AMERICAS
OmniAb, Ligand's antibody discovery business, is set to go public via merger with Avista Public Acquisition II, a publicly traded special purpose acquisition company backed by Avista Capital Partners, in an $850m deal.
"OmniAb's merger with APAC and its subsequent status as a standalone public company will help propel the company toward a new phase of growth and value creation. The merger will empower OmniAb with access to the capital markets, strong cash reserves, the agility to drive innovation and a superb leadership team. We look forward to partnering with Matt and the entire organization as they continue to differentiate OmniAb as a critical partner in advancing drug discovery and development," David Burgstahler, APAC CEO.
OmniAb is advised by CJS Securities, Cowen & Company, Craig-Hallum Capital Group, Credit Suisse, HC Wainwright, ROTH Capital Partners, SVB Leerink and Truist Bank. Avista is advised by Weil Gotshal and Manges and Kekst CNC. Ligand is advised by Latham & Watkins and LHA Investor Relations.
Cresco Labs, a vertically integrated multistate cannabis operator, agreed to acquire Columbia Care, a cultivator, manufacturer and provider of cannabis products, for $2bn.
"We are incredibly excited to announce this transformative transaction today at a very important time in the development of this industry. This acquisition brings together two of the leading operators in the industry, pairing a leading footprint with proven operational, brand and competitive excellence. The combination is highly complementary and provides unmatched scale, depth, diversification and long-term growth. On a pro-forma basis, the combined Company will be the largest cannabis company by revenue, the number one wholesaler of branded cannabis products, and the largest nationwide retail footprint outside of Florida," Charles Bachtell, Cresco Labs CEO.
Columbia Care is advised by Canaccord Genuity, Foley Hoag and Stikeman Elliott. Cresco Labs is advised by Alliance Global Partners, Solidum Capital Advisors, Stoic Advisory, Bennett Jones and Paul Hastings.
Terran Orbital, a satellite solutions provider, went public via a SPAC merger with Tailwind Two Acquisition, a special purpose acquisition company, in a $1.6bn deal. PIPE investors in the deal included AE Industrial Partners, Beach Point Capital, Daniel Staton, Lockheed Martin and Fuel Venture Capital.
"Terran Orbital offers an outstanding solution to address the increasing demand for cost-effective data that is only available from space. Tens of thousands of small satellites will be launched over the next decade, and Terran Orbital is ideally positioned to meet this demand, offering the most innovative, cost-effective small satellites that can meet the data demands for governments and corporations," Philip Krim, Tailwind Two Chairman.
Terran Orbital was advised by Jefferies & Company and Akin Gump Strauss Hauer & Feld. Tailwind Two was advised by Goldman Sachs, Houlihan Lokey, Jefferies & Company and Kirkland & Ellis. Financial advisors were advised by Alston & Bird and Sullivan & Cromwell.
Capstone Mining, a metals mining company, completed the merger with Mantos Copper, a copper-producing company, in a $3.3bn deal.
"I am delighted by the opportunity to lead Capstone Copper at this exciting time and to help deliver on a truly transformational growth story. I am incredibly passionate about helping to build a Canadian-based copper champion from a solid foundation of long-life assets with a strong presence in South America, having spent over ten years of my professional mining career in Chile. Over the past decade, I've closely monitored the progress at Santo Domingo and I see meaningful district scale synergies with Mantoverde as well as further expansion opportunities throughout the combined portfolio. I firmly believe that copper is an essential component of the global economy's transition to net zero, and Capstone Copper will play an important role in its delivery in a sustainable and responsible manner," John MacKenzie, Mantos Executive Chairman and Founder.
Mantos Copper was advised by Scotiabank, Baker McKenzie and Stikeman Elliott. Capstone Mining was advised by CIBC World Markets, GenCap Mining Advisory, Blake Cassels & Graydon and Carey y Cia.
Broad Sky Partners, a private equity firm that partners with middle-market business services and consumer companies, completed the investment in Fair Harbor, a sustainable lifestyle brand. Financial terms were not disclosed.
"Jake and Caroline are exceptionally talented, purpose-driven entrepreneurs. Against the backdrop of increased consumer preference for sustainable products, they've led Fair Harbor to achieve remarkable success to date. As sector-focused, thematic investors, we see significant opportunities to invest in the intersection of sustainable and direct-to-consumer business models and are following the impact the shift to sustainability is having in consumer packaging and supply chains," Jonathan Marlow, Broad Sky Partner.
Fair Harbor was advised by PricewaterhouseCoopers, Orrick Herrington & Sutcliffe and Agentry PR. Broad Sky Partners was advised by Raymond James, Morrison Cohen and Prosek Partners.
Icahn Enterprises announced that it has extended the expiration date of its tender offer for Southwest Gas, a utility company primarily engaged in the purchasing, distributing, and transporting of natural gas, to April 21, 2022, unless further extended or earlier terminated.
Icahn also announced that it is removing the regulatory approval condition to the offer.
Southwest Gas is advised by Lazard, Cravath Swaine & Moore, Morrison & Foerster and Joele Frank. Icahn is advised by Harkins Kovler.
Farmers National Banc, a diversified financial services company, agreed to merge with Emclaire Financial, a publicly traded Pennsylvania corporation and bank holding company, in a $105m deal.
"As we continue to demonstrate Farmers successful track record for executing on M&A, I am pleased to announce our largest acquisition to date. This latest transaction will mark a significant extension into the Pennsylvania markets, which has been a long-time strategy for Farmers. The contiguous expansion will also serve as Farmers’ entrance into the attractive Pittsburgh market and allow us to deliver our robust wealth management and mortgage services to the Emlenton footprint. This latest acquisition will continue to integrate Farmers’ culture into new communities and drive value for our stakeholders," Kevin J. Helmick, Farmers President and CEO.
Farmers is advised by Janney Montgomery Scott and Vorys Sater Seymour & Pease. Emclaire is advised by Raymond James and Silver Freedman Taff & Tiernan.
SK E&S, a provider of utility networks services, agreed to acquire EverCharge, a complete charging solution provider that manufactures and operates electric vehicle chargers. Financial terms were not disclosed.
"The EV charging solution including manufacturing, installation, service and aftersales service of chargers enables significant optimization for our customer base which is growing rapidly and ultimately, contributes to rapid deployment of EV fleets," Jason Appelbaum, EverCharge CEO.
EverCharge is advised by Guggenheim Partners and McDermott Will & Emery. SK E&S is advised by Bank of America and O'Melveny & Myers.
Integrated Power Services, a company specialized in service and repair of electric motors, generators, power transmission and mechanical components, agreed to acquire the US and Canadian hydro generator rewind and transformer repair businesses of ABB, an automation company. Financial terms were not disclosed.
"We're pleased to add these renewable energy, power management and power distribution services to our North American network. IPS welcomes our new highly skilled employees and looks forward to making a significant growth commitment to customers who seek a trusted advisor, high-quality service provider for this critical equipment," John Zuleger, IPS President and CEO.
Integrated Power Services is advised by Jones Day.
Votorantim, a permanently capitalized investment holding company, and Itausa, a Brazilian multinational conglomerate, agreed to acquire an additional 15% stake in CCR, a transportation company with interests in private interstate highway concessions, airport operations, metro system in Brazil and other countries, for $855m.
Votorantim already owns 5.8% of CCR and after acquiring the 14.86% stake owned by Andrade Gutierrez will split the combined stake with Itausa. Each group will end up owning 10.3% of CCR.
Votorantim is advised by Citigroup.
Insight Partners, a New York-based global venture capital and private equity firm, led a $115m Series B round in Island, a cyber startup that provides a secure web browser for the enterprise, with participation from Stripes and Sequoia Capital.
"Island has created a whole new way of thinking about enterprise work. By fundamentally transforming the work environment to be secure-by-design, the Island Enterprise Browser enables organizations to achieve entirely new levels of security, productivity, and IT efficiency. The enthusiasm from our customers and the IT community has been extraordinary. New investment from Insight Partners and increased investment from our original funding partners validates our product-market fit, accelerates our momentum, and highlights the huge opportunity in front of us," Mike Fey, Island CEO and Co-Founder.
Island was advised by Matter Communications.
Incannex, a clinical-stage pharmaceutical company, agreed to acquire APIRx, a pharmaceutical company, for $93m.
"We believe that bringing together Incannex and APIRx will bolster our position as a leader in the medicinal cannabinoid sector and will further set IHL apart from other players in the industry. With sizeable addressable markets and intellectual property spanning a multitude of unmet medical needs, we're positioning Incannex to be a significant player in the pharmaceutical sectors of the future. I'm excited by this acquisition opportunity on multiple fronts and look forward to working with the APIRx team to deliver on our vision of providing treatments which will make genuine differences to the lives of millions of people," Joel Latham, Incannex Managing Director and CEO.
Incannex is advised by Rx Communications.
Aurora Capital-backed PSC Group, a product handling and site logistics company for the refining, chemical, and marine transportation industries, completed the acquisition of Thermoplastics Services, a plastic custom compounding and pelletizing business. Financial terms were not disclosed.
"This partnership will provide broader access to PSC's blue chip customer base and rapidly expand our industry-leading sustainability solutions. We look forward to bringing our specialized technology to PSC's existing high-quality service offerings and supporting our customers' goals of an increasingly circular economy across the plastics industry," Ashley Wade, TSI President.
Aurora Capital was advised by ASC Advisors.
Superior Plus, a North American distributor and marketer of propane and distillates and related products and services, completed the acquisition of Kamps, a propane gas company, for $240m.
"The acquisition of Kamps is our sixth acquisition in 2021 and moves us further towards the Superior Way Forward acquisition target of $1.9bn. The acquisition of Kamps also establishes a large operating platform in the Western US and California to continue making accretive acquisitions and generating synergies," Luc Desjardins, Superior President and CEO.
Tencent, a Chinese multinational technology and entertainment conglomerate, led a $180m Series C round in Jeeves, the all-in-one corporate card and expense management platform for global startups, with participation from GIC, Stanford University, Andreessen Horowitz, CRV, Silicon Valley Bank, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels and Spike Ventures.
"While we are in one of the toughest environments for startup funding this year, we are excited in the trust investors have, not only in Jeeves but in growing businesses who will be able to use our financial products globally," Dileep Thazhmon, Jeeves CEO and Founder.
Houston Natural Resources, an energy company, agreed to invest $100m in Cunningham Energy, an independent producer of oil and gas-based in Charleston, West Virginia.
Cunningham Energy has a vertically integrated business model with multiple acquisition targets identified. Since its inception they have relied on past experience in parallel with the application of new technologies to succeed in the ever-changing field of efficient energy production. Cunningham Energy is positioned to take advantage of current and future trends in oil and natural gas production throughout these basins with aggressive but responsible decisions in the future.
TELEO Capital Management, a lower middle-market private equity firm, agreed to acquire CHCS Services, a technology-enabled third-party administrator for the senior health and eldercare markets, from Capgemini, a French multinational information technology services and consulting company. Financial terms were not disclosed.
"CHCS is one of the leaders in the insurance TPA market and has built an innovative platform for Medicare and LTC providers. We are extremely excited to support CHCS in this next stage of growth," TELEO Capital.
Founder-backed Altivia explores strategic options.
Altivia's owners are considering a sale that could value the chemical maker at more than $1bn, Bloomberg reported.
The owners, which include co-founder and Chief Executive Officer J. Michael Jusbasche, are working with an adviser to look at strategic options for the Houston-based company.
FTV Capital raises new growth equity fund at $2.3bn. (FS)
FTV Capital, a prominent growth equity investment firm, announced the close of FTV VII, its seventh and largest fund, oversubscribed at its hard cap of $2.3bn in capital commitments.
"This record fundraise is a testament to the exceptional caliber of talent on our team and their unrelenting dedication to driving superior results. Our team will continue to execute a highly-disciplined strategy and remain laser-focused on identifying critical trends in the innovation economy as a means to proactively source and back the most compelling companies that are reshaping industries," Brad Bernstein, FTV Capital Managing Partner.
EMEA
Clayton Dubilier & Rice has been given five days to address competition concerns in its £7bn ($9.2bn) purchase of British grocer WM Morrison Supermarkets, or it will face an in-depth probe from the UK watchdog.
The Competition and Markets Authority said the deal could lead to higher fuel prices in 121 locations where both firms own forecourts, according to a statement Thursday. CD&R has five working days to offer proposals, it said in a statement. The regulator then has a further five days to accept the offer to refer the deal to an in-depth investigation, Bloomberg reported.
CD&R was advised by BNP Paribas, Bank of America, Goldman Sachs, JP Morgan, Mizuho Securities, Clifford Chance, Debevoise & Plimpton and Teneo. Financial advisors were advised by Norton Rose & Fulbright. WM Morrison was advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson.
KKR confirmed that it remains interested in taking over Telecom Italia, an Italian telecommunications company, from Vivendi, a French mass media holding company, for $37bn.
KKR is open to discussing with TIM a potential integration of the group’s fixed-line assets with those of rival Open Fiber, a telecommunications company, Reuters reported.
KKR is advised by JP Morgan and Morgan Stanley. Vivendi is advised by Chiomenti. Telecom Italia is advised by Goldman Sachs, LionTree Advisors, Mediobanca and Vitale & Co. Debt financing is provided by JP Morgan and Citigroup.
Mitek Systems, a provider of digital identity verification and fraud prevention, agreed to acquire HooYu, a global customer onboarding platform, for $130m.
"Our current geopolitical, commercial and technological environment represents a perfect storm for bad actors. Mitek is leading the fight against fraud by providing the technology that businesses need to stamp out digital money launderers and sanctioned individuals. The only way to combat this scourge is to use artificial intelligence and stop bad transactions before they happen," Max Carnecchia, Mitek Systems CEO.
HooYu is advised by GP Bullhound. Mitek is advised by Jefferies & Company and Team Lewis.
Waldorf Production, an exploration and production company, agreed to acquire the UK upstream assets of MOL, a Hungarian multinational oil and gas company, for $305m.
"We are excited to acquire MOL's UK portfolio and by so doing to double our stake in GCA. Pro forma for the transaction Waldorf's 2021 production increases by c. 55% to c.34k boe per day and end 2021 2P reserves by almost a third from 51.6 mmboe to 66.5 mmboe," Erik Brodahl, Waldorf CEO.
MOL is advised by Rothschild & Co.
Fremman-backed Palex Medical, a distributor of high value-added MedTech equipment and solutions in Iberia, agreed to acquire Gada Group, a provider of innovative medical technologies. Financial terms were not disclosed.
"Thanks to this agreement, Palex will operate in the Italian market hand in hand with a great company with which we share the same ambition to lead innovation for the healthcare sector. With Gada, Palex is well positioned to become the largest medical device distribution platform in Europe, offering and introducing these high value-adding services in the medical device sector and taking advantage of becoming a single organization to leverage shared knowledge for the greater benefit of our clients and patients," Xavier Carbonell, Palex Group CEO.
Gada Group is advised by DC Advisory.
Accenture, a global professional services company, completed the acquisition of Alfa Consulting, a consultancy that specializes in operations strategy in capital intensive industries. Financial terms were not disclosed.
"Supply chains, especially in capital intensive industries, need to be flexible and responsive, while also maintaining the transparency that makes them trustworthy. Alfa Beyond Consulting's deep experience and proprietary tools complement our vision for helping clients build resilient and sustainable supply chains that can meet today’s demands and tomorrow’s opportunities," Kris Timmermans, Accenture Head of Supply Chain & Operations function.
Motorola Solutions, a provider of public safety and enterprise security, completed the acquisition of TETRA Ireland Communications, which operates NDRS providing a secure national communications network to Ireland's Emergency Services and Public Safety agencies. Financial terms were not disclosed.
"Delivering, managing and operating critical LMR networks is foundational to what we do. As a trusted technology partner in Ireland for over 40 years, we look forward to continuing to provide the interoperable mission-critical communications that Ireland's emergency and public service agencies rely on every day," Greg Brown, Motorola Solutions Chairman and CEO.
Philip Morris plans to exit Russia after outcry over war.
Philip Morris International said it is working on options to leave the Russian market, joining scores of multinationals that are scaling back operations in the country after its invasion of Ukraine.
The maker of Marlboro cigarettes said it intends to leave and is considering ways to do so in an orderly fashion as it’s become too complex to do business there.
Opera divests its stake in Nanobank for $127m. (FS)
Opera, a global web innovator, sold its stake in Nanobank to an undisclosed buyer for $127m. The purchaser is reportedly a private equity investor with strong tech and consumer fintech experience.
Opera obtained its ownership in Nanobank in August 2020 in exchange for contributing its emerging market fintech business to the newly established company. Opera's contributions, including cash and outstanding microloans, had a carrying value of $111m at the time, such that this divestment represents a gain realization of approximately $16.5m for Opera.
Pininfarina looks at M&A after return to profit.
Italian car designer Pininfarina is looking at acquisitions after returning to profit for the first time in three years, Bloomberg reported.
“We can move on after the restructuring and look actively to opportunities in the market for inorganic growth, in addition to our organic growth plans,” Silvio Angori, Pininfarina CEO.
DEWA is set to be among world’s largest listed utilities.
Dubai Electricity & Water Authority, a power and water company, is set to join the ranks of the world’s largest utilities after unveiling plans to list at a $34bn valuation.
The top end of its IPO price range would catapult DEWA into a list of the top 20 biggest listed utilities, valuing it at more than Britain’s SSE, Spain’s Endesa, Germany’s E.ON and Portugal’s EDP, Bloomberg reported.
Commodity producer WE Soda explores London listing.
WE Soda, one of the world's largest producers of natural soda ash, is evaluating options including a London initial public offering that could take place as soon as this year, Bloomberg reported.
The company is working with Goldman Sachs and JP Morgan on the potential listing.
APAC
Lanvin Group, a multinational high fashion house, is set to go public via merger with Primavera Capital Acquisition, a special purpose acquisition company listed on The New York Stock Exchange, in a $1.5bn deal. The deal includes a $130m PIPE investment from Fosun, ITOCHU, Stella International, Baozun, Golden A&A, Aspex Master Fund and Sky Venture Partners.
"Today's announcement marks another milestone in Lanvin Group's growth journey. We are excited to partner with Primavera for our next chapter of growth across Europe, North America and Asia. In recent years, we have not only invested in prestigious heritage brands but have also created a strategic alliance of industry-leading companies as partners and co-investors in Lanvin Group. Each of these partners is uniquely qualified to help drive growth, enhance the performance of our brands and unlock the full potential of new markets. We plan to accelerate the growth of our portfolio via both organic development and disciplined acquisitions, building a global portfolio of iconic luxury fashion brands that appeal to a broad customer base. Lanvin Group will not only enable these brands to flourish in their home countries, but also in Asia and North America, the largest luxury markets in the world," Joann Cheng, Lanvin Group Chairman and CEO.
Lanvin Group is advised by Cantor Fitzgerald and DLA Piper. Primavera is advised by Citigroup, Credit Suisse and Simpson Thacher & Bartlett. Financial advisors are advised by Skadden Arps Slate Meagher & Flom.
PSP Investments, one of Canada's largest pension investment managers, and Macquarie Infrastructure and Real Assets, a global asset manager, offered to acquire Uniti Group, an Australian fibre infrastructure firm, for $2.5bn.
Uniti said the indicative proposal was subject to a number of conditions, including satisfactory completion of due diligence, regulatory approval and the bidders receiving internal final approvals for the acquisition. The board is currently considering the proposal.
Uniti Group is advised by Domestique.
BYD partners with Shell for ventures in China.
BYD, a Chinese electric vehicle maker, signed a strategic cooperation agreement with Shell that will see the two partner up on ventures in both China and Europe.
BYD said that it and Shell would set up a mobility service provider partnership in Europe, which would see Shell provide membership services for BYD customers on its charging network. They would also develop fleet solutions and charging services.
Toshiba in limbo as shareholders reject proposals to split or consider sale. (FS)
Toshiba shareholders rejected proposals for the firm’s future from both management and activist shareholders, putting the 146-year-old Japanese conglomerate in a state of limbo after months of wrangling about its next steps.
A proposal to split the company in two, put forward by management, failed to get the simple majority it needed to be approved. A separate proposal by second-largest shareholder 3D Investment Partners to reconsider alternative options including a sale was also voted down at a meeting of shareholders in Tokyo.
Actis looks to sell Singapore Intercultural School Group. (FS)
Private equity firm Actis is looking to sell Singapore Intercultural School Group, an Indonesian private education company, for up to $100m.
Actis is working with an adviser to gauge potential buyers' interest in the Singapore Intercultural School Group, Bloomberg reported. The sale of SIS Group could launch as early as the end of March.
Sun Life nears $400m Indonesia deal with CIMB.
Sun Life Financial is nearing an agreement to expand its partnership in Indonesia with Malaysian lender CIMB Group.
CIMB, which owns a 91.5% stake in Indonesia's PT Bank CIMB Niaga, is in advanced talks with Sun Life over the so-called bancassurance deal in the Southeast Asian country. Under such an agreement, an insurer typically pays an upfront amount to sell its products in the bank's branches. A pact could be valued at about $400m, Bloomberg reported.
Samsung Electronics shares worth $1.1bn sold in block deal.
Shares in Samsung Electronics worth about $1.1bn were sold by Kookmin Bank on Thursday, Reuters reported. About 19.9m shares were on sale at $56.5 per share, the term sheet showed.
Samsung Electronics' share price was down 1% at $57 in early trade, versus a 0.9% fall in the wider market.
A dotcom era pioneer in India readies second startup for an IPO.
Rajesh Jain, a pioneer of India's internet industry, is readying his second startup Netcore Cloud, for an initial public offer within the next year, fresh after a $100m acquisition this month, Bloomberg reported.
"We've had initial conversations with half-a-dozen bankers and the formal process will start in the next couple of months. We are targeting an IPO within the next nine to 12 months," Rajesh Jain, Netcore Cloud Founder.
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