AMERICAS
Pioneer Natural Resources, a company engaged in hydrocarbon exploration in the Cline Shale, completed the acquisition of Parsley Energy, an independent oil and natural gas company, for $7.6bn, including $3.1bn of debt. Existing Pioneer shareholders now own c. 76% and existing Parsley shareholders own c. 24% of the combined company.
"This transaction creates an unmatched independent energy company by combining two complementary and premier Permian assets, further strengthening Pioneer's leadership position within the upstream energy sector. Parsley's high-quality portfolio in both the Midland and Delaware Basins, when added to Pioneer's peer-leading asset base, will transform the investing landscape by creating a company of unique scale and quality that results in tangible and durable value for investors," Scott D. Sheffield, Pioneer President and CEO.
Parsley Energy was advised by Credit Suisse, Wells Fargo Securities and Vinson & Elkins. Financial advisors are advised by Alston & Bird and Cravath Swaine & Moore. Pioneer Natural Resources was advised by Goldman Sachs, Morgan Stanley, Gibson Dunn & Crutcher and Sard Verbinnen & Co. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson.
ArcLight Clean Transition, a publicly traded special purpose acquisition company, agreed to merge with Proterra, an innovator in commercial vehicle electrification technology, in a $1.6bn deal. Upon closing, Proterra's common stock is expected to trade on the Nasdaq under the ticker symbol PTRA.
"After delivering our first electric transit bus a decade ago, Proterra has transformed into a diversified provider of electric vehicle technology solutions to help commercial vehicle manufacturers electrify their fleets. Our success is in no small part thanks to a dedicated team of employees that are committed to innovation and forward-thinking solutions. This transaction enables Proterra to take the next step towards our mission of advancing EV technology to deliver the world's best performing commercial vehicles. In addition, it introduces a partner in ArcLight that has a shared focus on sustainability and renewable energy. We look forward to working closely with the ArcLight team as we create value for our shareholders and customers, scale our business to new levels and benefit the world around us," Jack Allen, Proterra Chairman and CEO.
Proterra is advised by Bank of America Merrill Lynch, Fenwick & West, Latham & Watkins and Joele Frank. ArcLight Clean Transition is advised by Barclays, Citigroup and Kirkland & Ellis.
Francisco Partners completed the acquisition of Forcepoint, a provider of cybersecurity solutions that protect the critical data and networks, from Raytheon Technologies, an aerospace and defense manufacturer. Financial terms were not disclosed.
"We have followed Forcepoint for years and have a deep appreciation for its outstanding portfolio of innovative security products. Security is an increasingly important strategic investment area for enterprises, creating significant opportunities for Forcepoint to continue to build upon its track record of success," Brian Decker, Francisco Partners Partner.
Francisco Partners was advised by Nomura, Kirkland & Ellis, Paul Hastings and Sloane & Company. Debt financing was provided by Credit Suisse. Raytheon Technologies was advised by Barclays and Davis Polk & Wardwell.
Private equity firm Sixth Street Partners agreed to invest in Legends, a premium experiences company. Financial terms were not disclosed.
"The Legends commitment to excellence, instilled from its inception, enabled it to grow a new category of holistic sports and entertainment services, and we are excited to be joining their culture of 'winning together'. Legends will continue to stay on offense with an industry-leading management team doing what it does best: delivering value-creating projects and operations, innovating new technology-enabled service offerings, and creating immersive customer experiences," Alan Waxman, Sixth Street Co-Founder and CEO.
Legends is advised by Bank of America Merrill Lynch, Moelis & Co, Wells Fargo Securities, Gibson Dunn & Crutcher and Herrick & Feinstein. Sixth Street is advised by Goldman Sachs and Ropes & Gray.
South Mountain Merger, a special purpose acquisition company, completed the merger with Billtrust, a provider of B2B order-to-cash solutions, in a $1.5bn deal. The transaction included a $200m fully committed pipe at $10 per share from investors including Fidelity Management & Research, Franklin Templeton Investments, and Wellington Management.
"We are thrilled to partner with the South Mountain team and know we will benefit from their extensive industry experience. We believe AR is ripe for innovation, and together we will continue to invest in opportunities to scale the business, growing both organically and inorganically, as we seek to tackle the large total addressable market. As a leader in AR automation, we believe Billtrust is well-positioned to own a disproportionate share," Flint Lane, Billtrust Founder and CEO.
Billtrust was advised by JP Morgan and Cooley. South Mountain Merger was advised by Citigroup and Paul Weiss Rifkind Wharton & Garrison. Fidelity was advised by Mayer Brown.
Amneal, a fully-integrated pharmaceutical company focused on the development, manufacture and distribution of generic and specialty drug products, agreed to acquire Kashiv Specialty Pharmaceuticals, a premier fully integrated specialty biopharmaceutical company, for $108m.
"Our management and scientists are excited to be a part of Amneal Pharmaceuticals. Kashiv Specialty has helped Amneal develop many high value, complex generic products, and possesses tremendous know-how and patented novel technologies for developing complex generic and specialty products. Going forward, Amneal will provide valuable strategic, operational, and infrastructure support for the rapid development and commercialization of our specialty portfolio, which consists of differentiated 505(b)2 products that will serve patient needs in neurology and endocrinology and provide significant organic growth for Amneal," Navnit Shah, Kashiv Specialty President and Chief Scientific Officer.
Kashiv Specialty Pharmaceuticals is advised by Holland & Knight. Amneal is advised by LEK Consulting, The Weinberg Group, RBC Capital Markets and Shearman & Sterling.
Investment firm Capital Constellation agreed to invest in Avista Capital Partners, a New York-based private equity firm. Financial terms were not disclosed.
"We are delighted to welcome Constellation as a partner whose investment is a strong endorsement of the long-term vision that we have for the Avista platform, as well as Avista's values, strategy and performance," Thompson Dean, Avista Managing Partner and Co-CEO.
Avista Capital Partners is advised by Houlihan Lokey, Kirkland & Ellis and Kekst CNC. Capital Constellation is advised by Morgan Lewis & Bockius and Edelman.
American Tower, an independent owner, operator and developer of multitenant communications real estate, agreed to acquire Telxius Telecom, a neutral communications infrastructure operator, from Telefonica, a Spanish multinational telecommunications company, KKR and Pontegadea, a provider of investment management services, for $9.4bn.
"This transaction is transformational for our European business and will establish American Tower as one of the largest independent communications infrastructure providers in Europe. It is also complementary for our Latin American portfolio and positions us to drive strong long-term organic growth across both regions while augmenting our new build programs and enhancing our relationships with key tenants. We are excited to broaden our partnership with Telefonica by acquiring a high-quality, well-located portfolio of sites that will further diversify our global footprint and enhance our ability to help provide broadband connectivity for billions of people," Tom Bartlett, American Tower's Chief Executive Officer.
American Tower is advised by Bank of America Merrill Lynch, CDX Advisors and EA Markets. Debt financing is provided by Bank of America Merrill Lynch.
New Fortress Energy, an integrated gas-to-power company, agreed to acquire Hygo Energy Transition, a natural gas company, from Golar LNG, a liquefied natural gas shipping company, and Stonepeak Infrastructure Partners, a private equity firm, for $3.1bn, comprising of 31.4m shares of NFE Class A common stock and $580m in cash. Completion of the transaction is subject to the receipt of certain approvals and third-party consents and the satisfaction of other customary closing conditions, and is expected to occur in the first half of 2021.
"We at GLNG are very proud of Hygo's achievements in building a leading Brazilian LNG to Power business, and we believe its combination with NFE will allow the business to further strengthen its footprint and accelerate its vision to deliver low carbon energy solutions globally. We are also pleased with the monetization of our interests in GMLP, which has been announced separately today," Tor Olav Trøim, Hygo and GLNG Chairman.
Hygo is advised by Citigroup, Goldman Sachs and Vinson & Elkins. Golar LNG is advised by Baker Botts.
CME Group, an American global markets company, and IHS Markit, an American-British information provider based in London, agreed to combine their post-trade services to form a joint venture. Financial terms were not disclosed.
"As OTC derivatives markets become increasingly fragmented, market participants are seeking to more effectively manage their risk and optimize their balance sheets. By combining the strengths of these diverse businesses into one organization, the joint venture will be better positioned to serve clients worldwide by driving innovation, developing valuable products and providing operational efficiencies," Terry Duffy, CME Group Chairman and CEO.
CME Group is advised by Citigroup. IHS Markit is advised by Barclays.
Catalent, a provider of advanced delivery technologies, development, and manufacturing solutions, agreed to acquire the manufacturing and packaging operations of Acorda Therapeutics, an American biotechnology company. Financial terms were not disclosed.
"Catalent is a premier partner to companies working on multiple forms of inhaled drug delivery, from early-stage development to commercial-scale supply. This acquisition complements our existing US-based capabilities in metered-dose and nasal inhalation by adding an experienced team of people and a premier facility enabling us to provide customers with extended capabilities for commercial-scale filling and packaging of dry powder inhalers," Jonathan Arnold, Catalent President of Oral and Specialty Delivery.
Catalent is advised by Northern Exposure PR. Acorda Therapeutics is advised by Joele Frank.
Altimeter Capital led a $160m Series E round in Cockroach Labs, a computer software company that develops commercial database management systems, with participation from Greenoaks, Lone Pine, Benchmark, BOND, FirstMark, GV, Index Ventures, and Tiger Global.
"The story of transactional SQL workloads moving to the cloud is still largely unwritten and represents a tremendous opportunity for the next Oracle-like business to emerge. CockroachDB's high availability, strong consistency, and low latency allows them to address the lion's share of these relational workloads. Cockroach Labs offers a remarkable experience. It removes much of the incremental cost of scaling, driving massive cost-savings and improving developer agility. We could not be more excited to partner with the Cockroach team," Neil Mehta, Greenoaks Capital Managing Partner.
Cockroach Labs was advised by InkHouse.
Argo Infrastructure Partners, a private equity firm, agreed to acquire Corning Natural Gas, a natural gas distribution company, for $150m.
"Argo has a substantial track record as a long-term investor in the energy and utilities sector and is excited about the opportunity to invest in Corning. We were attracted to Corning's high-quality asset base, leadership, and customer commitment. Our team's decades of experience managing gas and electric utility investments, combined with our access to long-term capital, places us in an ideal position to support Corning's ongoing infrastructure investment program and management's efforts in achieving its customer service goals. We look forward to working with management and other stakeholders to ensure Corning's continued success," Richard Klapow, Argo Managing Director.
Corning is advised by Janney Montgomery Scott.
GTCR-backed Cole-Parmer, a global manufacturer of proprietary products for fluidics, critical research and process equipment, completed the acquisition of ZeptoMetrix, a life sciences developer and manufacturer of quality control standards and verification panels used in molecular diagnostic testing for infectious diseases. Financial terms were not disclosed.
"The addition of ZeptoMetrix is highly complementary to our existing product portfolio within the life sciences market. The acquisition underscores our dedication to serving our customers with unique, differentiated products that help accelerate their research & development programs and support their diagnostic workflows," Bernd Brust, Cole-Parmer Chief Executive Officer.
GTCR was advised by The Harbinger Group.
TPG Capital and TA Associates-backed Planview, a global enterprise software company, agreed to acquire Clarizen and Changepoint, two software developers. Financial terms were not disclosed.
"In today's environment, enterprises are looking for partners with the vision, expertise, and scale to help them navigate and excel in our all-digital world. Planview, Clarizen, and Changepoint are all leaders, and together, our customers create an exceptional community of PMOs, PPM and Professional Services Automation practitioners. Collectively, there is no better platform to drive innovation and fuel the transformation of strategy to delivery," Greg Gilmore, Planview CEO.
Clarizen is advised by Actual Agency.
Qualcomm, which creates intellectual property, semiconductors, software, and services related to wireless technology, agreed to acquire NUVIA, a silicon design company, for $1.4bn.
"5G, the convergence of computing and mobile architectures, and the expansion of mobile technologies into other industries are significant opportunities for Qualcomm. The NUVIA team are proven innovators, and like Qualcomm, have a strong heritage in creating leading technology and products. I am very excited to have them join our team. Together, we are very well positioned to redefine computing and enable our ecosystem of partners to drive innovation and deliver a new class of products and experiences for the 5G era," Cristiano Amon, Qualcomm President and CEO-Elect.
TPG Capital led a $300m Series C round in MX, a data-driven finance company, with additional participation from CapitalG, Geodesic Capital, Greycroft, Cota Capital, Canapi Ventures, Digital Garage, Point72 Ventures, and Pelion Venture Partners and Regions Financial.
"The financial industry is at an inflection point as organizations look to become not only intermediaries, but true advocates for their customers by offering personalized insights and data-driven money experiences. Along with incredible partners, we are helping financial institutions and technology companies accelerate their digital roadmaps and launch next-generation services and apps that will fundamentally transform how people interact with their money," Ryan Caldwell, MX Founder and CEO.
Alaska Permanent Fund, Altitude Life Science Ventures, and SoftBank Vision Fund 2 led a $230m Series B round in Tessera Therapeutics, an early-stage life sciences company, with participation from Qatar Investment Authority.
"We are grateful to have support from world class investors in this funding round. The ability to write in the code of life will be a defining technology of this century and drive a fundamental change in medicine. Today's support is a testament to Tessera's outstanding team of scientists and our focus on bringing the extraordinary promise of Gene Writing to patients. We look forward to turning this powerful technology into a new category of medicines," Geoffrey von Maltzahn, Tessera Therapeutics CEO and Co-Founder.
TPG led a $125m Series B round in Prodigy Education, one of the fastest-growing EdTech companies in North America, with participation from Canadian Business Growth Fund.
"Prodigy's impressive growth is underpinned by a truly differentiated, game-based, and adaptive platform that is well-aligned with the core curriculum for grades 1 through 8. Their commitment to their users and to their educational purpose is inspiring. We believe that Prodigy's unique value proposition for teachers, parents, and students – through advanced technology that fosters a love of learning – positions the company to connect with users across the world. We look forward to partnering with Rohan, Alex and the whole Prodigy team to build on the company's success," David Trujillo, TPG Partner.
H.I.G. Capital-backed Lipari Foods, a regional full-line deli, bakery, packaging, and grocery distributor, completed the acquisition of Tut's International, a food wholesaler. Financial terms were not disclosed.
"We are pleased to have supported Lipari's acquisition of Tut's International. This investment fits squarely in our strategy of acquiring unique and complementary food distribution businesses in existing and adjacent markets with significant value creation opportunities," Justin Reyna, H.I.G. Managing Director.
One Equity Partners-backed Spartronics, a provider of contract manufacturing and design services, completed the acquisition of Primus Technologies, a provider of engineering, manufacturing and testing services of circuit card assemblies and box builds for original equipment manufacturers. Financial terms were not disclosed.
"The decades of precision engineering expertise Primus brings, coupled with its excellent logistic capabilities and relationships with major US defense contractors strengthens Spartronics' ability to design industry-specific solutions for a diverse range of manufacturers serving different end markets," Chip Schorr, OEP Senior Managing Director.
CAMS, a privately held company providing a full range of services in the energy sector, agreed to acquire the solar operations and maintenance business of Belectric, a solar power company. Financial terms were not disclosed.
"We are excited to grow our regional presence in the solar power industry. The purchase of Belectric compliments and further strengthens our existing capabilities and markets in the power generation industry. It integrates seamlessly into the CAMS suite of solutions that are focused on and guided by sustainability," Greg Bobrow, CAMS COO.
Private equity firm Bain Capital completed the investment in TeachTown, a provider of evidence-based education curriculum software. Financial terms were not disclosed.
"Bain Capital Double Impact is a mission-driven partner that shares our passion for expanding access to educational opportunity and our commitment to building outstanding products to support the intellectual and social development of students with special educational needs," David Cappellucci, TeachTown President and CEO.
Bright HealthCare, an American health insurance company based in Minneapolis, agreed to acquire True Health New Mexico, a subsidiary of Evolent Health, a health care company. Financial terms were not disclosed.
"We are exceptionally grateful to our partners at Evolent for their founding of and ongoing support of True Health New Mexico. We at TRUE are also impassioned to build upon our exceptional story of growth and improving affordability and the quality of care for the people of New Mexico as we transition to working with our new partners at Bright HealthCare," Mark Epstein, True Health New Mexico President and CEO.
Golden Gate considers divesting Mavis Tire Centers business. (FS)
Golden Gate Capital, an American private equity firm, weighs a sale of its Mavis Express Tire Services business that could value the company at $6bn.
The San Francisco-based investment firm is working with an adviser to explore strategic options for the auto-service chain.
The business, which is expected to attract interest from other private equity firms and peers, generates about $360m in EBITDA.
Omni Hotels & Resorts considers selling five hotels for $150m. (FS, RE)
Billionaire Robert Rowling's Omni Hotels & Resorts, an international luxury hotel company, weighs divesting five hotels as the Covid-19 pandemic knocked the travel industry down.
London & Regional Properties, a private real estate and leisure investment firm, is set to acquire the hotels, including Omni-branded properties in Austin and Dallas. The UK-based company is paying c.$150m.
Talkspace nears deal to go public via Hudson Executive Investment SPAC.
Talkspace, an online therapy app, considers going public through a merger with Hudson Executive Investment, a blank-check firm.
The special purpose acquisition company discusses raising more than $200m in new equity to finance a merger with Talkspace, giving the combined entity an equity value of more than $1.5bn.
EMEA
London Stock Exchange Group received the European Commission's approval for the proposed $27bn acquisition of Refinitiv, a global provider of financial market data and infrastructure.
To address EU concerns, LSEG agreed to divest its 99.9% stake in the Borsa Italiana group and to continue offering its global over-the-counter interest rate derivative clearing services performed by LCH Swapclear on an open-access basis. The company also agreed to provide access to the LSE venue data, FTSE UK Equity Indices, and WM/R FX benchmarks to all existing and future downstream competitors.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett and Eterna Partners. LSEG is advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer and Teneo. Financial advisors are advised by Herbert Smith Freehills. CPPIB is advised by Weil Gotshal and Manges. Thomson Reuters is advised by Allen & Overy.
New York-based video games developer Take-Two Interactive announced that its offer for UK game developer Codemasters Group had now lapsed. On December 14, Codemasters withdrew its recommendation for Take-Two, opting instead for the $1.2bn offer from Electronic Arts.
"Take-Two remains a highly disciplined organization and, with its strong balance sheet, will continue to pursue selectively organic and inorganic opportunities that are designed to enhance Take-Two's long-term growth and deliver results to its shareholders," the Take-Two board said in its statement.
Codemasters is advised by Jefferies & Company, Liberum Capital, Gowling WLG, Reed Smith and Alma PR. EA is advised by UBS and Skadden Arps Slate Meagher & Flom.
DeA Capital Alternative Funds, an independent alternative asset management platform, agreed to acquire a 60% stake in Alnut, a provider of prepared foods and miscellaneous food, from Foodiverse, which sells fruit and vegetables. Financial terms were not disclosed.
“The collaboration between Foodiverse and DeA Capital Alternative Funds will enable the business to continue to evolve with continual investment, strengthening the pillars of food safety, quality and development of the teams, whilst adhering to our commitment to the environment and innovation," Joaquin Felix, Alnut Manager.
Foodiverse is advised by Banco Sabadell and Perez Llorca. DeA Capital is advised by Roland Berger, DC Advisory, PwC, Herbert Smith Freehills, Marsh and Ramboll.
Andros Deutschland, an agro-industrial group, agreed to acquire Spreewaldkonserve, a fruit and vegetable processing company. Financial terms were not disclosed.
"Andros is thus strengthening its position in the fruit preparations market in particular and is consistently following its vision "From the producer directly to the home of our consumers," Andros.
Spreewaldkonserve is advised by Luther. Andros is advised by Hengeler Mueller and Schoenherr.
HBM Healthcare Investments, a Swiss investment company, led a €127m ($154m) Series B funding round in IO Biotech, a clinical stage biotech company. The round was also joined by Vivo Capital, Kurma Partners, Avoro Capital, RA Capital Management, Samsara Biocapital, Idinvest Partners, PFM Health Sciences, Soleus Capital, Eir Ventures and Serrado Capital, with the participation of existing investors Novo Seeds, Lundbeckfonden Emerge and Sunstone Life Science Ventures.
"We are excited to have such a strong group of investors backing our company at this stage, and I am proud that this financing round had such high interest and can close oversubscribed. The funding will enable us to execute on our breakthrough therapy designation grant and advance our lead programs in late-stage clinical development, as we are committed to bringing our treatment to patients as soon as possible," Mai-Britt Zocca, IO Biotech Founder and CEO.
IO Biotech was advised by Cook Williams Communications.
Apeiron Investment Group, the family office and. merchant banking business of Christian Angermayer, agreed to acquire DEAG Deutsche Entertainment, an entertainment service company, for $74m. The deal will result in DEAG being delisted from the stock exchange.
"Despite the continuing uncertainties about the future of the live entertainment industry due to the ongoing restrictions, DEAG is pleased about the continuous support and trust of all members of the management board, the supervisory board, all managing directors, partners, co-shareholders and the current major shareholders who wish to continue to jointly pursue DEAG's existing growth course in an unlisted environment of the company," Peter Schwenkow, DEAG Founder and CEO.
Apeiron is advised by Sullivan & Cromwell.
Astorg, a European private equity group, agreed to acquire a minority stake in Third Bridge, a global research organization, from IK Investment Partners, a private equity firm. Financial terms were not disclosed. Completion of the transaction is subject to legal and regulatory approvals.
"Third Bridge has enjoyed a fantastic partnership with IK over the last three and a half years. The team was aligned with our strategy from day one and has supported our strong growth during this period. We are excited to partner with Astorg as we look to expand into new markets and scale the business further," Emmanuel Tahar, Third Bridge CEO and Co-Founder.
IK Investment Partners is advised by Maitland.
Tiger Global Management led a $450m Series C round in Checkout.com, a global payment solution provider, along with participation from existing investors, including Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst and GIC.
"Payments affect everything from the customer journey to a business's ability to enter new markets or launch new products. This latest fundraise reflects our market-leading position and the size of our aspirations as we accelerate in our mission to empower merchants to build better products, drive more revenue and create innovative business models by reimagining interactions with financial services. Our new investors bring a wealth of experience across payments, technology and scaling companies – crucial knowledge for the next stage of our growth, as we continue to build our vision for the future of Connected Finance," Guillaume Pousaz, Checkout's CEO and Founder.
Insight Partners, global venture capital and private equity firm, led a $100m funding round in Jedox, a provider of Enterprise Performance Management software. The round was joined by Iris Capital, eCAPITAL and Wecken & Cie.
"In an ever faster moving world, disruption and uncertainty represent both challenges and opportunities in enterprise. Jedox's modern cloud-based tools for scenario planning, forecasting, and managing future value creation enable our customers to move even faster and outperform the competition. Insight Partners' investment will further enhance our unique EPM platform and momentum in the marketplace, as well as allow us to benefit from the expertise of a leading global investment partner," Florian Winterstein, Jedox CEO.
PSG-backed Hornetsecurity, an email cloud security provider, completed the acquisition of Altaro, a global provider of backup solutions. Financial terms were not disclosed.
"We have found exactly the right strategic buyer in Hornetsecurity and are delighted to become part of the group. The synergies between the two companies are obvious. Through our combined know-how and experience, and the innovative combination of our product suites, Hornetsecurity's European market leadership in cloud security has reached a new level," David Vella, Altaro CEO.
Marks & Spencer, a major British multinational retailer, completed the acquisition of Jaeger, an English fashion brand and retailer of menswear and womenswear. Financial terms were not disclosed.
"We have set out our plans to sell complementary third-party brands as part of our Never The Same Again programme to accelerate our transformation and turbocharge online growth. In line with this, we have bought the Jaeger brand and are in the final stages of agreeing the purchase of product and supporting marketing assets from the administrators of Jaeger Retail Limited. We expect to fully complete later this month," Richard Price, M&S Managing Director.
Couche-Tard in takeover talks with Carrefour.
Alimentation Couche-Tard, a Canadian convenience store group, approached Carrefour, a French retail group, about a takeover that would combine two retail giants jointly worth over $50bn, FT reported.
If the deal goes through, it would push Couche-Tard further into Europe and Latin America and diversify its convenience store business by adding Carrefour's portfolio of large-format supermarkets in suburban areas, as well as smaller urban stores.
LDC commits to invest £1.2bn in SMEs over the next three years. (FS)
Newly appointed Chief Executive of LDC, Toby Rougier, stated that supporting the growth ambitions of the UK's small and mid-sized companies "in every corner of the UK" would remain its "primary purpose", PE Insights reported.
Rougier, who joined as Chief Executive earlier this month, also re-affirmed LDC's commitment to invest £1.2bn ($1.6bn) of equity over the next three years. He added that he expected to increase annual investment levels in 2021 as more SMEs looked to return to growth and larger corporates looked to divest subsidiaries to strengthen balance sheets.
LSP and Philip Scheltens launch fund to fight dementia. (FS)
LSP, a European life sciences investor, launched the LSP Dementia Fund, a fund dedicated to fight neurodegenerative diseases. The fund will be managed by Professor Philip Scheltens, a world-renowned dementia scientist.
LSP so far raised €50m ($61m) from strategic parties, financial institutions, and family offices. The investors believe the fund will ultimately reach at least €150m ($183m).
APAC
Ivanhoé Cambridge, a Canadian real estate company, and PAG, a private equity firm, agreed to form a joint venture, with a capacity to deploy up to $400M for logistics assets in Japan.
"Logistics has proven to be highly resilient during this pandemic and will remain a key focus in the coming years, especially in Asia Pacific, where we are already invested in Singapore, Australia, China, India and Indonesia. We're delighted to launch this new investment strategy in Japan and this venture will significantly accelerate our capacity to grow and diversify our portfolio in this key Asian market," George Agethen, Ivanhoé Cambridge Senior Vice President Asia-Pacific.
Warburg Pincus and Goodwater Capital led a $100m Series D round in MoMo, Vietnam's top payment app, with participation from Kora Management, Macquarie, Affirma Capital and Tybourne Capital Management.
According to MoMo, 25% of the new funding will be used to support tech startups in Vietnam through MoMo Innovation Ventures, the company's new fund. The capital raise is also a much-needed boost for MoMo to continue its fight in a brutal fintech war in the country, where 39 e-wallet providers are battling it out to dominate a market that encompasses nearly 100m people.
Australia blocks $232m takeover of Probuild by CSCEC.
Australia blocked the $232m takeover offer by a China State Construction Engineering Company, a Chinese state-owned construction company, for Probuild, a local building contractor, in a move that reflects the intense diplomatic and trade tensions between Beijing and Canberra, FT reported.
The decision to block the acquisition of Probuild on "national security" grounds is the first negative assessment made by Canberra since strict new foreign investment rules came into force on January 1.
Sequoia-backed Yuntongxun considers a $500m IPO. (FS)
Sequoia Capital-backed Beijing Ronglian Yitong Information Technology, a Chinese cloud communications company known as Yuntongxun, is considering an IPO that could raise $500m, Bloomberg reported.
The Beijing-based firm is working with Citigroup and Goldman Sachs on the share sale and aims to list as soon as the first half of this year. The startup is considering possible venues for the IPO, including the US and Hong Kong.
Lenovo intends to list on Shanghai's STAR Market.
Lenovo Group, a Chinese multinational technology company, is planning to join the STAR Market. The news boosted its Hong Kong-traded shares, which on Wednesday hit their highest level since 2015, WSJ reported.
Several Chinese technology companies have recently listed in China or in Hong Kong, amid increased tensions with the US. Beijing has also encouraged companies to join the fledgling STAR Market by introducing more relaxed listing rules and other requirements than other Chinese markets.
Lenovo and Megvii Technology, an artificial-intelligence startup specializing in facial recognition, will be among the first companies to make use of a structure known as a Chinese depositary receipt to raise funds.
Tencent Music, Vipshop and Joyy seek secondary listings in Hong Kong.
Tencent Music Entertainment Group, a music streaming services provider, Vipshop Holdings, an online retailer, and Joyy, a live streaming platform, are seeking secondary listings in Hong Kong, joining a parade of US-listed mainland companies establishing fallback positions amid moves by Washington to push them out, DealStreetAsia reported.
Tencent Music is in talks with banks for a Hong Kong offering that could raise up to $3.5bn, while Vipshop targets $2.5bn and Joyy is looking to raise c.$1.25bn.
Tencent has yet to determine a listing timetable. The offerings of Vipshop and Joyy could take place in the second or third quarter of this year, subject to regulatory approvals and market conditions.
Blackstone lines up three IPO exits from India in 2021. (FS)
Blackstone Group is in the process of taking three portfolio companies public, including TaskUS, a business process outsourcing service provider, Aadhar Housing Finance, a mortgage provider, and Sona Comstar, a global automotive systems & components manufacturer.
TaskUS is expected to list in the US later this year. The size of the proposed IPO is still being finalized. Sona Comstar could be listed this year after April or May, if the market rally sustains. The IPO size is expected to be around $478m-$546m. For the IPO of Aadhar Housing, Blackstone hired merchant bankers, seeking to raise $955m-$1bn.
RHB Investment Bank CEO to join Kuok Group. (People)
Billionaire Robert Kuok's Kuok Group is hiring one of the top investment bankers in Malaysia to help manage its investments in Southeast Asia.
RHB Investment Bank CEO Robert Huray will leave the unit of Kuala Lumpur-based RHB Bank. Huray is set to join Kuok Group in Singapore as regional managing director in March. Huray will remain the managing director of RHB Investment Bank until his planned departure in February.
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