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AMERICAS
Apollo Global Management, a global alternative investment manager firm, completed the acquisition of the incumbent local exchange carrier assets of Lumen Technologies, an American telecommunications company headquartered in Monroe, Louisiana, for $7.5bn.
"The team at Lumen has built a great business and we see an incredible opportunity to provide leading edge, fiber-to-the-home broadband technology to millions of its business and residential customers. Our investment will help accelerate the upgrade to fiber optic technologies, and we are excited to have such a high-caliber management team ready to bring faster and more reliable internet service to many rural markets traditionally underserved by broadband providers," Aaron Sobel, Apollo Private Equity Partner.
Apollo Global was advised by Altman Solon, Barclays, Credit Suisse, LionTree Advisors (led by Yuri Brodsky), Mizuho Securities, Morgan Lewis & Bockius, Paul Weiss Rifkind Wharton & Garrison (led by Ross Fieldston and Gregory Ezring), Joele Frank (led by Jonathan Keehner and Julie Hamilton) and Altman Solon. Lumen Technologies was advised by Bank of America, Citigroup (led by Gordon Kroft and Benjamin Mortimer), Goldman Sachs, Morgan Stanley, Jenner & Block, Jones Walker (led by Britton Seal and Kenneth J. Najder) and Joele Frank (led by Adam Pollack and Viveca Tress).
Prologis, a provider of logistics real estate, completed the acquisition of Duke Realty, an Indianapolis-based publicly traded REIT, for $26bn. Duke Realty shareholders received 0.475x of a Prologis share for each Duke Realty share they own.
"We are confident that the proposed combination will be a win-win for our respective shareholders. Prologis has a proven track record serving as a leader and innovator in our industry. We are known for providing exceptional service to customers and delivering superior value for our shareholders, including the shareholders of companies we have merged with or acquired in the past. We have no doubt that Duke Realty's shareholders would similarly benefit from long-term value created by the combination of our companies," Hamid R. Moghadam, Prologis CEO and Co-Founder.
Patient Square Capital, a private equity firm, completed the acquisition of Hanger, a provider of orthotic and prosthetic patient care services and solutions, for $1.25bn.
“I’m very pleased to be announcing this agreement today as the transaction will result in immediate and substantial value creation for our stockholders. This transaction represents a culmination of an extensive review by our Board of Directors of strategic alternatives to provide value to our stockholders and to offer financial flexibility for our company to pursue future growth initiatives. Patient Square Capital recognizes the value of our brand and the quality of our world-class team, and is grounded in similar values that guide our actions. They share the same long-term vision for our company, which makes them an excellent partner for the next phase of our journey,” Vinit Asar, Hanger President and Chief Executive Officer.
Pfizer, a pharmaceutical firm, completed the acquisition of Biohaven Pharmaceuticals, a clinical-stage biopharmaceutical company, for $11.6bn. Biohaven common shareholders received $148.5 per share in cash, representing a premium of approximately 33%.
“Today’s announcement builds on our legacy of delivering breakthroughs for patients living with complex pain disorders and diseases that disproportionately impact women. NURTEC ODT, which is already the #1 prescribed migraine medicine in its class in the United States, coupled with Biohaven’s CGRP pipeline, offers hope for patients suffering from migraine worldwide. We believe Pfizer is uniquely positioned to help the portfolio reach its full potential given our leading scale and capabilities, including comprehensive field force engagement with Primary Care Physicians, specialists and health systems delivering the right information at the right time," Nick Lagunowich, Pfizer Global President.
Naver, an internet company, agreed to acquire Poshmark, a social e-commerce marketplace for new and secondhand style, for $1.2bn. Naver will acquire all of the issued and outstanding shares of Poshmark for $17.9 in cash, representing a premium of 15%.
"The combination will create the strongest platform for powering communities and re-fashioning commerce. Poshmark is the definitive brand for fashion in the United States that provides a social network for buying and selling apparel. Naver's leading technology in search, AI recommendation and e-commerce tools will help power the next phase of Poshmark's global growth," Choi Soo-Yeon, Naver CEO.
Naver is advised by LionTree Advisors, Kirkland & Ellis and FGS Global. Poshmark is advised by Goldman Sachs and Goodwin Procter.
Viterra, a grain handling company, completed the acquisition of Gavilon, a company that originates, stores and distributes grains and oilseeds, from Marubeni, a trading and investment business conglomerate, for $1.13bn.
"The addition of Gavilon supports our long-term strategy of significantly increasing our presence in the United States, one of the major producing and exporting regions, which will further strengthen our global network. The combination of the Gavilon and Viterra origination businesses will enable us to provide more value and flexibility to our customers. We will be able to rapidly enhance our sustainable supply chains, provide higher levels of quality control and reliability, while creating exciting opportunities for our customers and employees," David Mattiske, Viterra CEO.
Viterra was advised by JP Morgan, TD Securities, Machado Meyer Sendacz e Opice Advogados (led by Maria Eugenia Novis) and Sidley Austin. Marubeni was advised by Barclays.
carsales.com, the largest online marketplace in Australia focusing on the automotive, motorcycle, and marine realms, completed the acquisition of the remaining 51% stake in Trader Interactive, a provider of online market places and digital marketing products, from investment firms Eurazeo and Goldman Sachs Asset Management for $809m.
"The first year of ownership has been very successful and we have strong conviction in the quality of the Trader Interactive business, the management team and its growth opportunities. Culturally, there is strong alignment between the carsales and Trader Interactive teams and we are excited to be working more closely together to execute on our strategic objectives," Cameron McIntyre, carsales Managing Director and CEO.
carsales.com was advised by Morgan Stanley, Arnold Bloch Leibler (led by Jonathan Wenig and Jeremy Lanzer) and Skadden Arps Slate Meagher & Flom (led by Amr Razzak). Trader Interactive was advised by Jefferies & Company. Eurazeo was advised by Maitland (led by David Sturken).
Movella, a developer of motion sensors and associated technology, agreed to go public via a SPAC merger with HGGC and Industry Ventures-backed Pathfinder Acquisition in a $537m deal. Francisco Partners participates in the deal.
“Combining with Pathfinder and accessing public markets will allow Movella to continue to rapidly scale our platform and further invest in our market-leading movement capture and digitization solutions to better serve our customers. This agreement is indicative of our Company’s bright future and will unlock new opportunities for the Movella team, whose hard work and dedication has made Movella what it is today," Ben Lee, Movella President and CEO.
Movella is advised by Stifel and Pillsbury Winthrop Shaw Pittman. Francisco Partners is advised by Latham & Watkins. Pathfinder Acquisition is advised by Kirkland & Ellis and Stanton PRM (led by Tom Faust).
AE Industrial, a middle market private equity firm, agreed to acquire a majority stake in York Space Systems, a firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. BlackRock to invest alongside AE Industrial. Financial terms were not disclosed.
"With its innovative spacecraft designs and manufacturing processes, York has revolutionized the small satellite market, which is poised for significant growth in both the government and commercial markets over the next 20 years. Backing the largest independent small satellite manufacturer represents a unique opportunity to serve the fast-growing LEO commercialization and national security markets, and we look forward to partnering with Dirk, Chuck and the entire York team during this exciting time in the space industry and at the Company," Kirk Konert, AEI Partner.
AE Industrial is advised by Ernst & Young, Kirkland & Ellis and Lambert & Co (led by Jennifer Hurson). York Space Systems is advised by Jefferies & Company and Gibson Dunn & Crutcher.
Crescent Capital, a global credit investment manager, agreed to acquire First Eagle Alternative Capital, a closed-end management investment company, for $146m.
“For over 30 years, we have differentiated ourselves in the marketplace, strategically growing our asset base across multiple economic and business cycles to be more effective and relevant to our clients, both our investors and the private equity community whose companies we finance. The growing demand for capital from middle market borrowers has created an even greater need for flexible capital providers like us, and we believe the addition of First Eagle BDC further augments our relevance in the market," Jean-Marc Chapus and Mark Attanasio, Crescent Co-Founders and Managing Partners
First Eagle Alternative Capital is advised by Keefe Bruyette & Woods and Simpson Thacher & Bartlett. Crescent Capital is advised by Wells Fargo Securities and Kirkland & Ellis.
MarineMax, the world's largest recreational boat and yacht retailer, completed the acquisition of Island Global Yachting, which owns and operates a collection of iconic marina assets and a yacht management platform in key global yachting destinations, for $580m.
"We are excited to join the MarineMax Family and its experienced management team. MarineMax brings significant resources, synergies, and competitive advantages to our business amplifying our potential for both organic and inorganic growth. With IGY's irreplaceable destination portfolio, demonstrated track record of successful acquisitions and a robust pipeline, we are confident in our collective ability to strengthen and build on our position as the global leader in superyacht and luxury marina destinations and related services," Tom Mukamal, IGY Marinas CEO.
SK Capital backed-Deltech Holdings, a producer of specialty aromatic monomers, polystyrene and resins for use in coatings, composites, construction materials and other applications, completed the acquisition of StanChem, a specialty chemicals manufacturer, from Artemis Capital Partners, a specialized private equity firm. Financial terms were not disclosed.
“StanChem has always been a premier provider of emulsion polymers and Albi has been an innovator in the protective coatings market. Over the last 5 years, we have worked to transform the business into a specialty polymer provider by focusing on proprietary product development and expansion of manufacturing capabilities. We look forward to the next chapter of our growth as a part of the Deltech team,” Paul Stenson, StanChem President and CEO.
Artemis and StanChem is advised by Evercore and Morgan Lewis & Bockius. SK Capital Partners and Deltech is advised by Kirkland & Ellis and BackBay Communications (led by Jeremy Milner).
Levine Leichtman Capital Partners, a private equity firm, completed the acquisition of AGDATA, a provider of mission-critical workflow and data solutions within the agribusiness and animal health sectors, from Vista Equity Partners, an American investment firm. Financial terms were not disclosed.
“We are pleased to partner with Heffy and the AGDATA team to provide the highest-quality data and analytics to the agriculture and animal health sectors. AGDATA serves attractive end markets that benefit from macro tailwinds including population growth, a growing need for crop efficiency, and increased spending on food and pets. We are excited to capitalize on these favorable tailwinds to build on AGDATA’s market leadership position,” Josh Kaufman, LLCP Senior Managing Director.
AGDATA is advised by Raymond James and Kirkland & Ellis. Levine Leichtman Capital Partners is advised by Honigman Miller Schwartz & Cohn and Gasthalter & Co (led by Mark Semer).
Uniphar, a trusted global partners to pharma & medtech manufacturers, agreed to acquire Inspired Health, a provider of healthcare insights. Financial terms were not disclosed.
"The acquisition of Inspired Health adds another vital component to our high value commercialisation offering and further increases our scale in the world's largest healthcare market. Market research is the first step on the journey towards successful commercialisation and the insights gained from Inspired's innovative service offering will be leveraged across the Group. We are excited to welcome the highly innovative Inspired team to the Group," Ger Rabbette, Uniphar CEO.
Uniphar is advised by Davy Corporate Finance, RBC Capital Markets, Stifel (led by Matthew Blawat) and Q4 PR.
BankFirst Capital, a registered bank holding company, completed the acquisition of Tate Financial, a parent company of Sycamore Bank, a commercial bank. Financial terms were not disclosed.
"Tate Financial and Sycamore Bank are excited to be partnering with a relationship-focused financial institution that has a rich history of supporting its communities and which will provide all Sycamore Bank clients with the same friendly service they are accustomed to and a wider array of services, products and locations. This presents an opportunity for our customers to enjoy expanded locations and convenience with the same quality banking services that they have come to expect," MJ Tindall, Tate and Sycamore Bank CEO and Chairman.
BankFirst Capital was advised by Olsen Palmer and Hunton Andrews Kurth. Sycamore Bank was advised by Southard Financial and Gerrish Smith Tuck.
Adeia, a provider of licensed innovations, completed the spin-off of Xperi, a firm that invents, develops, and delivers technologies. Financial terms were not disclosed.
"Our strategy is closely aligned with broad industry growth trends and creates a highly scalable revenue stream through engagement-based monetization. Our market engagement model is well positioned to drive partner adoption by allowing TV OEMs and automotive OEMs to brand the experience, retain customer ownership, and actively participate in long term revenue generation. Our strategic growth, market opportunity, and unique value proposition are demonstrated by recent high profile customer wins such as a key TV OS win with Vestel, one of the three largest global TV producers, wins with BMW and Mercedes in automotive, and numerous IPTV wins, supported by a strong pipeline across our portfolio," Jon Kirchner, Xperi CEO.
Xperi was advised by Centerview Partners, Skadden Arps Slate Meagher & Flom and Arbor Advisory Group.
Ingevity, a chemical manufacturer, completed the acquisition of Ozark Materials, a producer of pavement marking materials, for $325m.
"Today's announcement represents an important step for Ingevity, strengthening our position in the paving construction industry while moving us one step downstream where we can better serve our end customers. Ozark Materials has established itself as a leading player within the pavement marking materials industry, which is expected to continue to benefit from several macro-level tailwinds, including increased infrastructure spending and the need for more road markings to support autonomous vehicles," John Fortson, Ingevity President and CEO.
Ozark Materials was advised by Bank of America. Bank of America was advised by Shearman & Sterling (led by George Casey and Heiko Schiwek).
Orkla, a Norwegian conglomerate, agreed to acquire an 84% stake in Denali Ingredients, an ice cream ingredients business in the US, for $168m.
"The acquisition of Denali Ingredients is a significant and natural step for OFI into the market for ingredient solutions for the US ice cream industry. The food ingredients sector is fragmented, with significant potential for further consolidation and growth. Based on these opportunities, we will now initiate a process to seek a long-term partner for OFI to accelerate growth and value creation," Nils K. Selte, Orkla President and CEO.
Orkla is advised by Rothschild & Co. Denali Ingredients is advised by Harris Williams & Co (led by Brant Cash).
Allegiance Bank, a full-service Houston community bank, completed the merger with CommunityBank of Texas, a company wich provides personal and commercial banking services. Allegiance and CBTX form Stellar Bancorp. Financial terms were not disclosed.
"This transaction is a true merger of equals, combining the best of our highly-respected community banks, which better positions us to serve our customers and drive enhanced financial performance. Our companies complement each other beautifully, and the combined company will be a formidable competitor across our markets," Steve Retzloff, Allegiance CEO.
A consirtsium of investor led a $121m Series C funding round in Cellarity, a pharmaceutical company, with participation from Flagship Pioneering, Kyowa Kirin and Hanwha Impact Partners.
“Cellarity is truly rewriting the rules of drug creation. Disease isn’t driven by one mechanism or protein, so Cellarity has developed the ability to solve disease through the lens of the entire cell. Since the cell is a fuller representation of disease, the platform is uniquely designed to drive higher translatability and clinical success, creating important new medicines for internal pipeline development as well as with partners," Stephen Berenson, Cellarity Board of Directors Chairperson and Flagship Pioneering Managing Partner.
Velodyne Lidar, a Silicon Valley-based lidar technology company, completed the acquisition of Bluecity, an AI software company. Financial terms were not disclosed.
“Bluecity is a big believer in Velodyne’s vision of being the leading provider of AI-powered autonomous vision systems. Our experience working with Velodyne’s world-class lidar sensors has shown the power their solutions can bring in making communities safer and more efficient. Our team is thrilled to now be part of Velodyne,” Asad Lesani, Bluecity Co-Founder and CEO.
Velodyne Lidar is advised by Darrow Associates (led by Jim Fanucchi).
H&E Equipment, an equipment company, completed the acquisition of One Source Equipment Rental, a provider of non-residential construction and industrial equipment, for $130m.
“For more than 20 years, One Source has emphasized a culture where equipment reliability and customer support and satisfaction are vital features for success, resulting in an equipment rental operation with strong consumer loyalty throughout its branch network. These important attributes, which are underscored by a dedicated base of employee owners, offer an exceptional cultural fit with H&E," Brad Barber, H&E Equipment Services CEO.
Goldman Sachs, a global investment banking, securities and investment management firm, led a $146m Series F-2 funding round in SingleStore, a cloud-native database built for speed and scale to power data-intensive applications, with participation from Prosperity7.
"Business happens in real time. Today's organizations demand real-time data and immediate insights that empower them to make fast, informed decisions. That requires a modern data infrastructure that only SingleStore's cloud-native database can deliver. I am excited to announce this funding, and I'd like to thank all of our investors. I look forward to applying these funds to fuel SingleStore's continued growth and strategic initiatives," Raj Verma, SingleStore CEO.
Stewart, a global real estate services company, completed the acquisition of FNC Title Services, a full-service title and settlement company specializing in reverse mortgage closings. Financial terms were not disclosed.
“As in any real estate market, technology and innovation are key to success, and by leveraging Stewart’s products and platforms, FNC will be able to deliver security and ease-of-use to a growing market segment. Their strength in reverse mortgage complements our existing Lender Services business lines and continues our momentum as we build a leading Lender Services organization,” Fred Eppinger, Stewart CEO.
Core & Main, a specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, to municipalities, completed acquisition of Trumbull Industries, a supplier of specialty and private label products. Financial terms were not disclosed.
“We are thrilled to expand our presence in Ohio and Pennsylvania. The local knowledge and expertise their team brings enable us to deliver on our shared commitment to deliver quality products and outstanding customer service to the region,” Steve LeClair, Core & Main CEO.
HSBC weighs multibillion pound Canada sale amid Ping An siege.
HSBC Holdings is exploring a multibillion pound sale of its operations in Canada in what would mark a significant retreat from its presence in North America.
Sky News reported, that HSBC's board has instructed investment bankers at JP Morgan to sound out prospective buyers of its business in the country. The value of its Canadian subsidiary could be in the region of $7bn.
Two SPACs backed by Bill Foley seek shareholder nod to liquidate. (FS)
Two blank-check companies backed by veteran investor Bill Foley, which together raised over $2bn in their share sales, plan to shutter by the end of the year, the firm's sponsors said, as market turmoil curbs appetite for deals.
Austerlitz Acquisition I and Austerlitz Acquisition II, named after the Battle of Austerlitz – regarded as one of Napoleon's greatest military triumphs – have failed in finding merger partners despite dozens of negotiations, Reuters reported.
Phoenix Suns owner Sarver picks Moelis for team sale.
Robert Sarver, owner of the Phoenix Suns and Mercury basketball teams, is working with advisory firm Moelis & Co on the potential sale of the NBA and WNBA franchises, Bloomberg reported.
Sarver’s decision to pick a financial adviser for the potential transaction follows an NBA investigation that found he used racist slurs and harassed female employees. The league suspended him for a year and fined him $10m, a sanction that was criticized by NBA superstars including LeBron James and former National Basketball Players Association President Chris Paul for being too lenient.
Light & Wonder merger with Sciplay Sought by Engine Capital. (FS)
An investor in Light & Wonder and its subsidiary Sciplay is urging the gaming companies to merge in an effort to improve value for their shareholders.
Engine Capital owns a stake of more than a 5% in Sciplay and a smaller stake in Light & Wonder, formerly known as Scientific Games. The New York-based investment firm said in a letter to the boards of both companies that it believes Light & Wonder purchasing the 19% of Sciplay that it doesn’t already own would simplify the company’s structure, reduce the overhang on its shares, and provide immediate value to Sciplay’s shareholders, Bloomberg reported.
Hedge fund Sculptor has potential suitors, Och tells board.
Dan Och is escalating his fight with Sculptor Capital Management Chief Executive Officer Jimmy Levin, deepening the fissures in the relationship with his former protege and putting the publicly traded hedge fund firm in play.
Och, who co-founded Sculptor before stepping down as CEO in 2018, said he and other founding partners have been asked whether the firm might be open to a strategic transaction “that would not involve current senior management continuing to run the company,” according to a letter to Sculptor’s board that was disclosed in a regulatory filing, Bloomberg reported.
Automation Anywhere raises $200m in venture debt. (FS)
Late-stage companies have been turning to venture debt and other nontraditional forms of financing as an alternative to raising a down round amid this year's stock market slump.
One of the latest to fund operations with debt rather than equity is robotic process automation provider Automation Anywhere. The San Jose-based company that it raised $200m in debt financing from SVB Capital and Hercules Capital.
AE Industrial Partners appoints MD and head of capital formation. (FS, People)
AE Industrial Partners, a private equity firm specialising in aerospace, defence & government services, space, power & utility services, and specialty industrial markets, has appointed Charles Shor as Managing Director and Head of Capital Formation, effective immediately.
Short brings over 25 years of experience in capital markets and investments, most recently as Managing Director for Business Development and Investor Relations for Marathon Asset Management, focusing on the firm’s fundraising and investor relations efforts in North America.
EMEA
Azenta, a provider of automation, vacuum and instrumentation equipment for multiple markets, completed the acquisition of B Medical Systems, a provider of temperature-controlled storage and transportation solutions that enables the delivery of life-saving treatments across the globe, from Navis Capital Partners, a private equity firm, for €460m.
"We are excited to add B Medical into our growing portfolio of offerings. B Medical has done an outstanding job carving out a strong market position in the vaccine cold chain, and we see a breadth of opportunities to drive even further value from the portfolio by leveraging the Azenta platform," Steve Schwartz, Azenta President and CEO.
FCC Aqualia, a provider of water management services, completed the acquisition of an 80% stake in Georgian Global Utilities, an operator of a water utility and renewable energy holding company, from Georgia Capital, a company that is focused on providing a platform for buying, building and developing businesses, for $180m.
The ongoing relationship between FCC Aqualia, JSC GCAP and GGU will continue to be governed by the existing shareholders' agreement between the parties, regulating their respective rights and obligations as joint owners of GGU.
PKN Orlen, a Polish oil and gas company, expects its $18.5bn merger with Polish gas firm PGNiG, an oil and gas exploration and production company, to take place within weeks, Daniel Obajtek PKN CEO said.
Reuters reported that Obajtek added that he hopes Orlen will take over PGNiG at the beginning of November. The deal was signed On July 27, 2022.
PKN Orlen is advised by Citigroup. PGNiG is advised by Rothschild & Co.
ZINQ France, a metal processing company, and Sofigalva, a newly incorporated entity for the purpose of effecting the acquisition, completed the acquisition of France Galva, the French galvanizing and steel lighting column operations of Hill & Smith Holdings, the international group creating sustainable infrastructure and safe transport through innovation, for €73m.
"The proposed disposal of France Galva is in line with the Group's strategy of focussing our capital into higher growth markets. While galvanizing continues to be an important part of our long-term plans, we see the UK and US as offering better growth opportunities. The completion of the Proposed Disposal would provide the Group with additional financial firepower to support our organic and inorganic growth ambitions and would serve the best interests of our shareholders," Alan Giddins, Hill & Smith Executive Chair.
Oman National Investments Development Company, a government agency, completed the acquisition of a 19% stake in Al Rimal, a real estate company, from Tata Steel, an Indian multinational steel-making company. Financial terms were not disclosed.
This disclosure is being made in compliance with Regulation 30 of the SEBI Regulations, 2015.
GTCR will not make offer for GB Group. (FS)
Further to the announcement made on 6 September 2022 in relation to a possible offer for GB Group by GTCR, GTCR, on behalf of certain of its affiliated funds, confirms that it does not intend to make an offer for GBG.
GTCR, on behalf of certain of its affiliated funds, and any person(s) acting in concert with it, reserves the right to make or participate in an offer or possible offer for GBG.
Sika CEO sees long list of potential buyers for MBCC assets.
Sika expects to complete in the first half of next year the sale of part of the MBCC business it has bought, Chief Executive Thomas Hasler said, with the Swiss chemicals company looking for a single buyer for the businesses.
Sika is selling admixture businesses in North America, Europe, and Australia and New Zealand which generated $860m of sales to satisfy regulators looking into its acquisition of the rest of MBCC, the former construction chemicals business of BASF, Reuters reported.
Bertelsmann decides against selling stake in French TV Group M6.
German media giant Bertelsmann decided not to proceed with the sale of its stake in Groupe M6 citing “legal risks and uncertainties,” despite receiving “financially attractive offers.”
Three groups of buyers including French producer Stephane Courbit, French billionaire Xavier Niel and Czech billionaire Daniel Kretinsky have made offers for Bertelsmann’s 48% stake in M6. Bertelsmann is M6’s largest owner and was keen to offload the stake before May, when the channel is set to renew its license with media regulator Arcom, preventing a change of control for five years, Bloomberg reported.
Dubai IT firm Starlink scraps IPO plans for Infinigate merger.
Dubai-based StarLink has ditched plans for a local listing to merge with Infinigate Group, a deal that will create a cybersecurity and cloud services firm with about $2.2bn in revenue, Bloomberg reported.
Infinigate has expanded into the Middle East and African markets through its acquisition of cybersecurity distributor Starlink.
Algebra Ventures holds first close of fund II at $100m. (FS)
Algebra Ventures has finally held the first close of its second fund with $100m in capital commitments a year later than predicted.
The Egyptian and MENA-focused venture capital firm announced the launch of the $90m fund in April 2021 with the first closing expected in Q3 of last year. The firm now expects the funds which will look to invest between $500k and $2m in tech-driven start-ups, to reach its final close by the end of Q1 2023.
APAC
India's competition regulator has approved a merger between the Indian unit of Sony, an Indian indirect wholly owned subsidiary of Sony Pictures, and Zee Entertainment, an Indian media conglomerate, if certain conditions are met, Reuters reported.
On December 22, 2021, Sony Pictures Networks India agreed to merge with Invesco-backed Zee Entertainment in a $1.5bn deal.
Sony is advised by KPMG, Morgan Stanley and Shardul Amarchand Mangaldas & Co. Zee Entertainment is advised by Boston Consulting Group, JP Morgan, KPMG (led by Srinivas Balasubramaniam), Trilegal and Brunswick Group. Invesco is advised by Jefferies & Company.
Inbrew, a new-age beverage platform, completed the acquisition of the 32 liquor brands from Diageo-backed United Spirits, an alcoholic beverages company, for $106m.
"The transaction reflects the continued evolution of the management of the popular portfolio since 2016, when the company moved to a franchise model in many states, to enable a sharpened focus on 'Prestige & Above'. This is a significant move to reshape our portfolio in service of our publicly stated mission to deliver sustained double-digit profitable top-line growth," Hina Nagarajan, United Spirits CEO.
Clairvest and OMERS-backed NovaSource Power, a provider of solar operations and maintenance services, completed the acquisition of the Australian O&M assets of First Solar, a firm that designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. Financial terms were not disclosed.
"We are thrilled to expand NovaSource's global fleet into Australia's growing solar market. Our team is energized to present our current and future stakeholders through APAC a higher standard of technical services. The company's global framework, deep knowledge and industry expertise will enable our Australian operations to deliver experienced leadership and long-term value to our customers," Timo Moeller, NovaSource President for International Operations.
SE Asia leads private capital exits in Asia in H1, surpassing China for the first time. (FS)
In the first half of 2022, Southeast Asia overtook China for the first time in the value of private capital exits, DealStreetAsia reported.
Exits from Southeast Asia in January-June 2022 surged 736% YoY to $13.7bn, while it fell 70% YoY to $10.5bn, while it fell 70% YoY to $10.5bn in China, the data showed.
Betagro to raise $462m in Bangkok IPO.
Betagro, a Thai meat producer, plans to raise about $462m to fund its business expansion, in what would be the country’s second-largest initial public offering this year.
The company is offering 435m shares in the Bangkok IPO, it said in a regulatory filing. An over-allotment or greenshoe option will allow Betagro to sell an additional 65m shares if there’s strong investor demand, Bloomberg reported.
Edelweiss Alternatives raises $425m for third special situations fund. (FS)
Edelweiss Alternative Asset Advisors, an alternative asset management platform, said it has raised $425m for its third Special Situations Fund.
The fund got commitments from leading global institutional investors, including large insurance companies and pension funds as well as HNIs and family offices from India, the fund manager said in a statement, DealStreetAsia reported.
Thailand's T&B Media Global partners with Sygnum to raise $300m for metaverse platform.
The Thai media and entertainment group T&B Media Global is looking to raise over $300m for its new “interconnected metaverse platform”.
The fundraising, which will be through a hybrid equity-NFT (non-fungible token) fund structure, will be organised in partnership with Sygnum, a Singapore-and Switzerland-based digital asset bank, according to a statement, DealStreetAsia reported.
Alwin Capital closes new dual-currency fund at $281m to invest in life sciences. (FS)
China’s Alwin Capital has closed an oversubscribed dual-currency fund at over $281m to raise its stakes in the life sciences industry, DealStreetAsia reported.
The new fund secured capital commitments from a wide range of limited partners including large-scale funds of funds, government-guided funds, healthcare corporates, insurers, commercial banks, and other financial institutions, Alwin Capital announced in a statement.
D Capital hits third close on debut fund. (FS)
Japanese middle-market private equity firm D Capital has hit the third close of its debut fund at $186m, DealStreetAsia reported.
D Capital was spun out from Unison Capital in March last year and formally launched its fund last October.
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