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AMERICAS
The European Commission said the proposed $61bn takeover by US chipmaker Broadcom of cloud computing company VMware could restrict competition in the market for certain hardware components, Reuters reported.
The commission said it had informed Broadcom of its preliminary view, which is the result of an in-depth investigation of the takeover that was opened late last year.
Broadcom now has the opportunity to reply to the commission's objections and to request an oral hearing.
VMware is advised by Goldman Sachs (led by Sam Britton and Stephan Feldgoise), JP Morgan (led by Madhu Namburi), Axinn Veltrop & Harkrider (led by John Harkrider), Gibson Dunn & Crutcher (led by Barbara Becker and Andrew Kaplan) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by Alison S. Ressler and John L. Savva). Broadcom is advised by Bank of America (led by Kevin Brunner and Ron Eliasek), Barclays (led by Laurence Braham, Richard Hardegree and Gary Posternack), Citigroup (led by Tyler Dickson and Daniel Mallegni), Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by David Karp, Ronald Chen and Viktor Sapezhnikov), Brunswick Group (led by Simon Sporborg) and Joele Frank (led by Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Flexjet, a subscription-based private aviation company, terminated a SPAC merger with Horizon Acquisition II in a $3.1bn deal.
Flexjet will remain a private company, and Horizon will liquidate its trust account and redeem all of its outstanding Class A ordinary shares.
Brookfield Infrastructure, a private equity firm, agreed to acquire Triton International, a lessor of intermodal freight containers, in a $13.3bn.
"We believe this transaction provides an excellent outcome for all of Triton's stakeholders. The sale price provides significant value to our investors and represents a 35% premium to yesterday's closing share price. For our long-term shareholders, this transaction crystallizes a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International. For our customers and employees, Brookfield Infrastructure's significant resources and long-term investment horizon will support Triton's franchise, underpin our commitment to providing unrivaled service, and support continued investment in our growing business," Brian M. Sondey, Triton CEO.
Triton International is advised by Goldman Sachs, Appleby and Sullivan & Cromwell. Brookfield is advised by Bank of America, MUFG Bank, Mizuho Securities, Torys, Skadden Arps Slate Meagher & Flom (led by Eric Otness and Thomas Greenberg) and Teneo.
Emerson, a technology, software and engineering powerhouse, offered to acquire National Instruments, a provider of testing and measurement equipment and integrated, software-led solutions, for $8.2bn.
"We are pleased to reach an agreement with NI, whose best-in-class test and measurement product and software offerings accelerate Emerson's progress toward a cohesive, higher growth and higher margin automation portfolio. With this expansion into test and measurement, Emerson will enhance its automation capabilities and gain a broader set of customers that relies on NI's solutions at critical points along the product development cycle. NI's business is well-aligned with our vision for automation and we look forward to working together to bring more comprehensive and innovative solutions to our customers, accelerate growth and position Emerson to deliver significant shareholder value," Lal Karsanbhai, Emerson President and CEO.
National Instruments is advised by Bank of America, Wachtell Lipton Rosen & Katz (led by Adam Emmerich and Sabastian Niles) and FGS Global. Emerson is advised by Centerview Partners, Goldman Sachs, Davis Polk & Wardwell (led by Phillip Mills and Cheryl Chan), Sidley Austin and Joele Frank.
Chiesi Farmaceutici, an international, research-focused biopharmaceuticals and healthcare group, completed the acquisition of Amryt Pharma, a global, commercial-stage biopharmaceutical company, for $1.48bn.
"We are excited to add the Amryt family to our company in this acquisition that demonstrates our commitment to rare diseases and aligns with our growth strategy through partnerships beyond internal research and development. Amryt has unique and clinically differentiated products and additional promising drugs in its pipeline. As a benefit corporation certified B Corp, Chiesi has a patient-centric and sustainable model in place to make these treatments available to even more patients who need them. As of today, we are officially joining our forces to bring hope to people in need and look forward to this new chapter in our collective journey," Giacomo Chiesi, Chiesi Head of Global Rare Diseases.
Spectral MD, an Artificial Intelligence company focused on predictive medical diagnostics, agreed to go public via a SPAC merger with Rosecliff Acquisition I, a special purpose acquisition company listed on Nasdaq, in a $170m deal.
"This transaction is an excellent strategic move for Spectral MD. For the past 10 years, the Spectral MD team and our key partners have been developing cutting-edge AI solutions that have demonstrated tremendous promise and are now on the cusp of delivering for healthcare providers and patients. Spectral MD solves an unmet need in healthcare that goes far beyond current solutions by leveraging relevant AI technology to enhance the diagnostic accuracy of the healthcare provider, improve patient outcomes and significantly lower costs. The Nasdaq listing will ensure we are well positioned to capitalize on US federal procurement contracts, our planned FDA and CE mark submissions in 2023 and 2024, and our commercialization roadmap for burn, DFU, 3-D wound size measurement, as well as support the advancement of additional pipeline clinical applications. I am excited to be working with the Rosecliff team in executing our vision of transforming patient care and improving clinical outcomes," Wensheng Fan, Spectral MD CEO.
Lee Equity Partners, a private equity firm, and Twin Point Capital, a principal investment firm, agreed to acquire TESSCO, a technology distributor, manufacturer, and solutions provider, for $161m.
"This deal is a win for Tessco shareholders and our customers. The transaction price and premium reflect the success of our considerable turnaround efforts over the past three years, as well as Tessco's current growth trajectory. Moreover, our customers will benefit from a greater breadth of products and service options as we team with two companies that are true leaders in serving the wireless industry, and that share our commitment to innovation and customer service," Sandip Mukerjee, Tessco President and CEO.
TESSCO is advised by William Blair & Co, Ballard Spahr and Sharon Merrill Associates. Lee Equity is advised by Harter Secrest & Emery and Weil Gotshal and Manges.
Jefferies, a financial services provider, and Cerbrus, an alternative investment firm, completed the acquisition of FORMA Brands, a builder of beauty brands. Financial terms were not disclosed.
"This marks the start of an exciting new chapter for FORMA Brands. With new capital and the support of our Investor Group, we are moving forward with the resources necessary to support the execution of our new long-term growth strategy focused largely on our global wholesale and e-commerce operations. We are excited about the opportunities ahead for FORMA Brands and our multi-category portfolio of innovative beauty brands," Simon Cowell, FORMA Brands President.
Foundation Building Materials, a supplier of building materials, completed the acquisition of Marjam Supply, an exporter of building materials. Financial terms were not disclosed.
"This is an exciting time for all parties involved, collectively FBM is working closely with the Marjam Team and others to make the transition as seamless as possible. We know that a single, unified brand is critical for maintaining the trust of our customers, so like all prior acquisitions, Marjam will eventually take on the Foundation Building Materials name and brand," Foundation Building Materials.
Marjam Supply was advised by Paul Weiss Rifkind Wharton & Garrison.
Mitratech, a provider of legal, compliance, and HR software, completed the acquisition of software developers Trakstar and Circa from Gauge Capital, a private equity firm. Financial terms were not disclosed.
"Both Circa and Trakstar are perfect complements to the existing Mitratech platform, and champions of the markets where we see our HR portfolio expanding. Having the ability to intentionally source and recruit underrepresented individuals, as well as analyze and report on labor and compensation data, is critical in today's job market and fundamental to organization's retention strategies – and Circa is a standout in this regard. Layer in the deep workforce analytics, performance management, and learning and development offered by Trakstar, and organizations are now empowered with integrated technologies for optimizing the performance of organizations, teams, and individuals," Mike Williams, Mitratech CEO.
Gauge Capital was advised by Ropes & Gray.
CapitalG, an independent growth fund, led a $100m funding in AlphaSense, a market intelligence and search platform, with participation from Goldman Sachs Asset Management and Viking Global Investors.
"We are proud to support AlphaSense as it powers market intelligence and research for the business world. The AlphaSense platform is really powerful in how it leverages AI to transform and streamline the work of business and finance professionals globally, including investors like ourselves, as well as many happy users at companies like Google, Bank of America, and Merck. We're excited to invest in and partner with a company that is augmenting how so many businesses make strategic decisions by enabling seamless access to high-quality, trustworthy business and market insights," James Luo, CapitalG Partner.
Masdar, a clean energy company, completed a 50% stake in the combined solar and battery storage project of EDF Renewables, a power producer and service provider. Financial terms were not disclosed.
"Masdar has a strong working relationship with EDF that originated in the Middle East and now extends across the globe, and we are pleased to further strengthen that relationship today. We are also committed to growing our activities in the US over the coming years and see it as an extremely important strategic market for Masdar. I look forward to growing our presence in the US as a developer and independent power producer, as part of our targeted global expansion of reaching at least 100 GW by the end of this decade," Mohamed Jameel Al Ramahi, Masdar CEO.
Azelis, a global innovation service provider, agreed to acquire a majority stake in Vogler, a specialty distributor of food ingredients. Financial terms were not disclosed.
"In line with our strategic vision to be the preeminent innovation service provider in the regions where we operate, joining forces with Vogler provides Azelis with a significant foothold in the Brazilian food and nutrition market and the opportunity to expand with our customers and principals. In addition, Vogler is a platform for Azelis in Brazil to provide further growth by leveraging our international infrastructure, and global lab network. We will utilize Vogler as the foundation to add market segments and expand our lateral value chain," Frank Bergonzi, Azelis CEO of Americas.
Diamondback is exploring sale of non-core west Permian assets.
Diamondback Energy, a company engaged in hydrocarbon exploration, is looking to sell non-core assets in the western Permian Basin as the oil producer looks to cash in on an increasingly active deal market in US shale, Bloomberg reported.
The company is working with a financial adviser to seek a buyer for assets around Pecos County, Texas. No final decision has been made and Diamondback could opt to hold onto the assets.
Veritas, Carlyle end talks around Cotiviti stake sale. (FS)
Veritas Capital and Carlyle Group have ended their talks for the Washington-based alternative asset manager to take a stake in health-care technology firm Cotiviti, Bloomberg reported.
Veritas Capital, which took Cotiviti private in 2018, began notifying its limited partners of the development. Carlyle attempted to negotiate a lower price before ultimately deciding not to move forward with the investment due to market conditions.
Exxon deal hunt signals possible shale M&A wave.
Exxon Mobil hunt for a blockbuster deal in US shale could kick off a bonanza of deal-making in the oil patch as drillers look to put large war chests of cash to work.
The oil giant has held preliminary talks with Pioneer Natural Resources, a Texas fracker with a roughly $52bn market capitalization, about a potential acquisition. Exxon, which has been on the prowl in the Permian Basin for months, has also discussed a potential deal with at least one other company, WSJ reported.
ConocoPhillips CEO sees more shale deals as investors stay on sidelines.
Chief Executive Officer Ryan Lance is predicting more shale mergers and acquisitions amid a dearth of investment in the industry — but his company won't take part unless a highly compelling deal is on the table, Bloomberg reported.
"We don't have to do anything. In fact, the hurdle is quite large for us. It's really tough to transact at this point in the cycle with the commodity price the way it is," Ryan Lance, ConocoPhillips CEO.
HPS Investment Partners raises $17bn for its latest debt fund. (FS)
HPS Investment Partners, a private equity firm, closed HPS Strategic Investment Partners V at $17bn in investible capital, which includes $12bn in equity commitments. The total well exceeds the original equity fundraising target of $9.5bn. The manager's fifth flagship junior debt fund focuses on financing solutions for large, established firms in North America and Western Europe.
"We believe the current market environment presents a rich set of opportunities for us to pursue as companies continue to seek strategic partners and scaled platforms that can develop and execute bespoke financing solutions with speed and certainty," Scot French, HPS Governing Partner.
EMEA
The lower house of Switzerland's parliament voted to retrospectively reject the $120bn of financial guarantees the government gave to Credit Suisse as part of a hastily cobbled-together rescue package.
At an extraordinary government session called to discuss Credit Suisse's demise, 102 parliamentarians voted against the measure. Switzerland's upper house voted in favor of the government guarantees, Reuters reported.
Novatek, a natural gas producer, agreed to acquire a 27.5% stake in Sakhalin-2 from Shell, a multinational oil and gas company, for $1.16bn.
Russian President Vladimir Putin gave his consent for the transfer of the required funds to Shell.
HIG Capital, a global alternative investment firm, completed the acquisition of a majority stake in Office People, a company for personnel management and temporary staffing. Financial terms were not disclosed.
"The temporary labor market offers compelling opportunities based on secular growth trends. We are excited to build upon these trends together with Office People's highly experienced founder and management team, leveraging organic growth, add-on acquisitions and a selective internationalization strategy. With our deep knowledge and comprehensive experience in the industry, we are perfectly positioned to support Office People's next growth phase and look forward to working with Mr. Akköse and the entire team," Holger Kleingarn, H.I.G. Managing Director.
Mexico saving money by buying Iberdrola plants.
Mexico's $6bn deal to buy 13 power plants from Spanish energy company Iberdrola is saving the country money, President Andres Manuel Lopez Obrador said.
"In market terms, what was achieved was a reduction in the price - if we were building the plants, even including the length of service - of 30%," he told a news conference.
Sinopec said to buy 5% of Qatar's North Field East.
China’s state-owned oil and gas giant Sinopec will take a 5% stake in Qatar’s North Field East expansion, part of the world’s largest liquefied natural gas project, state news agency, DealStreetAsia reported.
QNA QatarEnergy had said previously that it could give up to a 5% stake in the project to some buyers, which QatarEnergy CEO Saad al-Kaabi called “value-added partners”.
France seeks domestic buyer for nuclear-submarine parts supplier.
The French government is seeking a buyer for nuclear-submarine parts supplier Segault to bring what it sees as a key technology into domestic hands, Bloomberg reported.
Current owner Velan, based in Quebec, is being bought by US company Flowserve in an all-cash transaction valued at about $244m that is expected to close by the end of the second quarter.
Oman’s Ahli Bank board rejects merger offer from bank Dhofar.
The board of directors studied the non-binding proposal from the country’s second-largest lender and decided not to accept it, Ahli Bank said in a statement, without providing more details, Bloomberg reported.
Earlier this week, Bank Dhofar, with $11.2bn in assets, said it planned to submit a non-binding offer for its smaller rival, which is partly owned by Bahrain’s Ahli United Bank and has just under $8bn in assets.
Danone expands in specialized nutrition in Poland with Promedica acquisition.
French foods group Danone has bought Promedica, a Polish company specialising in care services for patients at home, as it expands in the profitable specialized nutrition market, Reuters reported.
The bolt-on acquisition, whose terms were not disclosed, was sealed on March 31. It will bring more scale to Danone in specialized nutrition in Poland, a country where the group has already a leading position.
EY calls off plan to split audit, consulting units.
Accounting firm EY has called off a plan to break up its audit and consulting units, slamming the brakes on a proposed overhaul of its businesses that was meant to address regulatory concerns over potential conflicts of interest.
The company, which is one of the Big Four accounting giants, announced its plans for a split in September after regulators voiced concerns that the audit arm would not do its job fairly for its client if it also employed EY as a consultant, Reuters reported.
APAC
Newmont, a gold mining company, laid down a best and final offer for Australia's Newcrest Mining at $19.5bn to close a deal that would extend Newmont's lead as the world's biggest gold producer.
"We are entering a new era in which mining companies must hold themselves to a higher standard of sustainability and long-term value creation. This transaction would strengthen our position as the world's leading gold company by joining two of the sector's top senior gold producers and setting the new standard in safe, profitable and responsible mining," Tom Palmer, Newmont President and CEO.
Newcrest Mining is advised by Gresham, JP Morgan and Herbert Smith Freehills. Newmont is advised by Bank of America, Centerview Partners, Lazard, King & Wood Mallesons and White & Case.
TD Holdings, a commodities trading service provider, offered to acquire a majority stake in Xinjiang Dede Xinyuan Environmental Protection Technology, an environmental management company specialized in tailings treatment and control solutions. Financial terms were not disclosed.
"We are thrilled to announce the LOI for the proposed acquisition of XDX. As a prominent B2B e-commerce commodities trading service provider and supply chain service provider in China, the Company is expected to further strengthen its advantages in the mineral trading business and the integration of the industry resources upon the completion of the proposed acquisition. The comprehensive recycling of asbestos tailings is not only instrumental for reducing waste of resources to enhance resource recycling, but also beneficial for preventing environmental pollution and promoting social harmony. It is of great significance for the transformation, optimization and upgrading of the economic structure of resource-based cities by pursuing the development of a recycling economy, that is, a virtuous circle of 'reduction, high efficiency, reuse and recycling'," Renmei Ouyang, TD Holdings CEO.
TD Holdings is advised by Ascent Investor Relations.
Walmart Inc-backed PhonePe, a fintech platform, raised $100m in additional funding led by General Atlantic at a pre-money valuation of $12bn, as part of its ongoing round that aims to raise up to $1bn.
This ongoing round aims to raise up to $1bn. This comes less than a month after the company raised $200m in funding from its majority shareholder Walmart.
The Edgeof, a Singapore-based VC firm, agreed to acquire SoftBank Ventures Asia, the venture arm of SoftBank. Financial terms were not disclosed.
The acquisition is pending regulatory approval and is expected to be completed within 2023.
Alibaba injects an additional $353m into Lazada.
Southeast Asia e-commerce major Lazada has received another $353m in capital infusion from its parent company Alibaba.
This brings the total investment made by the Chinese e-commerce giant into Lazada to $354m so far this year. Last year, Alibaba injected a total of $1.6bn into its Southeast Asian unit, DealStreetAsia reported.
Chinese liquor maker ZJLD to start taking orders for $900m HK IPO Soon.
ZJLD Group, a Chinese liquor company, is planning to start taking investor orders as early as next week for what could be this year’s biggest initial public offering in Hong Kong, Bloomberg reported.
The company is looking to raise $800m to $900m in the first-time share sale. Deliberations are ongoing and details of the offering such as the fundraising amount and timing could still change.
Trimegah Bangun Persada raises $672m in an IPO.
Metal and mining firm Trimegah Bangun Persada advanced in its Jakarta debut after raising $672m in Indonesia’s largest initial public offering this year. The sale shed light on the growing investor appetite for the country’s electric-vehicle sector, Bloomberg reported.
The shares rose 4.4% to 1,305 rupiah ($0.09). The company, also known as Harita Nickel, offered about 8bn shares. They were sold at the top of a marketed range that started at 1,220 rupiah ($0.08).
Ecopro Materials said to plan raising $377m in Korea IPO.
Ecopro Materials, a maker of a key component used in electric-vehicle batteries, is seeking to raise at least $377m in an initial public offering in Korea, Bloomberg reported.
The funds will enable the company to build two plants that produce precursors. Ecopro Materials — founded in 2017 by Ecopro Group and China’s GEM.
Mirxes said to be looking at raising up to $200m in Singapore IPO.
Singapore-based biotechnology company Mirxes is said to be looking at raising between $100m and $200m in an initial public offering in Singapore, DealStreetAsia reported.
The report, which quoted people privy to the matter, said the cancer diagnostics company has already made its first submission of documents to the local bourse, the Singapore Exchange.
Credit Suisse Australia head Ristevski returns to Macquarie. (FS, People)
Credit Suisse Group’s head of investment banking and capital markets for Australia has departed the firm to rejoin Macquarie Group.
Dragi Ristevski will become Head of Financial Sponsors, Asia Pacific for Macquarie Capital. Based in Sydney, Ristevski will sit on the APAC Group Heads Committee and will work alongside Dieu Ndenzako to build a new specialist private equity coverage team for the Asia-Pacific market, Bloomberg reported.
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