|
AMERICAS
Faraday Future, a global shared intelligent mobility ecosystem company, went public via a SPAC merger with Property Solutions Acquisition in a $3.4bn deal. The combined company is now listed on the Nasdaq Stock Market under the ticker symbol “FFIE”.
“Today is a new chapter in FF’s history, and we are thrilled to be a public company with industry leading technology, unrivaled new products, and a world class experienced team to drive the success of FF for years to come. We want to thank the stockholders of PSAC and PIPE investors for their support, reaching this milestone is a testament to the trust and confidence that such stockholders and investors have placed in our leadership, technology and business model,” Carsten Breitfeld, Faraday Future Global CEO.
Faraday Future was advised by Credit Suisse, Miller Buckfire, Stifel, O'Melveny & Myers, Sidley Austin and ICR. Property Solutions was advised by Deutsche Bank, EarlyBirdCapital, Riverside Management Group and Latham & Watkins.
Tuscan Holdings, a special purpose acquisition company, announced that its stockholders approved the merger with Microvast, a global provider of next-generation battery technologies for commercial and specialty vehicles.
The closing of the transaction is anticipated to occur on or about July 23, 2021. Following closing, the combined company will be known as Microvast Holdings and is expected to trade on the Nasdaq Stock Market under the new ticker symbol "MVST".
Microvast is advised by Barclays, Houlihan Lokey, Shearman & Sterling and ICR. Tuscan Holdings is advised by EarlyBirdCapital, Graubard Miller, Morgan Stanley, Greenberg Traurig and ICR. Morgan Stanley is avised by Davis Polk & Wardwell.
Berkshire Grey, a pure-play robotics company offering fully integrated, artificial intelligence-based software and hardware solutions, went public via a SPAC merger with Revolution Acceleration in a $2.7bn deal. The transaction included a PIPE of $165m anchored by Chamath Palihapitiya, Founder and CEO of Social Capital, Hedosophia and BlackRock.
"We are incredibly excited about this transaction, which will enable Berkshire Grey to accelerate growth and provide new and existing customers with our leading robotics solutions," Tom Wagner, Berkshire Grey Founder and CEO.
Berkshire Grey was advised by Credit Suisse and Goodwin Procter. Credit Suisse was advised by Paul Weiss Rifkind Wharton & Garrison. Revolution Acceleration was advised by JP Morgan, Skadden Arps Slate Meagher & Flom and Finsbury Glover Hering. Softbank was advised by White & Case.
Sema4, an AI- and machine learning-driven patient-centered genomic and clinical data intelligence company, went public via a SPAC merger with Casdin Capital and Corvex Management-backed CM Life Sciences, a SPAC, in a $2bn deal. Financing includes a fully committed PIPE of $350m from growth and life science investors including Casdin Capital, Corvex Management, Fidelity Management & Research, Counterpoint Global, Perceptive Advisors, SoftBank, T. Rowe Price, Viking Global Investors, Blackrock and Deerfield Management.
“With the capital raised from this successful transaction, we are well positioned to help further close the gap between the practice of medicine and the availability of more clinically actionable guidance in order to improve the standard of care. We look forward to continuing to develop and scale our innovative health intelligence platform to enable health systems in delivering precision medicine as the standard of care,” Eric Schadt, Ph.D., Sema4 Founder and CEO.
Sema4 was advised by Goldman Sachs, JP Morgan and Fenwick & West. CM Life Sciences was advised by Cowen, Jefferies and White & Case.
KKR, an investment company, agreed to acquire Teaching Strategies, a provider of curriculum, assessment and family engagement tools to the early childhood education market, from Summit Partners, a private equity firm. Financial terms were not disclosed.
“Since our founding, Teaching Strategies has been steadfast in our mission of supporting educators and the children and families they serve through innovative resources and technologies,” John Olsen, Teaching Strategies CEO.
KKR is advised by Macquarie Capital and Simpson Thacher & Bartlett. Summit Partners and the company is advised by Deutsche Bank, Robert W Baird and Kirkland & Ellis.
ServiceMax, a mobile apps and cloud-based software provider, agreed to acquire LiquidFrameworks, a provider of cloud-based, mobile field operations management solutions, from Luminate Capital Partners, a private equity firm investing in growth and enterprise software companies. Financial terms were not disclosed.
"We are proud of LiquidFrameworks' growth and development over the course of our investment partnership, as the company delivered a differentiated, mission-critical SaaS offering that helped customers in the oil, gas, and industrial services industry react quickly and efficiently navigate the digital transformation journey," Hollie Haynes, Luminate Managing Partner.
LiquidFrameworks is advised by AGC Partners and Kirkland & Ellis. ServiceMax is advised by Centerview Partners and Ropes & Gray. Luminate Capital Partners is advised by Chris Tofalli Public Relations.
ZoomInfo, a provider of modern go-to-market software, data, and intelligence, completed the acquisition of Chorus.ai, an AI conversation intelligence cloud platform, for $575m.
"ZoomInfo is the only company that can marry a best-in-class data layer with world-class go-to-market applications. The acquisition of Chorus will accelerate our vision to deliver a modern go-to-market platform that brings together best-in-class intelligence with comprehensive data management, workflow, and engagement software, empowering companies to effectively execute their revenue-generating strategies. With the largest Conversation Intelligence patent portfolio in the industry, Chorus will advance each aspect of our vision by surfacing a new category of insights, illuminating new workflows, and enabling more targeted engagement at scale," Henry Schuck, ZoomInfo Founder and CEO.
Chorus.ai was advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. ZoomInfo was advised by Morgan Stanley, Lane Powell and Simpson Thacher & Bartlett.
Enterprise Financial Services, a financial holding company, completed the merger with First Choice, a bank holding company, in a $398m deal. Existing Enterprise shareholders own approximately 80% of the outstanding shares of the combined company, and FCBP shareholders own approximately 20%.
"The acquisition of First Choice strengthens our commercial banking foundation in the largest economy in the country. I have tremendous respect for the associates of First Choice and the company they have built since its founding in 2005. They have successfully created a commercially-focused community bank with a demonstrated ability to generate organic growth. I am pleased to welcome the diverse and experienced First Choice team to our organization," Jim Lally, EFSC President and Chief Executive Officer.
First Choice was advised by Keefe Bruyette & Woods and Duane Morris. Enterprise Financial was advised by Boenning & Scattergood and Holland & Knight.
Grupo Werthein, a holding company, agreed to acquire Vrio, a digital entertainment services company, from AT&T. Financial terms were not disclosed. The companies expect the transaction to close in early 2022.
"This transaction will further allow us to sharpen our focus on investing in connectivity for customers. We remain committed to Latin America through our wireless business in Mexico and services for multinational corporations operating in the region," Lori Lee, AT&T Latin America CEO.
Grupo Werthein is advised by Bruchou Fernandez Madero & Lombardi and Skadden Arps Slate Meagher & Flom. AT&T is advised by Goldman Sachs and Sullivan & Cromwell.
Nasdaq, SVB, Citi, Goldman Sachs and Morgan Stanley agreed to create a joint venture to establish an institutional-grade, centralized secondary trading venue for issuers, brokers, shareholders and prospective investors of private company stock. Financial terms were not disclosed.
“Since we launched Nasdaq Private Market in 2014, we have created a trusted platform for private companies resulting in a strong track record and robust pipeline of secondary transactions. This joint venture will accelerate our opportunities in the private company secondary trading market and establish the standard for technology-driven operational efficiencies, compliance and execution,” Nelson Griggs, Nasdaq Stock Exchange President.
Nasdaq is advised by Skadden Arps Slate Meagher & Flom. SVB, Citi, Goldman Sachs and Morgan Stanley are advised by Morgan Lewis.
The Riverside Company, a global private investor focused on the smaller end of the middle market, completed an investment in eMindful, a provider of evidence-based, mindfulness programs for everyday life and chronic conditions. Financial terms were not disclosed.
"We're thrilled to be adding eMindful to our Wondr Health organization. eMindful is a perfect fit, both clinically and strategically, as the addition of mindfulness solutions plays a key role in physical health," Steve Burns, Riverside Partner.
Riverside was advised by Jones Day.
RealPage, a technology platform provider, agreed to acquire G5, digital marketing software and services platform. Financial terms were not disclosed.
“The industry is undergoing a massive transformation, and it is time for the next generation of marketing platforms and capabilities. Together with RealPage, I believe we will be a powerhouse in the sector and will set the standard for renter experience and marketing optimization for years to come," Dan Hobin, G5 CEO and Founder.
G5 is advised by Raymond James.
Glatfelter, a supplier of engineered materials, agreed to acquire Jacob Holm, a manufacturer of premium quality spunlace nonwoven fabrics, for $308m.
“The combination of Jacob Holm’s quality spunlace and advanced fiber products along with Glatfelter’s industry-leading airlaid and composite fibers products will provide a best-in-class suite of nonwovens technologies, applications, and expertise to serve customers’ growing global demand. By acquiring Jacob Holm, we will further diversify our nonwovens and substrate offerings and enhance our overall innovation capabilities,” Dante Parrini, Glatfelter CEO.
Silver Lake led a $110m Series E funding round in SmartRecruiters, the hiring success company. The round had participation from existing investors Insight Partners and Mayfield Fund.
"As the job market becomes more fluid and dynamic, companies need a competitive advantage when it comes to accessing the best talent. Never before has business success been so dependent on hiring success. When you have the right recruiting platform and the right people, you achieve business success," Jerome Ternynck, SmartRecruiters CEO and Founder.
JMI Equity, an asset manager, completed the $50m investment OpenSesame, a SaaS global eLearning innovations provider. An investment had participation from existing partners FTV Capital and Altos Ventures.
“Not only are we serving new customers through innovative virtual technologies, but we are also expanding our reach with current customers by serving many new and multi-language courses. As we considered accelerating our growth, it became clear that we should add another proven financial partner to help us optimize our business for further success. We found that partner in JMI,” Don Spear, OpenSesame CEO.
Ontario Pension considers selling SeaCube for $1bn. (FS)
Ontario Teachers’ Pension Plan is assessing a sale of SeaCube Container Leasing more than eight years after taking the cargo-equipment company private.
The Canadian pension is working with an advisor on the potential sale of SeaCube, which could fetch about $1bn, including debt. The company is expected to draw interest from suitors, including infrastructure-focused investment firms and other pension funds, Bloomberg reported.
Ryan Specialty Group prices IPO at midpoint for $1.34bn.
Ryan Specialty Group, an insurance company, raised $1.34bn in an IPO priced at the middle of a marketed range.
Ryan sold almost 57m shares for $23.5 each after marketing them for $22 to $25. At the offer price, the company has a market value of $6bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
TPG set a $7bn upper limit on fundraising for its climate-related investment pool. (FS)
TPG, a private equity firm, set a $7bn upper limit on fundraising for its debut climate-related investment pool to back companies that are expected to have a positive impact on the environment by reducing carbon emissions, according to public documents prepared for the New Jersey State Investment Council.
The firm aims to raise at least $5bn for the fund, which has a mandate to produce positive impacts through its investments.
Pillar VC raises $192m for two funds with crypto focus. (FS)
Pillar VC, a venture capital firm, raised $192m for two funds focused on crypto as well as fintech, artificial intelligence, machine learning and enterprise Software-as-a-Service.
“Pillar is an experiment, answering the question of what would happen if unicorn CEOs came in and helped bootstrap the next generation. The experience is working, and Pillar does what VCs ought to do, which is back first-of-its-kind ideas," Russ Wilcox, Pillar VC Partner.
EMEA
Vonovia, a real estate company, has yet to win the support of 50% of shareholders in Deutsche Wohnen, a German property company, that are required for Europe's largest real estate takeover to go through, Reuters reported.
The deadline for Deutsche Wohnen shareholders to tender their stock passed at midnight on Wednesday, and with votes still being counted the tally has yet to reach the all-important threshold.
Deutsche Wohnen is advised by Deutsche Bank, Goldman Sachs, JP Morgan, Perella Weinberg Partners, UBS, Hengeler Mueller and Sullivan & Cromwell. Financial advisors of Deutsche Wohnen are advised by Gleiss Lutz and Skadden Arps Slate Meagher & Flom. Vonovia is advised by Freshfields Bruckhaus Deringer. Debt financing to Vonovia is provided by Bank of America, Morgan Stanley and Societe Generale. Debt providers are advised by Hengeler Mueller.
DexKo Global, a global trailer running gear, chassis assemblies and related components provider, agreed to acquire Brink International, the fixed, detachable and retractable towbars provider, from H2 Equity Partners, a private equity investor. Financial terms were not disclosed. The transaction is subject to customary closing conditions and regulatory approval.
"Brink offers a leading market position and another premium brand to DexKo. The company is characterized by its wide range of high quality, innovative products and the superior service it provides to customers," Fred Bentley, DexKo CEO.
DexKo is advised by Stibbe.
Septodont, a manufacturer of dental pharmaceuticals and medical devices, agreed to acquire dental care brands from Sanofi, a global biopharmaceutical company. Financial terms were not disclosed.
Divested portfolio includes four dental care brands Ultracain, Rodogyl, Birodogyl and Dontisolon, as well as related medical devices, mostly marketed in Europe. This portfolio of high-quality medicines benefits patients both during and after dental operations, while covering most dental indications.
Septodont is advised by Rothschild & Co.
Providence Strategic Growth completed the investment in Visualfabriq, an international provider of AI-enhanced revenue growth management software. Financial terms were not disclosed.
“We believe that Visualfabriq has developed a leading revenue growth management software solution which has strong long-term growth prospects given the large addressable market in the CPG space. We look forward to working with Jaco and the team to support Visualfabriq as it pursues its growth plans,” Edward Hughes, PSG Managing Director.
PSG was advised by Prosek Partners.
Temasek led a $180m Series C funding round in Soldo, a European pay and spend automation platform. The round was joined by Sunley House Capital, Citi Ventures, Accel, Battery Ventures, Dawn Capital and Silicon Valley Bank.
"We are delighted to welcome Temasek as the lead investor. With a track record of investing in category-leading fintechs, Temasek's insights will be valuable to us as we scale our platform and offering. Managing business spend is costly and challenging, yet Soldo continues to demonstrate its value and ease to customers of every size and across every industry. It's clear this category will see exponential growth as more businesses realize the benefits and Soldo is well placed to support them," Carlo Gualandri, Soldo CEO and Founder.
Soldo was advised by Goldman Sachs.
Visa, a company specializing in digital payments, agreed to acquire Currencycloud, a platform that enables banks and fintechs to provide innovative foreign exchange solutions, for $956m.
“Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments. With our acquisition of Currencycloud, we can support our clients and partners to further reduce the pain points of cross-border payments and develop great user experiences for their customers," Colleen Ostrowski, Visa Global Treasurer.
Bank of Ireland, a commercial bank operator, agreed to acquire Davy, a stockbroker, wealth manager, asset manager and financial advisor, for $518m.
“We see the continuation of the Davy brand and structure under the Bank of Ireland umbrella,” Francesca McDonagh, Bank of Ireland CEO.
Brookfield weighs purchase of Alstria Office. (FS)
Brookfield Asset Management is exploring a takeover of listed German real estate firm Alstria Office, as it bets on workers returning to city centers.
The Canadian investment firm is working with advisers to evaluate a potential bid. Alstria Office is valued at about €3.3bn ($3.9bn) and Brookfield already holds 8.35% of the company.
Restore rejects Marlowe offer after a $1bn bid made public.
Restore, an office services provider, rejected a takeover offer of about £743m ($1.02bn) from Marlowe, a company specializing in business-critical services and software, after Restore made its offer public.
“Marlowe and Restore share the same corporate DNA and channels to market, and we believe that bringing our businesses together will create a leading business-critical services group,” Alex Dacre, Marlowe CEO.
AFC Bournemouth owner considers sale of UK Club.
The owner of AFC Bournemouth, a professional association football club, is exploring options for the UK soccer club, including a potential sale.
Management reached out to a select group of potential investors and buyers in the spring to provide information on the club and its finances. The club has met with suitors, Bloomberg reported.
Apax Partners closes a €1.6bn fund. (FS)
Apax Partners continues its strong fundraising year through a target-busting €1.6bn final close of its tenth mid-market investment vehicle.
“The success of this fundraise reflects the strength and resilience of Apax Partners’ capabilities. Over the course of the fund, we will continue to seek out investments in exceptional non-cyclical companies where we can add our unique value creation strategy," Eddie Misrahi, Apax Partners CEO.
APAC
Centuria Capital, an Australian investment manager, completed the acquisition of Primewest, a property fund manager, for $462m. The price represents a 3.1% premium to last closing price.
"The addition of Primewest's deep client base centred on the west coast complements Centuria's east coast networks. The power of putting those two distribution networks on top of the New Zealand distribution network: it's a different way of looking at real estate platforms," John McBain, Centuria Joint CEO.
Primewest was advised by Moelis & Co and Hamilton Locke. Centuria Capital was advised by Ernst & Young, Morgan Stanley and Jones Day.
Asia Partners, a growth equity firm, and Falcon Edge, a global alternative asset manager, led a $100m Series B funding round in GudangAda, a marketplace that brings wholesalers closer to retail stores and other buyers. The round was joined by Sequoia Capital India, Alpha JWC and Wavemaker Partners.
The funding will be used to expand GudangAda's product categories, which now include fast-moving consumer goods, pharmaceuticals, packaging, homeware and stationery. It also plans to develop AI-based tools that can provide personalized recommendations for merchant customers.
Shell launches sale of stakes in oil and gas fields in Malaysia.
Shell, a multinational oil and gas company, launched the sale of its stakes in oil and gas fields it does not operate off the coast of Malaysia, Reuters reported.
The company announced in March that it was considering selling its stakes in the Baram Delta EOR and the SK307 production-sharing contracts which are operated by Petronas Carigali, a unit of state energy firm Petronas.
China Evergrande is said to explore listing of tourism business.
China Evergrande Group is exploring the prospect of listing its tourism business, as the world’s most indebted developer seeks to convince investors it can generate enough cash to pay down borrowings.
The company has held preliminary talks with advisers on a potential initial public offering for the unit. A share sale could happen as soon as next year, Bloomberg reported.
Sunseap and BP Batam sign agreement for floating solar farm in Indonesia.
Singapore-based Sunseap Group, an energy company, signed a memorandum of understanding with Badan Pengusahaan Batam to build a floating photovoltaic system and energy storage system in Indonesia.
The project is expected to involve an investment of almost $2bn and will be financed through a combination of bank borrowings and internal resources.
KakaoBank to raise $2.2bn in an IPO.
KakaoBank, a South Korean mobile-only bank, is set to raise $2.2bn after South Korea’s Kakao-backed internet-only retail lender priced its initial public offering at the top of a marketed range.
The bank, which operates no brick-and-mortar branches, priced 65m new shares at $33.9 apiece, giving it a value of $15.6bn. That would make it the nation’s most valuable retail lender after KB Financial Group and Shinhan Financial Group.
China considers unprecedented penalty for Didi after US IPO.
Chinese regulators are considering serious penalties for Didi Global, a ride-sharing company in China, after its controversial initial public offering last month.
Regulators see Didi's decision to go public despite pushback from the Cyberspace Administration of China as a challenge to Beijing’s authority, Officials from the CAC, the Ministry of Public Security, the Ministry of State Security, the Ministry of Natural Resources, along with tax, transport and antitrust regulators, began an investigation on-site at the company’s offices, the cyberspace watchdog said in a statement, Bloomberg reported.
Warburg Pincus-backed Insilico weighs US IPO.
Insilico Medicine, a company that uses artificial intelligence to drive drug discovery, is considering a US initial public offering that could raise about $300m.
The Hong Kong-based firm is in talks with investment banks about a possible first-time share sale as soon as later this year, Bloomberg reported.
|
