AMERICAS
Canada's antitrust authority, Rogers Communications and Shaw Communications will begin two-day negotiations to discuss possible remedies to the contested $15.5bn takeover of Shaw by Rogers, as the July deadline for the deal closure looms, Reuters reported.
The regulator has blocked the deal saying it would significantly lessen competition in the country, where telecom rates are the steepest in the world.
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.
Francisco Partners, an investment firm, completed the acquisition of the healthcare data and analytics assets of IBM, a technology corporation. Financial terms are not disclosed.
"We have followed IBM's journey in healthcare data and analytics for a number of years and have a deep appreciation for its portfolio of innovative healthcare products. IBM built a market leading team and provides its customers with mission critical products and outstanding service," Ezra Perlman, Francisco Partners Co-President.
IBM was advised by Cravath Swaine & Moore and Sloane & Company. Francisco Partners was advised by Deutsche Bank and Kirkland & Ellis.
EMEA
Clearlake Capital and Motive Partners, two private investment firms, completed the acquisition of BETA+, a wealth technology platform, from London Stock Exchange Group, a stock exchange and financial information company. Financial terms are not disclosed.
“We are excited to back the BetaNXT leadership team to scale the business and build a differentiated platform in the wealth management industry. We look forward to executing on a buy-and-build growth strategy to continue to scale BetaNXT’s existing offerings and enter new high-growth markets,” Behdad Eghbali, Clearlake Co-Founder and Managing Partner, and James Pade, Clearlake Partner and Managing Director.
Motive Partners was advised by Deloitte, Boston Consulting Group, Wells Fargo Securities, Gibson Dunn & Crutcher and Sidley Austin. Clearlake Partner was advised by Lambert & Co. London Stock Exchange Group was advised by Bank of America and Latham & Watkins.
KKR-backed Biosynth Carbosynth, a supplier of critical products and services to the life sciences industry, completed the acquisition of Pepscan, an expert provider of peptide-based products & services. Financial terms were not disclosed.
"We are thrilled to be able to bring Pepscan's outstanding peptide expertise into the group and form our new, global Peptide division. This allows us to continue to simplify the supply chains for our customers across life sciences, pharma and diagnostics, so they deal with one organization for all of their needs. Pepscan is known for their scientific knowledge and expertise and have a complementary set of manufacturing to those we have already, including GMP capabilities, so it was a perfect fit," Urs Spitz, Biosynth CEO and President.
Biosynth Carbosynth was advised by Alto Marketing. KKR was advised by Gibson Dunn & Crutcher and Stibbe.
JAB Holding-backed Pinnacle Pet Group, a European pet insurance platform, agreed to acquire AGILA Tierversicherung, a pet insurance provider, from WERTGARANTIE Group, an insurance company. Financial terms were not disclosed.
"Following the successful establishment of a pet insurance platform in the USA and Canada, JAB is planning significant further investments in the fast-growing pet insurance market in Europe. We look forward to accelerating the growth of WERTGARANTIE's pet insurance business as part of our focused pure-play pet insurance platform," Joachim Creus, JAB Managing Partner.
JAB Holding is advised by The One Nine Three Group.
Spirax-Sarco Engineering, the thermal energy management and niche pumping specialist, agreed to acquire Vulcanic, a European industrial electric heating group, from Qualium, a French private equity company, for €262m ($276m).
"We are looking forward to welcoming colleagues from Vulcanic into our Group. We have been following Vulcanic for some time and believe the acquisition represents an excellent opportunity to broaden our addressable market and further deploy our industry leading technologies in Europe. Vulcanic's existing strength and scale in Europe - with further investment by our Group - will provide a fantastic platform for growth, especially for our recently launched portfolio of TargetZero solutions, which electrify heat generation for industrial processes to support our customers' decarbonization objectives," Nicholas Anderson, Spirax-Sarco Engineering CEO.
jem & fix, a building materials firm, agreed to acquire the Danish processing and distribution business of Saint-Gobain, a provider of materials and services for the markets of habitat and industry. Financial terms were not disclosed.
This transaction is part of Saint-Gobain's continued business profile optimization strategy, in line with the "Grow & Impact" plan objectives. It is subject to the approval of the relevant competition authorities and should be finalized by the end of the third quarter 2022.
KKR-led $18bn bid for UK Power Networks fails. (FS)
The $18bn takeover approach led by KKR & Co for the UK's largest electricity distribution business collapsed, Bloomberg reported.
CK Infrastructure Holdings, which jointly owns UK Power Networks Holdings, tried to increase the sale price before an agreement was due to be signed last month.
Volkswagen's software unit to be streamlined.
Volkswagen's software unit Cariad will be streamlined in efforts to step up the pace of software development, Reuters reported.
"The time for unanimous decisions is over, because that's not how we get horsepower on the road. We have now established processes in which the roles are clearly distributed and Cariad is trimmed for speed," Dirk Hilgenberg, Volkswagen Head of Cariad.
Caner takes stake in Aggregate and becomes CEO. (People)
Tycoon Cevdet Caner will take a stake in Aggregate Holdings, once Adler Group's largest shareholder, and become its new chief executive officer, Bloomberg reported.
It's a surprise move adding a twist to the tumultuous recent history of the real estate investment firm that's been mired in controversy following an attack from short-seller Viceroy Research in October. Caner, who sits at the center of many of Viceroy's allegations, has said he advised Aggregate but has denied playing a behind-the-scenes role at Adler.
Algebris holds first close for its green transition fund at €200m. (FS)
Algebris Investments' first private equity fund, the Algebris Green Transition Fund, closed its first fundraising round with commitments of €200m ($243m).
"The Algebris Green Transition Fund represents a unique solution to take advantage of the forces that are reshaping the economy, and at the same time, it represents a concrete access to investments related to a more sustainable future. Investors' interest in this space and in this initiative continues to grow, and we are confident of reaching our ambitious fundraising targets at subsequent closings," Luca Valerio Camerano, Algebris Investments Managing Director.
APAC
Tata Steel, a steel-making company, completed the acquisition of a 93.71% stake in Neelachal Ispat Nigam, a steel and iron products manufacturer, for $1.6bn.
Consequently, NINL has become a subsidiary of TSLP and an indirect subsidiary of Tata Steel.
Tata Steel was advised by AZB & Partners.
Global Asset Capital, a private equity investment firm, and Guangzhou Yuexiu Industrial Investment Fund Management, a semiconductor-dedicated fund, led a $672m funding round in CanSemi, a semiconductor supplier, with participation from SAIC Motor and BAIC Group.
"The funds will be put towards the construction of the newest phase of its semiconductor manufacturing base project," CanSemi.
Advanced Info Service, a mobile phone operator, agreed to acquire Triple T Broadband, an internet provider, from Jasmine International, a broadband service provider, for $552m.
“This acquisition will enhance consumer access to broader and better quality of service by improving broadband inclusion in new areas targeting the upcountry and non-city areas. This aligns with our business direction to grow the broadband business and effectively develop the nation’s fiber infrastructure,” Tee Seeumpornroj, AIS CFO.
Astra International, a Indonesian conglomerate, completed the acquisition of a 49.56% stake in Bank Jasa Jakarta, a lender, for $259m.
"The purpose of the transaction is to support Astra Financial's business development and investment," Gita Tiffani Boer, Astra Director and Corporate Secretary.
WNS, a provider of global business process management services, agreed to acquire Vuram, a provider of enterprise automation services, for $165m.
"WNS expects that the acquisition of Vuram will accelerate our organizational journey towards digitally-led, human-assisted services and solutions. Their depth of knowledge in helping large global companies drive fast, scalable enterprise automation and business transformation is well-aligned with WNS' short-term and long-term strategic plans," Keshav Murugesh, WNS CEO.
Geely-backed Xingji Technology, a company that focuses on the R&D of high-end smartphones, XR technology products and wearable smart products and ecological construction, agreed to acquire a 79.09% stake in Meizu, a smartphone brand. Financial terms were not disclosed.
“It will continue to maintain an independent brand and team, and will release brand-new products next year. There is no conflict between Xingji Technology and Meizu on product planning for Xingji aims at the high-end smartphone market. With the strength of Meizu, Xingji Technology can quickly develop products, so both parties will cooperate closely. Xingji Technology will continue to invest resources in product innovations, such as XR, AR and AI,” Shen Ziyu, Xingji Technology Vice Chairman.
Hong Kong's ESR sells $730m China logistics portfolio to global investor. (FS, RE)
Hong Kong-based ESR Cayman, an Asia-focused real estate services and investment firm, announced that it has agreed to sell an 873k square meter balance sheet portfolio in China to an unnamed global institutional investor.
The announcement said the portfolio is worth about $730m, with the transaction representing the largest self-developed balance sheet sell-down for ESR to date.
Crypto lender Vauld freezes withdrawals, eyes restructuring.
Crypto lender Vauld on Monday paused all withdrawals, trading and deposits on its platform and is exploring potential restructuring options, Bloomberg reported.
The Singapore-based company said it is working with its financial and legal advisors to "explore and analyse all possible options, including potential restructuring options, that would best protect the interests of Vauld's stakeholders."
Vauld is advised by Kroll, Cyril Amarchand Mangaldas and Rajah & Tann.
OneConnect lists on HK Stock Exchange.
OneConnect Financial Technology, a technology-as-a-service provider for financial institutions in China, announced it has successfully listed, by way of introduction its ordinary shares on the Main Board of The Stock Exchange of Hong Kong.
The company's American depositary shares, each representing three shares, remain primarily listed and traded on the New York Stock Exchange.
Rakuten hopes to list its banking arm in Tokyo.
Rakuten Group applied to list its banking arm on the Tokyo Stock Exchange, as the Japanese online retailer seeks to accelerate an expansion into fintech, Bloomberg reported.
The listing of Rakuten Bank should help grow an ecosystem that already encompasses online commerce, payments and a mobile carrier.
Iron Pillar hopes to raise $400m for second fund. (FS)
Iron Pillar, a venture growth investor that backs technology companies in India, is in talks to raise about $400m for its second fund as it looks to ramp up investments in the burgeoning startup ecosystem in the country, DealStreetAsia reported.
There are talks between the venture capitalist and limited partners —industry parlance for endowments, pension funds, and other institutional investors that allocate capital to VCs — at an advanced stage.
Mass PRIM commits $150m to Sequoia Capital China's funds. (FS)
Four funds managed by Sequoia Capital China secured a commitment of up to $150m from the Massachusetts Pension Reserves Investment Trust.
Sequoia Capital China Seed II will get $8m, while $19m will be allocated to Sequoia Capital China Venture IX, $62m to Sequoia Capital China Growth VII, and up to $61m to Sequoia Capital China Expansion I.
|
