EMEA
Nasdaq considering a counter-bid for Oslo Børs.
Alstom plans to complete Siemens merger in the first half of 2019.
Ferrero short-listed for the auction of Campbell Soup's international business.
RWE plans $1.7bn expansion this year.
Croatia’s largest shipbuilder Uljanik draws interest from investors.
AMERICAS
BDT Capital Partners acquired a minority stake in WhistlePig, a whiskey distiller. (FS)
PE-backed Byju acquires Osmo for $120m. (FS)
Equity38 invested in TRX, a training equipment maker. (FS)
Enel sells Brazilian renewable assets portfolio to Chinese CGNEI for c.€700m.
Gymboree, US clothing retailer, files for bankruptcy.
Niantic Labs, Pokemon Go creator, raised $245m. (FS)
CommonGrounds rises $100m Series A.
APAC
Edelweiss gathers $1.3bn to acquire India debt. (FS)
Saudi's NCB to choose JP Morgan, as an advisor for a merger.
Russian RDIF raised deals with Saudi Arabia.
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Latest Deals
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EMEA
Nasdaq considering a counter-bid for Oslo Børs.
Nasdaq is discussing a potential deal to buy Oslo Bors and rival Euronext’s €625m bid for the Norwegian exchange.
Oslo faces an unsolicited takeover from Euronext, which also owns the Paris, Amsterdam, Brussels, Dublin, and Lisbon stock exchanges. Euronext has amassed 45% stake in Oslo Bors in December and formally launched tender offer on 7th Jan.
Oslo’s two largest shareholders, DNB Bank and Kommunal Landspensjonskasse (KLP), have said they will wait for a board recommendation. The two collectively own nearly 30% of shares. “It is crucial for us to have a complete picture of how a potential new owner will contribute in developing Oslo Stock Exchange as a suitable market place for Norwegian companies, both large, medium and small,” KLP said in a statement on Tuesday.
Rothschild & Co, Bank of America Merrill Lynch and Advokatfirmaet Schjødt advised Euronext. SEB acted as a broker.
Alstom plans to complete Siemens merger in the first half of 2019.
French transport infrastructure group Alstom said it was making progress on its planned tie-up with Germany’s Siemens, as the pair fight to win over regulators concerned that the deal could stifle competition in the sector.
“The proposed combination of Alstom with Siemens Mobility, including its rail traction drive business, has progressed in the last quarter,” Alstom said, adding that both companies had presented proposals to win over regulators.
“The proposed remedies include mainly signaling activities as well as rolling stock products and represent around four percent of the sales of the combined entity. The parties consider that the proposed remedy package is appropriate and adequate,” added Alstom.
German government positively reacted on the news and underlined that Alstom-Siemens merger will help to build up a competitive player in the world scale.
Alstom is advised by JP Morgan and Rothschild & Co as financial advisors and Cleary Gottlieb as legal advisor. Siemens is advised by BNP Paribas and Goldman Sachs as financial advisors and Latham & Watkins and Sullivan & Cromwell as legal advisors.
Poland’s Idea Bank has agreed to buy rival Getin Noble Bank in an all-share deal to create the country’s 7th largest bank.
The banks said in a joint statement that Getin shareholders would receive 0.185 new Idea shares for each of their Getin stock.
They will aim to achieve synergies of 370m zlotys ($98m) in 2019-2021, and annual synergies of 180m ($48M) zlotys starting from 2021. Total integration costs will amount to 220m zlotys ($58m), the banks said.
The deal is expected to close in the third quarter of 2019.
Archer Daniels Midland (ADM) announced it had agreed to purchase the remaining 50% stake of Gleadell Agriculture, currently jointly owned by ADM and InVivo, including Gleadell’s wholly owned subsidiary Dunns (Long Sutton). ADM will merge Gleadell and Dunns with ADM Arkady, ADM’s UK destination marketing business, and ADM Direct UK, ADM’s specialist combinable crop origination business to create ADM Agriculture, thus strengthening ADM’s presence across the UK. Financial terms were not disclosed.
“With significant storage and processing capability and a longstanding reputation for being a safe and trusted trading partner, Gleadell and Dunns will be great additions to our business in the UK. We are excited to expand our capabilities, not only to continue our strategic growth but also to support our farmers and our customers as they work to address fast-growing consumer demand.” Gary McGuigan, ADM’s President of Global Trade.
Ferrero shortened the list for the auction of Campbell Soup's international business.
Nutella maker Ferrero has been shortlisted to take part in the second round of Campbell Soup Co’s auction of its international business. The Italian confectionery group is competing with U.S. food companies Kraft Heinz and Mondelez International.
Private equity firms Bain Capital, KKR and FinTrek Capital Hong Kong were also admitted to the second round of bids, adding the sale could fetch close to $3bn.
The international portfolio of Campbell Soup includes its Australian biscuit brand Arnott’s and Danish baked snacks maker Kelsen Group.
RWE plans $1.7bn expansion this year.
RWE has near €1.5bn ($1.7bn) per year to expand solar and wind capacity.
“We are creating a globally leading renewables business and want to expand it further. We will achieve that with a diversified renewable technology portfolio and an integrated value chain.” Markus Krebber, RWE Chief Financial Officer.
Croatia’s largest shipbuilder Uljanik draws interest from investors.
Croatia’s largest shipbuilder Uljanik, which is trying to attract investors to stay afloat, extended a due diligence process until late next week after drawing the interest of potential strategic partners.
“I expect at least two serious offers for Uljanik at the end of this process which would then prevent its bankruptcy.” Darko Horvat, Croatia’s Economy Minister. Croatia’s Economy Minister Darko Horvat said four potential investors were looking at Uljanik’s business data and another company.
Local media reported that there were potential investors from Ukraine, Italy, Germany, China and Australia for Uljanik, which is 25 percent state-owned.
AMERICAS
Arsenal Capital Partners announced that it has completed the previously announced sale of Elite Comfort Solutions, to Leggett & Platt for $1.3bn.
ECS is a leader in proprietary specialized foam technology primarily for the bedding and furniture industries. With 16 facilities across the U.S., ECS operates a vertically integrated model, producing specialty foam, developing many of the chemicals and additives used in foam production, and manufacturing private-label finished products.
“We are pleased with the sale of ECS to Leggett & Platt, a company that is committed to supporting the bedding industry for the long term. Leggett & Platt is the ideal home for the ECS business and its employees. We see a significant opportunity for ECS to leverage Leggett & Platt’s reputation and infrastructure and drive continued growth in the bedding and furniture markets.” Tim Zappala, Arsenal Senior Partner.
Leggett & Platt was advised by JP Morgan.
BDT Capital Partners acquired a minority stake in WhistlePig, a luxurious whiskey distiller. (FS)
WhistlePig, ultra-premium rye whiskey category, announced a partnership with BDT Capital Partners, a merchant bank that provides family- and founder-led businesses with long-term, differentiated capital. Financial terms were not disclosed.
The partnership with BDT provided WhistlePig the opportunity to offer liquidity to all shareholders, including Raj Bhakta, one of the founders who retired from the business in 2017 and has now fully exited his remaining stake.
“2018 was another stellar year for WhistlePig, with our revenues grew by more than 40%, more than twice the category, and our operating cash flow close to doubling, allowing us to expand our distillery further and build out our inventory of high quality and aging whiskey as well as expand our distribution. Also, BDT’s experience partnering with founders and entrepreneurs of some of the world’s most iconic brands, their long-term focus as well as their network of successful global business owners, will help us further accelerate our future growth potential.” Jeff Kozak, WhistlePig’s CEO.
WhistlePig was advised by Rothschild & Co and Skadden, Arps, Slate, Meagher & Flom LLP. BDT Capital Partners was advised by Davis Polk & Wardwell.
WEX, a leading financial technology service provider, announced the acquisition of Discovery Benefits, a high-growth employee benefits administrator to more than 1m consumers across all 50 states. Under the terms of the agreement, WEX will pay a total cash consideration of approximately $425m, including $50m which will be deferred until January of 2020. In addition, the transaction is expected to generate approximately $50m in a net present value of tax benefits.
DBI has been a well-established partner of WEX’s Health division for more than a decade, trusting WEX’s proven healthcare technology platform to manage a portion of its consumer-directed account administration. DBI plays a key role in the consumer-directed healthcare ecosystem by offering account administration technology and services.
“This combination strengthens our overall value proposition through new partnerships, integrated products, and the opportunity to offer a more comprehensive set of solutions. We are excited to extend our reach into the rapidly-growing employee benefits market and look forward to building on our track record of success in the healthcare space.” Melissa Smith, WEX CEO.
WEX was advised by Sullivan & Cromwell and Merrill Lynch, Pierce, Fenner & Smith.
PE-backed Byju's acquires Osmo for $120m. (FS)
Byju's, one of the world's most valuable education start-ups, that is backed by Naspers Ventures, the Chan-Zuckerberg Initiative, Tencent Holdings, and Sequoia Capital bought Osmo for $120m as it looks to the US as part of global expansion.
Osmo, a developer of learning games, will continue as a standalone brand once the deal is completed.
"Osmo makes learning more effective and engaging, which is very important with younger children. It takes us into a new age demographic of younger kids as well as fitting into our plans for a bold global expansion." Byju Raveendran, Byju's Founder and CEO.
Equity38 invested in TRX. (FS)
TRX announced recapitalization of the business with a strategic growth capital investment from Equity38. Financial terms were not disclosed.
Structured as a management buyout of previous investors by Equity38, the partnership was ideal for TRX in that it maintains the company’s existing infrastructure, while also arming TRX with the capital and significant additional category expertise and resources from Equity38, to further develop the TRX brand and business to an even higher level.
“I couldn’t be more excited to welcome the Equity38 team into the TRX family. In addition to arming TRX with a war chest of growth capital, Equity38 brings deep experience in our industry and their active involvement in the business and stewardship will be an important part of our next chapter.” Randy Hetrick, TRX Founder, and CEO.
Enel sells Brazilian renewable assets portfolio to Chinese CGNEI for c.€700m.
Enel, acting through its renewable subsidiary "EGP Brazil", agreed with Chinese “CGNEI” for the sale of 100% of three fully operational renewable plants totaling 540 MW. The overall consideration of the transaction, to be paid at closing, is equivalent to around €700m.
Agreement signed with CGNEI to sell 100% of solar plants Nova Olinda (292 MW) and Lapa (158 MW) as well as the 90 MW Cristalândia wind farm.
The transaction aims to free up resources that can finance Enel’s further renewable development in Brazil, while the company will continue O&M activities on the assets sold.
Antonio Cammisecra, Head of Enel Green Power, said: “With the sale of these assets we are capturing value for further growth in Brazil, where we are implementing a large pipeline of renewable projects. We remain focused on the opportunities offered by the Brazilian renewable market and we are continuing to invest in the country where Enel Green Power will play an active role by carrying out new projects and managing the fleet of operating plants.”
Gymboree, US clothing retailer, files for bankruptcy.
Children’s clothing retailer Gymboree Group filed for Chapter 11 bankruptcy protection, the second time in almost two years, mentioning, closing of more than 800 Gymboree and Crazy 8 stores. The San Francisco-based company said it will also sell its high-end line, Janie and Jack, as well as its intellectual property and online platform.
Gymboree is the second U.S. retailer to file for bankruptcy on Wednesday. Earlier, Shopko Stores, a general merchandise store operator, filed a voluntary petition in Nebraska.
More than 20 U.S. retailers, including Sears Holdings and Toys R, filed for bankruptcy since the start of 2017, succumbing to the onslaught of fierce e-commerce competition from companies like Amazon.
Niantic Labs, Pokemon Go creator, raised $245m. (FS)
Niantic Labs, the AR developer behind the popular "Pokémon Go" game, has raised $245m in a round led by IVP. The company, which is now valued at some $4bn, plans to funnel some of the new funds toward its Niantic Real World Platform. An SEC filing from earlier this month indicated that Niantic had raised around $190m from an undisclosed list of investors.
CommonGrounds rises $100m Series A.
CommonGrounds Workspace, a provider of office co-working spaces, has raised $100m from Pacifica Enterprises and The Davidson Group.
Founded in 2015, the Southern California-based company plans to use the funding to expand to 50 new locations over the next two years.
APAC
Edelweiss gathers $1.3bn to acquire India debt. (FS)
Edelweiss Financial Services raised as much as 92bn rupees ($1.3bn) from investors including insurance companies and pension funds as it seeks to profit from an unprecedented bad-loan clean up in India’s financial system.
The company will use the funds, which makes it the largest India dedicated alternative-investment unit, to buy and turn around distressed assets.
Saudi's NCB to choose JP Morgan, as an advisor for a merger.
Saudi Arabia’s biggest lender, National Commercial Bank, is set to pick JP Morgan to advise on its merger talks with smaller rival Riyad Bank.
NCB, the kingdom’s biggest lender by assets, and Riyad Bank said in December they have begun preliminary discussions to merge, in a move that would further extend NCB’s lead over its closest rivals by boosting its assets by almost a third to $183bn.
Russian RDIF raised deals with Saudi Arabia.
Russian RDIF poised to significantly increase its number of investment deals with Saudi Arabia.
Kirill Dmitriev, the head of the fund, met Saudi Energy Minister Khalid al-Falih and other Saudi officials in Riyadh to discuss projects in oil refining, petrochemicals, gas chemicals, and oilfield services, among other fields.
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