One of the largest shareholders in Canadian National Railway, a freight railway, said it’s prepared to launch a proxy fight to replace the company’s leader as the $31bn deal to acquire Kansas City Southern, a transportation holding company, faces possible collapse, Bloomberg reported.
TCI Fund Management, an investment firm which owns a 5% stake in CN, plans to call a special meeting of shareholders to nominate five directors to the railway’s board with a mandate to replace its CEO, Jean-Jacques Ruest. TCI has engaged Kingsdale Advisors to aid in the fight.
Canadian National is advised by Centerview Partners, JP Morgan, RBC Capital Markets, Agon Partners, Cravath Swaine & Moore, Norton Rose Fulbright, Sidley Austin, Stikeman Elliott, Torys, Brunswick Group and Longview Communications. Financial advisors are advised by Freshfields Bruckhaus Deringer. Kansas City is advised by Bank of America, Morgan Stanley, Baker & Miller, Davies Ward Phillips & Vineberg, Wachtell Lipton Rosen & Katz, White & Case, WilmerHale, Joele Frank and MacKenzie Partners. Financial advisors are advised by Willkie Farr & Gallagher.
Morrisons, a supermarket chain operator, talks with Clayton Dubilier & Rice, Fortress Investment Group and Britain’s takeover regulator about an auction.
Morrisons agreed to a £7bn ($9.54bn) offer from CD&R on August 19, 2021. Neither bidder has declared its offer final, said Morrisons. The company was talking to both of the bidders and the takeover panel about an auction.
GIC joined the Fortress-led consortium on July 28, 2021, consist of Apollo Global Management, Koch Real Estate Investment and CPPIB, for Morrisons.
Morrisons is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. CD&R is advised by BNP Paribas, Goldman Sachs, JP Morgan, Clifford Chance and Teneo. Fortress led consortium is advised by Jones Day, HSBC, RBC Capital Markets, Slaughter & May and TB Cardew. Debt financing to Fortress is provided by RBC Capital Markets and HSBC. Financial advisors are advised by Herbert Smith Freehills and Debevoise & Plimpton.
ICU Medical, a developer of a temporary pacemaker, agreed to acquire Smiths Medical, a global manufacturer of specialty medical devices, from Smiths Group, a British multinational diversified engineering company, for $2.7bn. The deal is expected to close in the first half of 2022 and subject to customary closing and regulatory approvals.
“Delivering on our commitment to maximize value, the ICU transaction provides both a higher value for Smiths’ shareholders, as well as further value creation through our 10% holding of the enlarged combined group and a potential $100m additional contingent consideration. We are focused on concluding this superior transaction and on driving Smiths Group forward, delivering on our significant potential as a leading industrial technology group united by shared purpose, business characteristics and a common operating model," Paul Keel, Smiths CEO.
Smiths Group is advised by Gleacher Shacklock, Goldman Sachs, JP Morgan, Freshfields Bruckhaus Deringer, White & Case and FTI Consulting. ICU Medical is advised by ICR and Barclays.
Vertiv, a global provider of critical digital infrastructure and continuity solutions, agreed to acquire E&I Engineering Group, a firm that designs and manufactures low voltage switchboards, for $2bn. The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions.
"The acquisition of E&I represents a key milestone in Vertiv’s strategy, completing our portfolio of in-building power train offerings for data centers and vital commercial and industrial markets. The combination will amplify Vertiv’s growth opportunities and profitability, while enabling Vertiv to deliver differentiated solutions that manage a customer’s entire power infrastructure as an integrated system. We look forward to adding E&I’s highly skilled team members to the Vertiv family. Our companies share a strong culture of engineering excellence and innovation and a passion for serving our customers with differentiated products and service," Rob Johnson, Vertiv CEO.
Vertiv is advised by Citigroup, Centerview Partners, Baker McKenzie, Latham & Watkins and FleishmanHillard. Debt financing is provided by Citigroup. E&I Engineering Group is advised by Rothschild & Co and Clifford Chance.
Veritas Capital-backed Guidehouse, a global provider of consulting services to the public sector and commercial markets, agreed to acquire Dovel Technologies, a software solutions creator, from Macquarie. Financial terms are not disclosed.
"The acquisition of Dovel is a strategic step in our journey to create the next generation global consultancy. Dovel is an exceptionally strong solutions provider with significant experience in supporting agency missions to improve public health, strengthen research and IT capabilities, and optimize operational outcomes. With complementary strengths in Guidehouse's focus areas, together we will be well positioned to continue delivering innovative solutions to tackle some of the most complex challenges facing government and commercial clients, while building resilience into important missions and services," Scott McIntyre, Guidehouse CEO.
Dovel Technologies is advised by Houlihan Lokey, Macquarie Capital and Cooley. Veritas Capital is advised by Sard Verbinnen & Co. Guidehouse is advised by Covington & Burling, Milbank and S&C Public Relations.
Highgate Capital, a real estate investment and hospitality management company, and Aurora Health Network, a healthcare-focused investment firm, agreed to acquire wellness infrastructure business from DigitalBridge, a global digital infrastructure REIT, for $3.2bn. The company currently expects the wellness sale to be completed in early 2022, subject to closing conditions and third-party approvals.
“We are thrilled to announce an agreement to sell our Wellness Infrastructure business ahead of schedule and in-line with our carrying values. Having completed our digital transformation in less than two years, this final step will allow us to emerge as the pure-play, fast-growing digital infrastructure REIT we envisioned from day one," Marc Ganzi, DigitalBridge President and CEO.
Highgate Capital and Aurora Health Network are advised by Deutsche Bank and Latham & Watkins. DigitalBridge is advised by Barclays, Willkie Farr & Gallagher and Joele Frank.
TopBuild, an installer and distributor of insulation and building material products, agreed to acquire Distribution International, a distributor and fabricator of mechanical insulation and related products, from Advent for $1bn. TopBuild expects to close the transaction in the fourth quarter of 2021.
“The acquisition of Distribution International is highly strategic for TopBuild. It aligns with our strategy of seeking well managed companies with experienced, talented teams with expertise in our core business of insulation and adjacent products. DI provides us with a direct entry and immediate leadership position in the $5bn mechanical insulation market which is a highly attractive and complementary new growth platform for TopBuild," Robert Buck, TopBuild President and CEO.
TopBuild is advised by JP Morgan and Jones Day. Distribution International and Advent are advised by RBC Capital Markets and Weil Gotshal and Manges.
Compass Diversified, an investment holding company, completed the acquisition of Lugano Diamonds & Jewelry, a manufacturer of jewelry intended to offer one-of-a-kind products, for $256m.
“We are excited to bring a growing, luxury goods brand like Lugano to the CODI portfolio of niche-branded consumer subsidiaries. Lugano’s deep commitment to product design and authentic connection with its target clientele differentiates it from its competitors. We believe that Lugano, as a trusted jewelry advisor offering a rare combination of exclusivity and service, has a sustainable business model capable of generating significant revenues and growth in both the near- and long-term," Elias Sabo, CODI CEO.
Lugano was advised by Holland & Knight. Compass Diversified was advised by Gibson Dunn & Crutcher, Joele Frank and The IGB Group.
Sanofi, a French multinational pharmaceutical company, agreed to acquire Kadmon, a biopharmaceutical company, for $1.9bn.
"We are excited that Sanofi has acknowledged the value of Rezurock and the deep potential of our pipeline. By leveraging Sanofi’s global resources and long-standing expertise in developing and commercializing innovative medicines, Rezurock is now well positioned for global accessibility, faster. I want to thank the entire Kadmon team, including management and the Board of Directors, and the Sanofi organization, for their ongoing commitment to patients and their caregivers," Harlan Waksal, Kadmon President and CEO.
Sanofi is advised by Weil Gotshal & Manges. Kadmon is advised by Cantor Fitzgerald, Moelis & Co and DLA Piper.
Universal, an independent leaf tobacco merchant, agreed to acquire Shank's Extracts, a privately-held, specialty ingredient, flavoring and food company with bottling and packaging capabilities. Financial terms were not disclosed.
"This agreement with Shank's marks another important step forward in Universal's efforts to identify and execute on opportunities that broaden and enhance our plant-based ingredients platform. The Shank's acquisition fits squarely in our new platform and our capital allocation strategy, bolstering our offerings for customers and expanding our value-added services by adding flavors, custom packaging and bottling, and product development capabilities," George C. Freeman III, Universal Chairman, President and CEO.
Shank's is advised by SC&H Capital and Cozen O'Connor. Universal is advised by Troutman Pepper and Joele Frank.
Pactiv Evergreen, a firm engaged in the business of manufacturing and distributing fresh food service and food merchandising products, agreed to acquire Fabri-Kal, a manufacturer of foodservice and consumer brand packaging solutions, for $380m.
“Combining these two complementary companies will further expand Pactiv Evergreen’s position in the Foodservice segment, broaden our sustainable packaging product offerings and customer base, and increase our manufacturing capacity and distribution capabilities. Fabri-Kal is well known for its high-quality products, longstanding customer relationships and sustainable packaging solutions. We look forward to the Fabri-Kal team joining Pactiv Evergreen and working together to drive increased value for our shareholders, customers and employees," Mike King, Pactiv Evergreen CEO.
Pactiv is advised by Debevoise & Plimpton. Fabri-Kal is advised by JP Morgan and Clark Hill.
Cascade, a private equity firm, agreed to acquire a 23.75% stake in Four Seasons, an international luxury hotel and resort company, from Kingdom Holding, a Saudi conglomerate holding company, for $2.21bn.
"Our Company is at yet another key moment in its storied history and the confidence of our shareholders in Four Seasons and our strategic vision help position the iconic Four Seasons brand for continued success," John Davison, Four Seasons CEO.
Silver Lake, a private equity firm, agreed to invest in Battery Ventures-backed Clubessential, a club management software as a service solutions provider. Financial terms were not disclosed.
"We are extremely excited to partner with Silver Lake to leverage the firm's insights, resources, and extensive global technology network to further improve our company and increase our access to capital for continued innovation and growth. As we pursue this next phase of growth, we feel so fortunate to have two preeminent technology investors, in Silver Lake and Battery Ventures, in our corner—and know our customers will benefit from these partnerships as well," Randy Eckels, Clubessential CEO.
Silver Lake is advised by Simpson Thacher & Bartlett.
Pritzker-backed STV Group, a private, employee-owned corporation specializing in engineering, architecture, planning and construction management services, agreed to acquire CP&Y, an engineering, architectural, and field services consulting firm. Financial terns were not disclosed.
"Joining forces with CP&Y will cement our presence in the Texas infrastructure market and serve as a catalyst to expand our water and wastewater practices nationwide. Our firms share a similar ethos – we are client-focused and employee-centric, with a long-range outlook that is multi-generational. The combined company will serve as an ideal platform to leverage growth opportunities across multiple markets and geographies," Greg Kelly, STV President and CEO.
Tucker, a distributor of powersports products for motorcycles, agreed to acquire Kuryakyn, a firm engaged in the design and manufacturing of premium aftermarket motorcycle and power sports products. Financial terms were not disclosed.
"This is a tremendous move for Tucker, for the Kuryakyn brand and for the dealers we serve. Kuryakyn's industry-leading products will continue to be available to dealers and customers while Tucker becomes an even stronger supplier to dealers in not only in custom, cruiser and touring, but new market segments as well," Marc McAllister, Tucker President and CEO.
Coating & Converting Technologies, a tapes producer, agreed to merge with ATP, a client-specific adhesive products manufacturer. Financial terms are not disclosed.
"I am very excited for CCT to become part of ATP – whose DNA is very similar to ours and focuses on offering the best overall value solution to customers. Further, having access to ATP's leading adhesive technology and formulation know-how will deliver great benefits to our customers, while establishing CCT as one of the leading speciality adhesive tape manufacturers in North America," Rich Hipp, CCT CEO.
Mars to acquire PrettyLitter for under $1bn.
Mars, a consumer products giant, agreed to acquire PrettyLitter, a cat litter company for under $1bn, Bloomberg reported.
The packaged food and pet care products owner is paying $500m to $1bn for the direct-to-consumer brand. Mars’ pet-care division agreed to buy the company in May.
“Mars Petcare’s unmatched scientific expertise and decades of experience are a perfect complement to PrettyLitter’s cutting-edge technology and capabilities,” the representative said in statement.
HIG Capital closes HIG Europe Middle Market LBO Fund at $2.37bn. (FS)
HIG Capital, a global alternative asset management firm with $45bn of equity capital under management, has closed its inaugural European Middle Market Fund, HIG Europe Middle Market LBO Fund, with aggregate capital commitments of $2.37bn.
The Fund will leverage HIG’s existing European infrastructure to target middle market companies with values up to $1.18bn, primarily in Western Europe.
“We are delighted with the continued support from our limited partner base, which reflects their confidence in the capability of our European team and our differentiated value-added investment approach,” Sami Mnaymneh and Tony Tamer, HIG Co-Founders and Co-CEOs.
Rettig Group-backed Purmo Group, an internationally company in sustainable indoor climate comfort solutions, agreed to go public via a SPAC merger with Virala Acquisition Company in a $814m deal. The completion of the merger is expected to occur by the end of December 2021.
After completion, the existing owners of VAC will hold 26.7%, and the existing owners of Purmo Group will hold 73.3% of the combined company.
“Today’s announcement is an important milestone in the transformation of Rettig Group and our largest portfolio company Purmo Group. We have worked closely with Purmo Group’s management team and Board of Directors over the recent years in creating a strong and cost-competitive company positioned for growth, with a clear strategic roadmap. The contemplated stock exchange listing will support Purmo Group in realising its full potential in many important ways, e.g. by enabling the company to accelerate its M&A agenda," Matts Rosenberg, Rettig CEO.
Rettig Group is advised by Advium Corporate Finance, UBS, Avance and Bravura Capital Proprietary. VAC is advised by Nordea Bank, SEB Corporate Finance, Hannes Snellman and Miltton.
Adecco, a holding company, which engages in the provision of human resources services, successfully raised approximately $276m through the placement of 5.1m new shares at $54.26 apiece.
"Today is an important milestone in the process to acquire AKKA Technologies and another step in executing on our strategy. With the successful placing of new shares, investors are demonstrating their support for this transaction and its significant value creation opportunity, which includes strong earnings accretion in 2022. We are already planning the integration of AKKA and Modis, and we look forward to updating investors regularly on progress and demonstrating the value created," Coram Williams, Adecco CFO.
Adecco is advised by Credit Suisse, Societe Generale, Bratschi, Eubelius and Sullivan & Cromwell. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. AKKA is advised by Linklaters.
Perrigo, a firm providing over-the-counter self-care and wellness solutions, agreed to acquire HRA Pharma, a consumer healthcare company, from investment firms Astorg and Goldman Sachs Asset Management for $2.1bn. The proposed final transaction would close by the end of the first half of 2022, subject to the satisfaction of customary closing conditions, including regulatory approvals.
"With the addition of HRA and its talented leadership team, Perrigo would be a consumer self-care global leader that is poised to deliver top tier net sales growth and double-digit EPS growth in the near-term while concurrently expanding margins. The complementary geographic footprint of HRA to that of Perrigo would allow for significant and actionable synergies. And it is the totality of these factors that makes the combination of Perrigo and HRA strategically and financially compelling. It's literally a one-of-a-kind opportunity to simultaneously enhance our financial profile, while driving even greater value for consumers, shareholders and the communities in which we work and live," Murray S. Kessler, Perrigo CEO and President.
Astorg and Goldman Sachs Asset Management are advised by Goldman Sachs, Rothschild & Co, Sawaya Capital and Latham & Watkins. Perrigo is advised by Centerview Partners and Wachtell Lipton Rosen & Katz. HRA Pharma is advised by Dechert.
Private equity firms Apis Partners, Development Partners International and Lorax Capital led a $120m investment in MNT-Halan, a fintech company. Other investors include Middle East Venture Partners, Endeavor Catalyst, and DisruptTech.
“We are thrilled to be investing in MNT-Halan, which is our first investment in Egypt. Our belief is that they will be the leading player digitizing the unbanked and bringing financial services to millions of underserved customers in the country, and we look forward to partnering with them to extend their impressive growth trajectory. We believe Mounir Nakhla’s track record, combined with MNT-Halan’s tech team and operational expertise, provide the ideal opportunity to invest in Egypt’s fintech sector," Matteo Stefanel and Udayan Goyal, Apis Managing Partners and Co-Founders.
MNT-Halan was adivsed by Freshfields Bruckhaus Deringer, Lexence, Matouk Bassiouny and White & Case.
Sonae, a retail company that operates in food and non food retail stores, completed the acquisition of a 95% stake in Gosh Food, a producer and distributor of vegan food products, for $89m.
"The transaction is in line with portfolio management strategy and allows Sonae to invest in the high potential natural and plant-based food industry, while leveraging its know-how in the food and retail sectors to accelerate value creation plan," Sonae.
Gosh was advised by Houlihan Lokey. Sonae is advised by Ashurst.
Mastercard, a multinational financial services corporation, agreed to acquire Aiia, an operator of an open banking system. Financial terms were not disclosed.
“The addition of Aiia anchors our European open banking efforts and allows us to continue to meet our customers where they are. As open banking continues to ignite innovation, we’re committed to providing a unique set of technology platforms, data connectivity and infrastructure combined with data privacy and security principles. This will help fintechs and financial institutions innovate, gather feedback and scale faster and more effectively than ever to power smarter, more meaningful experiences," Craig Vosburg, Mastercard Chief Product Officer.
Sebia, a provider of clinical protein electrophoresis equipment and reagents, completed the acquisition of ORGENTEC Diagnostika, a specialty diagnostics company, from Water Street Healthcare Partners, a strategic investor focused exclusively on healthcare. Financial terms were not disclosed.
"Through this acquisition, we will be able to expand Sebia’s capabilities to provide high-value solutions to our customers and patients. ORGENTEC AROTEC and Corgenix have developed strong expertise in autoimmunity, infectious diseases and clinical trials and we see many Areas for collaboration in our respective R&D programs and benefits for our global commercial network development. I am very pleased to welcome ORGENTEC group associates to Sebia and look forward to a strong collaboration to accelerate innovation and global growth," Jean-Marc Chermette, Sebia President and CEO.
Riverside-backed UniFocus, a provider of a software suite of performance management tools, agreed to acquire Knowcross, a developer and operator of a quality management platform for the hospitality industry. Financial terms were not disclosed.
“Expanding our platform further into operations management was the natural next step. Knowcross has a best-in-class suite of task management tools, and we are excited by the power and insights that will come from the countless opportunities to integrate our technologies. Together, our platforms will boost managers’ decision making by integrating data from forecasting, scheduling, task execution, as well as guest and employee satisfaction in one ecosystem," Mark Heymann, UniFocus CEO.
Investment firms Sequoia Capital, Founders Fund, Stripe and Ribbit Capital led a $200 Series A funding round in Sendwave, a developer of remittance platform designed to help users to send money cross-borders seamlessly. Other investors include Partech Africa and Sam Altman.
“We saw an opportunity to make a bigger impact by trying to build a better, much more affordable mobile money service than the telcos are building throughout much of sub-Saharan Africa. We didn’t see any companies besides the telcos trying to solve that problem," Drew Durbin, Sendwave Co-Founder.
JP Morgan to acquire a 75% stake in the payments business of Volkswagen Financial Services, a provider of dealer and customer financing, leasing, direct banking and insurance activities, fleet management and mobility services. The deal is expected to close in the first half of 2022. Financial terms were not disclosed.
“We plan to build on Volkswagen Financial Services’ innovative groundwork on the existing platform and apply the global scale of our payments expertise to meet evolving customer expectations in the auto space and beyond," Shahrokh Moinian, JP Morgan EMEA Head of Wholesale Payments.
Maersk Growth, a venture capital firm, agreed to invest in WasteFuel, an operator of an integrated bio-refinery dedicated to redefining old waste management practices. Financial terms were not disclosed.
Maersk’s investment will enable WasteFuel to develop biorefineries that utilise the most effective technologies available to produce sustainable fuels from unrecoverable waste that would otherwise degrade, and release methane and other harmful emissions into the atmosphere.
"Collaboration and partnerships are key to scaling the production and distribution of sustainable fuels, and we look forward to doing exactly that with WasteFuel; exploring potential future green solutions not just for our vessels, but also for Maersk aviation and trucking activities," Morten Bo Christiansen, AP Moller-Maersk VP and Head of Decarbonisation.
Altisource to sell Lenders One. (FS)
Altisource Portfolio Solutions, a tech-enabled mortgage services company, is working with Guggenheim Partners, a global investment and advisory financial services firm, on a potential sale of its origination business amid a boom in activity among lending platforms, Bloomberg reported.
The investment bank began reaching out this week to potential buyers for Lenders One. The unit is expected to draw interest from strategic and private equity suitors.
Neptune is considering merger with rival Harbour Energy. (FS)
PE-backed Neptune Energy Group, an independent oil and gas exploration and production company, is considering options including a merger with Harbour Energy, an independent UK oil company with gas and oil interests in the UK, Asia, Africa and Mexico, that could create one of Europe’s largest independent oil and gas companies, Bloomberg reported.
Carlyle Group and CVC Capital-backed Neptune is working with an adviser as it studies a potential combination with London-listed Harbour. Any deal could value the combined group at $10bn or more.
Unicredit in talks over Monte dei Paschi sale.
UniCredit, an international banking group headquartered in Milan, and Italy’s Treasury are set to extend discussions over the sale of state-owned bank Monte dei Paschi di Siena beyond an exclusivity deadline on Wednesday, Reuters reported.
Italy’s second-largest bank agreed at the end of July to start exclusive talks to evaluate buying “selected parts” of Monte dei Paschi, which is 64% owned by the Treasury following a 2017 bailout.
Dongfeng sells 1.15% of Stellantis for $710m as part of merger deals.
Dongfeng Motor Hong Kong, a Chinese holding company, had sold shares equivalent to a 1.15% stake Stellantis, a carmaker company, for about $710m, Reuters reported
Dongfeng has completed the sale of 36.1m Stellantis shares through an accelerated bookbuilding process at a price of $19.75 each.
Christian Sewing, Deutsche Bank CEO, claims that the German lender wasn't on the hunt for a potential merger partner, Reuters reported.
"We have to finish the homework that we've been carrying out for the last two to three years," Christian Sewing, Deutsche Bank CEO.
MTN in talks with buyers for Afghani Wireless Unit.
MTN Group, a South African multinational mobile telecommunications company, in talks with potential international buyers for its wireless business in Afghanistan, a bid to accelerate plans to exit the country, Bloomberg reported.
Africa’s biggest mobile-phone operator, with a 40% share, is in discussions with several parties. MTN announced just over a year ago a plan to exit countries in the Middle East over the medium term, enabling the Johannesburg-based company to focus on African markets. The carrier has since abandoned its operation in Syria, citing regulatory demands that made operating there untenable, though said last month it’s still evaluating options in Yemen and Afghanistan.
Billionaire-backed KoBold to sign partnership deal with BHP. (FS)
Billionaire-backed KoBold Metals, an AI exploration firm, to team up with BHP Group, an Anglo-Australian multinational mining, metals and petroleum dual-listed public company, to look for battery minerals like copper and nickel in Australia and other global locations, Reuters reported.
The miner is building out its portfolio in what it calls "future facing commodities", expecting demand for electric vehicles and green energy to determine the minerals that will drive profits in coming years.
Federer-backed On Holding to raise up to $622m in IPO. (FS)
On Holding, a Swiss running shoemaker, whose proprietary cushioning technology has attracted Roger Federer as an investor, plans to raise as much as $622m in its IPO in New York.
The IPO will consist of 31.1m shares sold at $18 to $20 each. The sale would value the shoemaker at as much as $5.5bn if a so-called greenshoe option is exercised.
Intertek, a British multinational assurance, inspection, product testing and certification company, agreed to acquire SAI Global Assurance, a provider of assurance services, from SAI and Baring Private Equity for $665m.
"As we emerge from the global Covid-19 pandemic, we expect our customers to increase their focus on Risk-Based Quality Assurance to provide the highest quality safety and sustainability products and services to their customers. The growth of the Assurance, Testing, Inspection & Certification industry is expected to accelerate and Assurance, a capital light and high margin service will be critical to addressing the increased corporate focus on Total Quality Assurance," Andre Lacroix, Intertek CEO.
Intertek was advised by Osler Hoskin & Harcourt, Slaughter & May and FTI Consulting. SAI was advised by Jefferies & Company, Clayton Utz and MinterEllison.
PayPal, an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods, agreed to acquire Paidy, a platform for consumers to pay at online stores, for $2.7bn.
"Paidy pioneered buy now, pay later solutions tailored to the Japanese market and quickly grew to become the leading service, developing a sizable two-sided platform of consumers and merchants. Combining Paidy's brand, capabilities and talented team with PayPal's expertise, resources and global scale will create a strong foundation to accelerate our momentum in this strategically important market," Peter Kenevan, PayPal Vice President and Head of Japan.
Paidy is advised by Goldman Sachs, Cooley and Mori Hamada & Matsumoto. PayPal is advised by Bank of America and White & Case.
The Carlyle Group and Cool Japan Fund, an investment company, led a $222m investment in Spiber, a biomanufacturing startup. Other investors include Fidelity, Baillie Gifford, Tokyo Century, Yamagata Bank and Satake Chemical Equipment.
“Under the strong leadership of co- founders, Mr. Sekiyama and Mr. Sugahara, Spiber has grown from a promising Japanese start-up to the global leading player in the field of sustainable materials. At Carlyle, ESG is fully embedded into ourinvestment and value creation processes, as we seek to optimize the sustainability outcomes of each of our portfolio companies. Spiber’s mission and philosophy match Carlyle’s view to provide solutions that create long-term, sustainable value and impact as in our investments in Jeanologia and Beautycounter. We are honoured that Spiber has chosen Carlyle as its cornerstone investor," Yusuke Watanabe, Carlyle Managing Director.
Spiber was advised by Mitsubishi UFJ Financial Group, Morgan Stanley and Anderson Mori & Tomotsune. Carlyle was advised by Kekst CNC.
Globe Telecom considers $200m data-center sale.
Globe Telecom, the Philippines’ biggest telecommunications provider by market value, is considering selling its data centers in a deal that could be worth about $200m, Bloomberg reported.
The company, which counts Singapore Telecommunications and Filipino conglomerate Ayala among its largest shareholders, is working with an adviser on the potential divestment.
Traveloka to suspend merger talks with Peter Thiel's SPAC. (FS)
Traveloka, an Indonesian unicorn, decided not to pursue listing in the US through a merger with Richard Li and Peter Thiel-backed Bridgetown Holding, a SPAC, DealStreetAsia reported.
The development comes as enthusiasm in the SPAC market has reportedly waned after more than 400 blank cheque companies raised in excess of $115.6bn this year mainly on Wall Street.
Toshiba in talks with investors concerning privatization.
Toshiba, a Japanese multinational conglomerate, board is yet to reach a decision on whether the troubled conglomerate should pursue going private, as talks with investors on the company’s strategic direction continue, Bloomberg reported.
The board has not yet decided on the most appropriate course of action and is continuing to explore feasible strategic alternatives. Its panel exploring strategic alternatives has been engaged in active dialogue with potential investors, but there are “multiple issues” related to a potential privatization to be resolved.
Healthium Medtech files draft papers with Sebi to launch IPO.
Healthium Medtech, an Indian medical consumables and surgical sutures company, has filed draft papers with the Securities Exchange Board of India to raise funds via IPO, DealStreetAsia reported.
In June 2018, the London-based private equity fund acquired close to 100% stake from the then existing shareholders including TPG Growth, CX Partners and founding shareholders for around $265m. TPG Growth owned around 73% while CX Partners held a 12% stake in the firm.
Healthium is advised by Apex Partners.
Panasonic Healthcare announces $1.8bn IPO.
PHC Holdings, formerly known as Panasonic Healthcare, an Japanese medical device maker, will list on the Tokyo Stock Exchange on October 14 in an IPO worth up to $1.8bn, Reuters reported.
It would be Japan’s biggest IPO this year, PHC will offer up to 53.4m shares, including an overallotment in the event of exceptional demand, a filing with the Ministry of Finance.
ByteDance is in talks for $4bn in loans as IPO wavers.
ByteDance, a Chinese partially state-owned multinational internet technology company, is in discussions for about $4bn in bank loans, as a crackdown on China’s internet sector casts doubt over the timing of its much-anticipated IPO, Bloomberg reported.
The TikTok and Douyin owner is in talks with several lenders on a syndicated loan of roughly $4bn although that’s not finalized. ByteDance is taking advantage of low interest rates and will use the funds mostly to repay debt while replenishing its cash reserves for daily operations. A ByteDance representative declined to comment in a messaged statement.
Ant-backed Hello seeking funds at likely lower valuation. (FS)
Jack Ma’s Ant Group-backed Hello, the Chinese bike-sharing unicorn, is trying to raise funds at a reduced valuation after abandoning a US IPO, Bloomberg reported.
A little over a month after scrapping the planned share sale, the Shanghai-based startup is seeking between $100m and $300m in a private round of fundraising. Hello is valued at about $5bn.
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