AMERICAS
Juniper Capital Advisors, an energy investment firm based in Houston, Texas, agreed to invest $188m in Penn Virginia, a pure-play independent oil and gas company.
"We have extensive experience in this area of the Eagle Ford, growing our portfolio company, Rocky Creek Resources, over the past several years. Juniper is very excited to be partnering with the team at Penn Virginia, and we are committed to the company's long-term success. Penn Virginia provides a unique opportunity as it is one of a few small-cap producers that can modestly grow production while still generating free cash flow due to its top-tier asset base and access to premium Gulf Coast pricing. Darrin, Rusty, and their team are perfectly suited to highlight the value of their top-tier assets, and we believe this transaction allows the company to deliver superior long-term value to shareholders," Edward Geiser, Juniper Managing Partner.
Penn Virginia is advised by Evercore, RBC Capital Markets, Truist Bank, Gibson Dunn & Crutcher and Kirkland & Ellis. Juniper Capital Advisors is advised by Bank of America Merrill Lynch, Bracewell and Willkie Farr & Gallagher.
Waterous Energy Fund, a private equity firm, offered to acquire a 40% stake in Osum Oil Sands, an oil and natural gas exploration firm, for $96m. WEF is currently the owner of approximately 45% of the outstanding common shares of Osum. If the offer is successful, WEF will own a minimum of approximately 73% and a maximum of approximately 85% of Osum. WEF intends to acquire all of the remaining common shares as soon as possible.
"The proposed transaction provides immediate liquidity and certainty of value to Osum shareholders after 15 years without any dividends or prospects of accessing the public markets. The $2.40 per share offer price represents the same price that WEF paid this past summer when we acquired our initial 45% interest in Osum from three highly sophisticated global financial institutions. Osum shareholders should have confidence that fair market value for their shares has been established," Adam Waterous, WEF CEO.
Waterous Energy Fund is advised by CIBC World Markets, Scotiabank, Blake Cassels & Graydon, Stikeman Elliott, and Kingsdale Advisors. Debt financing is provided by CIBC World Markets and Scotiabank.
Stryker, a medical device maker, won US antitrust approval to buy Wright Medical, a medical device company focused on extremities and biologics, on condition it sells certain assets, Reuters reported.
To win approval for the deal, the companies agreed that Stryker would sell its businesses that make total ankle replacements, generally used to treat arthritis, and finger joint implants used to treat advanced arthritis, to DJO Global, a manufacturer and distributor of orthopaedic products.
Wright Medical Group is advised by Guggenheim Partners, JP Morgan, Ropes & Gray and Stibbe. Financial advisors are advised by Latham & Watkins. Stryker is advised by Houthoff and Skadden Arps Slate Meagher & Flom.
V99, a Delaware corporation led by Telenav CEO HP Jin, agreed to acquire Telenav, a wireless location-based services corporation, for $241m. The per-share purchase price represents a premium of approximately 33.3% over Telenav's closing stock price on October 1, 2020.
"Today's announcement represents an exciting new chapter for Telenav. As a private company, we will have the resources and flexibility to continue our growth and execute on our OEM-centric, connected-car strategy as the market for connected-car capabilities continues to expand. I would like to thank the Special Committee for taking the time to thoroughly evaluate and review V99's offer and Telenav's employees for their continued focus throughout this process. I am honored to continue leading Telenav through its next phase of growth and success, and I am confident Telenav will thrive as a privately held company," HP Jin, Telenav Co-Founder, President and CEO.
Telenav is advised by B. Riley FBR, Wilson Sonsini Goodrich & Rosati, Bishop IR and Joele Frank. V99 is advised by Norton Rose Fulbright.
Transom Capital Group, an operations-focused middle-market private equity firm, completed the acquisition of BridgeTower Media, a provider of B2B information, research, events, and marketing solutions, from Gannett, an American mass media holding company. Financial terms were not disclosed.
"BridgeTower Media has been an integral partner to businesses across the country providing valuable media and marketing services for a long time. The company has a strong leadership team and has invested in its brands to be a market leader today. Our plan is to continue on the success the team has achieved and invest in technology and resources to stay ahead of the dynamic market," James Oh, Transom Partner.
Transom Capital Group was advised by Kirkland & Ellis, Perkins Coie and 35th Avenue Partners. Gannett was advised by JEGI. Debt financing was provided by Cerberus Business Finance.
Highlander Partners-backed Benestar Brands, a holding company for a diverse range of snack products, completed the acquisition of Pretzilla, a baked goods provider. Financial terms were not disclosed.
"Pretzilla is a uniquely positioned brand. It is already a beloved household name with great awareness, yet it has hardly scratched the surface of its market opportunity. With Benestar's retail relationships and penchant for product innovation, we think there is an incredible opportunity to take Pretzilla to the next level. We know the pretzel category well and are amazed by the strides Brian Miller and his team have made to develop and produce products with such a high level of consistent quality. We are thrilled to welcome Pretzilla to the Benestar family and look forward to continued growth, through both driving new snack innovations and accelerating existing products," Carl E. Lee, Benestar Brands CEO.
Pretzilla was advised by Cascadia Capital. Debt financing was provided by Antares Capital and Norwest Mezzanine Partners.
Coloplast, a Danish multinational company that develops, manufactures and markets medical devices and services, completed the acquisition of Nine Continents Medical, an early-stage company pioneering an implantable tibial nerve stimulation treatment for overactive bladder, for $145m.
"I am excited about the prospects of the Nine Continents device and pleased to confirm our commitment to the Interventional Urology business with this acquisition in the large OAB market. There is a large group of patients in the US and abroad suffering from OAB, and with Nine Continents' innovative, minimally invasive device we hope to help these people live a better life," Kristian Villumsen, Coloplast President and CEO.
Coloplast was advised by Piper Sandler and Davis Polk & Wardwell.
Refinitiv, a global provider of financial market data and infrastructure, agreed to acquire GIACT, a payment solutions provider, from private equity firm Tritium Partners. Financial terms were not disclosed.
"The nature of financial crime, including fraud tactics is rapidly evolving and becoming more sophisticated. This presents significant challenges for organizations as they embrace online transactions and digital onboarding of customers. With the addition of GIACT, we can bring customers a comprehensive platform to address fraud, identity theft, money-laundering and payment-related crimes. I'm excited at the prospect of combining the expansive data sets, powerful analytics and human expertise of both organizations to the benefit of our customers, and I look forward to welcoming GIACT to Refinitiv," Phil Cotter, Refinitiv Managing Director.
GIACT is advised by Raymond James and Simpson Thacher & Bartlett.
Archean Capital Partners, a venture capital firm, completed the $75m investment in Invictus Growth Partners, a growth equity and small buyout firm with a focus on automation-enabled enterprise cloud software, cybersecurity and fintech.
“Over 2019 and 2020, we reviewed at least 100 growth equity and small buyout strategies with elements of the Invictus approach. It was obvious to us that the Invictus team had the best combination of investment experience, operational insight and entrepreneurial alignment. We felt that combination would differentiate their capital in the eyes of founders and management teams," Rob Lazaroff, Archean Capital Portfolio Manager.
Archean was advised by Gagnier Communications.
PC Capital and Altum Capital-backed Cattri, an out-of-home technology company based in Mexico City, completed the acquisition of Lightbox OOH Video Network, a digital out-of-home media company. Financial terms were not disclosed.
"We set out to find a partner who shared our optimism about the future of the digital out-of-home industry. At Lightbox we believe that digital out-of-home will be among the fastest-growing advertising platforms over the next decade. While technology has disrupted every other traditional media form, OOH is in a unique position whereby advertising technology advancements only make us better. Technology like Cattri's will level the playing field for us, and provides the tools and data to compete with digital and broadcast," Greg Glenday, Lightbox CEO.
Lightbox was advised by Houlihan Lokey.
Private equity firm Frontenac completed the acquisition of Newterra, a producer of water treatment equipment, from its current shareholders XPV Water Partners and Angeleno. Financial terms were not disclosed.
“Newterra has built an impressive business and carved out a leading role for itself within the water treatment category. The company’s creative solutions and vast capabilities position it to benefit from the increasing demand for clean water across the globe. Despite the challenges facing the economy this year, the company has continued to perform exceptionally well by driving sales, completing strategic acquisitions, and expanding margins. We’re excited to partner with Tom, Jim, and the entire team going forward," Ron Kuehl, Frontenac Managing Director.
Frontenac was advised by Winston & Strawn.
KKR agreed to acquire a portfolio of renewable energy assets of NextEra Energy, an American energy company, for $1.4bn.
"We are pleased to participate in this landmark transaction to acquire contracted, highly diversified renewable energy assets and support the future growth of NextEra Energy, the world's largest generator of energy from the wind and sun. We have built a strong relationship with the NextEra Energy Partners team through our two prior transactions and we are proud to support the development of future clean energy projects while delivering attractive exposure for our investors to core infrastructure assets," Brandon Freiman, KKR Partner and Head of North American Infrastructure.
KKR is advised by Kirkland & Ellis.
Corporate Universe, a transfer agent, completed the acquisition of a 51% in Medicevo, a medical supply company. Financial terms were not disclosed.
"Corporate Universe will be acquiring several companies in medical supply and biotech industries that focus on disruptive technology and advanced potential benefits. Medicevo's graphene masks are available to consumers nationwide and use state-of-the-art production methods. The graphene mask not only stops germs but kills them on contact, making the mask unique and reusable. Medicevo is working on a public relations campaign that will educate the public on The Graphene Advantage™. Corporate Universe is excited to bring this unique technology to the USA at a time when face masks are highly recommended by the CDC as the best protection in slowing the spread of the virus," Isaac H. Sutton, Corporate Universe CEO
Warburg Pincus, a global private equity firm focused on growth investing, agreed to acquire Sweeping Corp of America, a provider of facility maintenance services, from Soundcore Capital Partners. Financial terms were not disclosed.
"As a leading growth investor, Warburg Pincus has a strong history in partnering and developing high quality, category-defining businesses. As the only provider with significant scale and a growing national presence, this partnership will enable us to further expand service capacity, fuel continued innovation in our complimentary services, and support key growth initiatives, with a focus on strategic acquisitions. We would also like to thank our partners at Soundcore Capital Partners for their valuable contributions and strategic insight over the years," said Christopher Valerian, SCA President & CEO.
Crown Holdings explores a sale of food cans division in a $2bn deal.
Crown Holdings, a manufacturer of packaging products, is considering a sale of its food can business, which is expected to fetch about $2bn and attract interests from other packaging groups and private equity firms.
The company, which launched a strategic review last year, could still decide against selling the unit, Bloomberg reported.
Itau mulls XP brokerage stake spin-off.
Itau Unibanco Holding, a private sector bank, is considering spinning off most of its 46% stake in investment platform XP, and selling the rest. Itau may issue shares equivalent to 41.05% of XP, which has a market capitalisation of $23bn, to form a new entity that would ultimately be listed. Itau, which on Tuesday also reported lower quarterly earnings, could also sell a 5% stake in XP to boost its capital ratios, Reuters reported.
Itau's move could make it easier to increase its stake in XP in the future, as the analysis of antitrust issues could be different under this new structure. Still, it remains unclear whether Itau would actually seek an increase. The potential spin-off follows a public spat in June, when Itau cited alleged conflicts of interest among independent investment advisers who are the bulk of XP's workforce. Both institutions compete for investors.
One Equity Partners-backed Allegro MicroSystems completed a $350m IPO. (FS)
One Equity Partners-backed Allegro MicroSystems, a developer of advanced semiconductor technology, completed its initial public offering of 25m shares of common stock on the Nasdaq Global Select Market.
The shares priced at $14 per share at the top end of their expected range and trade under the ticker symbol ALGM, raising $350m in gross proceeds before deducting the underwriting discount and offering expenses. At the close of trading on November 2, the company had a market capitalisation over $3.7bn.
"Allegro is an innovator in developing world-class motion control and energy efficient systems and solutions that support advanced automotive and vehicle mobility, green energy, factory automation and other industrial application. We're proud of the strong progress the Company has achieved since our investment. This IPO is another example of how OEP works with exceptional management teams to drive transformational change within our portfolio companies and positions them for continued long-term success," Chip Schorr, One Equity Partners Senior Managing Director.
EMEA
RWS Holdings, a provider of intellectual property support services, in life sciences translations and linguistic validation, completed the acquisition of SDL, a language translation software and services provider, for $1.1bn. SDL scheme shareholders received 1.2246 new RWS shares for each SDL share. SDL shareholders now own 29.5% of the combined company, while RWS shareholders hold the rest.
"Bringing together our two businesses creates the world's leading language services and technology group, allowing us to provide a broader and enhanced offer to an expanded client base. As a сombined group we will have comprehensive capabilities across a range of language services, language and content software and solutions, and IP services, further enhancing the two companies' customer propositions," Andrew Brode, RWS Chairman.
RWS was advised by Berenberg, Numis Securities, Canaccord Genuity, Gleacher Shacklock, CMS and MHP Communications. SDL was advised by Investec, N+1 Singer, Rothschild & Co, DLA Piper and Luther Pendragon.
The Carlyle Group agreed to acquire Beechcroft, a UK developer specializing in for-sale senior housing, from private equity firm Alchemy Partners. Financial terms were not disclosed.
"With a rapidly aging population and a structural undersupply of suitable housing options for older people, we believe there is huge potential for growth within the UK retirement market. Beechcroft has capability and experience across private housing for the elderly as well as in mixed-use / mixed-tenure schemes. We are delighted to have received the backing of The Carlyle Group to take the company forward into the next phase of its development and growth. This investment in the company will enable the Beechcroft team to seek to capitalize on the significant market opportunity on offer, which includes the areas of rented, shared ownership and discounted market sale housing for the elderly, as well as the development of our private housing and strategic land offerings, alongside our high-quality retirement schemes," Chris Thompson, Beechcroft Managing Director.
Beechcroft is advised by Arrowpoint Advisory and Shoosmiths. The Carlyle Group is advised by Deloitte, CBRE and Bryan Cave Leighton Paisner. Alchemy Partners is advised by Rothschild & Co and Macfarlanes.
Mitie, an outsourcing company, cut the price of its acquisition of Interserve's facilities management unit to £190m ($247m) from £271m ($352m). The transaction is paid for in a mixture of cash and shares and Mitie cut the number of shares in the merged group that Interserve's investors will be getting.
"As we stated in June, the acquisition of Interserve Facilities Management accelerates the delivery of our technology-led strategy, expanding our scale and footprint to create the UK's largest facilities management company. The combination of these two businesses will transform our competitive positioning, unlock significant growth opportunities for both our business and our 77.5k colleagues and strengthen our financial profile, better balancing our public and private sector divisions and driving greater returns from the investments we have made in technology, systems and customer service over the past three years," Phil Bentley, Mitie CEO.
Mitie is advised by Barclays, Evercore, JP Morgan, Jefferies & Company, Santander and Linklaters. Interserve is advised by Lazard, Slaughter & May and Tulchan Communications.
Private equity firm CGE Partners completed the investment in Aurora Energy Research, a provider of critical data and analytics to the power and energy industry. 22C Capital co-invested alongside CGE. Financial terms were not disclosed.
"Aurora is well placed to capitalize on the megatrend of the electrification of energy. I am hugely excited to chair the company through its next stage of rapid growth and look forward to building on the great platform that the current Board has established with John Feddersen and his team," Steve Halliday, Aurora Chairman.
Aurora Energy Research was advised by Houlihan Lokey and Greenbrook.
Investment firms Eurazeo Capital, IK Investment Partners and RAISE Investissement agreed to acquire Questel, a provider of intellectual property and innovation management. Financial terms were not disclosed.
"IK and Raise have supported and trusted us entirely to develop Questel. The goup has tripled its size in less than three years and continued to enrich its software and services offering. We are delighted to welcome Eurazeo as a new shareholder for this new chapter," Charles Besson, Questel CEO.
Eurazeo Capital is advised by Maitland. IK Investment Partners is advised by CTCom and Maitland.
Outsourcing, a Japan-based company engaged in the provision of outsourcing services, offered to acquire CPL Resources, a human resources company based in Dublin, for €318m ($372m).
"We are pleased to be announcing this transaction today and believe it represents an excellent opportunity for both the company and its shareholders. The offer from Outsourcing acknowledges the quality of Cpl and the strength of its future prospects, both standalone and as part of Outsourcing. The terms of the proposed transaction represent an attractive premium in cash and crystallize the substantial long-term value potential of Cpl today," John Hennessy, CPL Chair.
Outsourcing is advised by Nomura.
Inflexion, a mid-market private equity firm, agreed to invest in Phenna Group, a business focused on the testing, inspection, certification and compliance sector. Financial terms were not disclosed.
"Paul and the team have built a very successful business in a short space of time. We have been particularly impressed with their strong track record of backing niche market leaders and making successful acquisitions. We are delighted to get the opportunity to partner with the team to accelerate this growth further both in the UK and internationally," Simon Turner, Inflexion Managing Partner.
Inflexion is advised by DC Advisory.
Insight Partners-backed CM Group, a family of martech companies focused on multichannel campaign management and email marketing, agreed to acquire Selligent Marketing Cloud, an intelligent omnichannel marketing cloud platform, from private equity firm HGGC. Financial terms were not disclosed.
"Joining CM Group is an important milestone in Selligent's evolution. CM Group's growth-minded approach of investing strategically in acquired companies will drive value for both clients and partners. Our team has been inspired by CM Group's technology strategy which will allow us to expand our leadership position in martech while we keep our customers and partners at the centre of all operations in both Europe and the US," Karthik Kripapuri, Selligent CEO.
CM Group is advised by Willkie Farr & Gallagher.
Private equity firm Allianz Capital Partners and Telefónica, a Spanish multinational telecommunications company, agreed to form a €1.5bn ($1.8bn) joint venture to deploy Fibre-to-the-Home in Germany.
"We are very enthusiastic about the opportunity to partner with Allianz, one of the world's largest investors with whom we share the ambition to drive fibre roll out in Germany, contributing to accelerate the country's digital development. We are delighted to put our expertise behind this partnership, joining forces with Allianz as a key element for success, strengthening Telefónica Infra's value proposition and reinforcing the strategy presented by Telefónica a year ago," Ángel Vilá, Telefónica Group COO.
Allianz is advised by Nomura.
Baker Hughes, a company that offers oilfield products and services, agreed to acquire Compact Carbon Capture, a technology development company specializing in carbon capture solutions. Financial terms were not disclosed.
“Our technology plays an important role in the energy transition, and we believe this agreement with Baker Hughes is the right step to grow. As we focus on our long-term vision to develop the world’s leading carbon capture offerings, we will leverage Baker Hughes’ strong brand and technology position in the energy industry to further expand our solution by complementing it with world-class turbomachinery and process solutions and access to a global customer base. This is an immense opportunity and we are proud to join the Baker Hughes team," Torleif Madsen, 3C CEO.
Compact Carbon Capture is advised by ABG Sundal Collier.
Carrefour, a company that operates supermarkets, hypermarkets, cash and carries stores, and e-commerce website, agreed to acquire Bio c'Bon, an owner and operator of supermarkets, for $69m.
This acquisition will enable Carrefour to accelerate the development of its presence in the specialized distribution of organic products in urban centers, a growing sector, with a concept that is very complementary to the Group's existing banners.
Nordic Capital, a private equity fund focused on investments primarily in the Nordic region, agreed to acquire BearingPoint 's regulatory technology business unit, a provider of software solutions for regulatory reporting. Financial terms were not disclosed.
“The RegTech business unit will benefit from the increasing regulatory requirements around the world. As an independent firm, supported by a strong owner as Nordic Capital, it will have the necessary agility and flexibility to make the best possible use of these opportunities. I am personally looking forward to going on that journey together with Nordic Capital and RegTech”, Patrick Palmgren, BearingPoint Global Head.
Atlas Copco to acquire Ehrler and Beck.
Atlas Copco, an international industrial group, agreed to acquire Ehrler and Beck, a European distributor of vacuum equipment and service solutions. Financial terms were not disclosed. The acquisition is expected to close in January 2021.
“This acquisition will increase our possibilities to serve Germany and neighboring countries with industrial vacuum products and services. Ehrler and Beck has a strong reputation and long tradition of serving diverse industrial markets such as packaging, printing, wood working, plastic and water treatment," Geert Follens, Atlas Copco Business Area President.
Deloitte, a multinational professional services network, agreed to acquire Kemp Little, a boutique technology-focused law firm based in London. Financial terms were not disclosed.
"This transaction marks a key moment in the growth of Deloitte Legal. This demonstrates our confidence and willingness to invest where there is clear market demand. Bringing in the depth of talent in the Kemp Little team, from solicitors to technology specialists, will allow Deloitte Legal to offer clients a much broader range of legal expertise," Richard Houston, Deloitte Senior Partner.
Cellnex nears a $12bn tower deal with CK Hutchison.
Cellnex Telecom, a Spanish wireless telecommunications infrastructure and services company, is in advanced talks to acquire the European telecommunication towers assets of CK Hutchison Holdings, a Hong Kong-based multinational conglomerate, in a $12bn deal.
CK Hutchison is the latest mobile network operator to carve out mast infrastructure to cut debt and help pay for costly 5G network upgrades. Cellnex is snapping up a chunk of those assets, making it one of the fastest-growing players in Europe's telecom industry. Selling all of the tower business would also raise more money for CK Hutchison, which seeks ways to conserve cash and get more value from the group's assets, Bloomberg reported.
Hutchison previously considered selling a minority stake in the new unit, CK Hutchison Networks, which has 28.5k towers spread across Europe. Buying it outright is preferable for an independent tower company like Cellnex as it makes it easier to sell capacity to multiple wireless operators on a single mast.
PAC completes sale of student housing assets for $478m. (FS, RE)
Preferred Apartment Communities, a real estate investment trust engaged in the ownership and operation of Class A multifamily properties, closed the disposition of its student housing assets to TPG Real Estate Partners for $478m.
"We are very pleased to announce the completion of the disposition of our student housing assets to TPG Real Estate Partners, an experienced real estate owner and operator. Achieving occupancy and leasing rates for the 2020 academic year that exceeded the prior year drove value and demonstrates our track record of operational success at these properties of which we are very proud. As we have stated, this sale is strategic and consistent with our previously announced objectives to exit the student housing space, simplify our focus to our core suburban Sunbelt multifamily business, and realign our balance sheet," Joel T. Murphy, PAC President and CEO.
Total seeks to sell stakes in Angolan oilfields.
Total is seeking to sell stakes in several Angolan oilfields, in what is seen as an early sign of an expected wave of divestments by big energy companies from the West African country, Reuters reported.
Total could raise around $300m from the sale of its 20% stake in Angola's offshore Block 14, which includes the Tombua-Landana, Kuito fields as well as a cluster of fields that make the BBLT project.
The sale of Total's stake in Block 14 is part of the company's drive to focus on its larger and more profitable oil and gas fields in Angola, where it remains the largest operator. Those disposals are expected to include several stakes in Angolan oilfields, where production is generally more complex and expensive than other basins.
Danish government-backed Orsted enters race to acquire ib vogt.
Danish government-backed Orsted, an offshore wind farm operator, joined the auction to acquire German solar project firm ib vogt. Deutsche Bank-owned wealth manager DWS and Canada's Northland Power are also participating in the auction.
Based on estimated 2020 core earnings, a deal could value ib vogt - which has a photovoltaic pipeline of more than 16GW - at about $419m, Reuters reported. Orsted's interest comes as utilities and oil majors are vying to boost their renewables businesses in a bid to move away from fossil fuels and meet climate targets.
Bpifrance reveals a 5.08% stake in Arkema, aims for a director seat. (FS)
Bpifrance, a private equity firm revealed a 5.08% stake in French chemical group Arkema, via the Lac1 fund, as well as its intentions to continue building stake with a view of obtaining a seat in the board of directors. This is the first investment by this fund, created in early 2020 and which currently has an investment capacity of $5bn.
"Bpifrance has so far deployed $406m from the $5bn fund building up the stake since June and aims to keep adding to the position. By taking a stake in Arkema, French champion of the chemicals sector, whose ability to offer sustainable and innovative solutions to the challenges of tomorrow is a speciality to be demonstrated, Bpifrance is committed alongside the group in its strategy aimed at to become a player dedicated to specialty materials," Nicolas Dufourcq, Bpifrance CEO.
Northam in talks to quicken the buyout of Black investors' stake.
Northam Platinum, a platinum producer, is in talks to bring the buyback of shares from its Black empowerment partners to an early conclusion. If completed, the deal could benefit Lazarus Zim, Sipho Mseleku and Brian Mosehla, the sole directors of three companies that own 55.4% of Zambezi. Zambezi held 31.4% in Northam, a stake currently valued at about $1.5bn, at the time of the initial arrangement in May 2015, Bloomberg reported.
South African mining companies are compelled by law to be partially Black-owned, a measure taken to try and spread the country's wealth to the Black majority, who were largely excluded from economic activity during apartheid.
Eurazeo to sell out of Farfetch. (FS)
Eurazeo, a French investment group, raised $105m through the sale of a stake in Farfetch, a luxury fashion retailer, Reuters reported. The company did not disclose the identity of the buyer of the shares.
Alibaba Group was in advanced talks to invest nearly $300m in Farfetch. The two companies were also in talks to create a Chinese joint venture. Swiss group Richemont was also considering investing in Farfetch alongside the Chinese e-commerce giant.
Ferguson to begin sale of Wolseley.
Ferguson, a distributor of pipes, faucets and sinks, started the sale of its UK business as part of efforts by the plumbing-equipment maker to focus on its North America operations, Bloomberg reported. Ferguson is working with a financial adviser on the sale of its Wolseley brand, which could bring about $654m.
Wolseley, a company selling plumbing, heating, cooling, drainage and mechanical supplies to tradespeople, is generating interest from private equity firms as well as some strategic bidders.
Russian online cinema ivi picks banks for US IPO.
Russian online cinema ivi picked up Goldman Sachs and JP Morgan along with Russia's VTB and Alfabank to arrange its initial public offering in the United States.
Reuters reported Bank of America Merrill Lynch was among the arrangers chosen by ivi. The company is actively preparing for the placement, but the deal is more likely to be held next year.
10D launches $110m venture fund focused on Israeli series A startups. (FS)
Israeli venture capital firm 10D, which previously operated under the temporary name, Ofek Ventures, announced a $110m venture fund targeting early-stage startups.
10D is providing seed and Series A investments in startups. It typically makes $1m to $5m in initial investments, and follow-on investments of up to $10m. The firm is looking at industries, such as digital health, insurance and fintech, as well as computer vision and artificial intelligence as it relates to manufacturing. The firm’s partners say they are looking for industries that are undergoing technology disruption, where there are no incumbents, and where there is opportunity for good ideas to come out of Israel.
“Early-stage investments are mostly about people, and we like to work closely with entrepreneurs, provide mentoring and our experience, both on the business side and where we think there is a lot of value in this kind of interaction,” Rotem Eldar, 10D Co-Founder.
APAC
Global investment firm KKR is set to invest in Pinnacle Towers, a provider of satellite telecommunication services. Financial terms were not disclosed.
With the investment, Pinnacle aims to strengthen and expand the Philippines’ telecom infrastructure at a time when Filipino mobile users increasingly demand reliable data-rich, high-speed, affordable connectivity, and more generally to address the rapidly growing demands for telecom infrastructure in and around Southeast Asia.
“The telecommunications sector in the Philippines has grown rapidly in the past few years amid the increasing demand for connectivity. This has led to a resource imbalance and the need to expand existing infrastructure to allow operators to provide better service and coverage to their customers. Our investment in Pinnacle reiterates our commitment to addressing this need and supporting the Philippines’ transition to a connected, digital nation. We look forward to assisting the Pinnacle team to deliver the benefits of a more digitally enabled economy to the Filipino people, especially in growing regions such as Visayas and Mindanao," David Luboff, KKR Partner and Head of Asia Pacific Infrastructure.
Pinnacle Towers is advised by ING Bank.
iMedia, a digital media group, completed the acquisition of a 90% stake in BeautifulNara, a portal focused on local entertainment and lifestyle segments. Financial terms were not disclosed.
The group is targeting to accelerate revenue across websites and focus on building its content marketing business, as well as introducing social selling as a new revenue platform.
“This acquisition will further strengthen the company’s dominant position in the Malay language content network in Malaysia and our reach to the overall Malay urban youth speaking online community,” Voon Tze Khay, iMedia Co-Founder and CEO.
Carlyle appoints Aditya Puri as a senior advisor in Asia. (FS, People)
The Carlyle Group appointed Aditya Puri, one of India’s top bank executives, as a senior adviser in Asia, as the private equity group seeks to lift profits at its portfolio companies in the face of the economic downturn, FT reported.
Mr Puri retired as chief executive of Mumbai-based HDFC, India’s largest private sector bank, in the past week. He will advise Carlyle’s Asian portfolio companies on their operations, including on digitalisation.
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