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AMERICAS
Bristol Myers Squibb, a global biopharmaceutical company, completed the acquisition of Mirati Therapeutics, a commercial stage biotechnology company, for $4.7bn.
“The closing of the Mirati transaction is a significant milestone in our efforts to further diversify our oncology portfolio and strengthen our pipeline in the latter half of the decade and beyond. Mirati’s incredibly talented employees have built a strong portfolio of assets and capabilities that are highly complementary with BMS’. We welcome them and look forward to working together to leverage BMS’ global scale and resources to deliver more treatments for cancer patients, faster," Chris Boerner, Bristol Myers CEO.
Amusement park operators Six Flags Entertainment and Cedar Fair, said they have received a request for additional information and documents from the US Department of Justice, which is reviewing a merger of the two companies, Reuters reported.
The second request from DOJ in relation to the Six Flags and Cedar Fair merger comes at a time when deals in the US are facing anti-trust scrutiny from regulators, as well as consumer interest groups.
Realty Income, a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, Spain and the United Kingdom, completed the acquisition of Spirit Realty Capital, a net-lease REIT, investing primarily in single-tenant, operationally essential real estate assets, for $9.3bn.
"We are pleased to announce the completion of our merger with Spirit. The transaction, which is immediately accretive on a leverage neutral basis, is further evidence of how our unique platform and our position as global consolidator in the fragmented net lease space creates meaningful value for stockholders," Sumit Roy, Realty Income President and Chief Executive Officer.
Monomoy, a private equity firm, completed the acquisition of EnviroTech Services, a value-add distributor of road surface products and provider of road maintenance services. Financial terms were not disclosed.
“Our team is enthusiastic about welcoming EnviroTech to the Monomoy portfolio and collaborating closely with the company’s management team. With its extensive service footprint, impressive infrastructure and history of remarkable growth, we believe EnviroTech is well positioned for continued expansion with Monomoy's resources and partnership. We are honored that Roger and the EnviroTech leadership team have entrusted us with the responsibility of guiding the company into this next chapter," Mel Bartoul, Monomoy Managing Director.
Monomoy was advised by Kirkland & Ellis, and MiddleM Creative (led by Jan Morris). Debt financing was provided by Kayne Anderson Capital Advisors. EnviroTech Services was advised by Integris Partners and Sherman & Howard.
HIG Capital, an investment firm, completed the acquisition of CHA Consulting, a full-service engineering consulting and construction management firm. Financial terms were not disclosed.
“We are excited to partner with Jim and his exceptional management team. CHA provides critical engineering services through its talented team and is well-positioned for continued growth, capitalizing on accelerating investments in the end markets they serve across the United States and Canada. We look forward to supporting the team’s growth strategy and strategically broadening its operational scope across North America, both organically and through additional add-on acquisitions,” Matt Hankins, HIG Capital Managing Director.
HIG Capital was advised by Harris Williams & Co and Ropes & Gray. CHA Consulting was advised by AEC Advisors, Houlihan Lokey, and Simpson Thacher & Bartlett (led by Michael Holick).
StateServ, a provider of durable medical equipment benefit management solutions, completed the acquisition of Delta Care Rx, a pharmaceutical care provider. Financial terms were not disclosed.
"We are thrilled to welcome the Delta Care team's pharmaceutical expertise to StateServ. For many years, Delta Care has prioritized quality, reliability, and transparency throughout its organization, delivering innovative solutions to its loyal client base. This is an important milestone for StateServ and for the entire industry. Our vision of the combined solution will include a significant investment in new technology to automate and streamline workflows, enabling better quality service and efficiency for our customers," Paul DiCosmo, StateServ CEO and Co-Founder.
StateServ was advised by TripleTree, McDermott Will & Emery and Lambert & Co (led by Caroline Luz). Delta Care Rx was advised by Much Shelist.
TPG, a private equity firm, completed the investment in G&A Partners, a human resources and technology services platform. Financial terms were not disclosed.
“For more than 25 years, we have served as a trusted partner to growing organizations in supporting the unique needs of their people, allowing them to reduce costs while retaining and competing for the best talent. TPG’s long history of investing behind industry-leading technology-enabled services companies makes them an ideal partner for G&A as we look to expand the capabilities and services we provide our customers," John W. Allen, G&A Partners Co-Founder, President, and CEO.
G&A Partners was advised by Piper Sandler and Dentons. TPG was advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott) and Ropes & Gray.
BlackRock, an American investment firm, agreed to acquire a 20% stake in Recurrent Energy, a solar and energy storage project development, ownership and operations platform, for $500m
"We are delighted to have the support of BlackRock, one of the largest and most sophisticated renewable energy investors in the world, as we scale Recurrent Energy in response to massive global demand for renewable energy and energy storage solutions. This investment will support our growth and continued ambition to make a difference by leading the renewable energy transition across the world. Our mission is to deliver clean, reliable and affordable power to the world, today and tomorrow, and this milestone will help us continue to achieve this goal," Ismael Guerrero, Recurrent Energy CEO.
Canadian Solar is advised by Bank of America, Santander, and InnovantPR (led by Ally Copple).
Angeles Equity Partners, a private equity firm, completed the acquisition of Acieta, a Midwest-based industrial robotics manufacturer and integrator, from Mitsui, a global trading and investment company. Financial terms were not disclosed.
“Our team is eager to help build what we believe is the country’s most technically capable and experienced automation systems integrator. This combination is designed to provide our customers an expanded reach, additional resources, and what we view as unmatched industry experience to advise on optimizing all processes to maximize returns on their robotic equipment investments,” Robby Komljenovic, Acieta CEO.
Angeles Equity Partners was advised by Simpson Thacher & Bartlett. Acieta was advised by Lincoln International.
Babel Street, a data-to-knowledge company, completed the acquisition of Vertical Knowledge, a premier data products, insights, and intelligence company. Financial terms were not disclosed.
“We are thrilled to welcome Vertical Knowledge and its talented team and robust products to Babel Street. Together, we can offer our customers and partners unprecedented access to comprehensive, multilingual data assets enhanced by industry-leading natural language processing. This powerful combination of data and technology closes the Risk-Confidence Gap, empowering our customers to operate with greater efficiency, foresight, and security,” Michael Southworth, Babel Street CEO.
MSC Industrial, a premier distributor of metalworking and maintenance, repair and operations products, completed the acquisition of KAR Industrial, a metalworking distributor supplying measuring and cutting tools. Financial terms were not disclosed.
"The addition of KAR Industrial expands our metalworking footprint in Canada. Their expertise in metalworking and industrial distribution aligns well with our commitment to helping customers solve their mission-critical challenges and improve the productivity of their operations," Erik Gershwind, MSC President and CEO.
Sanofi to buy US drugs project INBRX-101 for about $2.2bn.
French healthcare company Sanofi has agreed to buy US biotech firm Inhibrx in a deal valued at up to $2.2bn, bolstering its drug development portfolio with an experimental treatment for a rare genetic disease, Reuters reported.
The companies said the deal will give Sanofi access to Inhibrx's INBRX-101, currently in the second of three phases of clinical trials, while its other experimental drugs will be spun off into a separate company, with Sanofi retaining an 8% stake.
Inhibrx is advised by Paul Weiss Rifkind Wharton & Garrison and Centerview Partners. Centerview Partners is advised by Skadden Arps Slate Meagher & Flom.
Canada's top pension funds pile into private credit as banks retreat. (FS)
Four of Canada's biggest pension funds managing nearly CAD$1tn ($742bn) in assets have begun a major expansion into private credit, moving into an area previously dominated by banks, Reuters reported.
Canada Pension Plan Investments, Ontario Teachers' Pension Plan, Ontario Municipal Employees Retirement System and OPTrust intend to increase their exposure to private credit - typically tailored loans to companies underwritten by non-banks.
Bank of America cuts 20 in Asia, China investment bankers affected most.
Bank of America announced layoffs of around 20 bankers in Asia as plunging markets in China and Hong Kong weighed on deal prospects. The majority of the bankers affected are based in Hong Kong who worked on China deals, Reuters reported.
The layoffs come as China and Hong Kong's stock markets touched the lowest in years in recent weeks, which took its toll on deal prospects for investment banks including the Wall Street firm.
Exxon sues two ESG investors. (FS)
ExxonMobil, an American multinational oil and gas corporation, is suing two sustainable investment firms in a bid to block them from putting forward a shareholder proposal that would commit the oil company to further curb its greenhouse-gas emissions and target its customers’ emissions, WSJ reported.
In a complaint filed in US District Court for the Northern District of Texas, Exxon accused the investors, Arjuna Capital and Follow This, of abusing the process for proposing shareholder votes to advance their priorities with votes “calculated to diminish the company’s existing business.”
Zara owner Ortega becomes Amazon’s landlord in Vancouver. (FS)
Fast fashion billionaire Amancio Ortega’s family office has acquired a Canadian warehouse leased by Amazon, in the latest expansion of his property portfolio, Bloomberg reported.
Ortega’s Pontegadea Inversiones paid about €250m ($272m) for the facility in Burnaby, southeast of Vancouver. Ortega is the majority owner of Inditex.
Wynnchurch Capital closes fund VI at $3.5bn. (FS)
Wynnchurch Capital, a middle market private equity firm focused on recapitalisations, growth capital, management buyouts, corporate carve-outs, and restructurings, has closed its sixth private equity fund, Wynnchurch Capital Partners VI, with $3.5bn of capital commitments.
The fund, which had a target of $3bn, was significantly oversubscribed, resulting in the final closing being held less than five months after its initial launch.
Bain Capital Credit closes latest fund at more than $1bn. (FS)
Bain Capital Credit, the firm’s global credit business with $45bn in AUM, has closed its latest debt vehicle, Bain Capital Middle Market Credit 2022 or MMC 22, with commitments totalling more than $1bn.
MMC 22, Bain Capital Credit’s fourth fund in its private credit strategy, is intended to provide flexible, junior debt to middle market companies with EBITDA between $25m to $75m, located across the US, Europe, Australia and New Zealand.
Ex-Gojek CEO Kevin Aluwi joins Lightspeed as venture partner. (FS, People)
Lightspeed, a multi-stage venture capital firm focusing on Southeast Asia and India, has appointed Gojek Co-Founder and former CEO Kevin Aluwi and veteran C-suite Executive Vivek Gambhir as venture partners, expanding its leadership team in the two regions, DealStreetAsia reported.
EMEA
Bridgepoint, an alternative asset fund management group, agreed to acquire RoC Skincare, a skincare brand, from Gryphon, a middle-market private equity firm. Financial terms were not disclosed.
“With Bridgepoint's deep expertise in the dermatology sector and its strong European presence, RoC is poised to capitalise on the promising growth opportunities that lie ahead. I would like to thank the RoC team and Gryphon for their support over the past few years. Through the hard work and innovation of RoC's talented team, we've become one of the largest independent skincare brands globally, while upholding our commitment to delivering the best clinically proven skin health solutions," Fernando Acosta, RoC Skincare CEO.
RoC Skincare is advised by PricewaterhouseCoopers, Raymond James and Kirkland & Ellis. Bridgepoint is advised by Boston Consulting Group, Marsh, Environmental Resources Management, Ernst & Young, Jefferies & Company and Latham & Watkins.
PSG, a growth equity firm, agreed to invest €100m ($108m) in Visit Group, a hospitality and travel software company.
“As a product-led business with high ambitions to make a real difference in the development of the hospitality industry, we believe that we have found the right partner for both continuing to strengthen our offer, and to accelerate our growth in and outside the Nordics. I believe that we will get the best of both worlds with our product building DNA and PSG’s experience in areas like M&A and growth operations,” James Dixon, Visit Group CEO.
PSG is advised by Houlihan Lokey. Visit Group is advised by MCF Corporate Finance and Prosek Partners (led by Matthieu Roussellier).
Adler’s €6bn debt restructuring derailed by UK court. (FS)
Holders of Adler’s long-term debt won an appeal over its €6bn ($6.5bn) restructuring, threatening to jeopardize the embattled German real estate firm’s turnaround plan, Bloomberg reported.
The UK’s Court of Appeal overturned a previous ruling that green-lit the restructuring and allowed the challenge from dissenting creditors, including DWS Group and Strategic Value Partners, with debt maturing in 2029.
H2 Green Steel raises $5.2 bln in new funding.
Sweden's H2 Green Steel has raised €4.75bn ($5.17bn) in new funding for its planned flagship plant in the northern Swedish town of Boden, which will be the world's first large-scale green steel project, Reuters reported.
The company, founded in 2020, has signed debt financing of €4.2bn ($4.6bn), added equity of close to €300m ($327m) from investors and been awarded a €250m ($272m) grant from the EU Innovation Fund.
Intrum to sell large chunk of investment portfolio to Cerberus for $785m. (FS)
Intrum will sell a large portion of its investment portfolio to affiliates of Cerberus Capital Management for SEK8.2bn ($785m). Intrum will use the proceeds from the transaction to reduce its debt and will retain a 35% stake in the purchasing entity, Reuters reported.
The company also said it expects to book an accounting loss of SEK845m ($80m) due to the transaction, aimed at helping Intrum meet its debt maturities up to 2025 without having to rely on the markets.
London Southend Airport lender Carlyle demands faster loan repayment. (FS)
Esken, the owner of London Southend Airport, is facing demands by a Carlyle fund to repay an outstanding convertible loan four years before its maturity date, Reuters reported.
The demands are part of a legal dispute over a convertible loan extended by Carlyle Global Infrastructure Fund in 2021. Convertible loans are a form of debt that can be transformed into a company's shares under certain conditions.
Iveco partners with BASF for battery recycling.
Italian truck and bus maker Iveco Group has partnered with German chemicals group BASF for the recycling of lithium-ion batteries of its electric vehicles, Reuters reported.
The agreement, for which no financial details were provided, is part of Iveco's circular economy strategy, aiming to increase batteries' lifetime and reduce their overall environmental impact.
Fosun to keep supporting Portugal's Millennium despite stake cut.
China's Fosun will keep supporting the development of Portugal's Millennium, as it remains optimistic about the Portuguese market, despite having reduced its stake in the lender, Reuters reported.
BCP shares slid more than 7% in early trading after Fosun sold 5.6% of Portugal's largest listed bank for €235m ($256m) in a private offering for institutional investors, reducing its stake to just over 20%.
Low Carbon secures funds to begin constructing UK solar and battery portfolio. (FS)
Renewable energy company Low Carbon had secured the necessary funding for a 385 megawatt portfolio of solar and battery storage projects in Britain, enabling it to begin construction, Reuters reported.
Most of the projects will start construction early this year and are part of a 3 gigawatt pipeline of solar and battery storage projects in Britain.
Instagrid valued at $400m in OTPP-led funding. (FS)
German portable-battery maker Instagrid raised $95m from investors including the Ontario Teachers’ Pension Plan and a Morgan Stanley fund in a funding round that values the company at more than $400m, Bloomberg reported.
Instagrid plans to use the proceeds to expand to North America. The Stuttgart-based company sells or rents its portable battery systems for use in industries such as construction and film production, saying they’re a clean alternative to fossil fuel-powered generators.
Amer Sports eyes up to $8.76bn valuation in US IPO.
Wilson tennis rackets maker Amer Sports is targeting a valuation of up to $8.7bn for its US initial public offering, as it moves toward a much-anticipated listing that could test investor appetite for richly valued firms, DealStreetAsia reported.
The IPO market is looking to stage a rebound as bets of a soft landing firm up, after an arid two-year spell when economic uncertainty and high interest rates sapped interest for new listings.
Fashion resale site Vestiaire Collective launches crowdfunding, eyes IPO in 2025.
Second-hand fashion marketplace Vestiaire Collective launched a crowdfunding campaign to raise at least €1m ($1.09) from individual investors as the Kering-backed business aims to become profitable by year-end and potentially go public, Reuters reported.
Vestiaire Collective will advertise the crowdfunding, which is open to anyone over age 18 in Europe and the UK, on its website and mobile app, said Maximilian Bittner, Vestiaire Collective CEO.
Arcmont raises €10bn for European direct-lending fund. (FS)
Arcmont Asset Management raised €10bn ($10.9bn) for its latest European direct-lending fund, the high end of its target range, as institutional investors show a growing preference for larger managers like the investment firm, Bloomberg reported.
It’s the fourth fund devoted to London-based Arcmont’s direct-lending strategy. The company, an affiliate of investment heavyweight Nuveen, has already committed about 55% of the capital.
Alto Partners closes latest fund at €273m. (FS)
Alto Partners, an Italian mid-market private equity firm, has closed its latest fund, Alto Capital V, at €273m ($297m), notching a 30% increase over its predecessor, Alto Capital IV, which closed at €210m ($229m).
The fund’s investment strategy focuses on high-growth, family-owned companies mainly in northern Italy and valued between €30m ($33m) and €100m ($109m). It utilises both buyout and selected expansion investments, with the equity ticket ranging from €20m ($22m) to €40m ($44m).
Ericsson appoints Lars Sandstrom as new CFO. (People)
Swedish telecoms equipment maker Ericsson appointed Lars Sandstrom as its new CFO, replacing long-time company veteran Carl Mellander. Sandstrom will join the company on April 1, and be based in Sweden, Reuters reported.
“I warmly welcome Lars Sandström to Ericsson. Lars’ impressive track record, extensive experience and knowledge in a variety of financial and management roles will be immensely important as we execute on our strategy to extend our leadership in mobile networks, expand into the enterprise segment and drive our culture transformation,” Börje Ekholm, Ericsson President and CEO.
Deutsche Bank brings back Al Kishi as CEO for Mideast. (People)
Deutsche Bank appointed Jamal Al Kishi for a second stint as CEO for the Middle East and Africa, four years after the seasoned executive left to lead a regional bank, Bloomberg reported.
Al Kishi will also assume the role of vice chairman for origination and advisory from April 1. He replaces Deutsche’s current head of the region, Kees Hoving, who will focus on his roles within the corporate bank and as chief country officer for the United Arab Emirates.
APAC
Corning's Indian JV signs $120m investment deal with Tamil Nadu state.
India's Tamil Nadu state said that a joint venture of Corning agreed to invest INR10bn ($120m), underscoring the growing importance of the south Asian country as a manufacturing hub, Reuters reported.
The joint venture, named Bharat Innovative Glass Technologies, is a tie-up between US electronics maker Corning, a key parts supplier for Apple and Indian telecommunications company Optiemus Infracom.
Nomura to increase early-stage investments for asset management business.
Japan's biggest brokerage and investment bank, Nomura will increase early-stage, or seed, investments to more than JPY100bn ($679m) to beef up its asset management business capabilities, DealStreetAsia reported.
It has so far invested about JPY85bn ($574m) to develop new investment strategies and products, grow internal investment professionals and do research to enter new business areas and markets, Nomura said.
Zee nosedives after sony scraps $10bn India merger.
At least eleven brokers including Citigroup and CLSA reduced their ratings on the Zee as efforts to create an entertainment giant in Asia’s biggest streaming market collapsed amid a stalemate over who would lead the combined entity.
Edtech firm BYJU'S to raise funds at 90% lower valuation.
Embattled Indian edtech startup Byju's is looking to raise more than $100m from existing stakeholders but at a steep 90% discount to its $22bn valuation in its last funding round in 2022, DealStreetAsia reported.
Byju's, facing a host of legal and financial woes, is looking to sell fresh shares, including to founder Byju Raveendran, to raise funds to pay vendors and stabilise its business.
Keppel launches sustainability framework, secures $747m sustainability-linked loans.
Singapore's Keppel has launched a sustainability-linked financing framework and has secured a total of SGD$1bn ($747m) of sustainability-linked revolving loans from DBS Bank and United Overseas Bank, Reuters reported.
The framework spells out the key performance indicators and sustainability performance targets that the company aims to achieve. These targets include a reduction in Keppel's absolute scope 1 and 2 carbon emissions by 50% by 2030, compared to the 2020 baseline.
Vietnamese tech firm VNG withdraws US IPO filing.
Vietnamese internet company VNG has withdrawn its initial public offering registration in the United States, DealStreetAsia reported.
Ho Chi Minh City-headquartered VNG said it "has determined not to conduct a registered offering at this time and intends to file a new registration statement in the future".
Macquarie raises $8.7bn for European infrastructure fund. (FS)
Australia's Macquarie had raised more than €8bn ($8.72bn) for a new European infrastructure fund as investor appetite for tangible assets from ports and power to data centres remains strong, DealStreetAsia reported.
The seventh European Infrastructure Fund raised money from more than 100 investors including pension funds and sovereign wealth funds and with more than 90% contributed by previous Macquarie investors.
AC Ventures closes $210m for Fund V and co-investment vehicles. (FS)
Indonesia-focused venture capital firm AC Ventures has closed $210m for its Fund V and other co-investment vehicles from the IFC, as well as institutional investors from the US, Middle East and North Asia, DealstreetAsia reported.
AC Ventures's fund close took place amid tepid fundraising conditions for venture capital, which saw sharp market corrections as investors diverted their capital to safer and lower-risk asset classes like credit and private equity.
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