|
AMERICAS
Canadian communications and media company Rogers Communications said it will not proceed to close its proposed $21bn purchase of Shaw Communications until it reaches an deal with the competition bureau or the competition tribunal gives its verdict.
Rogers also signaled that it is open for a settlement with the bureau but said it does not agree with the bureau's conclusions for rejecting the deal and will contest the ruling, Reuters reported.
Shaw Communications is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Osler Hoskin & Harcourt. Rogers Communications is advised by Bank of America, Barclays, Cravath Swaine & Moore, Goodmans and Torys. Financial advisors are avised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault.
Genstar-backed Foreside, a financial advisory firm, completed the merger with Starr Investment-backed ACA Group, a provider of governance, risk, and compliance advisory services and technology solutions. Genstar is the majority owner of the combined business. Financial terms were not disclosed.
“Clients are looking for a comprehensive, one-stop solution for their GRC needs and we are thrilled to step up to the plate together to make GRC a competitive advantage for our clients. Foreside and ACA have earned outstanding reputations and our aligned vision and culture, client-centric focus, and commitment to innovation will help our customers navigate their most complex GRC challenges," Shvetank Shah, ACA CEO.
ACA Group was advised by Jefferies & Company and Kirkland & Ellis. Genstar was advised by Raymond James, Willkie Farr & Gallagher and Chris Tofalli Public Relations. Foreside was advised by BackBay Communications.
Franklin Templeton, an investment firm, agreed to acquire Alcentra, a manager of private debt, from BNY Mellon, an investment banking services holding company. Financial terms are not disclosed.
“We’re delighted to announce the acquisition of Alcentra and look forward to welcoming its talented team to our firm. We have been deliberate in building our alternative asset management capabilities over recent years and the acquisition of Alcentra is an important aspect of our alternative asset strategy – the expansion into alternative European credit. Alternative investments represent a significant diversification tool for our clients and an area of increasing importance for both individual and institutional investors. This acquisition expands our long-standing relationship with BNY Mellon, and we are pleased that the structure of the transaction achieves objectives for both Franklin Templeton and BNY Mellon in the context of current market conditions," Jenny Johnson, Franklin Templeton President and CEO.
Franklin Templeton is advised by Morgan Stanley, UBS and Willkie Farr & Gallagher. BNY Mellon is advised by Ardea Partners and Sullivan & Cromwell.
Regeneron, a biopharmaceutical company, completed the acquisition of Checkmate Pharmaceuticals, a clinical-stage biotechnology company, for $250m.
"As we continue to deepen and expand our efforts in immuno-oncology, the acquisition of Checkmate adds a potentially best-in-class clinical asset, as well as a promising underlying technology platform in the VLP delivery system. Our increasingly diverse portfolio enables strategic flexibility and creativity as we advance monotherapy and combination candidates for difficult-to-treat cancers. With Libtayo as our anti-PD-1 backbone and a differentiated scientific approach, Regeneron is well positioned to make meaningful progress for people with cancer," Leonard S. Schleifer, Regeneron President and CEO.
Checkmate Pharmaceuticals was advised by Centerview Partners, Goodwin Procter and MacDougall. Regeneron was advised by Wachtell Lipton Rosen & Katz.
Astorg Partners, a private equity firm, agreed to acquire OPEN Health, a medical communication consulting services provider, from Amulet Capital Partners, a middle-market private equity investment firm. Financial terms are not disclosed.
"We are excited to build on the momentum across our business and to continue executing with our new partners at Astorg on a shared long-term vision to bring deep scientific solutions that support our clients in driving positive health outcomes. We are grateful for the strong partnership of the Amulet team over the last three and a half years and for all that we have accomplished in expanding our industry-leading capabilities across disciplines. We continue to be very well positioned to drive innovation and growth, and we look forward to embarking on this next chapter for OPEN Health," Rob Barker, OPEN Health CEO.
Astorg is advised by Rothschild & Co and Publicis Consultants. OPEN Health is advised by Houlihan Lokey. Amulet Capital is advised by Joele Frank.
GlaxoSmithKline agreed to acquire Affinivax, a clinical-stage biopharmaceutical company, for $3.3bn.
“The proposed acquisition further strengthens our vaccines R&D pipeline, provides access to a new, potentially disruptive technology, and broadens GSK’s existing scientific footprint in the Boston area. We look forward to working with the many talented people at Affinivax to combine our industry-leading development, manufacturing, and commercialisation capabilities to make this exciting new technology available to those in need," Hal Barron, GSK Chief Scientific Officer.
Affinivax is advised by JP Morgan.
Marondo Capital, a private equity firm, agreed to acquire a minority stake in The Textbroker Group, a content writing and publishing platform, from Kennet Partners, a private equity firm. Financial terms were not disclosed.
“I am very pleased that our international team of employees can now start the coming years with the support of this new excellent partner. Thank you to everyone who has been with us over the past 17 years on our journey to becoming the world's leading content marketplace. Right from the start, Marondo was keen to become part of our wider story and I look forward to the future with such a reliable partner at our side,” Jan Becker-Fochler, Textbroker Founder.
Textbroker is advised by King & Wood Mallesons.
Unilever, a consumer goods company, agreed to acquire a majority stake in Nutrafol, a nutraceutical manufacturer, from L Catterton, a private equity company. Financial terms are not disclosed.
“I am delighted to welcome Nutrafol to the Unilever family. Nutrafol and its holistic approach to hair health is the perfect complement to our growing portfolio of innovative wellness and supplements brands. I am confident that with the full support of Unilever behind Nutrafol, Giorgos and the team will continue to take this fast-growing business to even greater heights," Fernando Fernandez, Unilever President.
Nutrafol is advised by Jefferies & Company.
Abu Dhabi Investment Authority, a wealth fund, led a $725m Series B2 round in Acrisure, an insurance company, with participation from Guggenheim Partners and Oak Hill Advisors.
“This investment is a testament to our strategic direction and ability to innovate and adapt to the needs of our customers. We are thrilled to partner with ADIA and OHA, premier, globally recognized investment institutions, and continue our work with Guggenheim. This transaction reaffirms how the market, and our partners, value the strength of our performance and trajectory for future growth," Greg Williams, AcrisureCo-Founder, CEO and President.
Westinghouse Electric, a nuclear power company, completed the acquisition of BHI Energy, a construction engineering company. Financial terms were not disclosed.
“Both Westinghouse and BHI customers will benefit from the integrated industry-leading practices from both companies. The combination of these complementary organizations further strengthens our ability to serve the nuclear operating fleet through an expanded presence in our core business, while setting a new standard in outage and maintenance efficiencies," Patrick Fragman, Westinghouse President and CEO.
One80 Intermediaries, a specialty insurance broker, agreed to acquire VFIS of North Carolina, an insurance company. Financial terms are not disclosed.
“One80 Intermediaries is excited to expand its relationship with VFIS, the largest provider of insurance, education and consulting services to fire departments, ambulance, rescue squads and 911 centers in the United States. Additionally, we are delighted to welcome Jackie Ireland and his incredible team as part of our growing One80 family,” Matthew Power, One80 Intermediaries President.
US Senator plans bill to crack down on blank check deals.
Reuters reported that Elizabeth Warren, US Senator, plans a bill to crack down on the SPAC industry after a "proliferation" of bad deals that have often resulted in huge losses for investors.
Warren's forthcoming "SPAC Accountability Act of 2022" would increase the legal liability for a range of parties involved in such deals, enhance investor disclosures, and lock up early investors who bankroll the deals for a more extended period.
EMEA
Royal DSM, a business conglomerate, agreed to merge with Firmenich, a fragrance and flavor maker, to create DSM-Firmenich in, a $3.7bn deal.
"The combination of DSM and Firmenich is transformational, and brings together two culturally aligned and iconic businesses, each with over 125 years' heritage of innovation. Our shared purpose and common values, combined with our highly complementary capabilities gives me confidence we can accelerate our growth further through innovation and new creations. I am confident that for all stakeholders of the future DSM-Firmenich business, the most exciting times are still to come," Patrick Firmenich, Firmenich Chairman.
Royal DSM is advised by Centerview Partners, JP Morgan, Allen & Overy, Walder Wyss and FTI Consulting. Debt financing was provided by JP Morgan. Firmenich is advised by BDT & Co, Goldman Sachs, Bar & Karrer, Oberson Abels, Stibbe and Brunswick Group.
Sun Capital Partners, a private investment firm, completed the acquisition of TENAX, a manufacturer of chemical products. Financial terms were not disclosed.
"We are excited to apply our experience investing in the building products sector, executing buy-and-build strategies, and in partnering with founders like the Bombana family to support TENAX at this exciting juncture in its growth. Over many years the Bombanas have built TENAX into a large and truly global player, and we see significant opportunity for the Company to continue that trajectory, both through strategic acquisitions to penetrate new markets and driving organic growth to increase overall presence and add market share," Marc Leder, Sun Capitaln Co-CEO.
TENAX was advised by Ernst & Young, Clearwater International and LAWP. Sun Capital was advised by EY Parthenon, ERM Group, PricewaterhouseCoopers, UniCredit, Giliberti Triscornia e Associati, Barabino & Partners, Camarco and Stanton PRM.
Xior Student Housing, a Belgian real estate company, agreed to acquire PBSA assets of Basecamp Group, a student housing services provider and European Student Housing Fund, for €939m ($1bn).
“From its inception, Basecamp has been a pioneer in the regions in which it operates, with high-quality student accommodation and a community-led experience at its core. We outpace our competitors through our in-depth understanding of the GenZ audience that we attract. Xior and Basecamp will revolutionise the PBSA market by bringing together our complementary portfolios of properties. We will offer students across Europe the opportunity to live in inspiring rooms and life-enriching shared spaces. Our teams are delighted to come together and continue the exciting evolution of PBSA," Armon Bar-Tur, Basecamp Chairman.
Xior Student Housing is advised by ING Bank and Freshfields Bruckhaus Deringer. Basecamp is advised by CBRE Group, JP Morgan and Paul Hastings.
LANXESS, a specialty chemicals company, and Advent International, a private equity investor, agreed to acquire engineering materials business from Royal DSM, a corporation active in the fields of health, nutrition and materials, for €3.7bn ($4bn).
“LANXESS will once again become significantly less dependent on economic fluctuations. In addition, we as LANXESS will strengthen our balance sheet with the proceeds from the transaction and gain new scope for the further development of our Group. With the new joint venture, we are forging a strong global player in the field of high-performance polymers. The portfolios, value chains and global positioning of the two businesses complement each other perfectly. With its innovative products, the joint venture will be able to play a key role in shaping future developments - for example in the field of electromobility. In Advent, we have a strong and reliable partner with profound experience in the chemical industry and our customer industries," Matthias Zachert, LANXESS CEO.
LANXESS is advised by Rothschild & Co and Stibbe. Royal DSM is advised by JP Morgan.
Countryside Partnerships, a housebuilder, said it rejected an "undervalued" potential takeover offer from San Francisco-based investor Inclusive Capital valuing the British housebuilder at about $1.9bn.
In-Cap's latest offer was to buy the rest of Countryside's shares it does not already own, for $3.7 each - a premium of about 23% to the stock's last close. Countryside rejected this offer on May 26, Reuters reported.
"The board is confident that, with a clear strategy in place following the operational review announced on 7 April 2022, Countryside has a strong platform to deliver value in excess of the proposals," Countryside.
Timken, a global manufacturer of bearings and power transmission products, completed the acquisition of Spinea, a modern engineering company, engaged in the development, manufacturing and sales of high-precision reduction gears. Financial terms are not disclosed.
"Spinea's well-established position in highly demanding robotics applications will increase our presence in the growing automation space. Spinea brings an exciting new product line with differentiated technology and state-of-the-art manufacturing to Timken. We plan to leverage our global capabilities to scale the business and introduce Spinea's next-generation solutions to customers around the world," Richard G. Kyle, Timken President and CEO.
Telecom Italia seeks $21.5bn for landline network.
Telecom Italia, an Italian telecommunications company, is seeking an enterprise value of around $21.5bn for the landline network it plans to sell to Italy's state lender and a group of international funds, Bloomberg reported.
Telecom Italia is preparing to sell off the entirety of its network in a plan to shift control of the asset to the Italian state.
Generali CEO says no plans for merger with UniCredit.
Philippe Donnet, Generali CEO, dismissed the idea of a merger with lender UniCredit, an international banking group, and denied recurring press rumours about possible interest from French companies in taking control of insurer, Reuters reported.
"There is no plan for a merger with UniCredit, it is not part of our strategy, because it does not make sense," Philippe Donnet, Generali CEO.
Borouge draws $80bn in demand for its IPO.
Borouge, a petrochemicals company, attracted demand of $80bn for its IPO as retail investors snapped up shares despite volatile global markets, DealStreetAsia reported.
The company, owned by Abu Dhabi National Oil Company and Borealis, has attracted orders of $63bn from institutional investors.
Qualcomm wants to buy a stake in Arm in an upcoming IPO.
Qualcomm, an American multinational corporation, wants to buy a stake in SoftBank's Arm, a British semiconductor and software design company, in an upcoming IPO, said Cristiano Amon, Qualcomm CEO.
Qualcomm is interested in investing alongside its rivals and could join other companies to buy Arm outright, if the consortium making the purchase was big enough. Qualcomm has not yet spoken to SoftBank about a potential investment in Arm, Bloomberg reported.
APAC
Fosun plans sale of $527m Tsingtao Brewery stake. (FS)
Fosun International, a Chinese conglomerate, agreed to sell all of its 4.89% stake in Tsingtao Brewery, a Chinese brewery, through a share placement, raising $527m for general working capital, DealStreetAsia reported.
Fosun is selling a total of 66.78m H shares of Tsingtao at $7.89 apiece, a 4.7% discount to Monday's close of $8.28.
FWD delays $1b Hong Kong IPO amid volatile market.
FWD Group, a multinational insurance company, delayed its $1bn Hong Kong IPO because of volatile financial markets, DealStreetAsia reported.
The company had planned to list in the US last year to raise $2bn-3bn but switched back to Hong Kong after regulatory approval was delayed.
Macquarie Asset Management raises $4.2bn for APAC fund. (FS)
Macquarie Asset Management, an investment solutions provider, raised $4.2bn for its third fund dedicated toward APAC regional infrastructure, much beyond its $3bn target, DealStreetAsia reported.
The fund received the commitments from a diverse range of returning and new institutional investors, including pension funds, insurance companies and sovereign wealth funds, said Macquarie.
"The infrastructure markets across Asia-Pacific have been maturing at a particularly fast rate, and our clients continue to value the investment merits brought by infrastructure," Frank Kwok, Macquarie Asset Management Head of APAC Real Assets business.
Vivo Capital holds first close of new RMB fund at $600m and targets $1.5bn. (FS)
Vivo Capital, a global healthcare investment firm, held the first closing of a new RMB-denominated fund at $600m with a total fundraising target of about $1.5bn, DealStreetAsia reported.
The first closing attracted capital commitments from both new and existing limited partners. All of them are institutional investors, including several local government-guided funds, commercial banks, and biopharmaceutical companies in China.
Fullerton raises $100m at first close for new Thai PE strategy. (FS)
Fullerton, an investment solutions provider, raised $100m for its first Thai Private Equity strategy via KBank Private Banking, a private banking and wealth management firm.
Fullerton has partnered with KBank Private Banking, Hatton Equity Partners and Land and Houses Fund Management to launch the first-ever Thailand focused private equity strategy accessible to Thai investors in the form of a mutual fund.
|
