a provider of online brokerage and financial services, for $13bn.
Under the terms of the agreement, E*TRADE stockholders received 1.0432 Morgan Stanley shares for each E*TRADE share, which represents per share consideration of $58.74 based on the closing price of Morgan Stanley common stock on February 19, 2020.
"The addition of E*TRADE positions us as an industry leader in Wealth Management across all channels and segments and significantly increases the scale and breadth of our Wealth Management franchise, which now oversees $3.3tn in assets. The addition of their premier offering will provide enhanced capabilities to all our clients and Financial Advisors,” James P. Gorman, Morgan Stanley Chairman and CEO.
E*TRADE was advised by JP Morgan and Skadden Arps Slate Meagher & Flom. Morgan Staley was advised by Morgan Stanley and Davis Polk & Wardwell.
Omnicell, a provider of medication management solutions and adherence tools for health systems and pharmacies, completed the acquisition of 340B Link, a provider of software-enabled services and solutions to hospitals, health systems and clinics, from Pharmaceutical Strategies Group, a pharmacy intelligence and technology company, for $225m.
"The importance of the 340B program continues to grow as covered entities need solutions to help manage rising healthcare costs and uncompensated care. The addition of these distinct capabilities and software-enabled services to our portfolio positions Omnicell to support our health system partners in managing an increasingly complex medication management supply chain with critical capabilities to support 340B compliance and the associated eligible drug cost savings,” Randall Lipps, Omnicell Chairman, President, CEO, and Founder.
Omnicell was advised by Greenhill & Co and Sidley Austin. PSG was advised by Houlihan Lokey and Norton Rose Fulbright.
The Carlyle Group, a private equity firm, agreed to acquire Colombian onshore assets of Occidental Petroleum, a hydrocarbon exploration company, for $825m.
"We are excited to acquire Occidental’s onshore operations in Colombia. Through four decades, Occidental has established a high quality and resilient portfolio of assets in a country that is attractive for investment. We look forward to being responsible stewards through our significant experience of managing energy assets globally, our local industry knowledge, as well as leveraging the wealth of experience that Tony has amassed over his years in the sector,” Marcel van Poecke, Carlyle Energy Partners Head.
The Carlyle Group is advised by Latham & Watkins, Kirk Lovegrove & Company and Natixis Partners. Occidental is advised by White & Case.
Hartree Partners, a global merchant commodities firm, through its subsidiary HCS Holdings, completed the acquisition of the crude oil storage business from Third Coast Midstream, a full-service midstream company. Financial terms were not disclosed.
"Third Coast Midstream is pleased to announce the sale of AMID Crude Oil Storage to Hartree. We are confident that Hartree is well-positioned to further optimize these storage assets as Third Coast Midstream continues to execute on its plans to divest non-core assets and focus on its core Gulf of Mexico midstream business," Matt Rowland, Third Coast Midstream President and Chief Executive Officer.
Third Coast Midstream was advised by Wells Fargo Securities and Sidley Austin. Hartree Partners was advised by Vinson & Elkins.
Mitsubishi Chemical America, a chemical products manufacturer, completed the acquisition of Gelest Intermediate Holdings, a manufacturer and supplier of silicones, organosilanes, metal-organics and speciality monomers, from New Mountain Capital, a private equity firm. Financial terms were not disclosed.
“New Mountain Capital has been a terrific partner and helped us to significantly grow the company over the past three years. We now look forward to joining MCC where their capabilities and breadth will allow Gelest to create even more value for customers and opportunities for employees,” Ken Gayer, Gelest CEO.
Mitsubishi Chemical was advised by Houlihan Lokey. New Mountain Capital was advised by Abernathy MacGregor Group.
Greenbriar Equity Group, a private equity firm, agreed to invest $500m in Uber Freight, the trucking business of Uber, at a $3.3bn valuation.
“We are thrilled to be moving into the next chapter with Greenbriar by our side as a partner with deep expertise and a shared passion for simplifying logistics. We will continue to leverage Uber’s leading marketplace technology, global reach, and cross-platform capabilities to accelerate our growth and continue to lead the industry forward," Lior Ron, Uber Freight Head.
Greenbriar Equity is advised by Kirkland & Ellis and Kekst CNC.
Authentix, an authentication and information services company, completed the acquisition of Traceless Authentication Group, an anticounterfeiting and diversion control company, from Bibliotheca, a library systems solutions company. Financial terms were not disclosed.
"Authentix has been a dominant leader in the brand protection market for over 20 years serving some of the world's largest brand owners, and this strategic acquisition expands our security technology offerings available to our growing list of global clients along with the addition of Traceless customers added in this transaction. Traceless brings an extensive capability in the worldwide digital tracking of products and consumer-level product marketing, both of which integrate well with our growth strategy," Kevin McKenna, Authentix CEO.
Authentix was advised by MHT Partners.
Private equity firms CC Capital and Motive Partners, agreed to acquire Wilshire Associates, a global investment technology and advisory company. Financial terms were not disclosed.
“We are delighted to be partnering with CC Capital again, combining our teams’ deep knowledge of the sector to execute our transformation plan, benefitting Wilshire’s exceptional client base and future clients,” Rob Heyvaert, Motive Partners Managing Partner.
Wilshire Associates is advised by Prosek Partners.
Featheringill Capital, an asset management firm, completed the acquisition of a majority stake in InvestEdge, a provider of compliance software to financial institutions. Financial terms were not disclosed.
"The InvestEdge compliance solution is the most sophisticated we've seen. Given how important compliance monitoring is to a financial institution's viability, we jumped at the chance to partner with the team at InvestEdge," Liz Pharo, Featheringill Capital Managing Partner.
InvestEdge was advised by Financial Technology Partners.
ByteDance is working with US regulators to resolve outstanding security concerns over its planned sale of a stake in music-video app TikTok, and the companies involved are bracing for the approval process to drag on past the November election, Bloomberg reported.
Oracle, which is leading the bid to buy a stake in TikTok, is also still hashing out the fine-print terms of the deal, which two weeks ago received an endorsement “in concept” from US President Donald Trump but faces skepticism from others within his administration and from the Chinese government.
ByteDance is in discussions on a final proposal with the Committee on Foreign Investment in the US, or Cfius, the regulatory body that must clear any agreement. Several issues remain unresolved, including questions about data security, Chinese ownership in the new TikTok Global and a possible $5bn education fund. Trump has said that if a deal isn’t done before November 12, TikTok will be shut down in the US, but it’s possible that deadline could be changed if negotiations are still going on into next month.
Sandvik, an engineering group in mining and rock excavation, metal-cutting, and materials technology, completed the acquisition of Allied Construction Products, a US distributor of hydraulic hammers to the construction and mining industries and manufacturer of compactor plates and mounting brackets. Financial terms were not disclosed.
The acquisition of Allied establishes an enhanced sales, service and support platform for the growing North American customer base. It also enables Sandvik to expand the existing dealer network into new regions and to penetrate new customer segments with a broader product offering. Allied will obtain additional strength and access to modern technology.
Xplornet Communications, a rural-focused broadband service provider, completed the acquisition of Corridor Communications, a provider of broadband solutions. Financial terms were not disclosed.
“This exciting acquisition will join CCI Wireless’ Western depth and robust network to Xplornet’s nation-wide team and state-of-the-art rural broadband infrastructure. This will enable us to accelerate our plans to deliver unprecedented speeds and unlimited data plans to rural customers,” Allison Lenehan, Xplornet President and CEO.
TA Associates, a private equity firm, completed the acquisition of a majority stake in Netwrix, a software services provider. Financial terms were not disclosed.
"Netwrix is thrilled to be working alongside TA as we enter our next phase of growth. The partnership with TA will provide Netwrix access to the firm’s global add-on acquisition origination and integration capabilities and deep experience in the security and horizontal application software markets," Steve Dickson, Netwrix CEO.
Goldman Sachs in talks to acquire GM credit card business for $2.5bn.
Goldman Sachs is in talks to acquire General Motors' credit card business, marking the bank’s second big-name credit-card partnership and another step towards balancing its Wall Street operations with heft in consumer finance, FT reported.
Goldman will pay about $2.5bn for the portfolio, which has roughly that amount in outstanding balances, to the previous owner, Capital One. The deal has not yet been finalized.
Battery maker Romeo in talks to go public via $1.4bn merger with RMG.
Romeo Systems, a maker of batteries for electric vehicles, is in advanced talks to go public through a $1.4bn merger with blank-check company RMG Acquisition, Bloomberg reported.
RMG has held talks with investors about raising $150m in equity to support the deal. The deal could be announced as early as this week.
Strava seeks new investors at $1bn valuation.
Strava, a social network for athletes with nearly 70m global registered users, is looking to raise equity from new investors at a valuation of more than $1bn, Bloomberg reported.
The San Francisco-based company has hired an adviser to raise between $150m and $400m. A deal that could triple Strava's prior valuation of $365m.
"We are fundraising and anticipate a close in the next few months. We have no indication of valuation and are excited to keep investing for athletes," Andrew Vontz, Strava spokesman.
Calumet considers divesting its lubricants business for $500m. (FS)
Calumet Specialty Products Partners, a producer of hydrocarbon products, considers divesting its finished lubricants business, which is expected to fetch about $500m. The units rose as much as 20%.
The company is working with an adviser to find a buyer for the unit. The business is receiving interest from private equity firms.
Golar Power submits top bid for Petrobras's LNG terminal.
Golar Power, a provider of energy solutions, has submitted the top bid for a highly-sought-after liquefied natural gas import terminal being leased by Petrobras, Brazil's state-run energy firm, though the firm's bid may be thrown out on compliance-related grounds, Reuters reported.
Petrobras confirmed that it had received an offer from Golar. However, it said Golar had been given a "high integrity risk grade, implying its disqualification" from the bidding.
Petrobras stated that the process would now enter a phase in which interested parties could lodge appeals.
Amazon-backed Ecobee in talks with Canaccord SPAC.
Ecobee, a home automation startup backed by the Amazon Alexa Fund, is in talks to go public through a merger with Canaccord Genuity Growth II, a blank-check firm, Bloomberg reported.
A transaction is set to value the combined company at about $490m, including debt. The Canaccord special purpose acquisition company has discussed raising about $50m in new equity to support the deal, though terms could still change.
Trian Fund discloses stake in Invesco and Janus Henderson, pushes for M&A. (FA)
Trian Fund Management, the hedge fund run by billionaire Nelson Peltz disclosed 10% stakes in both Invesco and Janus Henderson, signalling it will push the struggling asset managers to consider deals as the industry faces intense pressure on fees.
New York-based Trian said it had met Invesco chief executive Martin Flanagan and requested that Mr Peltz and Trian chief investment officer Ed Garden be given seats on the board of the US asset manager, which manages $1.2tn. It discussed “certain strategic combinations” with Invesco and intended to do the same with Janus Henderson, which oversees $336.7bn and was itself born of a merger just three years ago, FT reported.
Skillsoft and Global Knowledge consider going public via Churchill. (FS)
Global Knowledge Training and Skillsoft, two educational technology companies, are considering a merger and simultaneously gooing public through Churchill Capital II, a special purpose acquisition company, Bloomberg reported.
Global Knowledge's lenders have been informed about a potential combination. The company, backed by Rhone Group, provides training for International Business Machines, Cisco Systems, Microsoft and other tech giants. The deal is not finalized, and the talks could collapse.
ION begins the search for Israeli tech unicorn.
ION Acquisition 1, a blank-check firm focusing on the Middle East region, raised $225m in an initial public offering, Reuters reported. The IPO, which was larger than ION had initially planned, is the latest in a string of listings by special purpose acquisition companies, with almost $50bn raised so far in the United States.
ION Chief Executive Gilad Shany wants to target Israeli tech companies at over $1bn valuation and bridge the gap between local entrepreneurs and the US capital market.
Airbnb strives to raise $3bn in IPO.
Airbnb, a home rental company, aims to raise $3bn in its upcoming initial public offering, taking advantage of the unexpectedly sharp recovery in its business after the Covid-19 pandemic roiled the travel industry, Reuters reported.
Airbnb will be one of the largest and most anticipated US stock market listings of 2020 which has already been a blockbuster year for IPOs.
Charles Ergen aims to raise $1bn in Spac IPO.
CONX, a blank-check company led by billionaire Charles Ergen, is looking to raise around $1bn in an initial public offering.
The firm intends to sell 100m units at $10 apiece and list its units on Nasdaq under the symbol "CONXU".
Deutsche Bank is the underwriter to CONX's offering.
Brookfield plans to raise $596m through REIT listing. (FS)
Brookfield Asset Management filed a draft offer document with market regulator SEBI to raise around $596m through a real estate investment trust.
The IPO could be launched this year-end or by early 2021 latest.
Atlas Crest to raise $500m in US IPO.
Atlas Crest Investment, a blank-check company, led by investment banker Ken Moelis, intends to raise $500m in a US initial public offering, Reuters reported. The company is looking to offer 50m units at $10 apiece.
Cantor is the sole book-running manager for Atlas Crest's offering.
Branson's Vg Acquisition raises $480m in its IPO.
Richard Branson's blank-check company raised $480m in an initial public offering, exceeding its target of $400m.
Vg Acquisition, a special purpose acquisition company, said in a statement that it had expanded the size of the offering. The company will begin trading on the New York Stock Exchange under the symbol VGAC.U.
Credit Suisse is the sole bookrunner of the offering.
Emil Michael's blank-check company seeks to raise $250m in IPO.
A blank-check company led by former Uber's executive Emil Michael is looking to raise $250m in an initial public offering, Reuters reported.
DPCM Capital intends to sell 25m units for $10 each and has applied to list its units on the New York Stock Exchange under the symbol "XPOA.U".
KKR-backed Academy Sports and Outdoors raises $203m in IPO. (FS)
KKR-backed Academy Sports and Outdoors, a sporting goods retailer, raised $203m in an IPO, selling shares at $13 apiece, and giving the company a valuation of $1.1bn.
Academy Sports aimed to sell 15.6m shares at a target price range of $15-$17 per share.
Credit Suisse, JP Morgan, KKR and BofA Securities are among the lead underwriters for the IPO.
Roblox prepares for a US IPO.
Roblox, a US gaming platform, is working with investment banks to prepare for a US stock market listing that could come early next year. The company expects to double its recent $4bn valuation, Reuters reported.
US demand for video games has surged as consumers seek home entertainment while living under lockdown measures to curb the spread of the novel coronavirus.
Roblox is considering whether to go public through a traditional initial public offering or a direct listing, cautioning that the plans are subject to market conditions.
AmeriHome files for US IPO.
AmeriHome, a mortgage lender, filed for a US initial public offering, joining a growing list of companies seeking to capitalize on a rebound in capital markets from a coronavirus-led slump in March, Reuters reported.
The firm set a placeholder amount of $100m and did not disclose the size of its offering.
Credit Suisse, Goldman Sachs, JP Morgan, Wells Fargo, Barclays, BofA Securities and RBC Capital Markets are the joint book-running managers to the firm's offering.
Caliber Home Loans files for IPO.
Caliber Home Loans, a mortgage lender, has filed for an initial public offering, Reuters reported.
Caliber is the latest company looking to ride the resurgence in the IPO market, after the Covid-19 pandemic forced many companies to postpone their plans earlier this year.
Credit Suisse, Goldman Sachs and Barclays are the underwriters for the offering.
C3.ai hires banks for 2021 US IPO.
C3.ai, a software company founded by billionaire Tom Siebel, hired investment banks to help it prepare for an IPO which could come next year, Reuters reported.
The IPO could value the firm significantly higher than its previous valuation of $3.3bn. C3 is working with JP Morgan and other banks on IPO preparations.
Ascensus prepares for mid-2021 IPO. (FS)
The private equity owners of Ascensus, a financial services company, hired investment banks for an IPO of the savings services provider that could value it at around $3bn, including debt.
Majority-owned by Genstar Capital and Aquiline Capital Partners, Ascensus selected Barclays and Goldman Sachs to prepare for the stock market listing, that will take place in mid-2021, subject to market conditions.
Gage Cannabis plans Canadian listing in first quarter.
Gage Cannabis, a retailer and wholesaler of legal recreational cannabis, plans to list on the Canadian stock market in the first quarter of 2021, as the US-based dispensary operator looks to capitalize on strong demand for weed during lockdowns, Reuters reported.
The company outlined plans to open eight to ten new stores by the end of this year and will consider expanding to markets beyond Michigan next year.
Apollo Global considers raising $750m for new blank-check company. (FS)
An affiliate of private equity giant Apollo Global Management intends to raise $750m through an initial public offering for a new blank-check company. Apollo Strategic Growth Capital would offer 75m units at $10 apiece, PE Insights reported.
Each unit would represent one ordinary share and one-third of a warrant. One whole warrant would give the holder the right to buy an ordinary share at an exercise price of $11.50 per share.
Citigroup, Credit Suisse and Goldman Sachs are the underwriters for the offering.
New Jersey slates $700m for three private equity separate accounts. (FS)
New Jersey Division of Investment, which oversees the investment management of the $76.7bn New Jersey Pension Fund, Trenton, hired Neuberger Berman, BlackRock and Asia Alternatives to manage a total of up to $700m in private equity separate accounts.
Neuberger Berman will manage up to $350m and pursue minority positions in global private equity co-investments, including buyouts, growth equity and special situations co-investment funds. BlackRock will manage $250m and will make primary fund investments, as well as direct co-investments. Asia Alternatives will run $100m that will target buyout and growth equity funds primarily, with some investments in special situations funds and venture capital funds.
EMEA
London Stock Exchange Group is poised to receive antitrust objections from European Union regulators examining its plan to acquire data provider Refinitiv, Bloomberg reported.
LSE is already in exclusive talks with Euronext and two Italian institutions over a potential sale of Borsa Italiana to allay EU concerns that the deal would give the combined company a very large market share for European government bond trading by merging the Milan bourse’s MTS and Refinitiv’s Tradeweb.
The EU has also flagged possible problems with trading and clearing of interest-rate derivatives, consolidated real-time datafeeds and desktop solutions as well as index licensing citing the possibility that rivals could be shut out from accessing important Refinitiv data.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett, and Eterna Partners. LSEG is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer, and Teneo. Legal advice to financial advisors of LSEG is provided by Herbert Smith Freehills. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
BorgWarner, an American worldwide automotive industry components and parts supplier, completed the acquisition of Delphi Technologies, a provider of automotive parts and equipment, for $3.3bn.
"We are pleased to complete our acquisition of Delphi Technologies. Through this combination, BorgWarner is even better positioned with a more comprehensive portfolio of industry-leading propulsion products and systems across combustion, hybrid and electric vehicles. We expect that the combination will also strengthen our commercial vehicle and aftermarket businesses. We welcome Delphi Technologies' colleagues around the world to the BorgWarner team and are excited about the opportunities we have together to address market trends towards electrification," Frédéric Lissalde, BorgWarner President and CEO.
Delphi was advised by Goldman Sachs and Kirkland & Ellis. Goldman Sachs was advised by Sullivan & Cromwell. BorgWarner was advised by Bank of America Merrill Lynch, Rockefeller Capital Management, Simpson Thacher & Bartlett and Joele Frank. Financial advisors of BorgWarner were advised by Shearman & Sterling.
Billionaires Mohsin and Zuber Issa and private equity firm TDR Capital, agreed to acquire Asda Group, a supermarket retailer, from Walmart in an $8.7bn deal.
“This new ownership opens an exciting new chapter in Asda’s long heritage of delivering great value for UK shoppers. With our combined investment, expertise and ambition; Asda, Walmart, the Issa brothers and TDR have an incredible opportunity to accelerate our existing strategy and develop an even more exciting offer for our customers as well as strengthen our business for our colleagues. I want to thank every single one of our people for the incredible work they do serving our communities, and together our focus will remain on building a better Asda for the benefit of all,” Roger Burnley, Asda CEO.
Walmart and Asda are advised by Rothschild & Co and Finsbury. Bidders are advised by Bank of America Merrill Lynch, Barclays, Morgan Stanley, Brunswick Group, and Tulchan Communications.
White Mountains, a diversified insurance and related financial services holding company, agreed to acquire a 72% stake in Ark Insurance, a provider of insurance products and services, for $800m. White Mountains expects the transaction to close in January 2021.
"We are delighted to have found the right capital partner in White Mountains, an institution with a long track record of successful insurance partnerships. We look forward to a fruitful relationship," Ian Beaton, Ark CEO.
Ark Insurance is advised by Evercore, TigerRisk Capital Markets and Willkie Farr & Gallagher. White Mountains is advised by Slaughter & May.
General Catalyst, D1 Capital, Fidelity, and BlackRock led a $311m funding round in Cazoo, a developer of online used car marketplace. The round saw investment from existing investors including L Catterton, Durable Capital Partners, The Spruce House Partnership, Novator, Mubadala Capital and dmg ventures, amongst others.
“Over the past few months we have seen an acceleration in the shift from offline to online car buying as UK consumers have continued to embrace our unique and market-leading proposition. This latest funding demonstrates the conviction of some of the world’s best investors in both our business model and team as well as the UK market and gives Cazoo the firepower to deliver on our plans to provide the best possible car buying experience for UK consumers,” Alex Chesterman, Cazoo Founder and CEO.
Cazoo was advised by Goldman Sachs and Numis Securities.
Private equity firm Providence Strategy Growth-backed Imaweb, a CRM services provider completed the acquisition of Evolutive, an automotive software solutions provider. Financial terms were not disclosed.
“We are very proud to welcome Evolutive to Imaweb, and elevate our relationship from partners to team members. We have always valued Evolutive’s expertise and sales force. We see significant growth potential in Belgium and Benelux, which are important markets for Imaweb as we continue our strategy of European expansion,” Patrick Prajs, Imaweb CEO.
Providence Strategic Growth was advised by Sard Verbinnen & Co.
Cryoport, a provider of temperature-controlled supply chain solutions for the life sciences industry, completed the acquisition of CRYOPDP, a provider of innovative temperature-controlled logistics solutions to the clinical research, pharmaceutical and cell and gene therapy markets, for $58m.
"Cryoport's culture, mission and strategy are closely aligned with CRYOPDP and we are pleased to join the Cryoport family at a time when the cell and gene therapy market is experiencing rapid growth, with many drugs approaching commercial approval. Collectively, we believe we will be able to compete for the entire supply chain support needs of life sciences companies from a local to global basis, providing the world's most advanced temperature-controlled supply chain solutions. It is truly an exciting time. Both companies' existing, and future, client bases will be able to benefit from our expanded capabilities, which include shipping, distribution, bioservices, custom controlled temperature logistics, kitting, and cell and gene therapy fulfilment across the full spectrum of temperature ranges," Cedric Picaud, CRYOPDP Chief Executive Officer.
Vinci in talks to acquire industrial unit of ACS for $6.1bn.
Paris-based Vinci Group, a construction company, is looking to acquire a majority stake of the industrial services activities of Grupo ACS for $6.1bn, with at least $3.3bn in cash.
ACS’s directors have agreed to negotiate VINCI’s non-binding offer for ACS Servicios, Communaciones y Energia. The acquisition would include a business with $7.4bn of sales last year, including interests in eight mainly energy-related public-private partnerships and a renewable energy development business.
Bain Capital in talks to acquire LV= for $674m. (FS)
Bain Capital is in exclusive takeover talks with LV=, a life insurer, over a deal that could value the company at more than $674m and provide a windfall payout for LV='s 1.1m members, FT reported.
"Discussions between LV and Bain Capital are ongoing, and there can be no certainty that any transaction will be agreed, nor any certainty as to the terms on which any such transaction might proceed," LV=.
KKR-backed Viridor to begin the sale of its recycling unit. (FS)
Viridor, the British waste management business owned by US private equity firm KKR, hired investment bank UBS to divest its waste and recycling subsidiary, Reuters reported.
Triton eye stake in Creat's Biotest. (FS)
Triton approached Creat Group, a Chinese investment firm, about acquiring a stake in Biotest, a German blood-plasma supplier maker, Bloomberg reported.
Biotest has a market value of about $1.2bn. Creat owns about 90% of Biotest's common stock, while its preference shares are held by other investors.
Discussions are at an early stage, and there's no certainty they will result in a transaction.
Unicaja restart talks regarding Liberbank takeover.
Unicaja Banco, a Spanish savings bank, is moving closer to a long-mooted takeover of Spanish rival Liberbank as consolidation gathers pace among the nation's financial institutions, Bloomberg reported.
The two banks have restarted informal talks with the help of advisers. Liberbank is working with Deutsche Bank.
A deal to combine the lenders, would create the country's seventh-biggest bank, failed last year after five months of talks, partly due to differences over the shareholding structure. However, the discussions never stopped entirely and have gained new momentum after CaixaBank and Bankia reached a deal this month.
Tesla set to acquire German ATW Automation.
Tesla, an American electric vehicle and clean energy company, has agreed to acquire ATW Automation, a supplier assembling battery modules and packs for the auto industry, from ATS Automation Tooling Systems, a designer and builder of factory automation systems, Reuters reported.
ATS announced that certain assets and employees at one of its Germany-based units would be sold and transferred to a third party, without disclosing the name of the company.
Jingye considers taking over Tata's Port Talbot steelworks.
Jingye, the Chinese conglomerate which took control of British Steel earlier this year, eyes an even bigger UK deal by lodging an interest in Tata Steel UK, the owner of the vast Port Talbot plant in South Wales, Sky News reported.
If Jingye, which acquired British Steel in March, did acquire Tata Steel UK, it would reunite the Port Talbot and Scunthorpe steelworks, the two most extensive in the UK, under common ownership.
IKO Europe in talks to acquire AXTER's waterproofing membrane division.
IKO, a global leader in the manufacture of residential and commercial roofing products and insulation, announced that it is in talks to acquire Axter's waterproofing membrane division from the SMAC group.
"IKO's purchase of AXTER's waterproofing membrane division will complement its industry leading position in the European waterproofing and insulation business, and add a leading player in the French market to IKO's growing international footprint. We are excited for industry-leading this acquisition presents for IKO both in France as well as our ability to leverage both AXTER's talent and technology across our global organization," Hartley Koschitzky, IKO's European operations CEO.
Deliveroo picks Goldman for its $2.6bn London IPO.
Deliveroo, a UK food-delivery startup, is working with Goldman Sachs on plans for an initial public offering that could value the company at $2.6bn, Sky News reported.
The Amazon-backed company has had discussions with potential advisers regarding the possibility of an IPO in 2021.
BC Partners-backed Springer Nature delays German IPO. (FS)
Springer Nature, an academic publisher, is putting off what would have been Germany's biggest initial public offering in more than a year, Bloomberg reported.
The company, owned by buyout firm BC Partners and Germany's family-controlled Holtzbrinck Publishing Group, decided to delay the listing because of market conditions.
Springer Nature previously planned to sell about $1.2bn of new stock, and achieving a valuation of $8.2bn.
Ignitis Group sets price for its IPO.
Ignitis Group, a utility and renewable energy company in the Baltic region, announced the successful pricing of its initial public offering of ordinary shares and global depository receipts representing the shares. One GDR represents an interest in one share.
The offer price has been set at $26 per share and $26 per GDR. Based on the offer price, the market capitalization of the company will be approximately $1.9bn at the commencement of conditional dealings on the Nasdaq Vilnius Stock Exchange and the offer will raise gross proceeds of $527m.
CZG's scaled-down IPO secures cash for US plant.
CZG-Ceska Zbrojovka Group, a Czech gunmaker, dramatically reduced the size of its initial public offering, a rare new listing in Prague, after weak demand for its shares.
CZG initially looked to raise up to $209m to help fund its US expansion. But gross proceeds from the IPO were $35m after cutting the offering to 2.8m new shares, plus up to 280k in an over-allotment.
CIP raised $4.6bn for its fourth infrastructure fund. (FS)
Copenhagen Infrastructure Partners, an investment firm, reaches $4.6bn in commitments for its new global greenfield renewables energy fund Copenhagen Infrastructure IV only five months after the start of fund marketing.
With $4.6bn in commitments, CI IV has become the largest dedicated greenfield renewables fund in the world and exceeds the predecessor flagship fund CI III of $4.1bn.
Arcano launches new $351m secondaries vehicle. (FS)
Arcano Asset Management, an asset management company, launched a new private equity fund aimed at institutional and private banking investors, which is going to invest at least 80% in the secondary market, while the remaining 20% will be allocated to direct co-investments in companies, PrivateEquityWire reported.
Arcano Secondary Fund XIV will invest globally, with a particular focus on Europe and the US, in managers specializing in the middle market.
APAC
DCM Holdings, a Japanese home improvement retailer, agreed to acquire Shimachu, a diversified retailer for $1.6bn.
“Shimachu complements us well in terms of regions and operations and is very attractive,” Yasunori Ishiguro, DCM President.
Reliance Jio Fiber trust to raise $5.4bn from group firms.
A trust that holds Indian billionaire Mukesh Ambani's fiber-optic assets is raising $5.4bn through borrowings and stake sales to units and investment firms of the tycoon's conglomerate Reliance Industries, Livemint reported.
Digital Fibre Infrastructure Trust will raise about $2bn by issuing units and also raise $3.4bn through a loan from group companies to reduce existing debts and fund business expansion. The billionaire's group had been in talks with overseas funds for the capital.
Mubadala Investment, GIC and TPG to acquire stakes in Reliance Retail Ventures. (FS)
Mubadala Investment, the Abu Dhabi-based sovereign fund, will invest $855m in Reliance Industries' retail unit, taking 1.4% stake. GIC will spend $753m for a 1.22% stake, TPG will take 0.41% for $251m. The investments value the business at $58.6bn.
The investments come as billionaire Mukesh Ambani continues to enlist marquee backers after securing nearly $23bn for his consumer businesses this year.
PSE approves Converge ICT's $857m IPO. (FS)
The Philippine Stock Exchange approved the Warburg Pincus-backed Converge ICT's planned debut sale of over 1.5bn shares for a maximum price of $0.5 apiece. The final offer price will be set on October 9.
The company's stocks are targeted to be listed on the PSE's board on October 27.
Ayala closes new VC fund at $180m. (FS)
Philippines-listed conglomerate Ayala closed its new global venture capital fund at $180m, making it the largest venture capital fund to develop out of the Southeast Asian country, DealStreetAsia reported. The amount raised surpassed the company's initial target of $150m.
The Active Fund, short for "Ayala Corporation Technology Innovation Venture," is anchored by Ayala, Bank of the Philippine Islands, as well as major telco player Globe Telecom also participating.
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