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AMERICAS
Sibelco, a provider of material solutions, agreed to acquire Strategic Materials, a glass recycler and producer of glass cullet in North America. Financial terms were not disclosed.
"We are excited that our offer to acquire SMI has been accepted. This transaction, once completed, will significantly strengthen and expand our operating footprint in North America with a resilient, key mineral platform at scale. The inclusion of a major glass recycler in North America into the Sibelco group will be an important step in the development of our activities in this segment outside of Europe, positioning Sibelco as a glass recycling leader in both Europe and North America. We see significant opportunity to develop the SMI business further, which should provide our customers with better access to quality products over time," Hilmar Rode, Sibelco CEO.
Strategic Materials is advised by Ankura Consulting and Arnold & Porter Kaye Scholer. Sibelco is advised by Lazard and Latham & Watkins.
VSE, a provider of aftermarket distribution and repair services, completed the acquisition of Turbine Controls, an aircraft maintenance, repair & overhaul services provider, for $120m.
"We are very pleased to officially welcome the TCI team to the VSE Aviation Family. The acquisition presents an opportunity for our VSE Aviation segment to accelerate its Maintenance, Repair, and Overhaul ("MRO") strategy, including expanding our repair capability offerings and adding several new OEM relationships. In addition, the acquisition strengthens our position in the commercial engine MRO aftermarket while providing additional opportunities for organic growth and market share gains," John Cuomo, VSE President and CEO.
VSE was advised by Jones Day (led by Lorne Cantor and Evan Kanter). Turbine Controls was advised by RBC Capital Markets and Greenberg Traurig.
MassMutual, a provider of insurance services, completed the acquisition of a minority stake in ATLAS SP Partners, a global investment firm that provides customized, asset-backed financing and portfolio solutions, from Apollo Global Management, an alternative investment manager. Financial terms were not disclosed.
"We are delighted to partner with MassMutual, a like-minded financial services company that recognizes the opportunity to generate excess spread in the vast private investment grade market, including asset-backed finance. As one of our country's most respected protection and retirement planning providers, this transaction creates an opportunity for MassMutual to generate additional earnings to benefit policyowners and their families," Marc Rowan, Apollo CEO.
Gamut Capital Management, a New York-based middle market private equity firm, agreed to acquire DEX Imaging, a provider of managed print services, from Staples, a commercial supply distributor serving business customers. Financial terms were not disclosed.
"We're eager to partner with the Doyle family, a name that has represented excellence in the industry for nearly five decades. Together, we aim to build a national presence through strategic acquisitions and organic growth, leveraging the strong foundation laid by the Doyles. This partnership embodies our commitment to invest in and enhance businesses with solid market potential and proven leadership to enhance long-term value creation," Sam Powell, Gamut Partner.
DEX Imaging is advised by Guggenheim Partners. Gamut Capital is advised by Prosek Partners.
AyurMaya, a venture capital fund managed by Matrix Capital Management, led a $132m Series C round in Endeavor BioMedicines, a clinical-stage biotechnology company, with participation from Fidelity Management & Research Company, Invus, SymBiosis, Velocity Capital, Woodline Partners, abrdn, Ally Bridge Group, Avidity Partners, Eckuity Capital, Longitude Capital, Omega Funds, Perceptive Advisors, Piper Heartland Healthcare Capital, Silver Arch Bio, and T. Rowe Price Associates.
"We appreciate the support from this group of leading life sciences investors, who recognize the tremendous progress we've made since our initial funding rounds as well as the life-changing potential of our therapeutic candidates to reverse the trajectory of relentless diseases," John Hood, Endeavor Co-Founder, CEO and Chairman.
Endeavor BioMedicines was advised by Sam Brown.
Apax Digital Funds, a growth equity and growth buyout fund, agreed to invest in IANS Research, a provider of independent research and advisory services for the information security industry. Financial terms were not disclosed.
"IANS is the undisputed, most trusted leader in the InfoSec decision support space. We have been very impressed with how its deep and independent data and advisory offering has driven a steady growth in highly satisfied customers and an unmatched reputation for insight in the category. We are excited to partner with Phil and his team to continue to evolve the offering and scale the business to even greater heights," Marcelo Gigliani, Apax Digital Managing Partner.
IANS Research is advised by Centerview Partners.
Thunes, an offeror of a global cross-border payment network, agreed to acquire Tilia, an all-in-one payment platform used by games, virtual world publishers, mobile applications, and NFT providers, from Linden Lab, a creator of platforms that allow people to create, share, and monetize their own virtual experiences. Financial terms were not disclosed.
"The acquisition of Tilia demonstrates our ambition in the United States. This investment will enable us to leverage Tilia's capabilities to provide merchants with direct money movement solutions in and out of the United States. Furthermore, Tilia's deep expertise in online gaming, virtual worlds and token-based payments will greatly accelerate our growth into that fast-growing, exciting industry," Floris de Kort, Thunes CEO.
Thunes is advised by Headland Consultancy.
Marsh McLennan Agency, a provider of business insurance, employee health & benefits, retirement & wealth, and private client insurance solutions, agreed to acquire Fisher Brown Bottrell Insurance, an insurance agency, from Trustmark National Bank, a diversified financial services company, for $316m.
"FBBINSURANCE's strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast," Peter Krause, Marsh McLennan Agency Southeast region President & CEO.
Clarivate, an information services and analytics company, completed the acquisition of Global Q, a computer software company that provides quality management software, guided compliance, data & complaints management. Financial terms were not disclosed.
"The acquisition of Global Q by Clarivate reinforces our joint missions to help global organizations obtain profound insights and efficiencies in bringing life-saving therapies to their patients worldwide. The combined business will further the vision of putting contextually aware intelligence directly into our customers' workflows and facilitating their daily tasks in ways never before possible," Mitch Hayes, Global Q Founder & CEO.
Opkalla, a technology advisory firm, completed the acquisition of Cloudaeris, a Microsoft Cloud services provider. Financial terms were not disclosed.
"As a top-level Direct Partner with Microsoft, we hold ourselves to a high standard in how we service our customers. This acquisition is aligned with our goal to provide our customers with experiences that distinguish us from other providers in the industry. It's a game-changer," Jeff Garrett, Opkalla VP of Solutions Architecture.
IBM nears deal for cloud-software provider.
IBM is nearing an acquisition of cloud-software provider HashiCorp. A deal for HashiCorp could come together in the coming days. The deal would likely command a premium above where the stock is currently trading. HashiCorp had a market capitalization of $4.9bn after its stock rose about 4% so far this year as of Tuesday, April 23.
The deal would be a relatively small bite for IBM, which has a market capitalization of about $170bn. But it would come at a time when M&A in the technology sector has been muted, WSJ reported.
BDT & MSD said to near sale of Marquette to Redwood Capital. (FS)
BDT & MSD Partners is nearing a deal to sell the firm’s majority stake in Marquette Transportation to Redwood Capital Investments, the family office of Jim Davis and Steve Bisciotti, Bloomberg reported.
Marquette’s founders are set to roll a roughly $100m equity stake into a transaction that would value the company at about $1bn. BDT has controlled the Kentucky-based provider of marine towing services since 2015 and has been exploring options for its stake.
Boeing plan to buy Spirit complicated by Airbus-linked factories.
Boeing's plan to buy back supplier Spirit AeroSystems has become mired in protracted discussions over pricing for factories that make components for Airbus, complicating the US planemaker's efforts to gain tighter control over manufacturing quality, Bloomberg reported.
Since Boeing first confirmed its intention in early March to re-integrate Spirit, talks have only progressed slowly and don't appear anywhere close to completion. Untangling Spirit is complicated because the company makes parts not just for Boeing, but also for arch-rival Airbus as well as manufacturers including Northrop Grumman.
NYCB faces tough choices on CRE loans, balance sheet diversification.
New York Community Bancorp will have to lure buyers for its commercial real estate loans with steep discounts and diversify its revenue as it races to shore up its finances, Reuters reported.
The bank's new management has promised to unveil a turnaround plan this month after losses on CRE loans, NYCB's core business, sparked a rout that wiped nearly $6bn off its market value and sparked ratings downgrades.
Brazil’s Eletrobras gets bondholders’ OK to sell Cteep stake.
Centrais Eletricas Brasileiras, a Brazilian power company known as Eletrobras, obtained bondholders’ approval to carry out a public share sale of its stake in ISA Cteep.
The transaction may occur anytime and would raise around BRL4bn ($780m). The timing would depend on market conditions, Bloomberg reported.
Microsoft-backed Rubrik’s IPO is 20 times oversubscribed.
Rubrik, a cloud and data security startup backed by Microsoft, has drawn about 20 times as many orders for its planned initial public offering as there are available shares, Bloomberg reported.
The company was set to stop taking orders for its listing at 4 p.m. New York time on April 23. Rubrik is set to raise as much as $713m in the first-time share sale.
EMEA
KnowBe4, a security platform for security awareness training and simulated phishing attacks, agreed to acquire Egress, a software company that specializes in human layer security designed to prevent accidental and intentional data breaches, from FTV Capital and AlbionVC, alternative investment firms. Financial terms were not disclosed.
"KnowBe4 and Egress have a shared vision of delivering tailored and relevant security to each employee. One of the biggest challenges organizations face is accurately identifying who the next source of compromise is – and why. By combining intelligence and analytics from integrated applications, companies can gain valuable insights across their entire cyber ecosystem, allowing them to focus on the risks that matter most," Tony Pepper, Egress CEO.
Egress is advised by Citigroup and Orrick Herrington & Sutcliffe.
IK Partners, a European private equity firm, completed the investment in A-SAFE, a manufacturer and distributor of industrial polymer safety barriers systems. Financial terms were not disclosed.
"A-SAFE's expansion into new markets and product segments, alongside its commitment to innovation, has firmly positioned it as an industry leader in workplace safety, protection and efficiency systems. The Company's ability to anticipate market needs, coupled with its relentless pursuit of product excellence, has garnered our utmost confidence in the management team and its ability to drive positive action. We look forward to working with James, Luke and their team over the next few years," Thomas Grob, IK Partner.
Ithaca Energy, a North Sea oil and gas operator focused on the delivery of lower-risk growth through the appraisal and development of UK assets, agreed to acquire the UK business of Eni, an Italian energy company that engages in oil and natural gas exploration, for £754m ($938m).
"This agreement represents a further example of Eni adapting to the demands of the changing energy market and in this case deploying our successful Satellite Model. It affords the opportunity to build scale, realising efficient upstream growth and maximising value under a dedicated and focused management structure supported by Eni resources and expertise. The combination with Ithaca represents an exciting opportunity for us to bring together complementary portfolios establishing a material position on the UKCS with significant growth and optimisation opportunities," Claudio Descalzi, Eni CEO.
Amazon.com and Microsoft's investments into artificial intelligence startups will get deeper scrutiny from the UK's antitrust watchdog, the latest example of how global regulators are grappling with how the world's largest technology firms are influencing the booming market, Bloomberg reported.
The Competition and Markets Authority said on April 24 it was gathering information from market players to determine whether the $4bn collaboration between Amazon and AI firm Anthropic threatens competition in the UK.
IMCD, a distributor of speciality chemicals and ingredients, agreed to acquire Cobapharma, a European distributor in the pharmaceutical and nutraceutical industry. Financial terms were not disclosed.
"We are excited to join IMCD. This acquisition opens new opportunities for Cobapharma to expand its offerings and reach a broader customer base. We look forward to leveraging IMCD's expertise and network to accelerate our growth and value creation to our customers," Gianluca Galimberti, Cobapharma General Manager.
CVC explores options for Italy's Recordati. (FS)
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, is exploring options for its controlling stake in Italian pharmaceutical group Recordati, Reuters reported.
CVC is working with advisors and is in the early stages of studying alternatives, including a potential sale or a combination with another business. The deliberations are in the early stages and there is no guarantee of a final deal.
Germany's RTL acquires Nickelodeon rights for children's TV network.
Super RTL, a children's television network belonging to Bertelsmann's RTL Group, has struck a deal to acquire Nickelodeon series in Germany, Reuters reported.
Under the agreement, Super RTL will acquire a rights package to bring current and upcoming series from Nickelodeon, owned by Paramount Global, to its television programme.The German broadcaster also plans to take over Nickelodeon's established satellite frequency to create a new linear children's channel.
Red Rocket of South Africa hires Goldman to explore sale option.
Red Rocket, a South African independent power provider, hired Goldman Sachs Group to advise on the next steps for the closely held business — including a possible sale, Bloomberg reported.
Red Rocket, whose backers include French infrastructure and energy investor STOA and Netherlands lender FMO, has invested an estimated $1bn in renewable-energy projects across Africa. The group raised $160m from investors last year, and is currently constructing another 750 megawatts of projects to add to the portfolio.
Allfunds abandons talks about potential sale. (FS)
Allfunds Group has abandoned discussions over a potential sale of the European fund distribution company after receiving several interests for a deal. The company's board decided not to proceed with the sale, as the offers didn't fully reflect its growth prospects, Reuters reported.
Allfunds's largest shareholder, Hellman & Friedman, is supportive of the company's decision to call off a potential sale. The group reported a 4% rise in total net revenues for the first quarter on April 23.
Morocco fertilizer giant mulls bond sales, IPO of chemicals unit.
Morocco’s state-owned phosphates giant is teeing up bond sales and could potentially list its chemicals business as part of efforts to raise billions of dollars for decarbonization efforts, Bloomberg reported.
OCP aims to raise between $5bn and $7bn through 2027 via bond sales as well as an IPO of its chemicals unit. The firm could raise several hundred millions by listing its OCP Nutricrops unit.
Investcorp sets up $1bn Mideast Fund backed by China’s CIC. (FS)
The Middle East’s biggest alternative asset manager is setting up a $1bn investment vehicle backed by Beijing’s sovereign wealth fund to invest in companies across the Persian Gulf and China, Bloomberg reported.
Investcorp’s new Golden Horizon Fund will be anchored by China Investment, as well as other investors from the Middle East. The new vehicle will also include Investcorp’s Pre-IPO Growth Fund, which was launched in 2021 and had targeted raising $500m. It will invest in firms across sectors including consumer, health care and logistics.
APAC
Link Administration's investors approved Mitsubishi UFJ Financial Group's AUD1.2bn ($780m) buyout bid at a shareholder meeting on April 23rd, DealStreetAsia reported.
Around 99% of the votes cast by Link shareholders were in favour of the bid, which still remains subject to court approval at a hearing scheduled on April 30. The bid values Link, a pension administration business, at AUD1.2bn ($780m) on an equity basis and was a 33% premium to Link's closing share price on the last day of prior trading before the bid arrived. Link's enterprise value, which includes debt, stands at AUD2.1bn ($1.36bn) under the offer's terms.
Link Administration is advised by Macquarie Group, UBS, Herbert Smith Freehills (led by Tony Damian) and GRACosway (led by Ben Wilson). Mitsubishi UFJ is advised by Mitsubishi UFJ Morgan Stanley Securities.
State-owned Pakistan Telecommunication is keen to close its acquisition of Telenor's local unit in 2024 — a milestone that will place it within sniffing distance of the market leader Veon's Jazz by bolstering its market share in the highly competitive sector, Bloomberg reported.
The Islamabad-based service provider expects to complete the transaction by December with "any required investment," Hatem Bamatarf, Pakistan Telecommunication CEO said.
Telenor Pakistan is advised by Citigroup. Pakistan Telecommunication is advised by Freshfields Bruckhaus Deringer (led by Pervez Akhtar).
India's Airtel denies talks to buy Vodafone UK's stake in Indus Towers.
Bharti Airtel is not in talks to buy UK-based Vodafone Group’s 21.05% stake in Indus Towers, DealStreetAsia reported.
“The company has no desire to raise its stake beyond what is required for financial consolidation of Indus in the company, which shall be done as and when appropriate with compliance of applicable disclosure requirements,” Bharti Airtel.
China approves US listing for self-driving firm in easing sign.
China has greenlit a US listing by autonomous driving startup Pony.ai, raising the potential for an increase in Chinese tech IPOs in New York after a more than two-year hiatus, Bloomberg reported.
Pony.ai plans to sell up to 98m shares and list on the Nasdaq or the New York Stock Exchange.
Nuveen looks to raise $400m for second climate inclusion PE fund. (FS)
Property investment manager Nuveen has raised $150m so far from US investors for its latest climate inclusion fund, DealStreetAsia reported.
The firm, which manages the Asia Pacific Cities platform, disclosed that its latest vehicle, Nuveen Climate Inclusion Fund II, has already secured commitments from at least six investors since it was launched early this month.
Affirma Capital makes $370m first close of sixth Korea PE fund. (FS)
Singapore-based emerging market private equity firm Affirma Capital has made the first close of its sixth Korea buyout fund at $370m, DealStreetAsia reported.
The fund, Ascenta VI, has secured commitments from major institutions, such as the Korea Development Bank and the Korean Teachers’ Credit Union, and is expected to engage with international limited partners in the latter half of this year.
Continuum Green founders eye $200m loan for investor exit.
The founders of India’s renewable energy firm Continuum Green Energy have hired Deutsche Bank to raise a $200m loan to fund a stake purchase from its majority shareholder, Bloomberg reported.
Deutsche Bank has approached private credit funds for the loan at an indicative pricing of an interest rate in the low-teens. Terms are not finalized and may change.
JP Morgan rehires India ECM head Abhinav Bharti. (People)
JP Morgan's India head of equity capital markets, Abhinav Bharti, has returned to the bank after initially handing in his notice in March with plans to join another lender, Bloomberg reported.
Bharti, who was on gardening leave, agreed to rejoin JP Morgan after his intended replacement, Arvind Vashistha, decided to stay at Citigroup.
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