AMERICAS
Aircastle, a global company that acquires and leases high-utility commercial jet aircraft to customers throughout the world, received the final regulatory approval in connection with the merger with Marubeni and Mizuho Leasing from the competition authority in Morocco.
"We are pleased to have reached this milestone in our pending merger with Marubeni and Mizuho Leasing, who have a long-term horizon and remain committed to our strategy and the aviation industry. We look forward to the new investment opportunities that lie ahead for Aircastle together with Marubeni and Mizuho Leasing," Michael Inglese, Aircastle's CEO.
Aircastle is advised by Citigroup, Conyers Dill & Pearman, Skadden Arps Slate Meagher & Flom and The IGB Group. Mizuho is advised by White & Case. Marubeni is advised by JP Morgan, Mizuho Securities and Clifford Chance.
A consortium of investors is set to invest $320m in TierPoint, a provider of data center and cloud solutions at the edge of the internet. The preferred equity investment is led by a consortium of new investors: Argo Infrastructure Partners, Wafra, and Macquarie Capital Principal Finance. Existing investors – including Cequel III, Ontario Teachers' Pension Plan, RedBird Capital Partners, The Stephens Group, and Thompson Street Capital Partners – will also participate.
"Jerry Kent and the TierPoint senior management team have proven themselves as leaders in the digital infrastructure sector, and we are excited to partner with the TierPoint team to help fund the company's next phase of growth. TierPoint is well positioned for robust growth that will allow the company to expand its market leading position and capitalize on the tailwinds supporting the data center industry," Fawaz Al-Mubaraki, Wafra Chief Executive Officer.
RedBird Capital is advised by Goldman Sachs. TierPoint is advised by DH Capital and Citigroup.
Northlane Capital Partners, a middle-market private equity firm, completed the acquisition of VMG Health, a provider of valuation and advisory services for the healthcare industry, from Quad-C. Financial terms were not disclosed.
“VMG is the clear leader in a niche within the healthcare sector where we can utilize our industry expertise and network to help create value. We look forward to working alongside Greg and the VMG team to continue to broaden VMG’s capabilities and customer base, both through organic growth initiatives and the acquisition of complementary service lines,” Sean Eagle, NCP Partner.
Quad-C was advised by Fidus Partners and McDermott Will & Emery.
Centre Partners-backed Guy & O'Neill, a developer and manufacturer of wipes and liquid-fill products in the household cleaning and personal care categories, completed the acquisition of Boomerang Laboratories, a manufacturer of a diverse array of liquid-fill personal care and light-duty household cleaning products. Financial terms were not disclosed.
"Boomerang is an outstanding addition to Guy & O'Neill, as we continue to expand into new and complementary markets and product categories. The company has a long-standing stellar reputation for providing excellent service, quality and flexibility to its valued customers. We are excited to welcome the exceptional Boomerang team, which shares a commitment to innovation, quality, and customer service," Tom Misgen, Guy & O'Neill CEO.
Guy & O'Neill was advised by Kekst CNC.
SS&C Technologies, a provider of services and software for the financial services and healthcare industries, agreed to acquire Captricity, the maker of Vidado data transformation platform. Financial terms were not disclosed.
"The financial and healthcare industries are challenged by the abundance of manual paper-based transactions, often including significant amounts of handwritten data. The addition of Vidado and Captricity's team will complement SS&C's business process outsourcing services and our AWD business process management solution," Bill Stone, SS&C Chairman and CEO.
SS&C is advised by Davis Polk & Wardwell.
DCC Health & Beauty Solutions, a manufacturer of nutritional, cosmetic and pharmaceutical products, agreed to acquire Amerilab Technologies, a specialist provider of contract manufacturing and related services in effervescent nutritional products, for $85m.
"The acquisition of Amerilab significantly enhances our existing presence in the US market. We continue to be excited by the significant opportunities for organic and acquisitive growth in this market. We believe this market will benefit from current events as consumers are likely to be increasingly conscious of their health and wellbeing," Donal Murphy CEO.
DCC Healthcare is advised by Powerscourt.
Nokia, a Finnish multinational telecommunications, information technology, and consumer electronics company, completed the acquisition of Elenion, a vertically integrated semiconductor company. Financial terms were not disclosed.
“Nokia is an industry leader in networking systems, including advanced coherent optical interfaces and hyperscale datacenter solutions. Elenion benefits by having its technology incorporated into an industry-leading portfolio and with a company offering solutions across a wide array of networking applications. Nokia’s strong optical industry leadership, size, scale, global reach, and ongoing commitment to investment in key technologies vastly accelerates the adoption of Elenion silicon photonics technology,” Larry Schwerin, Elenion Technologies CEO.
Churchill Asset Management completes fundraising for its fund at $2bn. (FS)
Churchill Asset Management, an investment-specialist affiliate of Nuveen providing customised financing solutions to private equity firms and their portfolio companies, completed fundraising for Churchill Middle Market Senior Loan Fund II with $2bn in limited partner commitments, exceeding its original target of $1bn.
“We are very proud to build upon Churchill’s successful middle market senior lending strategy with this latest offering. The strong level of support received from institutions across the globe provided further evidence that investors recognise Churchill’s leadership position in the middle market, as well as the value of our longstanding private equity sponsor relationships, unique sourcing model and disciplined investment approach,” Ken Kencel, Churchill President & Chief Executive Officer.
Bill Ackman puts part of his personal fortune in Covid-19 testing. (FS)
Bill Ackman invested a portion of his personal wealth to help manufacture antibody testing kits produced by Covaxx, a newly formed subsidiary of closely-held United Biomedical, amid the outbreak of the coronavirus.
“The key to a successful reopening beyond the maintenance of social distancing, hand washing, mask use and other related practices is a broad-based testing regime and tracing program. This will enable the inevitable viral breakouts to be identified early and minimized with localized quarantines, reducing the impact on the overall US economy and the need for future shutdowns,” Bill Ackman, Pershing Square Capital Management, founder and CEO.
Vince McMahon to sell WWE shares through Morgan Stanley. (FS)
Vince McMahon is selling part of his stake in World Wrestling Entertainment through Morgan Stanley at $38 per share, Bloomberg reported. The overnight deal priced 2.26m shares at the midpoint of the $37.75 to $38.25 offering range. That’s a 2.66% discount to Tuesday’s closing price.
The share sale follows a 40% decline in WWE this year with several strategic alternatives having backfired and amid shutdowns of live events to stop the spread of the coronavirus. McMahon’s XFL football league also canceled the remainder of its season on Friday.
SPH calls off talks to buy Canadian housing properties. (FS, RE)
Times Properties, a wholly-owned subsidiary of Singapore Press, will no longer be pursuing a C$233m ($175m) deal to purchase six senior housing properties in Canada, citing global market instabilities caused by the Covid-19 epidemic.
Initially announced this February, Times Properties and Columbia Pacific Advisors, a US-based investment manager, mutually agreed to not proceed with the acquisition and terminate the agreement, according to a release from SPH.
First Quantum eyes stake sale in Panama mine.
Miner First Quantum Minerals is considering selling a minority stake in its flagship Cobre Panama copper mine to reduce debt, Reuters reported.
First Quantum’s possible move comes as global miners scramble to bolster finances strained by the coronavirus pandemic, which has battered stocks and copper prices. First Quantum shares are down more than 50% this year.
Obalon Therapeutics searches for strategic alternatives as virus hits.
Obalon Therapeutics said it was exploring financial and strategic alternatives due to the uncertainty regarding Covid-19 and restriction on elective procedures, which have had a direct impact on its business.
The company engaged Canaccord Genuity as its financial advisor.
Gryphon Investors seeks $2.7bn for 6th fund. (FS)
Gryphon Investors plans to raise $2.7bn for Gryphon Partners VI and its parallel fund Gryphon Partners VI-A. The private equity firm targets lower-middle-market companies in the business services, consumer products and services, healthcare, industrial growth, and software sectors.
EMEA
A Mitsubishi-led consortium completed the acquisition of Eneco, a producer and suppliers of natural gas, electricity and heat in the Netherlands, for $4.5bn. Eneco rejected bids made by Royal Dutch Shell and a KKR-Rabobank consortium.
“We are committed to fully endorse, strengthen and contribute to the further national and international development of Eneco's strategy. We have been partners with Eneco since 2012 and the consortium is committed as a long-term shareholder. We are looking forward to working together with all stakeholders of Eneco,” Takehiko Kakiuchi, Mitsubishi Chief Executive.
Eneco was advised by ABN Amro, AXECO, Aperghis & Co, Capitium, Citigroup, Duff & Phelps, ING Bank, De Brauw Blackstone Westbroek, Luther, NautaDutilh, Rutgers & Posch Visee Endedijk, Stibbe, and CFF Communications. Chubu was advised by Nagashima Ohno & Tsunematsu. Mistubishi was advised by Barclays and Clifford Chance.
Halder, a German private equity firm, completed its acquisition of Sirag, Univer and Uniprod, three industrial automation companies. Financial terms were not disclosed.
“The merger of the companies brings clear advantages: Especially employees, customers and suppliers benefit from a larger, broader business and from the mutual transfer of know-how. We intend to further expand the organization and team in Germany and Switzerland,” Frank Kuttler, Valeta Managing Director.
Halder was advised by LGT, CMS, Luther, Ernst & Young and Deloitte
Deutsche Wohnen, a German property company, is set to acquire Isaria Wohnbau, a real estate development company, from buyout group Lone Star for $648m. The transaction is subject to the customary closing conditions and will be concluded in the course of this year. With this acquisition, Deutsche Wohnen is strengthening its competence in the field of new builds significantly.
“The lack of affordable housing in our cities is a major challenge for society. Up to 400k flats must be built every year in Germany’s cities. Private and financially sound companies can help to tackle this housing shortage. With the help of this transaction, we now have access to attractive future projects, which we will realise systematically in line with our overall strategy,” Michael Zahn, Deutsche Wohnen CEO.
The Central Bank of Ireland approved Bank of China’s planned $170m takeover of Goodbody Stockbrokers, putting the deal on track for completion in the coming months, The Irish Times reported.
“This deal will represent a strong outcome for the Goodbody business, our clients and our staff and it will give us the backing of a strong parent, which is fully committed to investing in and growing our business. At this time, that support is now more important than ever and will be a huge differentiator for us in how we can serve our corporate, institutional, wealth management and intermediary clients," Roy Barrett, Goodbody Stockbrokers Managing Director.
Norgine, a European specialist pharmaceutical company, completed the acquisition of Azanta, a speciality biopharmaceutical company operating within women’s healthcare, addiction medicine and oncology, from European Equity Partners, a private investment firm focused on life science investments. Financial terms were not disclosed.
"Our commitment to transforming people's lives drives everything we do and we are very proud to welcome the Azanta team and their portfolio of speciality products to Norgine. This transaction will enable us to strengthen our business in Europe and ultimately to help more patients," Peter Stein, Norgine CEO.
BC Partners and Vista Equity Partners-backed Advanced, a software developer, completed the acquisition of Tikit, a legal software provider, from BT Group, a telecommunications company. Financial terms were not disclosed.
"We are excited to see Tikit enter a new phase as part of the Advanced family. As part of Advanced, Tikit will have access to software and development expertise together with extensive industry knowledge, taking the business to a new level of growth. The breadth of products and expertise that Advanced brings will provide a great opportunity for Tikit customers to gain access to a wider range of specialist technology, helping them to unlock their business potential,” Simon Hill, Tikit CEO.
Bridgewater scales down European short bets. (FS)
Bridgewater Associates, the world's biggest hedge fund, retreated from shorting European stocks after making an estimated $4.3bn, as its founder and co-chairman Ray Dalio contends with recent performance struggles, FN reported.
Bridgewater disclosed more than 70 reductions in net short positions in European companies in the week ending March 20. European companies in which Bridgewater has cut its short positions include financial institutions BBVA, Banco Santander and Old Mutual, travel technology company Amadeus IT Group and CRH, the building company.
Cashless UK firms request more liberated rules on stock offers.
Investment banks are confronting the Financial Conduct Authority to increase the maximum discount that's allowed for equity sales on the Stock Exchange in the UK, Bloomberg reported. Banks are also asking London-listed companies to be able to sell more stock without shareholder approval.
Implementation of such changes would make it easier to raise demanded fresh capital during the global coronavirus outbreak.
APAC
Ontario Teachers’ Pension Plan Board and the Utilities Trust of Australia completed the acquisition of the remaining stake in Sydney Desalination Plant from The Infrastructure Fund, a wholesale investment fund that invests in a diversified portfolio of unlisted infrastructure assets. Ontario Teachers and UTA increased their ownership stakes to 60% and 40%. Financial terms were not disclosed.
“SDP has been a great investment for Ontario Teachers’, and this incremental acquisition demonstrates our commitment as long-term, dedicated and constructive owners. Australia remains an important investment destination for us, particularly as we look to expand our portfolio in the Asia-Pacific region in the coming years,” Dale Burgess, Ontario Teachers’ Senior Managing Director.
Sydney Desalination was advised by Cannings Strategic Communications.
Capgemini, a French multinational corporation that provides consulting, technology, professional, and outsourcing services, agreed to acquire WhiteSky Labs, an independent MuleSoft full-service consultancy, from Salesforce. Financial terms were not disclosed.
"Joining Capgemini means we will be able to offer clients our deep MuleSoft expertise coupled with end-to-end digital transformation services at scale, increasing our ability to answer the needs of global enterprises. Accelerating digital transformations has never been more important and to achieve that requires the combined capability that we are creating with Capgemini to unlock data across any application or endpoint," Steve Wilson, WhiteSky Labs CEO.
SoftBank considered going private. (FS)
Masayoshi Son is continuing to bet on himself, even after he reportedly considered and then abandoned the idea of taking his conglomerate private. Investors including Elliott Management and the Abu Dhabi sovereign-wealth fund Mubadala previously negotiated the idea of taking the conglomerate private with Son, before considering the sale of assets instead, Bloomberg reported.
A regulatory filing Tuesday shows Son's stake has grown from 25.5% to 26.9%. According to the disclosure, he also pledged more stock against his holdings and loaned 30m shares - which is approximately 5% of his holding - to Son Equities.
Yuemu Cosmetics explores sale and external funding. (FS)
Shanghai Yuemu Cosmetics, the maker of one of China’s facial beauty mask brands, is exploring options including a potential sale after a previous deal failed, DealStreetAsia reported. The maker of Mofashijia beauty products is working with an adviser to weigh alternatives, which could also include bringing in external investors.
The company is engaging in talks with both private equity firms and other cosmetics companies. Following the collapse of a 2018 agreement with Shanghai-listed Zhonglu, the success of a new deal rests on whether investors are willing to bet on China’s fast-growing consumer market recovering in the aftermath of the novel coronavirus outbreak.
Malaysia explores debt measures, M&A to bail out airlines.
Malaysia is exploring the possibility of bailing out domestic airlines that have been hit hard by the coronavirus outbreak, Bloomberg reported. Officials have been studying ideas including setting up a vehicle to take over the debt of companies like Malaysia Airlines and AirAsia. The government is also considering encouraging mergers between some of the carriers.
Macquarie Infrastructure eyes Indian oil and gas pipeline assets. (FS)
Macquarie Infrastructure and Real Assets, the world’s biggest infrastructure investor, claims that the global slump in oil prices amid the coronavirus outbreak will push Indian state-owned firms to sell some assets.
“There is a fair bit of opportunity for the government to divest non-core oil and gas assets, like oil storage facilities, pipelines, transmission facilities. With our investment platforms, local teams, we are well placed on capitalizing this opportunity,” Suresh Goyal, MIRA Head of India and Southeast Asia.
MicroPort picks Citi, JP Morgan for CardioFlow’s Hong Kong IPO. (FS)
MicroPort Scientific selected Citigroup and JP Morgan to arrange a separate listing of its heart valve replacement business in Hong Kong as soon as this year, Bloomberg reported.
The company said in January it is considering a possible spinoff of Shanghai MicroPort CardioFlow Medtech, which develops devices treating structural heart diseases, principally heart valve diseases. An initial public offering could raise about $200m to $300m, giving the business a valuation of about $1bn.
A first-time share sale by MicroPort could come after Chinese biotech firm Innocare Pharma raised $288m in its Hong Kong IPO despite the worst stock market rout in more than 30 years. Shares of Innocare jumped as much as 16% on its Monday debut. The stock is trading on Wednesday at about 8% above its IPO price.
Kunlun to set up $424m internet fund. (FS)
Chinese gaming company Beijing Kunlun Technology joined hands with a subsidiary and Beijing Huayu Tianhong Investment Management to launch an internet investment fund with a corpus of $424m, DealStreetAsia reported.
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