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AMERICAS
Vista Outdoor and Czechoslovak Group said on June 25 that they had received regulatory approval from an interagency committee of the United States government for the proposed sale of Vista's sporting products and ammunition business to the Prague-based defense firm, Reuters reported.
The clearance from the Committee on Foreign Investment in the United States was the final regulatory approval required under the merger agreement with CSG for the closing of the sale.
Czechoslovak Group is advised by JP Morgan and Clifford Chance. Vista Outdoor is advised by Moelis & Co, Morgan Stanley and Cravath Swaine & Moore (led by Aaron Gruber), Gibson Dunn & Crutcher (led by Jonathan Layne) and Joele Frank (led by Matthew Sherman).
KKR, a private equity firm, completed the acquisition of a portfolio of 18 multifamily assets from Quarterra, a management, development, construction, and investment company that provides rental services, for $2.1bn.
"Quarterra is known for their high-quality assets and we are thrilled to be working with them on this transaction. We like the fundamentals in this sector. This portfolio serves high-growth metropolitan areas across the country, where new supply will slow down significantly looking out beyond the next couple years. We are excited to invest in this portfolio,” Daniel Rudin, KKR Managing Director.
KKR is advised by Gibson Dunn & Crutcher. Quarterra is advised by Jones Lang LaSalle and Troutman Pepper.
Flexpoint Ford, a private equity investment firm, completed a $165m investment in Create Music, a growing music and entertainment company, with participation from Charles Goldstuck.
"Our partnership with Flexpoint marks a significant milestone for our company and their expertise will be instrumental as we continue to scale our operations and find new ways to serve our client's evolving needs. Flexpoint's investment will also support our ambitious acquisition strategy which will allow us to expand our market presence and create the scale to continue to provide unparalleled services to our clients and partners," Jonathan Strauss, Create Music CEO.
Create Music was advised by The Raine Group and Willkie Farr & Gallagher (led by Alan Epstein). Flexpoint Ford was advised by Reed Smith.
Keensight-backed PIXID, a vendor management SaaS platform, agreed to acquire VectorVMS, a vendor management platform for contingent labour, from Learning Technologies, a company specialising in learning and talent technologies and services, for $50m.
"We are delighted to welcome Marc Husain and VectorVMS' seasoned management team to PIXID Group to help us roll out our strategy in the USA and the MSP market segment. We have been impressed by VectorVMS' ability to deliver complete and robust solutions in a simple way to organizations that do not have the resources to deploy complex tools. This fits perfectly with PIXID Group's vision of delivering leading-edge technology in a simple and effective way," Etienne Colella, PIXID Group President.
Akamai, an American delivery company that provides content delivery network, cybersecurity, DDoS mitigation, and cloud services, completed the acquisition of Noname Security, an application programming interface security company, for $450m.
"API development continues to proliferate as customers prioritize their investments in application modernization and digital transformation initiatives. Combining Noname with Akamai's API Security offering will provide a solution for any type of customer. No matter where the customer's applications reside – be it in the cloud, natively on the edge, on-premise, or on other vendor platforms – they will be protected," Oz Golan, Noname CEO.
Noname was advised by JP Morgan. Akamai was advised by Morgan Stanley.
MRI Software, a provider of real estate and investment management software to real estate owners, completed the acquisition of Insurent, a lease guarantor provider for renters, landlords, property owners and real estate brokers. Financial terms were not disclosed.
"We are excited to join forces with a PropTech industry leader. Bringing together two forward-thinking category founders will drive leasing confidence and ensure that Insurent's clients and applicants benefit from the latest technology and innovation," Jeffrey Geller, Insurent Vice Chairman and Chief Operating Officer.
Insurent was advised by PJT Partners. MRI Software was advised by Saygency (led by Rachel Antman).
Cerberus-backed Electrical Components International, a global supplier of electrical distribution systems, completed the acquisition of Flex-Tec, a supplier of high-quality electrical wire harnesses and cable assemblies to leading customers in the commercial LED. Financial terms were not disclosed.
“We are pleased to partner with Flex-Tec as we continue driving ECI’s expansion into high-growth and high-value market segments. With an experienced team, longstanding customer relationships, and specialized manufacturing expertise, Flex-Tec has established itself as a partner of choice to industry leaders across commercial and smart lighting end markets. We look forward to welcoming the talented Flex-Tec team to ECI and supporting the company’s growth as part of our Industrial Tech platform," Mike Balsei, ECI Chief Executive Officer.
Electrical Components was advised by Debevoise & Plimpton (led by Kevin Rinker).
Volkswagen, an automotive company, and Rivian Automotive, an American electric vehicle manufacturer, agreed to form a joint venture in a $5bn deal.
Volkswagen resolves on investment by Volkswagen of initially $1bn in Rivian Automotive, and intends to establish a joint venture with Rivian Automotive, in the area of E/E architecture. Total investments from Volkswagen in Rivian Automotive, and the joint venture could grow to up to $5bn until 2026.
Dental implant maker ZimVie weighs potential sale.
Dental implants manufacturer ZimVie is weighing options including a sale after getting fresh takeover approaches, Bloomberg reported.
The Palm Beach, Florida-based company is working with an adviser to explore alternatives after recently receiving interest from potential buyers including buyout firms and industry players.
Boeing offers to buy Spirit Aero for $35/shr.
Boeing has offered to acquire Spirit AeroSystems in a deal funded mostly by stock that values its 737 fuselage supplier at about $35 per share, Bloomberg reported.
That offer is worth about $4.08bn, based on Spirit's outstanding shares as of May 7. The per-share offer represents a premium of nearly 6% over Spirit's stock closing price on June 24 and a 22.4% upside to its closing price on February 29, the day before Boeing's takeover talks became public.
Quantum Capital said to strike $1.8bn deal for Caerus Oil. (FS)
Quantum Capital Group has agreed to buy Caerus Oil and Gas in a deal that values the Rocky Mountain energy explorer at $1.8bn, as private equity firms ramp up buying in the oil patch.
Energy-focused Quantum is buying Caerus from backers Oaktree Capital Management, Anschutz Investment and Old Ironsides Energy, Bloomberg reported.
Bosch weighs offer for appliance maker Whirlpool.
German engineering group Robert Bosch is weighing a bid for US appliances manufacturer Whirlpool, a move that would boost its position in the household appliances market, Reuters reported.
Bosch has been talking to potential advisers about the possibility of making an offer for Whirlpool, which has a market capitalisation of about $4.8bn.
Microsoft risks EU fine after antitrust warning over teams.
Microsoft risks a hefty European Union fine after regulators accused the company of abusing its market power by bundling the Teams video-conferencing app to its other business software, Bloomberg reported.
The European Commission said it fired off a so-called statement of objections alleging that Microsoft’s practice of tying Teams to its Office 365 and Microsoft 365 packages fell foul of the bloc’s competition rules.
Exxon-led Guyana oil group's net jumps in 2023, margins top Nvidia's.
Guyana's lucrative agreement with an Exxon Mobil-led consortium in the South American country last year generated $6.33bn for the partners, government data showed, yielding a net margin larger than that of chip-maker Nvidia, Reuters reported.
The trio's combined net margin was 56%, greater than the 49% Nvidia earned in its most recent fiscal year. The Stabroek offshore oil venture's 2023 revenue soared 23% over the prior year, to $11.25bn, as the addition of a third production vessel expanded output. The group is producing about 630k barrels of oil per day from three vessels and has three others coming.
Vista-backed Solera seeks up to $13bn valuation in IPO. (FS)
Vista Equity Partners-backed automotive data and software services provider Solera is set to seek a valuation of about $10bn to $13bn in its planned initial public offering, Bloomberg reported.
The company, which analyzes vehicle life-cycle data for clients including insurers and dealers, may file publicly for its US IPO as soon as this week. It could start marketing the deal to prospective investors as soon as mid-July.
Drug-trial software maker Clario files confidentially for IPO.
Clario, a provider of software to help drugmakers advance treatments through clinical trials, has filed confidentially for an initial public offering and is targeting a valuation of more than $10bn, Bloomberg reported.
The Philadelphia-based company is working with underwriters including JP Morgan, Morgan Stanley, Jefferies Financial Group and UBS. It’s targeting next year for a listing.
EMEA
Blackstone, a private equity firm, completed the acquisition of Village Hotels, a hotel owner, operator and developer, from KSL Capital Partners, an investor in travel & leisure. Financial terms were not disclosed.
“With KSL’s support, we have developed a differentiated brand, offering lodging, food, meeting space and health and wellness, ‘everything under one roof’. Each hotel attracts over 4k local members to our health and wellness clubs, quite unique in the hotel world, with high-tech equipment, fitness class facilities and pools with steam room and sauna. A great facility for the business traveller where health and wellness plus work facilities make us best in class. With Blackstone we see great opportunities to expand the number of hotels in the UK and further enhance our existing facilities. An exciting time for us all,” Gary Davis, Village Hotels CEO.
Blackstone was advised by Lazard, Santander, DLA Piper and Simpson Thacher & Bartlett. KSL was advised by Morgan Stanley, Dentons and Joele Frank (led by Kate Thompson).
Britvic said on June 25 it would suspend its £75m ($95m) share buyback in light of Danish brewer Carlsberg's proposal to buy the British soft drinks maker, Reuters reported.
Britvic had rejected a £3.11bn ($2.45bn) takeover proposal from Carlsberg last week. Carlsberg is considering its options and said that PepsiCo agreed to waive a clause in its bottling deal with Britvic, in a move that could pave the way for the Danish firm to raise its bid for the maker of Robinsons fruit cordial.
Nasdaq said on June 26 it has cancelled plans to sell its Nordic power trading and clearing business to Europe's biggest power bourse, the European Energy Exchange.
Although the deal, which was announced last year, did not meet the standard threshold requirements for an EU anti-trust investigation, some authorities in Nordic member states requested that the EU Commission take a closer look at the case on concerns it could hamper market competition.
Rivean Capital, a mid-market private equity, agreed to acquire Intero Integrity Services, a specialist for keeping critical infrastructure clean, safe, well maintained, and highly productive, from First Reserve, an investment firm. Financial terms were not disclosed.
"With the backing of our partners at Rivean, I am confident that Intero will accelerate growth, expand and diversify our service offerings, and become a vital partner helping drive success for our customers. We look forward to this exciting new phase for Intero, where we will continue to expand our unique blend of technological innovations, critical inspection, advanced environmental services, and industrial services. This will ensure safety, integrity, and enhanced performance of mission-critical infrastructure around the world. We would also like to thank First Reserve for their invaluable support over the course of our partnership," Rienk de Vries, Intero CEO.
Rivean Capital is advised by Clifford Chance (led by Tim Heerschop). First Reserve is advised by Robert W Baird (led by Thomas Fetzer), Freshfields Bruckhaus Deringer and Joele Frank (led by Erik Carlson).
TDR Capital, a private equity firm, agreed to acquire Acqua & Sapone, a non-food discount retail brand, from HIG Capital, a global alternative investment firm. Financial terms were not disclosed.
“Acqua & Sapone has been a great investment for HIG Working in partnership with the Barbarossa family, the Company has more than doubled its earnings and cemented its position as Italy’s leading non-food discount retailer. We are proud of the outstanding performance of the management team, and we look forward to continuing to support the business in its next chapter alongside TDR," Stefano Giambelli, HIG Managing Director.
HIG Capital is advised by Mediobanca. TDR Capital is advised by Paul Weiss Rifkind Wharton & Garrison (led by Will Aitken-Davies). Acqua & Sapone is advised by JP Morgan.
Safran, a French multinational aerospace and defense corporation, agreed to acquire Preligens, a provider of artificial intelligence for aerospace and defense, for €220m ($235m).
"The proposed acquisition of Preligens will boost the adoption of AI within the Group, thus optimizing our agility and efficiency. With multiple applications, it will represent a step-change for our defense and space technology businesses and will also allow us to deploy AI-enabled digital inspection methods to support our focus on flight safety and quality," Olivier Andriès, Safran CEO.
Preligens is advised by Evercore and Willkie Farr & Gallagher (led by Fabrice Veverka).
Commodity trader Gunvor Group helped finance Gabon’s acquisition of Carlyle Group’s Assala Energy, the latest example of independent energy traders stepping in with deals for oil-producing countries in Africa, Bloomberg reported.
The deal for the 45k barrel a day crude producer has been some time in the making. In January, Gabon’s national oil company exercised what it said was a preemptive right to the assets after France’s Etablissements Maurel & Prom struck a deal to buy the company.
Alliance Trust, an investment and financial services company, agreed to merge with Witan Investment, an investment trust. Financial terms were not disclosed.
“The formation of Alliance Witan brings together the two leading open-architecture multi-manager investment company propositions in the UK to form a FTSE 100 equity investment vehicle with the quality, cost efficiency and profile to play a leading role in the UK investment market. Shareholders will benefit from access to the proven investment process implemented by our investment manager, Willis Towers Watson, and access to the world’s leading stock pickers. This is also a significant moment for our industry in broader terms – Alliance Witan represents a key milestone in the history of the investment trust structure which has demonstrated its capabilities very effectively over many decades," Dean Buckley, Alliance Trust Chairman.
Alliance Trust is advised by Quill PR (led by Fiona Harris).
Waterland, a private equity investment group, completed the acquisition of a majority stake in dacoso, an IT network integrator and provider of data security in the DACH region. Financial terms were not disclosed.
“With Waterland we have found a partner for our continued journey that has both particular expertise in the development of growth companies as well as longstanding experience in the ICT sector. The chemistry is also right – with this optimal foundation, we are looking forward to developing an international, market-leading group," Felix Pohl, dacoso CEO.
LVMH, a French multinational holding company and conglomerate specializing in luxury goods, agreed to acquire L’Epée, a manufacturer and distributor of creative art, contemporary, carriage clocks, and accessories. Financial terms were not disclosed.
“L’Epée 1839 is a brand of mechanical objets d’art with an unrivalled and unique expertise. Its creations span the ages; from officer’s carriage clocks, to space rockets, to the automotive inspirations of the 1950s, its products appeal to a public of enthusiasts for fine mechanics. L’Epée is also a renowned manufacturer, with the capacity to develop and design objects, and in particular the unique ability to interpret horological intricacies in three dimensions. Most of the company’s components are produced in-house demonstrating its strong creative prowess. L’Epée has initiated a number of watchmaking partnerships that we will maintain and develop with Arnaud Nicolas, and I am excited by the untapped creative potential of the various LVMH Group Maisons associated with this exceptional expertise,” Frédéric Arnault, LVMH Watches Division Chairman and CEO.
Vitruvian Partners completed a $50m investment in Civitatis. (FS)
Vitruvian Partners, an investment firm, completed a $50m investment in Civitatis, a curated online marketplace for guided tours and activities for Spanish and Portuguese speaking consumers. Financial terms were not disclosed.
“Our growth and profitability have been fuelled by a combination of highly effective sales channels, well-invested technology platform, and a customer-centric approach, providing the activities and tours in our customers’ own preferred language. Our customers appreciate our expertly curated catalogues of activities across the world, as well as the easy booking and, of course, the outstanding experience that they have with us. With the support of Vitruvian, we are continuing to expand our offerings and meet the demands of our rapidly growing customer base," Alberto Gutiérrez, Civitatis Founder and CEO.
Philips shares climb 2.5% after top investor Exor boosts stake.
Philips shares rose more than 2.5% on June 26, a day after a US Securities and Exchange Commission filing showed Exor investment arm of Italy's Agnelli family, had increased its stake in the Dutch healthcare technology group, Reuters reported.
According to the filing on June 25, Exor now owns 17.51% of Philips, up from 15.1%, strengthening its position as top investor of the group.
UniCredit competing with OTP to buy Blackstone’s Luminor. (FS)
UniCredit has submitted a bid for Luminor and is now competing with Hungary’s largest lender, OTP Bank, to acquire the Baltic bank, Bloomberg reported.
Tallinn, Estonia-based Luminor is owned by Blackstone, which started a sales process for the lender earlier this year. Blackstone has been seeking about 1.2 times book value in an exit. Luminor had about €1.8bn ($1.9bn) of equity on its balance sheet at the end of December.
Volotea teams up with Abra for slots from combined IAG-Air Europa.
The deal does not involve any changes to their shareholding structure, Volotea CEO Carlos Munoz said, adding that there was no cost involved for the joint venture partners.
Doordash held talks with UK's Deliveroo on takeover.
US meal delivery group Doordash flagged an interest in a takeover of Britain's Deliveroo last month, Reuters reported.
San Francisco-based Doordash made the approach to Deliveroo, but talks ended after disagreement on valuation.
Sanofi seeks initial offers for its $20bn consumer arm. (FS)
Sanofi has called for initial bids for its $20bn consumer health division, as the French pharmaceutical giant simultaneously moves forward with preparations for a possible listing of the business, Bloomberg reported.
The Paris-based drugmaker has asked potential suitors to make first-round bids by mid-July. Buyout firm Advent International and France’s PAI Partners are seen as the most keen on the business, which sells over-the-counter products including Phytoxil cough syrups and Icy Hot pain relief gels.
Zealand sells $1bn in shares to fund new obesity drugs.
Zealand Pharma sold about NOK7bn ($1bn) in new shares to fund the development of its experimental obesity drugs, as the Danish biotech challenges Novo Nordisk in the growing market, Bloomberg reported.
The proceeds will be used to push forward the company’s weight-loss drug programs in later stage clinical trials and pursue studies in related diseases. The company is still seeking strategic partners to help it bring some of its assets to the market.
KKR’s most prolific European dealmaker Huth to retire. (FS, People)
Johannes Huth, who spearheaded some of KKR's most high-profile European deals, is retiring from the private equity giant after a 25-year stint, Bloomberg reported.
London-based Huth is stepping down from his roles as KKR’s chairman for Europe, the Middle East and Africa and an active partner. He will remain as a senior advisory partner and on the boards of hedge fund Marshall Wace, media company Axel Springer and vacation parks group Roompot.
APAC
Nidar Infrastructure, a data center provider for artificial intelligence and high-performance compute, agreed to go public via a SPAC merger with Cartica, a blank check company, in a $2.75bn deal.
"Through its Yotta data centers, Nidar is India's leading data center provider for AI and high-performance compute. Yotta designs, builds and operates Tier III and IV data centers in India, which offer both colocation and hyperscale services and cloud and managed services. With our priority access to industry-leading GPUs through our partnership with the world's leader in high-performance compute, together with the added ability to access US capital markets, Yotta is poised to capture long-lasting demand from cloud infrastructure and AI," Sunil Gupta, Nidar CEO and Co-Founder.
Nidar is advised by GLC Advisors, Allen & Overy, SNG & Partners and Shearman & Sterling (led by Alain Dermarkar). Cartica is advised by BitOoda Technologies, Imperial Capital, Appleby, Khaitan & Co and Morrison & Foerster.
Ontario Teachers’ Pension Plan, an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian province of Ontario, led a $148m Series E round in Kogta Financial, a retail focused non banking finance company, with participation from Morgan Stanley Private Equity Asia, Multiples Private Equity, and Creador.
“This is a significant milestone for the Company, and we are pleased to welcome aboard Ontario Teachers’. Their experience would help Kogta navigate the next phase of its growth journey, deepening its reach across chosen geographies and product segments. We believe the Investment by Ontario Teachers’ is a stamp of confidence for the underlying business model built over the years,” Arun Kogta, Kogta MD and CEO.
Ontario Teachers’ Pension Plan was advised by Pitchfork Partners (led by Kishor Barua).
Novo, a holding and investment company, completed the investment in AgNext Technologies, a breakthrough agricultural and food technology company. Financial terms were not disclosed.
"This investment presents an exciting opportunity for Novo Holdings to collaborate with AgNext's management team in markets with unmet needs, prioritising both organic and inorganic growth in the food and agritech space in the near and long term. With an innovative technology offering, AgNext is poised to capture opportunities to grow its business across various sectors and regions. Further, the company's focus on unique and customised solutions aligns well with our vision of supporting transformative technologies in the bioindustrial and planetary health sector," Amit Kakar, Novo Managing Partner.
Qatar Airways looking to buy up to 20% stake in Virgin Australia. (FS)
Qatar Airways is in talks to buy up to a 20% stake in Bain Capital-owned Virgin Australia, as carriers fight for more market share in the country against dominant airline Qantas.
US private equity firm Bain Capital had aimed for an AUD1bn ($665m) listing of Virgin on the Australian Securities Exchange but the plan was delayed, Reuters reported.
Vedanta's parent to sell 2.6% stake in Indian miner in about-turn.
Vedanta Resources will sell a 2.6% stake in Indian metals-to-oil firm Vedanta to a group of institutional investors, Reuters reported.
The move marks an about-turn from a week ago when Vedanta Chairman Anil Agarwal said there were no plans for a stake sale by the company's controlling shareholders. Vedanta Resources will sell the stake through its unit Finsider International, which held a 2.63% stake in Mumbai-listed Vedanta as of March-end.
Meituan considers more than $1bn bond offering.
Meituan is considering raising funds via a bond offering this year, as the Chinese food delivery and shopping platform seeks to repay some existing debt and fund its expansion.
Meituan, founded in 2010 and led by billionaire Wang Xing, is working with investment banks to lay the groundwork for an offering. The size of the bond could be more than $1bn, Bloomberg reported.
Hongkong Land unveils $1b investment in prime shopping mall.
Property developer Hongkong Land on June 26 announced an investment of more than $1bn over the next three years in a prime shopping mall in the heart of the city's financial district. Hongkong Land, which is 53.3% owned by Jardine Matheson, said it planned to invest $400m in the project, with an additional $600m coming from tenants.
Located in Hong Kong's Central business district, the new Landmark project will house luxury names such as Sotheby's auction house, Cartier, Tiffany & Co and Louis Vuitton, DealStreetAsia reported.
Adani CFO calls some regulator notices group received 'trivial'.
The finance chief of the Adani Group conglomerate on June 25 deemed some of the Indian market regulator notices received by group firms citing alleged regulatory lapses as "trivial" in nature.
Led by billionaire Gautam Adani, the group has faced regulatory challenges in India since a report by short seller Hindenburg Research in January 2023. It accused group firms of improper use of tax havens and stock manipulation which sparked a $150bn meltdown in the market value of group firms, Reuters reported.
Hyundai India IPO banks set for country's second biggest payday with $40m fee.
Banks advising South Korean automaker Hyundai on its India IPO are set to make as much as $40m in fees, a windfall in a market where banks typically struggle to make money given cost-conscious clients and fewer big deals, Reuters reported.
That would be the second-highest fee pot ever for investment banks working on an initial public offering in India and it comes amid a sharp surge in equity deals in the country, making it a bright spot in an otherwise dull Asia.
Shein's potential IPO to be a 'badge of shame' for LSE.
Amnesty International UK said Shein's potential London initial public offering would be a "badge of shame" for the London Stock Exchange because of the fast-fashion firm's "questionable" labour and human rights standards.
Shein confidentially filed papers with Britain's markets regulator in June, kicking off the process for a potential London listing later this year, Reuters reported.
Japanese chipmaker Kioxia said to file preliminary IPO application. (FS)
Bain Capital-backed chipmaker Kioxia plans to submit a preliminary application to list shares on the Tokyo Stock Exchange in the coming days, DealStreetAsia reported.
The chipmaker plans to submit a full application in August and list at the end of October, though the timing could be pushed back to December. Kioxia said it has no update on its initial public offering plans and declined to comment on its listing procedures.
Chinese EV maker Hozon files for Hong Kong IPO amid price war in home market.
Chinese electric vehicle maker Hozon, which produces vehicles under the brand name Neta, has filed to go public through an initial public offering in Hong Kong, DealStreetAsia reported.
The size of its fundraising has not been disclosed, but media reports suggest the company could raise up to $1bn in its IPO on Hong Kong Exchanges and Clearing Limited, which would make it one of the city's biggest debuts this year.
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