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AMERICAS
PS Business Parks, a publicly-traded REIT, announced the expiration of the “go-shop” period set forth in the previously announced $7.6bn merger agreement with Blackstone. Under the merger agreement terms, Blackstone has agreed to acquire all the outstanding shares of the company’s common stock for $187.5 per share in an all-cash.
During the “go-shop” period the company actively solicited company acquisition proposals from 43 potentially interested third parties. To date, none of the third parties contacted by PSB or its financial advisors have made competing proposals following the execution of the merger agreement.
PS Business is advised by Eastdil Secured, JP Morgan and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Cravath Swaine & Moore. Blackstone is advised by Citigroup, Simpson Thacher & Bartlett and Joele Frank.
Osisko Gold Royalties, a Canada-based precious metal royalty company, completed the acquisition of the remaining 75% stake in Tintic Consolidated Metals, one of the highest grade gold mines in the world, for $135m.
“With the acquisition of Tintic we have inherited not only a highly prospective test mine in the Trixie project, but also a large, historic land package in one of the world’s premier mining jurisdictions. Through underground exploration, we hope to continue to expand the mineralization footprint along the T2 and T4 zones. We have engaged drilling contractors and look forward to sharing the results with you as we progress the understanding of this ground," Sean Roosen, Osisko Chair and CEO.
Arlington Capital plans to raise $3.5bn for its sixth fund. (FS)
Chevy Chase’s Arlington Capital Partners filed documents indicating plans to raise a massive $3.5bn for what would be its sixth fund, and by far its largest yet.
The sum would equal more than double what it raised for its fifth fund, which closed three years ago.
HIG hires Oliver Slade from Partners Group. (FS, People)
HIG Capital announced Oliver Slade has joined the firm’s Capital Formation Group, as a Managing Director, based in Dubai.
Slade will be responsible for capital raising and investor relations activities in the Middle East.
EMEA
Todd Boehly, Clearlake Capital, a private equity firm, Mark Walter and Hansjoerg Wyss completed the acquisition of Chelsea Football Club from Roman Abramovich for £4.25bn ($5.25bn).
Of the total investment, £2.5bn will be used to buy the shares in Chelsea and that money will be distributed to charity. The remaining £1.75bn is earmarked for investment in the club, including its stadium and women’s team.
Roman Abramovich was advised by The Raine Group, Simmons & Simmons, Pillsbury Winthrop Shaw Pittman and Northridge Law. Clearlake Capital was advised by Paul Weiss Rifkind Wharton & Garrison and Sidley Austin. Todd Boehly was advised by Robey Warshaw, Deutsche Bank, Goldman Sachs, Moelis & Co and Latham & Watkins.
abrdn, a firm that provides a variety of investment services, completed the acquisition of Interactive Investor, a flat-fee investment platform, from JC Flowers, an American private equity investment firm, for $1.98bn.
“This is a unique opportunity and a transformative step in delivering our growth strategy. interactive investor is the UK’s number one subscription-based investing platform with a powerful reputation as a consumer champion. abrdn’s scale, resources and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK’s attractive savings and wealth market," Stephen Bird, abrdn CEO.
Interactive Investor was advised by Fenchurch Advisory Partners, UBS and Taylor Wessing. abrdn was advised by JP Morgan, Slaughter & May and Edelman. JC Flowers was advised by Macfarlanes.
SalMar, a firm that produces and sells farmed salmon internationally, agreed to merge with Norway Royal Salmon, a fully integrated salmon farming company. Financial terms were not disclosed.
“A merger between SalMar and NRS makes sense. We join strong teams that encompass the best salmon farming know-how in Norway. The Merger will also allow synergies to be earlier and better realised than solely through the completion of SalMar’s voluntary tender offer to acquire all shares in NTS," Leif Inge Nordhammer, SalMar Chairman.
SalMar is advised by Arctic Securities and Advokatfirmaet BA-HR. Norway Royal Salmon is advised by Carnegie Investment Bank and Wikborg Rein.
CGI Group, a Canadian multinational information technology consulting and systems integration company, completed the acquisition of Harwell Management, a management consulting firm specializing in the financial services industry. Financial terms were not disclosed.
"We look forward to joining forces with Harwell Management. Together, we offer strong business and strategic IT consulting expertise, regulatory know-how, and end-to-end innovative digital services to support clients across the entire financial services value chain," Laurent Gerin, CGI Western and Southern Europe President.
CGI Group was advised by Bredin Prat. Harwell Management was advised by Sekri Valentin Zerrouk.
GIC, a sovereign wealth fund, and Greystar, a provider of real estate services, agreed to acquire Student Roost, a purpose-built student accommodation provider, from Brookfield, an alternative asset management company. Financial terms were not disclosed.
“GIC is pleased to invest in Student Roost, UK’s third largest student accommodation platform. We are confident that Student Roost will continue to offer high quality purpose-built student accommodation with good occupancy rates at a competitive rental price point which attracts demand from both local as well as international students," Lee Kok Sun, GIC CIO of Real Estate.
Kuwait Projects Company, a holding company that focuses on investments in the Middle East and North Africa, expects to complete a takeover of Qurain Petrochemical Industries, a holding firm as an investor in petrochemicals sector, this year, after S&P Global Ratings said it would struggle to improve its financial position if the deal fell through, Bloomberg reported.
"In parallel with the management’s efforts to secure the necessary funding to meet our obligations and maintain our financial standing, we continue to work towards successfully closing the merger with QPIC," Eman Al Awadhi, KIPCO Senior Vice President for Corporate Communications & Investor Relations.
Issas and TDR Capital might drop out of Walgreens Boots' £7bn request. (FS)
A consortium backed by the billionaire Issa brothers is considering dropping out of the bidding for Walgreens Boots Alliance's international arm due to disagreements over price, Bloomberg reported.
The Issas, who were bidding together with TDR Capital, balked at a request by Walgreens to increase their offer for the Boots drugstore chain and are now thinking about walking away. Shares of Walgreens pared earlier gains and closed up 1.4% in New York.
Inclusive Capital hopes to acquire Countryside in a $1.9bn deal. (FS)
San Francisco-based investor Inclusive Capital is looking to engage with Countryside Partnerships for a possible takeover offer valuing the British housebuilder at about $1.9bn, Reuters reported.
The possible offer was to buy the rest of the company's shares it does not already own, for $3.7 apiece - a premium of about 23% to the stock's last close.
Authentic Brands hopes to buy Ted Baker in a $379m deal.
Authentic Brands Group is in talks with UK fashion chain Ted Baker over a takeover bid worth about $379m, Bloomberg reported.
Authentic Brands has indicated it’s willing to pay more than $1.9 per share for Ted Baker. The shares rose as much as 3.1% in early London trading Monday. They had lost about a quarter of their value in the past year.
UK doubles down IPO listing.
The UK is doubling down on efforts to boost listing activity as London initial public offerings sink to levels not seen since the global financial crisis, Bloomberg reported.
The British market watchdog suggested doing away with the distinction between premium and standard listings, to create a single category instead for companies seeking a London IPO. It’s the latest move in a larger campaign over the past year to attract more startups and boost the capital’s standing in a post-Brexit world.
Foxtons names new CEO. (FS, People)
Real estate agent Foxtons named rival Chestertons' boss Guy Gittins as its new chief executive officer, at a time when the London-based company faces pressure from activist investors to start a formal sale process, Reuters reported.
His appointment comes two months after Canadian investment fund Converium Capital wrote to Foxtons' board, urging it to sell the company. Converium has a roughly 2% stake in Foxtons.
Redalpine hires Oliver Pabst as partner. (FS, People)
Zurich-based venture capital investor Redalpine hired entrepreneur Oliver Pabst as general partner following $1bn fund launch.
Pabst will take on tasks with leadership responsibility across different business activities including investor relations, evaluation of new investment opportunities and strategic support of portfolio companies.
APAC
Tata Motors, an Indian multinational automotive manufacturing company, agreed to acquire a manufacturing facility of Ford Motor Company, an American multinational automobile manufacturer, in western state of Gujarat. Financial terms are not disclosed.
"Tata Motors has a strong presence in Gujarat for more than a decade with its own manufacturing facility at Sanand. This MoU further reinforces our commitment to the state by creating more employment and business opportunities. Rising customer preference for passenger and electric vehicles made by Tata Motors has led to a multi-fold growth for the company over the past few years. This potential transaction will support expansion of capacity, thus securing future growth and opportunity to further strengthen our position in the passenger and electric vehicles space," Shailesh Chandra, Tata Motors Managing Director.
T Capital Partners, a private equity firm, agreed to acquire a 70% stake in Fujitsu Semiconductor Memory Solution, a semiconductor memory chip business of Fujitsu. FSL will continue to hold around 30% of the voting rights of FSM for the time being. Financial terms were not disclosed.
To accelerate the development of next-generation system memory LSIs and business for new solutions, FSL has decided to further enhance FSM's independence by transferring its shares in FSM to the successor company. This will enable FSM to expand its businesses flexibly with its advanced technical expertise in system memory LSIs such as FeRAM and ReRAM, accumulated over more than a decade.
Blackstone targets $5bn for Asia-Pacific private credit business. (FS)
Blackstone is seeking a tenfold increase of assets in its Asia-Pacific private credit business to tap a market with a growing appetite for such financing, Bloomberg reported.
The US alternative asset manager aims to expand its private credit assets to at least $5bn in the “near term” from the $500m committed as of the fourth quarter of last year. Blackstone Credit began investing actively in the region in 2021.
AGL abandons demerger plans after Mike Cannon-Brookes opposition.
A billionaire campaigner forced a key Australian polluter to capitulate over its corporate strategy in one of the most aggressive and successful examples of investor-led climate activism, Bloomberg reported.
AGL Energy abandoned a plan to split its retail and power-generation assets -- and said its chief executive officer and chairman will exit -- after pressure from technology tycoon Mike Cannon-Brookes, who became the utility’s largest shareholder this month to hasten efforts to curb greenhouse gas emissions.
Blackstone hires Mark Glengarry for expansion in APAC. (FS, People)
Blackstone hired Mark Glengarry from Anchorage Capital Group as head of Asia Pacific origination, Blackstone Credit.
"This is an opportune time to establish our Asia presence at an exciting period of fast growth for our Blackstone Credit business globally. We'll look to replicate the success of our North American and European platforms in the region, which is seeing a rising demand for private capital overall," Paulo Eapen, BXC Head of Europe and APAC.
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