AMERICAS
Webster Financial announced that each company's stockholders have approved a $5.9bn merger between Webster, a holding company for Webster Bank, National Association and its HSA Bank division, and Sterling, a regional bank holding company, at their respective special meetings of stockholders.
"Today's stockholder approval marks a key step in completing the merger of Webster and Sterling. I am very pleased that our stockholders overwhelmingly support bringing together two high-performing companies, as it provides a compelling opportunity to create value for our stakeholders," John R. Ciulla, Webster Chairman, President & CEO.
Completion of the transaction remains subject to regulatory approval by the Board of Governors of the Federal Reserve System and the satisfaction of the other customary closing conditions set forth in the merger agreement. Webster and Sterling currently anticipate completing the transaction in the fourth quarter of 2021.
Webster is advised by JP Morgan, Piper Sandler, Wachtell Lipton Rosen & Katz and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Sterling is advised by Citigroup, Keefe Bruyette & Woods and Squire Patton Boggs. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton.
Aspiration Partners, a fintech company, agreed to go public via a SPAC merger with InterPrivate III Financial Partners, a special purposes acquisition company, in a $2.3bn deal. PIPE investors in the deal include Financière Agache, Doha Venture Capital, Capricorn Investment Group, Serengeti Asset Management, Brand Capital International, Western & Southern Life Insurance, InterPrivate Capital, AGO Partners, and Drake.
“Through its merger with InterPrivate, Aspiration will become the first ESG-driven fintech, a unique platform enabling individuals and enterprises to integrate and automate impact into their every-day financial and commercial transactions. The millions of passionate Aspiration members are an asset unto themselves, and have helped create a brand synonymous with sustainability that we expect to see extend in many exciting directions,” Ahmed Fattouh, InterPrivate III Chairman and CEO.
Aspiration Partners is advised by Citigroup, Union Square Advisors and Latham & Watkins. InterPrivate III is advised by EarlyBirdCapital, InterPrivate, Morgan Stanley, PJT Partners, Sidley Austin and White & Case.
Cannae Holdings-backed QOMPLX, a SaaS-based solutions provider, and Tailwind Acquisition, a SPAC, agreed to terminate their $1.4bn merger agreement.
“The reason for the mutual decision lies with market conditions preventing certain of the closing conditions from being satisfied. Although this is not the outcome we had hoped for, we remain optimistic in the growing cybersecurity and risk analytics industry and will continue to seek to identify opportunities that can capture value for shareholders," Philip Krim, Tailwind Acquisition Chairman.
Clearlake Capital, a private investment firm, completed the investment in Francisco Partners-backed BeyondTrust, a worldwide provider of privileged access management software solutions. Financial terms were not disclosed.
"With Francisco Partners' financial support and resources, we not only scaled our global offerings through organic development and meaningful acquisitions, but also expanded and enhanced our cloud product portfolio. The additional investment from Clearlake both reflects the success that BeyondTrust has been able to achieve over the years and validates our mission to revolutionize Privileged Access Management. Going forward, Clearlake's extensive experience investing in market-leading software companies, particularly in the cybersecurity segment, will help further support our growth and acquisition strategy," Matt Dircks, BeyondTrust CEO.
BeyondTrust was advised by Credit Suisse, JP Morgan, Jefferies & Company, Kirkland & Ellis and Connect Marketing. Clearlake Capital was advised by Sidley Austin and Lambert & Co. Francisco Partners was advised by Sloane & Company.
Hagerty, a specialty insurance services provider, agreed to go public via a SPAC merger with Aldel Financial, a special purposes acquisition company, in a $3.13bn deal. PIPE investors include insurance services providers State Farm and Markel.
"We couldn't be more excited to work with McKeel and his team to help them grow and reach our collective goals. We ran an extensive process, and Hagerty represented what we were looking for in a partner for Aldel and our stockholders. Hagerty offers a highly differentiated growth story with a large market opportunity. The company also has a proven financial profile with a predictable and consistent revenue model and strong corporate culture and leadership model. We believe our complimentary skills and contacts will further accelerate the Hagerty flywheel," Robert I. Kauffman, Aldel Financial Chairman & CEO.
Hagerty is advised by JP Morgan and Sidley Austin. Aldel Financial is advised by Global Leisure Partners, ThinkEquity, Jones Day, Loeb & Loeb and Mayer Brown.
Independent proxy advisors Institutional Shareholder Services and Glass Lewis have recommended that shareholders of HEXO, a medical cannabis company, vote in favor of the $766m acquistion of Redecan, a Canadian cannabis company.
"The transaction makes strategic sense. The combined entity will possess market leading share in a number of adult use cannabis categories… allowing for HEXO to interact with and make its value proposition to a larger number of consumers across a greater spectrum of price points," ISS.
HEXO is advised by Alliance Global Partners, BMO Capital Markets, Eight Capital, DLA Piper and Norton Rose Fulbright. Redecan is advised by Adam Arviv and Bennett Jones.
Blackwells Capital, a 4% of Monmouth, has raised its concersn regarding the sweetened deal for Equity Commonwealth's acquisition of Monmouth Real Estate. Blackwells believes the price undervalues the company. It contends Monmouth’s full and fair value is $26 to $30 a share. It also noted that the terms of the original offer were $19.4 a share before declines in Equity Commonwealth’s stock reduced the offer price.
Earlier this week, Equity Commonwealth bumped up its bid for the industrial real estate company to about $3.4bn, including debt. Under the revised terms, investors could opt for $19 in cash or 0.713 of an Equity Commonwealth share for each Monmouth share they own on a prorated basis. Monmouth’s board unanimously supported the revised terms, which it said offered greater value and optionality to address the preferences of its diverse shareholder base.
Monmouth Real Estate is advised by CS Capital Advisors, JP Morgan, Stroock & Stroock & Lavan and Joele Frank. Equity Commonwealth is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson.
H.I.G. Capital, a global alternative investment firm, completed the acquisition of Oxford Global Resources, an IT service management company, from ASGN, a provider of IT and professional services, for $525m.
"The sale of Oxford represents a pivotal moment for ASGN. We are proud of Oxford’s history and performance as part of our Company since its acquisition in 2007. That said, we are always evaluating our portfolio of businesses and their fit with our long-term strategy to be an industry-leading provider of IT services and solutions to the commercial and government marketplaces. Given the evolution of our business since Oxford’s acquisition, including a much greater focus on high growth IT consulting services and solutions for Fortune 500 and Federal Government accounts, we believe that new ownership is exactly what Oxford needs to reach its full potential," Ted Hanson, ASGN President and CEO.
H.I.G. Capital was advised by Wells Fargo Securities and Ropes & Gray. ASGN was advised by Truist Bank, William Blair & Co, Sullivan & Cromwell and Addo Investor Relations.
Lime Rock-backed Axis Energy, a provider of pressure control equipment rental services, Berry, an upstream energy company, and Select Energy, a water management services provider, agreed to acquire the certain assets from Basic Energy Services, a provider of well site services to oil and gas drilling and producing companies. Financial terms were not disclosed.
The assets consist of well servicing and completion & remedial segment assets outside of California, assets in California and water logistics segment assets outside of California, including all of the assets of Agua Libre Midstream.
“We believe the asset purchase agreements will enable us to maximize the value of our businesses and create the best path forward for our customers, partners, employees and the communities we serve. The Company has faced extraordinary challenges as a result of the COVID-19 pandemic, and we thank the Basic team for their ongoing hard work and dedication as we continue to provide our customers outstanding service, experienced crews and a wide range of safe and efficient production services," Keith Schilling, Basic President and CEO.
Basic Energy Services is advised by AlixPartners, Lazard, Weil Gotshal and Manges and Joele Frank. Axis Energy is advised by Willkie Farr & Gallagher.
Arcline Investment-backed Quantic Electronics, an electronic component company, completed the acquisition of BEI Precision, a developer of precision parts and systems intended to be used in mission-critical defense and space applications, from JF Lehman, a middle-market private equity firm. Financial terms were not disclosed.
"Our successful partnership with management has enabled BEI Precision to transform from a small, stable business unit of a larger corporate parent into a standalone, high-growth enterprise with state-of-the art products occupying sole-source positions on high priority space and defense electronic programs," Steve Brooks, BEI Precision Chairman of Board of Directors.
JF Lehman was advised by KippsDeSanto & Co, BakerHostetler and Jones Day. Quantic was advised by Evercore.
Indorama, a chemicals company, agreed to acquire Oxiteno, a multinational producer of surfactants and specialty chemicals, from Ultrapar, a firm that engages in specialized distribution and retail, specialty chemical production, for $1.45bn.
“This acquisition is a natural fit for us. We have a solid track record of continuously driving value for shareholders through successfully integrating 50 acquisitions over the past 20 years. With Oxiteno, we are creating a global leader in surfactants. By bringing our companies together, we are strengthening our customer value proposition, our market reach, and our experienced team. Like us, Oxiteno grew as a family enterprise with an entrepreneurial mindset. The combination of our teams is unmatched in our industry, and we look forward welcoming them to our family," Aloke Lohia, IVL CEO.
Indorama is advised by Deutsche Bank and Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados. Ultrapar is advised by Rothschild & Co.
Oaktree Capital and Diversified Energy completed the acquisition of certain Cotton Valley and Haynesville upstream assets and related facilities in the states of Louisiana and Texas from Tanos Energy for $308m.
"When we announced our strategic entry into the Central RFA, we expected to quickly build scale as a capable buyer with a proven track record in a region with ample opportunity. Just over two months later, we are excited to deliver results and build momentum with the addition of geographically proximate assets that represent the next step in achieving that goal and replicating our historical successes in Appalachia," Rusty Hutson Jr., Diversified Gas & Oil CEO.
Diversified Energy was advised by Truist Securities and Buchanan. Oaktree was advised by Willkie Farr & Gallagher.
Permira, a private equity firm, completed the acquisition of a minority stake in CommentSold, a digital commerce solution provider, from ZMC Advisors, a private equity firm. Financial terms were not disclosed.
"Partnering with Permira is the perfect way to kick off our next phase of growth and stay on the leading edge of live selling by ensuring our platform provides everything our customers need to engage shoppers and grow their businesses. We're very proud of what we've built so far and we're confident that the Permira team's knowledge and expertise in scaling consumer tech businesses will help us unlock our full potential and seize the huge market opportunity in front of us. This investment is a major validation of live selling, our platform and our team, and we're very excited for what's ahead," Brandon Kruse, CommentSold CEO.
CommentSold was advised by Evercore and Lowenstein Sandler. Permira was advised by Fried Frank Harris Shriver & Jacobson.
KKR-backed PRO Unlimited, a modern workforce management platform provider, agreed to acquire Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and service, from Carlyle. Financial terms were not disclosed.
"Bringing Workforce Logiq into the PRO Unlimited family will allow us to extend our reach and synthesize two like-minded entities that share the same strategy and platform approach to contingent workforce management. The addition of its software and services into our platform will continue our tradition of eliminating the need for costly and inefficient point solutions to manage contingent labor. The result is a more optimal experience for clients looking to modernize mission-critical non-employee workforce programs, which have now become a top four spend category in most corporations," Kevin Akeroyd, PRO Unlimited CEO.
PRO is advised by Sidley Austin. Workforce is advised by Jefferies & Company and Latham & Watkins.
Insight Partners completed the the investment in DistroKid, an operator of a SaaS-based musical platform intended to distribute music, at $1.3bn valuation. Silversmith Capital Partners will retain a meaningful ownership position and representation on DistroKid's board going forward.
"DistroKid is transforming the music industry with its laser focus on innovation, including the latest technology and engineering expertise. By providing developing artists with the same opportunities as superstars, DistroKid stands out in an industry traditionally known for being hard to break through. DistroKid has already become a household name among musicians of all levels and we're thrilled to partner with the company as it continues its rapid growth," Deven Parekh, Insight Partners Managing Director.
Insight Partners was advised by Willkie Farr & Gallagher.
Kayne Anderson, an alternative investment firm, completed the $500m investment in Black Knight Energy, a California-based, private energy company focused on the acquisition and development of large, cash flowing oil and natural gas assets.
“The Black Knight team has an exceptional operational and commercial track record having previously managed large-scale operations with a keen focus on environmental stewardship. We are fully confident in Todd and his entire team’s ability to create long-term value for our investors and we are excited to partner with them in the formation of Black Knight," Mark Teshoian, Kayne Anderson Managing Partner.
Black Knight Energy was advised by Willkie Farr & Gallagher.
Private equity firms Insight Partners and Tiger Global led a $500m Series E funding round in Nuvemshop, a Brazilian e-commerce platform. Other investors include Alkeon, Owl Rock, Sunley House Capital, VMG Partners, Accel, Kaszek, Kevin Efrusy, Qualcomm Ventures, and ThornTree Capital.
"With 650m consumers, Latin America is not only a huge market, but it is the fastest growing e-commerce market in the world. By offering its powerful and easy-to-use platform, built and tailored specifically for Latin America, Nuvemshop is uniquely poised to continue to lead the region's digital transformation. We're thrilled to be part of its next chapter of incredible growth," Matt Gatto, Insight Partners Managing Director.
Insight Partners was advised by Willkie Farr & Gallagher.
Generate Capital, an investment company, led a $240 investment in DGC-backed Nexamp, a provider of turnkey clean energy services.
"It's clear that consumers want more options for reducing their environmental footprint, they want more control over their costs and they care about working with a trusted partner across their many sustainability efforts. This funding represents a show of confidence in our team and vision, and we are committed to continuing to provide solutions to address surging clean energy demand. With our track record and momentum in community solar, we have built a foundation for numerous additional opportunities to expand our customers' access to clean energy and sustainable solutions," Zaid Ashai, Nexamp CEO.
Nexamp was advised by Marathon Capital.
Viveo, a Brazilian drug and medical products distributor, agreed to acquire two distributors of medical supplies Profarma Specialty and Cirurgica Mafra from AmerisourceBergen, a pharmaceutical sourcing and distribution services company, for $172m.
Profarma Specialty has five distribution centers and four pharmacies in Brazil, focused on specialized medications. Cirurgica Mafra, which has four physical stores and two distribution centers, sells hospital equipment and specialized medications, as well as nutritional and orthopedic products.
AmerisourceBergen is advised by JP Morgan.
Hachette, a global publishing company, agreed to acquire Workman, an independent publisher of trade books and calendars. Financial terms were not disclosed.
"We have admired Workman for decades, marveling at the spirit of innovation that drives their business, their strong brand franchises, their focus on backlist, the work culture they have nurtured, and the outstanding reputation they have established among authors, agents, booksellers, and the media. I could not be more thrilled to welcome Workman's incredibly talented employees and their brilliant authors and illustrators to Hachette. The Workman program will powerfully complement HBG's existing publishing programs, and this acquisition will unlock new opportunities for growth in exciting directions," Michael Pietsch, Hachette Book CEO.
Hachette is advised by Willkie Farr & Gallagher.
Temasek led a $250 Series E funding round in Apeel, a company that is fighting the global food waste crisis. Other investors include Mirae Asset, GIC, Viking Global, Disruptive, Andreessen Horowitz, Tenere Capital, Sweetwater Private, Tao Capital, K3 Ventures, David Barber, Michael Ovitz, Anne Wojcicki, Susan Wojcicki and Katy Perry.
“The pandemic has completely shaken up food retail: people are increasingly buying their fresh produce online, while simultaneously expecting the best in terms of quality and sustainability. We’ll use our latest funding to help our supplier and retailer partners offer a differentiated experience to their shoppers," James Rogers, Apeel Co-Founder and CEO.
Manhattan Mini Storage explores a $3bn sale.
Bloomberg reported that Edison Properties, a privately owned real estate holding and development firm, is working with Eastdil Secured to explore the sale of self-storage and moving company Manhattan Mini Storage, a business that has boomed in the pandemic.
Manhattan Mini Storage's portfolio spans 56k units, or 3.1m square feet, and its occupancy rate currently exceeds 95%. Founded in 1978, the company is estimated to have the largest market share of any storage provider in Manhattan.
ConocoPhillips looking to sell Williston Basin oil assets.
ConocoPhillips, an American multinational corporation engaged in hydrocarbon exploration, is marketing its Williston Basin oil assets for a potential sale, Bloomberg reported.
The company estimates it could fetch roughly $200m for the assets in the Williston Basin of North Dakota and Montana. The company is constantly reviewing its portfolio to identify uncompetitive businesses and screening opportunities to both buy and sell assets, Chairman and Chief Executive Officer Ryan Lance said.
Forbes Media nears a deal to go public via merger with Magnum Opus SPAC.
Forbes Media, a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle, is in talks about going public through a merger with Magnum Opus Acquisition, a blank-check firm, Bloomberg reported.
Forbes is set to be valued at more than $650m in a deal with the Hong Kong-based special purpose acquisition company. A deal with Magnum Opus, if reached, would scuttle Forbes's earlier talks with a consortium led by Michael Moe's GSV Asset Management.
SEC leans hard on Chinese IPOs to show how they’re set up offshore.
Chinese companies applying to go public in the US are facing increasingly detailed questions from the Securities and Exchange Commission about their offshore corporate structures, Bloomberg reported.
Many of the SEC’s queries have focused on the nature and direction of cash flows through so-called variable interest entities, which allow Chinese companies to circumvent Beijing’s restrictions on foreign ownership.
Bain Capital raises $1.9bn for life sciences fund. (FS)
Bain Capital’s life sciences arm finished raising $1.9bn for its third investment fund. The fund includes $300m from current and former partners of the Boston-based private equity firm, and it has begun searching for drug, biotech, and medical device companies where it can invest the money.
The types of companies that the 16-person team at Bain Capital Life Sciences will target include, among others, those that need financing to complete clinical trials or a geographic expansion, and public companies whose stocks were beaten down by an unexpected event but still hold significant value.
Weatherford Capital announces a $355m first fund. (FS)
Weatherford Capital, a family-owned private investment firm founded in 2015 with offices in Tampa and Dallas, closed Weatherford Capital Fund I. The fund closed oversubscribed with $355m in commitments from a diverse group of investors.
"Companies are increasingly seeking investors who can serve as genuine strategic partners in addition to providing capital. We're building our firm to be long-term partners to great companies, and we're deeply humbled by the confidence our limited partners are showing in us. As a family-owned firm, we understand that trust is our cornerstone, and we look forward to continuing to honor the trust of our partners and investors," Will Weatherford, Weatherford Capital Managing Partner.
Dhiren Shah moves from Credit Suisse to Citigroup. (People)
Citigroup hired veteran tech banker Dhiren Shah from Credit Suisse, as it doubles down on investing in its tech franchise, Reuters reported. The departure of Shah is the latest of a series of talent losses Credit Suisse has suffered after its lending exposure to troubled investment fund Archegos led to a $5.5bn loss.
EMEA
Cigarette maker Philip Morris International said shareholders holding 22.61% of Vectura shares had tendered their stock to the tobacco group as part of its deal to buy the asthma drug maker for $1.51bn, Reuters reported.
The purchase is part of a public tender offer process and comes days after PMI won the backing of Vectura's board for its 165 pence-per-share takeover offer, following a fierce bidding war against private equity firm Carlyle Group.
PMI, which last week switched its proposal to a takeover offer from a so-called scheme of arrangement to raise its chances, needs the backing of holders of just over 50% of Vectura shares for the deal to go through.
Vectura is advised by JP Morgan, Numis Securities, Rothschild & Co, Clifford Chance, Consilium Strategic Communications and FTI Consulting. PMI is advised by Bank of America, DLA Piper, Foxcroft Consulting and Sanctuary Counsel. Carlyle Group is advised by Morgan Stanley, RBC Capital Markets, Latham & Watkins, Linklaters, Ropes & Gray and Greenbrook.
TransDigm, an aerospace manufacturing company, has given the strongest indication yet that it intends to make a formal bid for UK aerospace and defence group Meggitt, which has already agreed a deal with a rival US engineer Parker Hannifin.
TransDigm’s interest has triggered concerns in some quarters that the US group, which talks unapologetically about its ambition to offer private equity-style returns to its investors, could break up Meggitt, FT Reported.
Meggitt is advised by Bank of America, Morgan Stanley, Rothschild & Co, Slaughter & May and FTI Consulting. TransDigm is advised by JP Morgan. Parker Hannifin is advised by Citigroup, Freshfields Bruckhaus Deringer, Jones Day and Brunswick Group. Debt financing to Parker Hannifin is provided by Citigroup. Citigroup is advised by Weil Gotshal and Manges.
The board of Good Energy, a renewable electricity supplier and innovative energy services provider, rejects a hostile offer of $4.7 per share for the share capital of Good Energy not already owned by Ecotricity, a British energy company. Ecotricity launched a cash offer to acquire the remaining 75% stake in Good Energy Group for $82m.
"Ecotricity has offered little insight on its own corporate governance and how the businesses would be run going forward. The board believes that if this takeover were successful and the company de-listed, key decision making would ultimately rest with one individual which would not be in the best interests of the company and its stakeholders. Such a takeover would place the collective interests of our investors and customers in combatting the climate crisis into the hands of one individual," Will Whitehorn, Good Energy Chairman.
Ecotricity is advised by Zeus Capital and Square1 Consulting. Good Energy is advised by Canaccord Genuity, Investec and SEC Newgate.
BC Partners-backed United Group, a telecoms and media operator, agreed to acquire Wind Hellas, a Greek telecoms operator, from GoldenTree Asset and Cyrus Capital-backed Crystal Almond. The transaction is subject to customary regulatory approvals and is expected to be completed in 2022. Financial terms were not disclosed.
"Acquiring and integrating strong local telecom and media businesses onto our platform is a core part of United Group's European growth strategy. Greece is a key market for us and with the acquisition of Wind, we are able to create a leading converged operator and contribute to the development of Greece's telecoms sector through investments in network infrastructure, content, technology, and innovative products and services and be a leading force in the digitalisation of the country," Nikos Stathopoulos, BC Partners Partner.
United Group is advised by Paul Weiss Rifkind Wharton & Garrison. Crystal Almond is advised by Kirkland & Ellis.
Deutsche Post DHL Group, a parcel-shipping and third-party logistics provider, agreed to acquire JF Hillebrand, a provider of alcoholic beverage transportation services, from Cobepa, an investment firm, for $1.78bn.
"With the growing maturity of our freight forwarding business, this bolt-on acquisition of Hillebrand is highly complementary to our existing portfolio. In line with our Group Strategy, we strengthen our core logistics business and deliver profitable long-term growth. Using our financial strength, we are able to pursue quality investments while reinforcing our unchanged commitment to deliver on investor return expectations," Frank Appel, Deutsche Post DHL Group CEO.
Cobepa is advised by Rothschild & Co.
Sirius Real Estate, an owner and operator of branded business and industrial parks, completed the acquisition of four business park assets and one land parcel for $100m.
"With our strong cash position, Sirius continues to deliver on an attractive pipeline of opportunities generated by our in-house acquisitions team. The new assets provide a mix of warehouse, production, and office space that we know works well for our platform and our customers. The assets are in well-established locations that benefit from strong SME demand and growth potential, as well as synergies with existing Sirius business park sites," Andrew Coombs, Sirius Real Estate CEO.
Sirius was advised by FTI Consulting.
M&G, a savings and investments business, agreed to acquire Sandringham Financial Partners, a provider of independent financial advice. Financial terms were not disclosed.
“This deal strengthens M&G Wealth’s position in the UK savings and investment market, complementing our existing network of advisers and many clients and direct customers with a well-established national Independent Financial Adviser business. Sandringham will accelerate our ability to grow and build our advisory capability across the UK and to provide a wider range of investment solutions to more clients," John Foley, M&G CEO.
M&G is advised by Prudential.
HH Global, an outsourced marketing execution provider, completed the acquisition of Adare International, a provider of marketing services with strong procurement, creative and data offerings, from Endless, a private equity firm. Financial terms were not disclosed.
"We're excited about the potential of our combined company. This comes because we'll have increased geographical coverage, extended service lines, and enhanced purchasing power – and most critically because we're bringing the best people in the industry together. We are very much looking forward to welcoming Adare's clients and people to HH Global once the acquisition closes," Mike Perez, HH Global Group CEO.
Sportradar files for US IPO after SPAC merger talks collapse.
Sportradar Group, a sports data provider, filed for an initial public offering in the US after merger talks with a special purpose acquisition company collapsed.
The company said in its filing with the US Securities and Exchange Commission listed the size of offering as $100m, a placeholder that will likely change. Sportradar had held talks with Horizon Acquisition II, a blank-check company started by Eldridge Industries co-founder Todd Boehly.
Mubadala closes private equity fund with $1.6bn in commitments. (FS)
Mubadala Capital, the asset management subsidiary of UAE-based Mubadala Investment Company, closed its third private equity fund with total commitments of $1.6bn. MIC Capital Partners III surpassed its initial target and raised capital commitments from a diverse set of investors.
The fund is focused on direct investments in North America and Europe across the following core sector areas including media, sports and entertainment; consumer and food services; financial services and industrials and business services.
APAC
The investors of oil and gas companies raised questions about the questions about the value of the Perth-based oil and gas group’s proposed $29bn merger with BHP’s petroleum arm.
BHP agreed to hive off its petroleum business to Woodside in a nil-premium merger, in return for new Woodside shares which will go to BHP shareholders, who will own 48% of the enlarged group, Reuters reported.
Woodside is advised by Gresham, Morgan Stanley, King & Wood Mallesons and Vinson & Elkins. BHP Group is advised by Barclays, Citigroup, Goldman Sachs, JP Morgan and Herbert Smith Freehills.
DST Global, a private equity firm, led a $162m Series D round in Karrot Market, a hyperlocal community app which offers a secondhand marketplace. Additional investors include Aspex Management, Reverent Partners, Goodwater Capital, Altos Ventures, SoftBank Ventures Asia, Kakao Ventures, Strong Ventures and Capstone Partners.
The funding proceeds from the new round will be used for further global expansion, business diversification, R&D, investment in advanced artificial intelligence and machine learning technology and recruiting team talent.
China Evergrande Group disposes of Shengjing Bank for $154m.
China Evergrande Group, a real estate company, has disposed off its stakes in Shengjing Bank, a commercial bank, to unnamed bidders for $154m.
Evergrande Nan Chang sold about 167m shares in Shengjing Bank at $0.9 apiece, the same as its purchase price in 2019. It said its board would support key local state-owned enterprises to gradually increase their holdings in batches and adjust the equity structure to become the bank of the government, Bloomberg reported.
PAG set to create a new digital infrastructure company. (FS)
PAG, a global alternative investment firm that manages multiple asset classes, including private equity, real estate and hedge funds, will create a new digital infrastructure company after it invested in $2bn of assets in the space, betting on the rising demand for data storage from the region’s fast-growing technology industry.
The business will focus on the acquisition of data centres, and fibre networks in Japan, Australia, and other Asian markets, Kris Kumar, the operation’s newly appointed chairman, said.
Permira hires Goldman Sachs for a $2bn sale of Tricor. (FS)
Private equity firm Permira hired Goldman Sachs to run the sale of Tricor Group, a business expansion specialist in Asia, in a deal that could fetch up to $2bn.
The sale process is expected to kick off soon after an initial gauge of market interest, said one of the sources. Permira is targeting a $2bn valuation for the asset, although the price tag could range from $1.5bn to $2bn.
AllDay Mart files for a $119m IPO.
AllDay Mart, a Philippine supermarket operator, filed for a $119m initial public offering, adding to a robust pipeline of share sales on the country's bourse. AllDay Mart is planning to sell up to 7.5bn shares, including the over-allotment option, at a maximum price of $0.0159 per share.
AllDay Mart could be the sixth company to launch a Philippine IPO this year despite the nation battling one of the worst Covid-19 outbreaks in Asia.
"We intend to use the net proceeds from the offer primarily for debt repayment and capital expenditures and initial working capital for store network expansion," AllDay Mart.
Iris Energy files for US direct listing.
Iris Energy, an Australian bitcoin miner, applied for a direct listing on the Nasdaq, at a time digital currencies have gained popularity as investment assets and following an increase in their use for making payments.
The company confidentially submitted a draft registration statement to the US Securities and Exchange Commission for a direct listing on the tech-heavy index, it said in a press release, adding that it expects the listing to be effective in the last quarter of calendar 2021.
Hui Ka Yan steps down as chairman of China Evergrande. (People)
Chinese real-estate billionaire Hui Ka Yan stepped down as chairman of China Evergrande Group's flagship property business, months after the unit dropped plans for a multibillion-dollar listing on the mainland.
The chairman of Hengda Real Estate, the main onshore subsidiary of Hong Kong-listed Evergrande, is now Zhao Changlong, commerce registration information on Chinese, WSJ reported. Mr. Zhao, a former director of Hengda who previously served as its chairman until August 2017, has also taken over as the company's general manager and legal representative, replacing Ke Peng.
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