AMERICAS
Fertitta, which operates in the gaming, restaurant, hospitality and entertainment industry, and FAST Acquisition, a SPAC, announced Fertitta would contribute certain businesses to the deal.
Businesses include Mastro's brand, the Aquariums, the Pleasure Pier, Vic and Anthony's, and a handful of smaller restaurant concepts, adding a total of 42 business assets. This, in turn, raised the deal value from an initial $6.6bn to $8.6bn.
"The addition of Mastro's and the destination entertainment businesses provide tremendous cash flow and growth opportunities to the company and we are excited that Tilman is contributing the new assets to the company," Doug Jacob, FAST Founder.
FAST is advised by Citigroup, UBS, White & Case and Winston & Strawn. Fertitta is advised by Jefferies & Company and Latham & Watkins. Jefferies is advised by Goodwin Procter and Skadden Arps Slate Meagher & Flom.
Bowlero, a bowling centers operator, agreed to go public via a merger with Isos Acquisition, a SPAC, in a $2.6bn deal. The transaction includes $450m PIPE anchored investors Apollo Global, Brigade Capital, Soros Fund Management, The Donerail Group, and Wells Fargo Asset Management. Atairos, an investment company, will divest its $105m equity stake.
"We view this business combination as highly strategic with committed capital that gives Bowlero even more financial flexibility to execute on organic and inorganic growth plans. We look forward to joining the Bowlero Board and driving shareholder value with the combined experience and network of our two teams," George Barrios and Michelle Wilson, Isos Acquisition Co-CEOs.
Bowlero is advised by JP Morgan, Paul Weiss Rifkind Wharton & Garrison, Proskauer Rose and ICR. Isos is advised by JP Morgan and LionTree Advisors. Financial advisors are advised by Skadden Arps Slate Meagher & Flom. Atairos is advised by Davis Polk & Wardwell.
CSX, an American holding company focused on rail transportation and real estate in North America, completed the acquisition of the Quality Carriers unit of Apax-backed Quality Distribution, a privately-held global logistics and transportation provider. Financial terms were not disclosed.
"We are thrilled to welcome the Quality Carriers team to CSX. We strive to provide chemical producers and shippers with the most efficient, cost-effective transportation services possible. By combining CSX's and Quality Carriers' capabilities, we can deliver an unparalleled multimodal solution that will generate substantial value for our customers," James M. Foote, CSX President and Chief Executive Officer.
CSX was advised by Goldman Sachs, Davis Polk & Wardwell and McCarthy Tetrault. Quality Distribution was advised by JP Morgan, Morgan Stanley, Kirkland & Ellis and B2 Communications.
H.I.G. Capital, a global alternative investment firm, agreed to acquire Oxford Global Resources, an IT service management company, from ASGN, a provider of IT and professional services, for $525m.
"The sale of Oxford represents a pivotal moment for ASGN. We are proud of Oxford's history and performance as part of our Company since its acquisition in 2007. That said, we are always evaluating our portfolio of businesses and their fit with our long-term strategy to be an industry-leading provider of IT services and solutions to the commercial and government marketplaces. Given the evolution of our business since Oxford's acquisition, including a much greater focus on high growth IT consulting services and solutions for Fortune 500 and Federal Government accounts, we believe that new ownership is exactly what Oxford needs to reach its full potential," Ted Hanson, ASGN President and CEO.
H.I.G. Capital is advised by Wells Fargo Securities and Ropes & Gray. ASGN is advised by Truist Bank, William Blair & Co, Sullivan & Cromwell and Addo Investor Relations.
Sixth Street, a global investment firm, completed the acquisition of Talcott Resolution, an insurance firm, from a consortium of investors led by Cornell Capital, Atlas Merchant Capital, TRB Advisors, Global Atlantic Financial Group, Pine Brook, J. Safra Group and The Hartford. Financial terms were not disclosed.
"We want to thank the consortium for their tremendous support over the past few years as we established Talcott Resolution as an independent growth platform for risk transfer solutions. We are looking forward to our partnership with Sixth Street and the next chapter in Talcott's evolution. Sixth Street's commitment to expand its presence in the insurance industry along with its stable, long-term capital base will be significant catalysts for our company's growth," Pete Sannizzaro, Talcott Resolution CEO and President.
Sixth Street was advised by Deutsche Bank, JP Morgan and Willkie Farr & Gallagher. Cornell Capital was advised by Bank of America, Sidley Austin and Joele Frank.
Starwood Energy Group Global, a private investment firm focused on energy infrastructure, agreed to acquire a 252MW portfolio of operating renewable assets from Consolidated Edison, a provider of energy-related products and services. Financial terms were not disclosed.
"Our relationship with ConEd goes back many years across many different verticals, and we're excited to build on that foundation with this transaction and our continued partnership. These projects add geographic and resource diversity to our existing renewables platform, in addition to significant opportunities for future growth and optimization," Alex Daberko, Starwood Energy Managing Director.
Starwood Energy is advised by Skadden Arps Slate Meagher & Flom. Debt financing is provided by CIT Bank, Mitsubishi UFJ Financial Group and Nomura. Debt providers are advised by Paul Hastings.
Private equity firm Freeman Spogli agreed to invest in Brooklinen, a direct-to-consumer brand in the home essentials category. Existing investor Summit Partners will continue to support the company's growth. Financial terms were not disclosed.
"We are excited to partner with Freeman Spogli and to continue our partnership with Summit as Brooklinen rapidly grows. This year we've doubled down on our commitment to provide comfort to our customers, and this investment will help us continue to reach them both online and in-person through our expanding retail fleet," Rich Fulop, Brooklinen CEO.
Brooklinen is advised by Moelis & Co and Lowenstein Sandler. Freeman Spogli is advised by Morgan Lewis & Bockius. Summit Partners is advised by Kirkland & Ellis.
CI Financial, an independent company offering global asset management and wealth management advisory services, completed the acquisition of Dowling & Yahnke, a San Diego-based registered investment advisor firm. Financial terms were not disclosed.
"Dowling & Yahnke is one of the top RIAs in the US and we're thrilled to welcome the team to CI. Dale Yahnke and his team have built an exceptional business distinguished by their dedication to clients, deep expertise in holistic wealth planning, and an enduring reputation for excellence," Kurt MacAlpine, CI CEO.
Dowling & Yahnke was advised by Raymond James and Alston & Bird. CI Financial was advised by Hogan Lovells and Gregory FCA.
OpenGate Capital, a global private equity firm, completed the acquisition of TREALITY, which develops and manufactures advanced visualization solutions primarily for the global defense, air traffic control, and security end markets, from TransDigm Group, a publicly traded aerospace manufacturing company, for $200m.
"We are very excited to have reached this agreement with TransDigm. ScioTeq and TREALITY are both well-established businesses and represent the type of investment where we can utilize our global operations team to build upon the success of these businesses and guide them toward a new chapter of growth," Andrew Nikou, OpenGate Capital Founder and CEO.
OpenGate was advised by Lazard, Morgan Lewis & Bockius and Prosek Partners. Debt financing was provided by Deutsche Bank.
Warburg Pincus, a global private equity firm, agreed to acquire InTelCo Management, a wholly owned subsidiary that holds long-term liabilities including asbestos liabilities and related insurance assets, from ITT, an American worldwide manufacturing company. Financial terms were not disclosed.
"Today's announcement represents the culmination of our multi-year strategy to reduce ITT's legacy liability profile. This transaction, along with our successful U.S. pension plan termination executed in October 2020, position us very favorably for future growth and capital flexibility," Luca Savi, ITT President and CEO.
ITT is advised by Evercore and Simpson Thacher & Bartlett. Warburg Pincus is advised by Jefferies & Company and Kirkland & Ellis.
MGM Resorts, a global entertainment company, agreed to acquire the remaining 50% stake in CityCenter, a hotel operator, from Infinity World Development for $2.1bn.
"CityCenter has consistently elevated the Las Vegas experience over the years, contributing to this vibrant city's undeniable position as a top tourism and business destination. Uniting all of CityCenter under MGM Resorts' corporate structure and strategy will allow us to consolidate financial results, build on efforts to strengthen our operating model and guest experience and further our vision of becoming the world's premier gaming entertainment company," Bill Hornbuckle, MGM Resorts CEO and President.
MGM Resorts is advised by PJT Partners and Weil Gotshal and Manges. Infinity World Development is advised by Moelis & Co and Paul Hastings.
Goldman Sachs Asset Management led a $125m Series E round in Visier, a provider of people analytics and planning.
"There is unprecedented demand for companies to better understand the people within their organizations. From HR leaders to people managers and executives, having insight into a workforce is critical for delivering the right outcomes for the business, the employee, the customer, and a fair and just society," Ryan Wong, Visier CEO.
Visier was advised by LionTree Advisors, Morgan Lewis & Bockius and Walker Sands Communications. Goldman Sachs was advised by Sidley Austin.
Vitol-backed Vencer Energy, an energy company, completed the acquisition of the Midland Basin asset of Hunt Oil Company, an integrated oil and gas company. Financial terms were not disclosed.
"We are delighted with this acquisition which realizes our vision for Vencer as the owner of quality, mature, producing assets with attractive development opportunities. We look forward to working with our new colleagues," Don Dotson, Vencer President and CEO.
Vitol was advised by Simmons Energy and Latham & Watkins. Hunt Oil Company was advised by JP Morgan.
Texas Instruments, an American technology company headquartered in Dallas, agreed to acquire the Lehi, Utah facility of Micron Technology, an American producer of computer memory and computer data storage, for $900m.
"Micron's Lehi, Utah, facility has a strong history of technology innovation and leading-edge semiconductor manufacturing. We are pleased to have reached an agreement with Texas Instruments as it is an industry leader and truly values the talented Lehi team and the capabilities this site offers to deploy its technology effectively. We are greatly appreciative of the contributions that the Lehi team has made to Micron, as well as the collaboration and engagement Micron has had with the local community," Sanjay Mehrotra, Micron President and CEO.
Micron is advised by Macquarie Group and Weil Gotshal and Manges.
JP Morgan Chase, an American multinational investment bank, agreed to acquire a 40% stake in C6 Bank, a full-service Brazilian digital bank. Financial terms were not disclosed.
"We're excited to be partnering with one of Brazil's fastest growing digital banks. We've admired C6 Bank, its management team and their strategy for some time. With an impressive platform and product suite, they are well-positioned to sustain their growth trajectory and build a strong franchise. We look forward to supporting C6 Bank in its aspiration to be a long-term winner in the Brazilian banking market," Sanoke Viswanathan, JP Morgan Chase CEO of International Consumer.
C6 Bank is advised by Skadden Arps Slate Meagher & Flom. JP Morgan is advised by Edelman.
Swander Pace Capital Partners, a private equity firm specializing in consumer product companies, agreed to invest in T-Bev, a manufacturer and distributor of tea extracts, instant tea, natural and organic caffeine and other botanical extracts. Financial terms were not disclosed.
"We are thrilled to be partnering with Swander Pace Capital, which brings extensive expertise in the functional ingredients and broader consumer product sectors, to help us accelerate our value creation and growth initiatives," Anson Gu, T-Bev President.
Swander Pace is advised by Jones Day and BackBay Communications.
DP World, a provider of worldwide smart end-to-end supply chain logistics, agreed to acquire syncreon, a global logistics provider, for $1.2bn.
"We are delighted to announce the acquisition of syncreon, which adds significant strategic value to DP World given its strong logistics solutions capability, and will allow DP World to deliver end-to-end solutions to cargo owners," Sultan Ahmed Bin Sulayem, DP World Chairman and CEO.
DP World is advised by JP Morgan.
Hewlett Packard, an American multinational information technology company, agreed to acquire Zerto, a provider of cloud data management and protection, for $374m.
"Data is now the most critical asset. With the explosive growth of data at the edge and across hybrid environments, organizations today face significant complexity in managing and protecting their data. Zerto's market-leading cloud data management and protection software expands HPE GreenLake cloud data services, allowing customers to protect their data and rapidly act on insights, from edge to cloud," Antonio Neri, HPE President and CEO.
Zerto is advised by JP Morgan.
Chart Industries, an independent global manufacturer of highly engineered equipment, agreed to acquire L.A. Turbine, a provider of turboexpander design, engineering, manufacturing, assembly and testing process, for $80m.
"L.A. Turbine is one of the only turboexpander engineering and manufacturing companies that can design and produce very specialized expanders; one of the longest lead time items in the hydrogen and helium liquefaction supply chain. With this capability in house, we are further differentiated in liquefaction – not just from decades of experience but also from world class efficiency and now, significantly shorter and guaranteed delivery times," Jill Evanko, Chart Industries CEO and President.
Chart Industries is advised by Winston & Strawn.
Riverside-backed Threshold Brands, a multi-brand franchisor of trade service concepts, completed the acquisition of Plumbing Heating Paramedics, which provides HVAC system repairs. Financial terms were not disclosed.
"The addition of PHP is a natural fit for our continued expansion of the Threshold Brands platform, allowing us to serve more customers and geographic footprints. Riverside's investment in PHP is the most recent example of the firm's commitment to our franchise platform and an integral step in extending into the HVAC and plumbing end markets," Loren Schlachet, Riverside Managing Partner.
Riverside was advised by Jones Day.
First Reserve-backed IRISNDT, a provider of advanced and general non-destructive testing, agreed to acquire Altura Wind Services, a provider of cleaning, and maintenance services to a diverse base of renewable and energy customers. Financial terms were not disclosed.
"We believe the Altura team, which shares our culture and commitment to safety, quality, and excellent customer service, will find a good home within IRISNDT. As we move forward in growth mode and continue to enhance our services portfolio in the renewable markets, we will continue to evaluate attractive add-on acquisition opportunities," Marcel Blinde, IRISNDT CEO.
First Reserve is advised by Joele Frank.
Yadav Enterprises, a restaurant company, agreed to acquire Taco Cabana, a restaurant brand, from Fiesta Restaurant Group, which owns, operates and franchises the Pollo Tropical and Taco Cabana restaurant brands, for $85m.
"We made the strategic decision to sell the Taco Cabana business to allow our leadership team to focus completely on accelerating Pollo growth, and we are very excited about the tremendous growth opportunities we have for the Pollo Tropical business," Richard Stockinger, Fiesta President and CEO.
Fiesta is advised by Joele Frank.
Danone Manifesto Ventures, a venture group located in New York City, completed the investment in Harmless Harvest, a provider of organic coconut-based products. Financial terms were not disclosed.
"It has been a privilege to be part of the Harmless Harvest success story over the past few years, as the company has continued to grow, innovate, and pioneer more responsible business practices. We are thrilled to further the partnership with a group of people who aim to be harmless to the planet and society and share our vision of a healthy and sustainable food system. We look forward to continuing our partnership with Ben and his talented leadership team, and supporting their inspiring ambitions," Laurent Marcel, Danone Manifesto Ventures CEO.
Danone Manifesto Ventures was advised by Joele Frank.
SoftBank, General Atlantic, Moore Strategic Ventures, Kaszek and Valor Capital led a $220m Series E round in Gympass, the largest corporate wellbeing platform.
"We've already seen a surge in gym and studio visits as countries begin to open up, and we fully expect even greater momentum as people head back to the office. We've created the most complete wellbeing platform, covering fitness, therapy, mindfulness, and nutrition. The additional funding will help us fuel further growth in the US, improve the product experience and continue to expand into new categories, as we continue on our mission to make wellbeing universal," Cesar Carvalho, Gympass Co-Founder and CEO.
Gympass was advised by SourceCode Communications.
Venrock led a $276m Series C round in Element Biosciences, a developer of a new and disruptive DNA sequencing platform, with participation from Janus Henderson Investors, Logos Capital, Meritech Capital Partners, Counterpoint Global (Morgan Stanley), T. Rowe Price, Fidelity Management & Research Company, Foresite Capital, JS Capital Management and RA Capital Advisors.
"Element will provide researchers with innovative technology choices and more flexible tools for scientific exploration. We are working to realize our vision of dramatically expanding access to high quality, low cost, easy-to-use genomics tools," Molly He, Element Biosciences CEO.
Chevron looks to sell oil and gas fields for $1bn.
Reuters reported that Chevron, an American multinational energy corporation, is currently looking to sell two collections of conventional oil and gas fields in the Permian Basin valued at more than $1bn combined.
Chevron has reportedly retained an investment bank to market some Permian oil and gas fields valued at $879m and has additional assets of more than $200m available for sale elsewhere in the basin.
Adidas shortlists bidders in Reebok sale. (FS)
Adidas shortlisted bidders for its Reebok brand as it seeks to draw a line under an unfortunate investment that never lived up to the German sporting goods company's expectations.
Rival Wolverine, Advent, CVC, Cerberus and Sycamore have been asked to submit a final bid in August. Adidas bought the fitness label Reebok for $3.8bn in 2006 to help to compete with arch-rival Nike, which is now expected to be sold up to $1.2bn.
Petrobras raises $2.3bn in sale of fuel distributor stake.
Petroleo Brasileiro, known as Petrobras, a Brazilian state-run oil company, raised $2.3bn in the most extensive share offering of the year in the country.
In a secondary share offering, Petrobras divested its full remaining stake of 37.5% in fuel distributor Petrobras Distribuidora at $5.2 per share. That implies a value of $2.3bn based on Petrobras’ previous announcement that 436.9m shares would be sold in the divestiture.
Recoil Resources looks for buyers.
Recoil Resources, a privately-owned oil driller, is currently looking for buyers assets spread across 71k acres in the Eagle Ford shale play of South Texas,
Reuters reported.
The assets, expected to produce around 4k barrels of oil equivalent per day in July per Recoil's marketing materials, could reportedly fetch over $200m in a sale.
Advent International explores sale of Olaplex. (FS)
Advent International is exploring options including a sale for its hair-care asset Olaplex,
Bloomberg reported.
Advent is targeting a valuation of at least $1.5bn for the business. The buyout firm could also opt to take Olaplex public through an initial public offering.
TPG considers going public. (FS)
TPG Capital considers going public via IPO or SPAC merger,
WSJ reported. Such a deal could value the California-and-Texas firm at about $10bn.
"As we have consistently stated, we evaluate various strategic alternatives from time to time. No decisions have been made and we have nothing to announce at this time," TPG spokesman.
Four Palihapitiya-backed SPACs raise $880m in IPOs. (FS)
Four SPACs that are backed by venture investor Chamath Palihapitiya have raised a total of $880m via IPOs. Companies include Social Capital Suvretta Holdings I, II, III and IV.
The initial plan was to raise $800m, saying the acquisition focus would be placed at biotechnology companies.
MKS Instruments, a global provider of technologies that enable advanced processes and improve productivity, agreed to acquire Atotech, a process chemicals technology company, for $6.5bn. The equity value of the transaction is $5.1bn and the enterprise value of the transaction with debt is $6.5bn.
"By combining leading capabilities in lasers, optics, motion and process chemistry, the combined company will optimize the PCB Interconnect, a significant enabling point of next-generation advanced electronics that represents the next frontier for miniaturization and complexity. We anticipate the addition of Atotech will position MKS to enable roadmaps for future generations of advanced electronics devices. The acquisition of Atotech also provides MKS with a recurring revenue stream from a consumables portfolio for leading-edge devices, with meaningful scale and potential on which to build," John T.C. Lee, MKS President and CEO.
Atotech is advised by Credit Suisse, Latham & Watkins, Ogier and Edelman. MKS is advised by Perella Weinberg Partners, Barclays, Carey Olsen, DLA Piper, WilmerHale and Kekst CNC. Debt financing is provided by Barclays and JP Morgan. Debt providers are advised by Paul Hastings.
Taboola, a powering recommendations for the open web provider, went public via merger with ION Acquisition, a special purpose acquisition company, in a $2.6bn deal.
Investors providing PIPE financing included Fidelity, Baron Capital, BlackRock, Hedosophia, Federated Hermes Kaufmann Funds and Exor Seeds.
"We believe Taboola is an open web recommendation leader that is well positioned to challenge the walled gardens. We were looking to merge with a global technology leader with Israeli DNA and we found that in Taboola. The combination of long-term partnerships built by the company with thousands of open web digital properties, their direct access to advertisers, massive global reach and proven AI technology, allows Taboola to provide significant value to their partners while also achieving attractive unit economics as the company grows," Gilad Shany, ION CEO.
Taboola was advised by Credit Suisse, JP Morgan, Davis Polk & Wardwell, Latham & Watkins, Meitar Law Offices and Blueshirt Group. ION was advised by Cowen & Company, Goldfarb Seligman & Co and White & Case.
DuPont, a technology-based materials and solutions provider, completed the acquisition of Laird Performance Materials, a British-based electronics and technology business, from Advent International, one of the world's largest private equity firms, for $2.3bn.
"The acquisition of Laird Performance Materials is a significant step in advancing DuPont's strategy to grow as a global innovation leader and premier multi-industrial company. Laird Performance Materials is a strategic and complementary addition to the Electronics & Industrial (E&I) business, and our applied material science expertise together with Laird Performance Materials' industry-leading application engineering capabilities further strengthens DuPont as an essential partner for major electronics OEMs and manufacturers," Ed Breen, DuPont Executive Chairman and CEO.
DuPont was advised by JP Morgan and Skadden Arps Slate Meagher & Flom. Advent was advised by Morgan Stanley, Rothschild & Co and Weil Gotshal and Manges.
Philip Morris International, an American-Swiss multinational cigarette and tobacco manufacturing company, agreed to acquire Fertin Pharma, a developer and manufacturer of innovative pharmaceutical and well-being products, from private equity firm EQT Partners for $820m.
"Fertin Pharma has been on a fantastic journey with EQT and the Bagger-Sørensen family as owners. With the new ownership in place, Fertin Pharma will be in a great position to continue delivering on our vision and mission, including our work as a CDMO for our customers. PMI is going through an inspiring transformation as a company with an ambition to deliver a smoke-free future and building a beyond nicotine product portfolio. An ambition that perfectly matches that of Fertin Pharma, namely to enable people to live healthier lives. In PMI we have found a new owner and partner who shares our vision, who is committed to science and who will enable Fertin Pharma to further accelerate and grow as a company," Peter Halling, Fertin Pharma CEO.
EQT Partners is advised by Boston Consulting Group, Implement Consulting Group, COWI, FIH Partners, PricewaterhouseCoopers and Accura Advokatpartnerselskab.
Aware Super, Australia's second largest fund, agreed to invest in €600m ($714m) in Vivenio, a real estate company launched by Dutch pension provider APG Group.
"We are really proud of this new partnership with a leading international investor such as Aware Super. The additional commitment from both shareholders will allow us to grow further our quality portfolio, create significant synergies and economies of scale in our asset base and, most importantly, to keep providing our tenants with best-in-class residential properties," Daniel Loureda, Vivenio CEO.
Vivenio is advised by UBS and Cuatrecasas Goncalves Pereira. Aware Super is advised by KPMG, Credit Suisse and Hogan Lovells. APG is advised by Allen & Overy.
Eurobank Serbia, a financial organization, agreed to merge with Direktna Banka, a Serbian bank. Eurobank will control c. 70% of the combined bank while Direktna’s shareholders will own the remaining 30%. Financial terms were not disclosed.
"This transaction is in line with Eurobank’s strategy to further expand its international activities and create additional value for its shareholders via targeted acquisitions, mergers or joint ventures," Stavros Ioannou, Deputy CEO, Eurobank Chief Operating Officer & Head of International Activities.
Eurobank Serbia is advised by BNP Paribas, Milbank, Moravcevic Vojnovic and Zivkovic Samardzic Law Office.
Syngenta, a global provider of agricultural science and technology, agreed to acquire Verisem, a global seed production company, from Paine Schwartz Partners, a sustainable food chain investing fund. Financial terms were not disclosed.
"On behalf of everyone at Verisem, I thank Paine Schwartz for their partnership and the role they played in building Verisem into an integrated global seed company," Ibrahim El Menschawi, Verisem CEO.
Verisem is advised by Rabobank and Morrison & Foerster. Paine Schwartz Partners is advised by Joele Frank.
APG-led consortium to acquire a 50% stake in Exergi, a heating and cooling company, from Fortum, a Finnish state-owned energy company focusing on the Nordic and Baltic countries, for $3.5bn. The consortium comprises APG, an asset manager, Alecta, an insurance company, PGGM, a pension fund, Keva, a pension agency, and AXA, a multinational insurance firm.
"Stockholm Exergi is a well-run and well-invested company, where the transition to low-carbon intensity has largely been done. This transaction now concludes our two-decade era of good collaboration with the City of Stockholm and I am proud of our contribution to the transformation of Stockholm Exergi. Now is the right time for a new owner to take over and continue to develop the company further in close cooperation with the city," Markus Rauramo, Fortum President and CEO.
Fortum is advised by Citigroup.
Corsair Capital-backed IDnow, a German-based identity verification startup, agreed to acquire ARIADNEXT, a French firm, specializing in remote identity verification and digital identity creation. Financial terms were not disclosed.
"Together we will work towards our clear joint vision of providing European businesses with a one-stop solution for identity verification, offered through a fully comprehensive and seamless identity verification platform," IDnow.
Corsair Capital is advised by Hengeler Mueller.
Blackstone-backed Huws Gray, a builders merchants chain, agreed to acquire GB merchanting businesses of Grafton Group, a builders merchants business based in the United Kingdom and Ireland. Financial terms were not disclosed.
"We are thoroughly excited and feel extremely privileged to be able to acquire such a well-respected name in the industry. This has given us the opportunity to more than double our branch network and substantially increases our geographical footprint. We look forward to working alongside our new colleagues and continuing on our exciting journey," Terry Owen, Huws Gray Founder and Chairman.
Huws Gray is advised by HSBC.
Aptean, a global provider of mission-critical enterprise software solutions, agreed to acquire Ramsauer & Stürmer, a software company in Bergheim, Austria. Financial terms were not disclosed.
"Ramsauer & Stürmer is a trusted ERP solutions and implementation partner for its global network of customers, and we are confident we will see continued success together in the DACH region," TVN Reddy, Aptean CEO.
Aptean is advised by Joele Frank.
JFrog, a liquid software company, agreed to acquire Vdoo, which has built an AI-based platform that can be used to detect and fix vulnerabilities in the software systems, for $300m.
"We are excited to have Vdoo join the JFrog family. It is clear to us that the joint vision of changing the way software is being created, released, and updated to the edge will be our compass as we offer the market a binary-focused solution to secure their organization's software assets. This move will amplify JFrog's current success with our security solution, JFrog Xray, and create the expectation that 'fearless releases' will be the experience for both Security and Development teams," Shlomi Ben Haim, JFrog CEO.
JFrog is advised by BOCA Communications.
Index Ventures, an international venture capital firm, led a $118m Series C funding round in Rohlik, a Prague-based online grocery delivery startup. Index Ventures acquired a 10% as a result of the transaction.
"The newly secured funding helps us to accelerate even faster than originally intended, mainly in the areas of new market entries, fulfillment centre automation and the overall pace of innovation, including hiring great talent," Tomáš Čupr, Rohlik Founder and CEO.
Union Bancaire Privee, a private bank and wealth management firm, agreed to acquire the wealth management business of Danske Bank, a Danish multinational banking and financial services corporation. Financial terms were not disclosed.
"With UBP, we are confident that we have found the right partner for our customers, a partner who will continue to meet their individual needs with the highest possible quality, and at the same time be a good employer for our skilled and dedicated employees," Glenn Söderholm, Danske Bank Head of Personal & Business Customers.
Givaudan, a Swiss multinational manufacturer of flavours, completed the acquisition of a 25% stake in b.kolormakeup & skincare, an Italian company specialized in developing and producing end-to-end products in make-up and skincare. Financial terms were not disclosed.
"By sharing our creative and innovation capabilities, we will be able to generate additional value to our respective customers by providing a complete offer combining high levels of science, excellence in design and end-product manufacturing. This will benefit all our customers as they will gain speed to market with very innovative finished products," Maurizio Volpi, Givaudan President Fragrance & Beauty.
Accenture, an Irish-domiciled multinational company that provides consulting and processing services, agreed to acquire Trivadis, an IT services provider. Financial terms were not disclosed.
"Data's worth depends on its accessibility and application. Cloud is the only place where data gains scale, agility and the power to drive reinvention so business can soar. Data is the vital source of business value today. However, the power of data can be limited if locked in legacy, on-premises platforms," Karthik Narain, Accenture Global Lead for Cloud First.
Investor Elliott puts pressure on GSK leadership. (FS)
GlaxoSmithKline should review its leadership and consider the outright sale of its consumer healthcare business, said Elliott, an activist investor, as it confirmed that it had taken a significant stake in the British pharmaceuticals group.
GlaxoSmithKline set out plans for a separate listing next year of the consumer health business, including Sensodyne toothpaste and Advil painkillers in the biggest shake-up for the company in two decades.
"After the reconstituted GSK Board is in place, this Board will be in a better position to ensure the best executive leadership for both new companies," Elliott.
Greek bank rescue fund reduces stake in Alpha Bank to 9%. (FS)
Greece's bank rescue fund HFSF partially took part in Alpha Bank's $948m shares offering. The fund reduced its holding from 11% to 9%, but remains the bank's largest shareholder.
"The fund remains Alpha Bank's largest shareholder, proving its trust in the bank's management and its future," The Hellenic Financial Stability Fund.
APAC
Allianz, a multinational financial services company, completed the acquisition of the general Insurance business of Westpac, a financial institution, for $535m.
"Westpac has been a long-term business partner for Allianz and we are very pleased to enter into this new agreement. Both companies share aligned values, particularly in relation to a customer-first approach to design and distribution, and using innovation and tech nology as key enablers to delivering customer satisfaction, so we see this as a fantastic opportunity," Richard Feledy Allianz Australia Managing Director.
Allianz was advised by Gilbert + Tobin and Herbert Smith Freehills. Westpac was advised by JP Morgan.
Dagang NeXchange, a Malaysia-based investment holding company, completed the acquisition of a 60% stake in Ping Petroleum, a privately held, independent upstream company, for $78m.
"This transaction also supports DNeX's strategy to further establish its presence in the upstream O&G business, which can be progressively scaled up over time," Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir, DNeX Managing Director.
Ping Petroleum was advised by Jefferies & Company.
Strattner, a private equity firm, agreed to acquire a 9% stake in Vivocom, a civil engineering company, for $350m.
"The timing is perfect as we seek to grow via the M&A route and acquire companies with game-changing and disruptive strategies in their businesses," Datuk Seri Chia Kok Teong, Vivocom CEO.
Norfund, Norway's state-owned fund, and The Rise Fund, a $2bn global fund, agreed to invest $125m in Fourth Partner Energy, a distributed solar energy firm focusing on building and financing solar projects.
"Fourth Partner Energy is now strengthening its onsite and offsite solar presence in the subcontinent; as well as key markets across South and Southeast Asia. The company is targeting 3 GW of installed solar capacity by 2025 and expansion of capabilities across energy storage, EV charging infrastructure," Fourth Partner Energy.
Krafton cuts offer size.
Krafton, a videogame maker, said it reduced the IPO price target. At this point, the company aims to sell 8.65m shares at a c. $354-440.5 price point. The local financial authority ordered the company to revise the IPO due to the lack or unclarity of information outlined in the prospectus.
This means that the company would raise $3.8bn at the top price range, down more than $1bn from the initial $5.1bn.
Pexa Group's shares slip after debut.
Shares of Pexa Group, an online property exchange, closed 0.1% higher in its debut after raising $899m. The IPO was the largest Australia's offering in 2021 so far.
Shares closed at $12.87, as opposed to IPO price of $12.86. Pexa Group was advised on the IPO by Barrenjoey Capital Partners, Macquarie Group, Morgan Stanley and UBS.
