GS Acquisition II, a SPAC, announced that its stockholders approved a $2.6bn business combination with Mirion Technologies, a global provider of mission-critical radiation detection and measurement solutions.
Transaction includes $900m of fully committed common stock PIPE with participation from Janus Henderson Investors, Fidelity Management & Research, funds and accounts managed by BlackRock, Neuberger Berman funds, including a $200m anchor investment from Goldman Sachs.
Mirion is advised by HSBC, Lazard, Davis Polk & Wardwell and ICR. GS Acquisition II is advised by Citigroup, Goldman Sachs and Weil Gotshal and Manges. Debt financing is provided by Goldman Sachs. Financial advisors are advised by Milbank, Sullivan & Cromwell and White & Case. Charterhouse Capital is advised by HSBC, Lazard and Freshfields Bruckhaus Deringer.
Lone Star Funds completed the acquisition of AOC, a global producer of specialty resins, from CVC Capital, a private equity firm. Financial terms were not disclosed.
"AOC's world class management team has positioned the company to accelerate its growth trajectory in a variety of end markets, applications, and geographies through operational excellence and continued product innovation. AOC aligns well with Lone Star's portfolio of specialty chemical and manufacturing businesses, which have adopted similar approaches to value-add product delivery. We look forward to the envisaged partnership with the AOC team as the company continues to execute its growth strategy," Donald Quintin, Lone Star Opportunity Funds President.
AOC was advised by Jamieson, Katzke and Morgenbesser and Latham & Watkins. Lone Star was advised by Lazard, De Brauw Blackstone Westbroek and Vinson & Elkins. Debt financing was provided by Bank of America and RBC Capital Markets. Debt advisors were advised by Kirkland & Ellis. CVC was advised by JP Morgan and Clifford Chance.
Algoma Steel, an independent steel producer, went public via a SPAC merger with Legato Merger in a $1.7bn deal. The PIPE included significant investments from strategic steel industry participants, as well as investments from Legato's Chairman, TD Wealth Management, Vantage Asset Management, JC Clark, Hite and Goodwood Fund.
"The proposed transaction will provide Algoma with investment capital and an enhanced capital structure to support further transformative investments that are expected to drive improved financial performance and sustainable returns through the steel pricing cycle," Michael McQuade, Algoma CEO.
Algoma Steel was advised by Jefferies & Company, Goodmans and Paul Weiss Rifkind Wharton & Garrison. Legato Merger was advised by BMO Capital Markets, Cassel Salpeter & Co, EarlyBirdCapital, Maison Placements Canada and Graubard Miller. Financial advisors were advised by Alston & Bird.
BowX Acquisition, a SPAC, announced that in a special meeting its stockholders voted to approve its $9bn business combination with WeWork, an American commercial real estate company. The business combination was supported by 97.9% of the votes cast at the meeting, representing approximately 77.6% of BowX’s outstanding shares.
WeWork will receive approximately $1.3bn, including a fully committed $800m private placement investment with key investors including Insight Partners, funds managed by Starwood Capital Group, Fidelity Management & Research Company, Centaurus Capital, and BlackRock.
BowX is advised by UBS, Cooley and Paul Hastings. WeWork is advised by PJT Partners, Skadden Arps Slate Meagher & Flom and Gladstone Place Partners. Insight Partners is advised by Willkie Farr & Gallagher. Softbank is advised by Morrison & Foerster.
BHP Group, an Anglo-Australian multinational mining, metals and petroleum dual-listed public company, topped a takeover offer for Noront, a Canadian nickel miner, by Wyloo Metals, Reuters reported.
BHP increased its offer to C$419m ($339m), or C$0.75 per share, giving shareholders of the Canadian firm 22 days to accept.
Noront is advised by Stifel, TD Securities, Bennett Jones and Longview Communications. Wyloo Metals is advised by McCarthy Tetrault. BHP Group is advised by BMO Capital Markets, Blake Cassels & Graydon and Kingsdale Advisors.
Blackstone agreed to acquire a majority stake in Spanx, a brand of women's undergarments and underwire accessories, at a $1.2bn valuation. Spanx founder Sara Blakely will maintain a significant stake in the company and will continue to oversee operations.
“This is a really important moment in time for female entrepreneurs. I started this company with no business experience and very little money, but I cared the most about the customer, and that gave me the courage to launch the company. At SPANX, we have always put the customer at the center of what we do. Now together with Blackstone, we will have even more opportunity to further our mission of making the world a better place,” Sara Blakely, SPANX Founder.
Blackstone is advised by JP Morgan and Simpson Thacher & Bartlett. Spanx is advised by Allen & Company, Goldman Sachs, Cravath Swaine & Moore and King & Spalding.
Greenlane, a global house of brands and seller of premium cannabis accessories, agreed to acquire DaVinci, a developer and manufacturer of premium portable vaporizers. Financial terms were not disclosed.
"DaVinci leads the way in innovative portable vaporizers and we are thrilled to bring them into our owned brand portfolio. This acquisition perfectly illustrates our mission of elevating all elements of the consumption experience, and we look forward to building on our recent success of acquiring strategic and accretive brands. As we continue to execute on our robust pipeline of acquisition targets, we aim to ensure our customers have a best-in-class product selection, while driving profitability and shareholder value by increasing our higher-margin owned brand offerings," Nick Kovacevich, Greenlane CEO.
Greenlane is advised by Morrison & Foerster and Mattio Communications. DaVinci is advised by Hyperion Capital, Alliance Legal and Ballard Spahr.
Carlyle agreed to acquire a majority stake in Saama, an AI clinical analytics platform company, for $430m. A broad co-investor group with several healthcare-focused venture funds, including Amgen Ventures, Intermountain Ventures, Merck Global Health Innovation Fund, McKesson Ventures, Northpond Ventures, Pfizer Ventures, and Population Health Partners, will be investing alongside Carlyle.
“The life sciences industry is experiencing a massive shift in strategic approaches to accelerating drug development as a result of the Covid-19 pandemic, and AI-driven analytics solutions like Saama’s LSAC are at the forefront. These solutions’ role in successfully enabling the delivery of Covid-19 vaccines and therapies to patients in mere months was the litmus test for the future of drug development. This investment by Carlyle and leading healthcare-focused venture funds reflects the value they see in Saama’s leadership of this new era and the promise offered by our state-of-the-art solutions," Suresh Katta, Saama Founder and CEO.
Carlyle is advised by Guggenheim Partners and Debevoise & Plimpton. Amgen Ventures is advised by Fenwick & West. Saama is advised by Sullivan & Cromwell.
Hellman & Friedman, a global private equity firm, agreed to acquire a majority stake in The NPD Group, market information provider. Tod Johnson, NPD Executive Chairman, and Karyn Schoenbart CEO would retain a minority stake in the business. Financial terms were not disclosed.
“As a leading source of market information and advisory services for general merchandise and foodservice, NPD is committed to helping our clients and the industries we serve achieve data-driven growth for many years to come. H&F shares our focus on long-term growth and has the resources and expertise to not only continue but also accelerate NPD’s momentum and long track record of success. Both Karyn and I are delighted to have the opportunity to partner as minority investors alongside H&F as we work in close collaboration on a long-term strategic plan and transition over time to the next generation of NPD leadership," Tod Johnson, NPD Executive Chairman.
NPD is advised by Jefferies & Company and Kramer Levin Naftalis & Frankel. Hellman & Friedman is advised by Simpson Thacher & Bartlett and Finsbury Glover Hering.
Blackstone-backed HealthEdge Software, a software company, agreed to acquire Wellframe, a digital health management company. Financial terms were not disclosed.
“Wellframe is a market trailblazer that has digitally reimagined how health plans manage relationships with consumers. We look forward to supporting Wellframe’s continued standalone growth and to coupling its products with our enterprise system HealthRules Payor and care management platform GuidingCare, so payers can enhance member experience, increase staff efficiency, improve utilization and reduce medical costs," Steve Krupa, HealthEdge CEO.
HealthEdge is advised by TripleTree and Debevoise & Plimpton. Wellframe is advised by Centerview Partners and Goodwin Procter.
Partners Group, a global private markets investment manager, and Kohlberg & Company, a private equity firm, completed the acquisition of BluSky Restoration, a provider of clean up and reconstruction services for natural and man made disasters. Dominus Capital retained a minority stake in the company. Financial terms were not disclosed.
"All stakeholders involved in addressing unplanned-for building damage benefit from timely and high-quality restoration services to protect human safety, mitigate future damages, preserve property value and function, and restore operations and economic activity as rapidly as possible. BluSky is well-positioned to benefit from this increasingly important transformative trend, driven by a team that shares an extraordinary bond of loyalty, teamwork, service excellence, and relentless commitment to provide customers with an exceptional experience," Mike Sexton, Partners Group Member of Management.
Partners Group was advised by Prosek Partners. Kohlberg & Company was advised by Robert W Baird, Ropes & Gray and Finsbury Glover Hering.
Searchlight Capital, a private investment firm, agreed to acquire a majority stake in Integrated Power Services, a provider of electric motor and generator service, form Odyssey Investment, a private equity investment firm. Financial terms were not disclosed.
“The diverse and highly re-occurring nature of IPS’ customer base illustrates the differentiated service quality that the Company is able to provide its customers. With a proven management team and a superior customer value proposition, IPS has an exciting opportunity to continue its strong growth trajectory in a fragmented market," Eric Zinterhofer, Searchlight Founding Partner.
Searchlight is advised by Weil Gotshal and Manges and Prosek Partners.
The Howard Hughes, a real estate company, completed the acquisition of Douglas Ranch, a master planned community, from JDM Partners, a real estate investment firm, for $600m.
"The launch of Douglas Ranch is momentous news for Phoenix and the state of Arizona. We are creating a city of the future—leveraging The Howard Hughes' development expertise to build a community with limitless potential to spur growth, business expansion, economic opportunity and innovation," Jerry Colangelo, JDM Partners Partner.
The Howard Hughes was advised by Centerview Partners.
Mastercard, a financial services corporation, completed the acquisition of CipherTrace, a cryptocurrency intelligence company. Financial terms were not disclosed.
Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient. With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this," Ajay Bhalla, Mastercard President.
LLR Partners, a lower middle-market private equity firm, completed the investment in Genesee Scientific, a manufacturer and distributor of products to global life science markets. Financial terms were not disclosed.
“I am thrilled for this opportunity to work with LLR given their partnership-focused culture, industry expertise and experience helping businesses like ours continue to grow. We care deeply about our customers and employees. As Genesee enters our next phase of growth, we will continue to invest in our team, systems and products to better serve our customers," Ken Fry, Genesee Scientific Founder.
Genesee Scientific was advised by Capstone Partners.
Mercer Global Advisors, a provider of investment advisory services, agreed to acquire Lake Point Advisory Group, a respected wealth management firm. Financial terms were not disclosed.
"Reid has built an impressive multi-location business and is growing quickly. This acquisition brings together the strengths of our two organizations and builds a solid platform for future growth. Further, Reid has assembled a strong team adding to our already deep bench in Texas. This is the type of talent we seek to add to our team, and we look forward to offering expanding services to help better serve the current and future Lake Point clients," Dave Welling, Mercer CEO.
Madrone Capital, a private equity firm, led a $200m Series F funding round in Aura, provider of all-in-one digital security for consumers. Additional investors include TenEleven Ventures, General Catalyst, WndrCo, Warburg Pincus and Accel.
"Over the past 18 months, we have seen an incredible acceleration in the digitization of every aspect of our lives, and with that we are seeing an explosion in digital crime. Today's announcement ensures that Aura will have the capital we need to continue our rapid growth and deliver on our mission to create the digital wellness category and make a safer internet for everyone," Hari Ravichandran, Aura Founder and CEO.
AO Smith, a firm that manufactures and markets comprehensive lines of residential and commercial gas, gas tankless, and electric water heaters, completed the acquisition of Giant Factories, a Canada-based manufacturer of residential and commercial water heaters, for $199m.
"The addition of Giant strengthens our leadership position as a global supplier of residential and commercial water heaters. The acquisition also supports our corporate strategy by increasing our North America market penetration, creating additional capacity and enhancing our distribution capabilities. Along with its rich history, established relationships and talented team, Giant's values and business approach align with ours, and we look forward to welcoming Giant's employees to the AO Smith family," Kevin J. Wheeler, AO Smith Chairman and CEO.
Leeds Illuminate, a firm that invests in education, workforce development and workforce access, led a $138m funding round in Wonolo, a developer of an on-demand staffing platform. Additional investors include 137 Ventures, G2 Venture Partners and Franklin Templeton.
"As labor shortages continue, workers have more power than ever. We are seeing a seismic shift in what workers are looking for when it comes to selecting job opportunities. Workers are opting for flexible work that offers them a chance to further develop portable skills and get access to living wage jobs at a variety of job sites. I'm excited to have new mission-driven investors joining us to help raise the bar for workers everywhere. Wonolo's next phase of growth will drive this evolution to bring more flexibility, fair chances and fulfilling jobs to all workers," Yong Kim, Wonolo CEO and Founder.
Cboe, a global market infrastructure and tradable products provide, agreed to acquire ErisX, a US based digital asset spot market. Financial terms are not disclosed.
"We believe our acquisition of ErisX, coupled with broad industry participation and support, will help us bring the regulatory framework, transparency, infrastructure and data solutions of traditional markets to the digital asset space. ErisX has shown an unwavering commitment to improving spot and derivatives crypto trading, and I am confident that together we can not only meet the growing demand for institutional and retail trading solutions but also push the boundaries of digital asset innovation and unlock its next phase of growth," Ed Tilly, Cboe Global Markets Chairman, President and CEO.
Udemy targets nearly $4bn valuation in US IPO.
Udemy, an online learning platform, on October 20 set terms for its initial public offering in New York, targeting a valuation of up to $4bn from the share sale.
The company is the latest in a string of online education firms looking to cash in on the demand for new listings in the US, after Coursera and Nerdy went public earlier this year.
Udemy is advised by Morgan Stanley and JP Morgan.
White Oak Global Advisors closes $2.3bn fund. (FS)
White Oak Global Advisors announced that it has successfully completed fundraising for White Oak Yield Spectrum Fund V and other associated vehicles with over $1.3bn of total committed capital. An additional commitment of up to $1bn was received for investments in specialty finance with a focus on asset-based lending.
“We are grateful to our investors who have continued to support us through new commitments and deeper partnerships in each successive vintage. We are also excited to welcome new investors to the White Oak family and appreciate their confidence in our team's ability to execute a diversified lending strategy that provides attractive risk-adjusted returns," Andre Hakkak, White Oak Co-Founder and CEO.
White Oak was advised by Campbell Lutyens & Co and Kirkland & Ellis.
Origin Investments launches a $300m fund. (FS)
Origin Investments, a private real estate manager, following the close of its highly successful inaugural Qualified Opportunity Zone Fund, launched a second QOZ Fund targeting $300m in funds.
“There’s been tremendous demand from the investment community and we’re launching QOZ Fund II, a virtual carbon copy of our first Fund, to create investment opportunities that provide tremendous returns along with substantial tax benefits for investors,” Michael Episcope, Origin Investments Co-CEO.
Shareholders in Morrisons, a supermarket group, approved a $9.54bn offer from Clayton, Dubilier & Rice, a private equity firm, Reuters reported.
The requisite majorities of shareholders backed the deal at meetings, Morrisons said.
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, Debevoise & Plimpton and Teneo. Financial advisors are advised by Norton Rose Fulbright.
Nuveen-backed Glennmont Partners, a fund manager, agreed to acquire a 50% stake in Borkum Riffgrund 3, a 900 MW German offshore wind farm, from Ørsted, an offshore wind power provider. Financial terms were not disclosed.
“We’re delighted to extend our cooperation with Glennmont who are already partners in Gode Wind 1 and are focusing their entire portfolio on renewable energy infrastructure investments, thereby supporting the urgently needed shift from fossil-based energy sources to energy systems based on renewable energy sources," Martin Neubert, Ørsted Chief Commercial Officer and Deputy Group CEO.
Debt financing for Glennmont Partners is provided by ABN Amro, Bank of China, Helaba Landesbank Hessen Thueringen Girozentrale, ING Bank, NatWest Markets, SEB Corporate Finance, Santander and Siemens Bank.
Jenoptik, a distributor of laser diodes, agreed to acquire Berliner Glas Medical, a supplier of high-precision, custom optical components, and SwissOptic, a specialist in the development and manufacture of optical components and assemblies, from ASML, a manufacturer of chip-making equipment. Financial terms were not disclosed.
“With this strategic acquisition we will strengthen our global and fast-growing photonics business by significantly expanding our already strong semiconductor equipment business, and, in particular, our highly attractive medical technology business,” Stefan Traeger, JENOPTIK President & CEO.
Macquarie, a multinational independent investment bank, agreed to acquire a 49% stake in HEDNO, a power grid operator, from Public Power, a power utility company, for $2.44bn.
"The transition to net zero emissions is reshaping how electricity is produced, transported, and used across the Greek economy. Significant investment in electricity distribution infrastructure is needed to facilitate this rapid change," Martin Bradley, Macquarie Senior Managing Director.
TNB, a multinational electricity company, agreed to acquire a 49% stake in Blyth offshore demonstrator wind farm from EDF Renewables, a company specializing in renewable energy production. Financial terms are not disclosed.
“This landmark acquisition is one of the planned strategic acquisitions for TNB to accelerate its journey in delivering on its global Environmental, Social and Governance vision. We have recently announced our Sustainability Pathway, a blueprint with an aspiration to achieve net zero emissions by 2050. The Pathway is underpinned by our commitment to reduce 35% of TNB’s emissions intensity as well as 50% of our coal generation capacity by 2035," Datuk Ir. Baharin Din, TNB President and CEO.
Wendel is in talks to sell Cromology to DuluxGroup.
Wendel said it was in exclusive talks to sell Cromology, a decorative paints specialist, to DuluxGroup, after Dulux made an offer giving Cromology an enterprise value of €1.26bn ($1.47bn), Reuters reported.
“The closing of the transaction should take place during the first half of 2022, subject to customary regulatory approvals,” Wendel.
Wendel is advised by Rothschild & Co.
Turkey considers options for Rejig.
Turkey is preparing to reorganize some of its largest state companies ahead of possible stake sales or public offerings.
President Recep Tayyip Erdogan’s government is planning to focus on energy companies including state gas importer and pipeline operator Botas, Bloomberg reported.
AutoStore is valued at $12.4bn.
AutoStore, a robotics firm, said on October 20 it had priced its initial public offering at $2.68 per share, the top of its target range, valuing the company at $12.4bn, Reuters reported.
“The money we get from the IPO will be used primarily to deleverage the debt to a level that is more normal for a public company,” Karl Johan Lier, AutoStore CEO.
EQT is looking to raise $4.6bn for a fund. (FS)
EQT, a private equity firm, is looking to raise $4.6bn for a fund aiming to create a positive environmental and social impact at its portfolio companies through longer-term investments.
The fund, EQT Future, will invest in "mature companies with market-shaping impact potential" through safeguarding the planet's resources and climate, increasing mental and physical health, and creating equality of opportunity, Reuters reported.
BVF Partners, a San Francisco-based private investment partnership, led a $100m Series B funding round in ShouTi, a developer of drugs focused on novel small molecules for multiple unmet medical needs. Additional investors include Casdin Capital, Cormorant Asset Management, Janus Henderson, Lilly Asia Ventures, Monashee Capital, Sage Partners, Stork Capital, Surveyor Capital, TCG X, Terra Magnum, Woodline Partners, Eight Roads, F-Prime Capital Partners, Qiming Venture Partners, Sequoia Capital China, TF Capital and Wuxi AppTec.
Proceeds will be used to advance the company’s discovery platform, which combines state-of-the-art computational chemistry, world-leading structural biology, and large-scale data integration to design orally available medicines with superior properties that overcome current limitations of biologic and peptide drugs. The financing will also drive the continued development of the company’s clinical-stage pipeline, focused on chronic diseases with high unmet need, including cardiovascular, metabolic and pulmonary conditions.
ShouTi was advised by SVB Leerink and Canale Communications.
Life Insurance, a local shareholder of Zee Entertainment, a media & entertainment powerhouse offering entertainment content to diverse audiences, favors the broadcaster’s plans to merge with Sony Pictures Networks India, a videos producer, DealStreetAsia reported.
The insurer’s vote is crucial for the Zee-Sony merger deal as LIC owns nearly 5% of Zee. If LIC approves the Zee-Sony merger, it may also influence how Zee’s public shareholders vote on the proposal.
“LIC’s primary objective is to create value for policyholders. Corporate governance is indeed important, but as a shareholder of Zee Entertainment, LIC is aware of the situation at Zee. LIC believes the deal with Sony will create value for all shareholders, which is clear from the stock’s behavior."
Abu Dhabi Investment Authority, an investment firm, led a $400m investment in GoTo, a digital ecosystem in Indonesia.
“This investment in GoTo is aligned with a number of our key investment themes, including the growth of the digital economy in the fast-growing markets of Southeast Asia. We see strong potential in the region, particularly in Indonesia where the vibrant economic backdrop is encouraging ADIA to continue to deepen its presence," Hamad Shahwan Al Dhaheri, ADIA Executive Director of the Private Equities Department.
Reliance Retail Ventures, a supermarket operator, agreed to acquire a 52% stake in Ritika, a designer and seller of clothing and accessories in India. The transaction includes completely acquiring Everstone’s 35% stake in the company. Financial terms were not disclosed.
“We are delighted to partner with Ritu Kumar, who possesses strong brand recognition, potential for scale, and innovation in fashion and retail – all key ingredients to build a complete lifestyle brand. Together, we want to build a robust platform and customer ecosystem for our native textiles and crafts – both in India and across the world – so that our crafts receive the honor and recognition they deserve in international couture," Isha Ambani, Reliance Retail Ventures Director.
PEAK6 Investments, a private equity firm, completed the acquisition of a minority stake in Fosun Sports, a holding entity that operates Wolves and its associated brands and businesses. Financial terms were not disclosed.
The investment makes PEAK6 a new strategic partner to Wolves, who will help Fosun Sports accelerate the club’s growth in North America by providing capital, expertise, visibility, and activation opportunities for Wolves and Wolves Esports across the USA.
Citigroup is set to draw bids from DBS.
DBS Group Holdings and Standard Chartered are among the lenders planning to bid for Citigroup consumer banking assets in Asia as the US lender divests units across five markets in the region, Bloomberg reported.
Binding bids for Citigroup’s retail assets in Indonesia, the Philippines, Taiwan and Thailand are due October 22.
EFIH's IPO soars in highly anticipated debut.
E-Finance for Digital and Financial Investments, a state-run e-payments company, soared on October 20 in its trading debut after the biggest initial public offering on the local stock exchange since 2015.
E-Finance for Digital and Financial Investments jumped 40% to $0.89 at 10 AM in Cairo, providing fresh incentive for authorities to push ahead with a long-stalled government program to take more companies public, Bloomberg reported.
Fertiglobe sets mid-range IPO price.
Fertiglobe, an export-focused nitrogen fertilizer platform, said its initial public offering was priced at $0.7 a share, raising around $795m for its shareholders.
The price is in the middle of the $0.48 - 0.52 per share range the company had set out and gives it a market capitalization of about $5.8bn, Reuters reported.
Asia Aviation plans $419m fundraising for travel resumption.
Asia Aviation, a parent firm of AirAsia, on October 20 said it is seeking to raise $419m as part of restructuring to prepare for a regional travel restart, Reuters reported.
“As we gear up and ready ourselves for travel resumption post-Covid, necessary changes are required for our capital raising and revenue management strategy,” Tassapon Bijleveld, AAV Executive Chairman.
Connect the World of Dealmakers
Expand your network of fellow Dealmakers by inviting your colleagues and coworkers.