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AMERICAS
The Najafi Companies, an entrepreneurially-driven private investment firm, completed the acquisition of the STX Entertainment subsidiary of Eros STX Global, an Indian-American multinational media company, for $173m.
"At a time when the demand for global content has never been greater, we are very excited about this rare opportunity to acquire STX Entertainment, one of the only remaining independent studios. As investors, we are long-term minded, and we believe in the power of storytelling and fostering a studio that is friendly to storytellers," Jahm Najafi, The Najafi Companies Founder and CEO.
STX Entertainment was advised by Hiltzik Strategies. Najafi was advised by Ballard Spahr and Lavidge. Debt financing was provided by The Forest Road Company. Eros STX Global was advised by Lazard, Gibson Dunn & Crutcher and Kirkland & Ellis. Lazard was advised by Sullivan & Cromwell.
Insight Partners, a global private equity and venture capital firm, and Partners Group, a Swiss-based global private equity firm, agreed to invest in Precisely, a provider of data integrity software. Financial terms were not disclosed.
"Insight and Partners Group's investment in Precisely reflects confidence in our growth plans and ongoing expansion as the most diversified platform of scale in data integrity. Enterprises around the world are increasingly focused on utilizing data to make trusted business decisions. They require data with maximum accuracy, consistency, and context. With our added breadth of solutions, Precisely is uniquely positioned to deliver value to our customers across the entire spectrum of data integrity. We're excited to continue our partnership with Clearlake, TA, and Centerbridge, and welcome Insight and Partners Group's support in helping us accelerate our organic and buy-and-build strategy," Josh Rogers, Precisely CEO.
Precisely is advised by Evercore, SVB Leerink, Sidley Austin and Lambert & Co. Partners Group is advised by Latham & Watkins. Insight Partners is advised by Rothschild & Co and Willkie Farr & Gallagher. Clearlake is advised by Kirkland & Ellis.
Elon Musk is in talks with private equity firm Thoma Bravo about partnering on a $43bn possible takeover bid for Twitter, Reuters reported. Thoma Bravo could be the key to Musk moving forward with a binding offer for Twitter. Musk said he has lined up $46.5bn in debt and equity financing to buy Twitter and was considering taking his offer directly to shareholders.
Wall Street banks, and some international ones too, showed up in force to back Elon Musk’s run to buy Twitter. The package includes a $13bn debt commitment letter with about 90% of it coming from Morgan Stanley, Bank of America, Barclays and MUFG Bank. Three other banks - BNP Paribas, Mizuho and Societe Generale - agreed to contribute the rest. That includes a $6.5bn senior secured term loan facility and a $500m senior secured revolver. Musk got a separate $12.5bn margin loan commitment letter from Morgan Stanley, Bank of America, Barclays, MUFG, Credit Suisse, BNP Paribas, Citigroup, Deutsche Bank, Mizuho, Royal Bank of Canada, Societe Generale and Canadian Imperial Bank of Commerce.
Twitter is advised by Goldman Sachs and JP Morgan. Elon Musk is advised by Morgan Stanley and McDermott Will & Emery. Debt providers are advised by Davis Polk & Wardwell.
RIV Capital, an investment and acquisition company, completed the acquisition of Etain, owner and operator of legally licensed cannabis cultivation and retail dispensaries in the state of New York, for $247m.
"This agreement marks the most significant transaction for a women-owned business in cannabis history. While the Peckham family will be stepping back from control of the company, we will be actively partnered with RIV Capital on preserving the ethos of the Etain brand and utilizing our combined efforts to continually find and make new spaces for women in cannabis. RIV Capital clearly recognized the potential for women-led brands to flourish in the cannabis industry, and we are proud that our work at Etain has led us to this point in time," Hillary Peckham, Etain COO.
Etain was advised by Moelis & Co and DLA Piper. RIV Capital was advised by Blake Cassels & Graydon, Dickinson Wright and Paul Hastings.
Synovus, a Georgia-chartered, FDIC-insured bank, agreed to invest in Qualpay, a provider of a cloud-based platform that combines a payment gateway with robust merchant processing solutions. Financial terms were not disclosed.
"Qualpay is excited to partner with Synovus to propel our growth into platform-as-a-service and augment with embedded finance. As we enter this new phase of growth, we'll provide ISVs best-in-class customer service from both the merchant and partner side in a way that is simply unmatched by other industry players. We've enjoyed a long, fruitful relationship with Synovus, and we are extremely pleased to be chosen to support Maast in the delivery of this innovative fintech solution," Craig Gass, Qualpay CEO.
Qualpay is advised by Nomura, Wilson Sonsini Goodrich & Rosati and Milk & Honey. Synovus is advised by Centerview Partners and Alston & Bird.
Clearlake Capital Group, an investment firm focused on private equity and special situation transactions, completed the investment in Blackstone-backed Concert Golf Partners, a boutique operator of private golf and country clubs. Financial terms were not disclosed.
"Concert Golf's value-added approach to operating clubs, combined with its operating expertise, has positioned the Company well to bring its best practices to new locations and enhance the experience for private club members. We look forward to supporting Peter, Susan, and the broader Concert Golf team as they leverage access to additional capital to execute on their strategy at a greater scale," Dilshat Erkin, Clearlake Senior Vice President.
Concert Golf Partners is advised by Eastdil Secured and Robert W Baird. Clearlake is advised by Moelis & Co and Lambert & Co. Blackstone is advised by Weil Gotshal and Manges.
Allegion, a provider of security products for homes and businesses, agreed to acquire Stanley Access Technologies, a provider of building materials, from Stanley Black & Decker, a manufacturer of industrial tools and household hardware, for $900m.
"The sale of Access Technologies at an attractive valuation demonstrates our commitment to maximizing value for our shareholders through active portfolio management and will help fund our substantial return of capital. On behalf of the entire Stanley Black & Decker organization, I want to thank our Access Technologies team members for their valuable contributions over the years. Allegion is a leader in the industry and I am confident the organization and the business are positioned for a great future of growth and success under their ownership," James M. Loree, Stanley Black & Decker CEO.
Allegion is advised by Goldman Sachs and Kirkland & Ellis. Debt financing is provided by Goldman Sachs. Stanley Black & Decker is advised by Centerview Partners.
Ergon, a privately held company formed in 1954 and is based in Jackson, Mississippi, agreed to acquire Blueknight Energy Partners, a publicly-traded master limited partnership with the largest independent asphalt terminalling network in the nation, for $195m.
The transaction is expected to close in mid-2022, subject to customary approvals. Ergon has committed to vote its units to approve the transaction.
Blueknight Energy Partners is advised by Evercore and Gibson Dunn & Crutcher. Ergon is advised by Jefferies & Company and Baker Botts.
Community Bank System, a commercial bank, announced that it had received regulatory approvals for its $82m acquisition of Elmira Savings Bank, an independent community bank.
“We are excited to receive regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve as we move towards closing the Merger on May 13, 2022. Community Bank looks forward to welcoming Elmira Savings Bank’s customers and employees to our family as we work together to integrate two high-quality banks with long histories of service to their customers and communities. We are dedicated to Elmira Savings Bank’s customers and both teams are working to make the transition to Community Bank as seamless as possible," Mark E. Tryniski, Community Bank President and CEO.
Community Bank is advised by Squire Patton Boggs.
Cape Acquisitions, an investor in the chemical industry that looks for strategic acquisition opportunities around the globe, completed the acquisition of the South American chemicals business of Compass Minerals, a global provider of essential minerals, for $51m.
"We are pleased to have taken this final step in our Brazil sale process, further optimizing our asset base and enabling additional debt reduction. Our board and senior management team remain acutely focused on maximizing value within our core Salt and Plant Nutrition businesses, while strategically pursuing organic opportunities to accelerate the growth of our essential minerals portfolio into adjacent markets," Kevin S. Crutchfield, Compass President and CEO.
Compass Minerals was advised by JP Morgan.
MDC Holding, a home construction company, agreed to acquire the homebuilding assets of The Jones Company of Tennessee, a real estate developer. Financial terms were not disclosed.
"I am extremely proud of the business we have built in Nashville over the last twenty-seven years. My priority in identifying a purchaser for this transaction was to provide our people with the opportunity to continue to grow well into the future. The Richmond American Homes companies have a proven track record of growth. Richmond American will be looking to the Jones team to build its operations into one of the largest homebuilders in Tennessee. I am grateful to Howard Chilcutt for his vision and ongoing support after establishing our operations in Nashville with Bob Jones nearly 30 years ago," Ken Stricker, Jones Company CEO.
The Jones Company is advised by Whelan Advisory.
Rite Aid, an American drugstore chain, rejected a $3.6bn offer from Spear Point Capital Management, a private equity firm.
Rite Aid's board said the proposal was not credible as it had no evidence of financing and required multiple months of exclusivity, among other reasons.
Vy Capital and Sequoia Capital led a $675m Series C round in The Boring Company, an American infrastructure and tunnel construction services company founded by Elon Musk, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
The funds from the round will be used to significantly increase hiring across engineering, operations, and production to build and scale Loop projects, including Vegas Loop and others, in addition to accelerating the research and development of Prufrock and future products.
Temasek and Abu Dhabi Growth Fund led a $400m Series C round in UPSIDE Foods, a company in the cultivated meat, poultry, and seafood industry, with participation from Baillie Gifford, Givaudan, John Doerr, SALT fund, Synthesis Capital, Bill Gates, Cargill, Cercano Management, CPT Capital, Dentsu Ventures, EDBI, Kimbal and Christiana Musk, Norwest Venture Partners, SoftBank Vision Fund 2, SOSV's Indie Bio, and Tyson Foods.
"UPSIDE has reached an historic inflection point, moving from R&D to commercialization. Our team at UPSIDE continues to overcome seemingly insurmountable challenges in our mission to make our favorite food a force for good. Working in partnership with our world-class coalition of investors, we're excited to bring delicious, sustainable and humane meat to the consumers around the world," Uma Valeti, UPSIDE Foods CEO and Founder.
Federal Realty Investment Trust, a REIT, agreed to acquire Kingstowne Towne Center, a shopping mall, for $200m.
"Kingstowne Towne Center has afforded us a rare opportunity to own 45 acres of land in one of the country's most desirable markets. The large property, which boasts attractive demographics and significant barriers to entry, is a valuable addition to our expanding Northern Virginia portfolio and further demonstrates our corporate commitment to investing in value-enhancing acquisitions," Jeff Berkes, Federal Realty President and Chief Operating Officer.
TPG Capital and Fidelity Management and Research Company led a $180m Series B round in Beta Technologies, a Vermont-based eVTOL startup.
"This support allows us to complete the construction of our production facilities and accelerate our certification work to create a greener and more efficient future for all applications of aviation, starting with cargo and logistics and moving to passenger missions immediately thereafter," Kyle Clark, Beta Founder and CEO.
Novacap-backed GTI Transport Solutions, a trucking and asset-backed freight brokerage services provider, agreed to acquire Foxconn Logistics, a provider of supply chain services. Financial terms were not disclosed.
''The intricacies of container and transportation management can be complex for our clients. Foxconn's integration into GTI USA enhances our managed transportation services offering and provides increased value to customers," Kent Jordan, GTI President.
Design studios and entertainment companies The Hettema Group and Themespace agreed to form a joint venture, to create awe-inspiring attractions around the world for theme parks, museums, and leading brands. Financial terms were not disclosed.
“I’m thrilled to partner with Themespace. I have long been inspired by Erik’s creativity and innovative spirit, and I believe he will be the perfect partner as we embark on this new chapter. As an independent agency, we will specialize in close partnerships with our clients, to help them realize their goals and turn their dreams into destinations. Through our holistic approach combining both the creative and business sides of a project, we have the ability to create incredible experiences from concept all the way through execution," Phil Hettema, Hettema Group Owner.
Nova Chemicals is considering selling a $2bn cracker plant. (FS)
ADIA-backed Nova Chemicals, a Canadian petrochemical group, is considering a sale of its majority stake in a Louisiana cracker plant, Bloomberg reported.
The company is working with an adviser to gauge interest in the Geismar facility. A deal could be valued at around $2bn.
Bed Bath & Beyond's Buybuy Baby draws buyer interest. (FS)
Bed Bath & Beyond, an American chain of domestic merchandise retail stores, is fielding interest from potential acquirers of its Buybuy Baby business after the retailer came under pressure from an activist investor to unload the unit, WSJ reported.
Suitors for the baby-gear chain include private equity firm Cerberus Capital Management and Tailwind Acquisition, a special purpose acquisition company, chaired by former Casper Sleep CEO Philip Krim.
Carlyle explores a $500m trailer-park portfolio sale. (FS, RE)
Carlyle Group, a West Hollywood, California-based company with the same name as the alternative asset manager, is exploring the sale of a portfolio of US mobile-home parks, Bloomberg reported.
The company, founded in 1975 by Ronald H. Singer, has begun fielding interest from potential suitors, including property-focused private equity firms and real estate investment trusts. The portfolio includes more than 30 properties, primarily located on the US East Coast, and could fetch $500m.
Raj Bhatia joins RBC for health care investment banking. (People)
Royal Bank of Canada hired Bank of America’s Rajat Bhatia as a managing director in the health care investment banking group, Bloomberg reported.
Bhatia, who’s based in New York, starts at RBC Capital Markets next month and will report to Andrew Callaway. He will focus on health-care information technology and digital health transactions.
EMEA
The UK Competition and Markets Authority said that it will look into Sika's acquisition of construction chemicals company MBCC Group over competition concerns. The CMA said it is inviting comment from interested parties by May 12 ahead of a possible formal investigation.
The Competition and Markets Authority said it is looking into whether the tie-up between the Swiss specialty-chemicals company and Germany-based MBCC will result in a substantial lessening of competition in the UK.
Sika is advised by Bank of America, UBS and Baker McKenzie. Financial advisors are advised by Homburger. Debt financing is provided by Citigroup and UBS. Lone Star Funds is advised by Citigroup, Goldman Sachs, JP Morgan, Kirkland & Ellis and Weil Gotshal and Manges.
The UK Competition and Markets Authority said that Noble's acquisition of Maersk Drilling raises competition concerns and that it will refer the deal for a further review unless the companies offer a solution to address them.
The regulator, which started an investigation into the deal in February, said that the deal could increase operating costs for oil-and-gas producers in the UK North Sea. If the merging businesses are unable to address the CMA's concerns, the deal will be referred for an in-depth Phase 2 investigation, to be carried out by a group of independent CMA panel members.
"The CMA is concerned that the combined businesses would not face sufficient competition after the merger, which could lead to higher prices and lower quality services for oil and gas producers in the North Sea," CMA.
Maersk is advised by JP Morgan, Davis Polk & Wardwell and Gorrissen Federspiel. JP Morgan is advised by Cravath Swaine & Moore. Noble is advised by DNB Bank, Ducera Partners, Kirkland & Ellis, Plesner and Travers Smith. Financial advisors are advised by Morrison & Foerster.
Nordic Capital, a private equity firm, agreed to acquire Ascot Lloyd, an independent financial services firm, from private equity firms Oaktree Capital and Ares Management. Financial terms were not disclosed.
“Nordic Capital is delighted to be acquiring Ascot Lloyd to support its future growth. Nordic Capital has a strong track record within the Financial Services sector and, together with the Company and its high-quality team, will further develop Ascot Lloyd’s client offering and investment management proposition. Nordic Capital looks forward to working in partnership with the business to build on its success and continue the exciting trajectory it is on," Christian Frick, Nordic Capital Partner and Head of Financial Services.
Ascot Lloyd is advised by Houlihan Lokey and FTI Consulting. Nordic Capital is advised by Alvarez & Marsal, Fenchurch Advisory Partners, Kirkland & Ellis and Equity Dynamics. Oaktree is advised by Proskauer Rose.
TradeUP Global, a publicly-traded special purpose acquisition company, announced today that its shareholders voted to approve the previously announced business combination with SAITECH, an energy-saving bitcoin mining operator and a clean-tech company that integrates bitcoin mining, heating and power industries.
"We are very excited to have achieved this milestone which will officially lead SAI to becoming a public company on the Nasdaq Stock Market. For the past two years, many crypto mining companies have become public. We will focus on promoting our innovation globally to lay out a more sustainable infrastructure across bitcoin mining, power and heating industries," Arthur Lee, SAI Founder and CEO.
SAITECH is advised by Very Wise Consulting and Winston & Strawn. TradeUP Global is advised by Duff & Phelps, Tiger Capital Group, DLA Piper and Sidley Austin.
Ubisoft draws buyout interest from private equity firms. (FS)
Ubisoft Entertainment, the video game publisher behind the “Assassin’s Creed” franchise, is attracting preliminary takeover interest from buyout funds, Bloomberg reported.
Several private equity firms, including Blackstone and KKR, have been studying the French business. Ubisoft hasn’t entered into any serious negotiations with potential acquirers, and it’s unclear whether its major shareholder is willing to pursue a deal.
Brookfield hires Barclays to sell Center Parcs. (FS)
Brookfield Property Partners is in the process of hiring Barclays to run the sale of Center Parcs, Britain’s biggest chain of upmarket holiday villages, which could value the business at as much as £4bn ($5.2bn).
An outright sale, the disposal of a minority stake or a public flotation are all potential alternatives for Brookfield. Center Parcs UK recently recorded the most profitable half-year in its history in spite of pandemic-related operating constraints.
Anheuser-Busch InBev looking to sell Russian unit.
Anheuser-Busch InBev, a Belgian multinational drink and brewing company based in Leuven, will sell its stake in a Russian joint venture, taking a $1.1bn hit as the world's largest brewer joins the global move to exit operations following the country's invasion of neighboring Ukraine, Bloomberg reported.
AB InBev said it will dispose of its holding in the AB InBev Efes venture, adding that it's already in "active discussions" with partner Turkish brewer Anadolu Efes about buying the stake, in a statement Friday. Shares in AB InBev dropped 1.4% in early trading. Anadolu Efes gained as much as 5.1% in Istanbul, the highest since December.
Bain Capital looks to buy Solutions 30. (FS)
Bloomberg reported that private equity firm Bain Capital is considering a deal for European technology services provider Solutions 30.
The buyout firm has been speaking with advisers about the potential investment.
Authentic Brands Group looks to bid for Ted Baker.
Authentic Brands Group, an American brand management company headquartered in New York, is set to make a bid for Ted Baker, a British high-street clothing retail company listed on the London Stock Exchange.
ABG is reportedly not certain to table a formal offer for Ted Baker, but it is among a number of companies exploring whether to do so as part of a formal sale process that kicked off earlier this month.
Grindrod seeks buyers for its South African banking unit.
Grindrod, a freight transportation arrangement company, revived talks with potential buyers for its South African banking business, revisiting a plan previously looked at three years ago.
The sales process is generating interest from South African and international buyers, Bloomberg reported.
SoftBank plans to retain a controlling stake in Arm after IPO.
SoftBank expects to retain a controlling stake in Arm after the planned initial public offering of the chip business, selling a smaller portion than originally expected, Bloomberg reported.
SoftBank opted for an IPO of Arm, which it acquired in 2016, after a plan to sell the business to Nvidia collapsed earlier this year. SoftBank has decided that selling a smaller portion of Arm now, given the current slump in chip stocks, provides the opportunity to get a higher valuation for the remainder later.
ADNOC and Borealis looking to raise $2bn from plastics JV IPO.
Abu Dhabi National Oil Company, the state-owned oil company of the United Arab Emirates, and Borealis, an Austrian chemical company, are seeking to raise about $2bn from an initial public offering of their plastics joint venture.
The companies plan to sell a 10% stake in their Borouge plastics unit by the end of the quarter. The sale would value Borouge at about $20bn and could be announced as early as next month.
Lhyfe plans Paris IPO.
Lhyfe, a French producer of green hydrogen, said on Friday that France's financial markets authority AMF has approved its registration document, clearing the way for an initial public offering on the Euronext stock market in Paris, Reuters reported.
"As an energy source, hydrogen offers all the advantages of oil and gas without their drawbacks. In cutting CO2 emissions, it constructs a major pillar in energy transition and contributes to the decarbonization of industry and mobility by reducing greenhouse gas emissions by up to 30%. As demand explodes in the next few decades, Lhyfe aims to become an independent European leader in green hydrogen production," Matthieu Guesné, Lhyfe President and CEO.
APAC
Amazon agreed to acquire GlowRoad, an e-commerce platform. Financial terms were not disclosed.
The acquisition comes at a time when the social commerce industry in India is booming. Amazon said that with GlowRoad, it will help accelerate entrepreneurship among millions of creators, homemakers, students, and small sellers from across the country.
Indonesia lawmakers back $522m capital top-up for airline Garuda.
Indonesian lawmakers approved the government's plan to top up Garuda Indonesia's capital by $522m this year, once the carrier reaches a debt settlement with creditors.
The flag-carrier has been trying to renegotiate its debt with creditors under a court-led process since the end of last year. The restructuring has been extended twice to verify $13.8bn worth of claims against it, compared with a total of $9.8bn liabilities that Garuda said it has on its books. The court has given Garuda until May 20 to finish verification and negotiations with creditors. Garuda's chief executive Irfan Setiaputra thanked lawmakers for the decision, describing it as an important part of Garuda's restructuring, Reuters reported.
BYD, CATL back $472m deal in Shanghai Shanshan Lithium Battery Material Technology.
Ningbo Shanshan, a publicly listed Chinese lithium-ion battery materials manufacturer, has teamed up with four strategic investors to invest a total of $472m in its holding subsidiary.
Shanghai Shanshan Lithium Battery Material Technology, a unit that mainly develops anode and carbon materials for lithium-ion batteries, received the funding from the parent firm and four external investors including China’s Wending Investment, electric vehicle maker BYD, battery giant Contemporary Amperex Technology, and the equity investment arm of Chinese state-owned oil and gas company PetroChina, DealStreetAsia reported.
Renault explores selling Nissan stake to help fund EV shift.
Renault is considering selling part of its Nissan stake, a move that could help fund its shift to electric vehicles and ease long-standing tensions with its alliance partner.
Nissan itself may be willing to buy some of the 1.83bn shares in the Japanese automaker that Renault owns. Renault may also seek other acquirers for a portion of its 43% stake in Nissan.
Chindata is fielding preliminary takeover interest. (FS)
Chindata Group, a Chinese data center company backed by private equity firm Bain Capital, received preliminary takeover interest from other firms in the industry, Bloomberg reported.
Shanghai-based GDS is considering a bid to combine with Chindata. Rivals like EdgeConneX, backed by private equity firm EQT, could also weigh potential bids for the company.
LIC looks to slash IPO size. (FS)
India is looking to raise $3.9bn through an initial public offering of state-owned Life Insurance Corp, Bloomberg reported, about 40% lower than previous estimates as the war in Ukraine dents valuations.
Officials want to complete the listing -- which will still be India's biggest -- in the next two weeks.
Mercury Capital looking to raise $731m for new fund. (FS)
Australian buyout firm Mercury Capital is reported to be in the market to raise its fourth fund at a hard cap of $731m.
The firm has completed the documents for the fund, Mercury Capital 4, and launched the fundraising last week. Mercury Capital is understood to have talked to existing investors as well, to seek new limited partners.
CPE raises $499m from US investors for new fund. (FS)
China’s CITIC Private Equity, which has over $15.5bn worth of assets under management, has so far raised $499m from US investors for its CPE China Fund IV, according to a filing with the US Securities and Exchange Commission on Thursday.
The filing, which was signed by CPE’s managing director He Yongbing, shows that CPE secured the capital commitments from 27 investors. It is unclear how much the new fund is looking to raise in total.
Mizuho Asia Partners raising $350m for latest fund. (FS)
Singapore-headquartered fund manager Mizuho Asia Partners seeks to raise $350m for its latest fund, with the International Finance Corporation, a member of the World Bank Group, proposing to invest up to $25m into it.
The fund, Exacta Asia Investment III, is a private equity fund focused on Southeast Asia, according to IFC’s disclosure. It is sector agnostic and will invest in significant minority positions, and opportunistically, control stakes in lower middle-market companies in the region.
ASK Investment Managers launches $200m alternative investment fund. (FS)
Indian asset management company ASK Investment Managers on Thursday said it is launching a $200m, closed-ended, long-only, category III alternative investment fund.
An AIF refers to a privately pooled investment vehicle, raised from high networth individuals, that invests in venture capital, private equity, and hedge funds. A category III AIF, on the other hand, targets short-term returns for its investors.
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