AMERICAS
Ascension Capital and TowerBrook Capital-backed R1 RCM, a provider of technology-enabled revenue cycle management services, agreed to acquire Cloudmed, a healthcare revenue intelligence services provider, from New Mountain Capital, a private equity firm, for $4.1bn.
“This transaction accelerates our strategy to build the most scalable, flexible, and integrated platform for the revenue cycle and consumer engagement in healthcare. Our combined solutions, including enhanced automation capabilities, will further transform the patient experience and drive continued improvement in our customers’ financial results," Joe Flanagan, R1 President and CEO.
Cloudmed is advised by Barclays, Ropes & Gray and Abernathy MacGregor Group. Ascension is advised by Covington & Burling. TowerBrook is advised by Wachtell Lipton Rosen & Katz. R1 RCM is advised by Centerview Partners, JP Morgan, Kirkland & Ellis and Joele Frank.
Owens & Minor, a global healthcare solutions company, agreed to acquire Apria, a provider of integrated home healthcare equipment and related services, for $1.6bn.
"I'm very excited about the acquisition of Apria, which will strengthen our total company value proposition. The combination of two complementary businesses in Byram Healthcare and Apria will enable us to better serve the entire patient journey - through the hospital and into the home - ultimately furthering our mission of Empowering Our Customers to Advance Healthcare. In addition, this transaction diversifies our total company revenue stream by expanding our presence in the higher-growth home healthcare market," Edward A. Pesicka, Owens & Minor, President and CEO.
Apria is advised by Citigroup, Goldman Sachs, Simpson Thacher & Bartlett and Westwicke. Owens & Minor is advised by Evercore, JP Morgan and Kirkland & Ellis.
Take-Two Interactive, an interactive and mobile entertainment services provider, agreed to acquire Zynga, a game developer, for $12.7bn. Zynga stockholders will receive $3.50 in cash and $6.36 in shares of Take-Two common stock for each share of Zynga common stock outstanding at the closing of the transaction.
“Combining Zynga’s expertise in mobile and next-generation platforms with Take-Two’s best-in-class capabilities and intellectual property will enable us to further advance our mission to connect the world through games while achieving significant growth and synergies together. With this transformative transaction, we begin a new journey which will allow us to create even better games, reach larger audiences and achieve significant growth as a leader in the next era of gaming," Frank Gibeau, Zynga CEO.
Zynga is advised by Goldman Sachs and Wilson Sonsini Goodrich & Rosati. Take-Two Interactive is advised by JP Morgan, LionTree Advisors and Willkie Farr & Gallagher.
nCino, a provider of cloud-based software for financial institutions, completed the acquisition of SimpleNexus, a developer of homeownership platforms connecting loan officers, borrowers, real estate agents, and settlement agents, for $1.2bn.
“We are excited to officially welcome the SimpleNexus team to the nCino family. The combination of nCino and SimpleNexus brings together two best-in-class, cloud-native companies focused on transforming the financial services industry by streamlining and simplifying cumbersome financial processes with innovative, market-leading technology solutions. Together, we can enhance the offerings for our customers and strengthen nCino’s position as the worldwide leader in cloud banking," Pierre Naudé, nCino CEO.
SimpleNexus was advised by Willkie Farr & Gallagher. nCino was advised by Bank of America, Sidley Austin and MikeWorldWide.
Exact Sciences, a provider of cancer screening and diagnostic tests, completed the acquisition of PreventionGenetics, a medical laboratory, for $190m.
"PreventionGenetics is a natural fit with Exact Sciences, and we're thrilled to have their talented team join in our mission to make earlier cancer detection a routine part of medical care. We share in PreventionGenetics' belief that genetics can transform medicine, improve lives, and help eradicate cancer. With our deep relationships in primary care and PreventionGenetics' strong reputation among genetics specialists, Exact Sciences can help more people understand their inherited risk of cancer to catch it earlier and treat it more effectively," Kevin Conroy, Exact Sciences, Chairman and CEO.
PreventionGenetics was advised by Crosstree Capital and Winston & Strawn. Exact Sciences was advised by XMS Capital Partners and K&L Gates.
Enterprise Products Partners, a provider of midstream energy services to producers and consumers of natural gas, agreed to acquire Navitas Midstream, a natural gas gathering, treating and processing services provider, from Warburg Pincus, a growth investor, for $3.3bn.
"We are excited to contribute our unique Midland Basin system to Enterprise, one of the premier midstream operators. We have succeeded in our goal of creating a unique company that provides critical infrastructure to meet the needs of our Midland Basin producers. We would like to thank our customers for trusting Navitas to develop a system that would meet the needs of their rapid volume growth, and we know they will be in good hands with a company the scale of Enterprise," R. Bruce Northcutt, Navitas CEO.
Navitas is advised by Jefferies & Company and Kirkland & Ellis.
Roark Capital-backed Driven Brands, an automotive repair center operator, completed the acquisition of Auto Glass Now, an auto glass repair, replacement, and calibration services provider, for $170m.
"The automotive aftermarket is evolving, and we are incredibly bullish that glass services will be a key beneficiary of that evolution. The growth and highly fragmented nature of auto glass services makes our entrance into the US market an ideal strategic investment for Driven Brands," Jonathan Fitzpatrick, Driven Brands President and CEO.
Driven Brands was advised by Paul Weiss Rifkind Wharton & Garrison.
Goode Partners, a private equity firm, completed the acquisition of ReadyWise, a ready-to-eat meal and snacking solutions provider. Financial terms were not disclosed.
"We are delighted to be acquiring ReadyWise and partnering with Morten and his management team. We plan to continue to expand on our leadership position in the emergency food preparedness market while also accelerating growth in the outdoor recreation and everyday meals and snacks categories making ReadyWise a leading household brand," Joe Ferreira, Goode Partner.
Goode Partners was advised by Jones Day.
CBIZ, a provider of financial, insurance and advisory services, completed the acquisition of Marks Paneth, a New York City-based accounting firm specializing in audit, tax and advisory services. Financial terms were not disclosed.
"The New York metro area, Philadelphia and Boca Raton, Florida, continue to be important markets for CBIZ and we are delighted to be adding Washington, D.C. to our national footprint for Financial Services. We are also excited about the enhanced value that we can now provide to our collective clients through an expanded breadth of services and depth of expertise. The addition of Marks Paneth creates scale to better serve a number of very attractive industries nationwide, including the real estate and not-for-profit industries. We look forward to welcoming the Marks Paneth team to CBIZ," Jerry Grisko, CBIZ president and CEO.
CBIZ and Marks Paneth are advised by Koltin Consulting Group.
The AES Corporation, a Fortune 500 company that generates and distributes electrical power, made a tender offer to acquire a 31.15% stake in AES Andes, a producer and distributor of electricity based in Santiago, Chile, for $517m.
"This transaction is significantly cash and earnings accretive for AES shareholders by unlocking the value of AES Andes that was not reflected in its share price. AES Andes has already made an impressive transition to lower its carbon footprint and become a leader in renewable development and new technologies in Chile and Colombia, very much complementing our overall global strategy and objectives," Andrés Gluski, AES President and CEO.
Delivery Hero has monetized its investment in food delivery company Rappi.
Delivery Hero, a local delivery platform, has sold $150m worth of its stake in Rappi, a delivery company.
Over the past months, Delivery Hero has sold close to its total invested capital in Rappi in a series of transactions. Delivery Hero continues to hold an approximate stake of 7.9% in Rappi on a fully diluted basis, currently valued at over $400m based on the Series F valuation.
McKay looks for deals in US and Europe Wealth Management. (FS)
Dave McKay, RBC CEO, said the lender may seek to add to its wealth management unit in the US and Europe through smaller, targeted acquisitions, Bloomberg reported.
“Wealth distribution in the United States we continue to look at,” Dave McKay, RBC Capital Markets Canadian Bank CEO conference. Royal Bank is also looking at deals in “wealth distribution in Europe to enhance our European and global wealth franchise” and commercial banking in the US.
Wealth management is a particularly attractive business for investment right now because it offers a high return on equity along with stable revenue and an opportunity to cross-sell other products such as credit cards to clients.
Palihapitiya-led SPAC said to discuss Akili Interactive deal. (FS)
Social Capital Suvretta Holdings I, a special purpose acquisition company led by Chamath Palihapitiya, is in talks to merge with Akili Interactive, a startup that specializes in technology-based cognitive therapies, Bloomberg report.
A transaction that values the combined entity at more than $800m has been discussed. It’s possible terms change or that a deal is not ultimately reached. Social Capital Suvretta Holdings I, which counts Palihapitiya as its CEO and Kishen Mehta as president, raised $250m in a June initial public offering. Palihapitiya's Social Capital and Suvretta Capital Management raised 4 vehicles with different healthcare sector focuses.
ARKK holdings executives offload $13.5bn in stock.
The founders and senior management of companies owned by Ark Invest’s flagship fund have embarked on an unprecedented mass sale of shares, FT reported.
According to calculations by securities firm Stone X, company insiders sold $13.5bn in shares and bought only $11m in the six months to December.
The rush to the exit is the latest shock to the fate of Ark Innovation ETFs. Which lost Almost half of that value since its peak in February 2021. With more than 150% profit in 2020, it became a poster child for the Wall Street technology-backed boom, and was nicknamed founder, CEO and portfolio manager Cathie Wood. “Queen of the Bull Market”.
Hines launches $1bn fund for undervalued US properties.
The real estate investment firm Hines is raising its first fund to buy and renovate struggling or undervalued properties across the US, Bloomberg reported.
The fund aims to raise $1bn in equity, which would give it purchasing power of $2.5bn, including debt. So far, it has commitments totaling $590m and has made two acquisitions, Bloomberg reported.
The fund is seeking investments in 30 of the largest US cities, in property types including residential, office, self-storage and student housing. It’s targeting opportunities to buy assets that were hampered by the pandemic that can be redeveloped, increasing their value. The fund is also looking for deals in sectors that have benefited in the past two years by the rise of e-commerce, such as logistics.
EMEA
Nvidia, an American multinational technology company, and Arm, a British semiconductor and software design company, hit back at critics of acquisition of Arm by Nvidia from SoftBank and SoftBank VF 2, arguing that the acquisition target isn’t as powerful as critics claim, Bloomberg reported.
Decision to block the deal would not promote competition and could reduce British investment. "It would likely result in less investment in the UK, less resources for Arm, less innovation, and less competition worldwide," said Nvidia and Arm.
Competition and Markets Authority of Britain was instructed by Nadine Dorries, the UK secretary of state for digital, culture, media and sport, to review the merger looking at competition and national security concerns in November.
Arm is advised by Hogan Lovells. Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. Softbank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case.
BHP Group, an Anglo-Australian multinational mining, agreed to acquire a 17.8% stake in Kabanga Nickel, a Tanzania nickel project, for $90m.
"We are delighted to announce this partnership with BHP. It highlights the world-class nature of the Kabanga deposit and its importance in helping meet the crucial decarbonisation challenge facing the world today. BHP is the ideal partner for Kabanga Nickel, bringing significant advantages and expertise that will enable us to move ahead with the project," Chris Showalter, Kabanga Nickel CEO.
Kabanga is advised by RBC Capital Markets and Brunswick Group.
Dongguan Liesheng, a consumer electronics manufacturer, agreed to acquire Suunto, a smart watch and fitness tracker manufacturer, from Amer Sports, a manufacturer of sporting and athletic goods. Financial terms were not disclosed.
"The acquisition of Suunto is an important part of our growth strategy, and we see great synergies between the two companies. As a global consumer-electronics company, Liesheng offers Suunto unique technological advantages in product development, centralized sourcing, and access to wider international markets, especially in Asia. For Liesheng, Suunto offers access to new markets and product categories, in addition to Suunto’s strong brand heritage,” Ma Hao, Liesheng Chairman.
Amer Sports is advised by Rothschild & Co and Avance.
Waterland Private Equity-backed Xebia, an I.T. consulting services provider, agreed to acquire SwissQ Consulting, an I.T. consulting services provider. Financial terms were not disclosed.
“By combining SwissQ’s capabilities and valued business network in Switzerland with Xebia's technical expertise, we can offer uncompromising, full-stack digital transformation services and solutions for our clients and new opportunities in the DACH region,” Andrew de la Haije, Xebia CEO.
Xebia is advised by Bar & Karrer.
Kismet Capital Group, a private equity firm, completed the acquisition of Russian Towers, a mobile tower infrastructure company. Financial terms were not disclosed.
"The acquisition was part of a long-term strategy to develop its tower business. We plan to make the combined company public and will be open to entering new geographies," Ivan Tavrin, Kismet Founder and CEO.
Swiss Stock Exchange SIX eyes Latin America for expansion.
SIX, a Swiss stock exchange operator, is looking at Latin America to expand after it bought the Spanish stock market BME in 2020, Reuters reported.
SIX's top executive said SIX already has projects in Colombia, Costa Rica and Mexico, among other countries. "We also analyse potential alliances and growth operations," Jos Dijsselhof, SIX CEO.
Italian banking fund meets to pick Carige's buyer.
The Italian fund that owns Carige will meet on Monday to pick a buyer for the bank from among three suitors, with which to negotiate a sale it hopes will end a seven-year crisis at the ailing lender, Reuters reported.
Carige and bigger rival Monte dei Paschi di Siena are the two main banking headaches Italy must address to complete a restructuring that has cost healthy lenders more than $11bn in recent years.
British fintech PrimaryBid close to finalising $150m funding from SoftBank. (FS)
PrimaryBid, a British fintech company, is close to finalising the details of a $150m funding round led by SoftBank's Vision Fund II, Reuters reported.
The Series C fund-raising was likely to value the company at more than $500m on a pre-money basis. PrimaryBid's latest capital-raising will take the total sum it has raised since it was founded in 2016 to more than $200m.
The funding from Softbank's Vision Fund II will provide PrimaryBid with "greater financial firepower" to continue its expansion beyond the UK.
APAC
Reliance, a petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber manufacturer, agreed to acquire a 73.37% stake in Mandarin Oriental New York, a premium luxury hotel, for $98m.
The closing of the transaction is anticipated to occur by the end of March 2022 and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions.
Reliance is advised by Mayer Brown.
Amazon has filed fresh legal challenges in its long-running dispute with Indian retailer Future Group after the national antitrust agency suspended a 2019 deal between the two sides, leading to a halt in their arbitration, Reuters reported.
Amazon filed an appeal against the CCI suspension decision at India's National Company Law Appellate Tribunal. Amazon also filed a challenge in the Supreme Court against the Delhi court decision. Last week, judges said Future-Amazon arbitration proceedings must remain on hold until February 1 in light of the antitrust suspension of the deal.
Amazon has long argued that Future violated the terms of its 2019 deal in deciding to sell retail assets to Reliance. The US company's position has so far been backed by the Singapore arbitrator and Indian courts. Future denies any wrongdoing.
HungryPanda, an Asian food delivery platform, completed the acquisition of EASI, a food delivery platform in Australia, and BUY@HOME, an Asian food delivery platform in New Zealand. Financial terms were not disclosed.
"These acquisitions are an important milestone for HungryPanda in continuing to build the leading overseas Asian food delivery platform. By combining our world-class technology and delivery network with the wider coverage of restaurants we can now offer consumers, I am hugely excited about the future potential for our business in these important markets," Kelu Liu, HungryPanda Founder and CEO.
Tencent nears a deal to acquire Black Shark.
Tencent Holdings is nearing a deal to acquire Chinese gaming handset maker Black Shark, a move that could help the tech behemoth further its ambitions for the metaverse, Bloomberg reported.
Tencent has begun talks to buy Black Shark, a niche maker of gaming phones and accessories. The smaller firm, whose investors include Xiaomi, will pivot to making virtual reality headsets for its new parent after the deal.
Shimaro is exploring strategic options including a sale.
Shimao Group Holdings, an embattled Chinese developer, reported that it’s in talks with a bigger rival on asset disposals, Bloomberg reported.
The moves followed REDD’s report that China Vanke is in talks to acquire assets from Shimao. Investor relations officials at both companies said they have no update.
Shimao, a bellwether for financial contagion in China’s property industry, is the latest developer to come under pressure to pay its debt. Long considered one of the healthier builders, Shimao Group had until recently appeared largely unscathed even as junk-rated rivals including China Evergrande Group and Kaisa Group Holdings defaulted.
Pine Labs to seek $500m in US IPO. (FS)
Pine Labs, an Asian digital payments provider backed by Sequoia India and Mastercard, is moving ahead with preparations for a US listing and seeks to raise about $500m, Bloomberg reported.
The company has filed confidentially with the US Securities and Exchange Commission for an IPO in New York as soon as in the first half of this year. The listing could give Pine Labs a valuation of about $5.5bn to $7bn.
Chicmax to plan Hong Kong IPO.
Chicmax Cosmetic, a cosmetics manufacturer, is planning an IPO in Hong Kong as soon as this year, Bloomberg reported.
Shanghai-based Chicmax is working with China International Capital, Citic Securities and JP Morgan on the proposed share sale that could raise several hundred million dollars. The company is aiming to file a prospectus in the coming weeks.
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