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AMERICAS
Public Storage, an American international self-storage company headquartered in Glendale, California, agreed to acquire Simply Self Storage, a privately owned self-storage company in the United States, from BREIT, a real estate investment trust company, for $2.2bn.
"We are pleased to welcome Simply's team, customers, and third-party management partners to Public Storage's industry-leading brand and platform. This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion, and third-party management. We are pleased to complete this important transaction with Blackstone, which further demonstrates our position as an acquirer of choice in the industry. Blackstone has done a tremendous job of growing and improving the quality and operations of the Simply portfolio over the past few years," Joe Russell, Public Storage CEO.
Simply Self Storage is advised by Eastdil Secured, Hogan Lovells and Wachtell Lipton Rosen & Katz (led by Adam O. Emmerich and Viktor Sapezhnikov). BREIT is advised by BMO Capital Markets, Newmark Group, Sumitomo Mitsui Banking Corp, Wells Fargo Securities and Simpson Thacher & Bartlett.
Rithm Capital, an asset manager focused on the real estate and financial services industries, agreed to acquire Sculptor Capital Management, a global alternative asset manager with $34bn in assets under management, for $639m.
"We are extremely pleased about the opportunity to combine with Rithm to capitalize on the growing opportunity set we see in our business. We are excited to leverage this combination to continue to execute on our mission of providing our fund investors with attractive investment returns. We have long sought a partner with the stable capital structure, culture and vision to help unlock the potential for our platform to deliver more and greater value to our fund investors," Jimmy Levin, Sculptor CIO and CEO.
Sculptor is advised by JP Morgan, PJT Partners, Latham & Watkins, Weil Gotshal and Manges and Gasthalter & Co (led by Jonathan Gasthalter). Rithm Capital is advised by Citigroup, Debevoise & Plimpton and Skadden Arps Slate Meagher & Flom (led by Peter Serating, Blair Thetford and David Hepp).
Josh Harris, co-founder of Apollo Global Management, completed the acquisition of Washington Commanders, an American football team, from the Snyder family for $6bn.
"Today my partners and I have been entrusted by the NFL with the stewardship of a great franchise. As a lifelong Washington football fan who grew up here, I know that the Commanders are more than just a sports team. This is an institution, passed down from generation to generation. From day one, it is our top priority to deliver a championship-caliber team, and we will strive every day to ensure that we are a franchise this city and our fans can be proud of. To Commanders fans everywhere, our promise is simple: we will do the work, create the culture and make the investment needed to deliver for this team and for Washington," Josh Harris.
Spinal Stabilization Technologies, a medical device company, agreed to go public via merger with BlueRiver Acquisition, a publicly traded special purpose acquisition company, in a $240m deal.
Upon the closing of the proposed transaction between SST and BlueRiver, the combined company will operate as Spinal Stabilization Technologies and be listed on an approved stock exchange.
Spinal Stabilization Technologies is advised by Kreager Mitchell. BlueRiver is advised by Cohen & Company Capital Markets and Goodwin Procter.
SoftBank Group, a Japanese multinational conglomerate holding company headquartered in Tokyo, and Symbotic, a global provider of integrated supply network automation solutions for warehouses and distribution centers, formed a GreenBox Systems joint venture.
“We are pleased to partner with SoftBank in this venture that accelerates our shared vision to transform the supply chain. GreenBox enables Symbotic to bring the benefits of our technology to a broader customer universe, expanding our market opportunity,” Rick Cohen, Symbotic Chairman and CEO.
Global Infrastructure Partners, an infrastructure investment fund making both equity and selected debt investments, agreed to acquire a 40% stake in Columbia gas business from TC Energy, an energy infrastructure company, for $3.9bn.
"Today’s announcement represents a major milestone in achieving our 2023 strategic priorities. To date, we have advanced our deleveraging goals by delivering on our $5bn+ asset divestiture program ahead of our year-end target, while maximizing the value of our assets and safely executing major projects, such as Coastal GasLink and Southeast Gateway. As part of our ongoing capital rotation program, we continue to evaluate opportunities to further our deleveraging objectives and optimally fund our secured capital program. Our commitment to strong balance sheet fundamentals and disciplined sanctioned net capital spending of $6 to $7bn annually post 2024 will continue to provide the foundation for a long-term sustainable annual dividend growth rate of three to five per cent,” François Poirier, TC Energy President and CEO.
TC Energy is advised by Citigroup, TD Securities, and Mayer Brown.
Blackstone becomes the first $1tn private equity manager. (FS)
Private equity firms have sought to join a special club: managing $1tn in assets. Blackstone became the first in the private equity industry to hit that level, boasting in its latest quarterly earnings report that it managed just over $1tn in assets as of the end of June.
For firms like Blackstone, attaining that size cements their position as a major player in mainstream finance. On Main Street, the firm is perhaps best known for striking debt-fueled takeovers of companies, even if in reality it has long since branched out into an array of other businesses, from lending to real estate.
Chevron CEO to stay past retirement age, finance chief to depart in 2024. (People)
US oil major Chevron announced sweeping management changes, including the retirement next year of its finance chief and the extension of the mandatory retirement age for Chief Executive Officer Michael Wirth.
Chief Financial Officer Pierre Breber, 58, will retire in 2024 and will be replaced by the company's technology chief Eimear Bonner, who will become only the second woman to be named chief financial officer in the company's more than 140-year history.
Breber, who joined the company as a financial analyst in 1989, has been finance chief for the past three years and, before that, ran the company's refining and chemicals business, Reuters reported.
EMEA
Inflexion Private Equity Partners, a mid-market private equity firm, agreed to acquire DWF Group, a global legal business, headquartered in Manchester, England, for £342m ($440m).
"We have followed DWF's progress since IPO with interest and have been very impressed with the development of the business and expansion of its offering to date. We are excited to partner with DWF as we look to support the business in delivering on its vision to become the leading provider of integrated legal and business professional services, through continued strong organic growth and targeted acquisitions in the UK and international markets," Flor Kassai, Inflexion Head of Buyout Fund.
DWF Group is advised by Fenchurch Advisory Partners (led by Kunal Gandhi), Stifel (led by Robin Mann), Dorsey & Whitney, Skadden Arps Slate Meagher & Flom and H/Advisors Maitland (led by Sam Turvey and Sam Cartwright). Inflexion is advised by Rothschild & Co (led by Ravi Gupta) and Travers Smith.
GTCR, a private equity firm, agreed to acquire Once For All, a compliance and supply chain management software provider, from Warburg Pincus, a global private equity firm, headquartered in New York City. Financial terms were not disclosed.
"We are excited to partner with the Once For All team to continue to build on the success of the business. Once For All has established itself as a leader in the supply chain and compliance software market, developing products that continue to be adopted across the industry as best-in-class solutions for navigating operational and regulatory complexities. We will look to accelerate the company's growth and scale through product innovation and the addition of capabilities through M&A. GTCR has a long investment history and experience in vertical software with compliance solutions which we will leverage in helping develop strategies that drive further growth for the business and value for our customers," Mark Anderson, GTCR Managing Director and Head of Technology, Media & Telecommunications.
Once For All is advised by Arma Partners, Jamieson, William Blair & Co, Kirkland & Ellis and Macfarlanes. GTCR is advised by Jefferies & Company and Latham & Watkins.
Quince Therapeutics, a biotechnology company that focuses on acquiring, developing, and commercializing therapeutics, agreed to acquire EryDel, a global late-stage biotech company aimed at developing and commercializing therapies for the treatment of rare diseases delivered by its proprietary red blood cell technology. Financial terms were not disclosed.
“EryDel’s acquisition by Quince offers the opportunity to advance our innovative, point-of-care autologous intracellular encapsulation technology through development to commercialization and to fulfill our mission to provide the first treatment for patients living with the devastating disease of A-T. Quince’s effort will be supported by the encouraging Phase 3 data generated from EryDel’s prior international study of EryDex, which demonstrated a significant delay in disease progression in A-T patients and further supported more than 10 years of safety data. Quince is well-positioned to advance EryDel’s differentiated AIDE technology and development of our lead asset EryDex to deliver innovative treatments to patients in need," Luca Benatti, EryDel CEO.
Quince Therapeutics is advised by MTS Health Partners, Cooley, and Gagnier Communications (led by Dan Gagnier). EryDel is advised by Perella Weinberg Partners, Clifford Chance, and Goodwin Procter.
VGP, a pan-European owner, manager and developer of high-quality logistics and semi-industrial real estate, and Deka Immobilien, one of the largest globally active real estate investment companies in Europe, agreed to form a €1.1bn ($1.2bn) joint venture.
"With DEKA, one of the leading European real estate investors, we have found a partner with a shared vision, focusing on creating sustainable value. Our joint venture marks an important milestone in our strategy to further diversify our cash recycling model and it speaks for the quality of our platform that we have been able to come to this partnership notwithstanding the adverse investment market conditions. We will share further details with our H1 update, but we are well on track to deliver on our targets for 2023 and beyond," Jan Van Geet, VGP CEO.
VGP is advised by Hengeler Mueller (led by Thomas Lang).
Greencoat, a listed renewable infrastructure fund, agreed to acquire a 25% stake in London Array offshore wind farm from Orsted, a Danish multinational energy company, for £717m ($922m).
"We are delighted to invest in London Array. The transaction was originated and negotiated on a bilateral basis and reflects the company's ability to continue to generate significant shareholder value through selective off-market investments," Lucinda Riches, UKW Chairman.
Ardian, a France-based, independent private equity investment company, agreed to acquire Attero, one of the largest waste treatment and recycling companies in the Netherlands, from 3i, a British multinational private equity and venture capital company, and DWS, a German asset management company, for €215m ($239m).
"Attero has been a most successful investment for the company, experiencing substantial growth during our investment period. Whilst 3i Infrastructure aims to hold its investments over the longer term, we will sell investments where this generates significant additional value for our shareholders," Richard Laing, 3i Infrastructure Chair.
International Airlines Group, an Anglo-Spanish multinational airline holding company with its registered office in Madrid, Spain, and its operational headquarters in London, agreed to invest in Nova Pangaea Technologies, a cleantech company that has created a revolutionary process, converting wood residues and agricultural waste into advanced biofuels and other bio products. Financial terms were not disclosed.
"This is a transformational milestone, and a real endorsement of the crucial work Nova Pangaea Technologies is doing. We are delighted to be adding IAG – one of the foremost names in the aviation industry - to our shareholder register. Our facility will be the UK's first commercial plant of its kind, but we also see enormous potential in the North American market. We have set our sights in delivering a sustainable source of SAF to decarbonise the aviation sector, not just in the UK, but globally too," Sarah Ellerby, Nova Pangaea Technologies CEO.
Lars Windhorst discloses multimillion loss on sale of Hertha Berlin football club. (FS)
US non-public fairness group 777 Partners has paid Lars Windhorst lower than €15m ($13m) up entrance to purchase his majority stake in Hertha Berlin soccer membership, a heavy loss on the financier’s authentic €374m ($324m) funding.
Windhorst confirmed undisclosed details of the sale throughout a London courtroom hearing last week when a barrister representing one of his creditors cross-examined him about his financial arrangements.
Windhorst stated he had offered Hertha Berlin a €65m ($56m) buy worth, offset towards a €50m ($43m) mortgage that 777 had beforehand offered.
UAE funds cancel a deal to buy control of Israeli financial firms. (FS)
A consortium of Abu Dhabi funds led by ADQ has called off a planned deal to buy a controlling stake in Israeli financial services firm Phoenix.
The term sheet was terminated due to potential regulatory limitations on the deal that would have likely restricted several members in the consortium from making additional material investments in Israel, the controlling shareholders said in a letter to Phoenix, filed to the Tel Aviv Stock Exchange. Phoenix shares fell as much as 2.44%.
Terra Firma founder Guy Hands steps down. (FS, People)
Guy Hands, one of Britain's highest-profile financiers, has stepped down as chairman of Terra Firma Capital Partners, the private equity firm he founded, after more than two decades in the role, Reuters reported.
Hands built up a reputation as a well-known and outspoken dealmaker in the private equity world, who was behind deals including takeovers of record label EMI and the Four Seasons care homes business.
APAC
Australia's competition regulator on Monday said it had delayed its decision on ANZ Group's proposed $3.3bn acquisition of Suncorp Bank by a week to August 4 and has requested a further extension of one week.
The Australian Competition and Consumer Commission in a letter to ANZ on requested an extension till August 11, saying it needed more time to review reports and material longer than 50 pages, Reuters reported.
Bain Capital, a private investment firm that specializes in private equity, venture capital, credit, public equity, impact investing, life sciences and real estate, agreed to acquire a 90% stake in Adani Capital and Adani Housing, subsidiaries of Adani Group firm founded by Gautam Adani in 1988. Financial terms were not disclosed.
“Gaurav and the team have built a scale lending business that supports entrepreneurialism and is trying to solve the $300bn+ unmet retail MSME credit demand in the country. The company has strong business fundamentals, an experienced team, with ability to serve and expand to core segments like agriculture, housing and to underbanked rural areas. We see compelling opportunities to partner with Gaurav and team to support and facilitate Adani Capital’s next phase of growth by providing access to significant capital, strategic and operating resources, and deep experience partnering with financial services businesses in India and across the globe,” Rishi Mandawat, Bain Capital Partner.
Adani Capital is advised by Avendus. Bain Capital is advised by Rothschild & Co.
Alibaba to stay on sidelines of Ant’s $6bn stock buyback.
Alibaba Group Holding, a provider of technology infrastructure services to merchants, brands, retailers, and businesses to market, sell, and operate using the Internet, decided not to sell any part of its one-third stake in Ant Group during the Chinese fintech leader’s imminent share buyback, saying it wants to maintain its slice of an important partner.
Alibaba said in an exchange filing it won’t take part in Ant’s plan to buy back as much as 7.6% of its stock. That decision comes after the e-commerce company and Temasek Holdings said they were considering unloading part of the stakes during the program.
Wanda to raise $314m from asset sale as bond matures.
Dalian Wanda Group, a Chinese multinational conglomerate, is selling a stake in one of its entertainment units for $314m, raising odds the Chinese conglomerate will avert a default on a maturing dollar bond.
Concern over a Wanda unit’s ability to repay a $400m note has rocked China’s high-yield market in recent weeks, driving wild price swings in the conglomerate’s dollar bonds and those of some peers. Wanda had until recently been one of the few property-related Chinese issuers to avoid default fears amid a multiyear debt crisis that has touched nearly every corner of the industry.
Tycoon Jindal’s JSW Steel scouts for global coal mining assets.
JSW Steel is on the lookout for coal assets globally as the tycoon Sajjan Jindal-led mill seeks to tie up raw material supplies for its expansions in India.
India’s top producer of the alloy has plans to scale up its capacity to 50m tons by the end of the decade. The Mumbai-based firm has been scouring mining resources locally and in other countries to avoid supply shocks and price risks. It is said to be considering bidding for a stake in the coal unit of Vancouver-based Teck Resources.
Hong Kong court to decide on China Evergrande restructuring in September.
A Hong Kong court said it will decide in September on an offshore debt restructuring for embattled property developer China Evergrande Group that could allow creditors to recoup up to about one-quarter of what they are owed, Reuters reported.
Evergrande, the poster child of China's property sector crisis, has $330bn in liabilities, making it the world's most indebted developer. A default in late 2021 triggered a string of defaults at other builders and left thousands of homes unfinished across China.
Chinese chipmaker Hua Hong seeks up to $2.95bn in mainland listing.
Chinese chipmaker Hua Hong Semiconductor said it aims to raise up to $2.95bn in a listing on the Shanghai stock exchange, Reuters reported.
The country's second-largest chip foundry will sell 408m shares priced at $5.6 per share.
Fast-growing China snack retailer Busy For You weighs $200m IPO.
Busy For You, a Chinese snack shop chain, is considering an initial public offering that could raise $100m to $200m.
The company, whose name translates as Snack Very Busy, is weighing a listing in China's domestic A-share market or Hong Kong. An IPO could happen as early as next year if the company chooses Hong Kong, where the regulatory process is quicker.
Six Bubble Tea chains plan IPOs in a bet on China consumer revival.
A parade of Chinese bubble tea makers are lining up for first-time share sales in Hong Kong and the US, where they will likely get less regulatory scrutiny than at home.
At least six companies slinging the popular beverage separately weigh overseas initial public offerings. They range from Mixue Bingcheng, China's biggest bubble tea chain, to Zhejiang-based XSQ Tea on the smaller end, with 1.6k stores.
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