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AMERICAS
Canada's Rogers Communications extended the deadline for its $15.5bn merger with Shaw Communications for the fourth time to March 31 as the companies await the final nod from industry minister Francois-Philippe Champagne.
The deal to create Canada's No. 2 telecoms company was previously expected to close on February 17 following a successful end to the long-drawn battle with the competition bureau for approval, Reuters reported.
Shaw is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer (led by Grant A. Zawalsky), Davies Ward Phillips & Vineberg (led by Brett Seifred and Vincent A. Mercier), Dentons (led by Bill Gilliland and William Jenkins) and Wachtell Lipton Rosen & Katz (led by Mark Stagliano and Adam Emmerich). Financial advisors are advised by Osler Hoskin & Harcourt. Rogers is advised by Bank of America, Barclays, Cravath Swaine & Moore (led by Joseph D. Zavaglia, Michael S. Goldman, Andrew C. Elken, and Erik Tavzel), Goodmans (led by Dale Lastman), and Torys (led by Richard Willoughby). Financial advisors are advised by Davis Polk & Wardwell, Latham & Watkins, and McCarthy Tetrault (led by Richard Higa).
JetBlue Airways, a low cost airline, is preparing for a possible lawsuit from the US Justice Department seeking to block the carrier’s $7.6bn merger with Spirit Airlines.
While antitrust authorities haven’t yet revealed whether they plan to take action to prevent the deal, JetBlue Chief Executive Officer Robin Hayes said the company’s legal team is ready to fight back if necessary. A decision is expected to come in the next few weeks, Bloomberg reported.
Spirit Airlines is advised by Barclays (led by Benjamin Metzger and Larry Hamdan), Morgan Stanley, Debevoise & Plimpton (led by Eric T. Juergens), Paul Weiss Rifkind Wharton & Garrison, FGS Global (led by Andrew Cole) and Okapi Partners. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. JetBlue Airways is advised by Goldman Sachs (led by Timothy Ingrassia), Shearman & Sterling, White & Case and Kekst CNC (led by Jeremy Fielding). Goldman Sachs is advised by Cravath Swaine & Moore. Debt financing is advised by Bank of America and Goldman Sachs.
LG Chem, a diversified chemical company, agreed to invest $75m in Piedmont Lithium, an integrated lithium mining business.
“We welcome LG Chem as a shareholder in Piedmont and are excited to partner with them to supply North American lithium that will meet the requirements of the IRA and support the development of the US battery supply chain. LG Chem is a global leader with a commitment to US EV battery manufacturing and plans to build one of the world’s largest cathode plants in Clarksville, Tennessee. We look forward to working with LG Chem as NAL comes online as an important source of lithium in North America,” Keith Phillips, Piedmont President and CEO.
Piedmont Lithium is advised by Evercore, JP Morgan, Gibson Dunn & Crutcher and Dukas Linden Public Relations. LG Chem is advised by Allen & Overy.
Private equity firms Stone Point Capital and Mubadala agreed to acquire a 20% stake in Truist Insurance Holdings, an insurance brokerage firm, from Truist, a financial services firm, for $1.95bn.
"We are excited for this collaboration with Stone Point, as the investment demonstrates the significant value of Truist Insurance Holdings and strategically positions it, and Truist, for long-term success," Bill Rogers, Truist Chairman and CEO.
A consortium of investors including Springcoast Capital Partners, Splunk Ventures and Vista Credit Partners led a $180m round in Deepwatch, a cybersecurity services provider.
“Our services have never been more vital. Business transformation to cloud and digital, coupled with increasing levels of cyber risk drives strong demand for advanced protection from Deepwatch. We are excited to partner with Springcoast Capital Partners, Splunk and Vista Credit Partners to advance our mission to protect the digital economy and defend against the increasing volume and complexity of cyber threats," Charlie Thomas, Deepwatch CEO.
Deepwatch was advised by Hi-Touch PR. Springcoast Capital was advised by Sullivan & Cromwell (led by Sarah P. Payne) and Prosek Partners (led by Mike Geller).
Cherokee Nation Entertainment Gaming, a gaming and hospitality company, completed the acquisition of Gold Strike Tunica, a casino hotel, from MGM Resorts International, a global entertainment company, for $450m.
"I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests. Gold Strike is a wonderful property with a bright future ahead. Strategically, though, we decided to narrow our focus in Mississippi to a single resort – Beau Rivage – and dedicate more of our time and resources towards continuing to drive success at that leading, world-class resort and casino," Bill Hornbuckle, MGM Resorts International CEO and President.
Penn National, which owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations, completed the acquisition of the remaining stake in Barstool Sports, which sells sports products online, from Chernin Group, a media and investment company, from Chernin Group for $388m.
“We are extremely pleased to welcome Barstool Sports fully into the PENN Entertainment family. Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division. Barstool, combined with theScore’s reach and highly engaged user base, creates a massive digital footprint and ecosystem that will serve to propel Barstool Sportsbook and our uniquely integrated media and gaming business. Further, the Barstool Sportsbook will greatly benefit from the upcoming migration to our proprietary technology stack, a move that will significantly enhance the overall product offering and deliver meaningful upside,” Jay Snowden, PENN Entertainment CEO and President.
Exponent, a private equity firm, agreed to acquire the flavor specialty ingredients business of International Flavors & Fragrances, an American corporation that produces flavors, fragrances, and cosmetic actives, for $220m.
“Aligned with our strategy, we’re continuously evaluating our portfolio to identify opportunities to strengthen our financial profile. The sale of FSI will improve our capital structure while allowing us to focus on our core businesses to enhance growth and returns. We appreciate the contributions of our FSI colleagues, who have shared our commitment to quality and customer service. We will work closely with Exponent to have a successful transition and look forward to FSI’s bright future,” Frank Clyburn, IFF CEO.
IFF is advised by Centerview Partners and Cravath Swaine & Moore.
QUODD, a comprehensive market data-on-demand provider, completed the acquisition of Xignite, a provider of financial market data APIs. Financial terms were not disclosed.
“This acquisition reinforces our commitment to become the premier cloud-based global financial market data and content provider. Xignite is well known for being an early adopter of delivering high-quality market data solutions via the cloud as well as for its extensive API-driven data catalog. I look forward to working with Stephane Dubois, CEO of Xignite, and his team to help us fuel our next chapter of growth delivering the most accessible and reliable data for our customers," Bob Ward, QUODD CEO.
Xignite was advised by DC Advisory. QUODD is advised by BackBay Communications.
Laborie Medical Technologies, a diagnostic and therapeutic medical technology company, completed the acquisition of Novonate, a medical equipment company. Financial terms were not disclosed.
"We designed this product to tackle an unmet need and benefit one of the most vulnerable patient populations. I'm incredibly proud of our team for their passion and dedication for pushing forward to bring LifeBubble from conception to market. Laborie's mission is well aligned with our goals of advancing the standard of care for neonates in intensive care," Eric Chehab, Novonate CEO.
Laborie Medical Technologies was advised by Simpson Thacher & Bartlett (led by Michael Holick).
The Riverside Company, a private equity firm, completed the acquisition of Eduthings, an educational software services provider. Financial terms were not disclosed.
“We see an exciting opportunity for iCEV to offer its customers new tools, creating an even more comprehensive, career-readiness focused platform. The acquisition of Eduthings continues iCEV’s strong momentum, providing a more complete, and compelling offering to our customers and differentiating iCEV in the marketplace. We will continue to expand the iCEV platform through organic and M&A initiatives," Drew Flanigan, Riverside Partner.
The Riverside Company was advised by Jones Day (led by Lisa Lathrop).
Providence Equity Partners and TEG-backed Ambassador Theatre Group, a live-theatre and ticketing organization, agreed to merge with Jujamcyn Theaters, an innovative Broadway theatre owner and production company. Financial terms were not disclosed.
"We are delighted to be combining our operations with Jujamcyn. Our combined expertise and capabilities will enable producers and other creatives to bring their visions to life and create the unimaginable for our audiences. We are excited by the further development opportunities for our valued employees. I look forward to working with Jordan, Hal and the team at Jujamcyn to continue creating shows that touch, move, and unite people,” Mark Cornell, ATG CEO.
Jujamcyn Theaters is advised by Sullivan & Cromwell.
WiseTech Global, a developer of the logistics execution software, completed the acquisition of Blume Global, a provider of a solution facilitating intermodal rail in North, from Apollo, an investment company, and EQT Partners, a private equity firm, for $414m.
“Joining the WiseTech Global group means greater scale and resources to make logistics processes more productive, agile, dependable, and sustainable with innovative execution and visibility solutions. We want to thank the team at Apollo for helping to stand up and grow Blume as a standalone company and are thrilled to embark on this next chapter to drive even greater digital innovation in this sector," Pervinder Johar, Blume Global CEO.
Dynasty Financial Partners, an asset management company, completed the acquisition of TruClarity Management Solutions, a financial advisorsy company. Financial terms were not disclosed.
“We look forward to the opportunity to welcome TruClarity to the Dynasty Network. Given Dynasty’s leadership and scale as the largest integrated platform services company serving the RIA space, we will continue to selectively look at acquisition opportunities with an eye towards providing better service to our RIA clients, helping them better care for their clients, and assisting them in building better businesses while continuing to grow our network of RIAs,” Justin Weinkle, Dynasty CFO.
Arlington Capital-backed Tex Tech Industrials, a global supplier of materials science-based solutions, completed the acquisition of the business activities at the Gardena of SGL Carbon, a manufacturer of products from carbon. Financial terms were not disclosed.
“We are excited to begin our partnership with the Gardena management team and welcome them to the Tex Tech platform. Gardena is the market leader in high-temperature materials and is a highly strategic addition to Tex Tech. The acquisition expands Tex Tech’s product offerings into the fastest growing programs in space, defense and commercial aerospace,” Peter Manos, Arlington Managing Partner.
Tesla is considering bid for battery metals miner Sigma Lithium.
Tesla has been weighing a takeover of battery-metals miner Sigma Lithium, amid rampant demand for the metal used in electric vehicle batteries.
The EV maker run by Elon Musk has been speaking with potential advisers about a bid. Sigma Lithium is one of multiple mining options Tesla is exploring as it mulls its own refining.
Deliberations are in the early stages and may not lead to a transaction. Sigma’s owners could also wait to develop the company’s main project further before seeking an exit, Bloomberg reported.
KKR-backed BMC Software files for a $15bn IPO. (FS)
KKR-backed technology firm BMC Software, an enterprise software company, has confidentially filed for an initial public offering in the United States, offering an early sign of a thawing market after a virtual shutdown for most of last year.
BMC Software could be valued as high as $15bn. BMC could go public as early this year if the IPO market improves.
The company has chosen Goldman Sachs as its lead underwriter.
GGV Capital files to raise $2.5bn for four new venture funds. (FS)
Global venture capital firm GGV Capital is in the market to raise a combined $2.5bn for a set of four new funds that will likely continue to focus on China, the US, and Southeast Asia, its latest filing with the US Securities and Exchange Commission showed.
The regulatory filing shows that GGV is looking to raise the capital for four new vehicles, namely GGV Capital IX, GGV Capital IX Plus, GGV Discovery IV-US, and GGV Discovery IV-Asia. The filing did not specify the fund sizes of each fund, DealStreetAsia reported.
Northleaf Capital Partners closes third flagship secondaries fund at $1.3bn. (FS)
Northleaf Capital Partners, a private equity firm, announced that it held the final closing for its third flagship secondaries fund Northleaf Secondary Partners III with $1.3bn of committed capital.
And with the support of both new and returning investors, the fund surpassed its target and is more than 60% larger than its predecessor fund. Over the past 2 years, investors have committed a total of $2bn across Northleaf’s secondaries platform.
“We are pleased by the strong support from new and existing investors, who value our consistent focus on mature, high-quality assets with strong growth potential and the opportunity for early liquidity as we seek to drive attractive near- and long-term returns. Northleaf is well-positioned to proactively identify, source and act on opportunities in the secondaries market today, as certain investors seek liquidity solutions and fund managers aim to retain their strongest assets through continuation vehicles,” Shane Feeney, Northleaf Managing Director.
EMEA
HDR employees completed the acquisition of HDR, an architectural services provider. Financial terms were not disclosed.
“The hard work and dedication of our staff have delivered some amazing and enduring projects. After much careful deliberation, we have reached the conclusion that this is the best path forward for our employees, clients and communities," Eric Keen, HDR Chairman and CEO.
HDR was advised by BMH Brautigam (led by Till Wansleben) and Baker McKenzie.
Team Farner, a PR advisor, completed the acquisition of Affective Advisory, a business consultant. Financial terms were not disclosed.
"For decades, Farner has relied on evidence and data wherever possible. With our new colleagues from Affective Advisory and Torben Emmerling as the first Chief Behavioral Officer in our industry, we are now taking a giant step. We are developing new solutions based on scientific insights. I am absolutely convinced that this added value is the missing link to solving numerous business and policy-making challenges. The days of agencies that based concepts solely on experience and gut feeling are definitely over," Roman Geiser, Farner Chairman.
Sheikh Hamad bin Jassim bin Jaber Al Thani, a son of Qatar’s former prime minister, agreed to acquire Manchester United, a football club. Financial terms were not disclosed.
“The bid plans to return the club to its former glories both on and off the pitch and, above all, will seek to place the fans at the heart of Manchester United Football Club once more,” Sheikh Jassim.
3I Infrastructure weighed the purchase of Digital 9. (FS)
3I Infrastructure, an investment trust, considered a deal to take specialist peer Digital 9 Infrastructure, an investment company which invests in digital infrastructure, as more alternative investment firms look to consolidate.
The London-listed fund recently put pens down after deciding not to pursue an offer for Digital 9. As it becomes harder to raise new funds, alternative investment firms have increasingly been looking to snap up industry peers to diversify strategies and boost assets, Bloomberg reported.
Purplebricks explores strategic options including a sale.
Purplebricks Group has put a new asset on the market: itself. The online estate agent issued a profit warning and said a strategic review could result in the sale of the company.
It is not in talks with any potential buyers but said it was open to “a sale of the company or some or all of the group’s business and assets”, in an announcement to the stock market.
Home REIT reveals unsolicited takeover approach.
UK housing provider Home REIT has received an unsolicited takeover approach from an investment firm, months after being rocked by a short-seller report.
Home REIT did not give any financial details but said any offer by London-based Bluestar Group, an investment firm focused on pan-European real estate-backed businesses, is likely to be in cash. Bluestar has until March 16 to announce a firm offer or walk away, Reuters reported.
APAC
PIF-backed Savvy Gaming, a gaming company, completed an $265m investment in Tencent-backed VSPO, an e-sport company.
“We envision a thriving global esports sector with a vibrant, talented and dynamic community at its core, and we appreciate the immense opportunities for this industry, especially here in the Kingdom of Saudi Arabia with such a young population of approximately 23m enthusiasts. This investment is one part of the ambitious plan that will enable and support the esports ecosystem in Saudi Arabia. Attracting international companies to Saudi Arabia through investments and partnerships will contribute to providing skills, knowledge transfer and building capabilities in the whole ecosystem,” Faisal bin Bandar bin Sultan Al Saud, Savvy Games Group Vice Chairman.
TPG in talks to buy $300m Malaysian education assets from KV Asia. (FS)
US private equity firm TPG is in advanced talks to buy Malaysian private education assets owned by regional buyout firm KV Asia Capital in a deal that could be worth more than $300m.
An agreement could be struck as early as the first quarter. KV Asia last year appointed Rothschild & Co to explore a sale of Asia Pacific Education Holdings, Reuters reported.
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