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AMERICAS
The Federal Trade Commission faces an uphill battle in its fight against Amgen's $27.8bn acquisition of Horizon Therapeutics with an untested argument before a Trump-appointed judge, Reuters reported.
A US district court judge issued a temporary restraining order after the two companies and the FTC reached an agreement that both sides would permit a full briefing and "less-compressed consideration" by the court of the FTC request. Amgen agrees not to seek a quick close to Horizon acquisition.
Regency Centers, an owner, operator, and developer of shopping centers, agreed to acquire Urstadt Biddle Properties, a self-administered equity REIT, for $1.4bn.
“We couldn’t be more excited about the combination of our two great companies. The portfolio that Urstadt Biddle has carefully assembled over more than 50 years offers a highly aligned demographic and merchandising profile to Regency. Both companies have a successful track record of owning and operating best-in-class grocery-anchored neighborhood and community centers in premier suburban trade areas, and we look forward to the synergies and growth opportunities that this transaction will offer to the combined shareholder base," Lisa Palmer, Regency President and Chief Executive Officer.
Urstadt is advised by Deutsche Bank, Eastdil Secured and Hogan Lovells. Regency Centers is advised by RBC Capital Markets, Wachtell Lipton Rosen & Katz (led by Adam Emmerich and David Lam) and Wells Fargo Securities.
Kimbell Royalty Partners, an oil and gas mineral and royalty variable rate master limited partnership, completed the acquisition of mineral and royalty interests from EnCap-backed Sabalo, an investment holding company, for $141m.
"Assuming the acquisition is consummated as described in this news release, Kimbell is expected to have over 16m gross acres, over 125k gross wells and a total of 97 active rigs on its properties, which represents approximately 13% of the total active land rigs drilling in the continental United States. In addition, over 97% of all rigs in the continental United States are located in counties where Kimbell is expected to hold mineral interest positions following the consummation of the acquisition," Kimbell Royalty.
Light & Wonder, a corporation that provides gambling products and services, offered to acquire the remaining 17% stake in SciPlay, a developer and publisher of digital games, for $422m.
"Through our existing collaboration with SciPlay, we believe the Transaction would be operationally seamless, and we look forward to fully joining forces with SciPlay's talented leadership team and employees to continue innovating on behalf of customers and players," Matthew Wilson, Light & Wonder President and CEO.
Light & Wonder is advised by Macquarie Group, Cravath Swaine & Moore and Joele Frank (led by Nicholas Lamplough).
Informa, a publishing, business intelligence, and exhibitions group, agreed to acquire Winsight, a B2B events group, for $380m.
”Following on from the acquisition of Tarsus, we are delighted to further expand our B2B portfolio through the addition of Winsight. Alongside Technology, Life Sciences and Aviation, this now adds Foodservice to our roster of category leading B2B businesses with scale, international reach and an increasingly diversified service offering spanning Live & On-Demand Events, Specialist Data/Research, Specialist Media and related B2B Digital Services," Stephen A. Carter, Informa Group Chief Executive.
Informa is advised by Teneo (led by Tim Burt).
BoltRock, a family investment office, and Centaurus Capital, a family investment office, led a $225m Series D round in Gradiant, a solutions provider of advanced water and wastewater treatment.
“As global manufacturing and supply chains continue to advance, they demand more and more water resources which are increasingly rare and finite. We are excited to partner with a company that has truly proven the ability to support these demands in an economic and energy efficient manner," John Arnold, Centaurus Capital Founder.
Leaps by Bayer, the impact investment arm of Bayer, and RA Capital, an investment company, led a $100m Series C round in Boundless Bio, a clinical stage, next-generation precision oncology company, with participation from Sectoral Asset Management, Piper Heartland Healthcare Capital, Fidelity Management & Research Company LLC, ARCH Venture Partners, Nextech Invest, Wellington Management, Vertex Ventures HC, Redmile Group, Surveyor Capital, GT Healthcare Capital Partners, Alexandria Venture Investments, PFM Health Sciences, Logos Capital, and City Hill Ventures.
“At Leaps by Bayer, we invest in fundamental breakthroughs in healthcare. The ability to address oncogene amplified cancers has remained one of the industry’s greatest challenges in the treatment of cancer. We are thrilled to support Boundless Bio, a company whose innovations have the potential to impact the lives of patients who currently have no effective standard of care," Juergen Eckhardt, Leaps by Bayer EVP.
Biomerics, a vertically integrated contract manufacturer for the interventional medical device market, agreed to acquire the medical business from Precision Concepts, a manufacturer of finished medical devices and specialty rigid packaging solutions. Financial terms were not disclosed.
"Precision Concepts Medical is a recognized leader that offers unique capabilities in micro-metals machining and stamping, injection micro-molding, and micro-assembly processes. The addition of these capabilities and manufacturing footprint extends Biomerics' offerings as a leading supplier to the world's largest medical device OEMs. We are excited to partner with the talented team at Precision Concepts Medical to deliver our shared vision," Travis Sessions, Biomerics CEO.
SoftwareOne, a global software and cloud solutions provider, agreed to acquire Beniva Consulting Group, a consultancy of professional and managed services. Financial terms were not disclosed.
"We're delighted to welcome Beniva and their team to SoftwareOne. They bring a wealth of ServiceNow knowledge, strong ITOM capabilities and they're a fantastic cultural fit. We are already recognized as a market leader in ITAM and by adding Beniva to our organization, we will supercharge the way we support our clients, helping them achieve their software & cloud portfolio optimization goals," Shadi Khoshab, SoftwareOne Global Director.
Fivetran closes on $125m in debt. (FS)
Data startup Fivetran has taken a $125m loan from Vista Credit Partners, highlighting a funding option for startups that’s become more desirable during the tech downturn, and also harder to get.
In the 11 years since creating Fivetran, most recently valued at $5.6bn, co-founder and Chief Executive Officer George Fraser said he had never thought about taking on debt. That included two years ago when company raised $565m, buying competitor HVR, and during its other funding rounds from firms including Andreessen Horowitz, though Fraser said banks had offered the startup loans, Bloomberg reported.
EMEA
Lubea, a private investment firm, completed the acquisition of a 26% stake in Esteve, a pharmaceutical company. Financial terms were not disclosed.
"We are thrilled to have Lubea on board as a strategic partner. This investment will provide us with the necessary resources to accelerate our growth and expand our presence in international markets, while remaining true to our purpose of improving people's lives through our innovative pharmaceutical products," Staffan Schüberg, ESTEVE CEO.
Esteve was advised by Morgan Stanley and Faus Moliner.
IBM, a technology corporation, completed the acquisition of Polar Security, an innovator in technology that helps companies discover, continuously monitor and secure cloud and software-as-a-service application data. Financial terms were not disclosed.
"IBM plans to integrate Polar Security’s DSPM technology within its Guardium family of leading data security products. With the integration of Polar Security’s DSPM technology, IBM Security Guardium will provide security teams with a data security platform that spans all data types across all storage locations – SaaS, on premise and in public cloud infrastructure," IBM.
Mediobanca, an investment bank, agreed to acquire Arma Partners, an independent financial advisory firm. Financial terms were not disclosed.
“Mediobanca has significant experience in partnering with independent financial advisory firms characterized by solid fundamentals, strong management leadership, renowned brands and scalable platforms. The agreement with Arma Partners reflects our ambition to build solid long-term growth leveraging industry trends, core competences and human talent. We are convinced that the unique expertise, complementary business and geographic footprint of Arma Partners is a perfect fit for our common growth strategy and will position Mediobanca Group as a primary advisory house to entrepreneurs, investors, business professionals, CEOs and founders to benefit from the Digital Economy revolution," Alberto Nagel, Mediobanca CEO.
Qatar fund explored claims against Switzerland for Credit Suisse losses. (FS)
Qatar's sovereign wealth fund, Credit Suisse's second-largest investor, has explored seeking redress for losses incurred by the bank's takeover, as legal challenges to Switzerland's state-backed rescue mount. The Qatar Investment Authority sought legal advice on whether it had any claim against Swiss authorities, including through international arbitration, after Credit Suisse Group's forced sale to UBS Group at a fraction of its market value, Reuters reported.
The move by the $475bn sovereign wealth fund to study legal options has not been previously reported. QIA stands to lose roughly $330m on its equity stake in Credit Suisse as a result of the sale to rival UBS. Switzerland and Qatar have a treaty that lays out a process to settle disputes. The fund tapped a law firm that specialises in international arbitration and has offices in London and Paris.
Banks, private lenders spar as European LBOs start to reappear. (FS)
A fresh showdown is emerging between banks and private credit funds as they compete head to head to finance deals in a nascent recovery in European leveraged buyouts. Banks and direct lenders are looking to put billions of euros of loans to work financing potential acquisitions that have cropped up in recent days, Bloomberg reported.
Since Russia's invasion of Ukraine, a seismic shift has occurred in European leveraged finance as the $1.5tn private credit market stepped in to fill the void left by banks dealing with billions in debt stuck on their balance sheets. With most of that so-called hung debt now sold and investors' appetite revived, banks are making a comeback but could find it difficult to win back all the market share they lost to private credit, which is proving a resilient force.
Shell plans sale of French floating wind power unit Eolfi.
Shell is seeking to sell French floating wind developer Eolfi, a potential retreat from one element of its renewable power plans as new Chief Executive Officer Wael Sawan pushes to deliver greater value to shareholders.
The potential sale of Eolfi would follow Shell’s withdrawal late last year from a floating wind farm pilot project that had been planned off the coast of Brittany in the north west of France, citing technical, commercial and financial challenges. The company also didn’t bid on a recent French tender for an offshore wind farm, despite being qualified to do so.
French software firm ESI confirms talks with potential buyers.
French software company ESI said it’s in talks with potential acquirers, sending its shares surging.
ESI is holding preliminary discussions with possible buyers after receiving indicative non-binding proposals. The company said it remains confident in its growth plan and there’s no certainty the talks will lead to any deal.
French software firm Planisware explores options including IPO.
Planisware is working with investment bankers on strategic options, including a stock market listing of the French software group.
Rothschild is acting as financial adviser to Planisware. BNP Paribas and Citigroup have been lined up to arrange a possible initial public offering, Reuters reported.
Abu Dhabi's ADQ hires KPMG partner as portfolio investments director. (People)
Abu Dhabi state holding company ADQ has hired Jawad Shafique, formerly KPMG’s partner for deal advisory in the lower Gulf, as director for portfolio investments.
ADQ, Abu Dhabi’s third biggest sovereign wealth fund, has been hiring more bankers in the last two years as it steps up dealmaking in the United Arab Emirates and overseas, Reuters reported.
APAC
NTT Anode Energy, a smart energy business developer, and JERA, a power generation company, agreed to acquire the Japanese assets from Pattern Energy, a developer and operator of wind, solar, transmission, and energy storage projects. Financial terms were not disclosed.
"Our partnership with GPI was a tremendous success and has grown into a leading renewables business in Japan. As the Japanese market continues to evolve, we saw the need for more of a local force, with deep connections, to partner with GPI and drive the business forward. The timing was right for all parties to make this happen. NTT Anode and JERA are ideal partners for GPI that can continue to build upon the strong foundation we've worked together to establish," Hunter Armistead, Pattern Energy CEO.
Amazon's cloud computing unit to invest $13bn in India by 2030.
Amazon Web Services, the cloud computing division of Amazon.com, plans to invest INR1.06tn ($13bn) in India by 2030, doubling down on its past investments to cater to an ever-growing demand.
The latest investment will be used to build its cloud infrastructure in India and it will support over 100k full-time jobs annually. The company runs two data centers in the Indian subcontinent, one in Mumbai which was launched in 2016, and another in Hyderabad, started in 2022, DealStreetAsia reported.
Agarwal’s Vedanta seeks cash with $500m bond maturing.
Billionaire Anil Agarwal’s Vedanta Group is looking to free up cash and raise funds, possibly via a loan, as its $500m junk-rated bond matures at the end of this month.
Agarwal’s Vedanta Resources is relying heavily on money from its units to reduce its debt load after it failed to generate $3bn via the sale of a zinc mining unit to Hindustan Zinc. Mumbai-based Vedanta paid out about $4.6bn in five dividends to its London-based parent last financial year. Yet weaker metals prices and high costs crimped its most recent quarterly profit, potentially limiting the scope for more dividends. Proceeds from the loan, with maturity of as much as 5 years, would be used for a bond repayment.
Malaysia’s Ekuiti Nasional explores sale of shipping unit Orkim. (FS)
Ekuiti Nasional, Malaysia’s state-owned private equity firm, is exploring selling shipping company Orkim and is seeking as much $331m. Deliberations are ongoing and Ekuinas could decide not to proceed with a sale.
Orkim started as a shipbroker in 2004 and became a shipowner five years later after taking delivery of its first vessel. It is the only company in Malaysia to secure long-term contracts from state-owned oil firm Petroliam Nasional and Shell for so-called Clean Petroleum Products’ domestic sea transportation. Orkim has a fleet of 18 vessels with an average age of 10 years and total tonnage of 154k deadweight tonnes.
Ekuinas was set up in 2009 to promote equitable and sustainable wealth creation and economic participation for indigenous Malays. The state-owned private equity firm bought 95.5% of Orkim in 2014.
GIC-backed Vietnamese tech firm VNG eyes $100m funding round. (FS)
Vietnamese internet company VNG, which is backed by Singapore sovereign wealth fund GIC, is looking to raise $100m in a fresh funding round.
The Ho Chi Minh City-headquartered company, whose businesses include online games, payment, cloud services and the country’s most popular messaging app Zalo, is working with Maybank on the fundraising, DealStreetAsia reported.
PE firm Everstone in talks to sell stake in India's Burger King franchisee. (FS)
Private equity firm Everstone Capital is in talks to sell its roughly 41% stake in Restaurant Brands Asia, the master franchisee of Burger King in India and Indonesia.
The Singapore-headquartered buyout firm is in talks with Jubilant Foodworks, which operates Domino’s in India, as well as a consortium of PE firms Advent International and General Atlantic, DealStreetAsia reported.
Alibaba breaks up investment team, dispatches staff to units.
Alibaba Group plans to dispatch about half of its investment team to six different business units that will be created after the company’s breakup.
The e-commerce giant is placing about half of 70-some people from its investing arm with the newly formed arms focusing on businesses from cloud services to logistics, Bloomberg reported.
Sony eyes finance unit listing, doubles down on entertainment.
Sony Group is examining a partial spin-off of its financial business just three years after taking full control, as the conglomerate doubles down on entertainment and image sensors. Sony said it is considering a time frame of two to three years to spin off Sony Financial Group - whose operations include life insurance and banking - with an eye to listing the business and retaining a stake of slightly under 20%, Reuters reported.
The conglomerate is pursuing synergies between its business lines, which include video games, music and movies. It said hit drama "The Last of Us" on television network HBO drove uptake of the game franchise on which it is based and the music used. A partial spin-off of Sony Financial, which the group said was made possible by changes in tax rules, would allow the newly listed business to retain Sony branding.
Seed giant Syngenta moving forward with Shanghai IPO.
Syngenta Group is preparing to move forward with plans for its initial public offering, less than two months after the Shanghai stock exchange abruptly canceled the firm's hearing to join the Nasdaq-like Star Board. The Chinese-owned seed giant has withdrawn its Star Board IPO application and will immediately apply for a listing on the main board in Shanghai, Bloomberg reported.
The Shanghai stock exchange in March called off a hearing for Syngenta's proposed $9.3bn IPO a day before the meeting was scheduled. Having spent about four years preparing for the listing, executives and advisers at the company were shocked by the last-minute cancellation. The company at that time contacted exchange authorities to seek clarity but did not receive a detailed response. Should the IPO size remain at $9.3bn, it would be on track to be the world's largest since LG Energy Solution $10.7bn Seoul listing in January 2022. It could also be China's fourth biggest-ever listing in local currency terms.
Chinese VC major Qiming holds final close of seventh RMB fund at $928m. (FS)
Qiming Venture Partners, a Chinese venture capital firm that has invested in the country’s smartphone maker Xiaomi and food delivery giant Meituan, has hit the final close of a new Chinese yuan fund at RMB6.5bn ($928m).
As Qiming’s seventh flagship RMB fund, the vehicle will continue to focus on early-and growth-stage opportunities in two main areas, namely technology and consumer, as well as healthcare, DealStreetAsia reported.
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