AMERICAS
Lumentum, a holding company that supplies optical and photonic products, had raised its takeover offer for Coherent, a global company that manufactures and sells a variety of laser-based photonic products, to $6.9bn following a three-way takeover battle for the firm. Under its new bid, Coherent shareholders will receive $220 in cash and 0.61 Lumentum shares for each share held.
Coherent is advised by Bank of America Merrill Lynch, Credit Suisse, Skadden Arps Slate Meagher & Flom and Brunswick Group. Bank of America Merrill Lynch, Credit Suisse are advised by Cravath Swaine & Moore. Lumentum is advised by Deutsche Bank, Wilson Sonsini Goodrich & Rosati and Joele Frank. Debt financing is provided by Deutsche Bank. II-VI is advised by Allen & Company, JP Morgan, K&L Gates, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. MKS Insruments is advised by Barclays, Lazard and WilmerHale. Debt financing is provided by Barclays.
Aircraft leasing giant AerCap’s acquisition of rival GECAS will reduce competition in the aircraft market, the head of global airline industry body IATA warned, Reuters reported. “We understand that the situation of the leasing companies is difficult. But combining the two to have a big player (in) a very dominant situation is not good news for us,” Alexandre de Juniac, IATA Director General.
The world’s two largest aircraft lessors announced plans last week to combine, with Ireland’s AerCap agreeing to pay more than $30bn for GECAS, the air finance business of General Electric.
AerCap is advised by KPMG, Citigroup, Morgan Stanley, Cravath Swaine & Moore, McCann FitzGerald and NautaDutilh. General Electric is advised by Evercore, Goldman Sachs, PJT Partners, A&L Goodbody, Clifford Chance and Paul Weiss Rifkind Wharton & Garrison. Citigroup and Goldman Sachs were advised by Simpson Thacher & Bartlett.
Rogers Communications' aims to secure its acquisition of Shaw Communications, a Canadian telecommunications company which provides telephone, Internet, television, and mobile services, could be insufficient to overcome regulatory hurdles and political opposition amid concerns Canadians face some of the world's highest phone bills.
Analysts and fund managers say the company is facing an uphill battle closing the deal even as it has offered some incentives such as committing to maintaining affordable wireless plans with Shaw’s Freedom Mobile carrier for three years, investing $2.5bn over the next five years to build out 5G in Western Canada, Reuters reported.
Shaw Communications is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons and Wachtell Lipton Rosen & Katz. Rogers Communications is advised by Bank of America Merrill Lynch, Barclays, Goodmans and Torys.
IXL Learning, a K-12 personalized learning platform, completed the acquisition of the languages division of Rosetta Stone from Cambium Learning, a provider of digital education solutions. Financial terms were not disclosed.
“The close of this transaction represents an important strategic moment for Cambium, as we sharpen our K-12 portfolio of digital curriculum and assessment tools. Now that we have integrated the Lexia Learning business, we will continue to explore new opportunities to address education’s most pressing challenges,” John Campbell, Cambium Chief Executive Officer.
IXL Learning was advised by Evercore and Latham & Watkins. Veritas Capital was advised by Sard Verbinnen & Co.
DartPoints, an owner and operator of edge colocation data centers, agreed to acquire Immedion, a provider of colocation, cloud, and managed services with eight data centers. Financial terms were not disclosed.
"We are excited about the combined opportunities Immedion's colocation facilities bring to DartPoints. We value the enterprise customers that rely on Immedion's cloud and managed services platforms and look forward to enhancing capabilities in the future. The team at Immedion has built a great company, and we will continue their commitment of ensuring a customer-first approach while adding service offerings across their entire footprint. This acquisition is yet another example of how we are delivering on our strategy to improve regional interconnection, particularly to markets that need it most," Scott Willis, DartPoints CEO.
Immedion is advised by Bank Street Group. DartPoints is advised by iMiller Public Relations.
StorageCraft, a data protection firm, completed the merger with Arcserve, the world's most experienced data and ransomware protection provider. Financial terms were not disclosed.
"We have a clear and compelling vision for our future. One that will bring much-needed business continuity, an exciting future roadmap, and certainty for our customers,” Tom Signorello, Arcserve CEO.
StorageCraft is advised by Red Lorry Yellow Lorry.
The consortium of investors led a $300m financing round in Squarespace, a website building and hosting company. The round includes new investors Dragoneer Investment Group, Tiger Global Management, D1 Capital Partners, Fidelity Management & Research, funds and accounts advised by T. Rowe Price Group, and The Spruce House Partnership with participation from existing investors Accel and General Atlantic.
The proceeds from the financing will advance Squarespace’s growth initiatives and mission to enable anyone to build a brand and transact with their customers in an impactful and beautiful online presence.
Squarespace was advised by JP Morgan.
Tiger Global Management led a $200m Series C round in Dutchie, a cannabis retail technology platform, with participation from previous investors Casa Verde Capital, a venture capital firm focusing exclusively on the cannabis industry and related business ventures, and former Starbucks CEO Howard Schultz.
"Dutchie would use the new funding to add and attract top talent, assist with expansion into new markets, and launch major product developments to support cannabis dispensaries while meeting evolving consumer demand and expectations,” Dutchie.
Index Ventures, a venture capital firm, led the $175m funding round in Coalition, a provider of cyber insurance and security. General Atlantic also participated in the recent round.
"Not only does Coalition provide peace of mind after a loss, but also peace from mind: their risk management platform, predictive analytics, and incident response services help organizations decisively and affirmatively remain resilient to risk," Shardul Shah, Index Ventures Partner.
ICONIQ Capital, a venture capital firm, led the $150m series C funding round in Unite Us, a coordinated health care networks provider. The round was joined by Emerson Collective, Optum Ventures and Transformation Capital and existing investors, Define Ventures, Salesforce Ventures and Town Hall Ventures, as well as several health care partners.
“When I met Taylor, we were tackling the same problem from different angles, me from the health and social service side, and Taylor was doing this on a spreadsheet. Our goal was to make sure people got the services they needed,” Daniel Brillman, Unite Us Founder & CEO.
Santander Private Banking, a global financial group, agreed to acquire Miami business of Indosuez Wealth Management, a global wealth management brand of Credit Agricole group. financial terms were not disclosed.
"This transaction, which leverages our geographic presence and our capabilities as a leading financial group, is another step toward our goal of becoming the best global private banking platform. We want to keep growing our business – especially in geographies where we see major commercial potential like the US – and elevate our position as a growth engine for Grupo Santander," Víctor Matarranz, Santander Wealth Management & Insurance Global Head.
Doxim, a customer communications management and engagement technology provider, completed the acquisition of Level One, a provider of billing and payment solutions. Financial terms were not disclosed.
“Through the acquisition of Level One, Doxim will extend its deep domain expertise in eBilling, payments, customer communication and preference management, data analytics and reporting. Level One has spent nearly two decades building a reputation for service excellence in these areas in industries including utilities, government, and insurance. We’re pleased to have the Level One team join the Doxim family and continue this legacy of success,” Mike Rogalski, Doxim President and CEO.
FTC plans to take a stricter position on pharmaceutical mergers.
The Federal Trade Commission is preparing to take a harder line on drug-company mergers, announcing plans Tuesday to overhaul its process for reviewing deals that could harm competition in the pharmaceutical industry, WSJ reported.
The initiative, spurred by the FTC's acting Democratic chairwoman, Rebecca Kelly Slaughter, signals what could be a tougher road ahead for the industry during the Biden administration. It also highlights a growing Democratic push for stronger antitrust enforcement across the economy, and not just the tech sector, where a handful of companies have attracted bipartisan concern.
"We intend to take an aggressive approach to tackling anticompetitive pharmaceutical mergers. Given the high volume of pharmaceutical mergers in recent years, amid skyrocketing drug prices and ongoing concerns about anticompetitive conduct in the industry, it is imperative that we rethink our approach," Rebecca Kelly Slaughter, FTC Head.
Precision Nanosystems eyes sale.
Precision Nanosystems, a Canadian biotechnology company, working on a Covid-19 vaccine, is exploring a potential sale amid interest from large drugmakers, Bloomberg reported.
Precision is working with a financial adviser to weigh strategic options for the business. A deal could value the closely-held firm at several hundred million dollars.
Vancouver-based Precision provides technology solutions to make nanomedicines and is developing genetic medicines to treat infectious diseases, cancer, and rare diseases.
Ares Management raised $3.7bn Pathfinder Alternative Credit Fund. (FS)
Ares Management has held the final closing of its Ares Pathfinder Fund, with $3.7bn in total commitments. The fund was significantly oversubscribed at its hard cap and exceeded its original target of $2bn.
Pathfinder is managed by Ares’ Alternative Credit team, which pursues a differentiated strategy of providing tailored financial solutions for owners of large, diversified portfolios of assets that generate predictable and contractual cash flows throughout market cycles.
"Since the expansion of our alternative credit strategy a few years ago, we have experienced strong demand for our strategy, leading to a doubling of our assets under management over the past two years. Investors appreciate our emphasis on downside protection and capital protection, and the uncorrelated, income-oriented returns that we seek to deliver across market cycles," Keith Ashton, Ares Management Partner and Co-Head of Alternative Credit.
Coinbase valuation reaches $68bn ahead of US IPO. (FS)
Coinbase Global, the largest US cryptocurrency exchange, reported that recent private market transactions had valued the company at around $68bn this year ahead of a planned stock market listing, Reuters reported.
Coinbase Global's backers registered for as many as 114.9m shares to trade in the direct listing of the cryptocurrency exchange. Investment firms including Andreessen Horowitz and Union Square Ventures are among those whose shares could trade.
The eye-popping valuation underscores how the perceived value of Coinbase has rallied in lock-step with the surge in the price of cryptocurrency bitcoin. The latest filing from Coinbase also signals heightened confidence that the listing will be approved by regulators. It could also be seen as a tacit regulatory approval of assets traded on Coinbase's platform. The company has more than 43m users in more than 100 countries.
Sprinklr confidentially files for listing.
Sprinklr, the software company, which counts Microsoft and Verizon Communication, telecom operator, as customers, has confidentially filed with the US Securities and Exchange Commission for an IPO, Reuters reported.
The New York-based firm provides software that helps its clients with marketing, advertising, and customer engagement. Sprinklr was founded in 2009 and is led by founder and Chief Executive Officer Ragy Thomas.
Olo raises pricing to $25 for its $450m IPO.
Olo, the food-ordering software company whose board members include Shake Shack founder Danny Meyer, raised $450m in an IPO priced above a marketed range, Bloomberg reported.
Olo had marketed the shares for $20 to $22, a range it had earlier elevated from $16 to $18. Olo, whose name is derived from online ordering, has a market value in the listing of $3.55bn based on the outstanding shares listed in its filings. After the opening, shares of Olo cost $31.
Olo's offering is being led by Goldman Sachs, JP Morgan, and Royal Bank of Canada.
Chime considers stock market listing.
Chime, a financial services startup, has held preliminary talks with investment banks about launching a stock market flotation, which could value the company at more than $30bn, as soon as the end of 2021, Reuters reported.
Since launching in 2012, Chime has emerged as one of the fastest-growing financial technology platforms in the United States. Chime, which was valued at $14.5bn in a private fundraising round in September, has raised over $1.5bn in the capital and has more than $1bn of cash at its disposal.
"When we get closer to make the decision to actually go public, we will evaluate all of the potential paths to do so, including direct listings, traditional (IPOs), and SPACs," Chime spokeswoman.
Blackstone-backed Vine Energy plans an IPO. (FS)
Vine Energy, a shale driller, which is backed by The Blackstone Group, a private equity firm, plans to sell almost 19m shares on the NYSE as soon as this week. With an initial price range of $16 to $19 per share, the issuance could be valued as high as $357m.
The natural gas explorer is coming to the market as shale drillers grapple with investor pressure to restrain spending and production growth for the sake of shareholder returns and avoiding new supply gluts.
Vine posted a loss of $252m last year on revenue of $379m. The company plans to use the proceeds to pay down some of its nearly $1.2bn in debt and for general purposes as it expands in the Haynesville region, Bloomberg reported.
KKR raised $1.2bn for its first SPAC. (FS)
KKR Acquisition Holdings I raised $1.2bn in an upsized IPO that was priced Tuesday after the market closed. The vehicle will now search for acquisition targets in the consumer and retail industries. The search will be led by Chief Executive Officer Glenn Murphy, chairman at Lululemon Athletica.
The listing arrives amid a record wave of issuance by SPACs, but performance has been muted in the aftermarket. Blank-check vehicles that went public this year are trading just 1.7% above their IPO price on average, compared to a 28% return by traditional listings, Bloomberg reported.
James Greene Jr eyes to raise $1bn via two US SPACs. (FS)
James Greene Jr., the co-founder of True Wind Capital, a San Francisco-based buyout firm, is looking to raise a total of $1bn for two blank-check firms through IPO.
Greene's SPACs, Brigantine Acquisition, and Mistico Acquisition, are planning on selling 60m units and 40m units, respectively, on the Nasdaq Capital Market. They intend to price their offerings at $10 per unit each.
Greene, a former general partner at private equity firm KKR & Co, co-founded tech-focused True Wind Capital in 2013. The buyout firm managed worth more than $1.4bn assets.
HIG Acquisition II files for a $300m IPO. (FS)
HIG Acquisition II, the second blank check company formed by HIG Capital targeting TMT or healthcare filed on Monday with the SEC to raise up to $300m in an IPO.
The Miami, FL-based company plans to raise $300m by offering 30m units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.5. At the proposed deal size, HIG Acquisition II would command a market value of $375m.
Jefferies and UBS are the joint bookrunners on the deal.
Apollo-backed Sun Country Airlines’ IPO raises $218. (FS)
Sun Country Airlines priced its IPO above range at $24 a share to raise about $218m as it looks for a rebound in leisure travel. Minneapolis-based Sun Country sold about 9.1m shares, Bloomberg reported. The company had marketed the shares for $21 and $23, according to filings with the US Securities and Exchange Commission.
Apollo Global Management acquired Sun Country in 2018, and an Apollo affiliate will continue to control the company after the IPO. The company had a net loss of $3.9m on revenue of $401m last year, compared with a net income of $46m on revenue of $701m in 2019.
Mainspring and Aspida launch a $550m private investment fund. (FS)
Mainspring Fund Services and Aspida Group launched a $550m Private Investor Fund. The Guernsey-domiciled fund, which has completed its first close, is run with a global mindset, investing in growth-stage technology companies across Europe, Asia, and North America.
"We are delighted to have formed a partnership with Aspida, one of the most respected specialist providers of business support services and fund governance solutions in Guernsey, to provide our existing clients, as well as new clients, with the optimal solution for servicing a Guernsey-domiciled fund," Stephen Geddes, Mainspring CEO.
Icahn Capital given two seats on FirstEnergy’s board. (People)
FirstEnergy, an electric utility headquartered in Akron, Ohio, announced it had reached an agreement with Icahn Capital to add two of the conglomerate’s employees as new members to the utility’s board.
FirstEnergy will appoint Andrew Teno and Jesse Lynn, both of whom are employees of Icahn Capital, to the Board effective March 18, 2021. These appointments are subject to certain regulatory approvals.
Wachtell, Lipton, Rosen & Katz is serving as legal advisor to FirstEnergy.
EMEA
Susquehanna-backed Poppulo, a provider of email and mobile employee communication software, agreed to merge with Vista Equity-backed Four Winds Interactive, a provider of enterprise digital signage and workplace experience software, in a $1bn deal. FWI expects the transaction to close early in the second quarter of 2021.
“Together, Poppulo and FWI are extremely well positioned to lead enterprise customers through this critical transformation. This is about putting the employee at the center of communications and making sure they have the information they need, when they need it, to ensure they are able to work effectively,” David Levin, FWI CEO.
Poppulo is advised by Shea & Co, Ronan Daly Jermyn and Weil Gotshal and Manges. FWI is advised by Kirkland & Ellis, Spurrier Capital Partners and McCann FitzGerald.
Credit Agricole Italia has amended its agreement with Algebris and will buy the 5.38% stake in Creval held by the investment fund even if its takeover bid for the Italian bank falls through, Reuters reported.
Algebris has committed to tendering its stake in Creval under the buyout offer announced by Credit Agricole Italia in November.
Credit Agricole is advised by JP Morgan, Cleary, Gottlieb, Steen & Hamilton, and BonelliEredi. Creval is advised by Intermonte and Mediobanca.
THI Investments and Nord Anglia Education, a premium private schools operator, agreed to invest in Bowmark Capital-backed Oxford International, an international education provider. Financial terms were not disclosed.
“Our future with THI Investments is full of opportunities and we look forward to continuing to deliver the exceptional services that our partners and our students know and trust,” Lil Bremermann-Richard, Oxford International Group CEO.
Oxford is advised by PricewaterhouseCoopers, DC Advisory, CMS and Deloitte.
CogenInfra, which operates a district heating power plant in Italy, agreed to acquire an 82% stake in Elettra Investimenti, an energy services company, from B FIN, an Italian holding company, for €70m.
Following the acquisition of B FIN's stake in Elettra Investimenti, CogenInfra is promoting a mandatory tender offer on the remaining stake of Elettra Investimenti.
B FIN is advised by DC Advisory and Dentons. CogenInfra is advised by BDO.
Picanol Group, a diversified industrial group, agreed to acquire a 10% stake in Rieter, a supplier of systems for short-staple fiber spinning based in Winterthur, Switzerland, for $54m.
With the financial participation in Rieter, Picanol Group wants to further diversify its activitiesin the textile industry and secure a stable shareholding for Rieter in the long term.
Picanol is advised by Homburger and Stibbe.
Intermediate Capital Group, a global alternative asset manager, completed the acquisition of Buzz Bingo, a chain of bingo clubs, from Caledonia Investments, a self-managed investment trust. Financial terms were not disclosed.
Buzz was refinanced in the summer of 2020 as part of a company voluntary arrangement, in which Caledonia invested £22m. However, the third national lockdown has resulted in a further requirement for new capital.
Caledonia was advised by Tulchan Communications.
Advance Publications-backed Turnitin, an Internet-based plagiarism-detection service provider, offered to acquire Ouriginal, a text-matching software, from Procuritas, a private equity firm. Financial terms were not disclosed.
This intended acquisition expands Turnitin and Ouriginal’s geographic reach, allowing more customers around the world to access products that help them ensure the integrity of education.
Advance Publications is advised by Sullivan & Cromwell.
Insight Partners, a private equity firm, led a $140m financing round in Fortissimo Capital-backed Incredibuild, a software development platform.
“At the end of the day, the IP is in how good we do what we do. It would take many years to try to copy what we have built and we are building on those hooks more now,” Tami Mazel Shachar, Incredibuild CEO.
Generali is considering a €2bn acquisition in the Russian insurance business.
Generali, an Italian insurer, seeks an acquisition in the Russian non-life insurance business and listed as potential targets VTB Insurance, Rosgosstrakh, and RESO-Garantia worth nearly €2bn ($2.4bn), Il Sole 24 Ore reported.
CEO Philippe Donnet said earlier this month, the company had more than €2bn ($2.4bn) for M&A and would look at opportunities with discipline. The project was still at a very early stage and was being informally examined by the insurer’s investment committee.
HSBC eyes selling French retail banking to Cerberus. (FS)
HSBC has entered final negotiations to sell its French retail banking business to private equity firm Cerberus. The planned disposal is part of HSBC Chief Executive Noel Quinn's strategy to slash costs across the banking group, and Cerberus is among two remaining bidders, Reuters reported.
HSBC is working with Lazard to sell its 270 retail branches in France, but has been struggling to attract interest as bidders fret over restructuring costs and complex talks with local regulators.
Cevian Capital to reduce stake in Ericsson. (FS)
Cevian Capital has cut its shareholding in Ericsson in a move the activist investor says is designed to release capital for a new target. In the last 60 days, Stockholm-based Cevian sold 15m shares, leaving it with a 4.94% stake in the Swedish phone network-equipment giant, Bloomberg reported.
"We have freed up capital for a new investment by adjusting the portfolio weight in Ericsson. Ericsson has a lot more to offer, and the company will continue to be one of our largest investments," Christer Gardell, Cevian managing partner.
Mubadala eyes acquiring NMC hospital business. (FS)
Mubadala, Abu Dhabi's sovereign fund, is considering buying NMC Health’s core hospital business, emerging as another suitor of the troubled hospital group, Reuters reported.
NMC, the largest private healthcare provider in the United Arab Emirates, ran into trouble last year after the disclosure of more than $4bn in hidden debt left a many UAE and overseas lenders with heavy losses.
The company, now in administration, is exploring the possibility of selling its healthcare business in the UAE and Oman, which sources have previously said could generate around $1bn.
CCB abandon buying loss-making Carige.
Cassa Centrale Banca has decided not to buy Banca Carige, leaving Italy’s depositor protection fund to find it another partner, Reuters reported.
Genoa-based Carige is 80% controlled by FITD, which is financed by Italian banks' contributions, after a rescue in 2019 saw the fund pump €600m ($714m) into the loss-making bank, for a stake now valued at €104m ($124m).
As a fund financed by lenders, FITD cannot be a long-term investor in a bank. Its steering committee meets on Wednesday, and it is expected to renew its support for Carige in the near time as it seeks an alternative solution.
SIX still seeks acquisitions.
SIX, a Swiss financial infrastructure group, still considers the acquisitions after its takeover of BME, Spanish bourse, in June helped boost 2020 results, Reuters reported.
"We are focusing on organic growth with topics such as (digital platform) SDX, but also on acquisitions. We monitor opportunities very closely. Another major takeover is theoretically conceivable, but these are rather rare," Daniel Schmucki, SIX CEO.
Piraeus Bank seeks $1.2bn capital raising after the 2020 loss.
Piraeus Bank, the Greek lender, plans a capital boost of about €1bn ($1.2bn) through a share placing with institutional investors, Reuters reported.
Piraeus, which is 61.3% owned by the Hellenic Financial Stability Fund, said the planned equity offering would reduce the stake held by Greece's bank rescue fund to a minority shareholding without any blocking power.
"In 2020, we managed to navigate a number of headwinds, achieving significant milestones that set the foundations of the next day for Piraeus Bank," Christos Megalou, Piraeus CEO, adding the bank was now taking another significant step to derisk its balance sheet and enable it to focus on funding the Greek economy.
Martin Sorrell considers a significant deal.
Martin Sorrell, the 76-year-old executive, who has spent almost half a century making acquisitions - first at Saatchi & Saatchi and then as he built WPP, is eyeing more deals for his S4 Capital, including a possible transformational one further down the line.
The almost-three-year-old company counts Google, Facebook, and another undisclosed global tech firm as clients and is purely focused on digital advertising, which has continued to grow through the pandemic and now accounts for more than half of ad spend.
"I think we're a royalty on the growth of digital transformation. We will be at the north end of the market's estimates of 15 to 20% like-for-like growth during Covid," Martin Sorrell, S4 Capital Executive Chairman.
Triton Smaller Mid-Cap Fund II raised €815m. (FS)
Triton Smaller Mid-Cap Fund II has closed at €815m ($971m), surpassing its target of €600m ($715m) due to strong investor demand. The fund is the second dedicated investment vehicle advised by Triton focused on investing in lower mid-cap companies. It follows on from Triton Smaller Mid-Cap I, which closed on €448m in 2017.
The entire fundraising was carried out virtually, attracting commitments from a broad range of existing and new institutional investors from around the world.
"I would like to thank all of our returning and new investors for their support and trust. Through TSM II, we will continue to invest in smaller and mid-sized companies targeting the same sectors and geographies as the broader Triton platform to support companies to unlock their full potential, with the overall aim of building better businesses," Peder Prahl, Triton funds Director of the General Partner.
Accelmed Partners raised $400m to invest in commercial-stage health tech. (FS)
Accelmed Partners, a private equity firm focused on acquiring and investing in US commercial-stage, lower middle market HealthTech companies, has closed its oversubscribed second fund, Accelmed Fund II, with a $400m hard cap exceeding its original $300m target.
Fund II received significant backing from new investors globally, including pension funds, insurers, family offices, and high net worth individuals, as well as from existing Accelmed limited partners.
"Over the past decade, we have served as a trusted value-add partner to HealthTech companies and management teams who are looking to take their businesses to the next level but lack the resources and expertise to execute on these aspirations on their own," Dr. Uri Geiger, Accelmed Founder, and Managing Partner.
FC Brugge seeks $272m IPO.
Club Brugge is about to join a select group of listed European soccer teams, offering investors a chance to back its promise of unearthing the next stars of the game, Bloomberg reported.
The leaders of Belgium's top division will go public via an IPO in Brussels on or around March 26, according to a prospectus. Grizzly Sports, an investor group led by Chairman Bart Verhaeghe, will sell at least 30% of Club Brugge at €17.5 ($20.8) to €22.5 ($26.8) per share, giving it a market value of €229m ($272m) at the mid-point.
Verhaeghe is betting that a model of nurturing young talent and selling it on to the free-spending teams of Europe's biggest leagues, where players are often bought in for eye-watering sums, will play a major part in wooing investors.
APAC
CapitaLand-backed Ascendas, a Singapore REIT operator, agreed to acquire 11 data centres located across Europe from Digital Realty Trust, a real estate investment trust that invests in carrier-neutral data centers, for $672m.
"This acquisition gives us a unique opportunity to own a portfolio of well-occupied data centres located across key markets in Europe. It complements our existing data centre portfolio in Singapore and will increase the sector's contribution to S$1.5bn or 10% of investment properties under management," William Tay, Ascendas Funds Management Executive Director and CEO.
Ascendas is advised by HSBC and Knight Frank.
SoftBank Vision Fund 2 and Tencent led a $300m series E financing round in PatSnap, an innovation intelligence platform provider. The round had with participation from CPE Capital and existing investors Sequoia China, Shun Wei Capital, and Vertex Ventures.
“Our global footprint, leadership, and strategic position in the innovation economy have enabled us to attract top investors, customers, and talent. Adding Softbank Vision Fund 2 and Tencent to our notable roster of investors will help solidify PatSnap as the industry standard for innovation intelligence. Both have deep investment expertise with AI-led companies and proven track records supporting sustainable company growth,” Jeffrey Tiong, PatSnap Founder and CEO.
The consortium was advised by Boulevard Public Relations and Prova PR.
CMB International, a provider of investment banking services, and Tiantu Capital, a private equity company, led a $300m Series D round in Guoquan Shihui, a Chinese convenience store chain.
With the new financing, the firm will further march into the market in China's third and lower-tier cities. It also plans to explore business opportunities in the fresh produce field with its first fresh produce factory in east-central China's Zhengzhou City.
Dexus Wholesale Property Fund agreed to merge with AMP Capital Diversified Property Fund. Financial terms were not disclosed.
“ADPF is a strategic fit with DWPF’s existing portfolio providing additional exposure to premium assets. The ability to merge this portfolio in a cost and capital efficient manner enables us to create a combined entity which delivers strong benefits to investors,” Michael Sheffield, DWPF Fund Manager.
Baidu raised $3.1bn from the second listing in Hong Kong.
Baidu, a Chinese search engine, raised $3.1bn in its Hong Kong share sale, sealing the latest in a string of blockbuster equity offerings in the financial hub.
The company priced its sale of 95m shares at $32.4 each. That represents a nearly 3% discount to Baidu's Tuesday closing price in New York. One of Baidu’s American depositary shares is equal to eight of the ordinary shares being listed in Hong Kong.
Bank of America, CLSA, and Goldman Sachs are joint sponsors of the offering, while China International Capital, UBS, and CCB International Holdings are joint global coordinators.
Agarwal increase stake to sweeten the deal for the India unit.
Anil Agarwal, a billionaire founder of the Vedanta Group, has pledged his stake in a cash-rich Indian unit to help sweeten terms for a takeover attempt that’s key to his debt-repayment plans.
London-based Vedanta Resources will now seek to buy 17.51% of Mumbai-listed Vedanta at $3.24 a share, it said in an exchange filing Tuesday. That’s up from the previous 10% at $2.2 apiece. Vedanta Resources's existing 55% holding in Vedanta is placed as collateral under conditions of a dollar bond sale this month that will go toward partly funding the open offer.
Soul App files confidentially for US listing.
The company behind Soul App, a Chinese social networking platform, has confidentially filed for an IPO in the US that could occur as soon as this year, Bloomberg reported.
Shanghai Renyimen Technology could raise about $300m from the listing, though the fundraising target has yet to be finalized. The app company is working with advisers, including China International Capital. The company's valuation is more than $1bn before the IPO.
Launched in 2016, Soul matches like-minded users through artificial intelligence-enabled recommendations. After answering a quiz that places them in one of five categories, users can chat by text and voice, as well as participate in group chats and post to a public forum.
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