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AMERICAS
TPG, a global alternative asset management firm, agreed to acquire Angelo Gordon, an alternative investment firm focused on credit and real estate investing, for $2.7bn.
"This strategic transaction meaningfully expands our investing capabilities and broadens our product offering. The addition of Angelo Gordon also underscores our continued focus on growing and scaling through diversification, while driving long-term value for our shareholders. Following more than a year of building relationships between the leadership teams of both organizations, we are confident the combination represents a strong strategic and cultural fit and will create additional opportunities for employees of both firms. We look forward to welcoming the Angelo Gordon team as we execute on our shared vision," Jon Winkelried, TPG CEO.
ONEOK, a midstream service provider, agreed to acquire Magellan Midstream Partners, a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil, for $18.8bn.
"ONEOK has a long history and track record of being at the forefront of transformational transactions. The combination of ONEOK and Magellan will create a diversified North American midstream infrastructure company with predominately fee-based earnings, a strong balance sheet and significant financial flexibility focused on delivering essential energy products and services to our customers and continued strong returns to investors. Our expanded products platform will present further opportunities in our core businesses as well as enhance our ability to participate in the ongoing energy transformation with an increased presence in sustainable fuel and hydrogen corridors. We are excited about the future of our combined companies and look forward to welcoming Magellan's well-respected employees to ONEOK," Pierce H. Norton II, ONEOK President and CEO.
BP, a British multinational oil and gas company, completed the acquisition of TravelCenters of America, a full-service truck stop and travel center company, for $1.3bn.
“We are thrilled to welcome the TravelCenters of America team to bp and give a turbo-boost to our convenience and mobility business in the US. Combining TA’s sites on US highways with our brilliant retail network off the highway immediately expands our offer and doubles our global convenience gross margin,” Emma Delaney, BP Executive Vice President.
Fortress Investment, Soros Fund and Monroe Capital, three investment management firms, agreed to acquire VICE Media, a global multi-platform media company, for $225m.
"VICE serves a huge global audience with a unique brand of news, entertainment and lifestyle content. This accelerated court-supervised sale process will strengthen the Company and position VICE for long-term growth, thereby safeguarding the kind of authentic journalism and content creation that makes VICE such a trusted brand for young people and such a valued partner to brands, agencies and platforms. We will have new ownership, a simplified capital structure and the ability to operate without the legacy liabilities that have been burdening our business. We look forward to completing the sale process in the next two to three months and charting a healthy and successful next chapter at VICE," Bruce Dixon and Hozefa Lokhandwala, VICE Co-CEO.
VICE Media is advised by AlixPartners, LionTree Advisors, PJT Partners, Shearman & Sterling, Togut Segal & Segal and Joele Frank (led by Scott Bisang and Dan Moore). The consortium is advised by Houlihan Lokey and Gibson Dunn & Crutcher.
Fanatics, an online manufacturer and retailer of licensed sportswear, sports collectibles, NFTs, trading cards, and sports merchandise, as well as sports betting and iGaming, agreed to acquire the US operations of PointsBet, a sports betting company, for $150m.
"In view of the US market in which the company has significant operations, the Board has explored and considered a wide range of strategic alternatives over an extended period of time. Having considered all of the options potentially available to the Company, the Board believes the Fanatics Betting and Gaming proposal optimises value for shareholders. The acquisition by Fanatics Betting and Gaming of our US Business will enable PointsBet to return significant capital to shareholders, while retaining strong Australian and Canadian businesses supported by our leading proprietary technology in a capital light setting," Brett Paton, PointsBet Chairman.
PointsBet is advised by Flagstaff Partners, Moelis & Co, Baker McKenzie, Jenner & Block and Orrick Herrington & Sutcliffe.
Juno Pharmaceuticals, a biopharmaceutical company, completed the acquisition of Omega Laboratories, a domestic specialty injectable pharmaceutical manufacturer. Financial terms were not disclosed.
"We are proud of this acquisition that solidifies Juno's ability to improve drug supply with medications that are critically needed to support our healthcare system. We are Canadian owned and operated and will continue to support our domestic market while expanding into new geographies with dependable and high-quality Canadian-made pharmaceuticals," Mark Mantel, Juno CEO.
Juno was advised by Bloom Burton, Aird & Berlis and Kaiser & Partners.
Engaged Capital plans proxy battle at Shake Shack. (FS)
Activist investor Engaged Capital has taken a stake in Shake Shack and plans to push for board changes at the burger chain, Bloomberg reported.
Engaged has been in talks with the company's management for over six months and sent a letter to the board in March detailing its proposal for new directors and other changes to help boost the restaurant chain's lagging stock price without an agreement.
Brazil's Americanas looking for buyer for stake in Grupo Uni.
Brazilian retailer Americanas, which filed for bankruptcy earlier this year after an accounting scandal, has started the market sounding process to prospect parties interested in buying its stake in Grupo Uni.
Americanas, which has the billionaire trio that founded 3G Capital as reference shareholders, said in a securities filing it had hired Citigroup as financial advisor to conduct the process, launched as part of its reorganization plan, Reuters reported.
Pearl Energy Investments closes third fund with over $700m in commitments. (FS)
Pearl Energy Investments announced the final closing of its third fund, Pearl Energy Investments III, and affiliated funds, with total commitments of approximately $705m which represents the largest investment vehicle in Pearl’s history.
“We are thankful for the trust and support of our investors. In what has been a challenging time for traditional energy, the Pearl team’s disciplined investment approach has allowed us to make significant distributions to our investors over the past several years. We are humbled that our diverse group of existing and new investors has entrusted us to steward their capital and will work diligently to continue to generate excellent risk-adjusted returns,” Billy Quinn, Pearl Managing Partner.
BlackRock chief Larry Fink trains successors but has no imminent plan to retire. (FS, People)
BlackRock Chief Executive Officer Larry Fink has been preparing five key leaders to take his role whenever he decides to step down in the future.
Though Fink has no imminent plans to retire, he along with President Robert Kapito has been training these candidates for The Great Race – to choose the successor – in what Fink calls his the No. 1 priority, DealStreetAsia reported.
EMEA
Apollo Global Management, a private equity firm, withdrew its offer to acquire John Wood Group, a British multinational engineering and consulting business, for $2.1bn.
Wood Group had privately rejected its previous offer of around $1.97bn, that the firm had made on March 6.
Toluna, a real-time insights provider at the speed of the on-demand economy with global scale, innovative technology and research design, agreed to acquire MetrixLab, a market research agency, from Macromill, a rapidly-growing global market research and digital marketing solutions provider. Financial terms were not disclosed.
"We're very excited to welcome MetrixLab and its talented team to Toluna, as well as to explore new opportunities in partnership with Macromill. This acquisition is a significant milestone in our mission to empower clients to make data-driven decisions with ease through a platform that unifies the latest technology and human expertise. By combining Toluna Start's cutting-edge research platform and high-quality global panels with MetrixLab's industry-leading suite of insights solutions, we will provide our clients with unparalleled research capabilities and simplify their insights approach by enabling them to work with a single partner. This combination demonstrates our commitment to delivering exceptional value to our clients and helping them achieve greater success for their businesses," Frédéric-Charles Petit, Toluna CEO.
Toluna is advised by Cooley, Pinsent Masons, Jefferies & Company.
Aristocrat Leisure, an Australian gambling machine manufacturer, agreed to acquire NeoGames, a provider of iLottery solutions and services to national and state-regulated lotteries, for $1.2bn.
"Bringing together NeoGames and our growing Anaxi business will position Aristocrat with global scale and capability in the growing online RMG industry. Through the acquisition of NeoGames and its industry-leading global online RMG platform, this transaction will deliver on our strategy by providing a portfolio of end-to-end solutions for iGaming, iLottery and Online Sports Betting operators globally. We see great opportunities in the combination of our complementary businesses, with clear revenue and growth potential that comes with a complete and seamless online RMG solution. NeoGames also shares a strong commitment to sustainability, responsible gameplay and people-first culture which is central to everything we do," Trevor Croker, Aristocrat CEO and Managing Director.
Aristocrat Leisure is advised by Citadel Magnus (led by Peter Brookes).
Remondis, a German multinational company for recycling, water resource management and industrial and communal services, agreed to acquire Delete Group, a provider of environmental services for industry, construction and real estate clients from Axcel, a private equity firm. Financial terms were not disclosed.
"As one of the leading international providers in industrial cleaning services, the acquisition of Delete is a unique opportunity to grow in one of our core businesses in Scandinavia. Delete with its long experience in the industrial cleaning sector and its highly competent employees is well-known in the Nordic market, has a good market reputation and is a strong and well-known brand. In connection with our existing industrial cleaning activities within Buchen and Reym, we see Delete as an equal partner in our family and would like to successfully move forward together. We warmly welcome our new colleagues," Juergen Lennertz, Remondis Managing Director.
Axcel is advised by Carnegie Investment Bank.
Yanolja, South Korea's tourism platform unicorn, completed the acquisition of Go Global Travel, an Israel-based company for global business-to-business travel solutions. Financial terms were not disclosed.
Through this acquisition, Yanolja will emerge as a world-class travel and hospitality operator that strives to build an integrated tourism environment without regional boundaries. Its cloud affiliate's channeling solution will allow the supply of South Korean tourism inventory developed by Yanolja and Interpark to customers worldwide and allow Yanolja to take the lead in greatly easing global access to the country's tourism content.
Globant, a digitally native technology services company, agreed to acquire Pentalog, a global IT service platform provides technological services. Financial terms were not disclosed.
"France is one of the world's top economies and innovation hubs and we wanted Globant to have a stronger presence in such important geography. Pentalog impressed us with its amazing culture of innovation, client-centric approach, and diverse talents. Together, we will be able to continue offering top-notch services and products to keep reinventing some of the most beloved brands in the world," Martin Migoya, Globant Co-Founder and CEO.
Connectbase, an industry platform for connectivity, cloud, and communications that drives growth through location intelligence, agreed to acquire LastMileXchange, a service provider for communication service providers. Financial terms were not disclosed.
"The Connectbase vision has always been global. Bringing the LMX reach, offerings, customer base and team into the Connectbase fold follows through on our longer-term strategic vision and brings incredible additional value to the existing customer base of both companies. With this acquisition, we are deepening our presence across EMEA and APAC, and furthering our journey as a truly connected global platform. For the past 18 years, LMX has built impressive digital off-net quoting solutions serving global telecom carrier customers. Now, as part of the Connectbase ecosystem, LMX customers will be able to further transform and automate their network buying and selling functions easily," Ben Edmond, Connectbase CEO and Founder.
Brookfield puts UK holiday resort Center Parcs up for sale. (FS)
Canadian private equity firm has put UK holiday resort Center Parcs up for sale and is looking for as much as £5bn ($6.2bn). The decision to go ahead with the sale marks a bold move for Brookfield as the UK faces falling property values and higher interest rates.
Center Parcs operates six resorts in the UK and Ireland, offering attractions such as water parks and forest playgrounds with its five UK sites were independently valued at £4.1bn ($5.1bn) in April, based on the value of the real estate alone.
EQT makes new move in private wealth market with Nexus offering. (FS)
Sweden-based EQT is launching a new strategy for private wealth clients to broaden its investor base and offer individuals the chance to invest, DealStreetAsia reported.
EQT Nexus will be the private equity firm’s first offering for individual investors to make single investments. EQT did not disclose a target for assets under management for EQT Nexus.
Egypt sells a $122m stake in state-controlled Telecom Egypt.
Egypt sold a 9.5% stake in state-run Telecom Egypt, raising more than $122m in a signal to investors that the country is serious about implementing a sweeping economic reform program.
Telecom Egypt's is the second sale of state assets since Prime Minister Mostafa Madbouly promised on April 29 to press ahead with the sales programme and sell assets worth $2bn by the end of June. Egypt desperately needs privatization proceeds to meet a series of foreign debt obligations over the coming few months, Bloomberg reported.
Tycoon Elumelu tightens grip on Nigeria’s biggest conglomerate.
Nigerian tycoon Tony Elumelu’s family raised its stake in the nation’s biggest conglomerate after warding off a takeover threat from a rival, Bloomberg reported.
Elumelu’s wife, Awele Elumelu, acquired 5.1% of Transnational of Nigeria. That boosts the family’s holding to at least 30%, which according to Nigerian takeover rules is the threshold for triggering an open offer.
Goldman Sachs moves past 1MDB scandal with new Abu Dhabi office.
Goldman Sachs Group is set to open an office in Abu Dhabi, marking a significant step for the US lender that was snubbed by the emirate for its involvement in the 1MDB scandal.
Goldman Sachs’s new outpost will open in Abu Dhabi Global Market, pending final regulatory approval. The office will add to the bank’s hubs in Dubai, Doha and Riyadh and allow it to deepen relationships with clients, Bloomberg reported.
Jamjoom Pharma owners seek up to $336m in Saudi IPO.
The owners of Jamjoom Pharmaceuticals Factory are seeking to raise as much as $336m in its Riyadh initial public offering, which is set to be the biggest listing in the kingdom so far this year.
Jamjoom Pharma's IPO will be the largest in Saudi Arabia since Saudi Aramco Base Oil Co's $1.3bn listing in December, Bloomberg reported.
Weaker oil prices on concerns that slower global economic growth might hurt demand have weighed on Saudi stocks, which dropped sharply over the past year. However they have posted a 14% rebound since a March low after OPEC+ announced a surprise oil production cut at the start of April.
JP Morgan and Saudi Fransi Capital are financial advisers.
Saudi Finance firm Morabaha seeks up to $83m in IPO.
Saudi Arabia-based Morabaha Marina Financing is seeking to raise as much as $83m from an initial public offering, even as concerns over market volatility prompt other firms in the kingdom to delay planned share sales.
The independent non-bank finance institution plans to sell a 30% stake, or 21.4m shares, in a price range between $3.47 and per share, implying a total offer size of $74m to $83m, Bloomberg reported. Net proceeds from the share sale will be used to strengthen the company's capital base to support future growth.
APAC
Apax Partners, a global private equity advisory firm, agreed to invest $450m in IBS Software, a provider of modern Software-as-a-Service solutions to the global travel and logistics industry.
"We're excited to partner with Apax as we enter a new phase in our mission to transform how travel companies operate in a digital world. This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business. We thank our customers and employees who have been instrumental in our success so far. We're grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax," V K Mathews, IBS Software Founder and Executive Chairman.
IBS Software is advised by JP Morgan & Drew & Napier. Apax is advised by Jefferies & Company, Kirkland & Ellis and Kekst CNC (led by Todd Fogarty). Blackstone is advised by Simpson Thacher & Bartlett.
HMI Group, a regional healthcare provider, agreed to acquire MHC, a medical benefits administrator and healthcare technology platform in Singapore. Financial terms were not disclosed.
The combination of HMI Group and MHC into one vertically integrated healthcare platform places the Group in a better position to address some of the key challenges that Singapore's healthcare sector is expected to face over the coming years, including a rapidly ageing population, rising healthcare costs and a growing prevalence of chronic diseases.
HMI Group is advised by Omnicom Group (led by Swyn Evans).
Japan's Rakuten plans to raise around $2.2bn via new share sale.
Japan’s Rakuten Group is finalising plans to raise about $2.2bn by issuing new shares, in the e-commerce company’s latest move to shore up its finances after years of losses from its mobile business.
Rakuten’s board could meet as early as this week to decide on the capital raising. The public offering is expected to raise roughly $2.2bn but the amount could change depending on Rakuten’s share price, which will influence the pricing of its new equity issuance, DealStreetAsia reported.
InvoCare gets higher $1.3bn offer from TPG, shares jump. (FS)
Australia's InvoCare shares jumped nearly 12% after it revealed a higher $1.26bn offer from global private equity firm TPG had been tabled just weeks after it rejected a lower bid it said undervalued the funeral services provider, Reuters reported.
Kioxia and Western Digital are speeding up merger talks and nailing down a deal structure.
Kioxia and Western Digital are speeding up merger talks and nailing down a deal structure, as a slumping flash memory market puts fresh consolidation pressure on the world's No. 2 and No. 4 players.
Under the plan now being worked out, the merged entity would be 43% owned by Kioxia, 37% by Western Digital and the rest by existing shareholders of the companies, Reuters reported.
SG’s Aquilius Partners carves a niche with $400m real estate secondaries fund. (FS)
Singapore’s Aquilius Investment Partners, an Asia secondaries specialist set up in 2021 by former executives of Partners Group and The Blackstone Group, has closed its debut fund on $400m.
It coincides with the raising of $200m for co-investment held in separately managed accounts. LPs include sovereign wealth funds, endowments, and family offices.
NZ-based Movac closes Tech Fund 6 at $125m. (FS)
New Zealand-based VC firm Movac has closed its sixth technology fund at $125m. New Zealand’s sovereign wealth fund, New Zealand Superannuation Fund, participated as a cornerstone investor for the funding round, DealStreetAsia reported.
The sovereign wealth fund had committed up to $70m in Movac Growth Fund 6 in December last year as 50% of the first close, with the potential to increase it to $70m, depending on Movac’s fundraising. NZ Super Fund invests to help pay for the increased cost of universal pension entitlements in the future. A long-term, growth-oriented investor, the fund has around $24.7bn in assets, including $6bn invested in New Zealand.
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