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AMERICAS
QinetiQ, a defense company, completed the acquisition of Avantus Federal, a provider of mission-focused cyber, data analytics, and software development solutions, from NewSpring Capital, a private equity firm, for $590m.
"We believe that the combination of QinetiQ US and Avantus will create a unique business in the US and globally with a powerful performance culture and scaled technical differentiation. This acquisition is a transformational platform that delivers on our growth strategy of building a disruptive mid-tier defense and intelligence company," Shawn N. Purvis, QinetiQ US President and CEO.
Avantus Federal was advised by Baker Tilly, Guggenheim Partners, Blank Rome and Kirkland & Ellis. QintetiQ was advised by Ernst & Young, Citizens M&A, Gleacher Shacklock, Baker McKenzie (led by Marc Paul and Helen Bradley) and Citigate Dewe Rogerson (led by Lorna Cobbett).
Naspers-backed Prosus, a provider of internet-based services, completed the acquisition of the remaining 33.3% stake in iFood, an operator of an online platform intended to offer food ordering services, from Just Eat Takeaway.com, a global online food delivery marketplace, for €1.8bn ($1.85bn).
"The Brazilian Food Delivery sector has grown significantly over the past four years. There is substantial opportunity for further expansion in both the restaurant food delivery business and through building out the platform in areas such as grocery and quick commerce. iFood has established itself as a technology leader in Brazil and its success places it among the most innovative food delivery companies across the globe. We are thrilled to be fully backing the company on its path to transform the entire food chain to better serve customers," Larry Illg, Prosus Food CEO.
Tempo Automation, a software-accelerated electronics manufacturer, went public via a SPAC merger with ACE Convergence Acquisition in a $919m. PIPE investors include Point72 Ventures Investments, ACE Equity Partners ,Firsthand Funds and Lux Capital.
“We are excited to begin our journey as a publicly traded company and continue executing on our vision of building the preeminent electronics manufacturer serving the approximately $290bn US prototype and on-demand manufacturing market,” Joy Weiss, Tempo President and CEO.
CalciMedica, a clinical-stage biopharmaceutical company focused on developing first-in-class therapies for life-threatening inflammatory diseases with high unmet need, agreed to merge with Graybug Vision, a clinical-stage biopharmaceutical company. Financial terms were not disclosed.
"After completing a comprehensive strategic review, we determined that the proposed merger with CalciMedica would provide the best return for Graybug stockholders moving forward. The decision by our management and board of directors to select CalciMedica to be our merger partner will allow our stockholders to participate in a company with a strong clinical-stage pipeline poised to revolutionize treatment for large, underserved patient populations suffering from life-threatening inflammatory diseases worldwide," Frederic Guerard, Graybug CEO.
CIVC Partners, a Chicago-based private equity firm, completed the investment in Signers National, the holding company for a tech-enabled insurance distribution platform focused on serving niche insurance markets. Financial terms were not disclosed.
"We are thrilled to be partnering with the CIVC team. CIVC recognized our unique model and value proposition as a platform for organic growth and as an M&A engine. We welcome the value that CIVC will bring to our team as a minority partner. Marc and CIVC bring extensive industry experience and decades of success partnering with entrepreneurs and founders and will help us build on the industry- leading growth we have achieved to date. I am excited to partner with a firm that is aligned with our strategy and culture and shares our core values," Josh Lamberg, Signers National Founder and CEO.
Signers National was advised by Piper Sandler and Locke Lord. CIVC Partners was advised by Foley & Lardner and Ropes & Gray (led by Matthew Richards).
IOG Resources II, an energy investment platform, completed the acquisition of the Appalachia gas assets of Seneca Resources, an oil and gas field exploration services company. Financial terms were not disclosed.
The producing gas assets consist of non-operated wellbores primarily located in Clearfield, Elk and McKean counties, Pennsylvania with current net production of approximately 17 mmcfd.
IOGR II was advised by Kirkland & Ellis.
Newtech Holdings, a consumer products business operator, completed the acquisition of Craig Electronics, a consumer electronics company, from Nova Wildcat Fund, a student-run equity fund. Financial terms were not disclosed.
"We are beyond excited to be reacquiring a business that is part of our DNA. We look forward to working closely with our supplier partners to provide the exceptional level of service that our core group of retail customers expect and deserve from us while focusing on the expansion of our e-commerce business platform for additional consumer products," Michael Newman, Newtech CEO.
HKW-backed Culture Partners, a provider of accountability and cultural transition training services, completed the acquisition of Paradigm Learning, a provider of leadership development products. Financial terms were not disclosed.
"This is a huge benefit to our clients. Paradigm Learning empowers leaders to connect and experience how their decisions impact the results of their company or division. Adding Paradigm Learning's simulations to our Culture Equation Journey will provide organizations with the experience of making business decisions that connect their purpose, strategy, and culture directly to their business goals and key financial results," Joe Terry, Culture Partners CEO.
Epika Fleet Services, a network of mobile and in-shop preventative maintenance service centers, completed the acquisition of Managed Mobile, a mobile fleet maintenance firm. Financial terms were not disclosed.
"Adding Managed Mobile to the Epika network is a huge step in better serving our customers in the California and Nevada markets. We look forward to joining our teams to expand our service capabilities and provide better maintenance and repair options to fleets and drivers who need it most," Joe Dougherty, Epika Fleet Services CEO.
ConocoPhillips to acquire a 30% stake in Sempra LNG US Export Terminal.
ConocoPhillips, a US oil and gas producer, agreed to take a 30% stake in the first phase of Sempra Energy's proposed Port Arthur liquefied natural gas terminal in Texas, Bloomberg reported.
The deal involves a 20-year sale and purchase agreement for an annual 5m metric tons of LNG, and a natural gas supply management agreement whereby ConocoPhillips will manage feedgas supply requirements.
Independent Franchise Partners opposes the News-Fox merger plan. (FS)
Independent Franchise Partners, a major investor in News and Fox, opposes media mogul Rupert Murdoch's plan to recombine the companies, Reuters reported.
The London-based investment firm thinks a combination on its own would fail to realize the full value of the company. Independent is the second investor to express dissent over the plan.
Cancer drugmaker Mirati draws fresh takeover interest.
Cancer drugmaker Mirati Therapeutics is attracting fresh takeover interest from large pharmaceutical companies ahead of updates on its drug pipeline. The stock rose as much as 16% on the news, Bloomberg reported.
The San Diego-based company has been weighing strategic options including a potential sale for some time.
Brazil transition team asks Bolsonaro gov't to halt Petrobras asset sales.
The transition team for Brazil's President-elect Luiz Inacio Lula da Silva has asked the current administration to halt ongoing asset sales by state-run oil giant Petrobras until a new mines and energy minister is appointed, Reuters reported.
Professor Mauricio Tolmasquim, tapped last week to participate in the mining and energy group of the transition process, made the remarks after a meeting in Brasilia.
EMEA
Entain, a sports betting and gambling company, and EMMA Capital, an investment firm, completed the acquisition of SuperSport, an operator of a sports betting company, for €920m ($945m).
"I am looking forward to joining with Entain and further building on the significant opportunity presented in this region. The prospect of leading Entain CEE to drive expansion in fully regulated markets is an exciting opportunity, and EMMA's investment expertise combined with Entain's world-class platform will give us the competitive edge in delivering on the CEE opportunity," Radim Haluza, SuperSport CEO.
EMMA Capital was advised by Dentons (led by Petr Zákoucký and Rob Irving), GVZH Advocates and Lovrić Novokmet & Partners. Entain was advised by Morgan Stanley (led by Laurence Hopkins and Tom Perry), Freshfields Bruckhaus Deringer (led by Alastair Chapman and Aled Batey) and Powerscourt. Debt financing was provided by Deutsche Bank, Lloyds Bank, Mediobanca, NatWest Markets and Santander.
Henderson Park, the private real estate investment fund manager, agreed to acquire a majority stake in GBI Holding, a residential real estate platform. Financial terms were not disclosed.
"We welcome Henderson Park as our new majority shareholder. We share the same vision as Henderson Park, who is investing on behalf of institutional clients with a strong focus on ESG. Equally, we are pleased that the Moses Mendelssohn Foundation, GBI's former majority shareholder, will stay invested in the company with a minority stake and our existing cooperation will continue," Reiner Nittka, GBI CEO.
GBI is advised by Rothschild & Co.
Eurazeo, a French investment company, agreed to invest €100m ($103m) in NeoXam, a provider of professional software for asset managers.
"With Eurazeo's support, NeoXam could add a new dimension to its international growth strategy. Our products, which are used by most of the global top 20 asset managers in locations such as NY, London and Singapore, have proven their value as extraordinarily useful tools, particularly in the rapidly developing fields of Data Management and Reporting. Eurazeo would be an ideal partner, combining extensive investment capabilities, an exceptional international network and a rare understanding of the entrepreneurs it supports. We hope to enter into a partnership in the very near future, to enable NeoXam to reach its full potential," Serge Delpla, NeoXam Founder.
Manchester United owners consider selling Premier League icon.
The US owners of Manchester United have begun looking at options for the 20-time English soccer champions, including a new investment or a potential sale, 17 years after the Glazer family bought the club, Reuters reported.
The Glazer family is working with financial advisers on the process, which could lead to a partial sale of the Old Trafford club or investment including redevelopment of the stadium and infrastructure.
Paris Saint-Germain considering leaving home stadium, stake sale.
French football club Paris Saint-Germain is considering leaving its longtime stadium, the Parc des Princes, and potentially moving to the country’s national stadium.
Paris deserves a better stadium, said Nasser Al-Khelaifi, president of PSG, in an interview in Doha. The team currently features mega stars Lionel Messi, Kylian Mbappe and Neymar. The Parc des Princes holds just 48k spectators, Bloomberg reported.
Affirma Capital seeks to sell stake in Jordan's Fine Hygienic Holding. (FS)
Singapore-based buyout firm Affirma Capital is seeking to exit its stake in Jordan-based Fine Hygienic Holding, one of the Middle East’s largest makers of tissue and paper products, DealStreetAsia reported.
Affirma is working with Moelis & Co to arrange the sale of its significant minority stake in the company.
National World drops plans to buy British news publisher Reach.
National World said it had scrapped plans to make a cash offer for Reach, the British publisher behind the Daily Mirror and Sunday Mirror newspapers.
National World, which invests in news publishing businesses, said it had received financial support to fund a potential deal but decided against making an offer due to unfavourable circumstances, without divulging the specifics, Reuters reported.
APAC
Blank-check firm Metal Acquisition agreed to an amended agreement to buy the global miner's Cobar copper mine in Australia in a deal valued at $1.1bn.
The terms include Glencore receiving $1.1bn, as originally agreed in a March deal, but with amended payment terms of $775m in cash and up to $100m common equity, besides other payments. Glencore also has the right to appoint one director to MAC's board for each 10% interest it holds in the US-listed SPAC from time to time.
Metal Acquisition is advised by Ashanti Capital, Canaccord Genuity, Citigroup, Paul Hastings (led by Will Burns, Robert Leung and Mike Huang) and Squire Patton Boggs (led by Chris Rosario). Debt financing is provided by Citigroup, Commonwealth Bank of Australia and Sprott Resource Lending. Glencore is advised by UBS and King & Wood Mallesons (led by Tim Sherman).
SC Capital Partners, a Singapore-based private equity real estate manger, and Abu Dhabi Investment Authority, a sovereign wealth fund owned by the Emirate of Abu Dhabi, agreed to form a joint venture to target data centre investments across the Asia Pacific region, with a primary focus on Japan, South Korea, Singapore, and Australia. Financial terms were not disclosed.
"This new programme complements our existing pan-Asian opportunistic strategy and allows us to significantly scale up our data centre capabilities and platform in the fastest developing data centre region in the world," Suchad Chiaranussati, SC Capital Partners Chairman and Founder.
Affin Hwang seeks to add $5.5bn assets in 3 years. (FS)
Malaysian investment manager Affin Hwang Asset Management has rebranded to AHAM Asset Management, and is aiming for nearly $22bn in assets under administration by 2025, DealStreetAsia reported.
China approves 20 M&A deals, including INEOS stake buy in Shanghai SECCO Petrochem.
China's market regulator approved 20 merger and acquisition transactions without conditions, including INEOS acquisition of Shanghai SECCO Petrochemical's stake, Reuters reported.
Mitsubishi UFJ to buy Home Credit's Indonesian, PH units for $620m. (FS)
Japan’s Mitsubishi UFJ Financial Group plans to buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit Group for about $619m, DealStreetAsia reported.
The deal comes as Japan’s largest lender aims to beef up its business in Asia to tap growth in consumption in emerging markets, while ultra-low interest rates and an aging population limit business opportunities at home.
Carlyle Group sells a 2.5% stake in Delhivery for $74m. (FS)
CA Swift Investments, a special-purpose vehicle, owned and controlled by Carlyle Group, divested a 2.5% stake in supply chain company Delhivery for $74m through the open market transaction.
Shares of Delhivery were down over 3% on Tuesday after the stock hit its 52-week lay on Monday on news of the block deal.
Fosun may sell stake in Alibaba's logistics arm Cainiao.
Debt-laden Chinese conglomerate Fosun International is seeking to offload a minority stake in Alibaba Group’s logistics arm Cainiao, in a deal that could fetch up to $1bn, DealStreetAsia reported.
Fosun has appointed a financial adviser to run the sale of its stake of less than 5% in Cainiao and the plan is at an early stage.
Morgan Stanley mulls sale of Coinage. (FS)
Morgan Stanley Private Equity Asia is considering selling Chinese financial education company Coinage International, Bloomberg reported.
The buyout firm could seek a valuation of about $500m for the education business in a deal. Morgan Stanley PE Asia has received interest from companies in the industry and financial sponsors.
Logjams bring southeast Asia growth path for JWD.
JWD Infologistics plans to boost capital investment by more than half over the next three years as the Thai firm aims to expand in nearby countries to take advantage of growing demand for food storage, warehousing and transportation services, Bloomberg reported.
"The logistics specialist will spend about $276m through 2025 for new facilities and asset acquisitions in Southeast Asia," Charvanin Bunditkitsada, JWD CEO.
Billionaire Gautam Adani weighs raising $5bn in equity as banks urge deleveraging.
Indian billionaire Gautam Adani is courting sovereign wealth funds to raise roughly $5bn in equity across his sprawling business empire and reduce leverage, Bloomberg reported.
The company is looking to issue new shares worth between $1.8bn and $2.4bn as soon as next year.
Fullerton said to be raising up to $1bn for new Asia-focused carbon fund. (FS)
Temasek-backed Fullerton Fund Management is raising a new carbon fund focused on Asia.
DealStreetAsia reported that the private equity investor is targeting to raise between $750m and $1bn for the fund, while a separate source said that the firm is seeking around $600m for the vehicle.
Heliconia Capital, Yangzijiang launch $109m PE fund. (FS)
Singapore-listed Yangzijiang Financial has teamed up with Temasek-backed Heliconia Capital to launch a $109m new fund that will invest in small and medium-sized enterprises in Singapore and Southeast Asia.
The newly-launched private equity fund, Heliconia Generation Fund, will co-invest alongside the other fund managed by Heliconia with a focus on promising SMEs in Singapore and Vietnam, DealStreetAsia reported.
Wavemaker Partners appoints ex-Facebook and Stripe executive as General Partner. (FS, People)
Southeast Asian venture capital firm Wavemaker Partners has appointed Andy Hwang as a general partner, DealStreetAsia reported.
Hwang, a longtime angel investor with stints at Facebook and Stripe, will join Wavemaker’s investment committee and work closely with managing partner Paul Santos. He will also sit on the boards of portfolio companies.
AXA IM Alts appoints head of client group – Asia. (FS, People)
AXA IM Alts, a specialist in alternative investments, has appointed Lu Gao as head of client group alts Asia. This appointment forms part of the recently announced evolution of AXA IM Alts' organisation structure into five dedicated business lines to prepare the business for its next stage of growth, and highlights the centrality of the APAC region in achieving these global growth ambitions.
The five dedicated business lines comprise Real Estate, Infrastructure, Alternative Credit, Natural Capital & Impact Investments and Chorus. Lu will work closely across all business lines to oversee the Client Group’s crucial role of raising new capital in Asia, expanding the business’ third-party client base and maintaining AXA IM Alts’ strong long-term relationships with existing clients. Based in Singapore, he will report directly to Florence Dard, Global Head of Client Group Alts.
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