I Squared Capital, a private equity firm, completed the acquisition of the infrastructure division of GTT Communications, a cloud networking services provider, for $2.15bn.
“This is a major milestone for GTT as we move away from infrastructure ownership and maintenance to deepen our focus on serving the global enterprise market with a full array of cloud networking and managed solutions that include SD-WAN, security, internet, voice and other vital telecommunication services that enable digital business,” Ernie Ortega, GTT CRO and CEO.
I Squared Capital was advised by KPMG, Altman Solon, Solon, Morgan Stanley, Rothschild & Co, Accura Advokatpartnerselskab, Latham & Watkins, Linklaters, Stikeman Elliott and Brunswick Group. GTT Communication was advised by Credit Suisse, Goldman Sachs, Goodwin Procter, Gitti and Partners, Gorrissen Federspiel, Khaitan & Co, Kinstellar, Ronan Daly Jermyn, Lewis and Lippert/Heilshorn & Associates. Debt financing to I Squared Capital was provided by Morgan Stanley and Rothschild & Co.
Panasonic, a Japanese multinational consumer electronics corporation, completed the acquisition of a remaining 80% stake in Blue Yonder, an American software and consultancy company, from private equity firms Blackstone and New Mountain Capital, for $5.6bn.
This acquisition builds on the Panasonic/Blue Yonder strategic relationship, established in January 2019 with a partnership, followed by the creation of a joint venture company in Japan in November 2019. In July 2020, Panasonic took a 20% minority ownership stake and one seat on the Board of Directors of Blue Yonder. This acquisition brings the strategic relationship full circle.
"This association came about as a result of three years of working together, first with Panasonic as a Blue Yonder customer and thereafter as joint venture partner. We have developed mutual trust and have a shared vision for an Autonomous Supply Chain that delivers a better life and a better world. As the essential platform for essential times, we are relentlessly focused in fulfilling our customers’ potential," Girish Rishi, Blue Yonder CEO.
Blue Yonder was advised by Credit Suisse, JP Morgan, Jefferies & Company and Fried Frank Harris Shriver & Jacobson. Panasonic was advised by Bank of America, Goldman Sachs, Khaitan & Co and White & Case.
Ares Management-backed Aria Energy, a provider of renewable energy, and Archaea Energy, a company engaged in developing renewable natural gas, went public via a SPAC merger with Rice Acquisition, a special purpose acquisition company, in a $1.15bn deal. Rice Acquisition’s heavily oversubscribed and upsized PIPE obtained $300m in commitments led by institutional investors including The Baupost Group, BNP Paribas, CIBC, Goldman Sachs Asset Management, and Wellington Management.
“We are on a mission to transform the role of RNG in empowering organizations to decarbonize and achieve their sustainability goals. In Aria, we found an irreplicable asset base and a team who shares our vision to harness the power of RNG and help both landfill owners/operators and investment-grade buyers of RNG meet their sustainability targets. The new capital raised will accelerate the combined Company’s growth and solidify its leadership in the industry," Nicholas Stork, Archaea Co-Founder and CEO.
Archaea Energy was advised by Citigroup, Jefferies & Company, ROTH Capital Partners and Pillsbury Winthrop Shaw Pittman. Aria Energy was advised by Barclays and Orrick Herrington & Sutcliffe. Rice Acquisition Corp was advised by Moelis & Co, Kirkland & Ellis, Richards Layton and Finger and Montieth.
Rotor Acquisition, a publicly-traded special purpose acquisition company, announced today that its shareholders voted to approve the business combination with Sarcos Robotics, a leader in the development of robotic systems that augment humans to enhance productivity and safety.
"Our transaction with Rotor accelerates our access to resources that will facilitate our broad product launch and enable us to execute potential bolt-on acquisitions to fortify our platform and enhance our capabilities. Rotor brings significant experience in the industrial and consumer sectors and a shared vision for the future of robotics and the workforce,” Ben Wolff, Sarcos Chairman and CEO.
Sarcos Robotics is advised by Jefferies & Company, PJT Partners, Wilson Sonsini Goodrich & Rosati and Joele Frank. Rotor Acquisition is advised Credit Suisse, Houlihan Lokey, Gibson Dunn & Crutcher and Milbank. Financial advisors are advised by Covington & Burling.
Archer, an aerospace company building an all-electric vertical takeoff and landing aircraft, went public via SPAC merger with Atlas Crest, a special acquisition company, in a $3.8bn deal. Additional investors include United Airlines, Ken Moelis and Mubadala Capital.
“Today marks a great moment for the Archer team and we are excited to push forward with additional capital as we pursue our goal of bringing our urban air mobility network vision to life," Brett Adcock, Archer Co-Founder and Co-CEO.
Archer was advised by Barclays, Moelis & Co, Cooley, ICR and LaunchSquad. Atlas Crest Investment was advised by Morrow Sodali Global, Cantor Fitzgerald, Duff & Phelps, Moelis & Co and Kirkland & Ellis. Stellantis was advised by Sullivan & Cromwell.
Influential proxy advisory firm Institutional Shareholder Services has cautiously recommended that shareholders of Cimarex Energy vote for its proposed merger with Cabot Oil & Gas, Reuters reported.
Fellow proxy advisor Glass Lewis also recommended earlier this week that both sets of shareholders back the tie-up, which will unite Cabot's gas-rich Marcellus shale positions in the northeastern United States and Cimarex's oil-heavy acres in West Texas.
Cimarex is advised by Tudor Pickering Holt, Wachtell Lipton Rosen & Katz and Joele Frank. Financial advisors are advised by Gibson Dunn & Crutcher. Cabot Oil & Gas is advised by MacKenzie Partners, JP Morgan, Baker Botts and Joele Frank. Financial advisors are advised by Cravath Swaine & Moore.
Google-backed Planet Labs, a provider of daily data and insights about Earth, and dMY Technology Group, a special purpose acquisition company, today announced that they have received a commitment for a $50m investment in dMY IV from Canada Pension Plan Investment Board. Together with CPP Investments, Cypress Point Investment Management participated in a co-investment.
“We believe Planet is a new kind of data company, delivering mission-critical insights and solutions to some of the world’s most influential companies and governmental organizations. The Company’s daily, global dataset is impressive and we believe serves as the foundation of a rapidly growing and scalable data-as-a-service subscription business, which we believe is poised for significant growth as data increasingly becomes the fuel that powers the global economy," Niccolo de Masi, dMY IV CEO.
Planet Labs is advised by Goldman Sachs, Latham & Watkins and Sard Verbinnen & Co. dMY Technology is advised by Goldman Sachs, Morgan Stanley, Needham & Co, White & Case and ICR
Institutional Shareholder Services suggests intelligent cloud contact services provider Five9 investors, to reject the $14.7bn acquisition from Zoom Video Communications, an American communications technology company.
"Zoom's offer exposes the software maker’s shareholders to “a more volatile stock whose growth prospects have become less compelling as society inches towards a post-pandemic environment,” ISS.
ISS said the “limited scope” of the board’s sale process has left an open question as to whether other potential bidders would emerge if the deal with Zoom falls through.
Five9 is advised by Qatalyst Partners, Latham & Watkins and Blueshirt Group. Qatalyst Partners is advised by Morrison & Foerster. Zoom is advised by Goldman Sachs and Cooley.
Peoples Bancorp, a diversified financial services holding company, completed the merger with Premier Financial, a bank holding company, in a $292m deal.
"We are excited to complete this transaction, which expands our presence in Kentucky and West Virginia and gains us an entry into attractive markets within Virginia, Maryland and Washington. We are thankful for the hard work and dedication of the employees of Premier and Peoples in completing this transaction. In the months ahead, we will begin introducing clients in the Premier communities to our expanded array of products and services, including electronic banking services, investments and retirement planning solutions, insurance, and an increased commercial banking capacity," Chuck Sulerzyski, Peoples Bancorp President and CEO.
Premier Financial was advised by Piper Sandler and Jackson Kelly. Peoples Bancorp is advised by Raymond James and Dinsmore & Shohl.
Ares Management-backed Priority Technology Holdings, a payments technology company, completed the acquisition of Finxera, a fintech company, from private equity firm Stone Point Capital. Financial terms were not disclosed.
"With the completion of the Finxera acquisition, we now have the premier platform to collect, store and send money with a full breadth of payment and virtual banking capabilities. The Priority suite of services is truly unique and differentiated as Priority becomes one of a handful of companies with nationwide money transmitter licensing that allows us to act as a fully licensed custodian of funds for consumers and enterprises," Tom Priore, Priority Chairman and CEO.
Finxera was advised by Truist Bank and Kramer Levin Naftalis & Frankel. Priority was advised by Cowen & Company and Schulte Roth & Zabel.
Lightyear Capital, a private equity firm, agreed to acquire Schellman & Company, an accounting services provider. Financial terms were not disclosed.
"We are excited to invest alongside Avani Desai and the management team at Schellman working to support key organic and M&A growth opportunities. The company is well-positioned in the market for cybersecurity and IT audits for continued growth. We look forward to our working together and the Company’s continued success," Mark F. Vassallo, Lightyear Managing Partner.
Schellman & Company is advised by Shumaker Loop & Kendrick and The Jaxson Group. Lightyear Capital is advised by Davis Polk & Wardwell and ThroughCo Communications.
Novacap, a private equity firm, completed the acquisition of Plusgrade, an upgrade technology and a key ancillary revenue partner company. Financial terms were not disclosed.
"This new partnership is a testimony to Novacap's continued commitment to entrepreneurs and founders of innovative companies and to our desire to enable them to scale up and achieve significant growth," Pascal Tremblay, Novacap President and CEO.
Plusgrade was advised by Davies Ward Phillips & Vineberg. Novacap was advised by McCarthy Tetrault.
Limelight Networks, a provider of edge cloud services, completed acquisition of Layer0, a software company that provides development and deployment tooling for website frontends, for $55m.
"Together we will be able to drive better performance for our clients web applications, while improving developer productivity with our seamless end to end solution. We look forward to sharing additional details on these solutions on our earnings call and even more in depth at our upcoming strategy session on August 24th," Bob Lyons, Limelight President and CEO.
Layer0 was advised by Fenwick & West. LimeLight Networks was advised by Goodwin Procter.
Dometic, a maker of leisure products for recreational vehicles such as motorhomes, agreed to acquire Igloo, a US-based cooling boxes and drinkware maker, from ACON Investments, a private equity firm, for $677m.
"I am excited to welcome Igloo and its employees to Dometic. This acquisition is in line with our strategy to position Dometic as a more consumer driven, less cyclical company in the fast-growing outdoor business. North America is the largest market for cooling boxes and outdoor products, and with Igloo’s strong brand recognition, consumer knowledge and local manufacturing capabilities, we are getting the necessary tools to further drive our sales and margin expansion," Juan Vargues, Dometic President and CEO.
Pentair, an American water treatment company, agreed to acquire Pleatco, a designer and manufacturer of aftermarket pleated filter cartridges, pleated bags, and other filtration product, for $255m.
“We are excited to expand our presence in the aftermarket filtration space with an enhanced product offering that advances our objective to offer an effortless pool experience for consumers,” John Stauch, Pentair President and CEO.
Liberty Latin America-backed Cable & Wireless Panama, a Panamanian Telecommunications company, agreed to acquire America Movil SAB de CV, a Mexican telecommunications corporation, for $200m.
“We are delighted to further increase our commitment to Panama through today’s announced acquisition of Claro Panamá. The integrated business will operate over a network with extensive coverage and invest to deliver innovative mobile products and services for Panamanian consumers and B2B customers, including via leading technologies such as 5G. We at Liberty Latin America have established our group Operations Center in Panama and see the country as an important digital hub for the region, which we expect to drive growing demand for our full suite of mobile and fixed connectivity solutions. The valuation for the acquisition is consistent with our disciplined approach towards M&A and will be free cash flow accretive on a per share basis,” Balan Nair, Liberty Latin America President and CEO.
Byju's, an Online education giant, agreed to acquire Tynker, a coding platform, for $200m.
“Our goal is to ignite a love for programming in children globally and we feel strongly that Tynker's creative coding platform and approach to making programming fun and intuitive for kids will get us there even faster,” Byju Raveendran, Byju's CEO.
Private equity firms Insight Partners and Venrock led a $150m funding round in Rebellion Defense, a software company. Additional investors innovation Endeavors, Declaration Partners and Lupa Systems.
The round reflects a new mindset among venture capitalists, who long avoided defense startups, due to both philosophical disagreements and a general resistance to companies that are reliant on government procurement processes.
Insight Partners was advised by Willkie Farr & Gallagher.
Spartech, a manufacturer of engineered thermoplastics and custom packaging solutions, completed the acquisition of Crawford Industries, a plastic fabrication company. Financial terms were not disclosed.
"It's the beginning of a great and mutually beneficial relationship – Spartech has the desire and resources to help Crawford take its business to the next level, and they have high-quality, thin-gauge capabilities that will enhance Spartech's existing product offerings. Together, we will be able to offer our joint customer base a wider array of products that we can leverage into new, more complete and more customized solutions," John Inks, Spartech CEO.
Fortis Payment Systems, a payment technology company, completed the acquisition of OmniFund, a payment solutions provider. Financial terms were not disclosed.
"This represents an exciting expansion of our platform. OmniFund has developed a full technology stack with additional commerce enablement features that will make our unified offering unmatched in our target markets. The addition of Stacy and her team to our family is exciting as they share our passion for making software partners better through technology and amazing experiences," Greg Cohen, FortisPay CEO.
Fortis Payment was advised by Morgan Lewis & Bockius.
Enveric Biosciences, a patient-first biotechnology company, completed the acquisition of MagicMed Industries, a privately-held biotechnology company focused on creating a library of novel derivative psychedelic molecules. Financial terms were not disclosed.
"Our proposed acquisition of MagicMed underscores the core fundamental mission of Enveric to form a drug discovery and clinical stage biotechnology company with a focus on bringing forward nature-originated therapies to improve the standard of care and serve unmet needs in oncology and CNS indications," David Johnson, Enveric Biosciences Chairman and CEO.
Enveric Biosciences was advised by KCSA Strategic Communications.
Insight Partners, a private equity firm, led a $65m Series B funding round in Rewind, a data backup solutions provider. Additional investors include Bessemer Venture Partners, FundFire, Inovia Capital, Ridge Ventures, ScaleUp Ventures, Atlassian Ventures and Union Ventures.
“We see tremendous opportunities to backup the entire cloud and are working towards that vision. This latest round of funding will allow us to expand our reach, bring additional SaaS backup solutions to the market, and raise awareness for the need to include all cloud and SaaS applications in a business’s backup and recovery strategy," Mike Potter, Rewind Co-Founder and CEO.
Insight Partners was advised by Willkie Farr & Gallagher.
S4 Capital, a United Kingdom-based company that provides digital advertising and marketing services, agreed to acquire Zemoga, a multicultural team of digital thinkers, designers, technologists and creative leaders. Financial terms were not disclosed.
"Entry into the technology services sector through Zemoga gives us the full capability to talk to the Chief Technology or Information Officer, as well as the Chief Marketing and Chief Sales Officer," Martin Sorrell, S4 Capital CEO.
MSC, an Swiss-Italian international shipping line, agreed to acquire 67% stake in Log-In Logistica, a logistics solutions company focused on coastal navigation in Brazil. Financial terms were not disclosed.
“MSC believes that, with this transaction, Log-In will be able to further enhance its customer-centric approach to all its existing customers in all its services, including cabotage, inland solutions and container terminal operations,” MSC
Intermountain Healthcare, a healthcare provider, agreed to merge with SCL Health, an operator of healthcare clinics. Financial terms were not disclosed.
"We're excited to merge with SCL Health to usher in a new frontier for the health of communities throughout the Intermountain West and beyond. American healthcare needs to accelerate the evolution toward population health and value, and this merger will swiftly advance that cause across a broader geography. We'll bring together the best practices of both organizations to do even more to enhance clinical excellence, transform the patient experience, and support healthy lives," Marc Harrison, Intermountain Healthcare President and CEO.
JLL Income Property Trust, an institutionally managed daily NAV REIT, agreed to acquire medical office building in Richmond, Virginia, for $52m.
"Limited new supply, exceptional occupancy along with significant barriers to entry due to higher construction and tenant improvement costs often lead to longer tenant retention, creating a stable investment opportunity. This is especially true for 9101 Stony Point Drive where the tenant has shown its commitment by investing in property upgrades and making the building its headquarters. We're pleased to add this property to our growing healthcare-oriented portfolio," Allan Swaringen, JLL Income Property Trust President and CEO.
Invesco in talks to merge with State Street's asset-management business. (FS)
Investment management firm Invesco is in talks to merge with State Street’s asset-management business. The discussions between both companies are at an early stage.
It isn't clear what the terms of a potential deal would look like, but it would be one of the industry's biggest in recent memory, given that State Street's asset-management unit manages nearly $4tr in assets, Reuters reported.
WPP-backed Finsbury Glover Hering in talks to acquire rival Sard Verbinnen.
WPP-backed Finsbury Glover Hering, a corporate communications firm, is in advanced talks to acquire US rival Sard Verbinnen.
The deal, if completed, would be the latest example of consolidation in the lucrative business of providing strategic and financial communications advice as well as lobbying services to corporations, boards and high-net worth clients, FT reported.
By combining with Sard, FGH would pick up a New York-based firm known as one of the leading advisers in communications around US mergers and acquisitions and activism.
Mitsubishi UFJ considers the sale of its US banking arm.
Mitsubishi UFJ is considering selling its US banking arm MUFG Union Bank, which would mark a significant strategy shift for Japan’s biggest lender. MUFG Union Bank had around 300 branches as of the end of last year, with most of those retail branches on the West coast of the United States.
Mitsubishi UFJ, one of the world’s biggest banks by assets, is working with an adviser to explore options for the US subsidiary. The Japanese bank has had some informal talks with potential buyers but has not started a formal auction, Reuters reported.
Bluerock Residential explores strategic options.
Bluerock Residential Growth, a real estate investment company, is exploring strategic options, including a sale.
Bluerock Residential led by Chief Executive Officer Robert Ramin Kamfar, is working with an adviser to weigh alternatives including a recapitalization.
ForgeRock raises $275m and reaches $2.8bn valuation in IPO.
ForgeRock, a multinational identity and access management software company, raises $275m at the NYSE IPO, effectively giving the company a $2.8bn valuation.
The 11 million shares of Class A common stock in ForgeRock were offered at $25, and jumped to $35 at market opening on their first day, reflecting heightened investor confidence in the surging value of digital ID.
Warburg Pincus seeks $16bn for its fourteenth private equity fund. (FS)
Warburg Pincus, a private equity firm is seeking to raise $16bn from investors for its latest flagship global private equity fund, its biggest ever.
The New York-based firm is in the early stages of raising Warburg Pincus Global Growth 14, and prospective investors are already looking to make commitments to the fund. The new fund is poised to surpass in size Warburg Pincus Private Equity X, a $15.1bn private equity fund the firm launched in 2007 that had been its largest fund to date, Reuters reported.
Novasep, a CDMO focused on complex small molecules and ADCs, agreed to merge with PharmaZell, the German producer of highly resilient and specialty APIs. Financial terms were not disclosed.
“We are very excited to partner with Novasep. The combined entity would serve our customers as a partner for complex molecules. Combining Novasep and PharmaZell, this new integrated approach would benefit our customers who would gain from the simplicity and efficiency of working with one company along the lifecycle of a drug. We look forward to bringing together our teams to deliver science and complex products to our customers and patients. We are committed to making this partnership a success," Sylke Hassel, PharmaZell CEO.
Novasep is advised by LEK Consulting, Ernst & Young, Jefferies & Company, Cleary Gottlieb Steen & Hamilton and Brunswick Group. Bridgepoint Capital is advised by Bain Capital, Ernst & Young, Rothschilld & Co and Allen & Overy.
Gas and electric utility company Naturgy said its main shareholders will not tender their shares, although its board considers the $5.7bn bid from the Australian fund IFM to acquire a 22.69% stake in the Spanish energy group to be reasonable.
The three main shareholders in Naturgy hold more than a combined 67% of the energy group. The bid is subject to securing at least 17% in the Spanish energy group, although IFM said in its prospectus filed last week it could decide to lower the minimum threshold to 10%.
The energy group said in a filing that from a financial point of view and in the current circumstances, the price of the offer is reasonable but it added that it had to also assess the possible impact on corporate governance, Reuters reported.
Naturgy is advised by Citigroup, Freshfields Bruckhaus Deringer, Perez Llorca, Uria Menendez and LLYC. IFM Global is advised by Credit Suisse, BNP Paribas and Linklaters. Rioja is advised by Perez Llorca.
CVC Capital Partners, a private equity firm, agreed to acquire a minority stake in Medivet, a veterinary care services provider, from Inflexion, a private equity firm. Financial terms were not disclosed.
"I am delighted that CVC has decided for its fund' to invest in Medivet to fuel and support our ambitions and growth plans for the UK and Europe, and look forward to working together to bring them to fruition. Over the last 34 years, our Central Partners, Branch Partners and all our people have worked hard to build an outstanding business, centred on delivering exceptional care and service to our patients and clients," Deirdre Burns, Medivet CEO.
Medivet is advised by Ernst & Young, HSBC, KPMG and Travers Smith. CVC Capital is advised by LEK Consulting, Goldman Sachs, Jefferies & Company, Mansfield Advisors, PricewaterhouseCoopers and Freshfields Bruckhaus Deringer.
Intesa Sanpaolo-backed Fideuram, a private banking company, agreed to acquire Quilvest, a private bank. Financial terms were not disclosed.
"In order to face the challenges of tomorrow and seize further opportunities, we have decided to partner with Fideuram - ISPB as our new shareholder. We are equally proud and excited to be positioned as one of the hubs for the group’s international expansion. The alliance between CBPQ and Fideuram – ISPB is based on common convictions and values shared by both banks, including our unique and agile business model. The strengths and resources of Fideuram – ISPB, combined with CBPQ’s agility will create new opportunities beneficial to all stakeholders," Marc Hoffmann, Quilvest CEO.
Quilvest is advised by JP Morgan, PricewaterhouseCoopers and Clifford Chance. Fideuram is advised by PricewaterhouseCoopers, CM Law, Pedersoli Studio Legale and Winston & Strawn.
Grifols, a Spanish multinational pharmaceutical and chemical manufacturer, agreed to acquire an 89.88% stake in Biotest, a biotechnology company, for $1.2bn.
“This unique opportunity will allow Grifols and Biotest to mark a new milestone while shaping the plasma industry. It will enlarge our existing portfolio of plasma-derived therapies and fast-track the development of new products, with a concerted focus on delivering value to patients, shareholders and other key stakeholders. We look forward to partnering with the Biotest team," Raimon Grífols Roura, Grifols co-CEO.
Grifols is advised by Nomura, UBS, Osborne Clarke and Proskauer Rose.
Vivendi, a French media conglomerate, agreed to acquire a 17.93% stake in Lagardere, a content publishing, production, broadcasting company, from Amber Capital, a private equity firm, for $610m.
Should the acquisition by Vivendi be completed, Vivendi will hold 45.1% of the share capital and 36.1% of the voting rights of Lagardere, going above the 30% share capital and voting right thresholds in Lagardere. As a result, a mandatory proposal for a public offer at the same price for all Lagardere shares not yet owned by Vivendi will be filed with the French market authority in accordance with current regulation.
A UK regulator referred Sony Music Entertainment's purchase of London-based independent record label AWAL for an in-depth probe, after the buyer refused to divest any undertakings to allay competition concerns, Reuters reported.
The Competition and Markets Authority has said the wholesale distribution of recorded music in the UK was highly concentrated at present, and if the deal had not gone ahead, Sony and AWAL could have competed more strongly with each other.
Kobalt Music Group is advised by Loyens & Loeff and White & Case.
Bill & Melinda Gates Foundation led a $703m Series D funding round in Picnic, a grocery services provider.
The proceeds from this round will help Picnic to accelerate the roll-out of its services in Europe, especially Germany and France. The funds will enable the company to invest in automated fulfillment centers, electric vehicles, and the expansion of Picnic’s tech team. The sustainable concept, in which groceries are delivered for free to customers’ homes with electric vehicles while also avoiding food waste, is one of the main transformational elements of Picnic’s delivery model.
Swire Pacific, a Hong Kong-based conglomerate, led a $100m financing round in DeltaHealth, an innovative healthcare services provider specializing in cardiovascular diseases.
"As Swire expands its healthcare portfolio, I belive it can lead to potential synergies with DeltaHealth. Its solid background in property development will also be of great value to us as we build out phase two in the future," David Hoidal, DeltaHealth CEO.
Valeo is ready to buy out Siemens from EV parts venture.
Valeo, a French auto parts-maker, has given the clearest indication yet it intends to buy out partner Siemens from their electric-car components venture to counter a declining combustion-engine business, Bloomberg reported.
"Siemens entered this joint venture with the plan to eventually sell and we to buy. Whether this happens soon or in 2022 or in 2024, it’s not clear.” Christophe Perillat, Valeo incoming CEO.
Novo Nordisk explores a $1bn sale of Xellia.
Novo Nordisk, a Danish multinational pharmaceutical company, is exploring a $1bn sale of Xellia Pharmaceuticals, a pharmaceutical company.
The deliberations are ongoing and the company could opt not to pursue a sale, Bloomberg reported.
Buckthorn in talks to acquire Amey for £300m. (FS)
Buckthorn, a private investment firm, is in talks to acquire Amey, an infrastructure support service provider, for £300m ($413m).
News of Buckthorn's bid for Amey comes just weeks after Lord Hammond was rebuked by an influential Whitehall committee for using his government connections to assist Oaknorth, a British fintech company.
Amey is advised by Morgan Stanley.
Brait revives plans to exit Consol Glass. (FS)
Brait, a South African investment company, revives plans to exit Consol Glass, a glass bottle maker, possibly via an initial public offering three years after a previous failed attempt.
Brait have now appointed banks to advise them in their latest attempt at an exit. The options on the table include a second shot at an IPO.
Barclays and FirstRand are advising Brait.
BNP Paribas Fortis sells 2% stake in Euronext.
BNP Paribas Fortis sold a 2% stake in pan-European financial markets operator Euronext for $259m, Reuters reported.
The Belgian bank sold 2.2m Euronext shares at $119 each in an accelerated book-build offering to institutional investors.
The sale price represents a discount of around 4% to Thursday’s closing price of $124.
Italy sees fairly rapid solution for Monte dei Paschi.
Italy expects the timeframe to find a solution for ailing bailed-out lender Monte dei Paschi di Siena to be fairly rapid, Industry Minister Giancarlo Giorgetti.
UniCredit, Italy’s second-largest bank, in July entered into exclusive talks with the Treasury to evaluate buying “selected parts” of Monte dei Paschi, which is 64% owned by the state following a 2017 bailout, Reuters reported.
The sale, which would require the state to inject more money into MPS, has become a contentious political issue, further complicated by an upcoming by-election in Siena on Oct. 3-4.
EQT-backed Azelis Group to go IPO at $7bn valuation. (FS)
EQT-backed Azelis Group, a specialty chemical supplier, said it priced its initial public offering at $30 a share, valuing the chemicals group at just over $7.05bn.
The company is expected to have a free float of about 29.1%. Azelis IPO is worth about $2.1bn including primary and secondary offerings, and the over-allotment option.
“We are focused on being the preeminent global innovation service provider for the specialty chemicals and food ingredients distribution market. As a public company, we believe we will be able to fully capitalize on growth opportunities, continuing to complement our strong organic growth with accretive acquisitions," Hans Joachim Müller, Azelis CEO.
Roger Federer-backed On Holding raises over $600m in IPO.
Roger Federer-backed On Holding, a Swiss running shoemaker, went public at a NYSE IPO. The shares closed at $35.00, after being sold for $24 apiece in the initial public offering. The Zurich-based company raised $746m after marketing the stocks for $20 to $22.
The company, which is trading under the symbol ONON, has over 271m Class A shares, valued at $9.5bn in total, as well as 345m Class B voting rights shares. The funds raised by the IPO will allow On to expand its geographical reach, open more retail stores and continue to enhance its sustainability efforts.
SF Holding, a Chinese multinational delivery services and logistics company, completed the acquisition of a 51% stake in Kerry Logistics, a listed company engaged in third party logistics, freight services, warehouse operations, and supply chain solutions, for $2.3bn.
"Both KEX and SF share ideas and business value creation with a focus on important to quality service. In addition, KEX will have access to technology. expertise and SF’s business excellence, which will further strengthen KEX’s leadership in express delivery in Thailand. as well as increase the capacity of international e-commerce services," Alex Ung, Kerry Logistics CEO.
Kerry Logistics was advised by Citigroup, HSBC and Linklaters. Financial advisors to Kerry Logistics was advised by Norton Rose Fulbright. SF Holding was advised by JP Morgan and Slaughter & May. JP Morgan was advised by Clifford Chance.
Serum Institute, an Indian biotechnology and biopharmaceuticals company, agreed to acquire 15% stake in Biocon Biologics, an innovation led fully integrated biopharmaceutical company that developes affordable biosimilars, novel biologics & complex APIs. Financial terms were not disclosed.
Biocon Biologics to sell stake to Serum Institute for access to 100m doses of vaccines annually for 15years, including COVID-19 shots.
D1 Capital Partners, a global investment firm, led a $138m Series D financing round in XTransfer, a one-stop cross-border financial and risk control service company for foreign trade enterprises. Additional investors included Telstra Ventures, Lavender Hill Capital Partners, China Merchants Venture, Yunqi Partners, Gaorong Capital, 01 Capital, eWTP Capital and MindWorks Capital.
"Our plan is to serve SMEs from around the world, starting with Southeast Asia where we've already established a foothold" Bill Deng, Founder and CEO.
EastBridge Partners, an independent private equity firm, and Sime Darby Berhad, a global trading and logistics player, led a $55m Series B funding round in SOCAR Malaysia, a subsidiary of South Korean car-sharing startup SOCAR.
"For us at SOCAR, the fact that we were able to have new equity partners join our growth journey during a global pandemic speaks of the confidence our partners have in SOCAR's leadership in the car-sharing space and our ability to scale TREVO's peer-to-peer business across the region," Leon Foong, SOCAR Malaysia CEO.
Sweden's EQT walks away from $2bn bid for Australia's Iress.
EQT, a Swedish private-equity firm, has ended talks to buy Australia’s Iress, a technology company providing software to the financial services industry, for $2.3bn, Reuters reported.
Despite raising its bid three times to gain exclusive due diligence access, EQT said it had decided not to proceed with an offer for one of the main providers of trading and investment software to Australian brokers, advisors, banks and insurers.
“We have not come across any red flags during our due diligence but were not able to sufficiently confirm our investment hypothesis,” Thomas Von Koch, EQT Chairman of Asia-Pacific.
SoftBank sells $1.69bn of Coupang as son unloads assets.
SoftBank Group, a Japanese multinational conglomerate holding company, sold about $1.69bn worth of its stake in Coupang, the South Korean e-commerce giant whose stock surged and then tumbled after its initial public offering in March, Bloomberg reported.
SoftBank sold 57m shares at $29.685 on Sept. 14, the company said in a statement to the US Securities and Exchange Commission. The Japanese company is still Coupang’s largest shareholder.
Zurich Insurance weighs selling some Australian non-core assets.
Zurich Insurance Group, a Swiss insurance group, is considering a sale of some of its general insurance assets in Australia as the Swiss firm seeks to streamline its portfolio.
The insurer is working with an adviser on the potential divestment of non-core commercial assets in the country. A sale could fetch a few hundred million dollars, and may draw interest from other insurers and investment funds.
Zurich is not looking at big M&A transactions as they could be a distraction amid the need for change in the industry. Sale considerations are still preliminary and no final decision has been made.
Scientific Games seeks a $5bn lotteries unit IPO in Australia.
Scientific Games, a maker of slot machines, seeks to list its lotteries unit in Australia in a $5bn IPO. In introductory meetings with fund managers in Australia, the company pitched the unit as an “infrastructure-like” business with high margins and long-term contracts that has been resilient during the Covid-19 pandemic, Reuters reported.
The Las Vegas-based company has made an initial pitch for the IPO to fund managers, seeking to value the lotteries unit at more than $10bn. The company had said in June it would divest its lottery and other non-core sports betting businesses to pay down part of its $8.2bn debt.
Singapore and Temasek to set up a $1.1bn fund to boost market. (FS)
Singapore is looking to set up a S$1.5bn ($1.1bn) fund backed by state investment firm Temasek Holdings to bolster its stock market, which has struggled with tepid listings and poor trading volumes.
The fund will invest in high-growth companies and initial public offerings. Separately, the investment arm of the Economic Development Board, a government agency promoting foreign investment in Singapore, will put up to S$500m ($371m) into a fund aimed at companies looking to list in two to five years.
“We know that the initiatives we are launching today are no magic bullet. But we believe they will blow new wind into the sails of our public equity market. We are not doing this just for the sake of having high valuations or market cap. It is to give the most promising startups and entrepreneurs from Singapore and across the region another engine of growth,” Gan Kim Yong, Singapore Minister for Trade and Industry.
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