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AMERICAS
Microsoft accused Britain's anti-trust regulator of being a global "outlier" in blocking its $69bn takeover of "Call of Duty" maker Activision Blizzard.
The Competition and Markets Authority vetoed the deal in April, saying it could hurt competition in the nascent cloud gaming market, sparking a furious row, Reuters reported.
Vector Capital, a private equity firm, agreed to acquire Riverbed Technology, an IT solutions provider. Financial terms were not disclosed.
“Riverbed is a premier brand in the networking and IT observability sectors with a strong portfolio of market-leading products that we are proud to invest behind. We look forward to working with Riverbed’s management team to execute on the Company’s growth strategy," Andy Fishman, Vector Capital Managing Director.
Riverbed Technology is advised by Centerview Partners, FTI Consulting, Houlihan Lokey, White & Case and Davis Polk & Wardwell. Vector Capital is advised by Ernst & Young, Lazard, Stifel, TD Cowen, Paul Hastings, Gasthalter & Co (led by Nathaniel Garnick) and Joele Frank (led by Meaghan Repko and Jed Repko).
Superior Plus, a distributor and marketer of propane and distillates, completed the acquisition of Certarus, a provider of compressed natural gas delivery and carbon neutral energy solutions, for $1.05bn.
“The combination of these two energy distribution platforms creates one of the most resilient and innovative companies in this industry. The Certarus acquisition is a highly strategic transaction that adds an established, innovative and profitable player in the rapidly growing low carbon energy distribution industry. Certarus immediately contributes significant free cash flow, which can be used to continue to fund incremental growth opportunities in this attractive segment," Allan MacDonald, Superior’s President and CEO.
Certarus was advised by JP Morgan, National Bank Financial, TD Securities, Burnet Duckworth & Palmer and McCarthy Tetrault. Superior Plus was advised by CIBC World Markets, Blake Cassels & Graydon, Orrick Herrington & Sutcliffe (led by Adam Kowis, Spencer Sinclair, King Milling and Joe Roger), Torys and Brookline PR (led by Shauna MacDonald).
Glencore is getting closer to increasing its offer for Teck Resources, in a move aimed at ending weeks of limbo in the battle over the Canadian miner’s future.
The Switzerland-based commodities giant is working on a potential improvement to its bid that could be announced as soon as the coming weeks. By raising its offer and ratcheting up shareholder pressure, Glencore is seeking to force Teck to the negotiating table, Bloomberg reported.
Tech is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott and Sullivan & Cromwell (led by Lauren S. Boehmke and Sergio J. Galvis).
Following a special meeting of its stockholders, Seagen announced that its stockholders voted to approve a proposal to adopt the previously announced merger agreement under which Pfizer will acquire Seagen for $229 per share in cash.
“We are pleased with the outcome of today’s special meeting vote to approve Seagen’s acquisition by Pfizer and thank our stockholders for their support for this compelling transaction. The affirmative vote brings us one step closer to joining with Pfizer to accelerate our ability to deliver transformative cancer medicines to more patients in need around the world," David Epstein, Seagen CEO.
Franklin Templeton, a private equity firm, agreed to acquire Putnam Investments, an asset manager, from Great-West, an international financial services company, for $925m.
“This is a compelling transaction for Franklin Templeton, and we are excited about the numerous opportunities that will be unlocked by this long-term strategic partnership with the Power Group of Companies including Great-West. Power and Great-West are global leaders across financial services, particularly in the wealth, insurance and retirement channels. With outstanding investment performance, Putnam will add complementary capabilities to our existing specialist investment managers to meet the varied needs of our clients and will increase Franklin Templeton’s defined contribution AUM. We are pleased to welcome Great-West as a strategic investor, along with the impressive team at Putnam,” Jenny Johnson, Franklin Templeton President and CEO.
Franklin Templeton is advised by Ardea Partners, Broadhaven Capital Partners and Willkie Farr & Gallagher.
PSG, a growth equity firm, completed a $175m investment in Hostaway, a rental software and management system.
“We are thrilled to partner with PSG, as we continue to elevate the vacation rental industry and unlock value for property managers beyond what had been thought possible. We have operated with incredible speed and efficiency, balancing growth with our current strong profitability, and this investment represents a significant milestone in our journey toward global market leadership. We’ve come a long way, but we are just getting started. The opportunities are endless!" Marcus Rader, Hostaway CEO and Co-Founder.
Magnetar Capital, an alternative asset manager, led a $200m Series B extension round in CoreWeave, a specialized cloud provider built for large-scale GPU-accelerated workloads.
“In my 25-year career, I’ve never been a part of a company that’s growing like this. It’s an incredible moment in time. From a demand standpoint, revenue and client scale, the rise has been exponential, and Magnetar has been an amazing partner from the beginning," Michael Intrator, CoreWeave CEO and Co-Founder.
Bowlero, a bowling company, agreed to acquire Lucky Strike Entertainment, a bowling alley chain operator, for $90m.
“Lucky Strike is a premier experiential entertainment brand, and we could not be more excited to add its world-class portfolio to ours. Lucky Strike’s impressive family of locations in flagship cities across the country naturally complements our national footprint, immediately launching our presence in major cities like Boston, Chicago and Denver," Thomas Shannon, Bowlero Founder and CEO.
Bacardi nears a deal to buy Ilegal Mezcal. (FS)
Bacardi, the spirits maker best known for its rum, is nearing a deal to acquire Ilegal Mezcal after private equity firm L Catterton held talks to buy the company.
A deal would value Ilegal Mezcal at less than $200m. Bacardi, alongside private equity firm VMG Partners, is an existing investor in Ilegal Mezcal and has a right of first refusal in a sale, Bloomberg reported.
Fleetcor to explore prepaid card sale amid review.
Fleetcor Technologies, which offers fuel cards to vehicle fleets, is exploring a sale of its prepaid card business.
The unit could be valued at about $500m to $1bn in a sale. Fleetcor is working with financial advisers on the potential divestiture, Bloomberg reported.
Japan's Daiwa targets 50% jump in M&A advisory with US focus. (FS)
Japan's Daiwa Securities Group aims to boost annual revenue from the M&A advisory business by 50% in eight years by hiring more bankers and acquiring boutique firms to try to expand its presence in the United States.
The second-largest Japanese brokerage and investment bank is targeting global M&A revenue of at least YEN70bn ($518m) in the year ending March 2031, compared to YEN46.7bn ($333m) for the financial year just ended, Reuters reported.
Francis Bacon IPO gives chance to buy shares in Artwork for $100.
Investors with a taste for fine painting will be able to buy a slice of a triptych by Francis Bacon when the piece goes on sale via an initial public offering in July, Bloomberg reported.
Three Studies for a Portrait of George Dyer, a composition completed by the storied British artist in 1963, will be offered to investors at a valuation starting at around $55m and a nominal value of the euro equivalent of $100 a share. The Liechtenstein-based platform that’s aiming to establish itself as a marketplace for works of art said trading in shares of the triptych will start on July 21.
Pear VC closes oversubscribed $432m seed fund. (FS)
Pear VC has closed its fourth fund with $432m in capital commitments, making it one of the largest seed funds raised in recent years by a non-multistage vehicle. The fund will target pre-seed and seed investments in AI.
The fund will also support PearX, Pear’s early-stage bootcamp for founders, Pear’s Female Founders Circle, a community for technical female entrepreneurs, and Pear Dorm, which supports student builders, Bloomberg reported.
Credit Suisse loses investment banker Jill Ford to Wells Fargo. (People)
Wells Fargo has hired Credit Suisse Group investment banker Jill Ford as head of its equity capital markets business.
Wells Fargo has been one of several banks benefiting from an exodus of Credit Suisse bankers in the US, following the Zurich-based company’s takeover by UBS Group, Bloomberg reported.
EMEA
Viasat, a global communications company, completed the acquisition of Inmarsat, a mobile satellite communications services provider, for $7.3bn.
"We are thrilled to welcome Inmarsat's employees, customers, shareholders and partners into the Viasat ecosystem. The combination of our companies brings together the people, technology, innovation, network assets, spectrum resources and global partnerships needed to help connect the world more affordably, securely and reliably. Together, we believe we are positioned to offer customers a multi-layered network that gives them the right connectivity at the right time, place and price," Mark Dankberg, Viasat Chairman.
Veritone, an enterprise AI software and services provider, agreed to acquire Broadbean, a human resources software developer, from CareerBuilder, an employment website developer, for $52m.
“This transformative acquisition signifies Veritone’s focused approach to expanding and scaling our AI-powered HR Solutions portfolio globally. The acquisition will build on the strength of our organic growth, will expand our HR Solutions addressable market opportunity, is expected to be immediately accretive, and will unlock new sales growth and development opportunities as Veritone integrates PandoLogic’s recruitment technology into Broadbean’s global distribution software and network. The combination of our companies will extend the reach of leading AI technology and HR SaaS solutions globally to the world’s largest multinational employers that require more efficient and scalable human resource and hiring solutions," Ryan Steelberg, Veritone President and Chief Executive Officer.
Veritone is advised by UBS, Cooley, Prosek Partners (led by Stefan Norbom) and Global Results Communications (led by Valerie Christopherson). CareerBuilder is advised by LionTree Advisors, PJT Partners and Sidley Austin.
Columbus McKinnon, a designer, manufacturer and marketer of intelligent motion solutions for material handling, completed the acquisition of montratec, an automation solutions company, for $110m.
“montratec is an ideal complement to our precision conveyance platform adding asynchronous technology for material transport solutions that accelerates our growth in very attractive markets with strong secular tailwinds. montratec’s solutions are at the heart of process automation in manufacturing, enhancing our precision conveying platform. Their technology advances our intelligent motion offering, expands market access and increases our value proposition. We plan to realize significant sales synergies as we leverage their conveying technology through our existing channels in the U.S. and their solid foundation in Europe to expand our global precision conveyance market share,” David J. Wilson, Columbus McKinnon President and CEO.
GIC, a private equity firm, agreed to acquire a minority stake in Messer, a privately held specialist for industrial, medical and specialty gases. Financial terms were not disclosed.
“Messer is a high-quality business with a proven growth track record and compelling strategy to significantly expand its market position in the coming years. We look forward to supporting Bernd Eulitz and the management team, and are pleased to be partnering with the Messer family for the long-term," Choo Yong Cheen, GIC Chief Investment Officer of Private Equity.
Mexico coke bottler Femsa sells €3.3bn Heineken stake.
Mexican Coca-Cola bottler Femsa sold about €3.3bn ($3.53bn) of its shares in the Heineken Group, divesting its stake in the Dutch brewer as it plans to focus on its main businesses, Bloomberg reported.
Shares of Heineken dropped as much as 3%, while Heineken fell 0.9%. Femsa’s board of directors in February approved a plan to get rid of its Heineken investment, which it no longer considered an essential part of its strategy. The Mexican company is the largest convenience retailer in Latin America, operating about 20k stores and more than 3.6k pharmacies across the region.
Germany’s Schmid nears $640m deal with SPAC to go public.
Schmid Group, a German provider of advanced electronics manufacturing techniques, is nearing an agreement to go public in New York through a deal with automotive veteran Ralf Speth’s blank-check company.
The family-owned firm’s potential merger with Pegasus Digital Mobility Acquisition could be announced. The deal is set to give Schmid a valuation of about $640m including debt, Bloomberg reported.
UK's Purplebricks says shareholder Lecram withdraws bid.
Britain's Purplebricks Group said Lecram, one of its top shareholders, had withdrawn its takeover proposal for the online estate agent, Reuters reported.
The company said in a statement that Lecram had withdrawn its proposal and at the current time does not intend to make an offer for Purplebricks. Lecram had proposed $0.61 per Purplebricks share in cash last week, valuing the company at about $1.9m.
Dutch to get power to block some foreign takeovers under new law.
The Netherlands will for the first time be able to block foreign takeovers of Dutch companies operating in vital sectors if a deal raises national security concerns.
The Investments, Mergers and Acquisitions Security Test Act, which will come into effect, will enable the Dutch government to limit the size of investments or block a deal entirely on the basis of national security, Bloomberg reported.
Soda ash maker may end London IPO drought.
The world’s largest producer of natural soda ash may not be the blockbuster listing the London Stock Exchange was looking out for, but it’s certainly a welcome one.
Kew Soda, which trades under WE Soda, announced its plans to float this morning. With revenue of just over £1.4bn ($1.73bn) in 2022, it looks set to end the London market’s drought of large listings, Bloomberg reported.
APAC
DCP Capital, a private equity firm, agreed to acquire Cargill Protein China, a poultry business, from Cargill, a agricultural products provider. Financial terms were not disclosed.
The sale includes chicken farms in Chuzhou in eastern Anhui province and related manufacturing sites.
Australia's Silver Lake revises offer for St Barbara's Leonora assets. (FS)
Australia's Silver Lake Resources revised its offer for St Barbara's Leonora assets to address its concerns that the buyout financing is subject to due diligence.
The implied value of the proposal is AUD718m ($487m), comprising AUD370m ($566m) in cash and 328m Silver Lake shares worth AUD348m ($227m), Reuters reported.
Kedaara eyes majority stake in Paras Healthcare for $100m. (FS)
Kedaara Capital, an India-focused private equity firm, is in the early stages of discussion to acquire a majority stake in hospital chain operator Paras Healthcare for about $100m, DealStreetAsia reported.
Paras Healthcare, which runs a chain of hospitals in North India under the Paras Hospitals brand, has been on the road for quite some time to raise capital and has been in talks with both private equity and strategic players. The transaction is likely to provide an exit to Paras’ existing investor, Creador, which has been invested in the company since 2017.
Hong Kong telco HKBN’s sale stalls again on valuation. (FS)
A sale of HKBN has stalled again as the Hong Kong broadband provider’s owners couldn’t agree with prospective buyers on a valuation, Bloomberg reported.
The Hong Kong-listed company in March confirmed private equity firm I Squared Capital had expressed interest in the company that could involve a possible offer, the buyout firm was considering a takeover at a valuation of more than $1bn.
Deloitte flags holes in Adani Ports deals, cites need for review.
Adani Ports & Special Economic Zone’s auditor sounded a note of caution over insufficient disclosures around the company’s transactions with certain entities, returning the spotlight to allegations made by short seller Hindenburg Research on Gautam Adani’s empire, Bloomberg reported.
Deloitte Haskins & Sells raised concerns over the port unit’s transactions with three entities, which the company said were unrelated parties. But the auditor said it couldn’t confirm that the parties were indeed unrelated, and that the firm has refused to get an independent external examination that would help prove so. It therefore signed off on the company’s books only with what’s called a qualified opinion.
M&A boutiques find latest potential buyer with top Japan broker.
Boutique merger and acquisition firms have just found another potential buyer, after a dealmaking slowdown, Bloomberg reported.
After a dealmaking slowdown led to a slew of sales of firms like Greenhill, now Japan’s second-biggest brokerage has entered the fray, as it joins rivals in betting on an eventual rebound in transactions while seeking to boost its presence in the US.
China's HighLight Capital looks to raise combined $1bn across two funds. (FS)
Shanghai-based venture capital firm HighLight Capital is targeting to raise $650-700m for its fourth USD fund, after closing its fourth RMB fund at CNY3.1bn ($437m) last month.
The combined target of $1bn comes despite the difficult fundraising environment globally, the firm’s founder and CEO Steven Wang said. The fourth USD fund is targeting a close by Q3 2023, DealStreetAsia reported.
Baidu creates $140m fund to back ChatGPT-like startups. (FS)
Baidu has set aside CNY1bn ($140m) to fund Chinese startups that explore generative AI, joining a global investment wave keen on riding a frenzy around ChatGPT-like services, Bloomberg reported.
China’s internet search leader will use the pool to incubate projects built atop its Ernie AI model, in deployments as high as CNY10m ($1.4m) apiecet. Venture investors including IDG Capital will take and judge pitches from founders, who then build demo products before receiving a verdict on whether they get seed funding.
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