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AMERICAS
Permira, the global private equity firm, completed the acquisition of Squarespace, the design-driven platform helping entrepreneurs build brands and businesses online, for $7.2bn.
"Squarespace has been at the forefront of providing services to businesses looking to establish themselves online for more than two decades. We are excited to continue building on that foundation, and expanding our offerings, for years to come. We are thrilled to be partnering with Permira on this new leg of our journey, alongside our existing long-term investors General Atlantic and Accel, who strongly believe in the future of Squarespace," Anthony Casalena, Squarespace Founder and CEO.
Squarespace was advised by Centerview Partners, JP Morgan, Richards Layton and Finger, Skadden Arps Slate Meagher & Flom (led by Christopher Barlow) and Wilson Sonsini Goodrich & Rosati (led by Martin W. Korman). Permira was advised by Goldman Sachs, Latham & Watkins (led by Mariclaire Petty Brewer) and FGS Global (led by Brooke Gordon). Financial advisors were advised by Paul Hastings (led by Steve Camahort). Debt financing was provided by Blackstone, Ares Capital and Blue Owl. Debt providers were advised by Paul Hastings (led by Jennifer Yount and John Cobb). General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison (led by Ellen Ching and Matthew Abbott). Accel was advised by Cooley (led by Ben Beerle).
Lundbeck, a Danish international pharmaceutical company, agreed to acquire Longboard Pharmaceuticals, a clinical-stage biopharmaceutical company, for $2.5bn.
“This transformative transaction will become a cornerstone in Lundbeck’s neuro-rare franchise, with a potential to drive growth into the next decade. Bexicaserin addresses a critical unmet need for patients suffering from rare and severe epilepsies, for which there are very few good treatment options available. With this acquisition, we continue to execute on our Focused Innovator strategy, transforming the lives of patients suffering from severe brain disorders," Charl van Zyl, Lundbeck President and CEO.
Longboard Pharmaceuticals is advised by Centerview Partners, Evercore and Cooley. Lundbeck is advised by PJT Partners, Baker McKenzie and FTI Consulting.
Oaktree Capital Management, a global investment manager, agreed to acquire Great American Holdings, an appraisal and valuation services unit, from B. Riley Financial, a diversified financial services platform, for $386m.
"I am pleased to be partnering with Oaktree given its stellar track record and reputation as one of the world's leading asset managers. We believe Oaktree's scale and expertise in alternative investments and their strength as a capital provider, combined with the Great American Group's leading position as a provider of asset disposition, financial advisory and real estate advisory services, will prove complementary as we join forces to deliver financial products and services to better serve our clients," Bryant Riley, B. Riley Chairman and Co-CEO.
Oaktree is advised by Wachtell Lipton Rosen & Katz (led by Karessa Cain). B. Riley is advised by Moelis & Co and Sullivan & Cromwell.
GHO Capital-backed Ardena, a global CDMO, agreed to acquire the oral solids development and small-scale manufacturing facility in Somerset, NJ from Catalent, a global provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products. Financial terms were not disclosed.
The Somerset facility also houses Catalent’s corporate headquarters, which in the near term will remain at the Somerset site during a transition period before shifting to a new location. The new location of the corporate headquarters will be announced at a later date.
Cycle Pharmaceuticals, a developer of rare disease therapies, offered to acquire Vanda Pharmaceuticals, a biopharmaceutical company focused on the development and commercialization of innovative therapies, for $100m.
“We are confident that our $8 per share, all-cash proposal maximizes value and would deliver immediate, compelling and certain cash value for Vanda shareholders. We urge Vanda shareholders to express their views on this proposal to the independent directors of the Vanda Board of Directors. We stand ready to work immediately with Vanda’s Board and management team to reach an agreement that would provide a compelling premium and certain cash value today for all Vanda shareholders," Cycle Pharmaceuticals.
Cycle Pharmaceuticals is advised by FTI Consulting (led by Ben Atwell). Vanda Pharmaceuticals is advised by Collected Strategies (led by Jim Golden and Dan Moore)
Hologic, a developer of innovative medical technologies that effectively detect, diagnose and treat health conditions, agreed to acquire Gynesonics, a privately held medical device company focused on the development of minimally invasive solutions for women’s health, for $350m.
“Gynesonics’ Sonata System complements our offering and will give GYN surgeons across the globe an expanded range of options to treat women suffering from heavy periods and fibroids. This acquisition furthers our commitment to providing women with minimally invasive treatment options. We are enthusiastic about the future as we work to expand access to and drive innovation for treatments that enhance women’s quality of life,” Brandon Schnittker, Hologic President of Surgical Solutions Division.
Cherry Bekaert, a professional services firm, completed the acquisition of ArcherPoint, a Microsoft Certified Solutions partner. Financial terms were not disclosed.
"The addition of ArcherPoint's capabilities enhances our Microsoft offerings and strengthens our ERP capabilities across the board, providing a great benefit to our clients. This acquisition boosts our ability to bring digitally driven, industry-aligned solutions to the marketplace. This is an exciting step forward for both our firms," Michelle Thompson, Cherry Bekaert CEO.
TPG and Blackstone team up to bid for eyecare company Bausch + Lomb. (FS)
Private equity groups TPG and Blackstone have teamed up to work on a joint bid for eyecare company Bausch + Lomb, FT reported.
If it goes through, the deal could be one of the largest private equity buyouts of the year, with Bausch + Lomb’s enterprise value including debt totalling $11.5bn as of market close on October 11. Several other private equity funds assessing bids have dropped out of the process.
EMEA
British luxury brand Mulberry said it is working with advisers to evaluate Frasers' £111m ($145.1m) takeover proposal, after its top investor Challice declined to sell shares to the sportswear retailer, Reuters reported.
Mulberry's top investor Challice has declined to sell shares to Frasers, which last week sweetened the takeover bid. Challice is backed by a Singapore-based firm owned by billionaires Christina Ong and Ong Beng Seng and owns a 56% stake in the retailer.
JOST, a global producer and supplier of safety-critical systems for commercial vehicles, agreed to acquire Hyva, a supplier of hydraulic solutions for commercial vehicles, for $398m.
"The acquisition by JOST represents a great opportunity for Hyva. With JOST we have found a strong, long-term oriented industrial partner also committed to advance technology and supply customers with innovative and efficient solutions for transportation, agricultural, construction, mining and environmental commercial vehicle applications. Joining forces will strengthen our market position globally and expand our product offerings. My team and I look forward to bringing our businesses together, developing new markets and seizing new growth opportunities," Alex Tan, Hyva CEO.
JOST is advised by Citigroup.
Parcom Capital, an investment company, completed the investment in Robin Radar, a global technology leader in radar tracking and classification of small objects. Financial terms were not disclosed.
"We are super excited about the partnership with Parcom. It marks a new chapter in our adventure to rollout, scale up and innovate. With their support, we are well-positioned to accelerate these ambitions and continue delivering high-quality radar solutions that meet the growing needs of our customers," Siete Hamminga, Robin Radar CEO.
Parcom Capital was advised by DC Advisory (led by Robert Ruiter).
Starmer to hail more than £50bn in investment at key summit.
The British government will welcome more than £50bn ($65.3bn) of investment in the British economy as Sir Keir Starmer tries to reset his administration after a first hundred days marked by scandal and infighting, Sky News reported.
The International Investment Summit in the City of London will comprise more than £50bn of deal announcements - or roughly twice the £28bn ($36.6bn) unveiled at the previous comparable gathering held under the former Conservative administration.
Morrisons seeks to refinance £1.2bn in leveraged loans.
Morrisons is refinancing £1.2bn ($1.6bn) in leveraged loans as the UK grocer looks to take advantage of stronger investor demand for higher-yielding debt, Bloomberg reported.
Goldman Sachs and HSBC will begin marketing a potential deal from October 15. The transaction would be split between a euro-denominated term loan B and a sterling term loan B.
Dovid Efune enters exclusive talks over Telegraph deal.
New York Sun owner Dovid Efune has entered into exclusive talks over the $550m acquisition of the UK’s Telegraph, giving the British-born media executive six weeks to complete a deal for the national newspaper, FT reported.
Efune is also now in advanced talks with several large equity investors, including Ashcroft Partners, to finance the deal.
InPost to take full control of Menzies.
The Amsterdam-listed parcel locker operator InPost is in very advanced talks to buy the 70% stake in British logistics company Menzies Distribution Group that it does not already own, Sky News reported.
Leonardo to sign a JV with Rheinmetall.
Italian defence group Leonardo will finalise a joint venture with Germany's Rheinmetall on October 15, Reuters reported.
"Tomorrow you will see it," Chief Executive Roberto Cingolani said on the sidelines of the International Astronautical Conference when asked by reporters about the joint venture. The joint venture with Rheinmetall is seen as a first step in the consolidation of the European defence vehicle sector.
France to formally screen CD&R purchase of Sanofi unit. (FS)
The French government is looking at options including state-owned investment bank BPIfrance taking a stake in the consumer health business that Sanofi is in talks to sell to US buyout firm Clayton Dubilier & Rice, Bloomberg reported.
There will be a screening process and the deal won’t go ahead without authorization, according to the Finance Ministry.
European regulators signal backing for possible Commerzbank deal.
A potential takeover by UniCredit of rival Commerzbank would likely get regulatory approval, several senior central bank and supervision officials indicated, saying there are few reasons why a deal should raise concerns, Bloomberg reported.
The European Central Bank would probably give a green light to an offer from UniCredit. Almost all took a positive general view on cross-border consolidation as a way to overcome financial fragmentation and boost bank profitability in Europe.
Germany mulls tighter disclosure rules for investors building up stakes in companies.
Germany is considering whether it should tighten the reporting requirements for investors who are building up stakes in the nation's companies, Reuters reported.
Tamkeen Human Resources’ IPO fully covered in first hour.
Saudi Arabia-based manpower provider Tamkeen Human Resources got enough bids from investors to fully cover its initial public offering in the first hour after books opened October 13, Bloomberg reported.
Tamkeen is seeking to raise up to $106m by selling a 30% stake, or 7.95m shares, on the local stock exchange. Institutional investors covered the order book across the price range of $12.25 to $13.3 a share.
Tide-backer Augmentum to name Lovefilm founder as new chair. (FS, People)
A backer of British fintechs including Tide and Zopa will this week name one of the founders of Lovefilm as its new chairman, SkyNews reported.
Augmentum Fintech, which is listed in London, has lined up William Reeve, one of Britain's most experienced start-up entrepreneurs, to take the role.
APAC
Singapore will block a bid by German insurer Allianz to buy a majority stake in Singapore's Income Insurance but remains open to a new deal if its concerns can be addressed, Reuters reported.
Culture, Community and Youth Minister Edwin Tong had earlier told parliament it would not be in the public interest for the government to approve the deal in its current form, which is valued at SGD2.2bn ($1.68bn).
Income Insurance is advised by Morgan Stanley and SEC Newgate. Allianz is advised by JP Morgan and A&O Shearman (led by James Mythen). Financial advisors are advised by White & Case (led by Matthias Kiesewetter).
Macquarie and Aware Super-backed Vocus, an international telecommunications company headquartered in North Sydney, Australia, agreed to acquire the Enterprise, Government and Wholesale fixed business of TPG Telecom, an Australian telecommunications company, for AUD5.25bn ($3.54bn).
"This agreement is transformative for Vocus and is an important step towards creating a more competitive landscape for the Australian telecommunications industry," Jarrod Nink, Vocus Interim CEO.
Vocus is advised by UBS and GRACosway (led by Ben Wilson).
Flashlight Capital Partners, an investment management firm, offered to acquire Korea Ginseng Corporation, a producer of traditional and premium ginseng products in Korea, from KT&G, a tobacco company in South Korea, for $1.4bn.
“It’s like watching parents who downplay their own child. We see immense potential in the poor kid. We aim to develop Korea ginseng into a global brand, comparable to Manuka honey or Maotai,” Sanghyun Lee, Flashlight Capital Managing Partner.
Abu Dhabi Investment Authority led a $178m Series F round in Purplle, an omnichannel beauty platform, with participation from Premji Invest, Blume Ventures and Sharrp Ventures.
“Through the application of data-driven insights and the expansion into underserved markets, we seek to support the company in delivering personalized and accessible beauty solutions tailored to the diverse needs of consumers across India,” Rishabh Mariwala, Sharrp Ventures Founding and Managing Partner.
Horizon Robotics said to draw Alibaba, Baidu as investors in IPO.
Alibaba Group and Baidu are among the cornerstone investors in the Hong Kong initial public offering of Horizon Robotics, a Chinese provider of software and hardware used in autonomous driving systems, Bloomberg reported.
French shipping billionaire Rodolphe Saade’s CMA CGM and a Ningbo government fund are also cornerstone investors. The four have agreed to subscribe for a total of $220m in shares.
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