AMERICAS
Rogers Communications, Shaw Communications and Canada's competition bureau agreed to start a mediation process to overcome the agency's antitrust issues posed by Rogers' $15.5bn acquisition of Shaw, Reuters reported.
The parties will argue their case before a tribunal judge during the mediation process, who will offer possible solutions to resolve the dispute. If the parties agree to the solutions proposed by the judge then they could sign a consent agreement that would pave way for clearing the deal.
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 advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault.
Hellman & Friedman and Permira-led consortium to acquire Zendesk, a customer experience software company, for $10.2bn, with participation from Abu Dhabi Investment Authority and GIC.
"Over the past 15 years, Zendesk has revolutionized how companies serve their customers and has become a leading platform within the customer experience ecosystem. We deeply believe in the company's growth opportunity as it continues to help businesses across the world delight their customers," Tarim Wasim, Hellman & Friedman Partner.
Zendesk is advised by Goldman Sachs, Qatalyst Partners, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Goldman Sachs is advised by Sullivan & Cromwell. Permira is advised by Sard Verbinnen & Co. Hellman & Friedman is advised by Finsbury Glover Hering and Kirkland & Ellis. The consortium is advised by Fried Frank Harris Shriver & Jacobson, Morgan Stanley and Simpson Thacher & Bartlett.
Blackstone Real Estate Income Trust, a real estate investment platform, completed the acquisition of Preferred Apartment Communities, a real estate investment trust, for $5.8bn.
"We are pleased to complete this acquisition on behalf of our BREIT investors and welcome the talented PAC team to Blackstone. Inclusive of this transaction, approximately half of BREIT's portfolio comprises residential properties largely located in the West and South regions of the US, which are seeing robust demand and stable occupancy. PAC's portfolio of high-quality multifamily in key SunBelt markets and grocery anchored retail centers is a complementary addition to BREIT's portfolio of stabilized, income-generating assets, and we look forward to being long-term owners of these properties," Jacob Werner, Blackstone Real Estate Co-Head of Americas Acquisitions.
PAS is advised by Goldman Sachs, KeyBanc Capital Markets, King & Spalding, Vinson & Elkins and Longacre Square Partners. Blackstone is advised by Bank of America, JLL Corporate Finance, Lazard, Wells Fargo Securities, Simpson Thacher & Bartlett and Joele Frank.
Gurnet Point Capital, a private equity and venture capital firm, and Patient Square Capital, a health care investment firm, agreed to acquire Radius Health, a biopharmaceutical company, for $890m.
"We are delighted to be acquiring Radius and providing additional resources to the Company during this critical time. We fully believe in the value of the Company's portfolio and are looking forward to working closely with the Company to deliver a positive impact for patients," Travis Wilson, Gurnet Point Partner.
Radius Health is advised by JP Morgan, Ropes & Gray and Gagnier Communications. Patient Square Capital is advised by Kirkland & Ellis and Dukas Linden Public Relations. Gurnet Point Partner is advised by Latham & Watkins and Abernathy MacGregor Group. Patient Square and Gurnet Point are advised by Goldman Sachs. Debt is provided by OrbiMed Advisors. OrbiMed Advisors is advised by Covington & Burling.
Poly, a firm that designs and manufactures lightweight communications headsets, telephone headset systems, and other communications endpoints, announced its stockholders voted to approve the agreement pursuant to which HP, a product, technologies, software provider, to acquire Poly for $3.3bn.
The transaction is expected to close by the end of calendar 2022, subject to receipt of required regulatory clearances and the satisfaction of other customary closing conditions.
Poly is advised by Morgan Stanley, Cooley and Wilson Sonsini Goodrich & Rosati. HP is advised by Goldman Sachs, Morgan Stanley, Davis Polk & Wardwell, Ropes & Gray and Skadden Arps Slate Meagher & Flom. Goldman Sachs is advised by Sullivan & Cromwell.
Audax Private Equity, a private equity firm, agreed to acquire a minority stake in BlueCat Networks, a provider of mission-critical, infrastructure software. Financial terms were not disclosed.
"Audax has a lengthy and reputable track record of successfully partnering and working collaboratively with software and technology companies in infrastructure and security, in particular by deploying its Buy & Build strategy to expand offerings and move into adjacent markets, and we look forward to benefiting from the firm’s value-add resources,” Stephen Devito, BlueCat Networks CEO.
BlueCat Networks is advised by Nomura, William Blair & Co and Kirkland & Ellis. MDB is advised by Abernathy MacGregor Group. Audax is advised by Ropes & Gray and FGS Global.
Deutsche Bahn-backed DB Schenker, a logistics service provider, agreed to acquire USA Truck, a trucking and logistics services provider, for $435m.
"USA Truck is the perfect match for DB Schenker's strategic ambition to expand our network in North America and foster our position as a leading global logistics provider. In our 150th anniversary year, we are pleased to welcome one of the leading trucking and logistics providers to DB Schenker. Together we will enhance our shared value proposition and invest in exciting growth opportunities and sustainable logistics solutions for new and existing clients," Jochen Thewes, DB Schenker CEO.
USA Truck is advised by Evercore, Scudder Law Firm and Abernathy MacGregor Group. DB Schenker is advised by Morgan Stanley and Latham & Watkins.
Alliance Entertainment, a direct-to-consumer and ecommerce provider, agreed to go public via a SPAC merger with Adara Acquisition, a blank check company, in a $480m deal.
"Alliance Entertainment has built a strong foundation as one of the largest physical media and entertainment product distributors in the world and is a leader in fulfillment and eCommerce distribution. The Company has also expanded the efficiency and environmental efficacy of its operations through a number of ESG efforts. Our business combination will fuel this expansion, with a significant focus on increasing market share, technological advancements, enhanced Direct-to-Consumer relationships and capabilities, and expanding into new consumer products. With a proven track record of accretive acquisitions, the additional capital will enable Alliance Entertainment to effectively execute on its roll-up strategy and accelerate future growth," Tom Finke, Adara Acquisition CEO and Chairman.
Alliance Entertainment is advised by Loeb & Loeb and MZ Group North America. Adara Acquisition is advised by ThinkEquity and Blank Rome.
Private equity firm GIC, OMERS Infrastructure and Wren House, agreed to acquire Direct ChassisLink, a transportation services provider, from private equity firms Apollo and EQT. Financial terms were not disclosed.
“As a global long-term investor, GIC seeks to invest in world-class companies. GIC is excited to partner with like-minded investors, OMERS Infrastructure and Wren House, to acquire DCLI, one of the largest chassis lessors in the US, providing infrastructure to facilitate trade," Ang Eng Seng, GIC CIO.
Wren House is advised by Brunswick Group. OMERS is advised by RBC Capital Markets. Direct ChassisLink is advised by Citigroup.
NerdWallet, a personal finance company, agreed to acquire On The Barrelhead, a financial advisory service provider, for $120m.
"Our vision for a trusted financial ecosystem means we're able to provide consumers and SMBs with a trusted platform to learn about various financial topics, shop for products, connect their data and receive data-driven nudges. On the Barrelhead's data and technology solutions will help us advance toward our goal by enabling us to leverage consumer information to provide users with relevant financial guidance and more personalized and compelling product recommendations. Their differentiated technology solutions and NerdWallet's trusted brand and reach will also strengthen our footprint in the lending space by providing significant value to our partners," Tim Chen, NerdWallet CEO and Co-Founder.
NerdWallet is advised by Jones Day.
LS Power, an energy company, agreed to acquire Rolling Hills, a natural gas-fired power plant, from ArcLight Capital Partners, a private equity firm. Financial terms were not disclosed.
"Rolling Hills will join LS Power's fleet of flexible gas-fired generation, a portfolio of assets with the dynamic ramping attributes critical to a successful clean energy transition," Nathan Hanson, LS Power President.
ArcLight is advised by Jefferies & Company.
Cornell Capital, a private equity firm, agreed to acquire a majority stake in Advantek, a provider of carrier tape and associated protective packaging products, from Tinicum, a private investment firm. Financial terms were not disclosed.
"As strong secular market trends in component miniaturization and electrification continue to drive increased high-precision carrier tape and component demand, Advantek is well-positioned to capitalize on attractive opportunities for continued growth globally. We look forward to leveraging our deep cross-border expertise to accelerate Advantek's growth in key international markets," Allen Chu, Cornell Capital Partner and Head of Asia.
Cornell Capital is advised by Joele Frank.
Fernweh Group, a principal investment firm, agreed to acquire a 60% stake in AIS Investment Holdings, a provider of specialized products and solutions designed to support industrial and electrical applications, from AZZ, an electrical equipment manufacturing company, for $300m.
"We are excited by the opportunity to acquire a majority stake in AIS and look forward to working with management to continue to strengthen and grow the business. The company has a range of strategic growth opportunities in energy, infrastructure, data center, and other sectors, as well as unique capabilities to support marquee customers in these end markets. The acquisition is aligned with Fernweh's investment thesis in the industrials sector and will be a strategic platform on which to build a major electrical and industrial business. We look forward to welcoming the AIS colleagues to the Fernweh family and establishing a long and fruitful partnership with Tom, and the AZZ team," Nick Santhanam, Fernweh Group CEO.
Sapporo USA, a beer brand, agreed to acquire Stone Brewing, a craft beer brand. Financial terms were not disclosed.
"We approached Stone Brewing seeking a partner for our growth plans in the U.S, and we quickly recognized they were an ideal partner with bi-coastal brewing capacity, loyal fans, superb management, shared cultural values, and commitment to the highest quality standards. This acquisition puts the resources and legacy of the largest Asian beer brand in America together with one of the most innovative and recognized craft beer brands in the world. It's a perfect fusion of east meets west that is an ideal marriage for Sapporo's long-term growth strategy in the US," Kenny Sadai, Sapporo USA Chairman.
KKR mulls dropping banks for private credit to fund Ivirma deal. (FS)
KKR is considering a U-turn on the financing of its acquisition of Ivirma Global, by switching to direct lenders just two months after a group of four banks beat out private credit firms for the deal.
The private equity giant is holding talks with direct lenders to see if they can step in to finance the deal for the fertility treatment provider, with a decision expected within the next couple of weeks, Bloomberg reported.
The buyout firm had lined up underwritten financing of around $842m from a group including Morgan Stanley, Bank of America, Deutsche Bank and Credit Suisse in April.
Waratah Capital Advisors mulls a sale of Lithium Royalty. (FS)
Waratah Capital Advisors, a Canadian alternative investment manager, is weighing a sale of its holdings in a lithium royalties business as demand for the battery metal surges.
The Toronto-based firm is considering either a private sale of the closely held Lithium Royalty or selling shares through an initial public offering later this year or in 2023. Canaccord Genuity and Citigroup are advising on the process.
Waratah is considering the move as demand for lithium, a key mineral used in batteries that power electric vehicles, is soaring with automakers advancing efforts to bring more electric vehicles onto roads and countries pushing to electrify economies as part of a shift away from fossil fuels, Bloomberg reported.
BTG-backed Eneva raises $801m in Brazil share offering.
Eneva, the Brazilian power company that counts Banco BTG Pactual among its backers, has raised $801m in an equity offering.
The Rio de Janeiro-based firm sold 300m new shares at $2.6 each, a 2.5% discount to Friday’s closing price. BTG Pactual scooped up about $285m in shares, Bloomberg reported.
Banks running the deal were BTG, Bank of America, Banco Itau, Banco Bradesco, Citigroup, JP Morgan, UBS and Banco Santander.
ECP closes $1.6bn continuation fund. (FS)
ECP, a leading investor across energy transition, electrification and decarbonization infrastructure assets, announced the successful completion of a continuation fund with $1.6bn in capital commitments.
The fund is supported by new and returning limited partners, and is anchored by Pantheon and existing consortium investor Phoenix Insurance.
ECP is advised by PJT Partners, Latham & Watkins and Joele Frank.
EMEA
Volvo-backed Polestar, a global electric performance car company, went public via a SPAC merger with Gores Guggenheim in a $20bn deal.
"This is a hugely proud moment for the entire team at Polestar. We will now open a new chapter in our story that can be summarised in one word – growth. By 2025 we aim to be selling 290k cars per year, 10 times as many as we sold in 2021. We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward," Thomas Ingenlath, Polestar CEO.
Polestar is advised by Citigroup, Kirkland & Ellis, WongPartnership and Tulchan Communications. Gores Guggenheim is advised by Barclays, Citigroup, Deutsche Bank, Guggenheim Partners, Morgan Stanley, Hannes Snellman and Weil Gotshal and Manges. Financial advisors are advised by Latham & Watkins and Sullivan & Cromwell.
Britain moved forward on approving the acquisition of London-listed defence firm Ultra Electronics by rival Cobham, owned by US private equity firm Advent, after having raised security concerns over the planned transaction, Reuters reported.
"Today's announcement is a positive step for investment in Ultra," Shonnel Malani, Cobham Chairman.
Ultra is advised by JP Morgan, Numis Securities, Slaughter & May and MHP Communications. Cobham is advised by Credit Suisse, Goldman Sachs, Morgan Stanley, Rothschild & Co, Kirkland & Ellis and Tulchan Communications. Credit Suisse is advised by Ashurst. Debt is provided by Credit Suisse.
Ideagen announced that at the court and general meetings, the $1.34bn acquisition of Ideagen, an information management, safety, risk and compliance software solutions provider, by Hg Capital was considered and approved.
"We are delighted that Ideagen's shareholders have voted in favour of this partnership with Hg. We have long recognised Ideagen as a high-quality software business and are excited about the future. Ben and the team will now have greater flexibility to execute and accelerate longer term growth plans, including investments in product, technology, talent and large scale, accretive M&A. Together we are in a great position and remain committed to ensure that Ideagen maintains and grows as a leader in the sector," Hg.
Ideagen is advised by Canaccord Genuity, Goldman Sachs, Travers Smith and FTI Consulting. Hg is advised by Houlihan Lokey, Lazard, Linklaters and Brunswick Group.
Mayr-Melnhof, a producer of carton board and folding cartons, agreed to acquire the packaging businesses of Essentra, a provider of essential components and solutions, for £312m ($383m).
"The sale of Packaging marks a significant step on our journey to become a pure play Components business. A substantial amount of work has gone into improving the Packaging division over the last few years and I would like to thank all colleagues for their commitment and hard work whilst part of Essentra. I wish them all the best for the future. I am sure that the business will continue to make excellent progress under the ownership of Mayr-Melnhof. This transaction will enhance Essentra's balance sheet strength and enable the Group to participate in further investment activity," Paul Forman, Essentra CEO.
Essentra is advised by Credit Suisse, Lazard and Tulchan Communications. Mayr-Melnhof is advised by Barclays.
Investment firms Bain Capital and Nextalia agreed to acquire Deltatre, an IT services provider, from Bruin Capital, a private equity firm. Financial terms were not disclosed.
“It's never been a more exciting time for the media and sport industries. Rapid technological innovation in how content is produced, distributed, and consumed has opened new opportunities for rights owners to monetize and reach their fans globally, and Deltatre sits at the heart of this shift. I am excited to welcome Bain Capital and Nextalia SGR as our new partners as we enter this exciting chapter in our company history," Andrea Marini, Deltatre CEO.
Bain Capital is advised by HSBC, Nomura, Gatti Pavesi Bianchi Ludovici and Weil Gotshal and Manges.
Greencoat Renewables, a private equity firm, agreed to acquire Ersträsk North, a Swedish wind farm, from Enercon, an energy company. Financial terms were not disclosed.
"We are delighted to partner with Enercon and agree to acquire the Ersträsk North windfarm. Sweden is becoming a major hub for green energy, with the combination of low-cost generation and a number of attractive routes to market. As the renewable generation market continues to develop, we expect to see greater opportunity in the unsubsidised renewables market and believe Greencoat Renewables is well positioned to benefit both across mainland Europe and in Ireland," Paul O'Donnell, Greencoat Capital Partner.
Greencoat Capital is advised by Davy Corporate Finance, RBC Capital Markets and FTI Consulting.
Hamamatsu Photonics, a Japanese company engaged in developing photoelectric devices and application products, agreed to acquire NKT Photonics, a supplier of high-performance fiber lasers, fiber optic sensing systems, and photonic crystal fiber, from NKT, an industrial holding company, for $237m.
“After more than twenty years, we are proud to hand over a thriving high-tech business. It is a good example of innovation and technology in Denmark recognized internationally and the divestment ensures future growth opportunities. We have found a good new home for NKT Photonics,” Jens Due Olsen, NKT Chairman.
NKT is advised by JP Morgan and Kromann Reumert.
Barclays, an universal bank, agreed to acquire Kensington Mortgages, a mortgage lender, from Blackstone and Sixth Street, two investment firms, for $2.8bn.
"The transaction reinforces our commitment to the UK residential mortgage market and presents an exciting opportunity to broaden our product range and capabilities. KMC is a best-in-class specialist mortgage lender with an established track record in the UK market, strong broker and customer relationships and data analytics capabilities. KMC complements our existing UK mortgage business and broker relationships through the addition of a specialist prime mortgage originator and the utilization of our strong UK funding base. We look forward to KMC management and employees becoming part of the Barclays group," Matt Hammerstein, Barclays CEO.
Kensington Mortgages is advised by Morgan Stanley.
Deutsche Bahn leans toward keeping Schenker unit.
German state-owned rail operator Deutsche Bahn is leaning toward postponing a possible sale of its logistics unit Schenker that could be worth around $21bn.
The option to eventually divest Schenker in the long run remains in place but officials decided to keep the business for now and approved investment plans for the operations.
The company has been working with a consultant and legal advisers to ready the business for a possible transaction later this year. Options being considered range from a full sale, to the potential disposal of a minority holding or an initial public offering, Bloomberg reported.
Brookfield mulls a $613m bid for InterGen’s UK power portfolio. (FS)
Brookfield Asset Management, the Canadian investment giant, is among suitors exploring bids for InterGen’s UK power portfolio.
InterGen has asked for initial offers in July, asking not to be identified because the information is private. The assets could fetch as much as £500m ($613m).
InterGen said it was working with Greenhill & Co. on a sale of its UK business, which includes four operational gas plants that can generate more than 2.8GW of power. The portfolio also includes a 450MW battery energy storage project.
SSW Partners prepares Veoneer for sale. (FS)
SSW Partners, a closely held investment firm founded by three big-name financial executives, is set to kick off the sale of the remainder of Swedish automotive supplier Veoneer.
The firm is working with advisers to prepare the sales process, which is likely to begin in the coming months. SSW could sell the entire business to one buyer or consider divesting the two pieces separately.
The assets include the active-safety unit, which supplies radars, cameras and lidar, and the restraint-control systems unit, including electronics for airbags and seat belts. The timing and structure of any deal could change, Bloomberg reported.
Masayoshi Son says Nasdaq listing most likely for Arm.
SoftBank Group Corp founder and Chief Executive Masayoshi Son reiterated the Japanese conglomerate was most likely to list British-based chip designer unit Arm on Nasdaq, Reuters reported.
Son said there were also requests to list Arm in London without elaborating on where they came from. The entrepreneur did not say whether the conglomerate is considering a secondary listing for Arm there.
"Most of Arm's clients are based in Silicon Valley and ... stock markets in the US would love to have Arm," Masayoshi Son.
Eni debates renewable IPO launch.
Eni, an Italian multinational oil and gas company, is delaying an initial public offering of its multibillion-dollar renewable arm amid the market turbulence that’s knocking listings across Europe.
Market conditions have deteriorated since the Plenitude unit announced its intention to float, the Italian oil giant said, Bloomberg reported.
“While there was strong and widespread investor interest in Plenitude and important support for its strategy, Eni has concluded that the volatility and uncertainty currently affecting the markets require a further phase of monitoring,” Eni.
Blackstone, an alternative asset manager, completed the acquisition of Crown Resorts, a casino operator, for $6.3bn.
"We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company. We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors," Alan Miyasaki, Blackstone Head of Real Estate Acquisitions Asia.
Crown Resorts is advised by UBS, Allens and Herbert Smith Freehills. Star Entertainment is advised by Credit Suisse, Flagstaff Partners and King & Wood Mallesons. Debt financing is provided by Credit Suisse. Blackstone is advised by Citigroup, Morgan Stanley, Clayton Utz and Simpson Thacher & Bartlett. Consolidated Press is advised by Moelis & Co.
Hamilton Lane-led consortium to acquire Asia continuation fund of L Catterton, a private equity firm, for $360m.
"Despite the relatively uncertain macro environment, we continue to believe in the fundamental growth of consumer markets in Asia, and in particular the trend of consumption upgrade in emerging Asia driven by the rapid expansion of middle-class consumers. We are thrilled to be able to announce this attractive transaction, which includes high-quality assets across multiple Asian countries and which was managed by L Catterton, a general partner with longstanding experience and strong operational capabilities in this space. The innovative structure of this deal also demonstrates Hamilton Lane's expertise and competitive edge within the secondary market, and we look forward to exploring more unique and interesting opportunities across Asia," Mingchen Xia, Hamilton Lane Co-Head of Asia Investments.
L Catterton is advised by UBS.
Zomato, a food delivery platform, agreed to acquire Blinkit, a grocery delivery startup, for $569m.
"We have seen this industry grow rapidly, both in India and globally, as customers have found great value in quick delivery of groceries and other essentials. This business is also synergistic with our core food business, giving Zomato the right to win in the long term," Deepinder Goyal, Zomato Founder and CEO.
Stellantis, an automotive manufacturing corporation, agreed to acquire a 8% stake in Vulcan Energy Resources, an energy metals exploration company, for $52m.
"Making this highly strategic investment in a leading lithium company will help us create a resilient and sustainable value chain for our European electric vehicle battery production. We continue our quest of forming strong relationships with partners who share our values as we collectively fight against global warming and provide clean, safe and affordable mobility to our customers," Carlos Tavares, Stellantis CEO.
Nguyen Hoang Group said to mull stake sale at $1bn value.
Nguyen Hoang Group, an educational services provider in Vietnam, is considering a stake sale that could value the company around $1bn.
Nguyen Hoang Group is working with a financial adviser to find a buyer for a minority stake in the company. They have reached out to prospective buyers including private equity firms and other companies in the industry to gauge interest, Bloomberg reported.
Quadria Capital explores stake sale in FV Hospital. (FS)
Quadria Capital, a health care-focused private equity firm, is exploring a sale of its stake in FV Hospital in Vietnam.
The buyout firm is working with an adviser on the potential divestment, which could fetch $300m to $400m in a deal. Other owners of FV Hospital, including its co-founder and Chief Executive Officer Jean-Marcel Guillon may tag along and sell part or all of their stakes.
Considerations are at an early stage and Quadria could decide against a transaction, Bloomberg reported.
SoftBank-backed Socar seeks at least $119m in IPO.
SoftBank Group-backed car-sharing startup Socar filed for an initial public offering of at least $119m.
South Korea’s biggest car-sharing service provider plans to sell 4.55m new shares at an indicative price range of $26.2 to $34.7 apiece. The company, which will list on the Korea Exchange on August 18, plans to use the proceeds mainly for acquisitions and to cover operational costs, Bloomberg reported.
Fundamental VC launches $130m fund. (FS)
Early-stage venture capital firm Fundamental VC, founded by startup executives, has launched its debut fund of $130m.
The fund will invest up to $1.5m in each startup and aims to support 30 startups over a period of two years in sectors ranging from consumer internet to healthcare, insurance, financial services, SaaS, gaming and AI, among others, DealStreetAsia reported.
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