AMERICAS
Nucor, a manufacturer of steel and steel products, completed the acquisition of CHI Overhead Doors, a manufacturer of overhead doors for residential and commercial markets, from KKR, a global investment firm, for $3bn.
"Acquiring CHI is another step in our long-term strategy to expand into areas that are a natural extension of our business and leverage our efficient manufacturing model. CHI is a highly profitable organization built with an amazing team and culture. It has consistently proven its strength and competitive advantages due to its broad product suite, very short lead times, robust delivery infrastructure and focused customer service Acquiring CHI allows Nucor to further enhance its already diverse range of businesses that provide end market solutions to the construction and infrastructure markets. As with the acquisitions Nucor made in the past year in insulated metal panels and racking, CHI increases the overall long-run value of the organization with businesses that have strong free cash flow characteristics, robust growth prospects and fit with Nucor's capabilities," Leon Topalian, Nucor President and CEO.
Nucor was advised by Moelis & Co, Moore & Van Allen and Joele Frank. KKR was advised by Goldman Sachs, UBS and Kirkland & Ellis.
Primoris Services, a specialty construction and infrastructure company, agreed to acquire PLH Group, a full-service construction and specialty contractor, for $470m.
"This acquisition aligns solidly with our strategic focus on higher-growth, higher-margin business segments. It expands our footprint for Power Delivery services at a time when improvement and expansion of our domestic electric grid is driving massive capital investment in this market," Tom McCormick, Primoris President and CEO.
PLH Group is advised by Stifel and K&L Gates. Primoris is advised by UBS, Gibson Dunn & Crutcher and Clermont Partners.
Ipsen, a biopharmaceutical company, agreed to acquire Epizyme, a commercial-stage biopharmaceutical company, for $247m.
"Through this agreement, we will expand our assets in oncology. Ipsen's capabilities and resources in oncology combined with Epizyme's will accelerate the growth of Tazverik to achieve its full potential in follicular lymphoma patients. The strength of data support Tazverik's positioning in patients with both EZH2 mutation positive and wild-type follicular lymphoma. We are compelled by the potential of its efficacy and tolerability profile, especially for elderly and/or frail patients who are treated in the community-based setting. Furthermore, we are excited to bring on board epigenetic expertise and the SETD2 inhibitor, as well as several pre-clinical compounds into our portfolio," David Loew, Ipsen CEO.
Epizyme is advised by Jefferies & Company, MTS Health Partners and WilmerHale. Ipsen is advised by Barclays and Orrick Herrington & Sutcliffe.
Pantheon Infrastructure, the listed global infrastructure fund, agreed to invest $58m in Calpine, one of the largest generators of electricity from natural gas and geothermal resources in the US.
"This is a really exciting investment in a company that has a vital role to play in the US energy mix - and in supporting the country's transition to Net Zero. We are delighted to invest alongside ECP and to support Calpine's own shift towards renewable energy, as we continue to build out PINT's portfolio," Richard Sem, Pantheon Partner.
Pantheon is advised by Investec and TB Cardew.
Bain Capital-backed BSN SPORTS, a marketer, manufacturer and distributor of sporting goods apparel and equipment, agreed to acquire the team sales business from Foot Locker, a sportswear and footwear retailer. Financial terms were not disclosed.
"We are excited that the employees of Eastbay Team Sales will be joining the BSN SPORTS family, which is dedicated exclusively to serving athletes, athletic directors and coaches who impact more lives in a year than most people do in a lifetime. This dedicated approach means that our new Sales Professionals will benefit from the best and broadest inventory selection, leading design and customization tools and support resources as they deliver the stellar service experience all customers deserve. We welcome the Eastbay Team employees to the BSN SPORTS family and look forward to a productive and rewarding integration of our teams headed into the 2022-2023 school year," Terry Babilla, BSN SPORTS President.
Foot Locker is advised by Evercore and Morrison Cohen.
Donald Trump's plans to merge his media business with a blank-cheque company have suffered a further blow after it emerged that a federal grand jury has issued subpoenas to the company and its board, FT reported.
Digital World Acquisition, the special purpose acquisition company, said in a regulatory filing on Monday that a federal grand jury in New York had issued subpoenas to the company and to each member of the board. The subpoenas also demanded a series of documents, including "communications with or about certain individuals".
Digital World Acquisition is advised by EF Hutton.
Accel-KKR, a technology-focused private equity firm, agreed to invest in Singletrack, the capital markets client engagement and analytics expert. Financial terms were not disclosed.
"Our success within the space can be measured in several ways: from our client base, which includes top performing independent investment banks, to our 29-country global footprint and our expanded product offerings which serve both buy and sell sides. As the capital markets grow in opportunity and complexity, we are poised for aggressive market expansion. This investment from Accel-KKR is a great catalyst for Singletrack and our mission," Stuart Berwick, Singletrack CEO.
Reliance in talks to raise up to $8bn for Boots.
Reliance Industries, an Indian multinational conglomerate company, is in talks with several global banks to raise as much as $8bn for its planned leveraged buyout of Walgreens Boots Alliance's international arm, Mint reported.
The conglomerate, led by billionaire Mukesh Ambani, is in talks with a consortium of foreign lenders comprising Barclays, Deutsche Bank, HSBC and Standard Chartered Bank for its biggest cross-border acquisition plan.
Sitio Royalties announces highly accretive Permian Basin acquisitions. (FS)
Sitio Royalties, an oil and gas mineral and royalty interest company, announced it has completed the acquisition of over 19.7k net royalty acres in the Permian Basin from Foundation Minerals, a Midland-based portfolio company of Quantum Energy Partners, for approximately $323m and entered into a definitive purchase and sale agreement to acquire over 12.2k NRAs in the Permian Basin from Momentum Minerals, a Houston-based portfolio company of funds and accounts managed or advised by affiliates of Apollo Global Management, for approximately $224m.
In conjunction with the acquisitions and consistent with the company’s strategy of protecting returns in times of above mid-cycle pricing, Sitio also entered into crude oil and natural gas derivative contracts to enhance the certainty of cash flows and protect against adverse commodity price fluctuations.
Investindustrial is in talks to acquire TreeHouse meal-prep unit. (FS)
Private equity firm Investindustrial is in exclusive talks to buy TreeHouse Foods' meal-prep business, Bloomberg reported.
The potential divestiture has been a long time coming. TreeHouse, based in Oak Brook, Illinois, said last year that it would launch a review, including exploring the sale of a significant portion of its meal-prep unit to focus on the higher-growth snacking and beverage business.
MaC Venture Capital announces $203m fund II after strong seed-stage fund performance. (FS)
MaC Venture Capital, a seed-stage venture capital firm based in Los Angeles and Silicon Valley, has successfully raised a $203m fund II, building on the $110m seed-stage fund secured in March 2021.
"Nearly doubling our seed-stage funding is incredibly validating and showcases how investors believe in our vision and see the hard work our team and portfolio companies are putting in every day," Adrian Fenty, MaC Venture Capital general partner.
Rothschild & Co hires Alex Graham as Managing Director and head of Canada. (People)
Rothschild & Co announced that Alex Graham has joined its global advisory business as Managing Director and Head of Canada.
"We are thrilled to welcome an investment banker of Alex's caliber to our firm as he will significantly strengthen our Canadian presence and provide experienced leadership to our team," Jimmy Neissa, Rothschild Head of North America.
EMEA
A consortium consisting of Sheikh Holdings, Belgravia Investments, Kensington Capital and THCS agreed to acquire CareTech, a service provider of individualized care and support within a person-centred approach, for $1.1bn.
"On behalf of the CareTech Independent Board, we are pleased to have reached agreement on the terms of a recommended cash offer by Bidco. We believe that this is in the best interests of our investors and other stakeholders, with the potential to deliver a number of strategic opportunities for the business through private ownership by Bidco. As a consequence of the offer, CareTech's founders will remain the controlling shareholders of the business. We believe this will allow the existing care-focused culture of the organisation to continue and enable CareTech to continue to deliver high standards of care to its service users," Jamie Cumming, CareTech Non-Executive Director.
CareTech is advised by Numis Securities, Panmure Gordon & Co, Charles Russell Speechlys and Consilium Strategic Communications. The consortium is advised by Citigroup, Dean Street Advisers, Deutsche Bank, Ashurst, GSC Solicitors, Proskauer Rose and FGS Global.
Digital 9 Infrastructure, an investor in the infrastructure of the internet, agreed to acquire a 48% stake in Arqiva, a wireless infrastructure provider of television and radio broadcasting services, from Canada Pension Plan Investment Board, an investment management firm, for £459m ($564m).
"We believe the safe and reliable access to data and content across multiple devices and the closer connectivity between broadcasters, utilities and their customers will contribute to the UK's sustainable economic development. Arqiva is a long-standing trusted communications infrastructure operator in the UK and complements our investment mandate to build resilient infrastructure, promote inclusive and sustainable industrialisation, and foster innovation. Arqiva expands the Company's exposure to wireless networks and will support the Company's total return and yield targets as we continue to build a high-quality portfolio of scalable platforms and technologies," Phil Jordan, Digital 9 Infrastructure Chair.
Digital 9 Infrastructure is advised by JP Morgan, Rothschild & Co and FTI Consulting.
Sandvik, a Swedish multinational engineering company, agreed to acquire Frezite, a provider of polycrystalline diamond tools for metal and wood applications. Financial terms were not disclosed.
"With the acquisition of Frezite, we take another important step in our shift to growth strategy. We have a clear ambition for our machining solutions business to increase our presence and strengthen our expertise in PCD tooling for lightweight materials," Stefan Widing, Sandvik CEO and President.
Sentinel Capital-backed TriMech, a technology and business solutions partner for designers, engineers, and manufacturers, completed the acquisition of Solid Solutions Group, a SOLIDWORKS provider in the United Kingdom and Ireland, from LDC, a private equity firm. Financial terms were not disclosed.
Marcel Matte, President and CEO of TriMech, said this move continues TriMech's effort to broaden the technology and business solutions it can deliver to its clients, who work in industries as diverse as automotive to aerospace, and mining to medical devices.
Anthony Joshua's promoter is in talks with a private equity firm to sell a minority stake of Matchroom at $736m-$859m value. (FS)
Matchroom boxing promotions CEO and boxing promoter Eddie Hearn is set to make a huge fortune as reports have come out that the Brtish promoter is in talks to sell a minority stake of his company.
It's claimed deal could value Matchroom at $736m-$859m and see the Hearns receive around $215m if they opt to sell 25%.
Dubai's Tecom draws $9.6bn in orders for $454m in IPO.
Dubai business park operator Tecom Group drew orders worth $9.63bn for its initial public offering, the latest Middle East listing, to attract strong investor demand amid a boom in regional share sales.
Dubai's government sold 625m shares at $0.73 each, raising $454m, according to a statement on Monday. The price implies a dividend yield of about 6%, following a regional trend of luring investors with juicy returns and a market capitalization of $3.64bn, Bloomberg reported.
Tecom houses more than 7.5k companies and ten large business complexes, including Dubai internet city and Dubai media city. The listing comes as Dubai's property values have surged, with increases topping those of every other major city last year.
Australia's Link, an IT service management company, said on Monday that Canadian cloud-based software company Dye & Durham lowered its takeover offer by nearly a quarter to $1.5bn citing low market value of the share registry firm.
Dye & Durham has now offered Link a 16.5% premium to the stock's last close on Friday but about 25% lower than its previous proposal, Reuters reported.
Link is advised by Macquarie Group, UBS, Herbert Smith Freehills and GRACosway. Dye & Durham is advised by Barrenjoey Capital Partners, Canaccord Genuity, Clayton Utz, DLA Piper, Dentons and LodeRock Advisors. Debt financing is provided by Goldman Sachs, JP Morgan and Ares Capital.
Azelis, a service provider in the specialty chemicals and food ingredients industry, agreed to acquire a majority stake in Ashapura Aromas, a distributor of ingredients in the flavors & fragrances market. Financial terms were not disclosed.
"Acquiring a majority stake in Ashapura is an important element of our global growth strategy that completes our F&F offering across all regions following the group's acquisitions of Vigon and Quimdis, and allows us to become a market leader in the F&F industry with Ashapura as the cornerstone of our F&F platform in Asia Pacific," Hans Joachim Müller, Azelis CEO.
Ashapura Aromas is advised by Lincoln International, Quillon Partners and Cedge Ventures Private. Azelis is advised by KPMG and Trilegal.
Tencent backer Prosus to cut $134bn stake to buy stock.
Prosus plans to sell more of its $134bn stake in Chinese internet giant Tencent to finance a buyback program, reversing a pledge to hold onto the entire shareholding.
The move represents a change of heart by Dutch e-commerce giant Prosus -- majority owned by South Africa's Naspers, which said after its last sale in April 2021, it wouldn't offload more shares for three years. The company, spun off from Naspers in 2019, owns the 29% stake after its parent became an early Tencent investor more than two decades ago, bagging a multi-billion dollar return in one of the most profitable early bets in tech investment history.
"We will keep selling Tencent shares to buy back our own, and it's open-ended and an unlimited program. It's a small part of Tencent daily traded volumes. It should be maximum between 3 to 5%," Bob Van Dijk, Prosus CEO, Bloomberg reported.
Prosus sells nearly $4bn of JD.com stock.
Bloomberg reported that Naspers, a multinational holding company headquartered in Cape Town, sold almost $4bn worth of stock in JD.com that it got as dividends from investee Tencent, saying the e-commerce firm didn't fit with its broader strategy.
Naspers subsidiary Prosus sold more than 132m shares in JD it got from Tencent Holdings, about a 4% stake in the online retailer, Prosus said in a statement.
IFC proposes $200m investment in SG-listed Olam Group's agri subsidiary. (FS)
The International Finance Corporation, a member of the World Bank Group, has proposed a working capital loan of up to $200m to Olam Global Agri, a subsidiary of Singapore-listed Olam Group, DSA reported.
The proposed investment will be used to purchase wheat, maize and soya for delivery to Olam Agri's customers, and for processing operations in countries that rely on imports of these commodities.
Singtel weighing options for Australia Optus fiber assets.( FS)
Singapore Telecommunications is considering options, including a potential stake sale in the fiber assets of its Australian subsidiary SingTel Optus, a deal that would follow last year's disposal of its mobile phone towers unit.
A deal would help Singtel raise cash and boost growth amid increasing investor demand for digital infrastructure businesses. In October, the company sold a majority stake in the mobile phone towers unit of Optus to pension manager AustralianSuper for about $1.4bn, Bloomberg reported.
Singtel, as the Singaporean phone-services provider is known, has held talks with potential advisers to prepare for a strategic review of the Australian fiber business.
Biotech startup Mirxes weighs $300m Singapore IPO.
Mirxes, a Singapore-based biotechnology startup, is weighing an initial public offering in the city-state next year that could raise about $300m.
Founded in 2014 as a spinoff from Singapore's Agency for Science, Technology, and Research, also known as A*STAR, Mirxes focuses on the early detection of multiple cancers using proprietary RNA-powered blood tests, according to its website. The startup raised $77m in a Series C funding round in 2021, taking the total amount raised to $130m since its inception, Bloomberg reported.
Mirxes has operations in China, Japan, and the US and commercial activities in over 45 countries, according to a recent press release. In 2020 the startup, along with A*STAR and others, worked to mass produce Singapore's first authorized Covid-19 PCR test, with more than 8m kits deployed globally.
China's spicy snack maker Weilong files for Hong Kong IPO.
China's snack maker Weilong has filed for a Hong Kong initial public offering. Weilong, founded in 1999 and based in Luohe city, makes popular spicy snacks made of soybeans and eggs. It also produces non-spicy snacks.
Weilong did not disclose the target fundraising size. It has raised $552m before it filed for the IPO from investors including CPE, Hillhouse, Tencent and Yunfeng. Last year it posted an annual profit of $125m, Reuters reported.
CICC, Morgan Stanley, and UBS are joint sponsors for the IPO.
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