Permira, the global private equity firm, agreed to acquire Squarespace, the design-driven platform helping entrepreneurs build brands and businesses online, for $6.9bn.
"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 is advised by Centerview Partners, JP Morgan, Richards Layton and Finger, Skadden Arps Slate Meagher & Flom (led by Christopher Barlow) and Wilson Sonsini Goodrich & Rosati. Permira is advised by Goldman Sachs, Latham & Watkins and FGS Global. Debt financing is provided by Ares Capital, Blackstone and Blue Owl. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Ellen N. Ching and Matthew W. Abbott). Accel is advised by Cooley.
US Senate Majority Leader Chuck Schumer on May 12 urged the Federal Trade Commission to "pump the breaks" on Chevron's proposed $53bn acquisition of Hess, Reuters reported.
"The FTC should side with consumers and pump the breaks on this deal," Schumer said in a post, on social media platform X, adding that the deal would give oil majors more leverage to raise gas prices.
In October last year, Chevron agreed to buy Hess for $53bn in stock to gain a bigger US oil footprint and a stake in rival Exxon Mobil's massive Guyana discoveries.
Reneo Pharmaceuticals, a pharmaceutical company, agreed to merge with OnKure, a privately-held, clinical-stage biopharmaceutical company. Financial terms were not disclosed.
“Following a thorough evaluation of strategic alternatives, the Reneo board of directors and management team believe that this anticipated transaction represents a compelling opportunity to deliver shareholder value as the OnKure team advances their PI3Kα inhibitors,” Mike Grey, Reneo Pharmaceuticals Executive Chairman and Founder.
OnKure is advised by Oppenheimer & Co and Wilson Sonsini Goodrich & Rosati. Reneo is advised by Evercore, Leerink Partners, LifeSci Capital, Cooley and Jones Day. Financial advisors are advised by Covington & Burling.
Frazier Life Sciences, a healthcare investment firm, led a $182m Series C round in Bluejay Therapeutics, a developer of novel therapeutics, with participation from RA Capital Management, T. Rowe Price, Wellington Management, Novo Holdings, RiverVest Venture Partners, Octagon Capital, Arkin Bio Ventures, HBM Healthcare Investments and Unicorn Capital.
"We are immensely grateful for the robust support from both new and returning investors, which reflects confidence in our strategy and our team’s ability to deliver on our mission. This funding not only empowers us to drive our lead assets through critical clinical trials but also enhances our capacity to address significant unmet medical needs in global health," Keting Chu, Bluejay Therapeutics Founder and CEO.
Bluejay Therapeutics was advised by Argot Partners.
ONEOK, an American diversified corporation, agreed to acquire system of natural gas liquids pipelines from Cresta-backed Easton Energy, a Houston-based midstream company, for $280m.
"This strategic acquisition provides the quickest pipeline connectivity to and within the critical supply and demand centers for our NGLs, refined products and crude oil assets in the Gulf Coast. We expect that this acquisition will accelerate the ability to capture commercial synergies related to our recent Magellan acquisition and future earnings growth," Pierce H. Norton II, ONEOK President and CEO.
Idemitsu, a Japanese petroleum company, agreed to invest $114m in HIF Global, an eFuels company.
"We welcome our new partner Idemitsu into this exciting journey to fuel our world with renewable energy. This collaboration represents more than just an investment; it´s a reflection of our shared vision for a greener future," Cesar Norton, HIF Global President and CEO.
Novavax shares soar on license deal with Sanofi at lofty valuation.
Novavax on May 10 said it had struck a licensing deal worth at least $1.2bn with Sanofi for its COVID-19 vaccine in exchange for a stake that valued the US biotech firm at double its current market capitalization, Reuters reported.
The Maryland-based drugmaker's stock more than doubled in May 10 trading to $8.97 following the deal as the company also removed a warning notice from February last year that raised doubts about it being in business. At their peak in 2021, shares traded at about $332.
US agency probes Amazon's Zoox robotaxis after two brake-failure crashes.
The US National Highway Traffic Safety Administration said on May 13 that it had opened an investigation into Amazon.com's self-driving Zoox vehicles due to unexpected braking leading to two rear-end collisions that injured motorcyclists, DealStreetAsia reported.
Each incident involved a Toyota Highlander equipped with the Zoox automated driving system. In March, Zoox said it was expanding its vehicle testing in California and Nevada to include a wider area, higher speeds and nighttime driving as it competes with Alphabet's Waymo robotaxis. Amazon acquired Zoox in 2020 for $1.3bn.
Polar Semiconductor announces plans to expand semiconductor manufacturing facility in Minnesota.
Polar Semiconductor, the only US-based manufacturer specializing in sensor, power, and high-voltage semiconductors, on May 13 announced plans to expand its Bloomington, Minnesota manufacturing facility and branch into innovative technologies to serve new customers and markets.
Polar expects to invest approximately $525m in the expansion of the facility over the next two years, subject to receipt of appropriate approvals and federal, state, and local incentives. Polar has signed a non-binding preliminary memorandum of terms with the Department of Commerce, under which it would receive $120m in proposed direct funding as part of the US CHIPS and Science Act and a $75m investment from the State of Minnesota.
NYSE president sees more US companies pursuing public offerings.
New York Stock Exchange President Lynn Martin said that the market for US initial public offerings is opening up, with more companies deciding to sell shares for the first time, Bloomberg reported.
"I'm incredibly optimistic given the amount of proceeds that have been raised so far in the markets," Lynn Martin, NYSE President.
NYSE Group has had about 25 IPOs of operating companies on the New York Stock Exchange this year.
CalPERS mulls voting against Exxon CEO's re-election to the board. (FS, People)
CalPERS, the biggest public pension plan in the US, is considering voting against ExxonMobil CEO Darren Woods' re-election to the board amid shareholder discontent over a lawsuit it filed against two climate-focused investors, Reuters reported.
Investors led by US activist investment firm Arjuna Capital and shareholder activist group Follow This earlier this year asked Exxon and other oil companies to adopt tighter climate targets and to set targets to reduce emissions produced by users of its products.
EMEA
BHP Group said on May 13 that Anglo American had rejected a revised buyout offer valuing the company at $42.7bn, Reuters reported.
Anglo American in April rebuffed BHP's $39bn all-share takeover proposal, saying it was opportunistic and significantly undervalued its prospects.
"BHP is disappointed that the Anglo American Board has chosen not to engage with BHP with respect to the Revised Proposal and the improved terms," it said in a statement.
Banco Bilbao Vizcaya Argentaria would be able to add cash to its hostile takeover bid for Banco de Sabadell if it sold Sabadell’s UK unit, Bloomberg reported.
Divesting TSB Banking Group “could allow BBVA to include a cash element of up to 10% of the offer with a limited incremental CET1 impact for BBVA’s shareholders,” analysts led by Cecilia Romero Reyes said in a note on May 13. “In the UK, BBVA with TSB would lack scale to pursue their strategy of growth, which intends to combine scale and profitability, and we think a sale could be well-received.”
Banco Sabadell is advised by Goldman Sachs and Morgan Stanley. BBVA is advised by Rothschild & Co (led by Juan Gich) and UBS.
EQT Partners, a Swedish global investment organization, agreed to acquire OX2, a renewable energy platform, for $1.5bn.
"We’ll continue geographically and technology-wise what the company has been doing, and we’ll obviously continue with the team, which we strongly support," Christoph Balzer, EQT Partner.
OX2 is advised by Goldman Sachs and Gernandt & Danielsson. EQT Partners is advised by Rothschild & Co.
Bregal Milestone-backed Allshares, a compensation and long-term incentive software and services provider, completed the acquisition of Novare Pay, a provider of remuneration services. Financial terms were not disclosed.
"Over the years, we have built a strong and diversified customer footprint and a talented team operating from our strategic hubs in Stockholm, Oslo, and London. Partnering with Allshares presents an exciting opportunity to not only enhance our service delivery with tech-forward compensation software but also to help spearhead a transformative shift in the European compensation landscape," Erika Andersson, Novare Pay CEO.
A Russian consortium announced terms on May 13 to buy the Russian assets of technology group Yandex from Dutch parent company Yandex in a cash and share deal, Reuters reported.
The consortium said it expects to receive no more than 108m shares of Yandex via a purchase and swap. The buyback will take place at a price of RUB1.2k ($13) per Yandex share. The swap will be done at a 1:1 ratio.
Yandex announced the agreement to divest its Russia-based businesses in April for a total consideration of RUB475bn ($5.2bn), payable in a combination of cash and shares.
Sphere Entertainment, a live entertainment and media company, completed the acquisition of a remaining stake in HOLOPLOT, a pro audio company. Financial terms were not disclosed.
"We have worked alongside the Sphere team for many years in developing our technology, and together we have forever changed the live sound experience. As a result of this transaction, HOLOPLOT can accelerate its mission to bring its technologies to more applications and markets, and continue to push audio innovation to new bounds," Roman Sick, HOLOPLOT CEO and Co-Founder.
Microsoft announces the largest investment to date in France.
Microsoft announced its largest investment in France in its 41-year history in the country. The company will invest €4bn ($4.3bn) in cloud and AI infrastructure, AI skilling, and French Tech acceleration, aiming to train 1m people and support 2.5k AI startups by 2027.
This broad investment package is designed to accelerate the adoption of artificial intelligence and cloud technologies, increase the country’s competitiveness by fostering digital technology made in France and create long-term benefits for the French economy and job market. With these investments, Microsoft is directly contributing to France’s National Strategy for AI and aligns with the recent recommendations of the French Commission for Artificial Intelligence, to position France as a leader in the development and usage of artificial intelligence.
Eldridge Industries in talks to buy Hayfin Capital Management. (FS)
US financier Todd Boehly’s investment house is in advanced talks to buy European private credit firm Hayfin Capital Management, FT reported.
A deal would give Boehly’s Eldridge Industries a foothold in the fast-growing market for lending to private European companies, building on its investments spanning insurance, asset management, technology, media and real estate.
Intel nears deal with Apollo for $11bn Ireland partnership. (FS)
Intel is in advanced talks for a transaction in which Apollo Global Management would supply more than $11bn to help the chip giant build a plant in Ireland, WSJ reported.
The two firms are in exclusive talks for a deal that could come together in the coming weeks, assuming the plans don't get derailed. The move comes as Intel looks to expand its presence across the United States with a planned $100bn spending spree across four states to boost its manufacturing business and catch up with chipmaking rival TSMC.
UBS's Ermotti sees the risk of delay in integrating Credit Suisse IT.
Chief Executive Officer Sergio Ermotti mentioned that the biggest risk in UBS Group's integration of Credit Suisse's technology systems is a delay that would push back the realization of cost savings from the merger, Bloomberg reported.
UBS is bringing over about 300 out of 3k Credit Suisse applications and is only transferring the data that's needed for the combined bank. Delays in the procedure could lead to higher costs in the realization of synergies.
Adnoc Drilling is reviewing targets for more acquisitions.
Adnoc Drilling plans to make even more acquisitions this year to help boost growth and is currently reviewing potential targets in the Middle East, Bloomberg reported.
The drilling and services business of the biggest oil and gas producer in the United Arab Emirates has already concluded two joint-venture deals and bought a company since January. It's set to absorb three more companies through a technology venture this year.
Pinewood-owner Aermont among suitors for £850m Village Hotels. (FS)
The major backer of Pinewood Studios is among the suitors vying to buy Village Hotels, one of Britain's biggest mid-market hotel chains. Aermont, which specializes in real estate-backed investments, submitted an offer last week for Village Hotels, which is owned by KSL Capital Partners.
KSL was seeking offers worth in the region of £850m ($1.1bn) or more. A number of other parties are also understood to have tabled bids ahead of a deadline last week. Blackstone, the giant private equity firm, is considering making an offer but has yet to make one.
Saudi wealth fund said to invite bank pitches for Nupco's IPO. (FS)
Saudi Arabia's sovereign wealth fund has invited banks to pitch for roles on the planned initial public offering of the kingdom's largest medical procurement firm as it seeks funds to finance the crown prince's ambitious vision, Bloomberg reported.
Rothschild & Co is advising the Public Investment Fund on Nupco's potential IPO. Details on timing and size have not been finalized, though a deal could likely raise less than $1bn.
Saudi's Rasan holders seek up to $224m in IPO.
Rasan Information Technology and its shareholders are looking to raise as much as $224m in one of the first initial public offerings by a fintech firm in Saudi Arabia, Bloomberg reported.
The price range was set at $9.3 to $9.9 per share. Rasan is selling 5.3m new shares in the Riyadh IPO, while its shareholders are offering 17.4m shares. Book building for institutional investors will run until May 16.
Patron Capital raises in excess of €860m for Fund VII. (FS)
Patron Capital, the pan-European institutional investor focused on property-backed investments, has closed its seventh flagship fund, raising in excess of €860m ($920m), including more than €200m ($215m) of Patron discretionary co-investment capital for larger opportunities.
Of the capital raised for Patron Capital, 76% came from Patron's existing investor base and existing relationships, with the majority of commitments coming from the US and Canada, followed by Asia Pacific, Europe, and the Middle East. Investors included pension funds, sovereign wealth funds, endowments, foundations and family offices. Fund VII will continue the same investment strategy as Patron's previous funds, opportunistically targeting distressed and undervalued investments, directly or indirectly related to property, across Western Europe.
APAC
The Blackstone Group offered to acquire a 55% stake in I’rom Group, a provider of clinical trial management services, for $120m.
"We are pleased to partner with Mr. Mori and the rest of the management team, and help advance the company in its next phase of growth. We believe we can add tremendous value with our deep healthcare expertise and network. Life sciences is one of our highest conviction investment themes globally, including in Japan, where we have made two marquee investments and built these businesses into market leaders. We are committed to supporting I’rom’s mission of bringing critical medicines and technologies to the market and transforming patients’ lives," Atsuhiko Sakamoto, Blackstone Japan Head of Private Equity.
