AMERICAS
NVIDIA, an American technology company, completed the acquisition of Mellanox Technologies, a supplier of end-to-end Ethernet and InfiniBand smart interconnect solutions and services for servers and storage, for $6.9bn.
“The expanding use of AI and data science is reshaping computing and data center architectures. With Mellanox, the new NVIDIA has end-to-end technologies from AI computing to networking, full-stack offerings from processors to software, and significant scale to advance next-generation data centers. Our combined expertise, supported by a rich ecosystem of partners, will meet the challenge of surging global demand for consumer internet services, and the application of AI and accelerated data science from cloud to edge to robotics," Jensen Huang, NVIDIA Founder and CEO.
Mellanox was advised by Credit Suisse, JP Morgan, Herzog Fox & Neeman and Latham & Watkins. Nvidia was advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton, Jones Day, Yigal Arnon & Co and Brunswick Group. Goldman Sachs was advised by Sullivan & Cromwell.
Embraer began arbitration process against Boeing after the US planemaker abruptly cancelled the $4.2bn deal, Reuters reported.
Embraer shares fell as much as 16% in Sao Paulo to a more than 8-year low on news of the cancellation, suggesting investors had hoped until the last minute that the takeover agreement would not fall apart.
BP confirmed its commitment to completing the sale of its Alaska business to Hilcorp Energy, but said financial terms had been adjusted to reflect market conditions.
The revised agreement retains the total consideration but adjusts the structure and phasing of the remaining payment, which includes smaller payments in 2020 and a new cash flow sharing arrangement in the near-term.
The renegotiation of the deal will come as a relief to the London-based oil major, which is leaning on asset sales to rein in its debt and sustain its dividend amid a historic oil crash that has battered company valuations globally, according to a Bloomberg report.
BP is advised by Baker Botts and Powerscourt. Hilcorp is advised by Kirkland & Ellis.
US Foods Holding, a foodservice distributor, completed the acquisition of Smart Foodservice Warehouse Stores, an operator of low-price warehouse grocery stores in the US, from private equity firm Apollo Global Management for $970m.
“We are pleased to welcome Smart Foodservice to the US Foods family. With our shared commitment to supporting restaurant operators and providing best-in-class customer service, Smart Foodservice will complement our CHEF’STORE cash and carry model and provide a platform to enhance our presence in this attractive channel,” Pietro Satriano, US Foods Chairman and CEO.
US Foods was advised by Cravath Swaine & Moore. Debt financing was provided by Citigroup and Bank of America Merrill Lynch.
The Jordan Company-backed Syndigo, a SaaS product information and syndication company, completed the acquisition of Kwikee, a management and distribution platform for branded product content, from sgsco, a global design, digital and packaging graphics firm. Financial terms were not disclosed.
"The addition of Kwikee to Syndigo's end-to-end integrated solution ensures that our clients will continue to have the most complete and flexible range of tools to manage the entire product experience – from Digital Asset Management, to Product Information Management, to Syndication and Analytics – globally," Paul Salay, Syndigo CEO.
Syndigo was advised by Kirkland & Ellis. sgsco was advised by Drake Star Partners and Fried Frank Harris Shriver & Jacobson.
Antelope Water Management, which partners with the oil & gas and mining industries to deliver water infrastructure, treatment, sourcing and disposal services, completed the merger with Probitas Water Solutions, a total water management company. Financial terms were not disclosed.
"The Probitas team has a history of building and operating the most reliable assets in the US shale play and attracting marquee clients in core development areas. That combined with a very successful background in produced water treatment across multiple shale basins makes these guys, hands down, the most successful, experienced team in industry and we could not be more excited to have them on our team," Dustin Brownlow, Antelope CEO.
Antelope Water Management was advised by Buhler Duggal & Henry. Probitas Water Solutions was advised by Cutright Law.
ARCH Venture Partners and Cormorant Asset Management led a $200m Series B round for Erasca, a biotechnology company in San Diego, California. New investors participating in this financing include global Singapore-based investor EDBI, Invus, Terra Magnum Capital Partners, and other private and strategic investors. Existing investors City Hill Ventures, Colt Ventures and LifeSci Venture Partners also participated meaningfully in the round.
"We are pleased to continue backing Erasca's terrific team and bold mission. Cancer is a formidable disease. Therefore, Erasca's team has built an impressive portfolio of potentially first-in-class and best-in-class assets, including successful in-licensing of several key programs to address significant unmet needs. The company has the talent, assets and perseverance to substantially change the trajectory of cancer treatment and improve patient outcomes in a meaningful way," Kristina Burow, ARCH Venture Partners Managing Director.
Erasca was advised by Canale Communications.
Intervala, a full-service manufacturer of complex, high-performance electronic and electromechanical products, completed the acquisition of Princeton Technology, a provider of high-technology electronics manufacturing services. Financial terms were not disclosed.
“Our acquisition of Princeton Technology represents another significant milestone in Intervala’s growth journey. Princeton has built a talented team and a notable customer list that includes many industry leaders. We are thrilled to welcome them to Intervala and look forward to building on our unique culture of customer excellence to achieve mutual business success,” Teresa Huber, Intervala President and CEO.
Intervala was advised by Colleen Clements Communications.
Amedisys, a provider of home health, hospice and personal care, agreed to acquire AseraCare Hospice, a national hospice care provider, for $235m.
“AseraCare Hospice is a company we have been watching and admiring closely for many years with high regard. AseraCare is, undoubtedly, one of the best companies in the hospice industry, and it has been our collective long-time aspiration to have them join the Amedisys family. Their great culture, top-tier management, unwavering focus on quality care, and our complementary geographic footprint, make AseraCare a perfect match for Amedisys. We’re looking forward to coming together as one, strong organization, serving more patients in more places,” Paul Kusserow, Amedisys CEO and President.
Advent-backed TSG, a global provider of business management software, completed the acquisition of TrueCoach, a US-based software company. Financial terms were not disclosed.
"Digital fitness services have enjoyed significant growth in recent years, and we are actively offering TrueCoach to our gym owners in the United Kingdom, Australia, and New Zealand. The power and flexibility of the TrueCoach platform is precisely attuned to our vision of Empowering Passionate People. We believe our clients deserve to do more of what they love while we take the stresses and strains of the processes and problems," Floris de Kort, TSG CEO.
JCR Pharmaceuticals, a specialty pharma company engaged in the research, development, manufacturing and marketing of biopharmaceuticals and regenerative medicine, completed the acquisition of ArmaGen, a biopharmaceutical company. Financial terms were not disclosed.
"JCR Pharmaceuticals is a very committed player in the field. Together with its solid in-house manufacturing capabilities it is a unique opportunity to leapfrog its innovative developments for the benefit of patients with desperate unmet medical need. The acquisition of ArmaGen is a synergy in its true sense and can catalyze the global market penetration of JCR's LSD portfolio," Mathias Schmidt, ArmaGen President and CEO.
Omers Ventures launches $750m fund to invest in tech start-ups. (FS)
Omers Ventures, the venture capital arm of the Ontario Municipal Employees, launched a $750m fund that is intended to finance newcomer tech companies. This is the company's first attempt to target transatlantic businesses in FinTech, workplaces, logistics, healthcare, and property sectors in the UK, Europe, and North America, FN reported.
The fund's investment amount will range from $5m to $25m. However, with the possibility of funding further in the event of startup's positive progress.
Advent-backed TSG, a provider of business management software, integrated payments and value-added services, agreed to acquire Stadline, a French management software provider, dedicated to the sport and fitness industry. Financial terms were not disclosed.
"We believe the combination of Stadline and TSG will further reinforce the market-leader position of Stadline in France, leveraging TSG's expertise in payments and value-added services to build a compelling integrated offering for clients. In addition, this combination will drive international expansion in markets where Stadline has already gained a foothold, notably starting in Spain. We are excited to join forces and welcome Frederic, Pascal and Jerome, a team of passionate entrepreneurs, in the TSG family," Floris de Kort, TSG CEO.
Stadline is advised by Priscus and DS Avocats. Advent is advised by Freshminds, Ernst & Young, Vulcain and Weil Gotshal and Manges.
Lee Equity Partners-backed K2 Insurance Services, a specialty insurance services holding company, signed terms for the transaction to acquire Pioneer Underwriters, the underwriting services organisation. The transaction is expected to close by the end of Q2, subject to the necessary regulatory approvals. Financial terms were not disclosed.
"Pioneer’s underwriting leadership have the skills, customer commitment and capital relationships that are an excellent fit for K2. We look forward to working closely with them as we build an international distribution platform to complement our successful existing US business," Bob Kimmel, K2 CEO.
Pioneer Underwriters is advised by Canaccord Genuity. K2 is advised by Ropes & Gray.
Reuters reported that shareholders in Intesa Sanpaolo approved issuing new shares to support plans by Italy's biggest retail bank to take over smaller rival UBI Banca.
“Thanks to the support of our shareholders we continue to pursue with even greater conviction the exchange offer for UBI,” Carlo Messina, Intesa CEO.
Intesa Sanpaolo is advised by Pedersoli Studio Legale.
A consortium of investors consisting of Allied Cigar and Gemstone Investment agreed to acquire the premium cigars unit of Imperial Brands, a British multinational tobacco company, for €1.2bn ($1.3bn).
"We are delighted to be able to announce the sale of Premium Cigars in the current challenging global environment. It has been a complex transaction involving joint venture partners and assets across multiple geographies and we would like to thank everyone involved for working so hard to get the deal agreed. This disposal reinforces our strategic ambition of becoming a leaner and more agile organisation and the proceeds will realise value for shareholders by reducing debt as part of our ongoing focus on active capital management," Dominic Brisby and Joerg Biebernick, Imperial Brands Joint Interim CEOs.
Imperial Brands is advised by AZ Capital.
Verdane, a specialist growth equity investor, agreed to acquire Conscriptor, Sweden's largest developer of medical journal documentation services and dictation software, and Max Manus, a provider of speech recognition and dictation software. The companies will be merged to form a SEK250m ($25m) Nordic healthcare technology group. Financial terms were not disclosed.
"There is significant potential in the Nordics to draw on new technology to increase healthcare efficiency. Administration and routine processes are going to be increasingly digitalised. Conscriptor's and Max Manus's experience and technical solutions in healthcare documentation and speech recognition hold the potential to fundamentally improve healthcare administration and dramatically increase available time for direct care for all medical professionals," Jakob Tolleryd, Verdane Partner.
Greencoat to acquire South Kyle wind farm for £320m. (FS)
Greencoat, a British investment company investing in UK wind farms, agreed with Vattenfall Wind Power to acquire South Kyle wind farm for a consideration of £320m ($395m), which will be due upon completion, scheduled for Q1 2023, once the wind farm commences commercial operations.
"We are delighted to enter into an agreement with Vattenfall, our fifth major utility partner. South Kyle is in close proximity to a number of other wind farms already owned by Greencoat UK Wind, and we are confident it will be another high-quality addition to our portfolio," Tim Ingram, Greencoat Wind Chairman.
Amundi has no interest in taking over Anima.
Amundi, a French asset manager, denied rumors that it is considering buying Italian rival Anima, an investment management company, Reuters reported. Soon after comments, Anima shares went up 10%.
Qatar sovereign wealth fund eyes tech and health companies. (FS)
Qatar’s sovereign wealth fund will continue to invest despite the economic damages caused by the pandemic focusing primarily on health and tech sector.
Ali Sharif al-Emadi, Qatar's Finance Minister, announced the $320bn Qatar Investment Authority’s “main focus” would be placed at foreign investments to take part in distressed M&A transactions.
Qatar, the world’s largest exporter of liquefied natural gas, is currently suffering great damanges caused by plunge in oil prices. However, the country has enough cash to grapple the global slowdown, FT reported.
NMC Health to delist from London Stock Exchange.
NMC Health, a struggling medical-care group and a part of the FTSE 100 index, requested its shares to be delisted from the London Stock Exchange, following discoveries about the company's management and financial stance.
In the last few months, NMC Health ousted its CEO and found out about at least $4.3bn of extra debt. Following the CEO's layoff, the company has been managed by turnaround specialist Alvarez & Marsal. NMC shares had plunged more than 60% from mid-December and the end of February as discoveries came.
The ability of fund managers to keep tabs on their investments and strictness of London's regulations to international companies raised doubts as news came to light.
EMH Partners targets €650m for second growth fund. (FS)
EMH Partners, a Munich-based private equity firm, expects to raise €650m ($703m) for a new growth fund focused on midsize companies in Europe.
The firm raised more than €550m ($595m) so far for its EMH Growth Fund II, PE News reported. A predecessor fund collected €350m ($379m) in commitments before wrapping up fundraising in 2017.
APAC
KKR to acquire five solar energy assets from Shapoorji Pallonji Infra for $204m. (FS)
KKR agreed to acquire five solar energy assets from Shapoorji Pallonji Infra, a Shapoorji Pallonji-backed infrastructure development company primarily focused on the power, roads and port sectors, for $204m.
“We are truly pleased to extend our Infrastructure franchise in Asia and India through this investment in a world-class portfolio of fully operational solar energy projects. Given the growing demand across Asia Pacific for sustainable energy solutions, we also see this as a great example of how KKR can bring capital and expertise to assets to help meet the demand for infrastructure development. Looking ahead, we are excited to explore even more renewable energy opportunities in India and overseas,” David Luboff, KKR Head of Asia Pacific Infrastructure.
KKR is advised Ernst and Young, AZB & Partners and Simpson Thacher & Bartlett. SP Infra is advised by Edelweiss, Khaitan & Co and PricewaterhouseCoopers.
Advantage Partners closes its sixth buyout fund at $790m. (FS)
Advantage Partners, a Japanese private equity firm, closed its sixth buyout fund at $790m. The total target value of commitments was expected to be around $700m, but reached its hard cap of $790m.
The fundraising comprises of limited partners such as including insurance companies, asset management firms, banks, global funds of funds, pension funds and other institutional investors, according to DealStreetAsia.
“Global markets are currently in deep turmoil as a result of the spread of the novel coronavirus and the Funds will tailor their investment strategy to best meet the needs of the current business environment, cognizant that conditions will continuously evolve during the next ten years,” Advantage Partners.
Sri Trang Gloves Thailand applies for IPO amid demand surge caused by the virus. (FS)
Sri Trang Gloves Thailand, a producer of medical gloves, applied for an IPO in Thailand in order to finance the expansion of production capacity amid the dramatic increase in demand created by the coronavirus pandemic.
The company intends to offer 445m existing shares from its parent company, 31% of the total planned share volume. Price terms of the IPO were not disclosed.
"Glove demand tends to rise globally in line with the [growth of the] medical sector, and the coronavirus pandemic has also pushed demand much higher," Jarinya Jirojkul, Sri Trang Gloves CEO.
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