AMERICAS
LVMH, a French luxury goods company, and Tiffany, a US jewellery chain, will give themselves another three months to complete their $16.2bn tie-up after the deal did not close on the August 24 date set out in deal documents, Reuters reported.
Under the deal terms, Tiffany and LVMH set August 24 as the first deadline to complete, but with the provision that one of the parties could push back that deadline as far as November 24. Tiffany is exercising the option to apply November 24 as the ultimate deadline.
Tiffany is advised by Centerview Partners, Goldman Sachs, Sullivan & Cromwell and Sard Verbinnen & Co. Financial advisors are advised by Weil Gotshal and Manges. LVMH is advised by Citigroup, JP Morgan, Cleary Gottlieb Steen & Hamilton, Skadden Arps Slate Meagher & Flom, White & Case, Allen & Overy, Brunswick Group, DGM Conseil, Deluxewords, Montfort Communications, Kekst CNC, Publicis Consultants and SEC and Partners.
AVEVA Group to acquire OSIsoft for $5bn.
AVEVA Group, a British multinational information technology company, agreed to acquire OSIsoft, a manufacturer of application software for real-time data management, for $5bn.
"I am delighted that we have reached agreement to acquire OSIsoft. The acquisition has compelling strategic rationale with strong operational and financial benefits. The acquisition will strengthen AVEVA's position as a global leader in industrial software, whilst a combination of the complementary product offerings of AVEVA and OSIsoft is expected to allow the Enlarged Group to accelerate growth and continue to generate significant shareholder value," Philip Aiken, AVEVA Chairman.
OSIsoft is advised by Morgan Stanley, Fenwick & West, Latham & Watkins, Slaughter & May and Sard Verbinnen & Co. AVEVA Group is advised by JP Morgan, Numis Securities, Lazard, Ashurst, Debevoise & Plimpton and FTI Consulting. Debt financing is provided by BNP Paribas, Barclays and JP Morgan.
Warburg Pincus-backed Citizen Energy, an oil and natural gas exploration company, agreed to acquire Blue Mountain Midstream, an oil and gas producer, from Riviera Resources, a natural gas liquids company, for $111m.
"This transaction is the culmination of our extensive review of strategic alternatives for Blue Mountain. Over the past twelve months, the company has spent extraordinary time and effort engaging with several counterparties in an effort to maximize the sale value of Blue Mountain. Given the challenging macro-environment, we are pleased with this result. Consistent with past decisions, we expect to find ways to use the proceeds to return capital to shareholders," David Rottino, Riviera President and CEO.
Citizen Energy is advised by Shearman & Sterling and Sidley Austin. Riviera Resources is advised by Tudor Pickering Holt and Kirkland & Ellis. Debt financing is provided by BMO Capital Markets and JP Morgan.
Asbury Automotive Group, an automotive retailer and service company, completed the acquisition of Park Place Dealerships, a luxury car dealership, for $1bn.
"Park Place remains one of the best operators of luxury stores in the industry. Their portfolio of stores comes with a strong base of loyal clients and long-term team members throughout the high growth Dallas/Fort Worth market. We are thankful to both the Asbury and Park Place employees who have worked tirelessly over the last few weeks to complete this transaction. The talent in both organizations and the resilience of the dealer model have put us in a position to become a stronger and more diversified company. I am pleased to welcome all our new teammates at Park Place," David Hult, Asbury President and CEO.
Park Place Dealerships was advised by Presidio Group and Locke Lord. Asbury was advised by Bank of America Merrill Lynch, Hill Ward Henderson and Jones Day.
Blackstone-backed Cryoport, a provider of cold chain logistics solutions, agreed to acquire MVE Biological Products, a cryobiological products business, from Chart Industries, a manufacturer of cryogenic equipment, for $320m. The transaction is expected to close early in the fourth quarter of 2020, following the satisfaction of customary closing conditions, including regulatory requirements.
“This is a logical next step in our strategy to stay disciplined in our core cryogenic businesses that share common customers, technologies and end markets. Having a strategic life sciences buyer like Cryoport will provide a platform for the cryobiological products business to grow in medical and animal breeding spaces that are non-core to Chart. We will initially utilize the proceeds from the sale to pay down debt and subsequently continue to expand our presence, both organically and inorganically, into our high-growth focus areas, including hydrogen, carbon capture and other specialty markets,” Jill Evanko, Chart’s President and CEO.
Chart Industries is advised by Winston & Strawn. Cryoport is advised by Morgan Stanley and Latham & Watkins. Blackstone is advised by Goldman Sachs and Simpson Thacher & Bartlett.
Bristol Myers Squibb, an American pharmaceutical company, agreed to acquire Forbius, a privately held, clinical-stage protein engineering company that designs and develops biotherapeutics for the treatment of cancer and fibrotic diseases. Financial terms were not disclosed.
"Our portfolio of highly selective TGF-beta inhibitors has shown potential across a broad range of therapeutic areas. We are proud that Bristol Myers Squibb recognizes this potential given their global leadership in oncology and unique position to translate innovative science into meaningful treatments for patients with cancer across the globe," Ilia A. Tikhomirov, Forbius President and CEO.
Forbius is advised by Bank of America Merrill Lynch, Blake Cassels & Graydon and Cooley. Bristol Myers Squibb is advised by Davis Polk & Wardwell and Osler Hoskin & Harcourt.
Clearlake-backed TEAM Technologies, a North American healthcare specialty manufacturer focused on serving oral and dental care and medical end markets, completed the acquisition of Baril, a medical specialty manufacturer. Financial terms were not disclosed.
"We are thrilled to welcome the Baril team into the TEAM Technologies family as we continue building our portfolio of healthcare manufacturing technologies and capabilities. Not only does Baril offer highly complementary products and solutions for our infection prevention and control efforts, but Baril also facilitates our expansion into other attractive medical end markets, including wound care and wearable sensors utilizing Baril's expertise in skin-contacting technologies," Marshall White, TEAM President and CEO.
Baril was advised by Covington Associates. TEAM Technologies was advised by Lambert & Co. Debt financing was provided by Ares Management and Northwestern Mutual Capital.
MelodyVR, a music platform, agreed to acquire Napster, an online music store and subscription service based in Seattle, from RealNetworks, a provider of Internet streaming media delivery software, for $70m.
"MelodyVR's acquisition of Napster will result in the development of the first-ever music entertainment platform which combines immersive visual content and music streaming. For music fans today, live and recorded music are intrinsically linked. We are as keen to see our favourite artists perform live as we are to listen to their albums. Our purchase of Napster, one of the music industry's original disruptors, is born out of our wish to deliver the world's foremost music experience, available seamlessly across audio and visual media and in turn presenting a truly next generation music service," Anthony Matchett, MelodyVR CEO.
MelodyVR is advised by Arden Partners, Outside and Metro Public Relations.
Private equity firm Perceptive Advisors led a $155m funding round in Kronos Bio, a private clinical-stage biopharmaceutical company, with participation from BlackRock, Casdin Partners, Commodore Capital, EcoR1 Capital, Fidelity Management and Research Company, Surveyor Capital, T. Rowe Price Associates, Woodline Partners, GV, Invus, Nextech Invest, Omega Funds, Polaris Partners, and Vida Ventures.
"We appreciate the strong support from this group of investors and believe this capital will help propel Kronos through our upcoming period of clinical development," Norbert Bischofberger, Kronos Bio President and CEO.
Kronos Bio was advised by W2O Group and Jefferies & Company.
Brookfield Asset Management agreed to acquire a 40% stake in Cheniere Energy, a liquefied natural gas company, from Blackstone for $7bn.
The sale comes as demand for the super-chilled fuel has been recovering after the coronavirus pandemic hurt exports and forced buyers to cancel cargoes.
Palo Alto Networks, an American multinational cybersecurity company with headquarters in Santa Clara, agreed to acquire The Crypsis Group, an incident response, risk management and digital forensics consulting firm, from ZP Group, an organization with a portfolio of companies specializing in breach response, national security solutions and IT staffing, for $265m.
"The proposed acquisition of The Crypsis Group will significantly enhance our position as the cybersecurity partner of choice, while expanding our capabilities and strengthening our Cortex strategy. By joining forces, we will be able to help customers not only predict and prevent cyberattacks but also mitigate the impact of any breach they may face," Nikesh Arora, Palo Alto Networks Chairman and CEO.
Warburg Pincus-backed Qualifacts, a developer of enterprise electronic health record system providing scheduling, documentation, billing and reporting, agreed to merge with Martis Capital-backed Credible Behavioral Health, a provider of immediate assistance to behavioral healthcare agencies. Financial terms were not disclosed.
"Qualifacts and Credible are highly regarded in the behavioral health software industry. This transformational merger will deliver more value to the behavioral health customers we serve while creating outstanding opportunities for our employees. Both companies share a mission-driven culture and a commitment to operational excellence. I look forward to leveraging best practices as we continue to grow as one firm," David Klements, Qualifacts CEO.
Private equity firm Stripes led a $100m Series D round in Dataiku, an AI and machine learning company, with participation from Tiger Global Management, Battery Ventures, CapitalG, Dawn Capital, FirstMark Capital, and ICONIQ.
"The investment comes at a time where hundreds of customers find more value than ever before in Dataiku's offerings, using the platform to build sustainable, responsible Enterprise AI practices that accelerate recovery and build resilience to future change. Our customers share our vision and have expressed a real need for one, full-featured platform that will allow them to make AI pervasive throughout the enterprise," Dataiku.
General Atlantic and Sequoia Capital are key drivers in Oracle bid for TikTok. (FS)
General Atlantic and Sequoia Capital, two major investors in TikTok's Chinese parent company, are maneuvering to be part of a deal to acquire the US operations of the popular video-sharing app as it seeks to avoid a ban by the Trump administration, according to a WSJ report.
The investment firms, which own large stakes in Beijing-based ByteDance, are key drivers behind a possible bid for TikTok by a group including Oracle. The Oracle group emerged recently as a possible alternative to Microsoft, which said early this month that it was in talks to buy TikTok's operations in the US and three other countries.
Nasdaq files with SEC for IPO alternative to raising funds.
Exchange operator Nasdaq has filed with US regulators to change its rules to enable companies that debut on the stock market through a direct listing to raise capital, as an alternative to an initial public offering, Reuters reported.
The move underscores a desire for an alternative route to the public markets to an IPO, for decades the avenue used by the likes of Amazon and Apple, amid criticism by venture capital firms that investment banks underprice IPOs to help investors score big gains.
Nasdaq’s proposal would see a company, with the help of an investment bank, set a non-binding price range in advance of the first trade on the exchange, with a fixed number of shares being sold. There is no limit on how much above the price range a company’s share price could open; the stock would not open more than 20% below the range. Under the NYSE’s June proposal, a stock would need to open within the proposed price range.
Rumo raises $1.1bn in share offering.
Brazilan private railway operator Rumo, raised $1.1bn in a share offering. Rumo sold 294m new voting shares at $3.8 apiece, according to a regulatory filing. The initial amount of 235m shares was increased by 59m shares through an additional allotment.
The company set the price per share at $3.8, with a discount of nearly 3% from Monday's closing price. The company plans to use the proceeds for a concession pre-payment and to invest in the Malha Paulista railway.
Rumo is advised by Banco Bradesco, BTG Pactual, Banco Itau, BB Investimentos, JP Morgan, Safra, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and XP Investimentos.
Sequoia-backed Snowflake files for IPO. (FS)
Sequoia-backed Snowflake, a cloud data platform that was valued at $12.4bn in February funding round, filed for an initial public offering. Snowflake plans to list its shares on the New York Stock Exchange under the symbol SNOW.
Snowflake in its filing Monday listed the size of the offering as $100m, a placeholder that will likely change.
Goldman Sachs, Morgan Stanley, JP Morgan, Allen & Company and Citigroup are among the lead underwriters for the offering.
Peter Thiel-backed Asana files for a direct listing on NYSE.
Silicon Valley billionaire Peter Thiel-backed Asana, a workplace application startup, unveiled its plans to lists its shares on the New York Stock Exchange through a direct listing.
Unlike a traditional initial public offering, no new money has been raised in the direct listing, which usually sees existing investors start selling their stock as soon as trading starts with no lockup period.
Asana is advised by Morgan Stanley, JP Morgan, Credit Suisse and Jefferies & Company.
Sumo Logic files for a $100m IPO.
Sumo Logic, a provider of on-demand cloud log management solutions, filed an application to raise $100m in an initial public offering.
“As part of our go-to-market strategy, we have developed a strong ecosystem of partners, including independent software vendors, distributors, resellers, managed service providers, and managed security service providers to help us expand in existing markets, as well as enter and grow in new markets,” Sumo Logic.
Sumo Logic is advised by Morgan Stanley, JP Morgan, and Jefferies & Company.
Carlyle Group acquires eight solar projects in Maine.
Carlyle Group has acquired eight solar projects in Maine as the asset manager seeks to capitalize on New England’s expanding renewable-energy market, WSJ reported.
The projects are expected to cost more than $130m to build and will deliver 100 megawatts of solar-power capacity, enough to supply 19k Maine homes, Carlyle said. Construction on the projects started in June, and the total expected cost includes what has already been spent on their development.
Exeter Capital looking to raise $400m for debut vehicle. (FS)
Exeter Capital, a Boston-based private equity firm investing in consumer-facing businesses, set a $400m target for its inaugural fund.
Founded by former Advent International executives, the Boston-based firm targets majority, minority and growth investments of between $20m and $100m in North American consumer-focused companies.
Citymark raises $150m for its second investment vehicle. (FS)
Real estate investment firm and fund manager Citymark Capital has successfully reached the fundraising target of $150m for its second fund, Citymark Capital US Apartment Fund II.
Fund II’s current portfolio includes six multifamily communities. The assets, ranging in size from 120 units to 408 units, are located in Las Vegas, Dallas, Houston, Atlanta and Raleigh.
“We are grateful to our investors for their trust and confidence in our strategy. Their support underscores our belief in the consistent performance of institutional quality multifamily investments through different economic environments, including market disruptions,” Daniel Walsh, Citymark CEO.
EMEA
Far Point Acquisition, a special purpose acquisition company, announced that its stockholders approved the proposed business combination transaction with Global Blue Group, a strategic technology and payments company, at a special meeting held for this purpose on August 24, 2020.
Holders of 53m shares of FPAC's common stock, or c. 67.68% of the issued and outstanding shares, voted in favor of the transaction. The parties expect the closing of the transaction to occur August 28, 2020. FPAC also announced that stockholders holding 48m shares of FPAC's class A common stock have elected to redeem their shares in connection with the closing of the transaction.
Global Blue is advised by BNP Paribas, Barclays, PJT Partners, Kirkland & Ellis, Niederer Kraft & Frey, Simpson Thacher & Bartlett, and Brunswick Group. Third Point Ventures is advised by BakerHostetler. Ant Financial is advised by Linklaters. Far Point is advised by Bank of America Merrill Lynch, Barclays, Credit Suisse, JP Morgan, PJT Partners, Royal Bank of Canada, Bar & Karrer, Morgan Lewis & Bockius, Wolf Theiss, and Sard Verbinnen & Co. Debt financing to Far Point is provided by BNP Paribas, Bank of America Merrill Lynch, Barclays, Credit Suisse, JP Morgan, Morgan Stanley, and Royal Bank of Canada.
Eyewear maker EssilorLuxottica may appeal against an earlier court verdict regarding its planned takeover target GrandVision, an optical retailer, after it lost a Dutch court case which could jeopardize the deal, Reuters reported.
On Monday, the Rotterdam district court said EssilorLuxottica had failed to prove its claim that GrandVision had breached a takeover agreement by not asking permission for actions it took as lockdowns to combat Covid-19 extended throughout Europe.
"EssilorLuxottica is studying the judgment and assessing its options, including the possibility of filing an appeal against the judgment. The company remains concerned about GrandVision's behavior in continuing to deny access to important information related to their handling of the Covid-19 outbreak," EssilorLuxottica.
GrandVision is advised by ING Bank, Bredin Prat, and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Brunswick Group, and Community Group. HAL Holding is advised by NautaDutilh. Debt financing is provided by Credit Agricole and HSBC. Legal advice to debt providers is provided by Hogan Lovells.
Qatar Petroleum, a state-owned petroleum company of Qatar, completed the acquisition of a 25% stake in Qatar Fertiliser, a manufacturer of nitrogen-based fertilizers, from Yara International, a manufacturer of nitrates, ammonia, urea and other nitrogen-based chemicals, for $1bn.
With the proceeds, Yara will initiate a share buyback program to buy back up to 8m of its shares outstanding in the open market. Including the proportional redemption of shares owned by the Norwegian state, the total buyback and redemption will amount to approximately 5% of shares outstanding.
Yara was advised by Wikborg Rein.
Investment company Waterland Private Equity completed an acquisition of a majority stake in Modstrøm Danmark, an independent electricity supplier and a significant contributor to the green transition in Denmark. Financial terms were not disclosed.
"Together, we will deliver personal and bespoke energy services enabling each homeowner and business to reduce their energy consumption to the benefit of their personal finances and the climate. The partnership lets us become Denmark's preferred independent energy company and enables us to distribute the energy-saving solutions that are necessary to ensure a successful green transition," Anders Millgaard, Modstrøm Founder and CEO.
Arm halts spinoff of two IOT businesses to SoftBank.
Mobile phone chip developer Arm Holdings, halts a planned spinoff of two of its internet-of-things businesses to parent company SoftBank Group.
"After further diligence, we have determined that both IoTP and Data can realize the same benefits as independent operating businesses, each with their own P&L, under the Arm umbrella with less operational disruption. We will share more details once the proposed transfer of the businesses has been completed," Arm.
APAC
China Mengniu Dairy, a manufacturing and distribution company of dairy products and ice cream, terminates the acquisition of Lion Dairy & Drinks, the Australian beverage unit of Kirin, an integrated beverages company, for $419m.
The termination came after Mengniu was told that the deal would likely be blocked, amid increasingly strained relations between Canberra and Beijing.
Cerberus Capital Management, an investment company, completed the acquisition of a 20% stake in MCS Group, which consists of over 20 companies operating in various sectors such as energy, engineering, mining, real estate, telecommunications, and consumer goods. Financial terms were not disclosed.
"This partnership will strengthen our financial position and enable us to leverage Cerberus' operational experience, technology resources, and global expertise as we accelerate MCS's growth plans. We look forward to working with the global Cerberus team to build on our strengths and market leadership to create an international-calibre Mongolian company, which is an important step as we evaluate future opportunities for a public listing on the domestic and international exchanges," Odjargal Jambaljamts, MCS Group Chairman.
Cerberus was advised by Sard Verbinnen & Co.
Private equity firm RA Capital Management led a $115m Series C round in Connect Biopharma, a clinical-stage biopharmaceutical company focused on identifying and developing potent and specific immune modulating molecules, with participation from Boxer Capital, HBM Healthcare Investment, Lilly Asia Ventures and Qiming Venture Partners.
"Connect is focused on innovating best-in-class therapies to address patient need globally, and our ability to attract top-tier global investors is important validation of the potential value of our pipeline and its underlying technologies. We believe that our wholly-owned and growing pipeline, technology, scientific and clinical expertise, and world-class investors position us for success in continued execution of our near-term objectives and attaining our long-term vision of improving care and outcomes for patients with inflammatory and autoimmune disease," Zheng Wei, Connect Co-Founder and CEO.
Connect Biopharma was advised by Finn Partners.
Baring Private Equity Asia, one of the largest private alternative investment firms in Asia, led a consortium which completed a $211m investment in RBL Bank, an Indian private sector bank headquartered in Mumbai. Other investors included ICICI Prudential Life Insurance and Gaja Capital.
The company raised the capital to help strengthen its balance sheet after it was hit with a 50% fall in June quarter profit due to provisions on doubtful loans doubled.
Beijing Financial Street Capital Operation Center, a real estate development company, led a $173m Series B funding round in iSpace, a private Chinese space launch firm. The round was also participated by CICC, Taizhonghe Capital, Sequoia Capital, CITIC Securities, China Merchants Securities, Yaxiang Xingtai, Shanghai Pudong Science and Technology and CDH Investment.
This round of financing will be mainly used for the development of the hyperbolic series of launch vehicles, the development of the focus series of reusable liquid oxygen methane engines and the construction and training of talent teams.
SDIC, the largest state-owned investment holding company in China, led a $116m Series A round in Xuanzhu Biopharmaceutical, the innovative drug research and development platform of Sihuan Pharmaceutical.
"Xuanzhu Biopharmaceutical is deploying research and development of market-leading innovative drug, and is rapidly promoting clinical research and development and marketing, thus building a strong platform. We are very happy to support Xuanzhu Biopharmaceutical's highly efficient team at this exciting stage. They are using their expertise and capabilities to expand treatment options and benefit Chinese patients," SDIC.
Xero, an accounting software company, agreed to acquire Waddle, a cloud-based invoice lending platform, for $57m.
"The acquisition of Waddle is an important step in our strategy to help small businesses better manage cash flow and gain access to working capital," Steve Vamos, Xero CEO.
Asahi Group to raise $4.3bn for AB InBev Australian deal.
According to a filling, Asahi plans a share offering in Japan and US to raise $1.5bn. It's also preparing a previously-announced subordinated-bond sale of as much as $2.8bn, which may be priced in October.
Adani Group in talks to acquire a majority stake in Mumbai airport.
The Adani Group is in talks to acquire a majority stake in Mumbai Airport from GVK Group, a business conglomerate.
Adani Group plans to acquire a 50.5% stake held by GVK Group in MIAL, and a further 23.5% from GVK's minority partners, Airports Company South Africa and the Bidvest Group, giving it majority control of the second-busiest airport in the country. The remaining 26% stake is owned by state-run Airport Authority of India.
Tokyo Stock Exchange to approve listing of Bain Capital-backed Kioxia. (FS)
The Tokyo Stock Exchange is set to approve an October 6 listing of Kioxia, the world's second-largest flash memory chip firm, as early as Thursday, Reuters reported.
Bain Capital-backed Kioxia, a former unit of Toshiba, could have a market value of over $28.2bn, making it the largest listing in Japan this year.
Nongfu Spring to raise $1.1bn in Hong Kong IPO.
Chinese drinks maker Nongfu Spring will raise up to $1.1bn by pricing its shares between $2.52 to $2.77 in its Hong Kong initial public offering. At up to $1.1bn, it will be one of the largest IPOs in Hong Kong in 2020, Reuters reported.
The deal opened yesterday and is due to be finalised on Friday. The company will sell 388.2m shares. Nongfu Spring is due to start trading on the Hong Kong Stock Exchange on September 8.
The prospectus shows five cornerstone investors, led by fund manager Fidelity, hedge fund Coatue and Singapore sovereign wealth fund GIC, have subscribed for stock in the deal.
Warburg Pincus-backed Kalyan plans a $235m IPO. (FS)
Warburg Pincus-backed Kalyan Jewellers India, plans to raise as much as $235m, making it the largest initial share sale among Indian jewelers, as it pins its hope on gold's long-term allure overriding a coronavirus-induced dip in demand in the world's second-biggest consumer.
The company plans to raise $13m by selling new shares to fund business growth, while its promoter T.S. Kalyanaraman and private equity firm Warburg Pincus plan to sell shares worth $34m and $67m, respectively.
The fresh capital to be raised from the IPO will go towards funding working capital requirements and other general corporate purposes, the company said in its prospectus filed with markets regulator Securities and Exchange Board of India.
GIC, Tencent-backed Yidu files for Hong Kong IPO. (FS)
GIC and Tencent backed Yidu Tech, a Chinese big data and AI-powered healthcare solutions provider, filed for an intial public offering application on the main board of Hong Kong Stock Exchange. The IPO pricing, size and timeframe are yet to be announced.
The company raised a total of $337m across 11 financing rounds before it filed for IPO applications. Its investors include China sovereign wealth fund China Investment, Tencent, and GIC, which invested an aggregate of $70m in Yidu Tech between 2017 and 2018.
GLP launches $2.6bn open-ended Japan income fund. (FS)
GLP, a logistics services provider, announced the launch of a new Japan logistics real estate income fund with $2.6bn assets under management at inception, DealStreetAsia reported. A majority of investors in the fund are new to GLP and include pension funds, financial and insurance companies and sovereign wealth funds.
GLP stated that GLP Japan Income Fund will be the largest private open-ended logistics real estate income fund in Japan. The fund will be seeded with 11 newly developed modern logistics assets in Greater Tokyo and Osaka.
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