AMERICAS
Lantheus, a company in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, completed the acquisition of Progenics, an oncology company developing innovative medicines and artificial intelligence to find, fight and follow cancer, for $520m. Upon completion of the merger, Progenics stockholders received, for each share of Progenics common stock, 0.31 of a share of Lantheus common stock and one non-tradable contingent value right, which is payable in two contingent payments.
"Today marks an important day for Lantheus and Progenics. This combination forms an innovative company with a diversified diagnostics and therapeutics portfolio. The transaction leverages Lantheus' long-standing expertise in complex manufacturing, supply chain and commercial excellence, with Progenics' three leading FDA approved products, clinical pipeline and development capabilities. We're excited to welcome the talented Progenics employees to the Lantheus organization to help build upon our solid foundation," Mary Anne Heino, Lantheus President and CEO.
Progenics was advised by Bank of America Merrill Lynch, Jefferies & Company, O'Melveny & Myers and Joele Frank. Lantheus was advised by SVB Leerink, White & Case and Sard Verbinnen & Co. Bank of America Merrill Lynch was advised by Willkie Farr & Gallagher.
WESCO, a multinational electronics distribution and services company, completed the acquisition of Anixter International, a communications and security products provider, for $4.5bn. WESCO outbid the offer from Clayton, Dubilier & Rice to buy Anixter.
"Today marks a significant milestone for WESCO and Anixter. In combining two industry leaders with successful track records, we are creating the premier electrical, communications and utility distribution and supply chain solutions company in the world. This is a transformational combination that provides substantial value creation for our customers, supplier partners, employees, investors, and the communities in which we operate," John Engel, WESCO Chairman, President, and CEO.
Anixter was advised by Centerview Partners, Wells Fargo Securities and Sidley Austin. WESCO was advised by Barclays and Wachtell Lipton Rosen & Katz. Debt financing was provided by Barclays.
Invitae, a genetics company, agreed to acquire ArcherDX, a genomics analysis company democratizing precision oncology, for $1.4bn.
"From the beginning, Invitae's goal has been to aggregate the world's genetic tests into a single platform in service of our mission to bring comprehensive genetic information into mainstream medicine. Today, we take another major step forward in that effort," Sean George, Invitae CEO.
ArcherDX is advised by Evercore, JP Morgan and Cooley. Invitae is advised by Cowen & Company and Perella Weinberg Partners. Perella Weinberg Partners is advised by Ropes & Gray.
Ridgemont Equity Partners, a middle-market private equity investor, completed the acquisition of American Safety Council, a national provider of mandatory training, education, and certification solutions to regulated end markets, from Falfurrias Capital Partners, a Charlotte-based private equity firm. Financial terms were not disclosed.
"ASC has an outstanding management team, led by John Comly, and a uniquely scaled, national platform with nearly 2m customers and over four hundred online courses that help people lead safer and more productive lives. We have followed the business and its impressive growth trajectory for many years and are very pleased to partner with the ASC team to continue to invest in its content and technology and to actively pursue M&A opportunities in adjacent end markets," Rob Edwards, Ridgemont Partner.
ASC was advised by Robert W Baird. Ridgemont Equity Partners was advised by William Blair & Co and Alston & Bird. Debt financing was advised by AB Private Credit Investors, Benefit Street Partners and Churchill Asset Management.
Curaleaf, a vertically integrated cannabis operator in the United States, signed an amended agreement for its acquisition of Grassroots, the largest private vertically-integrated multi-state operator in the United States. The consideration was decreased from $875m to c. $700m. The amended deal for Chicago-based Grassroots eliminates the $75m cash component of the original agreement and increases the Curaleaf share consideration from $40m to $90m.
"Today's announcement marks another significant step forward in finalizing our acquisition of Grassroots, providing Curaleaf an important entry to highly populous, vertically integrated markets in the Midwest. The pending integration of Grassroots will solidify Curaleaf's position as the world's largest cannabis company by revenue and the most well-diversified, vertically integrated cannabis company in the United States, the world's largest cannabis market. We are well-positioned to continue to lead our growing industry, and we look forward to closing the transaction and serving new patients and customers in the Grassroots community," Joseph Lusardi, Curaleaf CEO.
Grassroots is advised by Canaccord Genuity, Stoic Advisory and Katten Muchin Rosenman. Curaleaf is advised by Eight Capital, Loeb & Loeb and Stikeman Elliott.
Private equity firms Bayside Capital, Amzak Capital Management and The Jordan Company completed the acquisition of Techniplas, a provider of highly engineered technical solutions to the automotive, transportation, and industrial markets. Financial terms were not disclosed.
"I am excited to lead Techniplas into our next chapter, strengthened with a right-sized balance sheet and backed by our investors, who have proven experience in supporting companies like ours through the next phase of growth. We enter this new phase with renewed energy and enthusiasm to meet the needs of our strategic customers," Ali El-Haj, Techniplas CEO.
Techniplas was advised by Miller Buckfire, White & Case and FTI Consulting. The buyers were advised by Houlihan Lokey and Arnold & Porter Kaye Scholer.
LeMaitre Vascular, a provider of devices and implants for the treatment of peripheral vascular disease, agreed to acquire Artegraft, which processes and sells biologic vascular grafts, for $90m.
"We are pleased to add Artegraft to our product offering, augmenting the suite of biologic and dialysis access products used by our core customer, the vascular surgeon. With this acquisition, we expect Artegraft to be the largest product line in our US sales bag and the cornerstone of our offering of devices used to treat patients with end-stage renal disease," Dave Roberts, LeMaitre Vascular President.
Artegraft is advised by SVB Leerink and Lowenstein Sandler. LeMaitre Vascular is advised by Cooley. Debt financing is provided by KeyBanc Capital Markets and Truist Bank.
Gilead Sciences, a research-based biopharmaceutical company, agreed to acquire a 49.9% stake in Pionyr Immunotherapeutics, a developer of cancer immunotherapies, for $275m. The transaction is subject to customary closing conditions and is expected to close shortly.
"Pionyr is pursuing promising, novel biology in the field of immuno-oncology. The agreement represents important progress as we continue to build out Gilead's presence in immuno-oncology with innovative and complementary approaches. We look forward to seeing the programs advance with the goal of developing new therapies that will improve the treatment of cancer," Daniel O'Day, Gilead Sciences Chairman and Chief Executive Officer.
Pionyr is advised by Centerview Partners and Canale Communications. Gilead Sciences is advised by Bank of America Merrill Lynch and Ropes & Gray.
Private equity firm Wind Point Partners completed the acquisition of Corbett Technology Solutions, a communications solutions provider, from Tower Arch Capital, a private equity firm. Financial terms were not disclosed.
"Since CTSI's founding, we have successfully grown our service capabilities, including enhanced managed and subscription services, while extending geographic reach by prioritizing the needs of our customers, partners and employees. Our focus remains the same, and with Wind Point's support, we will further expand those capabilities to better serve those constituencies and reach new markets," Gino Ruta, CTSI CEO.
Tower Arch Capital was advised by RSM, Cowen & Company and Kirkland & Ellis.
Credit Suisse, a global wealth manager, investment bank and financial services company, agreed to acquire a 35% stake in modalmais, a digital bank. Financial terms were not disclosed.
"This announcement underlines our strong commitment to our Brazilian clients and our growth ambitions for this priority market. This transaction further enhances our ability to serve our clients digitally while getting access to additional client segments in a fast-growing environment," Philipp Wehle, Credit Suisse CEO of International Wealth Management.
Credit Suisse is advised by Nova PR.
Lightyear Capital, a New York-based private equity firm, completed a majority investment in Health Plan One, a technology-enabled platform and online marketplace delivering end-to-end, direct-to-consumer enrollment solutions focused exclusively on the high-growth Medicare insurance market. Financial terms were not disclosed.
"The investment in HPOne reflects years of active efforts to identify and pursue digital insurance distribution companies, particularly those serving the rapidly growing Medicare market. We believe Bill and his team have built an impressive platform to connect health insurance carriers directly with consumers in a $9.1bn market, which we estimate is growing 11% per year. We look forward to working with them as they execute on their growth plans," Mark F. Vassallo, Lightyear Managing Partner.
Lightyear Capital was advised by ThroughCo Communications.
Mapletree Industrial Trust, a Singapore-focused real estate investment trust, agreed to acquire a 60% stake in Mapletree Redwood Data Centre Trust's data centres for $210m.
"The acquisition increases our exposure to the resilient data centre segment and deepens our presence in the United States. The United States is the largest and most established data centre market in the world. It offers attractive growth prospects and is well supported by favourable supply-demand dynamics. The acquisition will improve MIT's income stability with the increased freehold land component and long leases with annual rental escalations," Tham Kuo Wei, Mapletree Industrial Trust Chief Executive Officer.
Andreessen Horowitz led a $102m Series C round in Cedar, a patient payment and engagement platform. The deal includes $77m in venture capital and $25m from JP Morgan in venture debt. Other participants in the fundraising round include Kaiser Permanente and Cedar's current investors including Kinnevik, Thrive Capital, Lakestar and Founders Fund.
"Cedar's leadership team brings together medical, healthcare technology and deep software expertise that puts them in a unique position to drastically transform the way patients interact with healthcare providers. We've been extremely impressed by the patient payment solutions they've built and look forward to partnering to help them deliver on their mission to allow healthcare providers to understand and engage with patients more effectively," Scott Kupor, Andreessen Horowitz Managing Partner.
SoftBank seeks $21bn T-Mobile shares divestment. (FS)
SoftBank Group unveiled a series of transactions to divest more than $21bn worth of stock in US wireless carrier T-Mobile US, as it seeks funding for a $41bn share buyback and debt reduction plan.
SoftBank's shares have more than doubled since the middle of March, despite the economic uncertainty fueled by the Covid-19 pandemic, as CEO Masayoshi Son moves to shed or trim its stakes in other companies such as Alibaba Group.
While the divestments have bankrolled a string of share buybacks, delighting investors including hedge fund Elliott Management, they have raised concerns among credit ratings agencies about the Japanese conglomerate's financial standing.
Ares Management closes oversubscribed $3.5bn special opportunities fund. (FS)
Ares Management announced the final closing of its Ares Special Opportunities Fund. The fund was significantly oversubscribed at over $3.5bn of commitments relative to its $2bn target.
"We appreciate the enthusiasm of our investors who have supported us in the launch of our Special Opportunities strategy. The success of the ASOF launch exemplifies our ability to create new, differentiated strategies by assembling top talent and providing them access to the knowledge, networks and resources of our extensive platform. This has proven to be a significant fundraising quarter for the Ares Private Equity Group. Due to a demonstrated ability to capitalize on market volatility, the Group has attracted meaningful capital from existing relationships and new investors for its investment activities," Michael Arougheti, Ares CEO and President.
Amazon to launch a $2bn clean energy venture capital fund. (FS)
Amazon is launching a $2bn internal venture-capital fund focused on technology investments to reduce the impact of climate change, the latest sustainability initiative from the technology giant after criticism of its environmental record.
The new fund, which will be called The Climate Pledge Fund, will invest in companies across several industries, including transportation, energy generation, battery storage, manufacturing and food & agriculture.
Sherpa Capital raised $134m for its Special Situations III Fund. (FS)
Sherpa Capital, an Iberian private equity manager, specializing in medium-sized companies, has reached a final close of $134m for its new fund, Sherpa Special Situations III, a fourth fund of the firm after the special situation vehicles Sherpa Capital I and II, and the Sherpa Capital Private Equity fund, which acquires stakes in profitable and growing companies.
"The launch of Sherpa Special Situations III comes at a time in which companies are looking for partners who can bring liquidity and experience managing transformation situations such as the ones which many businesses are experiencing due to Covid-19. Our plan is to continue with the successful strategy of the predecessor vehicles, getting involved with the management teams of the portfolio companies and generating attractive returns for our investors," Eduardo Navarro, Sherpa Capital Executive President and Founding Partner.
EMEA
A PSA Group shareholder is calling for the French carmaker to change the terms of its merger with Fiat Chrysler Automobiles to reflect the downturn in the global auto industry and the Italian-American manufacturer's declining prospects, Bloomberg reported.
Six months after striking a deal to combine, the two companies' fortunes have diverged, Paris-based Phitrust, a social investment fund, said in a statement ahead of Peugeot-maker PSA's annual meeting on June 25, and Fiat's the following day. "Even back in December 2019, the respective situations of each group didn't justify a 50-50 merger," Phitrust.
Fiat Chrysler is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Community Group, Image Sept and Sard Verbinnen & Co. Financial advisers are advised by Cleary Gottlieb Steen & Hamilton and Macfarlanes. PSA is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters and Stibbe. Peugeot family is advised by Zaoui & Co. Exor is advised by Lazard. BPIFrance is advised by Willkie Farr & Gallagher.
European Union antitrust regulators warned about the possible anti-competitive effects of the London Stock Exchange's $27bn deal with Refinitiv, a data and analytics company, as they launched a four-month investigation into the deal, Reuters reported.
The European Commission said it was concerned about the combined company's large market share in the trading of European government bonds because both LSE's MTS trading venue and Refinitiv's Tradeweb are already market leaders. It said a new trading rival would not gain enough clients to challenge the two trading venues. Another key concern was the merged entity's market power in trading and clearing in over-the-counter interest rate derivatives used by investors and companies to hedge interest rate risks, a business where customers rarely switch to a rival.
Refinitiv is advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett and Eterna Partners. LSE 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.
A consortium of investors, comprising of Global Infrastructure Partners, Brookfield Asset Management, GIC, OTPP, NH Investment and Snam, agreed to acquire a 49% stake in Abu Dhabi National Oil Company's pipelines, at a $20.7bn valuation. The transaction is subject to customary closing conditions and regulatory approvals.
"We are pleased to once again partner with some of the world's leading global infrastructure and institutional investors in what marks the region's largest energy infrastructure investment. This milestone transaction demonstrates the trust and confidence placed in ADNOC by the global investment community and unlocks significant value from our pipeline portfolio, following last year's groundbreaking oil pipeline infrastructure investment partnership. Today's landmark investment signals continued strong interest in ADNOC's low-risk, income-generating assets, and sets another benchmark for large-scale energy infrastructure investments in the UAE and the wider region. It solidifies ADNOC's position as an attractive partner and reinforces the UAE's track record as the region's go-to foreign direct investment destination, even during the current unprecedented circumstances," Dr. Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO.
Snam is advised by Rothschild & Co. Abu Dhabi National Oil Company is advised by Bank of America Merrill Lynch, First Abu Dhabi Bank, Mizuho Securities and Moelis & Co. The consortium is advised by Simpson Thacher & Bartlett.
Coatue, a technology sector hedge fund, led a $150m Series B round in Checkout.com, a global payment solution provider, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital, Endeavor Catalyst, and GIC.
"We have followed the business explosive growth and are inspired by Guillaume's vision for the future of payments. We're incredibly excited to partner for the next phase of the Checkout.com journey," Kris Fredrickson, Coatue Managing Partner.
Checkout was advised by Wilson Sonsini Goodrich & Rosati, Macfarlanes and Carey Olsen.
London-based alternative asset manager Intermediate Capital Group completed a minority investment in Workhuman, a provider of cloud-based, human capital management software solutions, at a $1.2bn valuation.
"Workhuman is a truly unique HR platform provider that we are excited to be in partnership with. The business's historical performance is testament to the results it delivers for clients and their employees, reaching organizations in more than 160 countries. In the past couple years, and even more so as a result of the Covid-19 pandemic, organizations have begun to realize the power and value of their people and have been forced to innovate and thrive in new ways. Workhuman provides them with progressive tools to understand, engage with and better utilize their employees in ways they never could before," Benoit Durteste, ICG CIO and CEO.
Workhuman was advised by Morgan Stanley.
Sky News reported that the Competition and Markets Authority is expected to announce that it is minded to approve a deal - announced more than a year ago - for Amazon to buy a 16% stake in Deliveroo, one of the UK's most popular restaurant delivery apps.
The decision is a preliminary one, and could still be overturned by the regulator ahead of a final decision due to be made in August.
Amazon is advised by FTI Consulting.
Shomka Resources, a joint venture of Shomka Capital and Baiyin International Investments, agreed to acquire Namoya Mining, a gold mine in Congo, from Banro, a Canadian-based gold exploration and development company. Financial terms were not disclosed.
Under the deal, which is subject to final approval from Congo's government, Banro would receive a perpetual royalty for all production from the Namoya property.
Advent enters a race for a stake in Italian soccer league Serie A. (FS)
Advent International has entered the race for a stake in Serie A, the Italian soccer league that’s already considering offers from rival private equity firms CVC Capital Partners and Bain Capital, Bloomberg reported. Its proposal could value the league at about $14.6bn.
Advent has made its move just weeks after Bain’s $3.4bn preliminary offer for a roughly 25% stake in Serie A. This topped an earlier one made by CVC, which has been holding talks about taking as much as 20% in Serie A for $2.2bn.
European Central Bank to review Del Vecchio raising Mediobanca stake. (FS)
The European Central Bank needs a few weeks to review a request by Italian billionaire Leonardo Del Vecchio to double his Mediobanca stake, Andrea Enria, ECB supervisory board chair.
Del Vecchio, a founder of Italian eyewear maker Luxottica, requested ECB clearance to raise his Mediobanca holding above 10% and up to 20% on June 1, bringing the prospect of far-reaching changes in Italy’s financial landscape.
Germany in bailout talks with Lufthansa's key shareholder.
The German government held talks with Lufthansa's biggest shareholder to persuade him to accept the terms of a $10bn coronavirus bailout that it has offered the airline group.
Finance Minister Olaf Scholz voiced confidence that investors would approve the deal after he met Heinz Thiele, who owns 15.5% of the group and had threatened to block the aid at a shareholder meeting on Thursday.
Cinven seeks $11bn Allegro IPO. (FS)
Allegro's private equity owners are planning an IPO of the Polish online auction site, Bloomberg reported, in what could be one of the largest European share sales this year.
Cinven, Permira and Mid Europa Partners have picked Goldman Sachs Group and Morgan Stanley as global coordinators for the deal. Lazard is advising on preparations for the potential listing, which could value the business at about $11.2bn.
Hillhouse Capital, a private equity firm, and ST Telemedia, an investor in the communications, media and technology space, agreed to acquire a 5.1% stake in GDS, a developer and operator of high-performance data centers in China, for $505m. Hillhouse will invest $400m and ST Telemedia $105m. The transaction is expected to close in the next few days.
"I am very pleased to secure this capital to support our growth at a time when new IT infrastructure development in China is going to a higher level. Furthermore, I am very pleased to have done it in a way which adds value to GDS and strengthens our shareholder base. Hillhouse is one of the most respected investors, and we look forward to working with them over the long term. I also very much appreciate the on-going support from our strategic partner, STT GDC," William Huang, GDS Chairman and CEO.
GDS is advised by The Piacente Group.
Blackstone agreed to invest $150m in 21Vianet, a carrier- and cloud-neutral internet data center services provider. The transaction is subject to the satisfaction of customary closing conditions.
"We are delighted to welcome Blackstone, one of the world's leading investment firms, to partner with us to fuel our next phase of growth. This investment is a valuable vote of confidence in the strategy being pursued by our team. Blackstone's experience, connections and knowledge of the data center sector globally will help us embrace new infrastructure and digital transformation opportunities to better serve our customers," Josh Chen, 21Vianet Founder and Executive Chairman.
21Vianet is advised by ICR.
Fosun considers divestment of $1.3bn stake in Alibaba's Cainiao.
Fosun International, a Chinese conglomerate and investment company, is in talks with Alibaba and others to sell part or all of its 6.7% stake, worth $1.3bn, in the e-commerce giant's Cainiao, at a time when Alibaba has been increasing its holdings in the logistics affiliate.
The once-acquisitive conglomerate has been talking to Chinese investment firms and companies, including Alibaba, over the past few months about the sale, and wants to use the proceeds for new investments in consumer and healthcare businesses, Reuters reported.
Bain Capital, Cyrus Capital make final bids for Virgin Australia. (FS)
Bain Capital and Cyrus Capital Partners have reportedly made final bids for airline Virgin Australia, with the company expected to choose a preferred bidder by June 30.
The news comes after Virgin Australia filed for bankruptcy protection in April due to a reported $3bn debt load and a steep drop-off in demand from the Covid-19 pandemic.
Hyundai Motor and LG Chem consider EV battery JV in Indonesia.
Hyundai Motor Group, a South Korean car manufacturer, and LG Chem, a Korean chemical company, are considering establishing an electric vehicle battery manufacturing JV in Indonesia, Reuters reported.
Global automakers are moving to secure batteries in anticipation of a rise in EV sales due to government subsidies and quotas designed to cut carbon emissions.
In recent years, LG Chem has set up ventures with General Motors and Geely Automobile. LG Chem also supplies batteries to automakers, including Hyundai and Tesla.
Foxconn explores further investment in India.
Foxconn, a Taiwanese multinational electronics contract manufacturer, is planning further investment in India. Foxconn already makes smartphones in India for Apple and Xiaomi.
"We are fully pushing ahead with next steps there, and maybe in a month's time we can reveal on our website the next steps and report back to everyone. We'll have further investment there," Liu Young-way Foxconn Chairman.
BHP Group picks JP Morgan to sell Australian thermal coal mine. (FS)
BHP Group, a mining company, has hired JP Morgan to sell its Australian thermal coal mine, following pressure from investors concerned about global warming, Reuters reported.
BHP’s Mt Arthur open cut mine, in the Hunter Valley region of New South Wales, supplies thermal coal, used as fuel for power plants, to domestic and international customers and could fetch between $1.5bn and $1.8bn.
Info Edge seeks to raise up to $247m through QIP. (FS)
Info Edge, the parent of recruitment portal Naukri.com, approved a plan to raise $247m via QIP.
Only two companies have managed to raise funds through the QIP route since Covid-19 and the ensuing lockdown brought all economic activities to a grinding halt in India in March. In May, Kotak Mahindra Bank raised by selling shares to institutional investors, including Invesco Oppenheimer Developing Markets Fund, Canada Pension Plan Investment Board and ICICI Prudential Asset Management. JM Financial raised through a QIP, earlier in June.
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