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AMERICAS
Glencore stepped up its pursuit of Teck Resources with a new takeover proposal that gives the Canadian miner’s shareholders the option to receive a cash component instead of exposure to the two companies’ coal mines, Bloomberg reported.
Glencore’s announcement seeks to address one of Teck’s main arguments against its earlier offer to buy the company for about $23bn in shares and then spin off the combined coal businesses. Teck, which produces steelmaking coal, had criticized Glencore’s plan because it would leave its investors holding shares in a large miner of thermal coal, the most polluting fuel.
Teck Resources is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott and Sullivan & Cromwell (led by Sergio J. Galvis and Lauren S. Boehmke).
Office Properties Income Trust, a REIT focused on owning, operating and leasing buildings, agreed to merge with Diversified Healthcare Trust, a real estate investment trust, in a $407m deal.
“The merger establishes the combined company as a larger, more diversified REIT, better positioned for long-term growth and value creation for OPI shareholders. DHC has an attractive portfolio of healthcare real estate assets, including a portfolio of medical office and life science properties, with a work from home resistant tenant base, as well as private pay senior living communities that are expected to benefit from a strategic turnaround, a continued post-pandemic recovery and favorable long-term demographics," Christopher Bilotto, OPI President and COO.
Shockwave Medical, a medical device company, completed the acquisition of Neovasc, a specialty medical device company, for $107m.
“The timing is ideal as there will be no distraction to our US sales organization in the near term and, as we did with C2, our coronary device, we expect to refine our commercialization approach and begin the development of international markets in advance of US approval. This transaction supports our commitment to drive growth through innovation and we are excited for the potential to bring even more solutions to our customers and the patients they serve with the Reducer System," Doug Godshall, Shockwave President and CEO.
Neovasc was advised by Piper Sandler and Skadden Arps Slate Meagher & Flom (led by Michael S. Hong). Shockwave Medical was advised by Perella Weinberg Partners and Fenwick & West (led by Doug Cogen and David Michaels).
Transom Capital, an operations-focused middle market private equity firm, completed the acquisition of Bose Professional, a developer of innovative pro audio solutions, from Bose, a US-based multinational company in audio systems. Financial terms were not disclosed.
“We’re proud of what Bose Professional has accomplished – its legacy in the professional AV market and the diverse list of amazing installations it has completed all over the globe. The sale to Transom will provide Bose Professional the additional attention it needs to support the professional audio customer, and to continue to develop products and technologies that stand out in the industry. It will also allow Bose to focus more deeply on our core business – creating amazing audio experiences for on-the-go, at home and in the car,” Lila Snyder, Bose CEO.
Transom Capital was advised by 35th Avenue Partner (led by Sam Butler). Bose was advised by Progress Partners.
Tilray Brands, a pharmaceutical, cannabis-lifestyle and consumer packaged goods company, agreed to acquire HEXO, a consumer packaged goods cannabis company, for $56m.
"The combined company is expected to strengthen Tilray's existing Canadian position with 12.9% pro-forma market share and number 1 market position across all major markets and a leading share across most product categories," Tilray.
HEXO is advised by Kaiser & Partners.
KKR, a global investment firm, agreed to invest in FGS Global, a global strategic communications consultancy. Financial terms were not disclosed.
“Our investment in FGS is the latest example of our focus on proprietary, strategic partnership investments where we are providing long-term capital and a global network of resources to an entrepreneurial management team and alongside a world-class business. We firmly believe that Alex Geiser, Carter Eskew, Roland Rudd, George Sard and their talented global team are pioneering the next generation of value-add strategic communications services. Stakeholder engagement is a boardroom issue and we are confident that FGS, with whom we have enjoyed a long-term relationship, is well positioned to capitalize on significant growth opportunities ahead as a global category leader in the growing management consulting service industry,” Philipp Freise, KKR Partner and Co-Head of European Private Equity.
Investcorp, a global alternative investment firm, completed the investment in Shearer Supply, an independent distributor of HVAC equipment for residential and commercial properties. Financial terms were not disclosed.
"Shearer operates in a large, resilient and highly fragmented market driven by non-discretionary replacement demand and will continue to benefit from strong secular tailwinds including an aging housing stock, shortening replacement cycles and favorable regulation, in addition to its attractive Southern US geographic footprint. We are excited to partner with the Shearer family to drive organic growth and further expansion. We have experienced robust activity across our North American Private Equity platform this year, underscoring the strength of our strategy in partnering with growing, founder-led businesses as they look to scale their businesses," Dave Tayeh, Investcorp Head of Private Equity of North America.
Investcorp was advised by Prosek Partners.
Brookfield Infrastructure, an infrastructure investor, agreed to acquire Data4, a data centre platforms, from AXA IM, a global company in alternative investments. Financial terms were not disclosed.
"This investment marks Brookfield’s first major entry into the European data centre market – a region that is expected to experience significant growth in the years ahead – and further expansion of its global data centre platform. Brookfield will leverage its ecosystem to provide best-in-class greenfield development and renewable power capabilities to further build the business throughout Europe. Data4’s long-term inflation-linked contracted business model, with blue-chip hyperscale customers, provides stable and recurring revenues that fit well within Brookfield’s investment strategy," AXA.
Prysm Capital, a growth equity firm, completed a $270m investment in Clear Street, a New York-based independent prime broker.
“Our team has made incredible strides since our inception in 2018, and this additional funding is further testament to the value that we bring to our clients. Over the past year, the number of institutional clients on our platform increased by 500 percent and our daily transactional volume increased over 300 percent. We’re excited to keep this momentum with support from our continued partnership with Prysm,” Chris Pento, Clear Street Group Co-Founder and CEO.
Liberty Energy, an oilfield services firm, completed the acquisition of Siren Energy, a Permian focused integrated natural gas compression and CNG delivery busines, for $78m.
“Liberty’s digiTechnologiesSM bring the highest thermal efficiency and lowest emissions solutions to the market. As we lead this technology transition, owning power generation and now the natural gas fuel supply for our fleets ensures execution at the highest level. LPI adds another critical component to our vertical integration strategy, alongside Liberty’s sand, logistics, design and manufacturing capabilities," Chris Wright, Liberty CEO.
Akima, a provider of products and services to federal agencies, agreed to acquire Pinnacle Solutions, a provider of innovative training and sustainment products and services to defense customers. Financial terms were not disclosed.
"Akima and Pinnacle share a deep commitment to exceeding customer expectations and delivering exceptional value to our customers, employees, and shareholders. Combining Akima's experience and technical expertise with Pinnacle's differentiated mission readiness capabilities will enable us to solve our customers' toughest challenges through innovative technology solutions," Bill Monet, Akima President and CEO.
EFL Global, a provider of logistics and supply chain solutions, completed the acquisition of Locher Evers International, a Canadian logistics company. Financial terms were not disclosed.
"We are excited to welcome LEI to the EFL family and look forward to working together to deliver exceptional logistics solutions to our customers. This acquisition is a significant milestone in our growth strategy, and we are committed to investing in the Canadian market and expanding our global reach," Bill Wilkening, EFL Global COO.
Blackstone raises $30.4bn for latest real estate fund. (FS)
Blackstone had raised $30.4bn for its latest global real estate fund, as the private equity behemoth looks to double down on the industry, Reuters reported.
The fund, called Blackstone Real Estate Partners X, is 48% bigger than the asset management giant's previous real estate fund which closed in 2019.
"Sector selection has never been more critical as we witness the bifurcation of performance within real estate," Ken Caplan, Blackstone Global Co-Head of Real Estate.
EMEA
Apex Group, a financial services provider, agreed to acquire data & analytics, business outsourcing units from MJ Hudson, a provider of services to the asset management industry, for $62m.
“We are pleased to announce the acquisition of these businesses which will deepen our footprint in Europe, particularly with regard to ManCo and Fund Administration solutions, and will add complementary advisory services, including in the fast-growing ESG space. With the addition of MJ Hudson’s ManCo business, we will consolidate our position as one of the largest super ManCo providers in both the Luxembourg and Irish markets, offering scalable, pan-European solutions to clients," Peter Hughes, Apex Group Founder and Chief Executive Officer.
Apex Group is advised by Rothschild & Co and Kirkland & Ellis. MJ Hudson is advised by Alvarez & Marsal and Buchanan.
Summit Partners, a private equity firm, and Peugeot Invest, a long-term investment company, completed the acquisition of a majority stake in Doctirne, a provider of legal intelligence solutions. Financial terms were not disclosed.
“Legal professionals across the globe are struggling to keep up with the proliferation of available legal data. Doctrine offers a technological solution to this widespread problem, allowing legal professionals to efficiently and accurately locate, understand and harness massive amounts of information in order to build the most impactful legal strategies," Guillaume Carrère, Doctrine CEO.
Vivendi to sell celebrity magazine Gala to win EU approval for Lagardere bid.
French media giant Vivendi is set to commit to selling celebrity magazine Gala in a bid to win the European Commission's approval for the acquisition of Lagardere, Reuters reported.
The pledged sale of Gala would be the latest remedy offered by Vivendi, controlled by billionaire Vincent Bollore, as it seeks to secure the takeover of Lagardere's flagship weekly publications Journal du Dimanche and Paris Match.
OVH founder in talks to buy Qwant. (FS)
The founder of French cloud provider OVH Groupe is seeking to buy the Qwant search engine, in a bid to revive the quest for a European rival to Google and Bing that "respects privacy", Bloomberg reported.
Octave Klaba and his family created a venture called Synfonium, together with Qwant shareholder Caisse des Depots, and are holding exclusive talks to buy Qwant. Caisse des Depots will hold a 25% stake in the company.
APAC
HDFC bank plans to raise $6bn debt in the next year.
Indian private lender HDFC bank would consider raising debt of $6bn over the next one year, DealStreetAsia reported.
The bank will discuss the fund raise at its board meeting on April 15, 2023, when it is also due to report earnings for the January-March quarter.
SP Group weighs $2bn asset sales.
Indian conglomerate Shapoorji Pallonji, controlled by billionaire Shapoor Mistry, is weighing asset sales including a controlling stake in its flagship engineering firm that could raise about $2bn, Bloomberg reported.
The company is working with an adviser to seek buyers for its holdings in Afcons Infrastructure, a Mumbai-based infrastructure construction company. SP Group is also looking to sell some ports. Gopalpur Port on the east coast of India could be among the assets that SP Group is looking to sell.
Macquarie weighs sale of $1.5bn India Road Contract. (FS)
Financial services group Macquarie is considering selling a portfolio of nine highway projects in India and may seek at least $1.5bn, Bloomberg reported.
The firm is in preliminary discussions with advisers about the potential deal. Deliberations are at an early stage and Macquarie may decide to keep the assets.
Vedanta in talks with US-based Farallon to raise $1bn. (FS)
Vedanta, billionaire Anil Agarwal's Indian commodities major, is in talks with US-based hedge fund Farallon Capital Management to raise at least $1bn, Bloomberg reported.
The structure of the fund-raising hasn't been finalized, and discussions are ongoing. The proposal, if it comes to fruition, will lessen the need to raise money through a syndicated loan.
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