AMERICAS
Highgate, an investment manager, and Cerberus, a private equity firm, completed the acquisition of CorePoint Lodging, a pure play select-service hotel owner, for $1.5bn.
“Highgate has tremendous respect for CorePoint and its highly experienced team, having observed the Company strengthen, refine and cultivate a leading portfolio of select service hotels. We are thrilled to partner with our friends at Cerberus on another exciting transaction, through which Highgate will continue to enhance its capabilities in the select service space. We look forward to collaborating with the many associates and stakeholders involved towards a successful closing, and to working closely with the Wyndham Hotels team as we embark on the next chapter for this portfolio,” Mahmood Khimji, Highgate Co-Chairman.
CorePoint Lodging was advised by Hodges Ward Elliott, JP Morgan, Simpson Thacher & Bartlett and Joele Frank. Financial advisors were advised by Cravath Swaine & Moore. Highgate was advised by Deutsche Bank, Kirkland & Ellis, Latham & Watkins and Sard Verbinnen & Co. Debt financing was provided by Bank of Montreal and Deutsche Bank.
LanzaTech, a provider of a bio-processing platform, agreed to go public via a SPAC merger with AMCI Acquisition II in a $1.8bn deal with participation from AMCI, ArcelorMittal, BASF, K1W1, Khosla Ventures, Mitsui, New Zealand Superannuation Fund, Oxy Low Carbon Ventures, Primetals Technologies, SHV Energy and Trafigura.
"Our primary objective in forming AMCI Acquisition II was to partner with a disruptive company focused on decarbonizing the heavy industrial complex and transitioning the global energy mix to a lower carbon footprint. We are pleased to have found that partner in LanzaTech. LanzaTech is facilitating the creation of a circular economy where carbon can be reused rather than wasted through the adoption of its economically viable and scalable technology, designed to enable industrial users of carbon intensive inputs and raw materials to reduce their environmental impact and to replace materials made from virgin fossil fuel resources with recycled carbon," Nimesh Patel, AMCI Acquisition CEO.
LanzaTech is advised by Barclays, Covington & Burling and ICR. AMCI Acquisition is advised by Barclays, Evercore, Goldman Sachs and White & Case. Financial advisors are advised by Ropes & Gray.
AM FRESH Group, a global fresh food company, agreed to acquire International Fruit Genetics, a premium fruit-breeding company, from Paine Schwartz, a private equity firm. Financial terms are not disclosed. EQT will become a minority shareholder in combined entity of SNFL and IFG.
"We are committed to delivering fresh, natural and healthy goods to excite consumers and we strive to create the next frontier of sustainable fresh foods for the benefit of all," Alvaro Munoz, AM FRESH Group CEO.
IFG is advised by Credit Suisse and Dentons. EQT is advised by Allen & Overy and Simpson Thacher & Bartlett. SNFL is advised by Morrison & Foerster. AM FRESH is advised by Bank of America and Perez Llorca. Paine Schwartz is advised by Joele Frank.
AZZ, a provider of galvanizing and metal coating solutions, agreed to acquire Precoat Metals, an independent provider of metal coil coating solutions in North America, from Carlyle-backed Sequa, a provider of services for the aerospace and metal coating segments, for $1.28bn.
"We are pleased to acquire North America's largest independent provider of metal coil coatings and related services. Through this acquisition, AZZ significantly broadens our metal coatings offering, creating unrivaled scale and breadth of solutions in both the prepainted and post-fabrication coatings markets. We believe the coil coating market will provide sustainable future growth for AZZ, and we intend to provide Precoat with the financial resources to expand and further invest in commercial and operational excellence," Tom Ferguson, AZZ CEO.
AZZ is advised by Citigroup and Baker McKenzie. Debt financing is provided by Citigroup and Wells Fargo Securities. Precoat Metals is advised by Ernst & Young. Sequa is advised by Barclays, Evercore and Latham & Watkins.
Jack in the Box, an American fast-food restaurant chain, completed the acquisition of Del Taco, an American fast food restaurant chain, for $575m.
"Today marks an important milestone in our company’s history as we officially welcome Del Taco to the Jack in the Box family. We have ambitious growth plans for our combined company, and we are excited for the many exciting opportunities ahead. Together, Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities, and unit growth for both brands," Darin Harris, Jack in the Box CEO.
Del Taco was advised by Piper Sandler, McDermott Will & Emery and Allison+Partners. Jack in the Box was advised by Bank of America, Gibson Dunn & Crutcher and Joele Frank. Debt Financing was provided by Bank of America.
Amarillo Gold, a company that advances two gold projects in mining-friendly states, obtained a final order from the Supreme Court of British Columbia approving the plan of arrangement for the acquisition of Amarillo by Hochschild Mining, an underground precious metals producer focusing on high grade silver and gold deposits.
Under the Arrangement, each share of Amarillo will be exchanged for cash consideration of $0.31 and one share of Lavras Gold, a new Brazil-focused exploration company.
Amarillo Gold is advised by Mackie Research Capital, Irwin Lowy and Osler Hoskin & Harcourt. Hochschild Mining is advised by RBC Capital Markets, Linklaters, Pinheiro Neto and Stikeman Elliott.
UCB, a global biopharmaceutical company, completed the acquisition of Zogenix, a pharmaceutical company, for $1.9bn.
"The proposed acquisition of Zogenix reinforces UCB's sustainable patient value strategy and continued commitment to addressing unmet needs of people living with epilepsy with an increasing focus on those living with specific or rare forms of epilepsy, where few options exist. Complementing UCB's existing therapeutic offerings, the Zogenix acquisition provides UCB with an approved medicine for a life-threatening, rare infant- and childhood-onset epilepsy marked by frequent and severe treatment-resistant seizures, that are particularly challenging to treat," Charl van Zyl, UCB Executive Vice President, Neurology & Head of Europe.
UCB was advised by Barclays, Lazard and Covington & Burling. Zogenix was advised by Bank of America, SVB Leerink and Latham & Watkins.
Valley National Bancorp, a regional bank with approximately $41bn in assets, has received all regulatory approvals in connection with the previously announced $1.15bn acquisition of Bank Leumi Le-Israel, an Israeli bank.
Valley had previously announced receipt of regulatory approval from the Federal Reserve Bank of New York and the Office of the Comptroller of the Currency. Additional regulatory approvals, including by the New York State Department of Financial Services and the Bank of Israel, were recently received. Valley anticipates that the closing of the merger will occur on April 1, 2022.
Valley National is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz. Bank Leumi is advised by Piper Sandler, Davis Polk & Wardwell and Meitar Law Offices.
Aerami Therapeutics, a biopharmaceutical company focused on developing inhaled therapies to treat severe respiratory and chronic diseases, and FoxWayne, a SPAC, announced that they have mutually agreed to terminate their business combination agreement, effective immediately.
Aerami and FoxWayne believe that terminating the business combination agreement is the best path forward for the parties and their respective stockholders.
Google, an American multinational technology company, agreed to acquire Mandiant, a pure-play cybersecurity firm, for $5.4bn.
“The Mandiant brand is synonymous with unmatched insights for organizations seeking to keep themselves secure in a constantly changing environment. This is an opportunity to deliver an end-to-end security operations suite and extend one of the best consulting organizations in the world. Together we can make a profound impact in securing the cloud, accelerating the adoption of cloud computing, and ultimately make the world safer," Thomas Kurian, Google CEO.
Mandiant is advised by Goldman Sachs and Wilson Sonsini Goodrich & Rosati. Goldman Sachs is advised by Sullivan & Cromwell.
BRP Group, an independent insurance distribution firm, agreed to acquire Westwood Insurance Agency, a personal lines agency specializing in builder-sourced homeowners insurance, from QBE Insurance, a general insurance and reinsurance firm. Financial terms were not disclosed.
“Alan and his team at Westwood have built a world-class organization, and we could not be more excited to be Partnering together. Representing the largest Partnership to date in BRP Group’s history, Westwood’s embedded business model and proprietary technology add invaluable expertise to the BRP Group family. We welcome Alan and the entire Westwood team to BRP Group," Trevor Baldwin, BRP Group CEO.
QBE is advised by Morgan Stanley and Willkie Farr & Gallagher. BRP is advised by Baldwin Risk Partners.
McNally Capital, a private equity firm, agreed to invest in Smith & Oby, a HVAC and plumbing mechanical contractor and services provider. Financial terms were not disclosed.
“We are excited to partner with the Smith & Oby team to help them expand upon the exceptional growth they have already achieved in this industry. Smith & Oby has a highly-reputable brand name in the HVAC sector and a proven track record of delivering high-quality mechanical contracting products and services to its customers. We look forward to contributing Direct Family Capital and our firm’s industry expertise to enable their continued growth, diversify revenue streams, and expand into new markets," Ravi P. Shah, McNally Capital Principal.
McNally Capital is advised by Ropes & Gray. Smith & Oby is advised by MelCap Partners and Benesch Friedlander Coplan & Aronoff.
Oak Hill Capital, a private equity firm, agreed to acquire a majority stake in Greenlight Networks, a fiber-to-the home provider. Financial terms are not disclosed.
"Oak Hill is an ideal partner to support our growth strategy, and its commitment of capital, resources and expertise is critical as we prepare to grow," Mark Murphy, Greenlight Founder and CEO.
Oak Hills is advised by TD Securities and Kekst CNC. Greenlight is advised by Bank Street Group.
Aquarion, a public water supply company, agreed to acquire Torrington, a water utility company. Financial terms are not disclosed.
"I am pleased with the transaction, as TWC and Aquarion share many common values and strategies, and look forward to working with Aquarion's leadership team on a smooth transition for our customers and employees," Susan Suhanovsky, Torrington President.
Aquarion is advised by Ropes & Gray. Torrington is advised by Boenning & Scattergood and Pullman & Comley.
CORE Industrial-backed CGI, a provider of complex sheet metal and machined production parts, assemblies, and weldments, agreed to acquire DFF, a contract manufacturer specializing in medium-to-high volume production of precision machined components and electromechanical assembly products. Financial terms were not disclosed.
“DFF is a scaled, design and engineering-driven manufacturing services provider with a strong track record of growth. In addition to roughly doubling the platform’s footprint, this transformational addition provides significant strategic value, including deeper penetration into attractive end markets and a complementary East Coast location to broaden national reach," Matthew Puglisi, CORE Partner.
CORE Industrial is advised by BackBay Communications. CGI is advised by Winston & Strawn.
DeSHAZO, a firm engaged in the manufacture of industrial equipment for the materials handling and automation industries in the US, agreed to acquire Integrated Machinery Solutions, an engineering consulting firm. Financial terms were not disclosed.
“DeSHAZO launched an aggressive growth initiative last year, and we continue to focus on expansion to meet the growing and changing needs of customers around the globe. IMS has been a valued partner in our growth efforts over the last several years, and we are very pleased to welcome their talented team, experience and capabilities to DeSHAZO. We believe this acquisition significantly elevates our capabilities, by allowing us to provide a broader product line with a wider array of material handling solutions to meet customers’ needs," Guy K. Mitchell III, DeSHAZO Chairman and CEO.
DeSHAZO is advised by Carl Marks Advisors and Maynard Cooper & Gale.
Three investment firms GSV, HarbourVest Partners and Blue Star Innovation led a $245m funding round in Stax, an all-in-one payments platform.
“Stax is a rapidly-growing company that is changing the way businesses conduct and scale their payments, which is why we chose to invest in them. The Covid-19 pandemic escalated the need for dynamic, flexible and digital payment options all the way from small businesses to enterprise organizations and the software vendors that serve them. Fintech is rapidly evolving, and Stax is adapting just as quickly, ensuring their customers can do the same," Rob Wechsler, Blue Star Founder and CEO.
Stax was advised by Walker Sands Communications.
Accel, an early and growth-stage venture capital firm, led a $200m Series E funding round in Axonius, a firm engaged in the cybersecurity asset management and SaaS management, with participation from Silver Lake, Alta Park Capital, Owl Rock, Bessemer Venture Partners, Lightspeed Venture Partners, Alkeon, Stripes, ICONIQ, and DTCP.
"Axonius has transformed the way companies manage and secure their assets, solving foundational problems for teams struggling to control complexity. Axonius has achieved tremendous growth in such a short time, and we believe that their deep understanding of IT and security challenges have positioned them to be the system of record for all infrastructure," Matt Weigand, Accel Partner.
Axonius was advised by Look Left.
Blackstone led a $200m funding round in DNAnexus, a developer of a biomedical informatics and data management platform, with participation from Northpond Ventures, GV, Perceptive Advisors, Innovatus Capital Partners, and Foresite Capital.
“The funding enables us to accelerate our product roadmap to meet the global demand for technologies harnessing the power of biomedical data and driving precision medicine forward. Blackstone has shown a deep commitment to the healthcare, life sciences, and technology industries with a global network and operating resources. Blackstone will be a strong partner as we grow our business and support the new wave of biomedical insights generated by our customers using large-scale clinical, multi-omics data," Richard Daly, DNAnexus CEO.
DNAnexus was advised by Bioscribe.
Wormhole Capital, an investment firm, led a $100m Series B funding round in Swiftly Systems, a developer of a digital platform, with participation from Liquid2 Ventures, Bramalea, Gaingels, Silicon Ventures, Proof VC, Western Technology Investment, Sand Hill Angels and The Martin Family.
“Retailers need to act now to connect the digital and in-store experience and capitalize on the $100bn retail media opportunity. Those that don’t connect the digital and in-store customer experience risk becoming obsolete and are handing over loyal customers and advertising revenue to the competition. Swiftly gives power back to retailers by providing a complete and flexible solution for in-app and in-store shopping enabling them to meet their customers where they’re shopping," Henry Kim, Swiftly Co-Founder and CEO.
Swiftly was advised by Walker Sands Communications.
Balmoral Funds, a private equity investment firm, completed the acquisition of Resco Products, a manufacturer of custom-designed specialty refractory products, from Wellspring Capital, a fund manager. Financial terms were not disclosed.
“We look forward to building on Resco’s reputation as an industry leader to continue to provide customers with high-quality products and unmatched service. Over the years, Resco’s quality, innovation and technical expertise has created a win-win for itself and its customers. Resco’s customers are primed for growth in the coming years due to pent up demand in key sectors such as automotive, construction, and infrastructure. Balmoral intends to invest significantly to enhance the experience and value proposition for Resco’s customers, employees, vendors and others," Kevin Handerhan, Balmoral Funds Chairman.
Resco Products was advised by Jefferies & Company.
Audax-backed 48forty, a national provider of recycled pallets and pallet management services, completed the acquisition of Pallet Consultants, a packaging and shipping solutions provider. Financial terms were not disclosed.
"We are thrilled to welcome Pallet Consultants to the team. Pallet Consultants is one of the most respected pallet recyclers in the country, known for their customer service and creative pallet solutions. 48forty will become significantly stronger with this strategic acquisition. I look forward to working closely with Gus Gutierrez, who will continue to run Pallet Consultants and join our leadership team. Gus and his team offer comprehensive experience in the industry, which will push the 48forty business even farther," Mike Hachtman, 48forty CEO.
Audax was advised by Sard Verbinnen & Co.
Aurora Capital-backed Strategic Retail Partners, a manager and solutions provider to more than 70k retail outlets, agreed to acquire Distributions Franco, a wholesaler. Financial terms were not disclosed.
“Franco has seen an impressive 30% growth in its customer base over the last three years. Their dedicated team, innovative services and solutions, and eCommerce platform all contribute to their success, and we’re excited to welcome them to the SRP team," Garson Hoffman, SRP Canada President.
Petlove&Co, an online platform for pet products and services, completed the acquisition of Nofaro, a pet healthcare firm. Financial terms were not dislclosed.
"Brazil is the second-largest pet market in the world and, with that throughput, Petlove&Co has increased its leadership in the pet-health sector with a new company that has a strong presence in online sales. The merger will also allow us to include state-of-the-art tools and to grow the accredited network, with regions in addition to those where we already have a strong presence, which will bolster our ecosystem," Talita Lacerda, Petlove&Co CEO.
Berkshire Hathaway reveals $5bn Occidental stake as Icahn exits. (FS)
Warren Buffett's Berkshire Hathaway revealed a more than $5bn stake in Occidental Petroleum, as oil prices soared to their highest level in about a decade, Reuters reported.
Berkshire said it owns 91m Occidental shares, or nearly 10% of those outstanding, including 61m bought from March 2 to March 4.
Buffett's company disclosed the stake in a Friday night filing with the US Securities and Exchange Commission.
William Ackman takes stake in Canadian Pacific.
William Ackman-owned Pershing Square Capital Management, a hedge fund, disclosed in a regulatory filing that it owned roughly 2.8m shares of Canadian Pacific as of December 31.
The fund actually had exposure to many times that—about 14.8m shares as of March 7. That figure would make Mr. Ackman one of the railway's top 15 holders with a stake worth well over $1bn based on the current share price.
Kohl's says it engaged with over 20 parties regarding strategic alternatives.
Department store operator Kohl's, which rejected two separate takeover bids earlier this year, said that it had contact with more than 20 parties and signed confidentiality agreements with some, giving them access to more financial data, Reuters reported.
Investment bank Goldman Sachs spent January, February and March engaging with more than 20 financial sponsors, strategics, and real-estate-focused investors regarding a range of potential strategic alternatives involving the company.
Citigroup global tech co-head Yeh departing firm for Evercore. (People)
Technology banker Herb Yeh is leaving Citigroup to join boutique investment bank Evercore, Bloomberg reported. Yeh was most recently Citigroup's co-head of global technology investment banking.
Citigroup promoted Yeh last year to help oversee an investment banking division focused on large technology and communications companies. Yeh, who had joined the firm in 2012, has advised on deals including Dell Technologies on its spin-off of VMware and Intel on its purchase of Mobileye.
EMEA
Alpha Tau Medical, a cancer pharmaceutical company, went public via a SPAC merger with Healthcare Capital, a special purposes acquisition company, in a $1bn deal.
"We thank our investors, both new joiners as well as those who have supported us for years, who continue to demonstrate their faith in the company and its leadership. The completion of this transaction will allow the company to realize its vision and implement the clinical development plans and construction of our manufacturing plants around the world, in order to bring hope to millions of patients around the world," Uzi Sofer, Alpha Tau CEO and Chairman.
Alpha Tau Medical was advised by Citigroup, Global M&A Partners, Ladenburg Thalmann, Latham & Watkins, Meitar Law Offices and LifeSci Public Relations. Healthcare Capital was asvised by Cantor Fitzgerald, Citigroup, Piper Sandler, Value Base M&A, Ellenoff Grossman & Schole, Fischer Behar Chen Well Orion & Co and Winston & Strawn.
SatixFy, a satellite communications, agreed to go public via a SPAC merger with Antarctica Capital-backed Endurance Acquisition in a $813m deal.
“Antarctica Capital formed Endurance to focus on space-based digital infrastructure companies. SatixFy represents an exceptional opportunity as a technology enabler for space-based communications both to the ground and in-flight," Richard Davis, Endurance CEO.
SatixFy is advised by Barclays, Davis Polk & Wardwell, Gross Law Firm and ICR. Endurance is advised by Cantor Fitzgerald, Truist Bank, Meitar Law Offices and Morrison & Foerster. Financial advisors were advised by DLA Piper. CF Principal Investments is advised by King & Spalding.
Blackstone agreed to invest $184m in Palamon Capital and Corsair-backed Currencies Direct, a provider of foreign exchange and payment services.
“We are pleased to welcome Blackstone as a strategic investor alongside our long-term partners Palamon and Corsair. We are confident Blackstone’s expansive resources and expertise will help fuel our growth as we build on our significant momentum. Together with Palamon and Corsair, we have built a successful, sustainable, and innovative business with the knowledge, technology, and global footprint required to deliver best-in-class digital FX and international payment services," Keith Hatton, Currencies Direct CEO.
Currencies Direct is advised by William Blair & Co and Slaughter & May. Blackstone is advised by Financial Technology Partners and Simpson Thacher & Bartlett. Palamon is advised by Citigate Dewe Rogerson. Corsair is advised by Sard Verbinnen & Co.
Eppf, an independent capital-markets-as-a-service provider, completed the acquisition of NowCP, an issuing and trading platform for short term debt, from Orange, a French multinational telecommunication group. Financial terms were not disclosed.
"We are extremely excited to welcome NowCP and its team to the eppf family. This will allow us to build the first global primary debt market, regulated to the highest standards, and to provide our clients a fully digital and integrated value chain for CP, bonds and other financial instruments such as loans, Euro Private Placement and Schuldscheine. It also confirms eppf and NowCP as the only European, neutral platform supported by a broad base of banks and other financial institutions. Finally, we would like to thank Orange, the other NowCP shareholders, their teams and advisers for making this transaction possible. The combined group is looking very much forward to working with our new stakeholders and clients," Robert Koller, eppf CEO and Founder.
Eppf was advised by Stout Risius Ross Advisors and Simmons & Simmons. Orange was advised by Gimar & Cie and White & Case.
Orange, a French multinational telecommunications corporation, and MasMovil, a telecommunications operator in Spain, agreed to form a €19.6nn ($21.3bn) joint venture, a firm combining operations in Spain.
“I look forward to creating this joint-venture with MASMOVIL, building on our existing successful collaboration, to become a stronger player capable of making the investments required to develop the Spanish market. I know I can count on Jean-François Fallacher and the entire ORANGE Spain teams for their full mobilization until the closing in order to make this deal a success," Stéphane Richard, Orange Chairman & CEO.
Orange is advised by Lazard. MasMovil is advised by Goldman Sachs. Debt financing is provided by BNP Paribas.
Brown & Brown, a provider a range of insurance and reinsurance products and services, agreed to acquire Global Risk Partners, an operator of independent insurance intermediary company, from Searchlight, a private equity firm. Financial terms were not disclosed.
"We believe that aligning companies with common values will lead to shared success. Mike Bruce and the team at GRP are like-minded individuals that have a disciplined focus on doing what is best for their customers, teammates and carrier partners. GRP's position as an industry leader in the UK, their experience in international markets and generation of new market segments will allow us to further expand our international footprint and broaden the scope of our global capabilities," J. Powell Brown, Brown & Brown President and CEO.
Global Risk is advised by Evercore. Searchlight is advised by Willkie Farr & Gallagher.
Fortino Capital, a private equity, completed the acquisition of a majority stake in Bonitasoft, a software company active in the field of digital process automation and intelligent business process management, from Bpifrance, Auriga Capital, Serena Capital and Ventech. Financial terms were not disclosed.
"We are excited to be working with Fortino Capital during this next phase of the Bonitasoft journey. First, our customers will benefit from increased investment in R&D for an array of Process Automation tools for the future. This new partnership will also support us in strengthening our customer-centric approach with an even higher attention to sales, pre-sales, support, and customer success to accomplish their business goals. Implementing additional automation tools to equip Bonitasoft's teams will improve our operational effectiveness and amplify customer and partner satisfaction," Miguel Valdes Faura, Bonitasoft Co-Founder and CEO.
Bonitasoft was advised by Vademecom.
Fremantle, a creator, producer, and distributor of premium content, agreed to acquire a 70% stake in Lux Vide, a producer of television content. Financial terms were not disclosed.
"The Lux Vide collaboration with Fremantle confirms our long-term global strategy and international vision. We are excited to now be joining forces and partnering with Andrea Scrosati, who we have built a much valued and trusted relationship over many years, and the incredibly talented Fremantle team. The synergies between the two companies are clear to see and everyone within the Lux Vide team are looking forward to embracing this new partnership and the many opportunities it represents to us all," Luca Bernabei, Lux Vide CEO.
Lux Vide is advised by Houlihan Lokey.
The Instant Group, a provider of independent flexible workspace solutions, agreed to merge with the digital assets of IWG, a workspace company. Financial terms were not disclosed.
“The office market has been irrevocably altered by the Pandemic and, by creating a marketplace that offers solutions for hundreds of thousands of clients, Instant will be at the forefront of this change. This merger creates the largest independent global marketplace for flexible workspace and begins to directly answer these challenges, by simplifying where workers and the businesses they serve choose to work," Tim Rodber, Instant CEO.
Instant is advised by Macfarlanes.
HLD, an investment group, completed the acquisition of a majority stake in ba&sh, an operator of a clothing brand, from L Catterton, a private equity firm. Financial terms were not disclosed.
"Since acquiring ba&sh in 2015, we have worked closely with the brand's talented founders to build on the company's strong foundation in France and expand its reach to shoppers around the world. Whether in-store or through its powerful and ever-growing online presence, consumers increasingly recognize ba&sh as an innovator with a distinctive Parisian style. We are honored to have partnered with Barbara, Sharon, Dan, and Pierre-Arnaud to aid the brand's rapid expansion these past seven years and are confident their growing footprint will continue redefining the affordable luxury market with HLD's support," Eduardo Velasco, L Catterton Partner.
HLD was advised by DGM Conseil.
KELIX bio, an operator of a biopharmaceutical platform, agreed to acquire Pharmaceutical Institute, a pharmaceutical company established in Rabat. Financial terms were not disclosed.
“PHI is a high-quality pharmaceutical manufacturer that has built its reputation over three decades thanks to the values of the Sedrati family. The company has earned its unique position through an outstanding record of execution and a relentless focus on quality. We are privileged to have reached an agreement with the founders and look forward to welcoming them to KELIX bio,” Hocine Sidi-Said, KELIX bio CEO.
John Menzies extends deadline to suitor for takeover offer.
John Menzies, a UK-based company focusing on providing logistics and support services, is still in talks with a potential Kuwaiti suitor and has given it a March-end deadline to make a firm offer, Reuters reported.
NAS, owned by Agility Public Warehousing, has been building up its stake in Menzies in the past weeks. It had made a proposal of $800 a share to buy the company on February 21 and had until March 9, 2022, to make a firm offer for the firm.
KKR weighs takeover of Albioma. (FS)
KKR is considering an acquisition of Albioma, a French producer of solar and biomass power, as it seeks to expand in renewable energy, Bloomberg reported.
The private equity firm is in the early stages of discussing a potential bid for Albioma. Shares in Albioma rose as much as 12%, the biggest intraday jump in more than two years, giving the company a market value of about $1.3bn.
Danone forecasts a lower margin and eyes more M&A in revamp.
Danone forecasts a lower margin and more acquisitions and divestments as new Antoine de Saint-Affrique CEO seeks to turn around the world's largest yogurt maker, which has been stagnating for about a decade, Bloomberg reported.
De Saint-Affrique plans to boost investment in key brands to spur growth, which will weigh on profitability this year. The stock fell as much as 2.6% to the lowest since 2012.
Neom high-tech hub project seeks international interest.
Saudi Crown Prince-owned $500bn Neom high-tech hub is seeking to lure international interest as the project gathers pace.
In an attempt to do so, executives from the megaproject have invited bankers, investors, private equity firms, and construction suppliers for an event in New York which is set to take place in April. Nadhmi Al-Nasr and Layth Al-Shaiban, Neom CEO, will be attending the meeting.
Kurma Partners targets $272m for its first growth opportunities fund. (FS)
Kurma Partners, a venture capital firm based in Paris, announced the first closing of its Growth Opportunities fund at $174m. Meeting the demand of the growing maturity of the European biotech and healthtech ecosystem, this new fund, which is targeting $272m, aims to accelerate the growth of the best European companies in the healthcare sector.
For this fund, Kurma Partners has received the support of the European Investment Fund, Bpifrance, the Belgian Growth Fund managed by PMV and BNP Paribas Fortis Private Equity, SFPI, BNP Paribas Fortis and Groupe Pasteur Mutualité. Eurazeo, which recently increased its stake in Kurma Partners, is also an anchor investor in this fund.
APAC
Temasek, an investment company, led a $200m Series C funding round in Immutable, a NFT technology pioneer, with participation from Animoca Brands, Tencent, ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset, Liberty Global, King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, Fabric Ventures, Possible Ventures and Alameda Research.
"We're thrilled to double down on our partnership with Immutable. We're excited to explore integrations with Immutable X across Animoca's portfolio of content - bringing next-level scale, security, and liquidity to the next generation of blockchain games," Yat Siu, Animoca Co-Founder and Chairman.
Foreign companies in China are less optimistic about investing there.
Foreign companies in China are feeling less confident about investing in China, citing concerns of slowing economic growth and political tensions with the US, WSJ reported.
Less than one-half of members surveyed by the American Chamber of Commerce in China said they were optimistic that the Chinese government was committed to opening its market to more foreign investment over the next three years, down from 61% a year earlier. More than one-third said they would reduce investment in the country because of an uncertain policy environment.
Top Glove shelves HK listing as Ukraine war roils markets.
Malaysia's Top Glove, a natural rubber glove maker, has postponed a plan to raise $347m in a Hong Kong listing due to elevated market uncertainty after Russia's invasion of Ukraine, Reuters reported.
The manufacturer, which benefited from demand for disposable medical gloves during the Covid-19 pandemic, has a primary listing in Kuala Lumpur and secondary in Singapore, and had planned the Hong Kong listing to broaden its investor base.
China supports tech firm US IPO revival, signaling end to freeze.
Zhenkunhang Industrial Supermarket Shanghai is considering reviving its US IPO after China's securities watchdog signaled support for US listings by its homegrown technology firms, Bloomberg reported.
The industrial accessories e-commerce site is working with China Renaissance Securities and Goldman Sachs to resume preparations for the listing. A share sale could raise about $300m to $500m.
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