LiveVox, a cloud-based provider of customer service and digital engagement tools, went public via a merger with Crescent Acquisition, a publicly traded special purpose acquisition company, in an $840m deal.
"We capitalize on the growing need for support agents to provide an unparalleled customer experience with our unique solutions platform. Our full-service offering allows our clients to provide their customers with the exceptional relationship management they deserve along with the safety, security and ease of integration they have long come to expect," Louis Summe, LiveVox CEO.
LiveVox was advised by Goldman Sachs, Jefferies & Company, Stifel, Kirkland & Ellis and ICR. Crescent Acquisition was advised by Bank of America, Credit Suisse, Skadden Arps Slate Meagher & Flom, Addo Investor Relations and Mendel Communications. Golden Gate was advised by Sard Verbinnen & Co.
Pershing Square, a Guernsey-based investment holding company, agreed to acquire a 10% stake in Universal Music Group, a global music corporation, from Vivendi, a French media conglomerate, for c. $4bn.
"Led by Sir Lucian Grainge, Universal Music Group has one of the most outstanding management teams that I have ever encountered. Importantly, UMG meets all of our acquisition criteria and investment principles as it is the world's leading music company, with a royalty on the growing global demand for music. We are delighted to work with Vivendi on this iconic transaction, and look forward to its consummation," Bill Ackman, Pershing Square CEO.
UMG is advised by Freshfields Bruckhaus Deringer. Pershing Square is advised by Perella Weinberg Partners, Cadwalader Wickersham & Taft, Sullivan & Cromwell and Camarco. Vivendi is advised by Cabinet Bompoint and Cleary Gottlieb Steen & Hamilton.
NCR, a global enterprise technology provider for the financial, retail and hospitality industries, completed the acquisition of Cardtronics, a non-bank ATM operator and service provider, for $2.5bn.
"We are pleased to reach today's milestone and to be one step closer to combining our two outstanding companies. This combination will accelerate our NCR as a Service strategy and enhance our ability to provide technology solutions and capabilities that run our customers' businesses," Michael D. Hayford, NCR President and Chief Executive Officer.
Cardtronics was advised by Goldman Sachs, Ashurst, Weil Gotshal and Manges and Joele Frank. NCR was advised by Bank of America, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co.
Hyundai Motor Group, an automobile manufacturer, completed the acquisition of an 80% stake in Boston Dynamics, a manufacturer of robots, from SoftBank Group for $921m.
"Boston Dynamics' commercial business has grown rapidly as we've brought to market the first robot that can automate repetitive and dangerous tasks in workplaces designed for human-level mobility. We and Hyundai share a view of the transformational power of mobility and look forward to working together to accelerate our plans to enable the world with cutting edge automation, and to continue to solve the world's hardest robotics challenges for our customers," Robert Playter, Boston Dynamics CEO.
Boston Dynamics was advised by Skadden Arps Slate Meagher & Flom. Huyndai was advised by Latham & Watkins. SoftBank was advised by Morrison & Foerster and Sard Verbinnen & Co.
CNH Industrial, a company operating in the capital goods sector, agreed to acquire Raven Industries, a precision agriculture technology company, for $2.1bn.
"Raven has been a pioneer in precision agriculture for decades, and their deep product experience, customer-driven software expertise and engineering acumen offer a significant boost to our capabilities. This acquisition emphasizes our commitment to enhance our precision farming portfolio and aligns with our digital transformation strategy. The combination of Raven's technologies and CNH Industrial's strong current and new product portfolio will provide our customers with novel, connected technologies, allowing them to be more productive and efficient," Scott Wine, CNH Industrial CEO.
Raven is advised by JP Morgan and Davis Polk & Wardwell. CNH is advised by Barclays, Goldman Sachs and Sullivan & Cromwell.
Permira-backed Alter Domus, a provider of fund administration, debt capital markets and corporate services, agreed to acquire Investors Economic Assurance, a provider of technology solutions and services to alternative investment managers. Financial terms were not disclosed.
"IEA shares Alter Domus' vision and have dedicated significant effort and expertise to build an integrated fund servicing platform combining complex data processing capabilities and operational seamlessness. Our client-focused approach to developing advanced technology platforms will ensure investment managers and asset owners can experience a fully integrated fund services offering," Paul Woods, Alter Domus Regional Executive North America.
IEA is advised by Newbold Partners and Akerman. Alter Domus is advised by PricewaterhouseCoopers, Clifford Chance and Crosslake Technologies.
Clearlake Capital-backed Unifrax, a global provider of high-performance specialty materials, agreed to acquire Lydall, a provider of specialty filtration materials and advanced material solutions, for $1.3bn.
"The combination of Unifrax and Lydall creates a global specialty materials platform with new cutting edge technologies in advanced filtration, electric vehicle battery systems, and energy-saving applications. The addition of Lydall's people, technologies, and assets to the Unifrax portfolio will help accelerate our innovation pipeline and creates a world-class platform capable of solving the world's most pressing energy consumption, environmental and filtration challenges. We are excited to partner with a company that is similarly focused on our commitment to a Greener, Cleaner, and Safer world," John Dandolph, Unifrax President and CEO.
Lydall is advised by Bank of America and Davis Polk & Wardwell. Unifrax is advised by JP Morgan, Morgan Stanley and Kirkland & Ellis.
Westlake, a global manufacturer and supplier of materials, agreed to acquire the North American building products businesses of Boral, an international building products and construction materials group, for $2.2bn.
"The combination of Boral North America's product lines with Westlake's building products businesses will greatly expand our housing-related building products business and extend our presence in North America. We look forward to welcoming the Boral employees to the Westlake family and realizing the tremendous opportunities to grow the combined businesses," Albert Chao, Westlake President and CEO.
Westlake is advised by Deutsche Bank and Baker Botts. Boral is advised by Bank of America and Alston & Bird.
CareMax, a technology-enabled provider of value-based care to seniors, completed the acquisition of Senior Medical Associates, which operates ten conveniently located medical centers across Broward County. Financial terms were not disclosed.
"We believe the acquisition of SMA will further CareMax's ability to provide high-quality, compassionate care to seniors. This is an important acquisition for CareMax and is a step forward in executing our multi-pronged expansion strategy focused on de novo growth and strategic M&A," Carlos de Solo, CareMax CEO.
IAA, a global digital marketplace connecting vehicle buyers and sellers, completed the acquisition of Auto Exchange, a provider of personal service and security in the salvage recovery industry. Financial terms were not disclosed.
"Bringing Auto Exchange under the IAA umbrella will allow us to provide premier service to our selling and buying customers in the New Jersey area. This investment will give us the capacity to exceed the needs of the growing market and we are excited to welcome Christine Palfrey and her colleagues to the IAA team," John Kett, IAA CEO and President.
SoftBank Vision Fund 2 led a $140m Series B round in Vianai Systems, a human-centered AI platform and products company.
"With the AI revolution underway, we believe Vianai's human-centered AI platform and products provide global enterprises with operational and customer intelligence to make better business decisions. We are pleased to partner with Dr. Sikka and the Vianai team to support their ambition to fulfill AI's promise to drive fundamental digital transformations," Deep Nishar, SoftBank Senior Managing Partner.
Hewlett Packard Enterprise, a global edge-to-cloud company, completed the acquisition of Determined AI, a provider of the software stack for trainining AI models. Financial terms were not disclosed.
"Determined AI’s unique open-source platform allows ML engineers to build models faster and deliver business value sooner without having to worry about the underlying infrastructure. I am pleased to welcome the world-class Determined AI team, who share our vision to make AI more accessible for our customers and users, into the HPE family," Justin Hotard, HPE Senior Vice President and General Manager.
Transat finishes takeover talks with Quebec businessman Peladeau.
Transatannounced that discussions have officially ended with Quebec businessman Pierre Karl Péladeau about a possible acquisition of its shares. Péladeau stated that his company, Gestion MTRHP, was no longer interested in buying the tour operator.
According to Transat, this comes after the media mogul sent it a non-binding proposal on April 7, under which he proposed buying all Transat shares for $5 cash each.
Though the proposal demanded an answer within 48 hours, the offer was subjected to an in-depth review by a special committee hired to evaluate any proposal involving Transat shares. Following this, Péladeau stated he had "no more interest" in the company because he could not come to an agreement on price with Letko, Brosseau & Associates, Transat's largest shareholder.
Daniel Loeb-backed SentinelOne eyes over $7bn valuation in US IPO. (FS)
SentinelOne, a cybersecurity firm backed by billionaire investor Daniel Loeb's hedge fund Third Point, is aiming for a valuation of over $7bn in its US IPO, Reutersreported.
SentinelOne, whose other investors include venture capital backers Tiger Global, Sequoia Capital, and Insight Venture Partners, plans to sell 32m shares priced at between $26 and $29 per share, raising $928m at the top end of the range.
Founded in 2013, SentinelOne protects laptops and mobile phones from security breaches by using artificial intelligence technology to identify unusual behavior in enterprise networks. Its business had a boost as most employees started working from home during the Covid-19 pandemic.
Morgan Stanley and Goldman Sachs are lead underwriters for the offering.
LegalZoom seeks over $5bn valuation in second attempt at US IPO. (FS)
LegalZoom is aiming for a valuation of more than $5bn in its US IPO, marking the online legal services company's second attempt at a stock market listing,Reuters reported.
The company, co-founded by former O.J. Simpson attorney Robert Shapiro, plans to sell a little more than 19m shares priced at between $24 and $27 apiece, raising $516m at the top end of the range.
It raised $500m in a funding round led by Francisco Partners and GPI Capital in 2018, valuing the company at $2bn. The investment also included participation from one or more Franklin Templeton Investments funds and funds managed by Neuberger Berman Investment Advisers.
Ingersoll Rand, a global provider of mission-critical flow creation and industrial solutions, agreed to acquire Seepex, a positive displacement pump manufacturer, for €432m ($512m).
"We are excited to welcome the Seepex team to the Ingersoll Rand family. With this transaction, we continue to accelerate our growth plan and deliver on our commitment to advance our digital capabilities, aftermarket growth, and complementary technology and innovation efforts," Vicente Reynal, Ingersoll Rand CEO.
Seepex is advised by Lincoln International and Skadden Arps Slate Meagher & Flom. Ingersoll Rand is advised by Delphi Advisors, Gleiss Lutz and Simpson Thacher & Bartlett.
SoftBank Vision Fund 2 led a $240m investment round in Forto, a provider of digitized freight forwarding and supply chain solutions, with participation from Citi Ventures, G Squared, Northzone, Cherry Ventures, and Unbound.
"With this investment we are able to further accelerate our growth path and roadmap. In our effort to further digitize global trade, we plan to significantly expand our geographical footprint, technology platform, and customer operations, to cement our market leadership in Europe and beyond," Michael Wax, Forto CEO and Co-Founder.
Forto was advised by BMH Brautigam and PXR Legal. Northzone was advised by Bryan Cave Leighton Paisner. SoftBank was advised by Morrison & Foerster.
Epiris, an independent private equity manager, agreed to acquire Sharps, a supplier of fitted bedroom furniture, from Sun European Partners, a private investment advisory firm. Financial terms were not disclosed.
"Sharps is the leader in a market which offers strong long-term growth prospects beyond the boom it is currently enjoying. We are all delighted to be partnering with Kevin and his team to build on the company's clear and proven strengths in selling bespoke products direct to consumers," Bill Priestley, Epiris Chief Investment Partner.
Epiris is advised by MDW Capital, PricewaterhouseCoopers, Macfarlanes, and Greenbrook.
One Equity Partners, a middle-market private equity firm, completed the acquisition of BRUSH, an independent provider of equipment, services and solutions for electrical power generation and distribution. Financial terms were not disclosed.
"OEP has a strong track record of building market-leading industrial companies through organic and inorganic investment initiatives that drive operational performance, add product capabilities and expand geographic reach. We're thrilled to have completed the acquisition of Aprenda with the support of OEP and pleased to be partnering as we continue to further develop the company. Together, we look forward to starting a new and exciting chapter of growth for BRUSH," Chris Abbott, BRUSH CEO.
Destiny, a Belgian secure cloud communication provider, agreed to acquire Telepo and Soluno, two Sweden-based software development firms. Financial terms were not disclosed.
"We are thrilled to announce this exciting news of the acquisition of these two fantastic and strong companies. This is the next level of Destiny's big play to own the European cloud communication space. Our combined forces give us own IP, technology that is easy to adopt, use and integrate, great partners, talented local teams and ambition to invest in further developing our innovative and market-leading UCaaS platform for SME's, today and tomorrow," Daan De Wever, Destiny CEO.
Soluno is advised by Arma Partners. Destiny is advised by Q Advisors.
PeopleCert International, a provider of assessment and certification, agreed to acquire AXELOS, a provider of methodologies used by professionals working primarily in project, program and portfolio management, and IT and digitally-enabled services, from Capita, a business process outsourcing company, and Cabinet Office, a department of the Government of the United Kingdom, for £380m ($525m).
"We are very pleased to have agreed, alongside Cabinet Office, the sale of our joint venture AXELOS to PeopleCert after a competitive auction process. Capita and Cabinet Office have partnered together to grow the business over the last eight years, creating significant value for us and the taxpayer. AXELOS is an excellent example of a successful collaboration between the private sector and the UK Government," Jon Lewis, Capita CEO.
Ethypharm, a European pharmaceutical company, agreed to acquire Altan Pharma, a specialty pharmaceutical company that develops, manufactures and markets injectable medicines for hospital use. Financial terms were not disclosed.
"Joining an established European specialty pharmaceutical company, with a strong direct commercial presence in Europe beyond Spain and in major growth territories for injectable medicines, will be a booster for the international expansion of Altan Pharma's product portfolio. Since its inception in 1998, Altan Pharma has been committed to improving patient care by providing specialty medications of superior quality and value for the benefit of patients and caregivers," Guillermo Herrera, Altan Pharma CEO.
Kerry Group, a global taste and nutrition company, agreed to acquire Niacet, which manufactures and supplies food chemicals, from private equity firm SK Capital Partners for €853m ($1bn).
"The acquisition of Niacet's complementary product portfolio enhances our leadership position in the fast-growing food protection and preservation market and significantly advances our sustainable nutrition ambition. Niacet is a business with market-leading positions, differentiated technologies and a strong and highly experienced management team. We are pleased to welcome the Niacet team to Kerry and we are excited at the potential the combination of our two businesses offers to outperform in this important and attractive market," Edmond Scanlon, Kerry CEO.
Fiserv, a global provider of payments and financial services technology, and Deutsche Bank, Germany's largest bank, agreed to form a joint venture to create a comprehensive provider of payment acceptance and banking solutions. Financial terms were not disclosed.
"By combining Fiserv payment solutions with our banking products, we will be able to deliver accounts, payment solutions and banking services to our SMEs. Today, no other provider of such services in Germany can offer this in-depth combination of acceptance solutions with banking services being a true "one-stop-shop" for our clients. This will translate into a better client experience, lower costs and reduced complexity for clients," Stefan Hoops, Deutsche Bank Head of Corporate Bank.
Volvo Car, a Swedish automobile company, and Northvolt, a Swedish battery developer and manufacturer, are set to form a joint venture. The intention is to develop and produce more sustainable batteries, tailored to power the next generation of pure electric Volvo and Polestar cars. The joint venture would be a 50/50 deal. Financial terms were not disclosed.
"By working with Northvolt we will secure a supply of high-quality, more sustainable battery cells for our pure electric cars. Working closely with Northvolt will also allow us to strengthen our in-house development capabilities," Håkan Samuelsson, Volvo Car CEO.
BBVA to sell custodian unit for €400m.
BBVA, a Spanish bank, plans to sell its depositary unit for $475m, Expansion reported. The bank is handling the sale itself and expects to close a deal in the second half of the year.
BBVA's custodian unit held $77.1bn on behalf of investment funds at the end of the first quarter. The Spanish bank completed the sale of its US unit Bancshares for about $11.5bn earlier in June.
Mubadala to offer up to 40% of Yahsat in IPO. (FS)
Mubadala, the Abu Dhabi state investor, will offer 30-40% of its satellite firm Yahsat in an IPO, with a listing likely in the third quarter, Reuters reported. This will be the first listing of a company on the Abu Dhabi bourse since the IPO of ADNOC in 2017.
Mubadala, which will remain a majority shareholder after the listing, could offer 732m to 976m shares, it said. The offer period is from June 27 to July 6. Established in 2007, Yahsat is one of the largest providers of satellite communications services globally in terms of annual revenues. It also owns satellite phone operator Thuraya.
First Abu Dhabi Bank, Bank of America's securities unit, and Morgan Stanley have been appointed as joint global coordinators and Abu Dhabi Commercial Bank, EFG Hermes, and HSBC as joint bookrunners.
Shoper plans $94m IPO.
Shoper, a Polish e-commerce platform provider, set the maximum price in its IPO at PLN47 ($12.25) per share, valuing the deal at up to PLN363m ($94m), Reutersreported. Its shareholders are looking to sell 7.7m shares or about 27.1% stake in the company, with a Warsaw debut planned for around July 9.
Poland's e-commerce sector has seen rapid growth in recent years, further fueled by Covid-19 restrictions, with companies such as sales platform Allegro, parcel locker operator InPost, and online fashion retailer Answear going public since last fall.
Shoper, whose first-quarter revenue jumped 71% year-on-year to PLN15.8m ($4.12m), said its software allows customers to launch and run their own online stores.
A consortium consisting of DCP Capital Partners, Ocean Link Partners and Rick Yan agreed to acquire 51job, a Chinese HR company, for $5.7bn in a go-private transaction. The consideration represents a premium of 28.89% to the closing price of the company's ADSs on May 3, 2021.
51job's board of directors, acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the board, approved the merger agreement and resolved to recommend the company's shareholders vote to approve it.
51job is advised by Duff & Phelps, Davis Polk & Wardwell, JunHe, Maples Group and Simpson Thacher & Bartlett. The consortium is advised by Fangda Partners, Harney Westwood & Riegels, Kirkland & Ellis, Ogier, Paul Weiss Rifkind Wharton & Garrison and Weil Gotshal and Manges. Recruit is advised by JP Morgan, Conyers Dill & Pearman and Sullivan & Cromwell.
KKR & Co, a global investment firm, agreed to invest $625m in Vini Cosmetics, a branded personal care and beauty products company in India.
"Vini has established itself as one of the fastest-growing personal care companies in India, and the strong consumer brand loyalty for FOGG and its other personal care products is truly impressive. Darshan and Dipam are industry pioneers, and we are excited to work with them and their team to capture new growth opportunities stemming from a young, emerging middle-class that increasingly seeks upgraded products. Our investment in Vini also underscores KKR's long-term commitment to support India's innovative and dynamic companies as they become leaders in their industries," Gaurav Trehan, KKR Partner.
Vini Cosmetics is advised by Steer Advisors and Shardul Amarchand Mangaldas & Co. KKR is advised by Ernst & Young, KPMG, AZB & Partners, Simpson Thacher & Bartlett and Adfactors PR.
Shares of PNB Housing Finance, one of the largest housing finance companies in India, fell after India's capital markets regulator ordered a halt to its proposed $550m fund-raising plan by a group of investors led by private equity firm Carlyle Group.
The mortgage arm of India's second-largest state lender, Punjab National Bank, dropped as much as 5% in Mumbai on Monday, outpacing a 1.8% decline in the broader banking gauge, Bloombergreported.
The Securities and Exchange Board of India said PNB Housing's plan to issue securities by way of preferential allotment on a private placement basis shouldn't be carried out until it undertakes the valuation of shares from an independent registered valuer. PNB Housing has filed an appeal with a tribunal against the order, the firm said in an exchange filing on Monday.
The Carlyle Group is advised by AZB & Partners and Latham & Watkins.
Mercury NZ, a New Zealand electricity generation and electricity retailing company, agreed to acquire the retail business of Trustpower, a New Zealand electricity generation and electricity retailing company, for $306m.
"Mercury and Trustpower are two highly complementary organizations, and this agreement would see the best of both being brought together for our customers. We know customers value the convenience and ease of bundled services in their home and Trustpower has deep expertise in bundling products in a way that people clearly appreciate. We see this adding material value to our customers and Mercury," Vince Hawksworth, Mercury CEO.
Telenor Group, a multinational telecommunications company, and Axiata, a multinational telecommunications conglomerate, agreed to form Celcom Digi, a provider of telecommunication services, by merging their Malaysian mobile operations Digi and Celcom, in a $12bn deal. Axiata and Telenor will be equal partners with a 33.1% ownership stake each in the combined entity.
"We look forward to partner with Axiata to realize the potential of the proposed merged company. The telecom industry is at the beginning of an exciting digital shift, and new technologies are going to change how we develop and deliver services for both the private and public sector. With this merger we bring together competencies, financial strength and scale to go beyond connectivity and implement technology that further advances our customers digital experience," Jørgen A. Rostrup, Telenor Executive Vice President and Head of Asia.
Hollard Group, South Africa's biggest privately-owned insure agreed to acquire the general insurance unit of Commonwealth Bank of Australia, an Australian multinational bank, for $468m.
"The transaction is consistent with CBA's strategy to deliver differentiated customer propositions and the best integrated digital experiences. CBA and Hollard will coinvest in innovative, market-leading products and services that anticipate and meet the changing needs of our customers," Matt Comyn, CBA CEO.
China Renaissance, a Chinese investment firm, led a $100m Series B round in Amber Group, a crypto-financial services firm, with participation from Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures, Gobi Partners, Pantera Capital, Coinbase Ventures and Blockchain.com.
Amber Group said it plans to use the funding to expand its global operations. The firm offers algorithmic trading, high-frequency trading and over-the-counter trading to a deep roster of 500 institutional clients.
Shenzhen Huajian, a holding company, agreed to acquire a 29.9% stake in Calxon, a real estate developer, from Evergrande Group, a debt-laden property developer. Financial terms were not disclosed.
Evergrande and its units have come under pressure due to growing liquidity concerns. Earlier this month, China's most indebted property developer said it was arranging payment for some of its project companies' commercial paper that had not been repaid on time.
Tiger Global in talks to back BharatPe at a $2.5bn valuation. (FS)
BharatPe, an Indian payments and fintech startup, is in advanced stages of talks to raise about $250m in a new financing round led by Tiger Global.
The new round, a Series E, is giving the three-year-old New Delhi-headquartered firm a pre-money valuation of $2.5bn. The round has not closed, so terms may change.
GLP increases the size of the European development fund to $4.7bn. (FS)
Singapore-based GLP has expanded the size and scope of GLP Continental Europe Development Partners I, its partnership fund with Canada Pension Plan Investment Board and QuadReal Property Group, to €4bn ($4.7bn).
The fund was initially launched in 2018 as a €2bn ($2.37bn) vehicle focused on developing modern logistics facilities in Germany, France, Italy, Spain, the Netherlands, and Belgium. The upsized fund will be used to transform GLP CDP I into a pan-European development vehicle by expanding into the UK and Central and Eastern Europe markets via the acquisition of landbank and select high-quality logistics development opportunities.
"Our investment pipeline is considerably ahead of schedule, and we are seeing strong demand for our developments, reflecting attractive fundamentals for logistics development across all major hubs in Europe," Ralf Wessel, GLP Managing Director.
DBS starts trading on London Metal Exchange.
DBS, a Singapore-based bank, commenced commodity trading on the London Metal Exchange, as metals prices surge on global economic recovery, after becoming the first bank in Asia to be issued bourse membership registered outside London, Reuters reported.
DBS has become one of four current LME Category 4 members, which allows the bank to trade for its own account and on behalf of clients but without a clearing ability.
"Metals are an essential enabler to achieve a sustainable future, and as global demand for the commodity continues to grow exponentially, so will expectations on the industry's sustainability standards," Tan Su Shan, DBS' Group Head of Institutional Banking.
DBS invests up to $200m to Muzinich's Asia Pacific debt fund. (FS)
DBS Group, a Singapore-based bank, will be an anchor investor in US-based investment firm Muzinich's Asia-Pacific private debt fund. The bank will invest up to $200m in Muzinich APAC Private Debt I or 40% of the total fund size, whichever is lower. DBS will also have representation on the fund's investment committee and advisory committee.
Muzinich APAC Private Debt I fund is focused on private debt solutions targeted at lower middle-market companies with an EBITDA range of $5-50m and an operating history of three years or more, with audited financials.
"This fund can play an integral role in bridging the financing gap faced by businesses that have been dislocated by the disruptions, complemented by our already established fixed-income franchise in deal sourcing and meeting more bespoke funding and investment needs across Asia," Piyush Gupta, DBS CEO.
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