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AMERICAS
To close one of Canada’s biggest-ever takeovers, Rogers Communications, a Canadian communications, and media company, may need help from an unlikely ally: a rival telecommunications company led by an outspoken Quebec separatist with a penchant for lawsuits, Bloomberg reported.
Rogers is trying to acquire Shaw Communications, a Canadian telecommunications company, for $21bn, but the deal is in jeopardy because the country’s Competition Bureau is trying to block it. Rogers is trying to solve the most difficult antitrust issue by selling Shaw’s wireless division, which competes in major markets such as Toronto, Calgary and Vancouver under the name Freedom Mobile.
Executives at Rogers have now opened the door to a deal with Quebecor, a company specializing in publishing and distribution, printing, and forest products, in the belief that they may have no other choice if they want to rescue the Shaw merger.
Rogers is advised by Bank of America, Barclays, Cravath Swaine & Moore, Goodmans and Torys. Financial advisors are advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault. Shaw 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.
A shareholder of CDK Global, an automotive retail technology firm, has sued the company over a pending $8.3bn merger with Brookfield Business Partners. It said that financial advisor Morgan Stanley and CDK directors breached their fiduciary duties when structuring the deal.
In a proposed class action in the Delaware Court of Chancery, Jeffrey Spunder, CDK stockholder, says the deal value is inadequate, in line with management’s own best estimates, and unfair to CDK Global’s shareholders.
CDK Global is advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison. Morgan Stanley is advised by Cravath Swaine & Moore. Brookfield is advised by RBC Capital Markets, Davis Polk & Wardwell and Weil Gotshal and Manges. Debt providers are advised by BMO Capital Markets, Bank of America, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, TD Securities and Wells Fargo Securities.
TelevisaUnivision, an operator of cable television channels, agreed to acquire Pantaya, an operator of Spanish entertainment and film platform, from Hemisphere, a Spanish-language media company. Financial terms were not disclosed.
"The acquisition of Pantaya's digital assets, including renowned titles like 'Señorita 89' and 'A La Mala', is an exciting opportunity to build upon our strategic growth plan as we continue to redefine the global streaming landscape. We look forward to welcoming the Pantaya team, the existing subscribers and having access to the content assets which perfectly complement TelevisaUnivision's industry-leading library," Pierluigi Gazzolo, TelevisaUnivision President and Chief Transformation Officer.
TelevisaUnivision is advised by Hogan Lovells. Debt financing is provided by Deutsche Bank, Fifth Third Bancorp, Truist Bank and Wells Fargo Securities. Hemisphere is advised by Moelis & Co, PJT Partners, Davis Polk & Wardwell, Paul Weiss Rifkind Wharton & Garrison and Edelman.
EVE, a developer of next-generation urban air mobility solutions, went public via a SPAC merger with Zanite Acquisition, a special purpose acquisition company focused on the aviation sector, in a $2.4bn deal. Transaction includes a PIPE investment from Azorra Aviation, BAE Systems, Bradesco BBI, Falko Regional Aircraft, Republic Airways, Rolls-Royce and SkyWest.
"The successful completion of this transaction is an important milestone, providing capital and strategic support for Eve to play a pivotal role in accelerating the global UAM ecosystem. The funding raised through the transaction provides Eve with growth capital and positions Eve well to execute its development plans, aided by our ongoing strategic partnership with Embraer. We intend to further strengthen our position as a leading global UAM player by delivering an effective and sustainable new mode of urban transportation," Andre Stein, EVE Co-CEO.
EVE was advised by Banco Bradesco, Banco Itau, Raymond James and Santander. Zanite Acquisition was advised by BTIG, Jefferies & Company and White & Case. Embraer was advised by Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados and Skadden Arps Slate Meagher & Flom.
Gato Investments, a portfolio investment of Searchlight Capital, agreed to acquire Hemisphere Media, a Spanish-language media company, for $144m. The company be acquired for $7 per share in cash representing a premium of 86%.
"We are pleased to have reached this agreement with Gato, which we believe is the right path forward for our organization and delivers immediate value and certainty to stockholders. We have worked tirelessly to create an extraordinary portfolio of assets, and this transaction is a direct reflection of the quality of our networks, growing audience, and premium news and entertainment outlets. As a private company, and with the support of Gato, we will have the ability to make long-term investments in content and innovation that will best serve Hemisphere's audiences," Alan Sokol, Hemisphere CEO.
Searchlight is advised by Latham & Watkins. Gato is advised by Covington & Burling. Hemisphere is advised by Moelis & Co, PJT Partners, Davis Polk & Wardwell, Paul Weiss Rifkind Wharton & Garrison and Edelman.
Axsome Therapeutics, a clinical-stage biopharmaceutical company, completed the acquisition of Sunosi, a dual-acting dopamine and norepinephrine reuptake inhibitor shown to improve wakefulness in adults living, from Jazz Pharmaceuticals, a global biopharmaceutical company, for $53m.
"This transaction advances our efforts to deliver sustainable growth, enhanced shareholder value and drive the transformation of Jazz to an innovative, global biopharmaceutical leader. Jazz will continue to be laser-focused on investing in our highest strategic priorities including our ongoing launches, advancing our pipeline, pursuing opportunistic corporate development and achieving margin expansion. Through our development and launch of Sunosi, the Jazz team has laid the foundation for Axsome to continue supporting people who may benefit from this much-needed treatment," Bruce Cozadd, Jazz Pharmaceuticals Chairman and CEO.
Axsome was advised by DLA Piper and Joele Frank. Debt financing was provided by Hercules Capital. Jazz was advised by Guggenheim Partners, Cooley and Joele Frank.
Carlyle, a private equity firm, agreed to acquire NSM Insurance, a provider of insurance broking and risk management services, from White Mountains Insurance, a diversified insurance and related financial services holding company, for $1.78bn.
"The NSM team has done a tremendous job building a market-leading specialty insurance distribution platform. It has been our pleasure to partner with them along the way. This transaction is a win for both White Mountains shareholders and NSM management and employees. We want to thank Geof, Bill, Marc, Jonathan and the entire NSM team for all of their hard work. NSM is well positioned going forward, and we wish them continued success," Manning Rountree, White Mountains CEO.
Carlyle is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz. White Mountains is advised by JP Morgan and Cravath Swaine & Moore. NSM is advised by Holland & Knight.
Concentrix, a provider of customer experience services and technologies, agreed to acquire ServiceSource International, a customer journey experience company, for $131m.
“We continue to be committed to Reimagining Everything CX for our clients and delivering strong returns to our shareholders through our investments. We’re seeing significant opportunities for growth in our B2B sales business today and ServiceSource’s complementary capabilities and footprint in this space, combined with our leading portfolio of CX offerings, will enable us to quickly and successfully scale to meet demand with existing and new clients,” Chris Caldwell, Concentrix President and CEO.
ServiceSource is advised by Centerview Partners and Davis Graham & Stubbs.
The technical body of Brazilian antitrust watchdog Cade has recommended the approval of the acquisition of Extrafarma, an operator of a chain of pharmacy stores, by rival General Atlantic-backed Pague Menos, an operator of pharmacy chain in Brazil, Reuters reported.
Cade's technical body has recommended that Extrafarma sells around 3% of its stores to eliminate competition concerns. The agreement needs to be voted by Cade councillors by September.
MRV looking for a partner for its US subsidiary AHS.
MRV Engenharia e Participacoes, a Brazilian homebuilder and real estate company, is looking for a partner for its US subsidiary AHS Residential to fund its expansion, said Ricardo Paixao Rodrigues, MRV CFO.
MRV will meet investors to discuss the project this week in New York, during a Latin American conference hosted by Itau, a Brazilian financial services company, Reuters reported.
EMEA
Hg Capital, a private equity firm, agreed to acquire Ideagen, an information management, safety, risk and compliance software solutions provider, for $1.34bn.
"The offer reflects the quality, strength and long-term performance of Ideagen's businesses and its future growth potential. We believe that Hg's track-record and expertise in supporting and growing software businesses would provide a complementary partner for Ideagen's stakeholders," Richard Longdon , Ideagen Non-Executive Chairman.
Ideagen is advised by Canaccord Genuity, Goldman Sachs, Travers Smith and FTI Consulting. Hg is advised by Houlihan Lokey, Lazard, Linklaters and Brunswick Group.
AUB Group, an Australia equity-based insurance broker network, agreed to acquire Tysers, a provider of insurance and risk management solutions, from Odyssey Investment Partners, a private equity investment firm, $740m.
“The acquisition represents an important next step in the AUB Strategy to build out our client offering and risk expertise. Lloyd’s is the largest insurance market in the world. Tysers provides AUB Group the ability to access a diverse range of risks and insurance types for our clients and broker networks in Australia and New Zealand whilst also gaining the capability to accelerate the establishment of new agencies in these markets,” Mike Emmett, AUB Group CEO.
AUB is advised by Goldman Sachs, Macquarie Group, Allens, Linklaters and Pegasus Advisory. Debt financing is provided by Goldman Sachs. Odyssey Investments advised by Rothschild & Co.
Levine Leichtman Capital-backed Netherlands Measurement Institute, a specialist for legal metrology testing and inspection services, completed the acquisition of Chamois Metrology, a calibration and measurement equipment distribution company. Financial terms were not disclosed.
“We are excited to once again increase our UK footprint and to work with the skilled and highly experienced team at Chamois. This acquisition enhances our capabilities, and we can now offer a far wider scope of calibration services to our customers across Europe and the UK. The Chamois team are experts across multiple sectors, bolstered by technical knowledge, quality processes, and an impressive facility,” Yvo Jansen, NMi CEO.
NMi was advised by Corporate Finance International, RSM International and Roxburgh Milkins. Levine Leichtman was advised by Gasthalter & Co.
HCL Technologies UK, a technology company, agreed to acquire Confinale, a digital banking and wealth management consulting company, and Avaloq, a wealth management technology provider. Financial terms were not disclosed.
“There is significant disruption taking place in global wealth management and this means an opportunity for technology-led innovation. This acquisition significantly strengthens HCL’s digital wealth and asset management capabilities and expands our presence in the heart of the global investment banking sector. We welcome the team from Confinale and look forward to continuing to drive digital banking innovation alongside Avaloq,” Rahul Singh, HCL Technologies President of Financial Services and Digital Process Operations.
Confinale is advised by Technology Holdings and Bar & Karrer.
H.I.G. Capital, a private equity and alternative assets investment firm, led a $120m Series E funding round in Pyramid Analytics, a developer of a business intelligence platform, with participation from Clal Insurance Enterprises, Kingfisher Capital, General Oriental Investments, JVP, Maor Investments, Sequoia Capital, and Viola Growth.
“H.I.G. is excited to partner with Pyramid in their next stage of growth. Pyramid drives exceptional ROI to customers by empowering them to make faster, more intelligent decisions leveraging advanced analytics and data insights. I’m thrilled to join the Board of Directors and to collaborate with an exceptional leadership team who have brought a truly innovative, differentiated technology to market," Scott Hilleboe, H.I.G. Co-Head.
Pyramid Analytics was advised by Resonance Mediatique.
Sandvik, an engineering group, agreed to acquire the mining part of Schenck Process Group, a measuring and process technology provider. Financial terms were not disclosed.
"SP Mining's proven range of high-capacity screens and feeders will complement the Sandvik product range and enhance our position among key customer groups within mining rock processing. The transaction also gives Sandvik access to a broadened screening media offering, which will add significant potential to our aftermarket business", Anders Svensson, Sandvik Rock Processing Solutions President.
Sandvik is advised by JP Morgan.
Normet, a manufacturer of machines and equipment for mining and tunneling, agreed to acquire the aliva equipment business of Sika, a firm that manufactures and sells specialty chemical-based products. Financial terms were not disclosed.
“With Normet Group, Sika has found the right strategic owner for the Aliva Equipment business. Normet is specialised in underground construction and will expand investments in the long-term development of the Aliva business, its people, products, and technologies. Being a part of the core business of a global company will open up new opportunities for the strategic development of Aliva and its employees. Customers can continue to rely on the availability of high-quality equipment and support in the future," Ivo Schädler, Sika Regional Manager, EMEA.
Sika is advised by Lenz & Staehelin.
Morrisons wins bid for McColl’s convenience chain.
Morrisons, a chain of supermarkets, has sealed a deal to buy the troubled convenience store chain McColl’s after seeing off competition from EG Group, a petrol station operator, Bloomberg reported.
The supermarket chain is expected to be named the preferred bidder for the corner shop chain. The deal has reportedly been structured as a pre-pack administration, meaning Morrisons will buy McColl’s once it enters insolvency proceedings overseen by PwC. Commitments made by the supermarket chain include retaining all of McColl’s staff and branches, and honouring all of its outstanding pension obligations.
Terminix to divest UK and Norway businesses.
Terminix Global Holdings, a provider of essential termite and pest management services to residential and commercial customers, announced it has entered into a definitive agreement to divest its pest management businesses in the UK and Norway. These businesses are being divested by Terminix as a condition to the closing of its $6.7bn merger deal with Rentokil.
“I want to thank the Norway and United Kingdom teams for their dedication and commitment to our Company and customers while at Terminix. Both businesses are well positioned in attractive pest control markets for continued growth and margin expansion under experienced new ownership," Brett Ponton, Terminix CEO.
Shaftesbury and Capco discuss merger to create London-focused REIT.
Shaftesbury, a British real estate investment trust which invests exclusively in the heart of London's West End, and Capital & Counties Properties, a United Kingdom-based property investment and development company, are in advanced talks to create a REIT with assets in some of London’s hottest spots, including Covent Garden and Chinatown, Bloomberg reported.
Shaftesbury would own 53% and Ian Hawksworth, Capco CEO, would continue in the same role at the combined REIT, which could be worth about $4.5bn based on current market values.
Rightmove CEO to leave next year. (People)
Rightmove, an online real estate portal and property website, said that Peter Brooks-Johnson, Rightmove CEO of 5 years, would leave the company next year, sending its shares nearly 6% lower, Reuters reported.
"With Rightmove progressing well on its mission to make home moving easier and our strong trading from 2021 continuing into 2022, I have decided it is an appropriate time to seek a new challenge," Peter Brooks-Johnson, Rightmove CEO.
APAC
OMERS Infrastructure, an investor and asset manager, agreed to acquire the mobile towers and rooftop portfolio of TPG Telecom, an integrated telecom services provider, for $672m.
"Australia and Asia-Pacific more broadly are priority markets for OMERS Infrastructure, where we continue to see significant investment opportunities. We are excited to have the investment in TPG’s Tower Assets join our portfolio of high-quality Australian infrastructure investments, alongside Port of Melbourne, Transgrid and renewable energy developer FRV Australia. In the transaction, we see an excellent opportunity to realize our digital infrastructure thesis in the region. We look forward to working with the TPG team to first transition the business and then support its growth as it provides critical telecommunications infrastructure services to its customers," Christopher Curtain, OMERS Infrastructure Senior Managing Director, Asia-Pacific.
OMERS is advised by Alvarez & Marsal, PricewaterhouseCoopers, Altman Solon, Grex Consulting, RBC Capital Markets and Baker McKenzie.
Hailiang Education International agreed to merge with Hailiang Education, a provider of educational services in China, in a $369m deal.
The per ADS merger consideration represents a premium of 24.98%. The company's board of directors acting upon the unanimous recommendation of a special committee of independent directors established by the board. The Special Committee negotiated the terms of the merger agreement with the assistance of its financial and legal advisors.
Hailiang Education is advised by Duff & Phelps, Conyers Dill & Pearman, Hunter Taubman Fischer & Li, Orrick Herrington & Sutcliffe and VCL Law.
Nexus Point-led consortium completed the acquisition of a majority stake in Honour Lane Shipping, a freight forwarder. Financial terms were not disclosed.
“Our investment strategy centres around identifying companies with robust operating fundamentals, defensible market positions, and sustainable competitive advantages. HLS satisfies all these criteria thanks to its unique business model, deep relationships with customers and vendors, and profound understanding of the market and its players. We are thrilled to join forces with one of the most experienced teams in the Asian logistics sector and we are grateful for the trust placed in us by the shareholders and the management team. We are optimistic about HLS’ future as one of the largest NVOCCs in the transpacific lane, and are committed to take the company to new heights together with our new partners,” KC Kung, Nexus Point Founder and Managing Partner.
Honour Lane Shipping was advised by PricewaterhouseCoopers, Alvarez & Marsal, BDA Partners and Simmons & Simmons.
SoftBank Ventures Asia, BRV Capital, Vertex Growth, BOND, Korea Development Bank, IMM Investment and Mirae Asset Capital led a $182m Series D funding round in oHouse, an all-in-one lifestyle platform enabling customers to easily source & purchase goods for their homes.
"Today, we’ve grown into a global platform that brings users together to inspire one another to transform their lives. We’re creating solutions that can help our global user base with every design and style related challenge that they’re facing, whether it be remodeling a bathroom, planning a dinner party or setting-up a home theater system," Seungjae Lee, oHouse Founder and CEO.
oHouse was advised by Edelman.
Alibaba, a provider of online and mobile commerce businesses, completed a $379m investment in Lazada, a developer of an online shopping and selling marketplace.
Alibaba plans to expand Lazada to Europe in order to diversify its growth as competition has heated up in China. Alibaba already has a presence in Europe through AliExpress, which makes cross-border sales from China.
JIC Venture Growth, an investment fund manager, and Mars Growth Capital, a venture capital fund, led a $120m Series C+ funding round in Synqa, a payments startup formerly known as Omise.
The proceeds will be used to expand its footprint and lineup of products. It currently offers online payment processing for 7k merchants, including major brands such as McDonald's and Toyota, in Thailand, Singapore, Malaysia, Indonesia and Japan. Online or off, many shoppers in the region have become users of its services without knowing, due to its nature as a background service provider.
Reliance Industries steps up M&A in retail and renewables push.
Mukesh Ambani’s Reliance Industries, an Indian multinational conglomerate company, spent almost $1bn in the Q1, 2022, on investments in renewable energy, fashion and ecommerce companies as the conglomerate works to diversify away from fossil fuels, FT reported.
Reliance Industries is increasingly relying on acquisitions to fuel its expansion and take on Gautam Adani, an industrialist with one of the country’s largest renewables portfolios.
Giant Biogene files for Hong Kong IPO.
Giant Biogene Holding, a collagen-based skincare products supplier, filed for a Hong Kong IPO, joining the growing list of Chinese companies seeking to tap into global capital through the financial hub as they shy away from increasingly problematic US listings, DealStreetAsia reported.
The firm filed its prospectus to the HKEX on May 5, 2022, revealing that its revenue has grown for three consecutive years and increased by almost two thirds to $233m in 2021.
Foreign investors shun India’s biggest IPO over market risks.
On the whole, Bloomberg reported that foreign institutional investors have steered clear of India’s biggest share sale, deeming it too expensive given currency risks and the global market backdrop.
With just hours to go until the end of the subscription period for the $2.7bn IPO of LIC, an Indian statutory insurance and investment corporation, foreign institutional funds have ordered merely 8% of the shares set aside for all institutional buyers.
Bursa Malaysia sees strong IPO momentum on liquidity support.
Muhamad Umar Swift, Bursa Malaysia CEO, said that the pipeline for Malaysia's IPO is likely to remain strong for the rest of the year as excess cash buoys demand, Bloomberg reported.
"Our lead stream is strong, we have pent-up availability, the market support for IPOs this year has been very good. There is still a lot of liquidity in the Malaysian market chasing new offerings," Muhamad Umar Swift, Bursa Malaysia CEO.
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