AMERICAS
Vacasa, a vacation rental management platform, went public through a merger with TPG Pace Solutions, a publicly-traded special purpose acquisition company, in a $4.5bn deal.
"The integration of our purpose-built technology with our local, expert service teams brings exceptional care and greater returns to our homeowners, delivers a consistent and reliable experience to our guests, and helps us offer a large supply of professionally managed homes for our distribution partners," Matt Roberts, Vacasa CEO.
Vacasa was advised by JP Morgan, PJT Partners and Latham & Watkins. TPG was advised by BTIG, Deutsche Bank, Goldman Sachs, JMP Securities, Needham & Co, Northland Capital Partners, Oppenheimer & Co, TPG Capital and Weil Gotshal and Manges. Financial advisors were advised by Mayer Brown.
Tomorrow.io, a developer of a platform for global weather and climate security, agreed to go public via merger with Pine Technology Acquisition, a special purpose acquisition company, in a $1.2bn deal. The deal includes a $75m PIPE from Koch Strategic Platforms, National Grid Partners, JetBlue Technology Ventures and SoftBank.
"Shimon and the impressive Tomorrow.io leadership team have deep expertise in weather, radar technology, and decision support software. They have built a vertically integrated company that delivers exceptional value to their global commercial and government customers. Tomorrow.io is leading the way with its world-class weather forecasting operation and modern SaaS-based approach to meet the growing need for weather and climate security. With our experience supporting high-growth companies and our vast network of contacts that offer new customer opportunities, we believe we can help deliver long-term value for all stockholders," Adam Karkowsky, Pine Technology Non-Executive Chairman.
Tomorrow.io is advised by PJT Partners and Goodwin Procter. Pine Technology is advised by Cantor Fitzgerald, Houlihan Lokey, Moelis & Co, Odeon Capital Group, Paul Weiss Rifkind Wharton & Garrison, Richards Layton and Finger and ICR. Financial advisors are advised by Sullivan & Cromwell.
CBRE Acquisition Holdings, a publicly traded special purpose acquisition company, announced that its stockholders voted to approve the $1.6bn merger with Altus Power, a clean electrification company. The business combination is expected to close on December 9, 2021
"This transaction will deliver the financial and strategic resources to accelerate Altus Power's growth plan and drive long-term shareholder value creation. CBRE is excited to help Altus Power bring its clean energy solutions and expertise to support our clients in reducing their carbon footprint and meeting their other sustainability goals. This is an increasingly urgent imperative for real estate occupiers and investors alike," Bill Concannon, CBRE Acquisition CEO.
Altus Power is advised by Citigroup, Fifth Third Bancorp, Ropes & Gray and ICR. CBRE Acquisition is advised by Duff & Phelps, JP Morgan, Morgan Stanley, Potter Anderson & Corroon and Simpson Thacher & Bartlett. Financial advisors are advised by Skadden Arps Slate Meagher & Flom.
EU's antitrust regulator is taking a deeper look into Microsoft's $19.7bn deal for transcription technology company Nuance Communications, asking customers and competitors to draw up a list of concerns, Reuters reported.
After minimal review, the US Department of Justice in June and the Australian Competition Commission in October said they would not contest the deal. The companies files for approval from the European Commission's competition bureau, and the regulator has until December 21 to clear the deal or open a bigger investigation.
Nuance is advised by Evercore, Paul Weiss Rifkind Wharton & Garrison, Joele Frank and Waggener Edstrom. Evercore is advised by Kirkland & Ellis. Microsoft is advised by Goldman Sachs, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom and WE Communications.
P3 Health Partners, a health population management group, went public via a SPAC merger with Foresight Acquisition, a special purposes company, in a $2.3bn deal. Investors in PIPE included Fidelity Management & Research and Janus Henderson.
"Today marks an important milestone in our mission to transform healthcare for patients, providers, and payors through value-based care. We have the right team and delivery model to help physicians and payors accelerate the move to value-based care within a growing market for Medicare beneficiaries. As a public company, we will continue to provide a differentiated approach to patient care for all key stakeholders while delivering proven care outcomes and enhancing patient and provider satisfaction," Sherif Abdou, P3 CEO.
P3 Health Partners was advised by JP Morgan and Latham & Watkins. Foresight was advised by Cowen & Company, JP Morgan, William Blair & Co, Greenberg Traurig, Mayer Brown and Gateway Investor Relations.
The US securities regulator asked Lucid Group, an electric vehicle manufacturer, for documents related to an investigation into its blank-check deal, joining a growing list of companies that have come under scrutiny for their merger with shell entities, Reuters reported.
Lucid's deal with veteran dealmaker Michael Klein's blank-check firm earlier this year gave the combined company a pro-forma equity value of $24bn, making it one of the biggest deals with special purpose acquisition companies.
Lucid is advised by Citigroup, Davis Polk & Wardwell and Brunswick Group. Churchill Capital IV is advised by Bank of America, Guggenheim Partners, Weil Gotshal and Manges and Gladstone Place Partners.
Knight-Swift Transportation, a publicly-traded, American motor carrier holding company, agreed to acquire RAC MME Holdings, a provider of less-than-truckload, full truckload, and specialized and international logistics transportation services, from Red Arts Capital, a middle-market, sector-focused private equity investment firm, for $150m.
"Less-Than-Truckload is an integral part of our nation's supply chain, and we had deep conviction in the industry's tailwinds supporting this segment of logistics transportation. With MME, we found the ideal opportunity to invest in an excellent business with an extensive network, including most metropolitan areas across its network geographic footprint. We are proud of our contributions to the Company's over 100 years of growth and service to the region, and believe that Knight-Swift provides MME the ideal home for its next phase of growth," Nicholas Antoine, Red Arts Capital Co-Founder and Managing Partner.
Knight-Swift Transportation is advised by Scudder Law Firm. Red Arts Capital is advised by Stifel, Greenberg Traurig and Bevel PR.
The Carlyle Group led a $475m Series E round in YipitData, a market research firm for the disruptive economy.
"At Carlyle, we have a long history of working with founders to help grow their businesses and drive long-term value while preserving their culture. We are thrilled to partner with Vin and YipitData's exceptionally strong management team to unlock value from new alternative data sets, supporting new product launches and further commercial expansion. We believe YipitData has a long runway for very strong growth and look forward to supporting the company on its journey," Anna Tye, Carlyle Managing Director.
YipitData was advised by Jefferies & Company and Goodwin Procter. Carlyle was advised by Alston & Bird.
EnCap Flatrock Midstream, which provides value-added growth capital to proven management teams, agreed to invest $350m in Elysian Carbon Management, a carbon management company.
"Elysian is at the forefront of developing projects necessary to support carbon reduction goals across North America. Few independent teams in this nascent sector have a comparable depth and breadth of the technical, financial and operational experience needed to bring CCS projects to fruition," David J. Kurtz, EFM Managing Partner.
Elysian Carbon Management is advised by Sidley Austin and Ten|10 Group. EFM is advised by Shearman & Sterling.
CI Financial, a financial services company, agreed to acquire RegentAtlantic Capital, a registered investment advisor.
"RegentAtlantic's success stems from a disciplined wealth management process focused on the distinct needs of high-net-worth clients, an approach that has created deep client loyalty and contributed to the firm's strong growth. RegentAtlantic is a great strategic and cultural fit with the existing firms and leadership within CI Private Wealth and fully supports our vision of building the country's leading wealth management firm," Kurt MacAlpine, CI CEO.
RegentAtlantic Capital is advised by Raymond James. CI is advised by Hogan Lovells and Gregory FCA.
American Industrial Partners, an operationally oriented private equity firm, agreed to acquire Strike, a full-service pipeline, facilities, and energy infrastructure solutions provider. Financial terms were not disclosed.
"The sale and financing agreements with AIP mark an important step forward in our efforts to strengthen our business and position the Company to continue meeting and exceeding the needs of our customers well into the future. Since I joined Strike in July, the Board and management team have taken a fresh look at the business to evaluate how best to build on our brands' strong position in the marketplace, improve our financial position and set Strike on a path for future success. Based on this review, we have determined that initiating a court-supervised sale process is the optimal path forward for our business and is in the best interest of all our stakeholders," Chuck Davison, CEO.
Strike is advised by Opportune, White & Case and Joele Frank.
Salesforce Ventures led a $580m funding round in Genesys, a provider of customer experience orchestration, with participation from ServiceNow Ventures, Zoom Video Communications, BlackRock and D1 Capital Partners.
"Two years ago, we saw the challenge businesses faced in meeting the expectations of consumers and employees around digital experiences. We realized we had an opportunity to transform not only our company but the overall industry. We believe this fundraise, including raising from leading strategic investors, validates the achievements we have made to date and will accelerate our continuing efforts to expand and realize the vast Experience as a Service market opportunity ahead," Tony Bates, Genesys CEO and Chairman.
Genesys was advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom.
Middleby, an American publicly traded commercial and residential cooking and industrial process equipment company, agreed to acquire Masterbuilt, a provider of outdoor residential cooking under the Kamado Joe and Masterbuilt brands, from Dominus Capital, a private equity firm, for $385m.
"The residential outdoor market has gained momentum over the past few years as consumers are spending more time in the backyard. The addition of Kamado Joe and Masterbuilt expands our offerings in this large and growing category, complementing our Lynx, Viking, Josper and EVO residential outdoor cooking brands," Tim FitzGerald, Middleby CEO.
Middleby is advised by Skadden Arps Slate Meagher & Flom.
SoftBank and General Atlantic led a $220m Series B funding round in Incode Technologies, an artificial intelligence solutions firm, with participation from JP Morgan, Capital One and Coinbase.
“Our ‘One Identity Everywhere’ vision is transforming the way humans experience their identity journeys with companies. We have created an experience that is so seamless and frictionless, it brings that ‘Wow’ moment to the end customer when onboarding to a new bank, checking into a hotel or being admitted to a hospital. By reinventing these experiences, we are building trust and creating delight between enterprises and their customers” Ricardo Amper, Incode Technologies Founder and CEO.
Incode is advised by Bospar.
Sysco, a global foodservice distribution company, agreed to acquire The Coastal Companies, a fresh produce distributor and value-added processer, from Continental Grain Company, a food and agribusiness investment company. Financial terms were not disclosed.
"We are proud of what we have built at The Coastal Companies and excited about our next chapter of growth. Joining FreshPoint will enable us to enhance our offering, expand our capabilities, and provide even greater value for our customers. It will also create new and exciting opportunities for our people," John Corso, The Coastal Companies CEO.
Sysco is advised by UBS.
Hub International, a global insurance brokerage and financial services firm, completed the acquisition of Shepard Walton King Insurance Group, a insurance brokerage firm. Financial terms were not disclosed.
"Shepard Walton King leads a highly skilled team and will add depth to our insurance solutions as clients' needs continue to shift and grow," Martin Yung, Hub President and CEO, Texas.
Shepard Walton King Insurance Group was advised by Reagan Consulting.
Dock, a provider of modern financial technology infrastructure, completed the acquisition of Cacao, a card processing solutions provider. Financial terms were not disclosed.
“The two companies share significant values and a core mission to enable their clients to democratize, through technology, access to the financial system for the millions of unbanked and underbanked people in Latin America,” Antonio Soares, Dock CEO.
Dock was advised by Prosek Partners.
Investment firms Cigna Ventures and New Enterprise Associates agreed to invest $750m in Bright Health Group, the first technology-enabled fully aligned system of care, built for healthcare's consumer retail market.
"The investment from Cigna and NEA signifies continued conviction in Bright Health Group's alignment model. We are excited about the partnership opportunities for both Bright Health Group and Cigna to bring affordable, personalized healthcare to all consumers," Mike Mikan, Bright Health Group President and CEO.
Amphenol, a manufacturer of interconnect products, completed the acquisition of Halo Technology, a provider of compatible transceiver technology, from Inflexion, a mid-market private equity firm, for $715m.
“Halo’s journey illustrates how thoughtful international M&A can create world-class companies with the right support. Bringing together two complementary businesses across two continents created a strong base from which Halo grew into the world’s clear leader in a large and growing market. We are confident the future is very bright for them with Amphenol,” Simon Turner, Inflexion Managing Partner.
Cushman & Wakefield, a global real estate services firm, completed a $500m investment in Greystone, a national commercial real estate finance company.
"Our goal is to build the finest multifamily platform in the country, and by integrating our respective capabilities, we can now offer our clients a seamless, full-service advisory experience," Andrew McDonald, Cushman & Wakefield Chief Executive, Americas.
Merck, a science and technology company, and Palantir Technologies, a software company, agreed to form The Athinia platform, a data analytics platform. Financial terms are not disclosed.
"We are excited to partner with market leaders in this space to create an ecosystem that will enable semiconductor companies and their suppliers to collaborate to make better decisions, combatting simultaneous demand and supply shocks. Athinia will help companies across the value chain bring new products to market faster and accelerate their product differentiation and growth," Shyam Sankar, Palantir COO.
City Office REIT announces Phoenix acquisition. (RE)
City Office REIT announced that it has closed the acquisition of Block 23, a premier office building in downtown Phoenix, Arizona, for a gross purchase price of $150m.
"Block 23 is a perfect fit to reinvest a portion of the proceeds from our recent Sorrento Mesa sale. It is situated in a top location within our footprint of growing markets in the south and west. The vibrant location, new construction and full suite of on-site amenities has attracted an incredible base of growing tenants. Closing this transaction has enhanced our portfolio and will generate predictable, long-term cash flow for our shareholders," James Farrar, City Office REIT CEO.
CRH is said to plan $3bn Oldcastle Building Envelope sale. (FS)
CRH, the world’s second-biggest building material maker by market value, is planning a sale of its Oldcastle Building Envelope unit that could fetch more than $3bn, Bloomberg reported.
The Irish company is working with advisers and recently started reaching out to potential buyers. The US-based unit is likely to attract interest from private equity firms.
Apartment landlord resource REIT exploring $2bn sale.
Resource REIT, a real estate investment trust that owns suburban apartments across the US, is exploring options including a sale, Bloomberg reported.
The Philadelphia-based REIT is working with an adviser regarding a transaction that could value the landlord at about $2bn. Closely held Resource is in the early stages of soliciting interest from potential bidders.
SurveyMonkey owner had two rival suitors before Zendesk deal.
The parent of polling software company SurveyMonkey revealed it had interest from at least two other potential buyers before deciding to pursue an all-stock $4bn takeover by Zendesk, Bloomberg reported.
Momentive Global made the disclosure in a regulatory filing Monday. The news triggered the ire of activist investor Legion Partners Asset Management, which has been pushing for Momentive to abandon the deal and said it’s now prepared to nominate several directors to the company’s board.
CareTrust REIT is exploring options including a sale.
CareTrust REIT, a real estate investment trust which owns skilled-nursing facilities, senior housing and other health-care properties, is exploring strategic options including a sale, Bloomberg reported.
The San Clemente, California-based REIT is working with an adviser to solicit interest from potential suitors including rivals and real estate-focused investment firms. No final decision has been made and CareTrust could opt to remain publicly traded.
TSG looking to raise $5bn for new fund. (FS)
TSG Consumer Partners, one of the oldest private equity firms focused on investing in consumer-products companies, is pitching its ninth core buyout fund, WSJ reported.
The San Francisco-based firm is seeking $5bn for the new fund.
EMEA
Britain's antitrust watchdog said the merger of French waste and water management groups Veolia and Suez could lessen competition and mean higher bills for councils in the UK, Reuters reported.
The UK regulator gives both companies five working days to submit proposals to address its concerns. If the CMA is not happy with any undertakings, it may move its probe to a deeper, phase 2 investigation.
Suez is advised by Goldman Sachs, JP Morgan, PJT Partners, Rothschild & Co, Societe Generale, Bredin Prat, Darrois Villey Maillot Brochier, Sullivan & Cromwell, Wachtell Lipton Rosen & Katz and Brunswick Group. Ardian is advised by Linklaters and Headland Consultancy. Veolia is advised by Bank of America, Citigroup, Credit Agricole, HSBC, Messier & Associes, Morgan Stanley, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, Xavier Boucobza and Image Sept. Engie is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co, Weil Gotshal and Manges, Estudio de Comunicacion and Havas Paris.
Alvotech, a global biopharmaceutical company focused solely on the development and manufacture of biosimilar medicines for patients worldwide, agreed to go public via merger with Oaktree Acquisition II, a special purpose acquisition company sponsored by an affiliate of Oaktree Capital, in a $2.25bn deal. The deal includes a $150m PIPE investment from Suvretta Capital, Athos, CVC Capital Partners, Temasek, Farallon Capital Management, Sculptor Capital Management, Arctica Finance, Arion Bank, and Landsbankinn.
"We are delighted with this business combination and the long-term opportunities it will unlock for Alvotech. Through this important milestone, we believe that we are perfectly positioned to rapidly scale our portfolio with a like-minded partner who understands the intricacies of our business and our industry," Robert Wessman, Alvotech Chairman and Founder.
Alvotech is advised by Credit Suisse, Morgan Stanley, Cooley and ICR. Oaktree is advised by Citigroup, Credit Suisse, Deutsche Bank, Morgan Stanley, King & Spalding and Kirkland & Ellis. Financial advisors are advised by Shearman & Sterling.
Permira, a global private equity firm focused on transformational growth at scale, agreed to acquire Mimecast, a email security and cyber resilience company, for $5.8bn.
"Today is an exciting milestone for Mimecast as we begin a new chapter for our company. Our team has done an outstanding job growing and expanding our relationships with customers and innovating our platform. Permira has a strong track record of collaboratively supporting companies' growth ambitions and strategic goals, and we look forward to working together to further strengthen the cybersecurity and resilience of organizations around the world. This is a great outcome for our company and our shareholders," Peter Bauer, Mimecast Chairman and CEO.
Mimecast is advised by Citigroup and Goodwin Procter. Permira is advised by Bank of America, JP Morgan, Qatalyst Partners, RBC Capital Markets, Fried Frank Harris Shriver & Jacobson and Sard Verbinnen & Co. Debt financing is provided by Ares Management and Blackstone.
Reliance Industries signed a $736m-equivalent green loan to fund its acquisition of Norwegian solar panel manufacturer REC Solar Holdings, marking the first such financing for the Indian conglomerate, DealStreetAsia reported. ANZ, Credit Agricole, DBS Bank, HSBC and MUFG were the lenders on the borrowing, which was signed on November 29.
"The borrowing is split into a $250m six-year term loan, a $150m working capital facility and a $460m five-year bank guarantee facility. ANZ and MUFG took $70m each of the term loan, while DBS and HSBC took $40m apiece. Credit Agricole was allocated $30m."
Reliance Industries is advised by Goldman Sachs and Davis Polk & Wardwell. Debt financing is provided by ANZ Bank, Credit Agricole, DBS Bank, HSBC and Mitsubishi UFJ Financial Group.
Onex, an investment manager, agreed to acquire Tes Global, an education technology services provider, from Providence Equity Partners, a premier private equity firm that specializes in growth-oriented investments in media, communications, education and technology. Financial terms were not disclosed.
"Tes has a well-established brand and deep-rooted relationships with teachers, creating an unparalleled and highly differentiated place in the market. We were attracted to its focus of helping both teachers and school administrators deliver better educational outcomes for students in the UK and around the world," Nigel Wright, Onex Senior Managing Director.
Tes Global is advised by Arma Partners, Morgan Stanley and Weil Gotshal and Manges. Onex is advised by Rothschild & Co and Latham & Watkins. Providence is advised by Sard Verbinnen & Co.
OTP Bank, one of the largest independent financial service providers in Central and Eastern Europe, agreed to acquire the Albanian unit of Alpha Bank, the second-largest Greek bank by total assets, for $62m.
With a total asset-based market share of almost 5%, Alpha Bank is the 8th largest bank on the Albanian banking market, and as a universal bank it has been active in the retail and corporate segment as well.
Alpha Bank is advised by Rothschild & Co, UniCredit, Kalo & Associates and White & Case.
Keensight Capital, a private equity firm, agreed to acquire a majority stake in Buckaroo, a strategic payment partner for businesses in e-commerce, retail, fashion and more, from Blackfin Capital, a private equity firm in Paris. Financial terms were not disclosed.
"We are excited to welcome Keensight as our partner in this new phase of growth. We are looking forward to continuing to build upon what we have created over the past 15 years, given the team's strong track record in accelerating growth and international development for our merchants and us... We believe that Keensight's sector expertise and European reach will be a great asset to our company's development," Paul Scholten, Buckaroo CEO.
Keensight Capital is advised by Citigate Dewe Rogerson. Blackfin is advised by Arma Partners.
FNZ, a global wealth management platform, agreed to acquire Appway, a provider of software designed to support the digital transformation of customer-focused organizations across the financial services, from Summit Partners, a private equity firm. Financial terms were not disclosed.
"We are excited that FNZ and Appway are coming together to provide financial institutions with an unrivalled platform to accelerate their digital transformations, deliver significant operational efficiencies and improve the client experience," Adrian Durham, FNZ Group CEO.
Appway is advised by Bar & Karrer. Summit Partners is advised by Goodwin Procter.
Liontrust, a specialist fund management group, agreed to acquire Majedie Asset Management, an independent investment boutique, for $159m.
"Majedie is an important acquisition for Liontrust because of its strong presence and reputation in the institutional market. Liontrust has been increasing our number of institutional clients and the purchase of Majedie will hasten this expansion by enhancing our investment capability and client service credentials," John Ions, Liontrust CEO.
Majedie is advised by Montfort Communications.
TA’ZIZ, a chemicals derivatives company, and Reliance Industries, an Indian multinational conglomerate company, agreed to form a $2bn joint venture.
“This joint venture between Reliance Industries Limited and TA’ZIZ will further cement the long standing and valued relationship between India and the UAE. We are happy that we will be setting up the first projects in the vinyl chain in the UAE at TA’ZIZ Industrial Chemicals Zone, which is being developed into a global hub for chemicals,” Mukesh Ambani, Reliance Industries Chairman and Managing Director.
Investor advisory firm Institutional Shareholder Services recommends Czech bank MONETA Money Bank's shareholders approve the revised offer to take over rival Air Bank and issue stock that may raise the stake of investment group PPF, Reuters reported.
"The current proposal is designed to preserve shareholders' preemptive rights, thus providing minorities with an option to participate in the future upside potential of the combined company without diluting their ownership interest," ISS.
Carpenter, an integrated polyurethane foams producer, agreed to acquire Engineered Foams business line of Recticel, an industrial group, for $740m.
“We are very honoured and excited about today’s announcement. The acquisition of Recticel’s Engineered Foams business will without doubt significantly strengthen our global position in the European, Asian and US foams markets. Recticel’s strong know how in technical foams, its excellent R&D track record and the outspoken complementary product offering will allow our company to become a much more diversified group with an expanded geographical reach. We are confident in our ability to execute and complete the transaction within the shortest possible timeframe and look forward to integrate successfully Recticel’s Engineered Foams business and teams in order to deliver enhanced value for our customers,” Brad Beauchamp, Carpenter CEO.
Equinix, a digital infrastructure company, agreed to acquire MainOne, a West African data center and connectivity solutions provider, with a presence in Nigeria, Ghana and Côte d'Ivoire, for $320m.
"The acquisition of MainOne will represent a critical point of entry for Platform Equinix into the expansive and rapidly growing African market. MainOne's leading interconnection position and experienced management team represent critical assets in our aspirations to be the leading neutral provider of digital infrastructure in Africa. Growth of data consumption in Africa is amongst the fastest in the world, and our customers are looking for a trusted partner to pursue the opportunities presented by broad mobile adoption and greater connectivity across the region. MainOne's infrastructure, customer relationships, partner ecosystem and operating capability will extend the reach of Platform Equinix and bolster opportunities for customers in Africa and throughout the world," Charles Meyers, Equinix President and CEO.
Worldline, a payment and transactional services company, agreed to acquire an 80% stake in the merchant acquiring business of Eurobank, a financial organization, for $289m.
“I am very proud to announce the acquisition of Eurobank Merchant Acquiring. This operation is fully in line with our strategy to further expand our Merchant Services activities towards the South of Europe and at the same time allows us to leverage our footprint in Greece that was established earlier this year through the acquisition of Cardlink. The combination of both companies will create a meaningful, comprehensive and leading position in the fast-growing Greek market that is driven by a steady ongoing adoption of electronic payments," Gilles Grapinet, Worldline CEO.
WPP, a British multinational communications, advertising, public relations, technology, and commerce holding company, agreed to invest in Made Thought, a branding and design agency. Financial terms were not disclosed.
"WPP is known for its creative excellence and our award-winning work that helps drive transformative growth for our clients. Bringing Made Thought together with Universal Design Studio and Map Project Office to create The New Standard will further strengthen our position as a creative leader and raise the bar for design that speaks to people across different platforms," Mark Read, WPP CEO.
Eisler Capital, a $4.5bn hedge fund firm, agreed to acquire Glen Point Capital, an emerging markets fund manager that was founded in 2015. Financial terms were not disclosed.
The deal will bolster Eisler's assets by $1.5bn, bring in a new trading team and add three funds to aid the firm's transformation into a multi-strategy investment platform.
Lightrock and DH Capital led a $100m Series C round in Liqid, a software company delivering data center composability, with participation from Panorama Point Partners and Iron Gate Capital.
"As IT professionals strive to maximize efficiency in next-generation computing while simultaneously enhancing system performance, Liqid software enables enterprises and data center operators to do more with less. Liqid's software and solutions support ongoing growth and productive innovation for public and private organizations alike, while also reducing waste and inefficiency," Marty Friedman, DH Capital Partner and Managing Director.
Apollo Global is said to drop pursuit of UK lender Metro Bank. (FS)
Apollo Global Management abandoned a pursuit of British lender Metro Bank, making it the second buyout firm to decide against an offer for the British lender, Bloomberg reported.
New York-based Apollo, which has a track record in financial services investments, approached Metro Bank several weeks ago to express its interest in a potential deal. The private equity firm decided in recent days not to proceed with a bid.
Suning eyes fresh attempt to attract new backers for Inter Milan.
Embattled Chinese conglomerate Suning Holdings Group is considering making a fresh attempt to bring in new financial backers for Italian soccer club FC Internazionale Milano, Bloomberg reported.
Suning is working with an adviser to review a range of possible asset disposals as it seeks to shore up its finances. It has been informally gauging interest from potential investors in providing fresh equity funding to Inter Milan.
Elliott ramps ups pressure on Britain's SSE to spin off renewables unit. (FS)
Activist investor Elliott Management has written to British generator SSE questioning its decision not to spin off its renewables arm and calling for new independent directors with green energy experience, Reuters reported.
SSE last month said it would increase its spending in renewable investments and sell assets from its networks division, resisting previous calls by Elliott to divide the company.
Intel plans to take self-driving car unit Mobileye public.
Intel plans to take self-driving-car unit Mobileye public in the United States in mid-2022, a deal which could value the Israeli unit at more than $50bn, Reuters reported.
Chip giant Intel, the largest employer of Israel's high-tech industry with nearly 14k workers, expects to retain Mobileye's executive team and hold on to a majority ownership in the unit after the IPO of newly issued Mobileye stock.
Bahrain plans to list Bahrain Bourse next year.
Bahrain plans to list Bahrain Bourse in 2022, Reuters reported, citing the stock exchange chief. The country also aims to reduce government ownership in publicly trading companies. The country aims to list more governmental companies to encourage the private sector to follow the lead.
Bahrain Bourse has also reached an agreement with Abu Dhabi to facilitate direct trading between the two markets.
Russian billionaire Melnichenko’s EuroChem said to weigh IPO.
EuroChem Group, the Russian fertilizer maker controlled by billionaire Andrey Melnichenko, is considering an IPO, Bloomberg reported.
The company, which is one of the world’s largest fertilizer producers, has held preliminary discussions with potential advisers about listing as soon as next year. EuroChem hasn’t made a final decision about whether to proceed with a share sale.
APAC
Papua New Guinea-focussed Oil Search's AUD8.8bn ($6.2bn) buyout by Santos received overwhelming support from its shareholders, getting over 95% votes in favour of the deal.
The buyout still needs approval from PNG's competition watchdog and national court. If all approvals are received, the deal will take effect Friday, which will be the last day of trading in Oil Search shares in Australia and PNG.
Oil Search is advised by Goldman Sachs, Macquarie Group, Rothschild & Co, Allens and Linklaters. Santos is advised by Citigroup, JB North & Co, Dentons and Herbert Smith Freehills.
Mitsui, one of the largest keiretsu in Japan, agreed to acquire a 30% stake in Japan Medical Dynamic Marketing, a medical devices company, from NGK Spark Plug, a manufacturer of spark plugs, glow plugs and lambda sensors. Financial terms were not disclosed.
Mitsui Chemicals is stepping into the orthopedic business aiming to provide solutions, leveraged by innovative services and products driven by the power of chemistry, for patients and medical care professionals. To this extent, the business and capital alliance with Japan MDM will be the great starting point for Mitsui Chemicals to achieve its goal in contributing to people's better lives.
NGK Spark Plug is advised by Rothschild & Co.
WeLab, a pan-Asian fintech platform, agreed to acquire Bank Jasa Jakarta, a commercial bank in Indonesia. Financial terms were not disclosed.
"We continue the journey that we started in 2018 to build one of the first pan-Asian digital banking platforms, first in Hong Kong and now in Indonesia. WeLab combines its advanced digital banking technology with the BJJ network to further grow the Bank's business towards a bright digital future," Simon Loong, WeLab Founder and Group CEO.
Mensa Brands, an investment firm that partners with entrepreneurs to build digital brands and scale them, completed the acquisition of Folkulture, a home décor label born in India. Financial terms were not disclosed.
"Folkulture is an important partnership for us in the burgeoning home décor category, which is one of our focus areas considering its potential in the domestic and overseas markets. We have created a roadmap for Folkulture to grow 10x by 2025. We will also be looking at adding more channels and products for the brand in the months ahead, while also strengthening its presence in key global markets. On behalf of the team at Mensa, I'd like to welcome aboard the Folkulture founders and team," Ananth Narayanan, Mensa Brands Founder and CEO.
Tiger Global and ADQ led a $283m Series E round in Spinny, a full-stack used car retailing platform, with participation from Avenir and Arena.
Spinny is expected to use the capital to invest in developing tech and product capabilities, for branding and to expand geographical reach.
Investment firms Prysm Capital and TDM Growth Partners led a $125m Series C round in Pet Circle, an Australian online pet supplies company, with participation from AirTree Ventures and Baillie Gifford.
The funding will be used to accelerate growth through improved software for its retail platform, alongside an expanded warehouse footprint, dedicated fleet, and product range.
Tiger Global led a $110m Series D round in Bizongo, an e-commerce focused packaging company, with participation from B Capital, IFC and CDC.
Bizongo's total fundraising now stands at $187m since it was started in 2015 by founders Sachin Agarwal, Aniket Deb and Ankit Tomar.
AIA sells out of almost $10bn of coal investments.
AIA Group has sold off almost $10bn of investments in coal mining and coal-fired power businesses as pressure grows on financial firms to cut ties with the sector, Bloomberg reported.
The insurer completed the entire sale of directly-managed equity and fixed income portfolios in October, seven years ahead of its original target. It said it won’t make new investments in businesses directly involved in coal mining or generating electricity from coal.
“The area that we can make the biggest contribution and the biggest impact is really through our investments,” Lee Yuan Siong, AIA CEO.
Murakami-linked fund increases ownership in Shinsei. (FS)
Shinsei previously said it would cancel plans to introduce a poison pill defense aimed to block the bid from SBI.
Japan court overturns the suspension of Kansai-H2O merger plan.
A high court in Japan overturned a lower court's suspension of a merger planned by retailers Kansai Super Market and H2O Retailing, Reuters reported.
"We believe the decision by the Osaka High Court... is one that shows they have reached a legitimate conclusion on the matter," Kansai.
PAG fields interest for Chinese industrial gases firm AirPower. (FS)
Private equity firm PAG has held informal talks with a few suitors interested in AirPower Technologies, China's largest independent producer of industrial gases, Reuters reported.
Potential buyers include Macquarie Infrastructure and Real Assets, one of the world's largest infrastructure investors.
Citi picks favorites for over $3bn in Asia sales. (FS)
Citigroup has chosen preferred bidders for its consumer assets in several Asian markets as the US lender presses ahead with its plans to divest numerous units across the region, Bloomberg reported.
The US lender picked Bank of Ayudhya as the leading suitor to buy its retail assets in Thailand. The bank, which is owned by Japan’s Mitsubishi UFJ Financial Group, will continue to negotiate the terms of a potential deal in the coming weeks. A transaction could value the assets at about $2bn.
Kaisa sells HK office for debt repayment. (RE)
Kaisa Group Holdings is offloading more assets to alleviate a liquidity crunch as the Chinese developer struggles with deepening debt woes and an imminent default risk, DealStreetAsia reported.
Hong Kong-listed Kaisa sold the 38th floor of The Center, one of Hong Kong's tallest skyscrapers in the city’s central business district, for $96m to China Shandong Hi-Speed Financial Group to settle part of an outstanding loan.
Vietnamese unicorn VNG to seek funds ahead of US listing. (FS)
VNG Corp, the Vietnamese online gaming firm backed by Singapore wealth fund GIC, is considering raising fresh funds ahead of a potential US listing, Bloomberg reported.
The company, whose investors also include Facebook co-founder Eduardo Saverin and Raj Ganguly’s B Capital Group, is seeking to raise $200m to $300m from both new and existing backers. The company intends to use the proceeds to bolster its expansion plans.
Billionaire-backed FabIndia seeking $500m in IPO.
FabIndia, a retailer of clothing and furniture inspired by traditional Indian crafts, plans to file preliminary documents for an IPO of as much as $500m, Bloomberg reported.
The Delhi-based company, whose backers include PremjiInvest, the family office of Wipro founder Azim Premji, aims to submit its so-called draft red herring prospectus as soon as early next year. Its IPO will largely consist of investors selling existing shares.
MapmyIndia fixes price band its IPO.
MapmyIndia, a digital mapping company, also known as CE Info Systems, has set a price band of $13 per share for its IPO that is slated to open on December 9, DealStreetAsia reported.
The IPO will close on December 13 and the company plans to list on the exchanges on December 21. The issue comprises a pure offer for sale by existing shareholders and promoters. The company has increased its OFS size to 10.06m shares from 7.55m shares earlier.
|
