DigitalBridge, a global digital infrastructure investment firm, and IFM Investors, a provider of investment services, agreed to acquire Switch, a company based in Las Vegas, Nevada, that develops and operates the SUPERNAP data center facilities and provides colocation, telecommunications, cloud services, and content ecosystems, for $11bn.
"Today's announcement is an important step towards our long-term vision for the growth and evolution of our company. Through this partnership we will be ideally positioned to continue to meet strong customer demand for Switch's environmentally sustainable Tier 5 data center infrastructure," Rob Roy, Switch Founder and CEO.
Switch is advised by Goldman Sachs, Morgan Stanley and Latham & Watkins. DigitalBridge and IFM Investors are advised by RBC Capital Markets, TD Securities and Simpson Thacher & Bartlett. Debt financing is provided by Citizens M&A, RBC Capital Markets, Societe Generale and TD Securities.
Balmoral Funds, a Los Angeles-based private equity fund, agreed to acquire Trecora Resources, a provider of specialty hydrocarbons and specialty waxes, for $247m.
"We are delighted to announce this transaction with Trecora and are eager to execute on its growth plan. Having followed Trecora for years, we're encouraged by its strong customer relationships and product demand. This is Balmoral's fourth acquisition in the chemicals sector and we are excited to contribute to Trecora's continued success as a private company," David Shainberg, Balmoral Managing Director.
Trecora Resources is advised by Guggenheim Partners, Morgan Lewis & Bockius, Vinson & Elkins and The Equity Group. Balmoral Funds is advised by Piper Sandler and Blank Rome.
Oracle, an American multinational computer technology corporation, announced that it had extended its tender offer in connection with the acquisition of Cerner, a provider of digital information systems, until June 6, 2022.
The tender offer remains subject to, among other conditions, clearances under applicable foreign competition and foreign direct investment laws. The tender offer was extended to allow additional time for the satisfaction of the remaining conditions to the tender offer.
Cerner is advised by Centerview Partners, Goldman Sachs, Clifford Chance and Latham & Watkins. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson. Oracle is advised by Hogan Lovells.
Shutterstock, a global creative platform for transformative brands and media companies, agreed to acquire Pond5, the world's largest video-first content marketplace for filmmakers, media organizations, and marketers worldwide, for $210m.
"The acquisition of Pond5 provides immense value for our global customer base, with unparalleled access to one of the largest collections of editorial and commercial video content in the world. Our contributors will also benefit from having their work showcased on Pond5's platform, expanding their portfolio to new customers," Jon Oringer, Shutterstock Interim CEO.
Pond5 is advised by Jefferies & Company and Goodwin Procter. Shutterstock is advised by CapM Advisors and Cahill Gordon & Reindel.
Aterian Investment, a private investment firm, completed the acquisition of a majority stake in Allentown, a supplier of animal housing. Financial terms were not disclosed.
"We could not be more excited to embark on this new partnership with Aterian as we march into Allentown's next phase of growth. Throughout this process, the Aterian team consistently demonstrated excitement about our business and strategic growth initiatives, commitment to maintaining our company culture established over decades, and relevant experience in partnering with businesses in our space as well as family-oriented businesses. We are confident that Aterian is the perfect partner to help us execute on our global growth plan both organically and through M&A going forward," John Coiro, Allentown CEO.
Aterian was advised by Configure Partners, Kroll, PricewaterhouseCoopers and Weil Gotshal and Manges.
General Mills, an American multinational manufacturer and marketer of branded consumer foods, agreed to acquire TNT Crust, a manufacturer of high-quality frozen pizza crusts for regional and national pizza chains, foodservice distributors, and retail outlets, from Peak Rock Capital, a private equity firm. Financial terms were not disclosed.
"This acquisition advances our Accelerate strategy and builds on our strong position in the fast-growing away-from-home frozen baked goods category. We have clear competitive advantages in Foodservice with our strategic customer partnerships, best-in-class supply chain, and operator-first innovation capabilities. By adding the high-growth TNT Crust business to our frozen baked goods platform, we are adding to our scale in a category that is on trend with consumers and poised for continued rapid growth," Shawn O'Grady, General Mills Group President of North America Foodservice.
TNT Crust is advised by Evercore, Goldman Sachs and Kirkland & Ellis. General Mills is advised by Jones Day.
Fifth Third, a financial services company, completed the acquisition of Dividend Finance, a fintech point-of-sale lender, providing financing solutions. Financial terms were not disclosed.
“The addition of Dividend Finance enhances the scale of our digital service capabilities through its tech-forward platform, provides customers and contractors with a best-in-class experience, and accelerates customer adoption of solar and sustainable home improvements, which are even more compelling given rising energy prices. We expect to grow the Dividend platform significantly and further our ESG leadership position," Tim Spence, Fifth Third Bancorp President.
Dividend Finance was advised by Macquarie Group and Dentons.
General Atlantic led a $105m Series B round in Talos, a provider of institutional digital asset trading technology, with participation from Stripes, BNY Mellon, Citi, Wells Fargo Strategic Capital, DRW Venture Capital, SCB 10x, Matrix Capital Management, Fin VC, Voyager Digital, Graticule Asset Management Asia and LeadBlock Partners.
"This funding round represents a major inflection point for the industry. We've long heard that 'the institutions are coming'. The institutions are now here, and we're extremely proud to be the digital asset trading platform of choice for leading institutions around the world," Anton Katz, Talos CEO.
Ascend Wellness, a cannabis operator that owns and operates cultivation facilities, agreed to acquire New York operations from MedMen, a cannabis company, for $88m.
“This resolution is a clear win for MedMen shareholders, as the company will receive $15m in additional value. This resolution enables MedMen to move forward with plans to significantly restructure its balance sheet, reduce debt, and focus on its core markets," Michael Serruya, MedMen Chairman.
Getaround, a global and digital carsharing marketplace, agreed to go public via merger with InterPrivate II Acquisition, a publicly-traded special purpose acquisition company, in a $1.2bn deal.
"Getaround is one of the two largest players in the global carsharing market that it helped pioneer. We are proud to partner with such an established leadership team — founder-led and bolstered by top executives with experience across leading Silicon Valley companies. As a relentless innovator, the Company has designed and deployed its proprietary Getaround Connect technology to build formidable network effects in cities across the globe, improving utilization of automotive assets and transforming the way its customers access transportation," Ahmed Fattouh, InterPrivate Chairman and CEO.
JP Morgan Asset Management, an asset manager, led a $200m round in Arcadia, a technology company empowering energy innovators to fight the climate crisis, with participation from Keyframe Capital, Broadscale Group, Triangle Peak Partners, Camber Creek, Tiger Global Management, Wellington Management, Salesforce Ventures, Drawdown Fund and MCJ Collective.
"The products being built on the Arc platform in just a short amount of time - by large incumbents and new startups - prove that companies have been starved of the tools they need to build innovative energy solutions. Building a platform that works across verticals instead of offering point solutions will unlock exponential growth and impact. Today's commitment from J.P. Morgan will enable Arc to become the foundational software layer for the zero-carbon economy," Kiran Bhatraju, Arcadia CEO.
Homebrew, a venture capital firm, and SoftBank Latin America Funds, an investment firm, led a $200m Series C round in Habi, a residential real estate platform, with participation from Banorte, Tiger Global, Inspired Capital, Clocktower Ventures, Endeavor Catalyst and Henry Kravis.
“We’re thrilled with the progress we’ve made in the short time since our last funding round. With strong partnerships and an expanded market presence, we are at the very early stages of building out the infrastructure to provide much-needed information, trust and liquidity to a housing market that desperately needs it—one we estimate at $2 trillion across cities in Spanish-speaking Latin America," Brynne McNulty Rojas, Habi Co-Founder and CEO.
Franklin Templeton, an American multinational holding company, led a $120m Series D round in Stord, a cloud supply chain firm, with participation from Sozo Ventures, Strike Capital, 137 Ventures, Kleiner Perkins, Founders Fund, BOND, Susa Ventures, Dynamo Ventures, Lux Capital and Salesforce Ventures.
"Supply chains have become the new competitive differentiator for brands. Online consumer expectations, combined with recent supply chain disruptions, labor shortages and logistics issues are forcing companies to reevaluate, prioritize and reinvest in their supply chains. With Stord, companies never have to worry about their logistics again," Sean Henry, Stord CEO.
Inszone Insurance Services, a provider of benefits, personal and commercial lines insurance, completed the acquisition of Trucking Insurance & Accounting, a full-service insurance brokerage firm. Financial terms were not disclosed.
“Trucking Insurance & Accounting provided more than just insurance to the trucking industry, they provided a dedicated resource keeping their best interest in mind. We look forward to continuing that same value to the industry, while also being able to provide more resources through the power of having a larger agency to back you," Norm Hudson, Inszone Insurance CEO.
CLEAResult, a provider of energy efficiency, energy transition and decarbonization solutions, agreed to acquire ChooseEV, a provider of electric vehicle market awareness and education tools. Financial terms were not disclosed.
“The acquisition of ChooseEV demonstrates our pursuit of strategic growth opportunities as we continue to build our platform and offering. Their vast expertise in consumer engagement and accelerating the adoption of new technologies will play an integral role in shaping our technology approach to the energy transition," Rich McBee, CLEAResult President and CEO.
LookingGlass Cyber, a developer of cybersecurity solutions, agreed to acquire Next5, a business intelligence and strategic advisory firm. Financial terms are not disclosed.
“Now more than ever, organizations need to understand their risk in the context of emerging technologies, greater supply chain dependencies, and an evolving threat landscape, especially as we face heightened geopolitical competition. This is why I’m excited to join LookingGlass. Next5’s expert network and business intelligence services combined with LookingGlass’s innovative technologies only strengthens our ability to support our customers’ critical cyber missions," Bryan Ware, Next5 Founder and CEO.
Partners Group to acquire US rental homes for over $1bn. (FS, RE)
Partners Group, a Swiss-based global private equity firm, agreed to buy more than 2k rental houses owned by Fortress Investment Group, Bloomberg reported.
The transaction reportedly values the portfolio at more than $1bn. Included are more than 2k new-build homes operated by Kairos Living and about 1k homes in contract. They are primarily located in the US Sun Belt, and cities such as Oklahoma City; Amarillo, Texas; Birmingham, Alabama; Tampa, Florida; and Atlanta.
Mondelez plans to sell Trident and Dentyne among other brands.
Mondelez International plans to sell its chewing gum business, including brands Trident and Dentyne, in developed markets, as well as its Halls cough drop brand, as the company focuses on chocolates and snacks, Reuters reported.
The Cadbury maker, which will keep its gum brands in emerging markets, said it was reshaping its product line with the aim of generating 90% of revenue from chocolates and biscuits.
South Korea's CJ CheilJedang puts Brazil soy crusher CJ Selecta up for sale.
The South Korean owner of Brazilian soy processor CJ Selecta has put the company up for sale, drawing interest from large international grain traders, Reuters reported.
US companies Cargill and Archer-Daniels-Midland are among two dozen firms that have sought information about CJ Selecta from its advisors.
Buying CJ Selecta, the world's largest producer of soy protein concentrate used as animal feed, would help grain merchants doing business in Brazil add higher margin processed products to their portfolio. The company also makes soyoil, organic fertilizer and ethanol in Minas Gerais state.
Kohl's wins proxy battle against activist investor Macellum. (FS)
Kohl's investors on Wednesday rejected all of activist Macellum Advisors' director nominees in one of the year's most hotly contested boardroom battles that occurred as the company began trying to sell itself, Reuters reported.
The US department store chain announced the preliminary voting results at its annual meeting. An executive said all 13 Kohl's directors have been re-elected and that none of Macellum's 10 candidates received enough votes to gain board seats.
Global banks flee the monster SPAC market they helped create.
Just a few years after banks helped create a gargantuan market for blank-check companies, they’re pulling away from the deals, afraid of the risks, Bloomberg reported.
Goldman Sachs is ending its involvement with most of the special purpose acquisition companies it took public and pausing new US SPAC issuance. Bank of America also scaled back work with some SPACs and could retreat further as it evaluates its policies surrounding the deals.
BlackRock Impact Opportunities Fund targets $1bn to invest in communities of color across the US. (FS)
BlackRock has secured more than $800m in initial commitments toward its $1bn target for the BlackRock Impact Opportunities Fund. This new fund, the first multi-alternatives strategy of its kind, is already beginning to invest in businesses and projects owned, led by, or serving people of color, with a particular focus on Black, Latinx, and Native American communities in the United States.
“Black, Latinx, and Native American people face a number of systemic barriers in accessing the market and acquiring the capital necessary to drive economic growth and wealth creation in their communities. The BlackRock Impact Opportunities Fund aspires to change the way institutional capital flows to communities of color, and is just one step BlackRock is taking with our clients and partners to address this significant investment opportunity,” Edwin Conway, BlackRock Alternative Investors Global Head.
Crow Holdings announces closing of multifamily build-to-hold fund with approximately $680m raised to date. (FS)
Crow Holdings, a national real estate investment and development firm, announced the closing of the third development pool of the long-term, multifamily build-to-core fund, Crow Holdings Multi-Family Build-to-Hold Fund, managed by Crow Holdings’ investment management company, Crow Holdings Capital.
The multifamily build-to-hold program, which began in 2016, combines the capabilities of the firm’s investment management company and the expertise of the firm’s multifamily real estate developer, Trammell Crow Residential.
NextGen Growth Partners closes second fund above target. (FS)
NextGen Growth Partners, a Chicago-based private investment firm, has closed its second fund, NextGen Growth Partners Fund II, above its $100m target, welcoming capital commitments from new institutional partners alongside continued support from its existing investors. Fund II continues the previous fund’s strategy of partnering with extremely talented entrepreneurs who, alongside the NGP investment team, execute on a proprietary search process focused on identifying and acquiring fundamentally sound businesses that are prime for their next phase of growth.
“It has been exciting to see our thesis prove out in Fund I and we remain encouraged by the value we continue to see in the part of the market where we are focused. We are operating in a dynamic market, but our disciplined approach and unique entrepreneur-led model have allowed us to continue to find value and partner with great businesses,” Brian O’Connor, NGP Managing Partner.
FL Entertainment, a provider of independent content production and the fastest-growing online sports betting platform in Europe, agreed to go public via merger with Tikehau Capital-backed Pegasus Entrepreneurs, a special purpose acquisition company, in a €7.2bn ($7.6bn) deal.
"Pegasus Entrepreneurs was created by long-term investors with the objective of partnering with an entrepreneur-led European company with a track record of achieving profitable growth, and the potential to accelerate growth and create value with access to our expertise, network and listing platform. We could not dream of a better opportunity than partnering with FL Entertainment and Stéphane Courbit to achieve our objective on behalf of our shareholders. The proposed business combination with FL Entertainment benefits from strong support from our shareholders and investors, as evidenced by unprecedented level of non-redemption commitments already received, as well as the largest ever PIPE raising by a European-listed SPAC. We look forward to the next stage of FL Entertainment's growth and value creation," Pierre Cuilleret, Pegasus Entrepreneurs CEO.
FL Entertainment is advised by Rothschild & Co, d'Angelin & Co, Darrois Villey Maillot Brochier, Stibbe, Image Sept, Primatice and Villey Girard Grolleaud. Pegasus Entrepreneurs is advised by BNP Paribas, Citigroup, Credit Agricole, Natixis Partners, Societe Generale, NautaDutilh, White & Case, FinElk, Image Sept and Prosek Partners. Financial advisors are advised by Linklaters.
Philip Morris, a Swiss-American multinational cigarette and tobacco manufacturing company, agreed to acquire Swedish Match, a Swedish multinational tobacco company headquartered in Stockholm, for $16bn.
"We are pleased to announce this exciting next step in Philip Morris International's and Swedish Match's trajectory toward a smoke-free future. Underpinned by compelling strategic and financial rationale, this combination would create a global smoke-free champion—strengthened by complementary geographic footprints, commercial capabilities and product portfolios—and open up significant platforms for growth in the US and internationally. Swedish Match's dedicated employees and management have steadfastly pursued the company's vision of a world without cigarettes, while delivering very strong results. We look forward to building upon this success and joining forces to accelerate our shared smoke-free mission," Jacek Olczak, PMI CEO.
Swedish Match is advised by Goldman Sachs, SEB Corporate Finance, KANTER Advokatbyra and Mannheimer Swartling. PMI is advised by Bank of America, Citigroup, Clifford Chance, DLA Piper, Davis Polk & Wardwell and Roschier Attorneys.
LXi REIT, a real estate investment trust based in London, agreed to merge with Secure Income REIT, a REIT specialising in generating long term, inflation protected income from real estate investments, in a $1.85bn deal.
"The combination of these two proven, substantial, complementary inflation-protected portfolios, which will result in further diversification, significant growth opportunities, access to lower cost of capital, potentially increased share trading liquidity and lower management costs on a faster timescale than we would otherwise achieve, is a tremendous opportunity. Both boards share a common investment philosophy, where growth and a prudent approach to risk management are fundamental components," Martin Moore, Secure Income REIT Chairman.
Secure Income REIT is advised by Rothschild & Co, Stifel, Bryan Cave Leighton Paisner and FTI Consulting. LXi REIT is advised by Barclays, HSBC, Jefferies & Company, Peel Hunt, Stephenson Harwood and Maitland.
Otis, a company for elevator and escalator manufacturing, completed the acquisition of the remaining 49.99% stake in Zardoya Otis, a firm manufacturing and installing elevators, for $1.9bn.
"Zardoya Otis has been an integral part of Otis since 1972 and its products, services and geographic footprint are critical components of our long-term growth strategy. While we have deep respect for Zardoya Otis' heritage, delisting the Company will simplify Otis' corporate structure, provide for more streamlined management of the business, and generate operational efficiencies for both businesses," Judy Marks, Otis President and CEO.
Otis was advised by Evercore, Morgan Stanley, Uria Menendez and Wachtell Lipton Rosen & Katz. Financial advisors were advised by Clifford Chance. Debt financing was provided by Morgan Stanley. Morgan Stanley was advised by Davis Polk & Wardwell.
Ramsay Sante, a diagnostic imaging centers company, completed the acquisition of GHP Specialty Care, an internationally active health care provider, for €228m ($240m).
"This transaction perfectly fits with the [European] strategy of Ramsay Santé, which has been present in the Nordics since the acquisition of Capio in 2018. The combination with GHP Specialty Care will allow the Group to increase its footprint in the region and consolidate its positions by offering complementary geographical coverage with the activities already held in Sweden and Denmark and will offer solid synergies," Pascal Roché, Ramsay Santé CEO.
GHP Specialty Care was advised by PricewaterhouseCoopers, PK Partners and Vinge. Ramsay Sante was advised by Nordea Bank, Bredin Prat and Mannheimer Swartling.
F2i, Italy's largest independent infrastructure fund manager, and DWS, a global infrastructure investor, agreed to acquire Althea Group, an independent provider of technology management services to the European healthcare industry, from Permira, the global private equity firm. Financial terms were not disclosed.
"I would like to thank Permira and Silvia Oteri in particular for having consistently supported the creation and development of the Althea Group, which has deeply transformed such an important sector in recent years. I am also convinced that F2i is now the perfect partner to accompany the Group in its next growth chapter, which will lead Althea to further strengthen its role as a partner to hospitals through investments aimed at modernizing biomedical infrastructure supporting the national hospital system," Alessandro Dogliani, Althea CEO.
Permira is advised by Ernst & Young, Rothschild & Co and Giliberti Triscornia e Associati. F2i and DWS are advised by Mediobanca.
Trilantic, a pan-European private equity firm focused on mid-market transactions, agreed to acquire Kantar Public, a global specialist evidence and advisory business, from Bain Capital-backed Kantar, a data analytics and brand consulting company. Financial terms were not disclosed.
"Today is an exciting day for the Kantar Public team. I am proud of the business we have built together, and most recently the advances in making Kantar Public a truly unique player in the public policy space, at the intersection of data, advisory and technology. Under this new ownership structure, the team has the backing it needs to develop its leadership position as the preeminent global expert in the public policy space," Chris Jansen, Kantar CEO.
Kantar is advised by Rothschild & Co. Trilantic is advised by Citigate Dewe Rogerson.
DBAG-backed Dantherm Group, a brand in air handling systems, agreed to merge with Trotec, a provider of mobile and fixed air-conditioning solutions. Financial terms were not disclosed.
"Dantherm and Trotec are a perfect fit. The merger offers considerable opportunities, in light of the different market channels, broad product range, the technology platform and synergies in the combined supply chain. And we see great growth opportunities – organically in our business and inorganically in the implementation of our acquisition strategy," Bjarke Brøns, Dantherm CEO.
Dantherm Group is advised by King & Wood Mallesons.
Vodafone and Centrica sign solar power deal with Greece's Mytilineos.
Vodafone and British Gas owner Centrica have signed a deal to buy electricity from Greece-based energy company Mytilineos from the three solar farms under construction in England, Reuters reported.
The 10-year power purchase agreement, which supports Vodafone's net zero emissions goal, will see about 55 gigawatt-hours of green electricity dedicated to the telecom operator, while the rest will be sold through Centrica.
American Industrial Partners to consider Ontex takeover. (FS)
American Industrial Partners, a private equity firm, is considering a takeover of personal-hygiene firm Ontex Group, Bloomberg reported.
New York-based AIP is working with an adviser as it studies an acquisition of Brussels-listed Ontex. Ontex has a market value of $541m.
Mediobanca investor Banca Mediolanum fully supports CEO Nagel. (FS)
Mediobanca's investor Banca Mediolanum fully supports the Italian financial services group boss Alberto Nagel, CEO Massimo Doris, Reuters reported.
Nagel, at the helm of Mediobanca since 2008, came under pressure after eyewear magnate Leonardo Del Vecchio emerged as the top investor in the bank and another Italian tycoon, Francesco Gaetano Caltagirone, bought a 5.5% stake.
Del Vecchio and Caltagirone battled against Mediobanca over the reappointment of Philippe Donnet as CEO of Generali, in which the Italian financial services group is the top investor, in a war that last month saw them defeated in a shareholder vote.
AllianzGI raises $475m for private credit fund. (FS)
The first close of Allianz Global Investors' Asia Pacific private credit fund has raised $475m. The fund is expected to hold its final close at the end of 2022 and is targeting a total fundraising of $685m.
The strategy has attracted the attention and investment of several European institutional investors, all of whom are investing alongside insurance group, Allianz.
Byju's, an Indian multinational educational technology company, agreed to acquire Northwest Executive Education, a global provider of executive education programs, for $100m.
Byju's has been on an acquisition spree since the start of 2021 as it is aggressively looking to consolidate its leadership in the online and offline learning space across categories and different geographies.
Ajaib to ramp up stake in Bank Bumi Arta to over 50%.
Ajaib, an Indonesian online brokerage, which recently joined the unicorn club, plans to increase its stake in the country's small-sized lender Bank Bumi Arta to more than 50% from 40% now, DealStreetAsia reported.
The wealth tech unicorn has been ramping up its stake in Bank Bumi Arta through its subsidiary PT Takjub Finansial Teknologi.
Investcorp India Acquisition raises $225m in Nasdaq IPO.
Investcorp India Acquisition, an India-focused special purpose acquisition company, announced raising $225m in its IPO in the US, DealStreetAsia reported.
The blank cheque company offered 22.5m units at $10 apiece, with each unit consisting of one Class A ordinary shares and one-half of one redeemable warrant of the company. The units listed on the Nasdaq and are trading under the ticker symbol IVCAU.
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