AMERICAS
The takeover battle Coherent, a global company that manufactures and sells a variety of laser- based photonic products, intensified after II-VI, an optical components maker, raised its bid for to $7bn, trumping Lumentum, a supplier of optical and photonic products.
Under II-VI’s revised bid, shareholders would receive $220 in cash and 0.91 of a II-VI share for each share they own.
Coherent is advised by Bank of America Merrill Lynch, Credit Suisse, Skadden Arps Slate Meagher & Flom and Brunswick Group. Bank of America Merrill Lynch, Credit Suisse are advised by Cravath Swaine & Moore. Lumentum is advised by Deutsche Bank, Wilson Sonsini Goodrich & Rosati and Joele Frank. Debt financing is provided by Deutsche Bank. II-VI is advised by Allen & Company, JP Morgan, K&L Gates, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. MKS Insruments is advised by Barclays, Lazard and WilmerHale. Debt financing is provided by Barclays.
Owl Rock Capital, an alternative asset manager, received approval from the shareholders of each of its four requisite business development companies for new investment advisory agreements related to the combination of Owl Rock, a specialty finance company, and Dyal Capital, a private equity firm, to form Blue Owl Capital. The combination of Owl Rock and Dyal remains on track to close in the second quarter of 2021 subject to satisfaction of customary closing conditions.
Altimar Acquisition is advised by JP Morgan, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners. Neuberger Berman is advised by Ardea Partners, Citigroup, UBS, and Skadden Arps Slate Meagher & Flom. Dyal Capital is advised by Ardea Partners, Evercore, Fried Frank Harris Shriver & Jacobson and Prosek Partners. Owl Rock is advised by Bank of America Merrill Lynch, Goldman Sachs, Perella Weinberg Partners, Kirkland & Ellis and Prosek Partners.
PPL, a utility holding company, agreed to acquire Narragansett Electric, a retail distribution company that provides electric and gas services, from National Grid, an owner and operator of the electricity transmission network, for $3.8bn.
"We expect to leverage our proven track record of operational excellence, award-winning customer service, strong reliability and cost efficiency to continue to improve service and deliver energy safely, reliably and affordably to Rhode Island families and businesses. In addition, we're eager to play a key role in advancing Rhode Island's decarbonization goals. We believe our experience in automating electricity networks can help the state achieve its target of 100% renewable energy by 2030. And we look forward to being a strong community partner in Rhode Island, something that has been a hallmark of PPL for more than a century," Vincent Sorgi, PPL CEO and President.
National Grid is advised by Barclays, Goldman Sachs, Robey Warshaw, Cravath Swaine & Moore, Herbert Smith Freehills, and Teneo. PPL is advised by JP Morgan and Skadden Arps Slate Meagher & Flom.
Supernova Partners Acquisition, a special purpose acquisition company, agreed to merge with Offerpad, a real estate investment company, in a $3bn deal.
"I've been in real estate for decades and always knew there would be a better way to sell and buy homes. iBuying is coming into its moment, as consumers increasingly want to transact online. At Offerpad, we combine the technology that makes it possible, with local real estate experts that provide fantastic customer service to sellers and buyers—all of which allows us to turn over homes more efficiently than anyone else in the category. Our team's combination of grit and real estate experience have helped us complete around 30k transactions and achieve nearly $7bn in gross transaction volume since inception, and we are now poised for fast growth as a public company," Brian Bair, Offerpad CEO and Founder.
Supernova is advised by Jefferies & Company, JP Morgan and Simpson Thacher & Bartlett. Offerpad is advised by JP Morgan, Latham & Watkins, and Skadden Arps Slate Meagher & Flom.
Roth Capital Partners and Craig-Hallum Capital-backed Roth CH Acquisition I, a special purpose acquisition company, completed the merger with PureCycle Technologies, a provider of polypropylene recycling services, in a $1.2bn deal.
"The consummation of this transaction represents yet another major milestone for PureCycle, demonstrating broad market validation of our value proposition. Most importantly, we now have the increased capital market access to support the accelerated scaling required to revolutionize the transformation of waste polypropylene into sustainable products," Mike Otworth, PureCycle Chairman and CEO.
PureCycle was advised by Oppenheimer & Co, Perella Weinberg Partners,
Jones Day and Tombras. Roth CH was advised by Loeb & Loeb and Gateway Investor Relations.
SmartStop Self Storage REIT, a self-managed REIT, completed the acquisition of Strategic Storage Trust IV, a public non-traded REIT that focuses on the acquisition of stabilized and growth self storage properties, for $380m.
"We are thrilled to announce the closing of this transformational deal for both SmartStop and SST IV shareholders. This merger allows us to recognize expense efficiencies and reduce borrowing costs, among other benefits, which better positions the combined company to execute on future growth plans. We've recognized some of these potential cost savings already, as we simultaneously closed a new $500m credit facility, which was primarily used to refinance existing debt of both SmartStop and SST IV at significantly more attractive rates. With the power of the SmartStop Self Storage platform and the tremendous team behind it, we believe the combined company will generate strong future risk-adjusted returns for our shareholders," Michael Schwartz, SmartStop Founder and Executive Chairman.
Strategic Storage Trust IV was advised by KeyBanc Capital Markets, Bass Berry & Sims, and FTI Consulting. SmartStop was advised by Robert A. Stanger & Co, Nelson Mullins Riley & Scarborough, and Venable.
Anworth Mortgage, a specialty finance REIT, announced that at special meeting of stockholders, Anworth stockholders approved a $292m merger with Ready Capital, a multi-strategy real estate finance company. The merger is expected to close on March 19, 2021, subject to customary closing conditions.
Anworth is advised by Credit Suisse and Greenberg Traurig. Credit Suisse is advised by Cleary Gottlieb Steen & Hamilton. Ready Capital is advised by Wells Fargo Securities and Alston & Bird. Wells Fargo Securities is advised by Davis Polk & Wardwell.
Clayton, Dubilier & Rice, Merck Global Health Innovation Fund and McKesson Ventures completed the investment in M2GEN, an oncology data and informatics platform. Financial terms were not disclosed.
"M2GEN is purpose-driven and patient-centric, and we believe it will impact healthcare for the next generation by connecting patients, providers, researchers, and pharma R&D to fundamentally change the way cancer is studied and treated. CD&R has spent significant time evaluating the real-world data market within pharma services and sees a tremendous opportunity to join forces with an exceptional group of shareholders to support M2GEN's next phase of growth, drive operational excellence, and further its mission to connect patients to a cure by accelerating the discovery, development and delivery of more personalized therapies," Sarah Kim, CD&R Partner.
M2GEN was advised by Perella Weinberg Partners and Shumaker Loop & Kendrick. Merck GHI was advised by Green Shoots Consulting and McDermott Will & Emery. CD&R was advised by Ropes & Gray.
Lovell Minnick, a private equity firm focused on investments in the global financial services industry, completed the acquisition of a majority stake in UniversalCIS, a technology-enabled provider of credit data and related origination solutions. Financial terms were not disclosed.
“The UniversalCIS team has built an incredible company that plays a critical role in the mortgage origination process and provides best-in-class technology and customer service in a seamless, centralized manner. We believe the Company has tremendous growth potential and is well-positioned to benefit from tailwinds driving increased technology adoption and M&A activity in the mortgage market," Jason Barg, Lovell Minnick Partner.
Lovell Minnick was advised by Morgan Lewis & Bockius and Prosek Partners. UniversalCIS was advised by GCA Advisors and McDonald Hopkins.
JD Sports Fashion, a chain of retail stores which sell brand-name sports and leisure wear, completed the acquisition of DTLR Villa, an athletic footwear and apparel streetwear retailer, from BRS, a private equity investment firm, for $495m.
"We are delighted that this transaction, which gives us an enhanced presence in the north and east of the United States, has now formally completed. We look forward to working with the experienced management team at DTLR and all our colleagues in the United States to further enhance our premium retail experience and become a leading customer destination for sneakers and lifestyle apparel," Peter Cowgill, JD Executive Chairman.
DTLR was advised by Robert W Baird and Dechert. JD Sports was advised by MHP Communications.
Blue Point to acquire Weaver Leather. (FS)
Blue Point, a private equity firm, agreed to acquire Weaver Leather, a leather product manufacturer. Financial terms were not disclosed.
“We are thrilled to be able to invest alongside management to support Weaver in building on its rich history of success. We were drawn to Weaver’s leading brands and niche market leadership position, along with the Company’s terrific alignment with Blue Point’s culture, value-add capabilities, enthusiast consumer investment experience and preference for local partnerships. We look forward to working alongside the talented Weaver team to execute organic and M&A driven growth initiatives,” John LeMay, Blue Point Partner.
Blue Point is advised by BakerHostetler and Stout Risius Ross Advisors. Weaver Leather is advised by MiddleM Creative.
Vista Equity Partners to acquire ARCOS from Riverside. (FS)
Vista Equity Partners agreed to acquire ARCOS, a provider of resource management software for utilities, airlines and other critical infrastructure industries, from Riverside, a global private equity firm. Financial terms were not disclosed.
“With Vista’s partnership, we will continue to bring our best-in-breed technology solutions to these industries, as well as explore new areas for product expansion and help our clients continue to modernize practices and processes, so they can respond and restore services quickly. We are thrilled to have Vista’s backing as we chart our next chapter,” Bruce Duff, ARCOS CEO.
ARCOS and Riverside are advised by Lightning Partners and William Blair & Co. Vista is advised by Harris Williams & Co.
Silver Lake, a private equity firm, led a $180m Series E funding round in SecurityScorecard, a provider of cyber-risk management services. Additional investors include T. Rowe Price, Kayne Anderson Rudnick, Fitch Ventures, Evolution Equity Partners, Accomplice, Riverwood Capital, Intel Capital, NGP Capital, AXA Venture Partners, GV, and Boldstart Ventures.
“Security ratings have become a key factor for organizations in understanding cybersecurity risk and have broad application across the enterprise and strategic decision-making. The depth of the SecurityScorecard data, integrations and platform has created a solid foundation with strong network effects to drive future growth,” said Shawn O’Neill, Managing Director at Silver Lake Waterman. “We are excited to partner with Alex and his team and invest in SecurityScorecard to further extend their market leadership position," Silver Lake.
SecurityScorecard is advised by JP Morgan.
Resurgens Technology Partners, a software-focused private equity firm, completed the investment in EnergyCAP, a provider of energy management and energy accounting software products. Financial terms were not disclosed.
“EnergyCAP has proven its ability time and time again to adapt to the evolution in technology and the utility management industry. They provide not just a ‘slick tool’ for a simple problem; rather, they help customers solve for difficult mission-critical problems with an impressive blue-chip and loyal customer base. In addition, they have created a true community-oriented culture that enables employees to perform at their best. We are excited about partnering with EnergyCAP in this next phase of the company’s growth and expansion,” Fred Sturgis, Resurgens’ Managing Director.
EnergyCAP was advised by Software Equity Group.
Wellspring Capital, a private equity firm, completed the acquisition of Rohrer, a manufacturer, and distributor of container and packaging products, from ShoreView, a private equity firm. Financial terms were not disclosed.
“Given Rohrer’s unique capabilities and broad portfolio of essential products and services, we believe the company is poised for continued strength with Wellspring as its new partner," Harris Williams Managing Director.
Rohrer was advised by Harris Williams & Co.
Apollo SPAC and Vista halt $15bn merger talks. (FS)
Talks between SPAC Apollo Strategic Growth and Vista Equity Partners' to merge three of its companies with the acquisition firm in a $15bn transaction have reportedly been on hold.
The talks centered on a merger featuring Vista's Solera Holdings, DealerSocket and Omnitracs. The halt comes after the Nasdaq Composite Index of more than 3k tech-related stocks has fallen 4% since February 12 and posted three weekly declines in that span, Bloomberg reported.
Columbia Property Trust gets a $2.24bn takeover offer from investors. (FS)
A group of investors including Arkhouse Partners, Sapir Organization and 8F Investment Partners, made an unsolicited proposal to acquire Columbia Property Trust, a real estate investment trust company, in an all-cash deal that would value it at roughly $2.24bn.
The investor group said in a letter to Columbia's board it made the non-binding offer for $19.5 a share. The price represents a 25% premium to the company's shares.
The group said it was prepared to move forward with due diligence that could be conducted concurrently with finalizing the deal. It said it believed it could occur within the next 45 to 60 days, Bloomberg reported.
Hanwha to sell half of its stake in Nikola.
South Korea's Hanwha Group mulls selling half of its stake in electric-truck maker Nikola. Hanwha plans to sell about 11m shares, worth about $180m as of Wednesday's closing price of $16.39 a share.
Hanwha will use the proceeds to invest in hydrogen-related businesses, adding that the potential sales are not an end to Nikola's cooperation.
It is the second of Nikola's strategic partners to reduce its stake in recent months; in December, fuel-cell supplier Robert Bosch sold about 4m of its shares, reducing its stake in Nikola from 6.4% to 4.9%. Additionally, Nikola's largest shareholder, founder Trevor Milton - who resigned as the company's executive chairman in September - sold more than 550k shares, worth about $8m, earlier this month.
Lennar to spin-off some of its non-core units.
Lennar, a home construction and real estate company, plans to spin-off all or parts of its non-core business to become a pure-play homebuilder and financial services company, while also creating a joint venture to provide single family homes for rent. The expected size of Lennar's spun-off enterprise would be between $3bn and $5bn in asset base, with no debt, and could include Lennar's commercial mortgage business
Lennar's focus on its core homebuilding business comes as housing has been one of the persistent bright spots throughout the coronavirus-driven recession and mortgage rates are hovering near historic lows of around 3%, boosting buyer affordability, Reuters reported.
"We are focusing on driving higher returns with less noise in our numbers from lumpy profits. This would increase visibility for the capital markets into its core operation," Stuart Miller, Lennar Chairman.
RedBird plans to acquire an 11% stake in Red Sox from John Henry. (FS)
RedBird Capital Partners, a principal investment firm, plans to acquire an 11% stake in Red Sox, an American professional baseball team, from John Henry, PE Insights reported.
The deal will result in a great return for majority owner John Henry, who in 2001 paid what was then a record $700m for the Red Sox. This deal values its parent company, Fenway Sports Group, at around $7.3bn.
Warburg Pincus and General Atlantic-backed Alignment Healthcare aims for $3.56bn valuation in US IPO. (FS)
Warburg Pincus and General Atlantic-backed Alignment Healthcare, a healthcare platform, aims for a valuation o up to $3.56bn in its initial public offering in the United States, Reuters reported.
Alignment and a group of its stockholders are aiming to raise up to $516m in the IPO, selling 27.2m shares between $17 and $19 each.
Alignment is advised by Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch and William Blair.
Falcon Capital Acquisition II to raise $400m via US IPO.
Veteran investment banker Alan Mnuchin-backed Falcon Capital Acquisition II, a special purpose acquisition company, plans to raise $400m through an initial public offering in the United States.
Falcon Capital Acquisition II will sell 40m units, consisting of shares and warrants, on the Nasdaq Capital Market, priced at $10 per unit. The SPAC is advised by Goldman Sachs.
Blau Farmaceutica to raise $375m via an IPO.
Blau Farmaceutica, a Brazilian pharmaceutical company, looks to raise $376m through an IPO.
Blau will price its shares at $8.4, in the middle of the suggested price range. The company could raise around $267m, issuing new shares, and the rest would go to shareholders reducing their stakes.
Blau is advised by Itau Unibanco, Banco Bradesco, BTG Pactual, JP Morgan and Citigroup.
Goldman Sachs-backed ThredUp mulls raising $168m through US IPO. (FS)
Goldman Sachs-backed ThredUp, an online resale platform, is looking to raise up to $168m through a US initial public offering.
Each share is anticipated to be priced between $12 and $14 and will be listed on Nasdaq under the ticker symbol "TDUP." The Silicon Valley startup will extend to its underwriters a 30-day option to purchase up to an additional 1.8m shares of Class A common stock.
ThredUp is advised by Goldman Sachs, Morgan Stanley, Barclays, William Blair, Wells Fargo, KeyBanc Capital Markets, Needham & Company, Piper Sandler and Telsey Advisory Group.
Providence Equity-backed DoubleVerify files for US IPO. (FS)
Providence Equity Partners-backed DoubleVerify Holdings, a provider of software to track digital media engagement, filed with US regulators to go public, hoping to cash in on investor optimism towards tech stocks. DoubleVerify intends to list its common stock on the New York Stock Exchange under the ticker symbol "DV".
DoubleVerify is betting on the high appetite for tech stocks during the pandemic which has seen investors flock to share sales of tech heavyweights like Coupang and Roblox.
DoubleVerify is advised by Goldman Sachs, JP Morgan, Barclays, RBC Capital Markets, Truist Bank, William Blair, KeyBanc Capital Markets, Canaccord Genuity, JMP Securities, Needham & Company, Loop Capital Markets and Capital One Securities.
Revelation Partners closes Revelation Healthcare Fund III at a hard cap of $350m. (FS)
Revelation Partners, a dedicated secondary investor in healthcare, announced the first and final closing of its newest fund, Revelation Healthcare Fund III, at its hard cap of $350m. The oversubscribed offering surpassed the initial target of $300m and builds on the long-term investment success of the firm.
"With the tremendous amount of private capital that has flowed into the healthcare space over the last several years, our limited partners continue to see the attractive opportunity for Revelation Partners to provide liquidity in this illiquid market," Scott Halsted, Revelation Partners Founder and Managing Partner.
EMEA
National Grid, an owner and operator of the electricity transmission network in England and Wales, agreed to acquire Western Power Distribution, an electricity distribution network operator, from PPL, a utility holding company, for $10.8bn.
"The strategic transactions we are announcing today immediately unlock value for shareowners and achieve the objectives we set out in launching the process to sell our UK utility business. They will refocus our business mix squarely on strong, rate-regulated US utilities; strengthen our credit metrics; enhance long-term earnings growth and predictability; and provide us with greater financial flexibility to invest in sustainable energy solutions for those we serve," Vincent Sorgi, PPL President and CEO.
National Grid is advised by Barclays, Goldman Sachs, Robey Warshaw, Cravath Swaine & Moore, Herbert Smith Freehills, and Teneo. PPL is advised by JP Morgan, Ashurst and Skadden Arps Slate Meagher & Flom.
EU antitrust enforcers cleared Danfoss' $3.3bn acquisition of hydraulic business from Eaton, an Irish power management company. It happened after the Danish industrial company agreed to sell some units to address competition concerns. Danfoss will sell some businesses in Germany, Poland and the US.
Danfoss is advised by KPMG, Citigroup, Creel Garcia-Cuellar Aiza y Enriquez, Hogan Lovells, Paksoy, Veirano Advogados, and Winston & Strawn. Eaton is advised by Gibson Dunn & Crutcher.
BC Partners, an international investment firm, agreed to acquire a majority stake in Davies, a provider of specialist professional services and technology business services, from HGGC, an American middle-market private equity firm, and AIMCo, a diversified institutional investment fund. Financial terms were not disclosed.
“We at BC have been watching Davies’ progression over the past few years with keen interest, as this was a business we knew had serious potential. Over this period it has expanded geographically, successfully entering and establishing a presence in the US, Canadian and Bermudian markets, completed more than 30 acquisitions, diversified its service offering and cemented its position as a clear leader in its sector – all whilst upholding its reputation for providing excellent service to its customers,” Cedric Dubourdieu, BC Partners Partner.
BC Partners is advised by PwC, Macquarie Group, Waller Helms Advisors and Linklaters. Davies is advised by Liberty Corporate Finance and Osborne Clarke. HGGC is advised by Kirkland & Ellis. AIMCo is advised by Allen & Overy.
Horvik, a Cyprus-registered company indirectly owned by Vladislav Sviblov and is part of his wider business interests in the metals and mining industry, offered to acquire a 51.2% stake in Trans-Siberian Gold, a gold producer, developer and explorer in Russia, for $74m.
"We are pleased to announce the acquisition and the offer which represent a further strategic investment for us in the Russian natural resources sector. This is in line with our strategy to build a broader asset portfolio and adds to our investments in Highland Gold and the Ozernaya Mining Company. We believe that TSG has an attractive asset portfolio in the Kamchatka region and we believe that we can support TSG's future development," Vladislav Sviblov, Horvik Ultimate Beneficial Owner.
Horvik is advised by VTB Capital and Skadden Arps Slate Meagher & Flom. TSG is advised by Canaccord Genuity, Akin Gump Strauss Hauer & Feld and Hudson Sandler. Debt financing is provided by VTB Capital.
Intermediate Capital Group, a global alternative asset manager, agreed to acquire Alvinesa Alcoholera Vinicola, a Spain-based manufacturer and distributor of alcoholic beverages, from Arta Capital, a Spanish mid-market private equity firm, for €320m.
Arta Capital had been working on the divestment since the end of 2019. However, the speed with which the pandemic evolved made Arta decide to wait a few months to relaunch the transaction with the aim of maximizing its investment and giving the interested parties a more certain investment horizon.
Arta Capital is advised by Rothschild & Co, Allen & Overy and King & Wood Mallesons. ICG is advised by Optima Corporate.
Future Planet, a global impact-led venture capital firm, led a $168m Series B funding round in Vaccitech, a clinical-stage biopharmaceutical company. Additional investors include M&G Investment Management, Tencent, Gilead Sciences, Monaco Constitutional Reserve Fund, and Oxford Sciences Innovation.
“We expect this financing to enable us to reach key value inflection points for our lead programs. We now look forward to advancing key programs towards generating proof-of-concept data in indications with significant need of effective new treatments," Bill Enright, Vaccitech CEO.
Future Planet was advised by Sciad Communications.
CK Asset, an operator of real estate businesses, agreed to acquire four European utilities from Li Ka Shing Foundation, a Hong Kong-based charitable organization, for $2.2bn.
“The deal is positive to the share price and create value for shareholders,” Victor Li, Ck Asset Chairman.
The Rise Fund, a global impact investing platform of alternative investment firm TPG, agreed to invest in Airtel Mobile Commerce, a mobile money business of Airtel Africa, in a $200m deal.
"With today’s announcement we are pleased to welcome The Rise Fund as an investor in our mobile money business and as a partner to help us realise the full potential from the substantial opportunity to bank the unbanked across Africa,” Raghunath Mandava, Airtel Africa CEO.
CITIC Capital Partners, an investment management firm, completed a $50m investment in MedAlliance, a developer of medical technology. Financial terms were not disclosed.
“We are very pleased to have Trustar Capital as a valued partner and have established a strong relationship with their team over a substantial period of time. Their in-depth knowledge and expertise in the global medical device market will be of tremendous benefit to us. Validation from this highly successful and respected organization represent a significant endorsement of both our technology and our team and will help us to improve and extend the lives of patients around the world," Jeffrey B. Jump, MedAlliance Chairman and CEO.
French antitrust examine sale of Bertelsmann's stake in M6.
Reuters reported that France's antitrust watchdog is closely examining the sale of Bertelsmann's controlling stake in French broadcasting group M6, said the head of the French watchdog body.
Isabelle de Silva, who is the head of the French watchdog, told reporters at a news conference that the watchdog would be "very vigilant" regarding the possible M6 stake sale.
Sumitomo in talks to acquire ABN Amro's commodity loans.
Sumitomo Mitsui Financial Group, a commercial banking company, is in talks to acquire a portfolio of commodity loans from ABN Amro, as the Dutch lender exits the industry.
A potential deal would see the Japanese lender take over ABN's long-term loans, which extend past the end of the year. For the Dutch bank, it could also mean an earlier-than-planned exit from the commodity trade finance business.
ABN Amro, once a key lender to the commodities industry, last year said it was going to leave the business after racking up losses from a series of trading scandals. At the time, then Chief Financial Officer Clifford Abrahams said the bank would let existing loans wind down over the next three to four years, Bloomberg reported.
Vodafone nets $2.7bn from Vantage Towers' Frankfurt IPO.
Shares in Vodafone's Vantage Towers rose in Germany's largest stock market debut in three years, benefiting from a strong investor appetite for infrastructure assets with stable returns.
Its shares were up 3.3% at $29.5 at the market open, compared with an offer price of $28.6, which had been set in the lower half of the $26.8 to $34.6 marketing range.
Vodafone is earning as much as $2.7bn - taking into account a $357m over-allotment option, or greenshoe - in a deal that values Vantage Towers at $14.4bn. Assuming the Vantage Towers greenshoe is fully exercised, Vodafone would still hold 81% of the telecom towers company.
Vodafone is advised by Rothschild & Co.
Summa Equity-backed Olink targets a $2bn valuation in US IPO.
Summa Equity-backed Olink Holding, a biotechnology company, is set to raise as much as $238m from an initial public offering in the United States.
The capital raise would give the company a valuation of about $2.1bn based on the high end of its offer range. Olink will use part of the capital to repay its outstanding credit facilities and for general corporate purposes. It may also acquire or invest in additional businesses and assets, Bloomberg reported.
SoftBank-backed Kahoot to explore explore secoundary US listing.
SoftBank-backed Kahoot mulls a secondary listing in New York or another major European exchange as it looks to take advantage of soaring investor demand for growth and tech stocks.
The Norwegian e-learning company, which made a switch from Oslo's junior bourse to its main stock exchange, will use the coming months to explore alternative listing options. The company did not raise any new money while making the switch, though the move should give it access to more investors should it want to raise money for acquisitions in the future.
APAC
Arch Capital, a financial services provider, agreed to acquire Westpac Lenders Mortgage Insurance, a lenders mortgage insurance provider. Financial terms were not disclosed.
“Australia has been and continues to be an important market for our mortgage insurance business. This acquisition reinforces our commitment to both the market and our clients and enhances Arch’s position as a leading provider of LMI in Australia. We look forward to continuing our long-standing partnership with Westpac by being their exclusive provider of LMI and will remain focused on providing innovative solutions and excellent service to clients across Australia," David Gansberg, Arch Capital Group CEO.
Arch Capital is advised by Credit Suisse, KPMG, and Clyde & Co.
Maropost, a marketing automation platform, completed the acquisition of Neto, a global e-commerce platform, for $60m.
"Neto has the tools businesses need to manage operations, grow customer relationships and sell everywhere. Maropost's expertise is in innovative solutions in audience engagement, customer acquisition and sales growth through marketing and email automation. Our combined functionality will provide enormous value for businesses of all sizes," Ryan Murtagh, Neto Founder.
Warburg Pincus-backed Kalyan Jewellers IPO subscribed 2.6times on the final day. (FS)
Warburg Pincus-backed Kalyan Jewellers' $161m IPO was subscribed 2.6 times on the third and final day of bidding proces. Till 5:00 pm, the issue received bids for 249m shares against the issue size of 95m shares. The issue priced in the $1.18-$1.19 range comprised a fresh issue aggregating up to $110m and an offer for the same of up to $51m.
So far, only retail investors and the firm's employees have fully subscribed to their portion of the issue. Retail investors have bid for 2.12 times the quota reserved for them. Qualified Institutional Buyers have bid for 65% of their portion, and Non-Institutional Investors have subscribed 93% of the portion reserved for them. Employees of the company have bid for 1.9 times their portion. Overall the issue has so far garnered bids for 1.42 the issue size.
DMall hires banks to oversee its $500m US IPO.
DMall, a Chinese e-commerce platform, had hired Bank of America Merrill Lynch, Goldman Sachs, and JP Morgan, to oversee its $500m US initial public offering.
The listing could happen in the second half of this year. DMall opted for an IPO over a merger with a special-purpose acquisition company to go public.
Geely and SK Holding to invest in a $300m New Mobility Fund. (FS)
Zhejiang Geely Holding Group and SK Holdings have agreed to jointly invest in a transport and technology innovation fund which is set to raise as much as $300m. Geely and SK have seeded the fund with investments of $30m each.
The Chinese automotive group and the South Korean conglomerate SK Group's holding company will be anchor investors in the New Mobility Fund. The fund will invest in mid-to-late-stage growth companies that are innovating in the transportation industry and related sectors.
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