AMERICAS
Capitol Investment, a publicly traded special purpose acquisition company, agreed to merge with Doma, which uses machine intelligence and its patented technology solutions to transform residential real estate, making closings instant and affordable, in a $3bn deal.
"Through this transaction, Doma will be uniquely positioned to capitalize on the market opportunity to provide much-needed and long overdue innovation to the home closing experience. We are excited to work with Max and the talented Doma team to make the future of real estate transactions a better, faster and more accessible experience for homeowners, and we are confident that together we can deliver superior returns for shareholders long into the future," Mark Ein, Capitol Chairman and CEO.
Capitol is advised by D.A. Davidson & Co, Deutsche Bank, JMP Securities, JP Morgan, Oppenheimer & Co, Latham & Watkins and Joele Frank. Doma is advised by Citigroup, Davis Polk & Wardwell, Blueshirt Group and The Key PR.
DeepGreen, a developer of lower-impact battery metals from unattached seafloor polymetallic nodules, is set to go public via a $2.9bn merger with Sustainable Opportunities Acquisition, a SPAC.
“Sourcing battery metals is the biggest hurdle facing the clean energy transition, and the pipeline of new mining projects on land is insufficient to meet rising demand. We looked at over 100 companies, many of them in the EV and renewable energy space. DeepGreen stands above the rest. It offers a real, scalable solution to the raw materials problem, at a low production cost and with a significant reduction in the ESG footprint of metals. Assuming full-scale production, we expect The Metals Company to be among the lowest cost nickel producers in the world," Scott Leonard, SOAC CEO.
DeepGreen is advised by Nomura, Fasken, Mintz Levin and Sard Verbinnen & Co. SOAC is advised by Citigroup, Fearnley Securities, Kirkland & Ellis, Stikeman Elliott and Gateway Investor Relations. Financial advisors are advised by Mayer Brown.
CoreLogic, a global property information, analytics and data-enabled solutions provider, denied peer CoStar Group's $7.25bn buyout offer, saying it required improvement in terms of value.
"$6 per share in cash does not meaningfully reduce CoreLogic shareholders' exposure to the concerning volatility of your stock," CoreLogic, adding the revised proposal represented a significantly lower implied total per share value than its previous offer.
CoreLogic is advised by Evercore, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. CoStar is advised by Goldman Sachs, Latham & Watkins. Goldman Sachs is advised by Sullivan & Cromwell. Insight Partners is advised by Willkie Farr & Gallagher. Stone Point is advised by JP Morgan, Wells Fargo Securities and Kirkland & Ellis.
Hippo Enterprises to go public via $5bn merger with Reinvent Technology Partners Z.
Hippo Enterprises, a company offering web and mobile application solutions for home insurance products, is set to go public via $5bn merger with Reinvent Technology Partners Z, a SPAC.
“We set out with a bold vision: to shift the focus of the home insurance industry back to the end customer - the homeowner. In an industry that has traditionally referred to its customers as ‘policyholders,’ Hippo has carved out its own path. We’ve built products and services with a human touch to broaden home protection to include proactive, smart insurance coverage. Our guiding principle is that the best claim is one that never happens, and if it does happen, then we should make our customers' experience as smooth as possible. The evolution of our industry must be grounded in meeting today’s customer needs. Through this strategic partnership with Reinvent and an incredible team of world-class entrepreneurs, investors, and employees, we can’t wait to transform the homeowner experience and accelerate our growth," Assaf Wand, Hippo CEO and Co-Founder.
Reinvent Technology is advised by Sullivan & Cromwell and Barclays. Hippo Enterprises is advised by Goldman Sachs, Morgan Stanley, Latham & Watkins, FTI Consulting, and Joele Frank.
Okta, an identity and access management company, agreed to acquire Auth0, a company that builds and operates a cloud-based identity platform for developers, for $6.5bn, a cloud-based identity platform for developers.
“Combining Auth0’s developer-centric identity platform with the Okta Identity Cloud will drive tremendous value to both current and future customers. In an increasingly digital world, identity is the unifying means by which we use technology — both at work and in our personal lives. With so much at stake for businesses today, it’s critical that we deliver trusted customer-facing identity solutions. Okta’s and Auth0’s shared vision for the identity market, rooted in customer success, will accelerate our innovation, opening up new ways for our customers to leverage identity to meet their business needs," Todd McKinnon, Okta CEO and Co-Founder.
Okta is advised by Morgan Stanley and Latham & Watkins. Auth0 is advised by Perkins Coie and Qatalyst Partners.
Amgen, an American multinational biopharmaceutical company, agreed to acquire Five Prime Therapeutics, a clinical-stage biotechnology company focused on developing immuno-oncology and targeted cancer therapies, for $1.9bn.
“The acquisition of Five Prime offers a compelling opportunity for Amgen to strengthen our oncology portfolio with a promising late-stage, first-in-class global asset to treat gastric cancer. We look forward to welcoming the Five Prime team to Amgen and working with them to leverage our best-in-class monoclonal antibody manufacturing capabilities to supply additional clinical materials, as well as expanded production quantities, to realize the full potential of bemarituzumab for even more patients around the world as quickly as possible,” Robert A. Bradway, Amgen Chairman and CEO.
Amgen is advised by Goldman Sachs and Sullivan & Cromwell. Five Prime is advised by Lazard and Cooley.
Merck, a global healthcare company, is commencing a cash tender offer to acquire Pandion Therapeutics, a clinical-stage biotechnology company, for $1.85bn.
The tender offer will expire on March 31, 2021, unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC. The closing of the tender offer is subject to certain conditions, including the tender of shares representing at least a majority of the total number of Pandion's shares of fully-diluted common stock, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions.
Merck is advised by Credit Suisse and Covington & Burling. Pandion is advised by Centerview Partners and Skadden Arps Slate Meagher & Flom.
Shore Bancshares, a $1.9bn-asset financial holding company, agreed to merge with Severn Bancorp, a savings and loan holding company, in a $146m deal.
"It is an opportunity for Severn to join forces with a larger organization and remain committed to community banking. We look forward to the opportunities and benefits this combination will bring to our shareholders, in terms of prospects for future earnings growth, immediate dividend pick-up and diversification, as well as to clients, employees and the many communities we serve," Alan Hyatt, Severn President and Chief Executive Officer.
Shore is advised by Janney Montgomery Scott and Holland & Knight. Severn is advised by Piper Sandler and Luse Gorman.
Schneider Electric, AES and Huck Capital-backed Coatue Management and Inclusive Capital to invest in Uplight. (FS)
Schneider Electric, a manufacturer of electrical power products, AES, an electricity distributor, and Huck Capital-backed Coatue Management, a global investment manager, and Inclusive Capital, an investment firm, are set to invest in Uplight, a provider of end-to-end customer-centric technology solutions dedicated solely to serving the energy ecosystem. Uplight is valued at $1.5bn in the transaction. Financial terms were not disclosed.
“This investment and these partners help us scale the OS and the ecosystem better and faster, by increasing our scale and operations with energy providers, developing more deeply integrated solutions with other technology and energy solutions providers, both organically and through focused M&A, and catalyzing expansion into international markets," Adrian Tuck, Uplight CEO.
Uplight is advised by Goldman Sachs and kglobal. Schneider Electric is advised by Nomura and Morrison & Foerster.
PowerSchool, a provider of K-12 education technology solutions, and EAB, a US-based education company, completed the acquisition of Hobsons, an EdTech firm, from Daily Mail and General Trust, a British multinational media company, for $410m.
PowerSchool acquired the Naviance and Intersect businesses of Hobsons for about $320m. Meanwhile, Hobsons' Starfish platform was spun out of the company and was sold to education company EAB for about $90m.
DMGT was advised by Centerview Partners, Baker McKenzie and Teneo.
Bio-Techne, a global life sciences company, agreed to acquire Asuragen, a biotechnology company, for $215m in cash plus contingent consideration of up to $105m upon the achievement of certain future milestones.
"Bio-Techne's global presence, reputation and relationships within the clinical diagnostic and research communities will enable Asuragen to broaden our reach and accelerate penetration into the high-growth molecular diagnostic markets addressed by our portfolio. I am honored to continue to lead the Asuragen team as a part of Bio-Techne. I would like to thank all of the great people of Asuragen for their committed efforts growing our company to this point and am looking forward to the next stage of growth under the Bio-Techne umbrella," Matt McManus, Asuragen Chief Executive Officer.
Asuragen is advised by Perella Weinberg Partners and Vinson & Elkins. Bio-Techne is advised by Fredrickson & Byron.
Global Cannabinoids, a bulk and wholesale B2B manufacturer and distributor of hemp-derived cannabinoids and finished products, is set to merge with EXMceuticals, an emerging bio-sciences company specializing in the production of unique cannabinoid formulations. GC will own c. 66% of EXM's issued and outstanding shares and existing EXM shareholders will hold c. 33% of EXM's issued and outstanding shares on a proforma basis. Financial terms were not disclosed.
"The team at EXM shares the same vision for the future as we do. GC's commitment to quality, consistency and best in class pricing, combined with EXM's global reach, will allow for rapid expansion to customers in emerging markets. We are excited for the opportunities ahead," Kelly Ann Lewis-Bortman, GC's Chief Executive Officer.
GC and EXMceuticals are advised by Luminous Capital. GC is advised by Maverick.
Tiger Global led a $200m Series D round in DispatchHealth. (FS)
Tiger Global, an investment firm, led a $200m Series D round in DispatchHealth, a provider of tech-enabled in-home health care. Additional investors include Alta Partners, Echo Health Ventures, Humana, Oak HC/FT and Questa Capital.
“We’ve created the most complete platform that solves all aspects of delivering health care to the home including clinical logistics, care coordination and the delivery of caring medical professionals, all while improving health outcomes and lowering costs. We anticipate the care continuum to continue to move into the home and we expect our platform to enable the movement of that $140bn marketplace," Mark Prather, DispatchHealth CEO and Co-Founder.
DispatchHealth was advised by BAM the Agency.
Investment companies Ares and OTPP completed the acquisition of a majority stake in TricorBraun, an American designer and distributor of rigid packaging, from AEA Investors, a private investment firm. Financial terms were not disclosed.
"With the completion of our investment in TricorBraun, we are looking forward to taking the next step in partnering with the Company, Ontario Teachers' and AEA. We are excited about working with the talented team at TricorBraun as we look to build upon the Company's success and history of growth," Brian Klos, Ares' Partner in Private Equity Group.
Ares was advised by Sullivan & Cromwell.
Arnold Magnetic Technologies, a global manufacturer of high-performance magnets, magnetic assemblies and precision thin metals, completed the acquisition of Ramco Electric Motors, a manufacturer of stators, rotors, and full electric motors. Financial terms were not disclosed.
"By augmenting our technical know-how and engineering capabilities with Ramco's complementary product portfolio, we will move up the technology ladder and be able to offer more comprehensive, turnkey solutions to our customers. We have a clear line of sight to future growth opportunities through partnering with Ramco's talented team," Dan Miller, Arnold President & CEO.
Arnold was advised by Joele Frank.
Windjammer Capital to invest in IPS Group. (FS)
Windjammer Capital, a national private equity investment firm, is set to invest in IPS Group, a design, engineering and manufacturing company focused on low-power wireless telecommunications, payment processing systems. Financial terms were not disclosed.
“IPS represents a very attractive investment opportunity for Windjammer, embodying the key characteristics we look for in new platform companies, including market leadership, a mission-critical product offering that delivers a proven value proposition to its customers, a scalable business with identifiable growth opportunities and a strong management team. We are very pleased to add IPS to the Windjammer portfolio," Jeff Miehe, Windjammer Capital Managing Principal.
Windjammer Capital is advised by Kirkland & Ellis.
RV Retailer, a company that retails recreational vehicles, completed the acquisition of Family RV, a specialty retailer of new and used recreational vehicles and related services, parts and accessories, from Kidd & Company, a private investment firm. Financial terms were not disclosed.
"We appreciate the experience and resources that KCO brought to bear on behalf of the Company founded by our parents more than fifty years ago and are excited for the next stage of our growth," Chuck Jung, Family RV Executive Vice President.
Kidd & Company was advised by Chris Tofalli.
Clean Energy, a provider of natural gas as an alternative fuel for vehicle fleets, and Total, a French multinational integrated oil and gas company, are set to form a $400m joint venture. A 50/50 joint venture to develop carbon-negative renewable natural gas production facilities in the United States, as well as credit support to build additional downstream RNG fueling infrastructure.
“The finalization of this JV with Total, which was originally announced in December of last year, demonstrates the commitment both companies have to the growth of RNG, a fuel that can tackle serious climate issues today. The demand by customers for RNG continues to accelerate, highlighted by our recent announcement that the largest bus fleet in the US, LA Metro, had converted their entire fleet to RNG. This JV will help Clean Energy to continue to increase its supply of RNG in the years ahead," Andrew J. Littlefair, Clean Energy CEO and President.
Arlington Capital-backed Tyto Athene, a full-service systems integrator that provides design, installation, and support of complex voice, data, and security networks, agreed to acquire AT&T Government Solutions, a provider of IT professional services. It is expected to close at the end of the first quarter or early in the second quarter of 2021. Financial terms were not disclosed.
“We believe that the cultures of Tyto and GSI are highly complementary as both are focused on delivering superior solutions to the customer and mission. The incremental IDIQ contract vehicles that will convey with GSI, such as Alliant 2, RS3, ITES-3S, Seaport-NxG, and MEGASTAR, will provide us new ways to contract with our customers. We will continue to be poised to benefit from the secular tailwinds of US Government investment in legacy IT modernization and cybersecurity efforts. Tyto looks forward to teaming with AT&T to identify and pursue opportunities in the DoD and beyond," Chris Meilhammer, Tyto Athene President and COO.
Starboard, a hedge fund, completed the acquisition of Elanco Animal Health, an animal health care company. Financial terms were not disclosed.
Elanco said it would eliminate 350 positions and close a handful of research-and-development sites to reap cost savings following the merger.
KKR-backed Applovin files for an IPO.
KKR-backed Applovin, a mobile application company, has filed to go public. Applovin is seeking to raise $100m with its IPO.
Applovin hasn’t yet disclosed how many shares it would sell or the expected price range. The $100m, a placeholder figure, will also likely change as Applovin provides more information. It will trade on the Nasdaq under the symbol APP.
Applovin is advised by Morgan Stanley, JP Morgan, Bank of America Merrill Lynch, Citigroup and Goldman Sachs.
ThredUp files for a $100m US IPO.
ThredUp, an online marketplace for secondhand clothing, has filed for a US initial public offering. The Oakland, California-based company in a filing listed the size of the offering as $100m. The listing could raise $200m to $300m.
“More millennial and generation Z consumers are driving the shift to secondhand each year. Younger customers are more conscious with sustainability and therefore more likely to shop for secondhand goods," ThredUp.
ThredUp is advised by Goldman Sachs and Morgan Stanley.
EMEA
Aon, a professional services provider, will face a list of objections by the EU’s antitrust watchdog. It must overcome them with concessions to proceed with its $30bn offer for Willis Towers Watson, an insurance broker.
The negotiations may influence Aon’s goal of closing the deal in the first half of the year unless it offers concessions in the coming weeks to stave off the charge sheet, Reuters reported.
Aon is advised by Credit Suisse, Morgan Stanley, Arthur Cox, Freshfields Bruckhaus Deringer, Latham & Watkins, Joele Frank, and FTI Consulting. Financial advisors are advised by Cravath Swaine & Moore. Willis Towers is advised by Bank of America Merrill Lynch, Goldman Sachs, Herbert Smith Freehills, Matheson, Skadden Arps Slate Meagher & Flom, and Weil Gotshal and Manges. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton.
Gilead Sciences, a research-based biopharmaceutical company, completed the acquisition of MYR, a German biotechnology company, from High-Tech Gruenderfonds Management and Maxwell Biotech Venture Fund for c. $1.8bn.
"Hepcludex is an important new addition to the Gilead portfolio. With this first-in-class therapy for HDV, the most severe form of viral hepatitis, we have the opportunity to address an area of high unmet medical need. Gilead has nearly 20 years of experience in innovating and improving therapies for viral hepatitis. We can now build on that with Hepcludex, working with the MYR team to realize the full potential of the therapy for people with HDV worldwide," Daniel O'Day, Gilead Sciences Chairman and Chief Executive Officer.
Gilead Sciences was advised by Goldman Sachs, Flick Gocke Schaumburg, Gibson Dunn & Crutcher and Mayer Brown. MYR was advised by UBS and Freshfields Bruckhaus Deringer.
Square, a mobile payments company, agreed to acquire a majority stake in TIDAL, a global music and entertainment platform, for $297m.
"It comes down to one simple idea: finding new ways for artists to support their work. New ideas are found at intersections, and we believe there's a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture," Jack Dorsey, Square Co-Founder and CEO.
TIDAL is advised by Cummings & Lockwood and Reed Smith. Square is advised by Gibson Dunn & Crutcher.
GIC Private, Mitsui and Macquarie Group completed an investment in Storegga Geotechnologies, an independent UK company pioneering carbon reduction and removal. Financial terms were not disclosed.
"The UK is emerging as a world-leader in CCS and its associated low carbon technologies; today's investment by these partners strengthens our ability to build a world class CCS project and help the UK to pioneer this rapidly growing sector," Nick Cooper, Storegga CEO.
Storegga was advised by Camarco and Madano.
Nordax Bank to acquire Norwegian Finans for $2.1bn.
Nordax Bank, a bank that provides unsecure consumer loans, mortgages, and deposits, offered to acquire Norwegian Finans, a bank offering services in the form of consumer loans, credit cards and deposits to retail customers, for $2.1bn.
“We are deeply impressed with the significant achievement of Bank Norwegian management and employees in developing the company to its current position as a leader in the Nordic consumer finance market. Bank Norwegian has a solid track record of profitable growth, proven scalability of its platform, and resilience in the face of Covid-19 and the current macroeconomic environment. Our interest in Bank Norwegian is driven by our conviction that the transaction will lead to long-term sustainable growth for the combined bank, backed by our supportive owners," Jacob Lundblad, Nordax CEO.
Nordax Bank is advised by Brunswick Group.
KKR to invest in Nordic Bioscience. (FS)
KKR is set to invest in Nordic Bioscience, a Danish company engaged in biomarker development. Financial terms were not disclosed.
“I am excited to welcome KKR as a valued investor to the Nordic Bioscience team and to have their support in building on our strategy of bringing innovative novel diagnostic biomarkers and drug candidates to the market for the benefit of patients. Our fast-moving customers have high expectations, and KKR’s investment will propel Nordic Bioscience forward so that we can continue to meet these expectations. At the core of Nordic Bioscience is collaboration, among our team, with our partners and customers and now with KKR,” Morten Karsdal, Nordic Bioscience CEO.
KKR is advised by Finsbury Glover Hering.
Wipro, an information technology, consulting and business process services company, agreed to acquire Capco, a global management and technology consultancy providing digital, consulting and technology services to financial institutions, for $1.45bn.
"Together, we will offer bespoke transformational end-to-end solutions, now powered by innovative technology at scale, to create a new leading partner to the financial services industry. We look forward to leveraging the complementary capabilities and similar cultures of both companies to drive industry change and offer exciting opportunities for both our clients, and our people,” Lance Levy, Capco CEO.
CNP Assurances, an insurance company, and Allianz, a provider of insurance and financial services, agreed to acquire Aviva Italy, a unit conducting life and general insurance business, for €873m.
"Since I announced our new strategy in August last year, we have announced seven divestments that will generate over £5bn of cash proceeds. This rapid progress allows us to focus on transforming and growing our already strong businesses in the UK, Ireland and Canada. The sale of our Italian operations to high quality buyers is a positive outcome for our customers, employees, distributors and shareholders. We promised that we would deliver quickly and we are. Our work to improve Aviva for the benefit of our shareholders continues," Amanda Blanc, Aviva CEO.
HIG Europe-backed Interpath Advisory to acquire restructuring business from KPMG. (FS)
HIG Europe-backed Interpath Advisory, an independent restructuring business, agreed to acquire restructuring business from KPMG. Financial terms were not disclosed.
“We are thrilled to welcome Interpath Advisory to the HIGfamily. HIG has had great success investing in leading professional services firms, and we will use this experience to help Interpath maximise its potential. This transaction is an ideal fit with our investment mandate and underscores once more HIG’s ability to execute on complex transactions such as carve-outs," Markus Noe-Nordberg, HIG Europe Managing Director and Head of European Middle Market.
Epic Games, an interactive entertainment company and provider of 3D engine technology, agreed to acquire Tonic Games, a company engaged in the development and publishing of multiplayer computer games, from Synova, a private equity firm. Financial terms were not disclosed.
“Synova supported our ‘original IP’ strategy wholeheartedly, providing counsel and insight as we scaled. It has been a genuine and value-added partnership with them and they earned the trust that's so pivotal to a successful investor relationship," Dave Bailey, Tonic CEO & Co-Founder.
Melrose restarts sale process for $3.5bn Nortek unit. (FS)
Melrose Industries, a buyout specialist, restarted the sale process for its Nortek air management business, after the first attempt was interrupted by the coronavirus pandemic. Melrose plans to seek as much as $3.5bn for Nortek.
The UK buyout specialist said that Nortek, which provides heating and air conditioning products, is trading strongly with sales up 5% last year. There’s no certainty that a sale will be completed, Bloomberg reported.
SK Group puts Istanbul Tunnel stake up for sale.
A unit of South Korean conglomerate SK Group is planning to sell its minority stake in a consortium that operates a $1.3bn sub-sea road tunnel across the Bosphorus in Istanbul. The project incorporates a 14.6km road with a 5.4km stretch of tunnel under the Bosporus strait’s sea bed.
SK Gas has hired an adviser to manage the divestment of its 18% stake in the joint venture, formally known as Avrasya Tuneli Isletme Insaat ve Yatirim, or Atas.
Yapi Merkezi, headquartered in Istanbul, owns 50% in the venture. The remainder is held by another unit of Seoul-based SK Group, the builder SK E&C.
Permira launches a bid for LivaNova. (FS)
Permira, a private equity group, made a takeover offer for LivaNova, a medical device maker. The offer valued LivaNova’s shares at more than $80 apiece, the FT reported.
LivaNova was created in 2015 through a merger of Cyberonics and Storin and has a market capitalization of $3.71bn.
Deliveroo chooses London for its $7bn IPO.
Deliveroo has chosen London for its highly anticipated initial public offering after Rishi Sunak, the UK chancellor, endorsed an overhaul of listing rules to allow founders to retain more control after going public. The multibillion-pound IPO is expected to be among London’s largest this year, FT reported.
Deliveroo said it will use a dual-class share structure for the first three years of the listing, which will give co-founder and chief executive Will Shu more control over the company.
“Deliveroo is proud to be a British company, and the selection of London as its home for any future listing reflects Deliveroo’s continued commitment to the UK,” Claudia Arney, Deliveroo Chairman.
Deliveroo is advised by Goldman Sachs, JP Morgan, Bank of America Merrill Lynch, Citigroup, Jefferies and Numis Securities.
Aker Clean Hydrogen to raise $350m ahead of Oslo listing.
Aker Clean Hydrogen, a hydrogen-focused arm of Norway’s Aker group, is set to raise up to $353m in a private placement and to list its shares on Oslo’s small cap market. Key investors will be allocated a minimum of $165m worth of shares, with $59m to Aker Horizons and $106m to a group of investors, including AP4, DNCA Invest, Folketrygdfondet and Ophir Asset Management, Reuters reported.
ACH aims to reach net 5 GW installed capacity of emissions-free hydrogen production by 2030, with net 1.3 GW already under development, including a 450 MW production facility at a Yara ammonia plant in Norway.
The company plans to issue 187.5m new shares at a fixed price of $1.88 per share, equivalent to a pre-money valuation of $944m, to fund the planned projects.
TFI TAB Food weighs Istanbul IPO.
Burger King’s biggest franchisee, TFI TAB Food Investments, is exploring options including an initial public offering in Istanbul.
The listing is one of several possibilities to raise capital or set the course for the Istanbul-based company, which has received interest from potential investors outside Turkey. Deliberations are ongoing and the firm has yet to decide what action it will take.
The company is making a second attempt at an IPO after delaying plans to offer shares in New York in 2018 following a global sell-off in equity markets. By listing on Borsa Istanbul, it would join a flurry of Turkish companies looking to cash in on a growing pool of local retail investors that powered a 34% rally in stocks on the exchange this year.
Club Brugge plans a stock market listing.
Club Brugge, a Belgian soccer club, is planning an initial public offering on the Brussels stock market. It will not be raising fresh funds through the listing.
Grizzly Sports, a vehicle that will be owned by major shareholders Bart Verhaeghe, Vincent Mannaert, Jan Boone and Peter Vanhecke, is the selling shareholder in the transaction. They have a combined holding of 94.34% ahead of the sale and no new shares will be issued as part of the deal
The club has filed an “intention to float”, signalling the launch of the IPO process, and intends to list an undisclosed percentage of the company on the Euronext Brussels exchange.
Club Brugge is advised by Berenberg, Credit Suisse, Belfius Bank and JP Morgan.
Swen Capital raises an initial $308m new infrastructure fund. (FS)
Swen Capital Partners, a private equity firm, has completed the interim closing of its infrastructure fund, SWEN Infra Multi-Select 4. The fund stands at $308m with participation from French and European investors, furthering Swen's ambition of supporting the transition to a low-carbon economy in Europe.
This statement of confidence from French and international investors demonstrates the preeminent standing of the infrastructure strategy SWEN Capital Partners has pursued for over ten years across both open and dedicated funds.
“The renewed vote of confidence from our investors is an honour for us, as is the arrival of new investors, particularly international investors. This latest generation of the fund is set to address major infrastructure financing needs in Europe and offers a chance to participate in the low-carbon transition of key assets in Europe and around the world,” Jerome Delmas, Swen CEO.
Norvestor closes its eighth fund at a $966m hard cap. (FS)
Norvestor, a private equity firm, announced a final close of its latest fund Norvestor VIII, with $966m in committed capital from a diversified group of existing and new investors from Europe, North America, and Asia.
Norvestor VIII has a strong following from existing investors and has received commitments from a broad range of long-term institutional investors, including pension funds, foundations and family offices.
“The size of Norvestor VIII and the experienced, local Nordic team enables Norvestor to continue to support Nordic buy & build with our operational oriented growth-driven strategy. Forming long-standing deep partnerships with founders and management of growth driven businesses is a cornerstone of our investment strategy acting as a responsible owner and trusted partner," Lars Grinde, Norvestor Managing Partner.
Norvestor was advised by Credit Suisse, Fried, Frank, Harris, Shriver & Jacobson, Arendt & Medernach and BA-HR.
Quadrille Capital secures $617m for its 4th tech fund. (FS)
Quadrille Capital, an independent global investor in technology and healthcare growth equity, has announced that it has successfully raised $617m for its fourth technology fund Quadrille Technologies IV. Up to 50% of this amount will be invested in Europe.
Thanks to strong demand from a diversified base of new and returning institutional investors and family offices in Europe, the Middle East and Americas, QT IV has exceeded its $414m hard cap. The increased size from its $163m predecessor fund reflects the expanded investment capability of Quadrille.
APAC
A consortium of investor led a $124m Series A and B rounds in Gensciences, a Chineese biopharmaceutical company. The Series A funding came from IDG Capital, New Alliance Capital, and Hygeia Capital, while the series B fundraising was led by Haitong Kaiyuan Investment, along with Efung Capital and Huarong Rongde Asset Management.
The fresh capital will be used for the clinical research of biomacromolecular drugs and its commercialization, as well as the construction of a production workshop.
CNIC and GIC are in talks for China Three Gorges overseas unit stake. (FS)
Private equity firms CNIC and GIC are among investors in talks with China Three Gorges, a power company, for an investment in its overseas asset portfolio. China Three Gorges could sell as much as a 40% interest in its international asset portfolio. The stake could fetch as much as $4bn, Bloomberg reported.
Chinese state-backed fund CNIC and Singaporean sovereign wealth investor GIC are separately working with advisers on potentially buying into the power company’s international unit. Discussions between the parties are ongoing and may not ultimately lead to transactions. Other bidders could also emerge.
Walmart-backed Flipkart mulls a US listing via a SPAC deal.
Walmart-backed Flipkart, an Indian e-commerce giant, is exploring its options to go public in the United States through a deal with a black-check firm.
The talks for a deal with a special purpose acquisition company are at a very early stage and could fall apart as no plans have been finalized yet. Flipkart, which competes with Amazon.com’s local unit and India’s Reliance Industries, has already started talks with investment banks for its listing plans.
A growing number of Indian startups are considering the SPAC route to public markets as it involves less regulatory scrutiny and gives companies more certainty over the valuation that will be attained and the funds that will be raised. At least a dozen more Indian tech and internet startups are expected to choose that route to the public markets over the next 6-12 months.
Monde Nissin files for up to $1.3bn IPO.
The Philippines’ Monde Nissin, a maker of ubiquitous Lucky Me! instant noodles, on Thursday filed for an up to $1.3bn IPO, in what is set to be the country’s largest-ever listing, Reuters reported.
The owner of meat alternative Quorn is seeking regulatory approval to sell as many as 3.6bn primary shares at a maximum price of $0.36 each, regulatory filing documents showed. It can sell up to 540m more shares through an over-allotment option.
At the filing price, the IPO would surpass the record $627m raised in the 2013 maiden share sale of Robinsons Retail Holdings. Investors and bankers said consumer retailers and REITs are lining up fundraising deals in the Philippines that could top $4bn in 2021, more than the country’s combined tally of the last seven years.
CIC eyes US investment after fund with Goldman Sachs raised $2.5bn. (FS.)
China’s $1tr sovereign wealth fund is scouting for long-term investment opportunities in the United States, after a fund co-established with Goldman Sachs raised $2.5bn, Reuters reported.
The China-US Industrial Cooperation Fund, launched in November 2017 on the sidelines of former US President Donald Trump’s visit to Beijing, has completed two investments in the United States.
"CIC will keep watching for potential policy changes in the United States under the Biden administration and continue to explore long-term opportunitie. As China’s sovereign wealth fund, we understand the China market well and can leverage that advantage to help bridge overseas companies with China,” Zhao Haiying, CIC Chief Strategy Officer.
MX Player eyes unicorn status with $150m funding.
MX Player, which owns and operates short video entertainment app MX TakaTak, is in talks with existing and new investors to raise up to $150m in a new round. MX Player has been positioning MX TakaTak as an anchor for the new fundraise.
Existing investor Tencent will join the round with a sizeable chunk along with an American late-stage investor. The fresh proceeds will help MX TakaTak maintain its pole position in the short video entertainment space.
|
