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AMERICAS
The billionaire Tesla CEO has until Friday to close his $44bn acquisition of Twitter or face a trial that was previously delayed to allow both parties to close the deal.
The high-stakes countdown comes after a months-long battle over an acquisition that would put the world's richest man in charge of one of the world's most influential social media platforms, with vast potential impacts on the company's employees, users, and for online discourse generally.
Musk in April agreed to buy Twitter for $54.2 per outstanding share and then, weeks later, sought to terminate the deal. He initially cited concerns over the prevalence of bots on the platform and later added claims from a company whistleblower. Twitter sued him to follow through with the acquisition.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett (led by Katherine Krause, Alan Klein and Anthony Vernace), Wachtell Lipton Rosen & Katz (led by Leo E. Strine), Wilson Sonsini Goodrich & Rosati (led by Katharine A. Martin) and Joele Frank (led by Jamie Moser). Financial advisors are advised by Sullivan & Cromwell (led by Alison S. Ressler). Elon Musk is advised by Bank of America, Barclays, Morgan Stanley (led by Michael Grimes), McDermott Will & Emery (led by Heidi Steele), Quinn Emanuel, Skadden Arps Slate Meagher & Flom (led by Mike Ringler) and FGS Global (led by Paul Kranhold). Debt financing was provided by BNP Paribas (led by David Berger), Bank of America (led by Scott Tolchin), Barclays (led by Jeremy Hazan), Mitsubishi UFJ Financial Group (led by Timothy Dilworth), Mizuho Securities (led by Raymond Ventura), Morgan Stanley (led by Andrew Earls), Societe Generale (led by Richard Knowlton). Debt providers are advised by Davis Polk & Wardwell (led by James A. Florack).
Grey Rock Investment Partners, a Dallas-based investment firm, went public via a SPAC merger with Executive Network Partnering in a $1.3bn deal. The business combination resulted in the formation of publicly traded Granite Ridge Resources.
"We are excited to partner with ENPC to enter the public markets and deliver on our commitment to create healthy, risk-adjusted returns in underserved areas of the oil and gas market, while creating long-term value for Granite Ridge's stockholders," Matt Miller, Grey Rock Co-Founder.
Grey Rock Investment Partners was advised by Evercore and Holland & Knight (led by Amy R. Curtis and Jeremiah M Mayfield). ENPC was advised by Capital One Financial Corporation, Stephens and Kirkland & Ellis (led by Thomas Laughlin). Financial advisors were advised by Baker Botts (led by Doug Getten).
NaturalShrimp, a shrimp farming biotechnology company, agreed to go public via a SPAC merger with Yotta Acquisition in a $275m deal.
“We believe NaturalShrimp’s patented technologies, attractive business model, and unit economics provides a premium pricing opportunity for fresh, locally grown product that is of superior quality and sustainable. We further believe that NaturalShrimp is well-positioned to become a premier provider of shrimp in the US, and we are pleased that Yotta’s stockholders will have the opportunity to invest and help fill the gap in the large and growing shrimp market with land-based gourmet-grade shrimp without the use of antibiotics, probiotics or toxic chemicals," Hui Chen, Yotta CEO.
NaturalShrimp is advised by Joseph Gunnar, ROTH Capital Partners, Lucosky Brookman and MZ Group (led by Chris Tyson). Yotta Acquisition is advised by Chardan and Loeb & Loeb.
Peoples Bancorp, a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries, agreed to acquire Limestone Bancorp, a Louisville, Kentucky-based bank holding company, for $208m.
"We are excited about our partnership with Limestone and our entrance into strategically important markets in Kentucky. We view Limestone's corporate culture and philosophy as very similar to our own and have been impressed with what John Taylor and his team have been able to accomplish. Over the years we have expanded our presence in Kentucky to 25 branches, with Limestone adding an additional 20 branches to our Kentucky footprint. We look forward to welcoming Limestone shareholders, employees and customers to become part of the Peoples team, and we are ecstatic to offer additional locations to new and existing Peoples Bank clients," Chuck Sulerzyski, Peoples President and CEO.
Peoples Bancorp is advised by Raymond James (led by Sanjay Patel) and Dinsmore & Shohl. Limestone Bancorp is advised by Piper Sandler and Wyatt Tarrant & Combs.
Aquiline Capital-backed National Medical, a healthcare revenue cycle management company, agreed to acquire MedTek, a provider of RCM solutions to ambulatory surgery centers, hospitals, clinics, and specialty groups nationwide. Financial terms were not disclosed.
"We are constantly evaluating strategies to add value for clients, and we are ecstatic to partner with the MedTek team to further expand our offering. MedTek brings unmatched, ASC-specific medical transcription, surgical coding, and related revenue cycle software and services, which are all extremely complementary to National Medical's existing portfolio. By combining our organizations, we're able to further enhance our client's financial profile by improving their working capital position while maximizing reimbursement – simply put, without sacrificing compliance, we want our clients to get paid more and get paid faster," Nader Samii, National Medical CEO.
National Medical is advised by Neal Gerber & Eisenberg and Ropes & Gray. MedTek is advised by Lincoln International and Proskauer Rose.
KKR and Telefónica-backed ON*NET Fibra, an operator of a broadband network, agreed to acquire the fiber optic infrastructure business from Entel, a second-largest telecommunications company in Chile, for $358m.
"In a highly competitive environment, this operation allows us a significant strengthening of our fiber optic coverage at the national level, which is a strategic focus of the company, in this case on a shared and high-quality network, giving us almost immediate access, once the approvals have been obtained and the integration has been made, to a coverage of 3.9m households in the past, to reach at least With this, we will be able to give a strong boost to our supply to the home and business market, especially medium and small markets," Antonio Büchi, Entel General Manager.
ON*NET Fibra is advised by BNP Paribas, Santander and Scotiabank.
BDT Capital Partners, a private equity firm, offered to acquire the remaining 11.1% stake in Weber, a provider of outdoor cooking products, for $172m.
There can be no assurance that any definitive agreement will result from the proposal submitted by BDT or that any transaction will be consummated. The company and the Special Committee do not intend to comment further about this proposal unless and until they deem further disclosure is appropriate.
Godspeed Capital-Backed SilverEdge Partners, a provider of innovative and proprietary cybersecurity, software, and intelligence solutions for the defense and intelligence communities, completed the acquisition of Counter Threat Solutions, a technology services and solutions company. Financial terms were not disclosed.
“We are excited to welcome the CTS team to the SilverEdge family. By combining CTS’ capabilities with SilverEdge’s existing cybersecurity, software, and intelligence solutions, we are increasing our cleared workforce to approximately 450 engineers and technical staff whose primary focus is to provide our intelligence customers with the tools required to support critical mission needs," Robert Miller, SilverEdge CEO.
Counter Threat Solutions is advised by The McLean Group. Godspeed Capital is advised by Latham & Watkins and Gasthalter & Co (led by Alex Jeffrey).
Creek Road Miners, a firm that develops and operates bitcoin mining scaled-up facilities using natural gas, agreed to merge with Prairie Operating, a limited liability company formed to acquire and operate oil and gas properties. Members of Prairie will receive common stock of Creek Road and restricted performance-based options in the merger. Financial terms were not disclosed.
"The Creek-Prairie merger is the result of a targeted effort to identify institutional-quality energy assets to generate substantive value for all stakeholders. The resulting team of experienced, pedigreed professionals represent the best in class and will focus on supporting US energy independence," Paul Kessler, Creek Road Miners Executive Chairman.
Creek Road Miners is advised by ROTH Capital Partners and Baker McKenzie. Prairie Operating is advised by Vinson & Elkins.
New Mountain Capital, an alternative investment manager, completed the investment in Eir Partners-backed ClaimLogiq, a healthcare technology platform. Financial terms were not disclosed.
“This is an exciting time for ClaimLogiq. We have built a differentiated platform that streamlines the payment integrity process for claim reviews and drives tremendous value for our payer customers. We have significant runway ahead of us, and New Mountain Capital is the ideal partner to support our technology and product roadmap, given their deep sector expertise and successful track record in the space. Their support will further enable our clients to make more informed decisions with accurate, real-time claim reviews, regardless of complexity," Tom Magnotta, ClaimLogiq CEO.
ClaimLogiq is advised by Ice Miller. New Mountain Capital is advised by Ropes & Gray and Abernathy MacGregor Group (led by Dana Gorman).
ARKO-backed GPM Investments, an operator of convenience stores, agreed to acquire Pride Convenience Holdings, a firm that operates 31 convenience stores in highly desirable locations, for $230m.
"Our agreement to acquire Pride highlights ARKO's continued focus on creating long-term shareholder value by growing our core convenience store business. We believe Pride stores are top-tier assets, with a focus on excellent customer service and a quality loyalty program, and we further believe that we can add value to these assets through our operational and merchandising abilities and scale. We look forward to welcoming Pride's employees to our Family of Community Brands and working together to enhance the business," Arie Kotler, ARKO Chairman, President and CEO.
Pride is advised by BMO Capital Markets. ARKO is advised by Matter Communications.
Capstreet-backed Credit Bureau Connection, a provider of credit report and compliance solutions, agreed to acquire CreditDriver Solutions, a soft credit technology provider offering lead generation and sales enablement tools. Financial terms were not disclosed.
“Expanding our technology portfolio is a priority for us; CreditDriver’s state-of-the-art technology creates value drivers throughout the auto sales process and is emblematic of our commitment to innovation. I am eager to welcome Mike and his experienced team to the company," David Carner, CBC CEO.
Credit Bureau Connection is advised by Deloitte and Willkie Farr & Gallagher.
Sky Peak Capital, a New England-based private equity firm, completed the acquisition of Hicks Machine, an ISO 9001 certified, second generation, precision machine shop. Financial terms were not disclosed.
“We’re excited to partner with Sky Peak and launch the new Excelus platform. We look forward to building a one-stop, turn-key solutions provider focused on cutting edge technologies in engineering, machining, fabrication and beyond at a critical time in the lifecycle of US manufacturing,” Chuck Lipps, Hicks General Manager.
Sky Peak was advised by BakerHostetler and GFC.
FTV Capital, a sector-focused growth equity investment firm, led a $110m investment in ConnexPay, a payments technology company that integrates payments acceptance and issuance inside a single platform.
“The value of the connected ecosystem – which provides reduced risk, improved cash flow, lower costs of accepting payments and easier reconciliation – truly transforms companies across many verticals. With FTV’s proven track record in payments and its extensive Global Partner Network, we are confident this partnership positions ConnexPay to accelerate global commercial success,” Robert Kaufman, ConnexPay Founder and CEO.
ConnexPay was advised by D.A. Davidson & Co and Prosek Partners (led by Alexa Ottenstein).
Wintershall Dea, an independent natural gas and oil company, agreed to acquire a 37% stake in Hokchi Block from Hokchi Energy, a Mexican subsidiary of Pan American Energy, an exploration stage company. Financial terms were not disclosed.
"The Hokchi Block is located in the Sureste Basin, where we already have a strong portfolio of promising licenses and which is, therefore, familiar to us. It's near our Zama, Polok, and Chinwol discoveries as well as our own operated exploration block 30. We are looking forward to contributing our expertise and working together with the operator to efficiently and safely produce the Hokchi Block," Martin Jungbluth, Wintershall Dea Managing Director in Mexico.
PAE is advised by Jefferies & Company.
Madison Estates Sotheby's International Realty, a real estate firm, agreed to merge with Weichert Realtors The Franzese Group, a real estate company. Financial terms were not disclosed.
"I am very happy to be working with Anthony, Vince, and the entire Franzese group. We have always admired their business acumen and appreciate their excellent reputation. I am certain that this collaboration will bring about innovative and bold results. We look forward to bringing greater value and benefit to the Madison Estates Sotheby's Team as we continue to expand our reach across Brooklyn," Gerard Longo, Madison Estates Sotheby's International Realty Principal.
Madison Estates Sotheby's International Realty was advised by JMG PR (led by Jenna Guarneri).
AmTrust, a multinational property and casualty insurer and carrier specializing in coverage for small businesses, completed the acquisition of the middle market management liability business of DUAL North America, a specialty program manager in property, casualty, and financial lines. Financial terms were not disclosed.
"This acquisition represents an excellent, complementary addition to an already strong business at AmTrust. We're confident that in addition to being successful with the renewals, we will be able to grow the client base across new classes. The addition of this middle market team and portfolio is a definite enhancement to AmTrust's presence in the private management liability space," Jim Seymour, AmTrust EXEC Senior Vice President.
ZainTech, a regional digital & ICT solutions provider, agreed to acquire BIOS Middle East, a local cloud & managed service provider . Financial terms were not disclosed.
"This deal represents a major step in ZainTech's expansion strategy and our determination to transform Zain into a leading ICT and digital lifestyle provider. ZainTech is a key part of Zain's value accretive '4Sight' strategy centered on evolving Zain's core telecom business to maximize value and build on the company's many strengths to selectively invest in growth verticals beyond standard mobile services," Bader Al Kharafi, Zain Vice-Chairman and Group CEO.
Orbis Technologies, a company in delivering content solutions and services for large enterprise and governmental organizations, completed the acquisition of Writing Assistance, a company based in Minnesota specializing in professional writing talent and staffing. Financial terms were not disclosed.
"With almost 30 years of experience, the acquisition of WAI strengthens our service offerings across various industries by adding over one hundred professional content developers to our service teams. WAI represents our third acquisition in the last twenty-four months and our largest acquisition to date. The WAI acquisition expands our presence in the healthcare industry and puts Orbis is a strong position to continue our rapid growth into 2023 and beyond,” Brian Ippolito, Orbis Technologies President and CEO.
British Gas, an energy and home services provider, completed the acquisition of the customers of the natural gas business of AvantiGas ON, a business-to-business natural gas supplier. Financial terms were not disclosed.
AvantiGas ON is a Business-to-Business supplier, and currently supplies natural gas to around 13k business meter points on the gas grid in Britain. The company is also one of Britain's leading suppliers of Liquefied Petroleum Gas, and a major natural gas shipper and supplier in a number of other countries.
Motorola Solutions, a global company in public safety and enterprise security, completed the acquisition of Futurecom Systems Group, a provider of communication product and services, designer and manufacturer of radio frequency extension systems. Financial terms were not disclosed.
“Radio communications are trusted as a lifeline by first responders, and over 800 agencies across the world depend on Futurecom products to remain reliably connected in the line of duty. Futurecom is an important part of both our history and our future, and together, we will continue to innovate mission-critical communications for the public safety agencies who trust our solutions to keep their first responders and communities safe," Scott Mottonen, Motorola Solutions Senior Vice President of Products.
Canopy sets up holding entity for speedy US market entry.
Top Canadian cannabis producer Canopy Growth is creating a holding company to speed up its entry into the United States and complete the purchase of Acreage, Wana Brands and Jetty Extracts.
Canopy's US listed shares rose 6.11% to $2.43 in premarket trade, with the deal expected to give the Canadian company a leading market share in the United States as soon as legally possible.
Milan Laser withdraws $100m IPO.
Milan Laser, which owns and operates more than 140 laser hair removal clinics in the US, withdrew its plans for an initial public offering. It originally filed in October 2021 with a proposed deal size of $100m, and had not provided an update since the following November.
Milan Laser states that it is the largest company in the US that focuses solely on laser hair removal services, by both revenue and number of clinics. The company had 132 clinics across 23 states as of June 30, 2021, and has completed more than 500k treatments since 2017.
TPG real estate arm closes $6.8bn opportunity fund. (FS)
TPG Real Estate, the dedicated real estate platform of global alternative asset firm TPG, announced it has closed its latest opportunistic real estate equity fund, TPG Real Estate Partners IV. The fund was oversubscribed, hitting its hard cap and securing more than $6.8bn of total commitments.
“We are focused on investing behind themes backed by either long term secular trends or dislocations caused by capital market volatility. With the close of this fund, we have more dry powder than at any other time in TPGRE’s history,” Avi Banyasz, TPG Real Estate Partner and Co-Head.
BlackRock Global Infrastructure Fund IV raises $4.5bn at first close. (FS)
BlackRock Alternatives, through its Infrastructure business, has raised $4.5bn in initial investor commitments for Infra IV, achieving over half of its targeted size at first closing.
The fund, which is targeting $7.5bn, secured initial commitments from a diverse group of institutional investors, including public and private pension funds, sovereign wealth funds, insurance companies and family offices. These clients are based around the world, including from the United States, Asia, Europe and the Middle East. Over 75% of the commitments in the Fund are from investors who have invested in prior vintages of the strategy.
Bain Capital raises $2bn for latest tech fund with eyes on Europe. (FS)
Bain Capital has raised more than $2bn for its latest Tech Opportunities Fund and plans to use part of the investment to expand its dealmaking in Europe, Bloomberg reported.
The private equity firm has surpassed its $1.5bn target for the fund and expects to close in the near future. That’s up from the $1.3bn Bain raised for the first, US-focused fund, which launched in 2019.
EMEA
Philip Morris, a Marlboro maker, is set to gain EU antitrust approval for its $16bn bid for Swedish Match, a Swedish multinational tobacco company, after offering to sell the target's logistics business.
Philip Morris, which announced a $17.4bn deal to expand its presence in the fast-growing market for cigarette alternatives, submitted the concession to the European Commission early this month, Reuters reported.
The US company is seeking to boost the sale of smoke-free products to more than half of its revenue by 2025. Swedish Match controls about half the world's market for snus, a Scandinavian moist oral tobacco product that users place behind their upper lip.
Last week, Philip Morris hiked its offer for Swedish Match to win over shareholders waiting for a sweetened bid. Hedge funds, including Elliott Management, have built up their stakes in Swedish Match in hopes of a higher bid.
BOA Acquisition, a SPAC, announced that BOA stockholders voted to approve the previously proposed $1.2bn business combination with Selina, a developer of an online platform designed to offer affordable travel accommodation facilities.
More than 83% of the votes present at the meeting voted to approve the business combination with Selina. Holders of approximately 89.7% of BOA's issued and outstanding shares were present at the Special Meeting. BOA stockholders also voted overwhelmingly to approve the other proposals at the Special Meeting.
"We are pleased to see the broad investor support for our business combination with BOA Acquisition. We believe the Selina brand resonates with a new generation of travelers, and we will continue delivering on our mission to drive meaningful connections between people while remaining focused on achieving profitability as we grow and scale our platform. We are excited about our future as a public company," Rafael Museri, Selina Co-Founder and CEO.
BOA Acquisition is advised by BTIG, Bank of America, PJT Partners, UBS and King & Spalding. Selina is advised by PJT Partners and Morgan Lewis & Bockius (led by Tom Wozniak).
Sika, a Swiss multinational specialty chemical company, and MBCC Group, a BASF construction chemicals firm, have asked the CMA to consider a "fast-track" remedy to address concerns that their merger could harm the construction industry in the UK.
Following an initial Phase 1 investigation, the CMA identified competition concerns in the supply of chemical admixtures in the UK. As a result, the CMA referred the deal for an in-depth Phase 2 investigation in August 2022.
Early in the Phase 2 investigation, the two businesses conceded that the deal raised competition concerns and asked the CMA to "fast-track" the case to assess a remedy that could address those concerns. The CMA accepted the businesses' request and has provisionally found that the deal could reduce competition. Without remedies to restore this loss of competition, the deal could reduce the level of innovation, services, and quality available to concrete producers, leading to higher prices.
To address this, the merging businesses have now proposed to sell MBCC's chemical admixtures business in the UK, Europe and several other countries. The next stage of the CMA's investigation will focus on assessing whether this will fully replace the loss of competition arising from the merger, and the CMA is currently consulting on the remedies that have been proposed.
Sika is advised by Bank of America, UBS and Baker McKenzie (led by Florian Kaestle). Debt financing is provided by Citigroup and UBS. Debt providers are advised by Homburger (led by Juerg Frick).
European Union antitrust regulators will decide by November 30 whether to clear French media company Vivendi’s proposed acquisition of French peer Lagardere, Reuters reported.
Vivendi put in a request for EU approval on October 24. The deal, which would combine France’s two biggest publishing groups, Lagardere’s Hachette and Vivendi’s Editis, has already drawn criticism from French independent publishers, including its most famous one, Gallimard.
Vivendi is advised by BNP Paribas, Societe Generale (led by Stephane Krief) and Cleary Gottlieb Steen & Hamilton. Amber Capital is advised by White & Case (led by Saam Golshani). Lagardere is advised by Image Sept (led by Anne Meaux).
Atlantic Park, a private equity fund, and GIC, a sovereign wealth fund, agreed to invest €550m in CHEPLAPHARM, an international platform for well-established branded medicines.
“Atlantic Park is delighted to support CHEPLAPHARM’s management team as they pursue their growth ambitions. Empowering and further strengthening market leaders like CHEPLAPHARM is a core pillar of Atlantic Park's investment philosophy, and we are excited to bring the relationships and expertise of our partners on General Atlantic's Life Sciences team to bear for the company," Tripp Smith, Atlantic Park Founder and Managing Director.
CHEPLAPHARM is advised by Credit Suisse, Deutsche Bank, JP Morgan and Latham & Watkins (led by Oliver Seiler and David Rath).
Eurowag, a provider of payment services, agreed to acquire Inelo, a provider of work time management systems, from Innova Capital, a private equity time, for €306m.
"This strategically important transaction not only brings additional scale to Eurowag, it also takes us significantly closer to achieving our ambition of delivering a fully integrated, end-to-end digital platform for customers in the commercial road transport sector. Inelo adds approximately 87k connected trucks to our network and solidifies our position as a leading provider of fleet management solutions to the CRT industry in the CEE region. Importantly, it also adds exciting new products to our platform in working time management solutions, which provide mission-critical services to customers and drive excellent customer retention," Martin Vohánka, Eurowag Founder and CEO.
Germany may allow China's Cosco, an investor in ports, to take a smaller stake than originally planned in a Hamburg port terminal, in what a ministry source described as an "emergency solution" to approve the deal but mitigate the impact.
Shipping giant Cosco made a bid last year to take a 35% stake in one of logistics firm HHLA's three terminals in Germany's largest port for $76m, but the German coalition has been divided over whether to let the deal go ahead, Reuters reported.
The compromise being discussed would see Berlin approving a sale of 24.9% of the terminal to Cosco. Sources said Germany's economy and foreign ministries still wanted to block the deal entirely but are unlikely to succeed as Chancellor Olaf Scholz has not put the issue on the cabinet agenda.
Janssen, a medical research & pharmaceutical product development firm, agreed to merge with VCK, a logistics company. The transaction is supported by Waterland Private Equity. Financial terms were not disclosed.
Both companies complement each other in offering clients a wide range of logistical services to fully control supply chain processes. Combining the locations of VCK Logistics Supply Chain Solutions, VCK Logistics Air- and Ocean Freight, and Janssen creates a logistics network with a strategic location in the Netherlands, Belgium, Germany, Switzerland, and Vietnam. This network of logistical hotspots enables the group to improve efficiency and control in clients' supply chains.
VCK is advised by ING Bank and Stibbe.
Wireless Infrastructure Group, an independent infrastructure company, agreed to acquire the 1.1k telecom towers in the UK from Cellnex, an operator of wireless towers. Financial terms were not disclosed.
"The divestiture agreement reached with WIG allows us to meet the conditions required by the UK Competition and Markets Authority and to proceed to complete the UK CK Hutchison transaction, the last of the deals announced in November 2020 to integrate the global CK Hutchison's telecommunications sites in six European countries," Àlex Mestre, Cellnex Deputy CEO.
Cellnex is advised by AZ Capital.
Private dealmaking set to rise, widening gap with public markets.
Private capital investors expect to increase their volume of dealmaking globally in the coming months, widening the chasm with moribund public markets, Bloomberg reported.
Two-thirds of 30 investment firms surveyed by UK investment bank Numis Securities see an increase in the number of private companies raising capital in the next six months, according to Rachel Stott, an associate director on the bank’s growth capital solutions team. Respondents included Softbank Group, Andreessen Horrowitz and General Catalyst.
Ithaca Energy presses ahead with London listing.
North Sea oil and gas producer Ithaca Energy said it was going ahead with its plans to list in London and was seeking admission of its ordinary shares to the premium segment of the official list of the Financial Conduct Authority.
Ithaca, which produced about 67k barrels of oil equivalent per day in the first half of the year, is targeting a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices.
Nordic Capital Fund XI closed at €9bn hard cap. (FS)
Nordic Capital has completed its largest ever fund raise, and one of the largest in Europe so far this year, with the closing of Nordic Capital Fund XI at its hard cap of €9bn ($8.9bn), exceeding its €8bn ($7.9bn) target.
Nordic Capital Fund XI saw strong demand from a diversified global base of new and returning blue-chip investors. Nordic Capital's current portfolio companies have on average achieved 11% organic employment growth in 2021, an average 12% increase in annual sales, and a 15% increase in EBITDA per year since Nordic Capital's inception.
Three Hills Capital closes fourth fund at hard cap of €1bn. (FS)
Three Hills Capital Partners announced that it has held the final close of Three Hills Capital Solutions IV at its hard cap of just over €1bn ($985m). This represents a significant uplift on its predecessor fund, which closed on €540m ($600m) in 2019.
“This latest fund is an important milestone for THCP and will allow us to support many more entrepreneurs and management teams with our flexible financing solutions and operational expertise. I want to thank our investors for their continued trust and support, as well as the partners within our portfolio and the whole THCP team for the part they have played in our growth. Our expanding investor base is testament to the strength of our unique strategy and further cements THCP’s position in the private market space," Mauro Moretti, Three Hills Founder and Chairman.
APAC
Albemarle, a global specialty chemicals firm, completed the acquisition of Guangxi Tianyuan New Energy Materials, a lithium converter located in Guangxi, China, for $200m.
"The acquisition of Tianyuan, which owns and operates a newly constructed lithium processing plant, aligns with our strategy to pursue profitable growth in line with customer demand. This will be a key component of our next wave of projects designed to increase our conversion capacity in a capital-efficient manner in the coming years. As the global transition to cleaner energy rapidly develops, this added lithium capacity will enable us to help our customers achieve their growth and sustainability ambitions," Kent Masters, Albemarle CEO.
Fosun plans $11bn of asset sales next year.
One of China’s largest non-state conglomerates said that it’s targeting to sell as much as $11bn of assets within the next 12 months, amid efforts to bolster both its balance sheet and investor confidence.
Fosun International’s management said it plans to dispose of CNY50bn ($6.9bn) to CNY80bn ($11bn) of non-core assets as it works to focus on its consumer-discretionary business, Citigroup analysts including George Choi wrote in a report. The conglomerate considers its core assets to be its listed pharmaceutical, retail and tourism arms as well as insurer Fidelidade.
Saudi wealth fund head says ‘stay tuned’ on Aramco stake sale. (FS)
The governor of Saudi Arabia’s sovereign wealth fund says people should “stay tuned” for news on it selling down an $85bn stake in Aramco.
The $620bn Public Investment Fund owns 4% of Aramco, which the government transferred to it in February. PIF had started discussions about how to monetize the holding and raise funds for its ambitious investment goals, Bloomberg reported.
Warburg Pincus to invest $350m in establishing Southeast Asia digital insurance firm. (FS)
Warburg Pincus is making its largest investment to date in the Asian insurance sector with the commitment of $350m to set up Oona Insurance, a Southeast Asian digital general insurance platform.
“With consistently rising incomes and accelerating digital adoption, we believe Oona is well positioned to capture the tremendous growth opportunity for digital insurance across South-east Asia,” Saurabh Agarwal, Warburg Pincus Managing Director.
Marafiq's IPO draws $53bn in orders.
Saudi Arabian utility Marafiq priced its initial public offering at the top of a marketed range to raise $897m in the latest Saudi listing to attract strong demand.
Power and Water Utility for Jubail and Yanbu, as the company is formally known, priced the IPO at $12 per share. The sellers - Saudi Arabia’s wealth fund Public Investment Fund, Royal Commission for Jubail and Yanbu, Aramco and Sabic had offered 73m shares at $11 to $12 apiece, valuing the company at $3bn.
Welkin China Private Equity pauses $300m London IPO. (FS)
China-focused investment firm Welkin China Private Equity said it will pause its $300m London initial public offering due to heightened market volatility amid rising recessionary fears.
The firm said its board will reassess the IPO at a later date when macroeconomic conditions have improved.
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