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AMERICAS
Elon Musk was ordered to hand over information about potential investors in the $44bn buyout of Twitter he is seeking to cancel in a win for the social media company that sued to make him consummate the deal, Bloomberg reported.
Delaware Chancery Court Judge overruled the billionaire's objections to Twitter's demands that he turn over information on parties that may have been involved in an equity raise of more than $7bn for the $54.2-a-share acquisition. McCormick also granted Twitter's request to make Musk identify people "with knowledge of or involvement in key issues and events" in the deal over the protests of Musk's lawyers.
Pfizer, a pharmaceutical company, and Johnson & Johnson, a manufacturer and sale of a range of products in the healthcare field, duked it out in a bidding war for Global Blood Therapeutics, a biopharmaceutical company, days before Pfizer won with a $5.4bn offer this month.
The proxy shows that J&J spent more than two months vying for Global Blood against Pfizer and one other potential buyer before being outbid at the last minute. The bidding war underscores how biotech companies with later-stage assets have become prized takeover targets for Big Pharma, even as volatile markets upend the broader dealmaking landscape, Bloomberg reported.
Pfizer agreed on August 8, 2022, to buy GBT for $68.5 per share, clinching a company whose therapy for sickle-cell disease is viewed as one of the more promising drugs to treat the inherited disorder that in the US mainly afflicts Black people.
Pfizer is advised by Goldman Sachs, Morgan Stanley and Wachtell Lipton Rosen & Katz. Financial advisors were advised by Sullivan & Cromwell. Global Blood is advised by Centerview Partners, JP Morgan, Cravath Swaine & Moore and Goodwin Procter.
Rio Tinto, a metals and mining corporation, on Wednesday raised its offer to buy about 49% of Canada's Turquoise Hill Resources, a mineral exploration and development company, it does not already own to $3.1bn, Reuters reported.
“Rio Tinto believes this offer not only provides full and fair value for Turquoise Hill shareholders, but is in the best interests of all stakeholders as we work to move the Oyu Tolgoi project forward. We will continue to take a disciplined approach to capital allocation and strongly encourage the Board of Turquoise Hill to engage constructively, and to support and recommend in favour of Rio Tinto’s improved proposal,” ob Stausholm, Rio Tinto CEO.
Turquoise Hill Resources is advised by BMO Capital Markets, TD Securities and Blake Cassels & Graydon. Rio Tinto is advised by Credit Suisse, RBC Capital Markets, Rothschild & Co, McCarthy Tetrault and Sullivan & Cromwell.
New State Capital Partners, a private equity firm, completed the acquisition of AFIMAC Global, a global risk management and elite security company, from Dalton First Financial, a privately funded holding company. Financial terms were not disclosed.
"We are excited to add AFIMAC to our portfolio and to partner with Joe and his outstanding team. As a sector, business continuity services are well-positioned for growth, and AFIMAC stands out among its peers for its long-standing reputation for quality and responsiveness," Daniel Han, New State Senior Principal.
AFIMAC Global was advised by Carleton McKenna & Co. New State Capital Partners was advised by Moelis & Co, Piper Sandler, Morgan Lewis & Bockius and Lambert & Co.
Platte River Equity, a private equity firm, agreed to acquire Belt Power, a distributor and fabricator of lightweight conveyor systems and related components, from Shorehill Capital, a private equity firm. Financial terms were not disclosed.
"As the largest independent distributor, Belt Power has the industry knowledge, product line, customized fabrication capabilities and 24/7 installation services that differentiates itself from its peers. Platte River was attracted to the opportunity to further scale Belt Power's national presence and is excited to partner with the management team to grow the company's leadership position in the broader industrial automation end markets," Mark Brown, Platte River Managing Director.
Platte River is advised by Bartlit Beck. Belt Power and Shorehill Capital are advised by Prestwick Advisors, Robert W Baird, Fredrikson & Byron and Kirkland & Ellis.
HBT Financial, a bank holding company, agreed to merge with Town and Country Financial, a banking holding company, in a $101m deal.
"Operating with a similar relationship-based approach to commercial banking and conservative credit culture, Town and Country has built a high-performing institution with an attractive deposit base. Throughout our history, our disciplined approach to M&A has helped us to consistently enhance the value of our franchise. We believe that combining with Town and Country will help us continue generating profitable growth and create additional value for shareholders in the years ahead," Fred Drake, HBT Financial Chairman and CEO.
HBT Financial is advised by Piper Sandler and Vedder Price. Town and Country is advised by Keefe Bruyette & Woods and Barack Ferrazzano Kirschbaum & Nagelberg.
Mana Capital Acquisition, a SPAC, announced that its Board of Directors had approved an extension of the period available to the company to consummate its $175m initial business combination with Cardio Diagnostics, a cardiovascular medicine company, by one month from August 26, 2022, to September 26, 2022.
Mana Capital is advised by Benchmark Company. Cardio Diagnostics is advised by Becker & Poliakoff and Shartsis Friese.
Medallia, an American customer and employee experience management company, completed the acquisition of Mindful, a software company, from Alpine Investors, a private equity firm. Financial terms were not disclosed.
“Today’s news begins an exciting new chapter for our clients and employees as part of Medallia. Together we are uniquely positioned to enable millions of people to get the help they need, from brands they love on the terms they choose,” Matt DiMaria, Mindful CEO.
Mindful was advised by Evercore, Union Square Advisors and Willkie Farr & Gallagher.
CSC Generation, a provider of private financing service, offered to acquire Flexsteel Industries, a provider of residential and commercial upholstered wooden furniture products. The proposal represents the price of a $20.8 per share in cash with a 22% premium.
"CSC believes this proposal provides an attractive opportunity for shareholders to obtain immediate liquidity at a full value that exceeds what we believe the company can be expected to achieve in the coming years if it remains on its current standalone course in the public market. For shareholders, our proposal represents approximately a 22% premium over yesterday’s closing price of $17.1," CSC Generation.
CSC Generation is advised by Olshan Frome Wolosky and Longacre Square Partners.
Incline Equity, a private equity firm, agreed to acquire RKD Group, a provider of outsourced fundraising services, from BV Investment, a middle-market private equity firm. Financial terms were not disclosed.
"Our strong partnership with BV enabled us to build a comprehensive solution set spanning data, digital, and omnichannel offerings, thus providing our clients tools to improve donor engagement and raise the funds that support their missions. As a result of these and other initiatives, we've had the opportunity to work with some of the largest NPOs and make impacts with organizations and communities in cities across the country and around the world. We look forward to continuing to develop innovative new solutions and grow our reach," Tim Kersten, RKD Group CEO.
Incline Equity is advised by BrightTower. RKD Group is advised by Robert W Baird.
Monumental Sports & Entertainment, an operator of a sports and entertainment company, and Comcast, a global media and technology company, agreed to acquire the remaining 67% stake in NBC Sports Washington, a local television rightsholder, from NBCUniversal, an owner of entertainment television network. Financial terms were not disclosed.
"We at Monumental Sports & Entertainment are incredibly excited to have reached an agreement to acquire NBC Sports Washington, an important business for our current and future core business operations. Comcast NBCUniversal has built a strong regional sports network in NBC Sports Washington. We look forward to further enhancing and innovating on the already best-in-class experience that our fanbase enjoys of watching live sports, for years to come," Zach Leonsis, MSE President of Media & New Enterprises.
MSE is advised by LionTree Advisors. Comcast is advised by Davis Polk & Wardwell.
NEFCO, a provider of professional construction trades, completed the acquisition of Newman Associates, a distributor of construction equipment and pipe support systems. Financial terms were not disclosed.
"Newman has been a fierce competitor of ours for decades and we couldn't be more excited to join forces as one company and continue to grow our presence in New England and better service our customers. Newman's engineering, fabrication, and technical expertise in pipe hangers & supports makes them the perfect partner for NEFCO and we feel very fortunate to welcome them on board as we continue to expand on our SHARP product offering and service capabilities," Matthew Gelles, NEFCO President and CEO.
NEFCO was advised by Morgan Lewis & Bockius.
iCapital, a global fintech company, agreed to acquire UBS Fund Advisor, an alternative investment manager and the feeder fund platform it manages, from UBS, a multinational investment bank and financial services company. Financial terms were not disclosed.
"This agreement underscores the importance of having partners like iCapital, with aligned values and priorities to support clients' financial goals. iCapital is uniquely qualified to manage the on-going operations of this platform and service our clients' existing investments, enabling us to help our financial advisors focus on what's important – providing personalized advice and solutions to their clients," Jerry Pascucci, UBS Global Co-Head of Alternative Investment Solutions.
iCapital is advised by The Neibart Group.
Labcorp, a testing laboratories company, completed the acquisition of clinical outreach laboratory services business from RWJBarnabas Health, a network of independent healthcare providers.
“Our expanded relationship with RWJBH will build on the solid foundation RWJBarnabas Health has developed, and will offer patients and providers enhanced access to high-quality laboratory services, seamless data integration and connectivity and exceptional value to help improve patient care and outcomes,” Bill Haas, Labcorp Senior Vice President.
Bolt, Orion-E to build solar plants in Brazil for $630m.
Energy infrastructure company Orion-E has reached an agreement with energy trader Bolt to build solar photovoltaic plants in Brazil with a combined capacity of 500MW, Reuters reported.
The solar venture is expected to cost around BRL3.2bn ($628m) in investments and will be located in several Brazilian states, including Minas Gerais.
Angels owner Arte Moreno explores sale of MLB Team.
The Los Angeles Angels are exploring a potential sale in what could be the latest professional baseball team to change hands, Bloomberg reported.
The Angels have hired Galatioto Sports Partners as an adviser to evaluate strategic options. Sportico values the team, which generated revenue of $314m last year, at $2.1bn.
“Although this difficult decision was entirely our choice and deserved a great deal of thoughtful consideration, my family and I have ultimately come to the conclusion that now is the time,” Arte Moreno, Angels owner.
Bed Bath & Beyond clinches loan deal.
Bed Bath & Beyond, an American chain of domestic merchandise retail stores, has found a financing source to shore up its liquidity as it tries to weather recent missteps, WSJ reported.
The company has selected a lender to provide a loan following a marketing process conducted by JP Morgan.
Biolog-id, a developer of digital health solutions, agreed to go public via a SPAC merger with Genesis Growth Tech Acquisition in a $312m.
"Genesis believes that Biolog-id's proven technology, combined with the clear demand in the digital health space, makes this an attractive investment for our shareholders. We are pleased and proud to partner up with Biolog-id's leadership team on their mission to optimize the manufacturing, distribution, and utilization of sensitive health products. We are excited about the significant operational, clinical, and financial benefits for patients, providers, payors, and other elements of the healthcare supply chain," Eyal Perez, Genesis Growth Tech Acquisition Chairman and CEO.
Biolog-id is advised by Carey Olsen, Charles Russell Speechlys, Mintz Levin and LifeSci Public Relations. Genesis Growth Tech is advised by Allen & Overy, Conyers Dill & Pearman and O'Melveny & Myers.
A&M Capital-backed Ayesa, a provider of information technology consulting services, agreed to acquire Ibermática, a provider of information and communication technology services, from ProA Capital, a venture capital firm. Financial terms were not disclosed.
"The geographical location and service offering of the two companies are highly complementary. Our major clients will be able to entrust us with their important digital transformation projects, as we will naturally extend our technological capabilities and services. Combining our management teams positions us as a leading group in terms of talent and leadership within the technology sector in Spain and abroad," José Luis Manzanares Abásolo, Ayesa CEO.
Ayesa is advised by Arcano Partners and Perez Llorca. Debt financing is provided by Houlihan Lokey. Ibermática is advised by Ernst & Young, Deloitte and Linklaters.
Etteplan, a technology service company, agreed to acquire Semcon, a Swedish multinational technology company, for $253m.
“We have closely followed the successful transformation of Semcon during the last years – a journey that bears a resemblance to how Etteplan has evolved throughout its history. I strongly believe that the combination of Etteplan and Semcon makes sense from all angles. To us both as companies, the combination would mean a step-change in growth potential. It would allow us to provide more comprehensive and diverse services for our customers globally and to be an even more attractive collaboration partner for customers, suppliers, and other important stakeholders alike," Juha Näkki, Etteplan President and CEO.
Etteplan is advised by Bird & Bird and Evli Bank. Semcon is advised by
Danske Bank, PricewaterhouseCoopers and Vinge.
Alabbar, an owner of retail and e-commerce franchise operations, and Farfetch, a global platform for the luxury fashion industry, agreed to acquire a 50.7% stake in YOOX Net-a-Porter, an Italian online fashion retailer, from Richemont, a luxury goods holding company. Financial terms were not disclosed.
"Our Farfetch Platform Solutions’ capabilities are perfectly tailored to the Luxury industry, and that has now been recognised by Richemont’s Maisons as well as pioneering luxury e-tailer YNAP, who will all be able to elevate the digital experiences of their global customers, by leveraging Farfetch Platform Solutions," José Neves, Farfetch Founder, Chairman and CEO.
Farfetch is advised by Brunswick Group.
Transport UK Group, a transportation services provider, to acquire Abellio, a Dutch public transport company, from Nederlandse Spoorwegen, a principal passenger railway operator. Financial terms were not disclosed.
“I am thrilled to have the opportunity to return key public transport services back into UK ownership at a time when some of our competitors look destined for overseas ownership,” Dominic Booth, Abellio UK Managing Director.
Capital on Tap secures £200m funding facility to support UK small businesses.
Capital on Tap has secured a £200m($235m) funding facility with JP Morgan and Triple Point to support UK small businesses.
The funding will help small businesses access credit at a time when the UK is anticipating a recession and facing historic inflation rates.This new funding facility comes just four months after securing a $200m facility to power growth in the US. Both facilities are vital resources with ambitious expansion plans in place.
EQT, KKR among bidders for $10bn Global Switch deal. (FS)
Private equity firms including EQT and KKR are among bidders shortlisted to buy data center company Global Switch, Bloomberg reported.
Gaw Capital Partners, PAG and Stonepeak Partners have also been selected to participate in the next round of bidding for the London-based company. Suitors could start conducting due diligence in the coming weeks ahead of a deadline for binding offers.
Schneider considers buyout of $8bn software firm Aveva.
Schneider Electric is considering a bid to buy out minority shareholders of industrial software developer Aveva Group, Bloomberg reported.
The French industrial conglomerate believes a full combination with Aveva would help it execute its growth strategy faster. It already owns about 60% of London-listed Aveva.
UAE’s Burjeel plans Saudi expansion with $1bn investment.
Burjeel Holdings, the United Arab Emirates-based healthcare provider that’s reportedly considering an IPO, plans to invest about $1bn in Saudi Arabia by 2030 as part of its expansion into the biggest Gulf economy, Bloomberg reported.
The company will seek investment opportunities through joint ventures and public-private partnership models, according to a statement. Burjeel, operator of 39 hospitals and medical centers, expects to reach agreements over the coming months.
Ford delays Spanish investments, citing 'revised outlook for Europe'.
Ford is delaying its production investments in Spain, citing a "revised outlook for Europe" but said it remained committed to its plant in Valencia, where it announced plans in June to produce electric vehicles, Reuters reported.
The US carmaker said it will not ask for a share of Spain's EU pandemic relief funds to invest in the roll-out of EVs by June 2025, but said it will work with local authorities to identify other potential public funding as it moves to an all-electric fleet of passenger vehicles by 2030.
U2 gear maker Music Tribe plans IPO as stake sale said to stall.
Music Tribe Global Brands, which makes audio gear used by artists from U2 to AC/DC, has shelved plans to sell a stake in the business, as it considers an initial public offering, Bloomberg reported.
Indications of interest from prospective investors, including firms in the industry and investment funds, didn’t meet the closely-held company’s $2bn valuation target. The business, founded and led by entrepreneur Uli Behringer, hired JPMorgan to conduct a strategic review earlier this year.
APAC
Keppel Asia Infrastructure Fund, a private investment firm, and Keppel Infrastructure Holdings, a listed business trust, agreed to acquire a majority stake in 800 Super Holdings, a holding company, for $218m.
“We are pleased to add another sterling asset to KAIF’s portfolio. 800 Super’s strong market position will enable it to capture more opportunities as Singapore intensifies its sustainable waste management efforts. We are confident that 800 Super will contribute to strong and sustainable returns for our investors,” Christina Tan, Keppel Capital CEO.
India said to weigh selling at least 51% of $5bn IDBI bank.
India’s government is considering selling at least 51% of state-backed IDBI Bank, Bloomberg reported.
Officials in the government and the state-backed Life Insurance of India, which together own about 94% of IDBI Bank’s shares, are in talks about how much of their stakes they plan to sell, the people said. Both parties are expected to retain a stake in the lender after the sale.
Qatar Investment Authority looking to invest $3bn in Pakistan. (FS)
The Qatar Investment Authority aims to invest $3bn in Pakistan, Qatar‘s Emiri Diwan said, lending support to the South Asian nation’s cash-strapped economy, DealStreetAsia reported.
Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8bn, barely enough for more than a month of imports. It is also contending with a widening current account deficit, depreciation of the rupee against the US dollar and inflation that hit more than 24% in July.
Allianz in talks with banks for China asset management venture.
Allianz is in talks with Chinese banks to set up a majority-owned asset management venture in the world's second-largest economy, aiming to tap a $4.3tn market for wealth products.
The German insurer's main asset management arm, Allianz Global Investors, has been holding discussions over the past few months with Industrial Bank and China CITIC Bank, among other lenders, Reuters reported.
Ping An stands by HSBC spin-off call but says it is not an activist investor.
China's Ping An Insurance Group defended its call to spin off HSBC's Asia business, saying it cared about investment returns from its large stake in Europe's biggest bank but was not an activist investor, Reuters reported.
Ping An's top management had not commented publicly on the HSBC spin-off call before Wednesday. The remarks show that the Chinese company does not intend to relent on its stance despite the lender's recent pushback against a break-up move.
Chinese nickel trader Lygend readies $1bn IPO launch.
Lygend Resources & Technology, a Chinese nickel producer and trader, is planning to start taking investor orders for an initial public offering in Hong Kong as early as September, Bloomberg reported.
The Ningbo-based company is working with advisers and is seeking to raise as much as $1bn. After its first application for the listing in February lapsed, it is planning to refile in September and could make its trading debut as soon as the same month.
India's Alteria Capital in talks to raise up to $438m for third fund. (FS)
India’s Alteria Capital Advisors is in talks with investors to raise up to $438m for its third debt fund, DealStreetAsia reported.
The discussions, which come less than a year after Alteria raised $1.1bn for its second fund, underscore the huge interest in venture debt as Indian startups continue to raise billions of dollars despite economic headwinds.
IvyCap Ventures eyes final close of third fund at $250m by Oct end.
Homegrown venture capital firm IvyCap Ventures, which has backed Indian startups including Purplle, Bewakoof, Biryani by Kilo and BlueStone, is expected to hit the final close of its third fund at $214m by October end, DealStreetAsia reported.
IvyCap Ventures Trust Fund III, which was launched last year, raised $214m in the first close in February this year. About 15% of the fund has already been deployed.
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