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AMERICAS
Pfizer, an American multinational pharmaceutical and biotechnology corporation, agreed to acquire Global Blood Therapeutics, a biopharmaceutical company dedicated to the discovery, development and delivery of life-changing treatments that provide hope to underserved patient communities, starting with sickle cell disease, for $5.4bn.
"Sickle cell disease is the most common inherited blood disorder, and it disproportionately affects people of African descent. We are excited to welcome GBT colleagues into Pfizer and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community. The deep market knowledge and scientific and clinical capabilities we have built over three decades in rare hematology will enable us to accelerate innovation for the sickle cell disease community and bring these treatments to patients as quickly as possible," Albert Bourla, Pfizer Chairman and CEO.
Global Blood Therapeutics is advised by Centerview Partners, JP Morgan, Cravath Swaine & Moore and Goodwin Procter. Pfizer is advised by Goldman Sachs, Morgan Stanley and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Sullivan & Cromwell.
Seacoast, a community bank headquartered in Florida, agreed to acquire Professional Holding, a bank holding company, for $489m.
“Professional Bank will be a strong addition to Seacoast’s breadth of offerings, accelerating our growth strategy and expanding our presence in the attractive South Florida market. With the combined scale, we will bring to market a larger balance sheet, a greater digital product set and the resources to become South Florida’s most competitive community bank,” Charles Shaffer, Seacoast Chairman and CEO.
Professional Holding is advised by Stephens, Gunster Yoakley & Stewart and Edelman. Seacoast is advised by Piper Sandler and Alston & Bird.
Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, agreed to acquire Avalara, a provider of tax compliance automation for businesses of all sizes, for $8.4bn.
"For nearly two decades, Avalara has ambitiously pursued its vision to automate global compliance, making tax less taxing for businesses and governments around the world. As a leader in this category, we believe our continued investment in innovation and experience is exciting for our customers, partners, and employees. We are pleased to partner with Vista and will benefit from their expertise in enterprise software as we build and improve upon our cloud compliance platform," Scott McFarlane, Avalara CEO.
Avalara is advised by Goldman Sachs, Perkins Coie and Simpson Thacher & Bartlett. Vista Equity Partners is advised by Kirkland & Ellis.
Nordson, an American multinational corporation that designs and manufactures dispensing equipment for consumer and industrial adhesives, sealants and coatings, agreed to acquire CyberOptics, a developer and manufacturer of high-precision 3D sensing technology solutions, for $380m.
“This is a compelling transaction that delivers substantial and immediate cash value to our shareholders and expands options for our customers going forward. We believe the combination has strong strategic logic and creates the right partnership to meet the evolving needs of our customers and growth opportunities for our employees,” Subodh Kulkarni, CyberOptics President and CEO.
CyberOptics is advised by Barclays and Stinson. Barclays is advised by Sullivan & Cromwell. Nordson is advised by Morgan Stanley and Jones Day.
Whirlpool, an American multinational manufacturer and marketer of home appliances, agreed to acquire InSinkErator, a manufacturer of food waste disposers and instant hot water dispensers for home and commercial use, from Emerson Electric, a global technology and engineering company, for $3bn.
"We are excited for the unique opportunity to add InSinkErator to our portfolio of leading brands. The acquisition is a clear accelerator of our ongoing portfolio transformation and aligned with our stated goals of investing in high-growth and high-margin businesses and Win Americas. InSinkErator is not only an iconic brand with a reputation for the highest quality and performance, but also a business that is purpose-driven and shares our vision of improving life at home. We look forward to capitalizing on the significant growth opportunities we see for this business," Marc Bitzer, Whirlpool Chairman and CEO.
Whirlpool is advised by Greenhill & Co and Wachtell Lipton Rosen & Katz.
CVS plans to bid for Signify Health. (FS)
CVS Health, an American healthcare company, is seeking to buy Signify Health, a healthcare platform that leverages advanced analytics, technology, and nationwide healthcare provider networks, as the drugstore and insurance giant looks to expand in home-health services, WSJ reported.
Signify Health is exploring strategic alternatives including a sale. Initial bids are due this coming week and CVS is planning to enter one. Others also are in the mix, and CVS could face competition from other managed-care providers and private equity firms.
Clarity AI partners with BlackRock's eFront. (FS)
eFront, BlackRock's alternative investment management platform, partnered with sustainability tech firm Clarity AI to enable GPs and LPs to generate quantitative sustainability assessments of alternative investment portfolios.
Through a simplified workflow, eFront is encouraging industry participation and help solve the gap of sustainability metrics outside publicly listed companies—fostering an ecosystem of communication across LPs, GPs, and PortCos.
Qualcomm, GlobalFoundries sign pact to double chip manufacturing.
Qualcomm and GlobalFoundries signed an agreement on Monday to more than double their existing long-term manufacturing agreement for chips used in 5G transceivers, Wi-Fi, automotive, and Internet of Things connectivity.
Under a multi-billion dollar revenue agreement, the chips will be produced in GlobalFoundries' factories in the United States, Germany, Singapore, and France, Reuters reported.
The companies committed to supporting US-based manufacturing by expanding capacity at GlobalFoundries' most advanced semiconductor manufacturing facility in Malta, New York.
Lyft creates a media division to expand its advertising services.
Lyft has formed Lyft Media, a new business unit consolidating and expanding the advertising offerings at the ride-hailing company. The news comes more than two years after Lyft acquired Halo Cars, which makes monitors run digital ads atop cars, and as Lyft faces an increasingly crowded marketplace for advertising in and around car services.
Lyft hopes the new advertising products can generate revenue and help it compete against rivals like Uber Technologies, which entered the media business in 2019, when it started selling ads through its Uber Eats app. Uber later began offering ads atop its cars and within its primary ride-hailing app.
Antitrust bill targeting big tech in limbo as Congress prepares to recess.
Congress is set to depart for its August recess soon without acting on a bipartisan antitrust bill targeting the largest US technology companies, in a setback for supporters who had been pushing for a vote before the busy fall election season, WSJ reported.
Senate Majority Leader Chuck Schumer plans to vote on the legislation when Congress returns this fall. But the shrinking number of legislative days available plays to the advantage of the tech companies, which can declare victory if Congress doesn’t act.
“If the bill had the support its supporters contended, it wouldn’t be a bill, it would be a law,” Matt Schruers, Computer & Communications Industry Association President.
Carlyle CEO Kewsong Lee steps down in abrupt early departure. (FS, People)
Private equity firm Carlyle Group said on Sunday CEO Kewsong Lee has stepped down with immediate effect months before the scheduled end of his five-year contract.
Carlyle said in a statement it and Lee mutually agreed his contract which was due to finish at the end of 2022 would not be renewed, without disclosing their reasons. The firm, which reported earnings two weeks ago without flagging potential leadership changes, said Lee had also stepped down as a board member.
Co-founder Bill Conway will serve as interim CEO while the search for a new candidate takes place, Reuters reported.
EMEA
J.M. Huber, a global, family-owned specialty engineered materials manufacturing company, agreed to acquire Biolchim Group, a producer and distributor of a full range of specialty plant nutrition and biostimulants, from private equity firms NB Renaissance and Chequers Capital. Financial terms were not disclosed.
"The strategic combination of the Biolchim Group and Huber AgroSolutions will be transformative since the companies have complementary commercial and product offerings, as well as industry-leading technologies and research capacities. We are both eager to collaborate, share knowledge and build on each other's capabilities. The agreement will open up new growth ambitions and will position us as a leading player in specialty nutrition globally. I am excited about the promising future for the company, and I am grateful to NB Renaissance and Chequers Capital for the continuous support received over the past several years through the implementation of the Biolchim Group's value creation plan and the key strategic decisions," Leonardo Valenti, Biolchim Group CEO.
J.M. Huber is advised by Jefferies & Company, Rabobank and Jones Day.
Macquarie, an Australian global financial services group, agreed to acquire Suez's UK waste business from Veolia, a provider of solutions for ecological transformation, for €2.4bn ($2.44bn).
"We are very satisfied with this transaction, which is being carried out under excellent conditions that once again demonstrate the attractiveness of the environmental services business and the relevance of our proposal for remedies to the CMA. It will create significant value and strengthen our investment capacity in strategic markets. The valuation of these assets reflects both the initial price and the synergies expected from the combination, in line with all of the disposals carried out in the frame of the antitrust clearances, which are higher than the acquisition price of Suez. Following this transaction, Veolia will remain a major player in the waste sector in the United Kingdom and, more broadly, in the environmental services market in the region, which remains strategic for the Group," Estelle Brachlianoff, Veolia CEO.
Veolia is advised by Barclays.
UPS, an American multinational shipping & receiving and supply chain management company, agreed to acquire Bomi, a healthcare logistics provider. Financial terms were not disclosed.
“With over 35 years in the healthcare logistics industry, our team has developed best-in-class services designed to meet and exceed the needs of our medical technology and pharmaceutical customers. Joining the UPS team will expand those capabilities and create an even more integrated and powerful global network for our customers,” Marco Ruini, Bomi Group CEO.
UPS is advised by JP Morgan.
Baker Hughes, an American international industrial service company, agreed to acquire power generation business of BRUSH, a manufacturer of electrical generators, from One Equity Partners, a middle market private equity firm. Financial terms were not disclosed.
“We are thrilled to help unlock meaningful value creation through the transformational sale of BRUSH’s largest business segment. OEP recognized BRUSH as a leader within the Power Generation equipment and services sector when we acquired the business last year. We look forward to continuing to support and grow BRUSH’s remaining Power Distribution & Networks business alongside its exceptional management team,” Steve Lunau, One Equity Partners Managing Director.
One Equity Partners is advised by Stanton PRM.
Sequoia Capital, an American venture capital firm, completed the investment in Holzweiler, a contemporary Norwegian fashion and lifestyle brand. Financial terms were not disclosed.
The investment will also be used to expand Holzweiler's bricks-and-mortar business with new physical retail experiences, including a new flagship opening in Copenhagen in October 2022 and its first London outpost in spring 2023. These will add to its existing six stores, including the fashion, beauty and furniture concept-store Holzweiler multibrand store.
Holzweiler was advised by Carnegie Investment Bank.
Sandvik, a Swedish multinational engineering company, completed the acquisition of Sphinx Tools, a precision tools manufacturer. Financial terms were not disclosed.
"With the acquisition of Sphinx Tools we continue to execute on our shift to growth strategy. Strengthening our position in round tools is one strategic priority for our machining solutions business and with this acquisition we will expand our product portfolio in the high-growth area of micro tools," Stefan Widing, Sandvik CEO and President.
Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, agreed to acquire Another Day, a UK-based risk management consultancy. Financial terms were not disclosed.
"I am delighted to welcome the AnotherDay team to Gallagher. This business is a great fit with our UK-based specialty operations and will provide highly complementary additional expertise for our large corporate clients looking for support in this growing area of risk. I look forward to continuing to work with Jake and his associates, and delivering the growth opportunities this acquisition will bring," J. Patrick Gallagher, Jr., Chairman, President and CEO.
Allianz is considering sale of stake in Saudi Arabia unit.
Allianz is considering a sale of its Saudi Arabian unit, a move that would help the German insurer streamline its portfolio and raise cash.
The German insurer is working with an adviser on the potential disposal of its controlling stake in Allianz Saudi Fransi Cooperative Insurance, Bloomberg reported.
Shares of Riyadh-based Allianz Saudi Fransi have dropped about 44% this year, giving the company a market value of roughly $231m. Other insurers have expressed preliminary interest in acquiring the business.
Manchester Building Society in early talks to merge with Newcastle Building.
Manchester Building Society, a building society which offers savings accounts via its branch in Manchester, is in early talks with Newcastle Building Society to explore the possibility of merging Manchester Building's engagements with Newcastle, the companies said on Monday.
The boards of both societies would need to conclude that the merger is in the best interests of their respective members for a formal process to begin, Reuters reported.
StepStone closes fifth co-investment fund at $2.36bn. (FS)
StepStone Group, a global private markets investment firm, has made the final closing of StepStone Capital Partners Fund V, its fifth dedicated co-investment fund, raising $2.36bn of commitments.
“We are excited to announce the close of our latest co-investment vehicle, and grateful for the continued support of our limited partners. Based on current market conditions, rising interest rates, and valuations of private companies across industries, we believe this is an opportune time to invest in quality assets at attractive valuations,” Lindsay Creedon, StepStone Partner.
Shareholders vote to oust the chair of Trian UK investment firm. (FS, People)
Shareholders of UK investment trust Trian Investors have voted to remove Chris Sherwell as the firm's chair after criticism from activist investors over various governance issues.
Shareholder advisory firm Glass Lewis had backed a call by shareholders Global Value Fund, Invesco, Janus Henderson, and Pelham, which together hold around 40% of TI1 shares, to remove Sherwell over issues, including recent changes to the trust's strategy, Reuters reported.
Shareholders also voted at an extraordinary general meeting on August 5 to add Robert Legget, one of the activists' choices of directors, to the board, TI1 said in a statement on Monday.
APAC
BHP, an Australian multinational mining, metals and petroleum public company, offered to acquire OZ Minerals, a mining company based in Adelaide, South Australia, for $5.8bn.
"Our proposal represents compelling value and certainty for OZ Minerals shareholders in the face of a deteriorating external environment and increased OZL operational and growth-related funding challenges. We are disappointed that the Board of OZL has indicated that it is not willing to entertain our compelling offer or provide us with access to due diligence in relation to our proposal," Mike Henry, BHP CEO.
OZ Minerals is advised by Greenhill & Co, Macquarie Group and Gilbert + Tobin.
Tata Motors, an Indian multinational automotive manufacturing company, agreed to acquire a manufacturing facility in Gujarat of Ford Motor Company, an American multinational automobile manufacturer, for $92m.
"Tata Motors has a strong presence in Gujarat for more than a decade with its own manufacturing facility at Sanand. This MoU further reinforces our commitment to the state by creating more employment and business opportunities. Rising customer preference for passenger and electric vehicles made by Tata Motors has led to a multi-fold growth for the company over the past few years. This potential transaction will support expansion of capacity, thus securing future growth and opportunity to further strengthen our position in the passenger and electric vehicles space," Shailesh Chandra, Tata Motors Managing Director.
ETS Global, a digital business solution company, and Bodhi Tree, an investment firm, led a $210m funding round in UpGrad, an online higher education platform, with participation from Kaizen Management Advisors Ambuja Cements, ACC, Artisan Investments, Temasek, IFC, and IIFL.
“There is a massive re-skilling revolution taking place around the world, and over the last five years, our 4.8k colleagues have worked hard and smart to be at the epicentre of taking advantage of this, not just in India but around the world,” Ronnie Screwvala and Mayank Kumar, upGrad co-founders.
Indonesia says Tesla strikes a $5bn deal to buy nickel products.
Tesla has signed contracts worth about $5bn to buy materials for their batteries from nickel processing companies in Indonesia.
Southeast Asia's biggest economy has been trying to get Tesla to set up a production facility in the country, which has major nickel reserves. President Joko Widodo met with Tesla founder Elon Musk earlier this year to drum up investment, Reuters reported.
"We are still in constant negotiation with Tesla but they have started buying two excellent products from Indonesia," Luhut Pandjaitan, Coordinating Minister for Maritime and Investment Affairs.
Malaysia's Hong Leong Bank chairman weighs options for a stake in the bank.
Malaysia's second-richest man Quek Leng Chan is weighing options for his stake in Hong Leong Bank, including a merger, in a move that could trigger wider consolidation in the sector. Quek, 80, is also exploring the possibility of reducing his stake in the Malaysian lender.
Conglomerate Hong Leong Financial Group, controlled by Quek, holds a 62% stake in Hong Leong Bank, the country's fourth-largest lender with a market value of $10bn, Reuters reported.
Any potential sell-down in Hong Leong Bank by Quek, who was estimated by Forbes magazine this year to have a net worth of $10bn - making him Malaysia's second richest man after real estate investor Robert Kuok - is expected to be for a minority stake.
Japan intends to keep a stake in Sakhalin-1 oil project.
Japan intends to keep a stake in the Sakhalin-1 oil and gas project in Russia, industry minister Koichi Hagiuda said on Monday, after Russia temporarily banned Western investors from selling shares in key energy projects.
The project contributed to diversifying Japan's energy supply, Reuters reported.
"Sakhalin-1 is a valuable non-Middle East source for Japan, which depends on the Middle East for 90% of its crude oil imports," Haguida Koichi, Minister for economy, trade and industry.
SoftBank reports a record $23.4bn loss as holdings fall. (FS)
SoftBank Group reported a record $23.4bn net loss as a selloff in global tech stocks continued to hammer its Vision Fund’s portfolio of investments.
The Vision Fund segment posted a loss of $17.25bn in the three months ended June 3O, following a then-record $16.29bn loss in the previous quarter. SoftBank also reported a $6.07bn foreign exchange loss because of the weaker yen, Bloomberg reported.
Global stock prices continued their slide during the June quarter, hurting valuations of SoftBank’s key public holdings like Uber Technologies and Coupang. The Nasdaq 100, a barometer for tech heavyweights, lost 22% during the period, capping its worst such performance since the global financial crisis in 2008. It’s the most serious setback for founder Masayoshi Son since he repositioned his company to focus on tech investments.
Alibaba is said to be doubling down on Southeast Asia amid tech correction.
Chinese e-commerce giant Alibaba wants to take advantage of softer Southeast Asian tech valuations by doubling down on its investments in the region.
The initiative, named Project AsiaForward, will seek to upskill local developers and small-to-medium-sized companies and connect businesses with venture capital and opportunities, the company said at its Alibaba Cloud Summit 2021.
In April, Alibaba was fined $2.8bn by the State Administration for Market Regulation for “abusing its dominant market position” by forcing online merchants to exclusively use its platform in a breach of the country’s anti-monopoly law.
IFC has delivered a record $5bn financing in East Asia and the Pacific over the past year.
The World Bank’s investment arm International Finance Corporation, IFC, has committed around $5bn between July 1, 2021, and June 30, 2022, to support private sector development in East Asia and the Pacific.
This is IFC’s highest ever commitment to the East Asia and Pacific region and includes $3bn in long-term finance and $2bn in mobilization to help sustain and create jobs; support micro, small, and medium enterprises, and improve services.
IFC has also announced the appointment of Ruth Horowitz as regional vice-president for Asia and the Pacific, covering both East and South Asia. She replaces Alfonso Garcia Mora, who now serves as IFC’s regional vice-president for Europe, Latin America, and the Caribbean.
HSBC promotes APAC head of wealth sales to global role. (People)
HSBC appoints Patrick Boumalham as its global head of wealth sales. Based in Singapore, Boumalham reports to the global head of institutional sales & co-head of securities services Allegra Berman and ASEAN head of markets & securities services Sridhar Narayan.
This marks an expanded role as Boumalham retains his existing responsibilities as head of wealth sales for the Asia Pacific, Bloomberg reported.
In addition, the bank has also appointed Wan Sze Loh as APAC head of institutional sales, effective September 1. Based in Hong Kong, Loh reports to Berman and Monish Tahilramani, global head of emerging markets, Japan & Australia, markets & securities services.
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