AMERICAS
Prime Blockchain, an infrastructure provider for blockchain technology, agreed to go public via a merger with 10X Capital Venture Acquisition II, a special purpose acquisition company sponsored by 10X Capital, in a $1.32bn deal. The transaction includes a PIPE investment from CF Principal Investments.
"We are excited to bring PrimeBlock public with the support of our investors and the experienced team from 10X Capital. We believe the transaction will provide tremendous momentum for our next phase of growth. In addition, our partnerships with key suppliers are expected to enhance our ability to rapidly scale the business. We believe we are well-positioned to leverage our infrastructure and technology to provide PrimeBlock's customers access to the underlying economics of public blockchains," Gaurav Budhrani, PrimeBlock CEO.
PrimeBlock is advised by Reed Smith and White & Case. 10X Capital is advised by Canaccord Genuity, Cantor Fitzgerald, Cohen & Company and Latham & Watkins. Cohen & Company is advised by DLA Piper. CF Principal Investments is advised by King & Spalding.
Callodine Group, an asset management platform, agreed to acquire Manning & Napier, an investment solutions provider, for $246m.
"Manning & Napier represents a best-in-class investment management firm that we are thrilled to welcome to the Callodine Group platform. Growing up in Rochester, NY and having previously been a shareholder of the Company after its IPO, we know this is a business with a long and proud tradition of delivering outstanding results for clients. We look forward to partnering with the current management team to continue to uphold that standard of excellence.," James Morrow, Callodine Founder and CEO.
Manning & Napier is advised by PJT Partners, Gibson Dunn & Crutcher, Morgan Lewis & Bockius and Prosek Partners. Callodine is advised by Aviditi Advisors, MSI Capital Partners, Wells Fargo Securities and Sidley Austin.
M&T Bank, a financial holding company headquartered in Buffalo, completed the acquisition of People's United Financial, a financial holding company headquartered in Bridgeport, for $7.6bn.
"Today marks an important day in M&T's history as we welcome People's United to our family. People's United is a strong strategic and cultural fit and I am truly excited about the positive impact our combined Company will have in the communities we serve. Together, we have the capabilities and scale of a regional bank with the engagement model of a community-based organization to help us better serve new and existing customers, businesses and communities," René Jones, M&T Chairman and CEO.
People's United Financial was advised by JP Morgan, Keefe Bruyette & Woods and Simpson Thacher & Bartlett. M&T was advised by Lazard, Sullivan & Cromwell and Brunswick Group. Sullivan & Cromwell was advised by Cravath Swaine & Moore.
Synthomer, a global differentiated chemicals company, completed the acquisition of the adhesives resins business of Eastman Chemical, a global specialty materials company, for $1bn.
The sale included the hydrocarbon resins (including Eastman Impera tire resins), pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid based resins product lines, all of which were previously part of Eastman’s Additives & Functional Products segment.
"Alongside the diversification of our portfolio, end markets and geographies, our acquisition strategy looks to add new and highly complementary growth opportunities to Synthomer’s global portfolio. Acquiring Adhesive Resins delivers on that ambition, giving us a leading position in the growing global adhesives market and extending our portfolio of differentiated products and sustainable solutions. It is a business that we have long admired, and I am confident that the combination of Synthomer and Adhesive Resins will drive meaningful value for all stakeholders in the years ahead," Calum MacLean, Synthomer CEO.
Synthomer was advised by Numis Securities, Barclays, Herbert Smith Freehills, Squire Patton Boggs and Teneo. Eastman Chemicals was advised by JP Morgan and Jones Day.
Thomas H. Lee Partners, a private equity firm, agreed to acquire Intelligent Medical Objects, a healthcare data enablement company, from Warburg Pincus, a private equity firm. Financial terms were not disclosed.
“We could not be more excited to partner with our new colleagues at IMO. At a time when hospitals and physicians feel the strain of heightened demand and limited capacity, IMO’s products help deliver improved patient care and satisfaction. This works to the benefit of those providing care, and those seeking it," Joshua Nelson, THL Managing Director.
Intelligent Medical Objects is advised by Evercore and Kirkland & Ellis. Thomas H. Lee is advised by Deloitte, William Blair & Co, Ropes & Gray and Edelman. William Blair & Co was advised by Kirkland & Ellis.
Lawson Products, a specialty products distributor to the industrial, commercial, institutional and government maintenance, repair and operations market, completed the merger with TestEquity, a distributor focused on providing quality selection of test and measurement equipment and solutions, electronic production supplies, and tool kits, and Gexpro Services, a global supply chain solutions provider. Financial terms are not disclosed.
"We are excited to announce the completion of this strategic combination. We expect the merger of these businesses to generate significant earnings, improved cash flow and incremental value for our shareholders. The holding company structure will enable the combined companies to leverage best practices, back-office resources and technology across the platform to help drive operating efficiencies and leverage shared solutions. These best-in-class specialty distribution businesses offer high-touch, technical, value-added service delivery models for their customers, which are well-positioned for accretive acquisitions across highly fragmented markets," J. Bryan King, Lawson Products Chairman.
Gexpro Services was advised by Piper Sandler and Mayer Brown. Lawson Products was advised by Cowen & Company, Jenner & Block and Three Part Advisors. Jenner & Block was advised by White & Case.
Blue Owl Capital, an alternative asset manager, completed the acquisition of Wellfleet Credit Partners from Littlejohn & Co, a private equity firm. Financial terms are not disclosed.
"We are excited to welcome the Wellfleet team onto the Owl Rock platform as the addition of the team's expertise in the public markets will both complement and further expand our credit capabilities," Craig Packer, Blue Owl Co-Founder and Senior Managing Director.
Blue Owl Capital was advised by GreensLedge, Kirkland & Ellis and Prosek Partners. Littlejohn was advised by Stradley Ronon Stevens & Young and Gasthalter & Co.
Resideo Technologies, a home comfort and security solutions provider, completed the acquisition of First Alert, a provider of home safety products, from Newell Brands, a manufacturer, marketer and distributor of consumer and commercial products, for $547m.
"The addition of First Alert to the Resideo portfolio provides a highly complementary extension of our existing sensor solutions in the home. Not only does First Alert bring a leading brand and market position in home safety, but its products also occupy a highly strategic position on the ceiling. We see significant operational synergies with First Alert's strength in retail and relationships with leading homebuilders and Resideo's strong partnership with professional contractors and distributors. First Alert advances our strategy of expanding Resideo's presence with contractors and broadening our suite of sensors for the home," Jay Geldmacher, Resideo CEO.
Resideo was advised by Centerview Partners and Willkie Farr & Gallagher. Newell Brands was advised by JP Morgan and Jones Day.
National Bank Holdings, a bank holding company, agreed to acquire Bank of Jackson Hole, a commercial bank, for $230m.
“We are pleased to welcome a high quality franchise with strong ties to their communities into the NBH family. Bank of Jackson Hole brings a successful trust business, a deep commitment to the local community and exceptional client service. Together our organizations will offer expanded banking services for our client,s, enhanced career opportunities for our associates, and a strong commitment to making a difference in the communities we serve," Tim Laney, National Bank Holdings Chairman, President and CEO.
Bank of Jackson Hole is advised by D.A. Davidson & Co and Fenimore Kay Harrison & Ford. National Bank Holdings is advised by Bank of America and Squire Patton Boggs.
FirstSun Capital Bancorp, a bank holding company, and Sunflower Bank, a bank operator, completed the acquisition of Pioneer Bancshares, a bank operator. Financial terms were not disclosed.
"We are thrilled to welcome Pioneer Bank's customers and associates to the Sunflower family. We believe the additions brought by Pioneer will complement our growing presence in Texas and will be a perfect fit with our existing customer base and relationship-driven philosophy," Mollie Carter, FirstSun Chairman.
Pioneer Bancshares was advised by Piper Sandler and Bracewell. FirstSun Capital was advised by Stephens and Nelson Mullins Riley & Scarborough.
Fortitude Re, a multi-line composite reinsurer, completed the acquisition of the PALAC block, an in-force legacy variable annuity block, of Prudential Financial, a financial services provider, for $1.5bn.
“Closing on this transaction marks a significant milestone for Fortitude Re. We have demonstrated to Prudential, its policyholders and other stakeholders that our commitment to capital strength, a professional client experience and deep liability expertise can help our insurance clients achieve their strategic goals. We will continue to build our capabilities in partnership with Carlyle, enabling us to take on industry-shaping transactions, and to continue on our journey towards becoming a leading provider of solutions to global insurers," James Bracken, Fortitude Re CEO.
Fortitude Re was advised by Debevoise & Plimpton. Prudential Financial was advised by Goldman Sachs and Sidley Austin.
Vertex Energy Operating, a refiner of alternative feedstocks and marketer of high purity petroleum products, completed the acquisition of Mobile Chemical, an oil refinery, from Royal Dutch Shell, for $75m.
"We acquired an exceptional refining and logistics asset of scale, one equipped with significant feedstock optionality, together with a high-value, distillate-weighted product slate. As part of this transaction, Vertex assumes ownership of more than 3m barrels of crude oil and product storage, together with other valuable logistics assets. Our vision for this site is that of diversification. We seeks to lead the southeast region in marketing next generation fuels and products that are not currently produced by the refinery today. Our entry into these new markets is expected to generate significant, long-term value for our shareholders, while adding new jobs and economic stimulus to the regional market," Benjamin P. Cowart, Vertex President and CEO.
Vertex was advised by Donovan Ventures and Vallum Advisors. Royal Dutch Shell was advised by Citigroup.
Olympus Partners, a private equity firm, completed the acquisition of a majority stake in Omega Environmental Technologies, an aftermarket distributor of climate control products and other mission-critical components, from AEA Investors, a private equity firm. Financial terms were not disclosed.
"The replacement air conditioning market is very attractive, with steadily growing demand and high barriers to entry due to the technical nature and SKU intensity of the product. Omega is the leader in this category with a portfolio of powerful brands and complete end market coverage. We look forward to working with Peter, Randy, and the rest of the management team to continue grow the Company," Jason Miller, Olympus Partner.
Omega is advised by Jefferies & Company. Olympus Partners is advised by Kirkland & Ellis. Debt financing was provided by Antares Capital.
The Vistria Group, a private equity firm, completed the acquisition of a majority stake in Professional Health Care Network, a home health care management services company. Financial terms were not disclosed.
"The investment in PHCN was a strategic, three-fold decision, geared around increasing access to home health services, in addition to accelerating the shift towards value-based care and creating the premier network of home health providers," David Schuppan, The Vistria Group Senior Partner and Co-Head of Healthcare.
Professional Health Care was advised by MTS Health Partners. Vistra Group was advised by TripleTree and Ropes & Gray.
Clearlake Capital-backed WhiteStar Asset Management, a credit-focused investment management firm, completed the acquisition of five collateralized loan obligations business of Carlson Capital, an alternative investment manager. Financial terms were not disclosed.
"This acquisition continues the growth of WhiteStar, and it's been a pleasure collaborating with the Carlson Capital team during this transition. With this acquisition on the heels of our acquisitions completed in 2021, we continue to deliver on our strategic plan to grow the credit business and enter new markets. We are honored to take the reins from Carlson Capital, steward the existing investors' capital and are thankful to Carlson for their work to date," Gibran Mahmud, WhiteStar CEO.
WhiteStar was advised by Milbank. Carlson Capital was advised by Mayer Brown and Gasthalter & Co.
Eldridge Industries and Andreessen Horowitz led a $620m funding round in Cross River Bank, a community bank, with participation from T. Rowe Price, Whale Rock and Hanaco Ventures.
“Cross River is powering the future digital economy and changing lives by reinventing the way financial services are accessed. The quality of the investor group and size of our latest funding make this a landmark transaction in the financial technology arena, and will enable us to accelerate the growth of Cross River as the foundation of modern finance," Gilles Gade, Cross River Founder, President and CEO.
Cross River was advised by Financial Technology Partners and Sullivan & Cromwell.
TA Associates, a global growth private equity firm, agreed to acquire TouchTunes, an in-venue, interactive music and entertainment platform, from private equity firms Searchlight Capital Partners and Newlight Partners. Financial terms were not disclosed.
"TA is highly impressed with the deep commitment TouchTunes has to creating a high-quality music experience. The company’s continuous innovation, strong relationships with venues and jukebox operators, and skilled management team all help to deliver the desired experience for customers. TouchTunes has already established itself as a market leader, but we see opportunity for continued innovation and expansion. We are excited to invest in TouchTunes at this moment in its growth and look forward to partnering closely with the TouchTunes management team," Michael Berk, TA Managing Director.
TouchTunes is advised by LionTree Advisors. TA Associates is advised by Debevoise & Plimpton.
PSA, a port group and trusted partner to cargo stakeholders, with flagship operations in Singapore and Antwerp, completed the acquisition of BDP International, a provider of logistics and transportation services, from Greenbriar Equity, a private equity firm. Financial terms were not disclosed.
“The synergies between BDP and PSA are apparent, with foundations built on service excellence, delivering value to customers and stakeholders, and by creating rewarding careers for our colleagues. With the extensive capabilities of PSA and their significant market presence worldwide, we will undertake a new chapter of growth with incredible opportunities to optimise global supply chain activities for our customers," Mike Andaloro, BDP CEO and President.
PSA International was advised by Credit Suisse. Greenbriar Equity was advised by JP Morgan.
777 Partners and Brickell PC Insurance Holdings, an insurance holding firm, agreed to acquire Randall & Quilter Investment, an insurance services provider, for £482m ($632m).
“We have enjoyed a strong relationship with R&Q as a shareholder since 2019 and further supported the business with an infusion of capital in 2020. We are excited about the prospect of integrating R&Q into our robust insurance ecosystem and expanding our business into the legacy space, by combining R&Q’s deep experience in managing complex run-off claims with 777’s unique asset management capabilities," Steven Pasko, Brickell Chairman.
Randall & Quilter is advised Barclays.
Century Casinos, a gaming company, completed half of the previously announced acquisition of Nugget Casino Resort in Nevada from Marnell Gaming, a hospitality company, for $95m.
The purchase of OpCo is expected to occur within one year and is subject to approval by the Nevada Gaming Commission. Following the Second Closing, the Company will own the operating assets of the Casino and 50% of the membership interests in PropCo. The Company also has a five-year option to acquire the remaining 50% of the membership interests in PropCo for $105m plus 2% per annum.
Century Casinos is advised by Goldman Sachs.
Intel agreed to acquire Granulate Cloud Solutions, a developer of real-time continuous optimization software. Financial terms were not disclosed.
“Together with Intel, we believe we can help customers achieve meaningful cost reductions and five times the throughput across workloads. As a part of Intel, Granulate will be able to deliver autonomous optimization capabilities to even more customers globally and rapidly expand its offering with the help of Intel’s 19k software engineers," Asaf Ezra, Granulate Co-Founder and CEO.
Intel is advised by Skadden Arps Slate Meagher & Flom.
MeridianLink, a provider of software platforms for financial institutions and consumer reporting agencies, completed the acquisition of StreetShares, a financial technology company. Financial terms are not disclosed.
"StreetShares' commitment to providing lenders across the US with state-of-the-art business lending capabilities, including business loans, automated decisioning, and business lines of credit, aligns with our focus on empowering more banks and credit unions to better serve consumers and communities. Adding the StreetShares team, technology, and strong partnerships with organizations like Fiserv to the MeridianLink family will accelerate our small business lending capabilities and further strengthen our MeridianLink One platform," Nicolaas Vlok, MeridianLink CEO.
StreetShares was advised by PJT Partners.
OTC Industrial Technologies, an industrial equipment service provider and distributor, completed the acquisition of American Industrial Corporation, a provider of liquid and powder finishing equipment, dispense application products, and filtration products. Financial terms were not disclosed.
“For its over 50 year history, American Industrial Corporation (AIC) has served its finishing and powder coating customers with leading application knowhow, equipment systems design, fabrication and installation support. This acquisition is a key part of our strategy to expand our technical sales and service capabilities. We are excited to have AIC team join our family of OTC companies,” Bob Wilson, OTC President.
OTC was advised by Jones Day.
Bain Capital Ventures led a $105m Series C round in Docker, a provider of cloud-native application development tools, content, and services for developers, with the participation from Atlassian Ventures, Citi Ventures, Vertex Ventures, Benchmark, Insight Partners, Tribe Capital and Four Rivers.
“Docker has forever changed how developers build, share, and run modern applications. With the company’s laser-like focus on developers, efficient and high-velocity product-led go-to-market strategy, and empowering of thousands of ecosystem partners, it is poised to lead the industry for the next decade," Enrique Salem, Bain Capital Ventures Partner.
H.I.G. Capital-backed Homewerks Worldwide, a home improvement innovato, completed the acquisition of the shower and specialty plumbing business of Waxman Consumer Products Group, a distributor in the home improvement and plumbing market. Financial terms were not disclosed.
"We are pleased to announce the acquisition of the Shower and Specialty Plumbing business from Waxman. This transaction represents another step forward for our Company and enhances our position as a one-stop solution for our plumbing and HVAC retail partners," Peter Berkman, Homewerks Worldwide Founder and CEO.
Korn Ferry, an organizational consulting firm, completed the acquisition of Patina Solutions Group, a professional executive search organization. Financial terms were not disclosed.
"This combination presents real, tangible opportunity for Korn Ferry and our clients looking for the right talent, who are highly agile, with specialized skills and expertise, to help them drive superior performance, including on an interim basis. Patina offers ideal solutions for today's nomadic labor market," Gary D. Burnison, Korn Ferry CEO.
Clearlake Capital and TA Associates seek to explore a stake sale in Precisely. (FS)
Private equity firms Clearlake Capital and TA Associates are exploring options, including the sale of a minority stake in software maker Precisely.
The private equity firms are working with an adviser to solicit interest from bidders. Any transaction is poised to value the company at more than $7.5bn, including debt. The company has about $4.2bn in outstanding debt.
Water Street-backed Viant explores options including a sale that might fetch around $3bn. (FS)
Water Street-backed Medical device maker Viant is exploring strategic options including a potential sale that could value it at $2bn to $3bn and perhaps more.
Viant has been talking to advisers and a sale process could begin this year. Viant is expected to draw takeover interest from private equity firms. The company and Water Street haven’t made a final decision on pursuing a sale and their plans could change, Bloomberg reported.
Plus weighs the IPO of Non-China business.
Plus, a self-driving truck startup, is considering listing its non-china businesses in a US initial public offering, after scrapping a merger with a blank-cheque company.
Plus is working with advisers to privately raise fresh funds in a round valuing the entire business at about $3bn, ahead of a potential traditional IPO for the US and Europe businesses.
Deliberations over an IPO for Plus are at an early stage and no final decision has been made. The company said at the time that it’s pursuing a potential restructuring and might resume discussions with the blank-check firm, Bloomberg reported.
Freeport Financial raises $1.5bn for its fifth direct-lending fund. (FS)
Freeport Financial Partners, a private equity firm, announced the successful final close of its fifth direct lending fund, Freeport First Lien Loan Fund V, raising $1.5bn in investable capital including targeted leverage and separately managed accounts investing alongside the fund. Fund V was oversubscribed, exceeding its initial target by over $250m, with total equity commitments of $900m and $600m in targeted leverage. Fund V obtained commitments from a wide range of institutional investors including public and private pension plans, insurance companies as well as endowments and foundations across North America, Europe and Asia.
Fund V invests primarily in directly originated and independently underwritten senior-secured first lien, floating rate loans to private equity-owned US lower middle market companies that have EBITDA between $3m and $25m. Over the past year, Fund V has deployed approximately 35% of its capital across a diverse group of industries including business services, industrial components and healthcare services.
“We are pleased with the strong response to our most recent fund from both our existing and new investors to achieve a diversified base of limited partners,” Josh Howie, Freeport Managing Director.
Gopuff is close to raising $1bn with no IPO in sight. (FS)
Gopuff, a consumer goods and food delivery company, is near to closing a $1bn funding round and is cutting hundreds of jobs, steps meant to bolster the delivery startup’s financial cushion as it embarks on a new global strategy and steers clear of the volatile public markets.
The latest investment is being led by Guggenheim Partners and will come in the form of a convertible note. The additional capital would add to Gopuff’s current cash position of $2bn. Gopuff was valued at $15bn last July.
Gopuff had been in discussions with investment banks about a potential initial public offering that at one point was envisioned for as soon as the second half of the year, Bloomberg reported.
EMEA
Private equity firms Apax Partners and Warburg Pincus completed the acquisition of T-Mobile Netherlands, a European telecommunications operator, from Deutsche Telekom, a German telecommunications company, and Tele2, a European telecommunications operator headquartered in the Kista Science City, Stockholm, for €5.1bn ($6bn).
"Today is a big day for us. We are excited about the path ahead and to work together with Apax and Warburg Pincus over the coming years. We are looking forward to continuing our strategy in the Dutch market, offering superior value to our customers. As such, we remain steadfast in our promise to deliver the best possible customer experience, powered by the best mobile network in the world. We have come a long way and repositioned T-Mobile as a winning player by driving innovation and change within the market, being the first mobile operator to offer unlimited and nationwide 5G," Søren Abildgaard, T-Mobile Netherlands CEO.
Apax Partners was advised by Credit Suisse, LionTree Advisors, Freshfields Bruckhaus Deringer, Simpson Thacher & Bartlett and Stibbe. Financial advisors are advised by Shearman & Sterling. Tele2 was advised by Clifford Chance. Deutsche Telekom was advised by Morgan Stanley and De Brauw Blackstone Westbroek.
Swvl, a Dubai-based provider of transformative mass transit and shared mobility solutions, went public via merger with Queen's Gambit Growth Capital, the first special purpose acquisition company led by women, in a $1.5bn deal.
The deal includes an upsized $100m fully committed common share PIPE, led by global strategic and financial investors including Agility, Luxor Capital Group and Zain.
"Completing our business combination with Queen's Gambit is a tremendous milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it should be a fundamental right for all. As a public company, we plan to build on Swvl's exponential growth to date and proprietary tech-enabled platform, ensuring that underserved populations have access to solutions that are safe, convenient and affordable. In turn, we will leverage our best-in-class team, established partnerships and proprietary tech stack with differentiated solutions," Mostafa Kandil, Swvl Founder and CEO.
Swvl was advised by Barclays, Cravath Swaine & Moore, Maples Group, Slaughter & May and Kekst CNC. Queen's Gambit Growth Capital was advised by Ernst & Young, Guggenheim Partners, Vinson & Elkins and Walkers.
2MX Organic, a special purpose acquisition company, agreed to merge with InVivo, an agricultural and agri-food group in a $748m deal.
The business would become a fully-owned subsidiary of 2MX Organic while InVivo would become the majority shareholder of 2MX Organic through the issue of new shares.
2MX Organic is advised by Centerview Partners, Deutsche Bank, Racine and Sekri Valentin Zerrouk. InVivo is advised by Natixis Partners, Fidal and Brunswick Group.
Allegro completed the acquisition of WE|DO and Mall Group from PPF, EC Investments and Rockaway Capital, for $1bn. (FS)
Allegro, a Polish go-to e-commerce platform, completed the acquisition of WE|DO, a last mile delivery expert, and Mall Group, an e-commerce group in Central and Eastern Europe, from private equity firms PPF, EC Investments and Rockaway Capital for $1bn.
"Over two decades, Allegro has become the favourite shopping destination for consumers in Poland. Together with Mall Group and WE|DO we will now be able to improve the everyday lives of not only the 18m customers we already serve, but also reach out to the rest of Europe with our offer," François Nuyts, Allegro CEO.
Mall Group was advised by Morgan Stanley. Allegro was advised by McKinsey & Company, JP Morgan and Clifford Chance. PPF Group was advised by White & Case.
Evraz Group, a multinational vertically integrated steel manufacturing and mining company, terminated the demerger of Raspadskaya, a Russia-based coal-mining company.
"In light of the unprecedented sanctions against Russia and Russian special economic measures in response to sanctions, which were outside of control of the company, execution of the transaction became technically impossible and the decision has been taken not to proceed with the demerger," Evraz.
Wheels Up, a provider of travel services, completed the acquisition of Air Partner, a global aviation services group, for $107m.
"We are thrilled to welcome the Air Partner team as Wheels Up officially goes global. Air Partner's rich 60-year history in private aviation and complementary services will be an excellent enhancement of our brand as we continue to expand our marketplace and deliver a world-class experience for our members and customers. Bringing these two teams together is a tremendous advantage as we work to reinvent the future of private travel," Kenny Dichter, Wheels Up Chairman and CEO.
Air Partner was advised by Ashurst and TB Cardew. Wheels Up was advised by Jefferies & Company.
Spain's BBVA had secured the regulatory approval needed to launch a voluntary takeover bid for the 50.15% stake it does not already own in its Turkish unit Garanti as it increases its bet on more risky emerging markets, Reuters reported.
BBVA said the voluntary tender offer period would start on April 4 and end on April 29. The purchase price was also reduced from $2.5bn to $1.7bn due to a weaker Turkish lira.
BBVA is advised by Garrigues and White & Case.
CFAO, a wholesale distributor of pharmaceuticals, completed the acquisition of a 30% stake in Goodlife Pharmacies, a pharmaceutical chain, from LeapFrog Investments, a private equity firm. Financial terms were not disclosed.
“Goodlife has built strong brand recognition in East Africa. oodlife Pharmacy will continue to work in marginalized areas, taking the same quality of care and providing products at the right price points for these markets. In addition, we will be working with local Kenyan manufacturers to create additional demand for Kenyan manufactured pharmaceuticals," Amaan Khalfan, Goodlife CEO.
CFAO was advised by Milk & Honey. Leapfrog was advised by Debevoise & Plimpton.
RAISE Investissement, a private equity firm, completed an investment in Clinique des Champs-Elysées, an aesthetic medicine group. Financial terms were not disclosed.
“We have been watching this market for several years, which is very deep and growing by more than 15% per year. We were won over by the group's responsible and committed approach to health and well-being issues. We are convinced that the data-driven organization put in place by Tracy and her team will also be fundamental assets in accelerating the deployment of new centers in France and abroad," Aymeric Marraud des Grottes, RAISE Investissement Partner.
RAISE Investissement was advised by Shearman & Sterling.
Mediterranean Shipping Company to acquire Bolloré Africa Logistics for $6.3bn.
Mediterranean Shipping Company, an international shipping line, agreed to acquire Bolloré Africa Logistics, an international transport and logistics operator, for $6.3bn.
The acquisition of Bolloré Africa Logistics reaffirms MSC Group’s longstanding commitment to invest in Africa and to strengthen supply chains across the continent, as well as connecting it to the rest of the world.
BBVA completed the acquisition of Tree Inversiones Inmobiliarias from Merlin Properties for $2.2bn.
BBVA, a financial services company, completed the acquisition of Tree Inversiones Inmobiliarias, a real estate company, from Merlin Properties, a real estate investment trust, for $2.2bn.
This deal gives the bank greater flexibility in the management of its network of offices in Spain - as it resumes ownership - and generates significant economic savings between now and the date the agreement is set to end in 2040, despite increasing inflation.
Aldar Properties completed the acquisition of Rixos Bab Al Bahr hotel from RAK Hospitality Holding for $210m.
Aldar Properties, a real estate development, management and investment company ,completed the acquisition of Rixos Bab Al Bahr hotel, a beach resort, from RAK Hospitality Holding, a hospitality asset owner and manager, for $210m.
"The acquisition adds further scale to Aldar Investment's growing hospitality and leisure portfolio and will bring its total investment in Ras Al Khaimah to 500m, including the earlier acquisition of Al Hamra Mall and additional development rights at both properties," Aldar Investment.
KKR and EQT are among investors eyeing a stake in Stratec. (FS)
Financial investors, including KKR and EQT, are considering offers for a stake in listed German laboratory supplier Stratec. The company is valued at $1.36bn on the stock exchange.
Permira and CVC Capital Partners are also interested in a 40.55% stake held by company founder Hermann Leistner and his family. Considerations are at an early stage, but a deal could trigger a takeover bid to all shareholders. It is not yet clear whether the offers are individual or potentially joint bids, Reuters reported.
Stratec is advised by JP Morgan.
Allegro eyes more deals after buying Mall, WE|DO assets.
Polish e-commerce platform Allegro is interested in more mergers and acquisitions in the region, its Chief Executive Francois Nuyts told, as the group completed its takeover of Mall Group and WE|DO, Reuters reported.
Allegro said in November it would acquire the e-commerce assets of Mall Group and WE|DO's logistics assets for $1bn to create a regional platform, its first significant international deal.
"Are we considering more M&A transactions? Always. ou'll probably see us focusing across those geographies (in which we are currently present) for the time being," Francois Nuyts, Allegro CEO.
Gazprom exits German unit without disclosing new shares.
Russian energy giant Gazprom said it has exited its German subsidiary, which owns several storage facilities across the country, the company’s trading arm in the UK and units from Switzerland to Singapore.
The gas producer no longer owns Gazprom Germania and all of its units, including London-based Gazprom Marketing & Trading, without disclosing a new ownership structure. Separately, the trading arm said it wasn’t in a position to comment on the new ownership, but added it was working with regulator Ofgem to mitigate risks to the UK market.
Gazprom subsidiaries in Europe have come under pressure as clients and business partners refuse to do business with them following Russia’s invasion of Ukraine. The German government has been weighing options for Wingas - a part of Gazprom Germania that supplies about 20% of the local gas market, Bloomberg reported.
Volkswagen snubs Deutsche Bank for its lead role on $100bn Porshe IPO.
The initial public offering of iconic sports-car maker Porsche, which is poised to be one of Germany’s biggest-ever IPOs, is missing the country’s biggest bank, Deutsche Bank.
Volkswagen picked an all-American lineup, snubbing European banks, to lead the planned share sale, which could value Porsche at as much as $100bn.
The choice of Goldman Sachs, Bank of America, JP Morgan and Citigroup as joint global coordinators is another reminder of just how strong Wall Street’s grip on European equity capital markets has become. US banks have taken the top five underwriting slots on equity offerings in the wider Europe, Middle East and Africa region for the last two years, Bloomberg reported.
Dewa sets to price $5.7bn IPO at top end of range.
Dubai’s main power and water utility set price guidance for its initial public offering at the top end of its range to raise $5.7bn, making it the largest listing in Europe and the Middle East since Saudi Aramco in 2019.
Government-owned Dubai Electricity & Water Authority told fund managers that orders below the top end of its price range risk missing out on the IPO. It is taking orders between $0.61 and $0.67 a share until April 5.
It’s another sign that the IPO is being met by strong investor appetite as high energy prices benefit the oil-rich Persian Gulf. Earlier this week, DWEA announced it would almost triple the size of the IPO and sell 8.5bn shares, up from the 3.25bn initially planned, Bloomberg reported.
Schott weighs IPO of $4bn pharma arm.
Schott is exploring options for its business making test tubes and glass packaging for the pharmaceuticals industry, including a possible initial public offering.
The specialist German glazing company is speaking with potential advisers about a listing of its pharma unit next year. An IPO could value the business at about $4bn.
Schott would have to carve out the unit before any listing. It may also explore other options for its pharma arm, including a possible sale. Deliberations are ongoing and no final decisions have been taken, Bloomberg reported.
APAC
Gogoro, a global technology provider of battery swapping ecosystems that enable sustainable mobility solutions for cities, and Poema Global Holdings, a publicly traded special purpose acquisition company, announced shareholders' approval the $2.35bn business combination.
The combined Company will retain the Gogoro name and its shares and warrants are expected to begin trading on the Nasdaq Global Select Market under the symbols "GGR" and "GGROW".
Gogoro is advised by Goldman Sachs and Wilson Sonsini Goodrich & Rosati. Poema is advised by Citigroup, UBS and Kirkland & Ellis. Citigroup and UBS are advised by Winston & Strawn.
EQT Infrastructure, an investment fund, completed the acquisition of a majority stake in Icon Group, a cancer care provider, from Goldman Sachs Asset Management, QIC, and Pagoda, three private equity firms, for $1.67bn.
“Icon Group is revolutionising the way cancer care is delivered through an integrated model that enables access for all patients through the decentralisation of care in major cities and bringing cancer care services to the patient in one location. This best practice cancer care model is well validated in Australia and South-East Asia, and EQT’s investment will enable this next phase of growth around the world. It’s an exciting time to be involved in Icon, and importantly for EQT to be a partner in bringing this model of care to all cancer patients,” Ken Wong, EQT Infrastructure Partner.
Icon Group was advised by Jefferies & Company. EQT was advised by Deloitte, Morgan Stanley, PricewaterhouseCoopers and Herbert Smith Freehills. Goldman Sachs was advised by Gibson Dunn & Crutcher.
Multiples Private Equity, a private equity firm, led a $111m Series D funding round in Kogta Financial, a retail focused non banking finance company, with participation from Canada Pension Plan Investment Board, Morgan Stanley Private Equity Asia and Creador.
"Kogta's in-house technology and systems enable it to deliver superior turnaround time (TAT) to customers, drive productivity, and build customer insights. Arun, Varun, and Nayan have laid the foundation for a high quality retail franchise. We are delighted to partner with them to build a distinctive financial institution in livelihood financing for entrepreneurs across the country," Nithya Easwaran, Multiples Managing Director.
Kogta was advised by Kotak Investment Banking. Multiples was advised by Eminence Strategy Consulting.
AustralianSuper, Singtel and Australia Tower Network to acquire Axicom for A$3.58bn. (FS)
A consortium of investors, including AustralianSuper, Singtel and Australia Tower Network agreed to acquire Axicom, a telecommunication infrastructure services provider, for A$3.58bn ($2.6bn).
"This acquisition is a unique opportunity to scale up ATN’s operations and expand its customer base. It also reinforces Singtel’s commitment as a long-term investor in the Australian telecoms space where our goal has always been to provide more options and build better communications for Australian consumers and businesses. In combining ATN and Axicom, AustralianSuper and Singtel will be working closely to realise the significant operational synergies created," Lim Cheng Cheng, Singtel CCO.
AustralianSuper is advised by Jefferies & Company.
Geodis, a transport and logistics company, agreed to acquire Keppel Logistics, a logistics company, from Keppel Telecommunications & Transportation, a provider of logistics and data center services, for $59m.
“The acquisition of Keppel Logistics will mark a key milestone in Geodis’ Asia-Pacific ambitions. Keppel Logistics is a well-established regional player, with a strong focus on innovation. Through this acquisition which will combine Geodis’ worldwide leadership with Keppel Logistics’ robust local footprint, we believe we can create great value for our customers, facilitating their growth, particularly in the eCommerce Asian market," Marie-Christine Lombard, Geodis CEO.
Keppel is advised by Rothschild & Co.
Kasikornbank weighs a sale of $2bn asset management unit.
Kasikornbank, Thailand’s second-biggest lender, is considering options for its asset management business including a sale amid interest from other industry players.
KBank, as the Bangkok-based lender is known, is working with a financial adviser on a strategic review of Kasikorn Asset Management. They said the bank is seeking a valuation of as much as $2bn in a potential transaction.
Options include selling a majority or a minority stake of the business. KBank is seeking a strategic partner to bolster its asset management platform and make it more competitive.
NIIF drops investment in TPG-backed FirstCry. (FS)
National Investment & Infrastructure Fund, India’s sovereign wealth fund has scrapped plans to invest in FirstCry, an e-commerce startup backed by TPG Capital.
PremjiInvest, the family office of Wipro’s billionaire founder Azim Premji, is planning to step in and buy the stake. India’s antitrust regulator approved NIIF’s investment in FirstCry in February.
GLP-backed IndoSpace weighs $700m Singapore IPO.
GLP-backed IndoSpace, a developer and manager of industrial and logistics properties in India, is considering an initial public offering in Singapore that could raise as much as $700m.
A listing in the city-state could take place as soon as the end of this year. Deliberations are still ongoing and details of the offering including timing as well as size could change.
Wego Dialysis Unit weighing $500m Hong Kong IPO.
A unit of China’s Wego Group that makes products for use in dialysis treatment is weighing an initial public offering in Hong Kong that could raise about $500m.
The company is working with advisers including Huatai Securities on a potential offering for Wego Blood Purification Business Group as soon as in the second quarter, Bloomberg reported.
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