AMERICAS
The US Federal Trade Commission said it approved certain modifications to Bristol-Meyers Squibb's previously approved divestiture agreement and incorporated the modifications into its consent order for the drugmaker’s 2019 acquisition of Celgene.
The modifications relate to certain confidential provisions of agreements that Bristol-Meyers Squibb made to divest the psoriasis treatment drug, Otezla to rival Amgen. They will ensure that Amgen’s Otezla will stay competitive in the market, Reuters reported.
The $13.4bn divestiture settled FTC charges that Bristol-Meyers Squibb’s proposed $74bn acquisition of Celgene would violate federal antitrust law, according to the FTC.
Celgene was advised by Morrow Sodali Global, Citigroup, JP Morgan, Davies Ward Phillips & Vineberg, Jones Day, Slaughter & May, Wachtell Lipton Rosen & Katz and Kekst CNC. Financial advisors to Celgene were advised by Simpson Thacher & Bartlett. Bristol-Myers was advised by Dyal Co, Evercore, Morgan Stanley, Kirkland & Ellis, Mayer Brown, Brunswick Group, Joele Frank and Sard Verbinnen & Co. Financial advisors were advised by Davis Polk & Wardwell. Debt financing was provided by Mitsubishi UFJ Financial Group and Morgan Stanley.
Wynn Interactive, an online gaming firm, and Austerlitz Acquisition, a special purpose acquisition company, decided to terminate their $3.2bn SPAC deal.
“With our continued roll out of product features and planned new state launches, including New York, we remain excited about WynnBET’s future. As we discussed on the Wynn Resorts third quarter earnings conference call earlier this week, in light of elevated marketing and promotional spend in the sports betting industry, we are pivoting our user acquisition efforts to a more targeted ROI-focused strategy. In so doing, we expect the capital intensity of the business to decline meaningfully beginning in the first quarter of 2022. WynnBET’s best days lie ahead of us,” Craig Billings, Wynn CEO.
Gage Growth, a cannabis brand, announced that its sharehoders have approved the $545m acquisition by TerrAscend, a North American cannabis operator.
"We are pleased that Gage shareholders have expressed their support not only for this transaction but also for the Company's vision to strategically expand its brand footprint in a variety of new markets. Our team looks forward to joining forces with TerrAscend to create higher industry standards in cultivation, processing, branding and consumer experiences, as mainstream demand accelerates throughout the country," Fabian Monaco, Gage CEO.
Gage is advised by Clarus Securities, Eight Capital, Dentons and Dickinson Wright. TerrAscend is advised by ATB Capital, Haywood Securities, Norton Rose Fulbright, Stikeman Elliott and Mattio Communications.
Orangewood Partners, a long-term focused private investment firm, agreed to acquire Pacific Bells, a Taco Bell franchisee in the United States, from Partners Group, a global private markets firm. Financial terms were not disclosed.
"Orangewood's philosophy is to partner with founders and industry-leading management teams. We are proud to be partnering with Tom Cook, Eric Simko and the Pacific Bells management team who have proven to be a best-in-class operator and have built a tremendous platform in the quick-service industry over more than three decades," Alan Goldfarb, Orangewood Founder and Managing Partner.
Pacific Bells is advised by North Point Advisors, Trinity Capital and Ropes & Gray. Orangewood is advised by PricewaterhouseCoopers, Kirkland & Ellis, Paul Hastings and Gasthalter & Co.
Independent Bank-backed Rockland Trust, a full service community bank, completed the acquisition of East Boston Savings Bank, a chartered stock savings bank, from Meridian Bank, a community bank, for $1.15bn.
“We heartily welcome the customers of East Boston Savings Bank to Rockland Trust, and we look forward to demonstrating our shared commitment to the highest standards of customer service. We remain excited about the strategic benefits of this transaction and are eager to get started unlocking the opportunities resulting from the combination of two leading franchises and increased scale, including expansion of Rockland’s broad financial product set to an expanded business and consumer customer base,” Christopher Oddleifson, Independent Bank CEO.
Independent Bank was advised by Keefe Bruyette & Woods, Stifel and Wachtell Lipton Rosen & Katz. Meridian Bank was advised by Raymond James and Luse Gorman.
Eastern Bankshares, a provider of commercial, retail, lending, deposits, and wealth management services, completed the merger with Century Bancorp, a state-chartered bank holding company, in a $643m deal.
"We've admired Century's success since its founding by Marshall Sloane in 1969 and today they are New England's largest family-run bank. Under the leadership of Barry R. Sloane and Linda Sloane Kay, the Century Bank brand has continued to rise in prominence and it was a proud moment for us when they communicated they wanted to partner with Eastern. We are excited for the opportunities this agreement creates and believe our combination will deepen our reach in providing banking services and other support to communities across Greater Boston and southern New Hampshire," Bob Rivers, Eastern Bankshares CEO and Chair of the Board.
Century Bancorp was advised by Piper Sandler and Goodwin Procter. Eastern Bankshares was advised by JP Morgan and Nutter McClennen & Fish. JP Morgan was advised by Simpson Thacher & Bartlett.
JMP Group, an investment banking and alternative asset management firm, announced that the company's shareholders have approved its merger with Citizens Financial.
Approximately 68% of the votes cast at the special meeting voted to approve the merger. The closing of the merger is anticipated to take place on November 15, 2021, subject to the satisfaction of certain customary closing conditions or the waiver thereof.
JMP Group is advised by JMP Securities, Keefe Bruyette & Woods and Mintz Levin. Citizens Financial is advised by Sullivan & Cromwell.
Georgia Banking Company, a full-service, commercial community bank headquartered in Atlanta, agreed to merge with Peoples BankTrust, a bank holding company, in a $58m deal.
"We are pleased to announce this financially compelling acquisition of Peoples. Expanding our franchise to serve the people of the broader metro Atlanta community is at the core of our strategic vision. The acquisition grows our market share and provides us an excellent opportunity to broaden our footprint into Buford, Georgia in a low-risk manner," Bartow Morgan, GBC CEO.
Peoples BankTrust is advised by Performance Trust Capital Partners and Nelson Mullins Riley & Scarborough. GBC is advised by Evercore and Troutman Pepper.
Johnson & Johnson, an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods, is set to spin-off its consumer health business.
"This planned transaction would create two businesses that are each financially strong and leaders in their respective industries. We believe that the new Johnson & Johnson and the New Consumer Health Company would each be able to more effectively allocate resources to deliver for patients and consumers, drive growth and unlock significant value. Importantly, the new Johnson & Johnson and the New Consumer Health Company would remain mission-driven companies with exceptional brands, commitments to innovation, and remarkable talent. Each company would carry on the Johnson & Johnson legacy of putting the needs and well-being of the people we serve first," Joaquin Duato, Johnson & Johnson Vice Chairman.
Johnson & Johnson is advised by Goldman Sachs, JP Morgan, Baker McKenzie and Cravath Swaine & Moore.
Blackstone GP Stakes, an investor in private equity firms, agreed to acquire a minority stake in Great Hill Partners, a private equity firm. Financial terms were not disclosed.
“We focus on partnering with best-in-class alternative asset managers with differentiated investment playbooks and track records of generating strong returns for their investors. Great Hill excels in those areas. We are excited to join Great Hill for the next chapter of their growth," Ward Young, Blackstone GP Stakes Managing Director.
Great Hill Partners is advised by Evercore, Kirkland & Ellis and Sard Verbinnen & Co. Blackstone is advised by Fried Frank Harris Shriver & Jacobson.
Investment firms The Carlyle Group and Stellex Capital Management completed the acquisition of IMIA Group, a provider of comprehensive marine preservation, structural, scaffolding & environmental containment, and staffing services for the maintenance, repair, and overhaul and construction of the US Navy fleet, from J.F. Lehman & Company, a middle-market private equity firm. Financial terms were not disclosed.
"Today is a validation of the market leadership position, operational excellence, and culture that we have worked to build and maintain. We are immensely grateful for JFLCO's support and look forward to continuing to deliver on future growth opportunities with our new partners at Carlyle and Stellex," Mike Keenan, IMIA CEO.
J.F. Lehman & Company is advised by Harris Williams & Co, Mensura Capital and Blank Rome.
StorageMart, the largest privately-owned self-storage company in the world, agreed to acquire Manhattan Mini Storage, a self-storage and moving company based in New York City. Financial terms were not disclosed.
The purchase of Manhattan Mini Storage includes the entirety of the company's 18 self-storage real estate locations throughout Manhattan. Following the acquisition, StorageMart will exceed 20m net rentable square feet of storage and more than 200k storage units worldwide.
Manhattan Mini Storage is advised by Eastdil Secured. StorageMart is advised by Citigroup and Kirkland & Ellis.
Storytel, one of the world's largest audiobook and e-book streaming companies, agreed to acquire Audiobooks.com, a provider of audiobook experiences in the US, from KKR & Co for $135m.
"I have been impressed by Audiobooks.com's success, expertise and experience in the US market, as well as across the UK and Australia. Audiobooks.com is a growing profitable business with a consumer and partnership-friendly approach that offers Storytel a new platform for growth. I am now looking forward to working with our teams, publishers and partners to make audiobook listening as popular on the English-speaking markets as it has become in recent years in the Nordics," Jonas Tellander, Storytel CEO and Founder.
Audiobooks.com is advised by LionTree Advisors. Storytel is advised by Weil Gotshal and Manges.
SImpar, a passenger car rental company, agreed to acquire UAB Motors Participações, a retailer of used and new automobiles, from Group 1 Automotive, an automobile retailer, for $93m.
"Over the past eight years we developed a successful automotive dealer group in Brazil representing Land Rover, BMW, Honda and Toyota. Unfortunately, despite our best efforts, we were unable to attain critical mass or meaningful scale. Therefore, we decided that redeploying the capital invested in our Brazilian operations to other near-term growth opportunities is in the best interest of our shareholders," Earl J. Hesterberg, Group 1 President and CEO.
Group 1 is advised by Laplace Finanças and Pierpont Communications.
Millicom, a telecommunications and media company which is a provider of fixed and mobile services dedicated to markets in Latin America, completed the acquisition of the remaining 45% stake in Tigo Guatemala, its joint venture businesses in Guatemala, for $2.2bn.
"We are delighted to have signed this agreement to consolidate a 100% ownership position in Tigo Guatemala, one of our most successful businesses. The transaction is right in line with our stated inorganic capital allocation strategy, which includes the acquisition of the remaining minority interests owned by third parties in our operations, when those transactions can be executed in an accretive manner," Mauricio Ramos, Millicom CEO.
Millicom was advised by Davis Polk & Wardwell.
Booking, a provider of online travel and related services, agreed to acquire Getaroom, a B2B distributor of hotel rooms, from Court Square Capital Partners, a private equity firm, for $1.2bn.
"The combination of Getaroom and the Priceline Partner Network will enable accelerated growth behind our shared vision of delivering a more robust solution for our customers and affiliates and greatly simplify the complexity of global distribution for our hotel partners," Matt Davis, Getaroom CEO.
Booking is advised by Sullivan & Cromwell.
Elanders, a Swedish printing company, agreed to acquire an 80% stake in Bergen Shippers, an American supply chain management company, for $124m.
"I'm really proud of how the company has grown, and the unique platform Bergen Logistics has developed over the past 20 years. Today we're one of the leading players in contract logistics solutions for Fashion & Lifestyle brands in North America. Together with Elanders' global network we can expand even further by offering Elanders' customers ready-made solutions in North America. We'll also be able to offer our existing customers global solutions, which are increasingly in demand," Ron Roman, Bergen President.
Bergen Shippers is advised by JP Morgan.
Spotify, a Swedish audio streaming and media services provider, agreed to acquire Findaway, a multi-product, multi-brand audio technology company. Financial terms were not disclosed.
"It's Spotify's ambition to be the destination for all things audio both for listeners and creators. The acquisition of Findaway will accelerate Spotify's presence in the audiobook space and will help us more quickly meet that ambition. We're excited to combine Findaway's team, best-in-class technology platform, and robust audiobook catalog with Spotify's expertise to revolutionize the audiobook space as we did with music and podcasts," Gustav Söderström, Spotify Chief Research & Development Officer.
Spotify is advised by Skadden Arps Slate Meagher & Flom.
Rhône, a global private equity firm, agreed to acquire Paragon Films, a manufacturer of ultra-high-performance cast stretch films that are principally used to unitize product loads while in storage and transit by customers in e-commerce, fast-moving consumer goods and other essential industries. Financial terms were not disclosed.
"Rhône's investment marks an exciting new chapter for Paragon. We were attracted to Rhône's experience in partnering with companies to evolve and strengthen their businesses in the US and abroad. I believe Rhône will be a great partner as we continue our global expansion and broaden our portfolio of ultra-high-performance, sustainability-focused products," Darin Tang, Paragon Films CEO.
Rhône Capital is advised by Brunswick Group.
SEI Investments, an investment advisory firm, completed the acquisition of Novus Partners, a portfolio intelligence platform company. Financial terms were not disclosed.
"The financial services landscape is ever-evolving. Our markets continue to face an unprecedented pace of change, and we continuously seek opportunities to stay ahead of and manage this change. By making strategic investments in our solutions and workforce, we drive growth and help our clients make confident decisions for their futures," Alfred P. West, SEI Chairman and CEO.
SEI Investments was advised by Vested.
Altus Group, a provider of software, data solutions and independent advisory services, completed the acquisition of Reonomy, a fast-growing, AI-powered data platform, for $201m.
"The combination of Reonomy's AI-powered data platform with Altus' suite of software, data and analytics capabilities creates a very compelling client offering that will enable our clients to better manage performance and risk within their CRE portfolios with data-driven insights, predictive analytics and alert capabilities. It significantly accelerates our transformative innovation in AI predictive data analytics by better positioning us technologically, with data science and analytics expertise, and with a robust dataset to add analytics into workflows that not only look back at what happened and why, but look forward to machine learning informing us on what might happen next," Mike Gordon, Altus Group CEO.
GGV Capital and GIC led a $200m Series C round in Stori, a credit card-led fintech, with participation from General Catalyst, Goodwater Capital, Tresalia Capital, Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital.
"Our mission - empowering financial inclusion for millions of hard-working people – is amazingly meaningful and challenging at the same time. We are progressing at an unprecedented pace by combining technology, machine learning, data-driven underwriting and an intuitive mobile-based user experience. A lot more will come in our journey to become a top consumer financial franchise in Latin America" Bin Chen, Stori CEO.
Providence Bank & Trust, a banking services provider, agreed to merge with The Leaders Bank, a local community bank. Financial terms were not disclosed.
“Our investment in Leaders Bank reflects our ongoing commitment to providing personalized banking services and products at the community level. We’re confident that customers will have a positive banking experience, as we carry on the high level of service that they have grown accustomed to," Steve Van Drunen, Providence Bank President and CEO.
Parkland, a convenience store operator and independent supplier and marketer of fuel and petroleum products, agreed to acquire Lynch Oil, an integrated oil and gas company. Financial terms were not disclosed.
"This acquisition advances our strategy by strengthening our retail convenience network and supply advantage in a growing market where we already have a significant presence. We are excited to welcome the Lynch team to Parkland and look forward to growing our customer base and providing them with the quality products and exceptional service they expect," Doug Haugh, Parkland President.
General Mills considers selling Progresso and Helper brands for $3bn.
General Mills, an American multinational manufacturer and marketer of branded consumer foods, is considering selling a portfolio of brands including Progresso soup and Helper, Bloomberg reported.
General Mills is working with Goldman Sachs as it explores the potential divestiture, which also includes some smaller brands. The company is targeting to raise around $3bn from the sale.
Sycamore considers selling Stag's Leap Wine for $1bn. (FS)
Sycamore Partners, a private equity firm based in New York, is considering selling Stag's Leap Wine Cellars, a winery founded by Warren Winiarski in 1970, for about $1bn just one month after acquiring the label from Altria Group, one of the world's largest producers and marketers of tobacco, cigarettes and related products, Bloomberg reported.
In what would be an unusually fast turnaround, the consumer-focused private equity firm is working with an adviser to examine strategic options for the business. Stag's Leap is expected to attract interest from high-net-worth family offices and other private equity firms.
CVC is in talks to acquire Razer. (FS)
CVC Capital Partners, a private equity firm, is in advanced talks to acquire a stake in Razer, a manufacturer of gaming peripherals.
The buyout firm is working with financial advisers and is weighing backing a possible privatization bid for Razer led by co-founder and Chief Executive Officer Min-Liang Tan. The group is evaluating a possible relisting of the company in the US once the privatization is complete.
Apollo to take a stake in Aeromexico's bankruptcy plan. (FS)
Airline Grupo Aeromexico received a proposal to emerge from bankruptcy by having lead lender Apollo Global Management convert some debt into equity. A previous exit package didn’t include the US firm getting a stake.
The carrier, which filed for Chapter 11 in 2020 after the pandemic decreased travel, said that a group of new and existing creditors and investors will repay the rest of the loan held by Apollo, which led the carrier’s debtor-in-possession financing. Amounts were not disclosed.
Apollo orchestrated a $1bn rescue plan of the struggling airline last year. The second tranche of the loan, worth $800m, gave the creditors the option to receive shares in the restructured company, Bloomberg reported.
SoftBank looking to buy a stake in Icertis. (FS)
SoftBank Group is closing in on a deal to buy a stake in Icertis, a software company that provides contract management software to enterprise businesses, valuing the firm at about $5bn.
The Japanese investor is reportedly set to pay about $80m for the stake owned by Fidelity-backed Eight Roads Ventures. SoftBank is also looking to further raise its holdings in Icertis.
Labcorp is in talks to merge part of Covance with Syneos.
Laboratory Corporation of America, a testing laboratories company, is in talks to combine some of its assets with Syneos Health, a NASDAQ-listed American multinational contract research organization based in Morrisville, North Carolina.
The companies are discussing a deal in which part of Labcorp's Covance clinical research division would merge with Syneos, Bloomberg reported.
Lazard and Brigade Capital terminate deal talks. (FS)
Investment bank Lazard's talks to acquire Brigade Capital Management, a global alternative investment manager specializing in credit investment strategies, fell apart over a disagreement on how to limit the money manager's involvement in contentious distressed-debt negotiations, Bloomberg reported.
Senior executives at the $30bn investment firm were informed Thursday that deal discussions are dead. One of the final sticking points involved limitations that Lazard sought to place on Brigade's future activities that could be in conflict with its lucrative restructuring-advisory business.
Rivian's IPO delivers underwriters $170m in fees.
Morgan Stanley and Goldman Sachs each received fees of more than $43m for running the IPO of Rivian Automotive, an American electric vehicle automaker and automotive technology company, in the largest listing of the year.
JP Morgan, the third lead bank on the initial public offering, collected more than $36m in underwriting fees. In all, those three, along with 19 banks with smaller roles, collected about $170m from last week's $12bn IPO, which was also the largest on a US exchange since 2014.
Rue Gilt files for a US IPO.
Simon Property-backed Rue Gilt, an online shopping and lifestyle website based in the United States, filed for an initial public offering in the United States, the latest e-commerce site looking to go public after the pandemic accelerated the shift to online shopping, Reuters reported.
Its main sites, RueLaLa and Gilt, offer over 5k premium and luxury brands at prices up to 70% off the manufacturer's suggested retail price, said the Boston-based company backed by billionaire Michael Rubin and a unit of top US mall owner Simon Property Group.
Vaxxinity announces pricing of IPO.
Vaxxinity, a US company pioneering the development of a new class of immunotherapeutic vaccines, announced the pricing of its initial public offering of 6m shares of class A common stock at a public offering price of $13 per share. In addition, Vaxxinity has granted the underwriters a 30-day option to purchase up to an additional 900k shares of class A common stock at the initial public offering price, less the underwriting discounts and commissions.
All of the shares of class A common stock are being offered by Vaxxinity. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Vaxxinity, assuming the underwriters fully exercise their over-allotment option, are expected to be $90m.
Vaxxinity is advised by Evercore.
Lightyear Capital raises $1.6bn flagship fund. (FS)
Lightyear Capital, a private equity firm focused on leveraged buyout and growth capital investments in financial services companies, closed its fifth flagship fund at $1.6bn, drawing in more money than it initially targeted as investors seek out specialist capital managers amid high valuations, Reuters reported. The company had earlier planned to raise around $1.25bn, well above the $950m Fund IV that Lightyear closed in 2017.
"Specialization means a differentiated story for investors, but it also means better opportunities and significantly better results because we understand the companies and the industry in which we're participating," Mark Vassallo, Lightyear Managing Partner.
True Wind Capital raises $817m for second fund. (FS)
True Wind Capital, a San Francisco-based private equity firm focused on investing in technology companies, closed its second fund, True Wind Capital II, with $817m in equity commitments, exceeding the fund's target.
"We are grateful for the continued confidence and strong support we received for Fund II from a diverse group of new and existing high caliber investors. True Wind continues to distinguish itself as a leading technology-focused investor by bringing large cap experience to the lower middle market and positioning our portfolio companies for enduring success," Adam Clammer, True Wind Co-Founder.
EMEA
S&P Global and IHS Markit announced that they have reached a proposed agreement with the Antitrust Division of the US Department of Justice that permits the companies to proceed with their $44bn combination.
Consistent with the commitments both companies have made to obtain regulatory approval in other jurisdictions, the proposed agreement with the DOJ requires the companies to divest IHS Markit's Oil Price Information Services, Coal, Metals and Mining, and PetroChem Wire businesses.
IHS Markit is advised by Barclays, JP Morgan, Jefferies & Company, Morgan Stanley and Davis Polk & Wardwell. Financial advisors are advised by Simpson Thacher & Bartlett. S&P Global is advised by Citigroup, Credit Suisse, Goldman Sachs, HSBC, Community Group and Joele Frank. Financial advisors to S&P Global are advised by Sullivan & Cromwell.
UK ministers are expected to order an in-depth investigation of Nvidia's planned $40bn acquisition of British chip designer ARM over antitrust and national security concerns.
Britain's Digital and Culture Secretary Nadine Dorries is expected to instruct Competition & Markets Authority to undertake a "phase two" probe of the deal this week, Reuters reported.
ARM is advised by Hogan Lovells. Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. Softbank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case.
Array Technologies, a provider of utility-scale solar tracker technology, agreed to acquire STI Norland, a developer of fixed-tilt structures and trackers for utility-scale PV plants, for $652m.
“We look forward to welcoming STI Norland’s employees to Array. Both STI Norland and Array are rooted in entrepreneurial, founder-operated businesses that are focused on innovation. Together, I believe we have the technology, culture and capabilities to build a truly global business that can create tremendous value for our customers, employees and shareholders,” Jim Fusaro, Array CEO.
STI Norland is advised by Lazard and Allen & Overy. Array Technologies is advised by Guggenheim Partners, Kirkland & Ellis and Solebury Trout. Debt financing is provided by Guggenheim Partners and JP Morgan.
Private equity firms Advent International and Eurazeo agreed to acquire Datatrans, a Swiss digital payment provider. Financial terms were not disclosed.
"We're excited to work with Advent and Eurazeo to fuel the next phase of growth for Datatrans. The investment will extend the number of markets we can operate in and grow the number of customers we reach with PCI Proxy. The partnership with Planet will allow us to combine online and in-store capabilities to adapt to the individual needs of merchants bringing out the best for their business today, tomorrow and in the future," Thomas S. Willenborg, Datatrans CEO.
Datatrans is advised by Walder Wyss. Advent International and Eurazeo are advised by Bar & Karrer, Weil Gotshal and Manges and Tulchan Communications.
Montagu, a European private equity firm, is set to acquire HTL Biotechnology, an international, fast-growing biotech and industrial firm leading the development and production of innovative pharmaceutical-grade biopolymers, from Bridgepoint, a British private equity investor. Financial terms were not disclosed.
"We look forward to partnering with Montagu. Their extensive experience in the healthcare field, will allow us to accelerate our growth, continue to innovate, and realise our international ambitions," Yvon Bastard, HTL CEO.
HTL is advised by Jefferies & Company.
CVC Capital Partners, a private equity firm, is set to acquire Intertrust, a financial services provider, for $1.9bn.
"In accordance with their fiduciary duties, the management board and the supervisory board of Intertrust are, together with their financial and legal advisors, in the process of carefully reviewing and evaluating all aspects of the proposed transaction. In doing so, the boards will take into account the interests of Intertrust and all its stakeholders, including its shareholders, employees and clients," Intertrust.
Gazprombank, a private banking firm, agreed to acquire a 36% stake in software and telecommunication companies MF Technologies and Mail.ru from Sberbank, a state-owned Russian banking and financial services company, for $176m.
"The purchase of MF Technologies will allow Gazprom Group to gain significant synergy associated with the ability to combine digital and traditional services and products, and will contribute to business development in its own industry segments," Gazprombank.
Patrick Drahi seeks a bigger stake in BT Group.
Telecoms tycoon Patrick Drahi is looking to increase his stake in BT Group as he seeks to extend his influence at the British company, betting its fibre-optic rollout will boost value.
Since the billionaire Altice founder bought a 12.1% stake in BT worth about $2.95bn on June 10, the British telecom giant’s shares have fallen 15% and are down about 46% over the past five years.
Drahi's stake increase in BT could happen in conjunction with a potential Altice exit from Portugal. Drahi hired Lazard earlier this year to represent Altice Europe in reviewing options for its business in Portugal which controls mobile and fixed-line service provider MEO, Reuters reported.
RWE in advanced talks to sell Belectric.
RWE, a power producer, is in advanced talks to sell parts of solar-plant builder Belectric. Bidders were not identified, Reuters reported.
"We can confirm that there is a transaction in relation to the detention of parts of Belectric, which the respective authorities must approve," RWE.
Richemont and Farfetch are in advanced merger talks.
Richemont, a Switzerland-based luxury goods holding company, said it is in "advanced" discussions to merge its YNAP platform with Farfetch, a British-Portuguese online luxury fashion retail platform, building on a high-profile partnership forged a year ago.
Richemont, which also announced robust gains in first half sales and profits on Friday, said "further progress" has been made with Farfetch towards creating a neutral, industry-wide platform, built on the latest omnichannel retail technologies, to support the digitization of the luxury industry.
Glencore's agricultural unit seeks expansion in Americas and Australia.
Swiss miner and trader Glencore and its partners are looking at options to expand their agricultural joint venture Viterra, including targeted bolt-on acquisitions in the Americas and Australia, Reuters reported.
The firm, formerly known as Glencore Agriculture, made the headlines in 2017 for a failed takeover approach to Bunge, one of the giant names of global grain trading, then valued at $11bn.
Four years later, its owners have not made any sizeable deal and are still exploring ways to show value at a time of sustained higher grain prices. They are more likely to buy smaller or privately-held companies, expanding mostly in the United States, but also South America and Australia, where Viterra already owns assets.
Acea picks Equitix for exclusive talks in solar operations deal. (FS)
Italian regional utility Acea picked infrastructure investor Equitix for exclusive talks to join forces in plans to expand its solar power operations, Reuters reported. Equitix and Italian renewable energy fund Tages had been left in the race to become Acea's partner of choice to develop the assets.
Rome-based Acea, one of Italy's biggest regional utilities, is looking to grow its solar power capacity to 747 megawatts by the end of 2024, including via partnerships with financial players. Acea Chief Executive Giuseppe Gola said the utility expected to close the deal by the end of this year or early next year.
Lord Cruddas considers breaking up CMC Markets.
Lord Cruddas, the Conservative peer, is exploring a surprise break-up of CMC Markets, the financial spread-betting firm he founded 32 years ago, into two separately listed companies, SkyNews reported.
The exploration of a break-up of the group is being led at board level by James Richards, CMC's chairman, in conjunction with its advisers. The process is at an early stage and may not lead to the split taking place.
Abu Dhabi Ports reports a revenue spike ahead of IPO.
Abu Dhabi Ports Group, a ports, industrial zones and logistics operator based in capital of the United Arab Emirates which is planning to list this year, reported a 22% increase in nine-month revenue helped by higher cargo volumes, Bloomberg reported.
General cargo volumes surged 68% to 37m metric tonnes in the nine months to September, "reflecting the wider global recovery from the impact of the Covid-19 pandemic, although some supply chain issues remain," the company said.
Dubai set to list Salik road toll system on DFM.
Dubai announced its plans to list its Salik road toll system on the Dubai Financial Market stock exchange as part of efforts to boost its stock market and attract more listings amid a growing appetite for initial public offerings in the region. The Salik system is one of Dubai's leading infrastructure assets, and was introduced by the Roads and Transport Authority in 2007.
The intended listing on DFM is part of the committee's strategy to increase the size of the stock market in the emirate to $817bn in the coming period.
"Within the Dubai Financial Markets and Exchanges Development Committee, we approved a plan to include the traffic tariff system Salik in the Dubai Financial Market," Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance.
Bridgepoint's Burger King picks banks for its £600m London IPO. (FS)
Bridgepoint, the private equity owner of Burger King's British operations, picked two banks to run the firm's £600m ($803m) London initial public offering. Bridgepoint hired Bank of America and Investec to spearhead the fast-food giant's initial public offering during the first half of 2022.
Floating will represent a bet for Burger King's management team and stock market investors on a sustained recovery for the UK's pandemic-hit restaurant industry.
Monterro closes fourth fund at €700m. (FS)
Monterro, a B2B software growth investor in the Nordics, announced the first and final close of its fourth fund at €700m ($800m), making it the largest private equity tech fund in the Nordics. With the launch of M4 the firm now has over €1.1bn ($1.25bn) in assets under management.
M4 will be deployed within Monterro's current strategy as a hands-on, operationally led growth investor targeting Nordic B2B software companies. Monterro's software expertise and unique value creation model will enable it to continue to capture unique opportunities as a distinctive partner for software entrepreneurs.
Digital Horizon launches a $200m venture fund. (FS)
Digital Horizon, the venture fund and venture builder investment company, announced the launch of its second venture fund with a target volume of $200m.
"We are delighted to launch our second fund, following an oversubscribed first fund. In our first fund we moved away from the traditional venture approach and invested in companies at various stages from Round A to D," Alan Vaksman, Digital Horizon Founder and Managing Partner.
APAC
HT&E, an Australian media company, agreed to acquire Grant Broadcasters, an Australian regional radio network, for $225m.
"We are delighted to be announcing this transaction today with Grant Broadcasters – a broadcasting business of the highest quality and a fantastic, family-owned Australian success story that Janet Cameron and her family should be incredibly proud of. The station brands they have created have served their local communities with great commitment for decades, playing a pivotal role in the lives of their audiences, and we look forward to continuing that tradition," Hamish McLennan HT&E Chairman.
Grant Broadcasters is advised by KPMG, CML Lawyers and William Buck. HT&E is advised by KPMG, Jefferies & Company, Gilbert + Tobin, Hogan Lovells, Holding Redlich and King & Wood Mallesons.
SBI Holdings said it would consider taking a majority stake in Shinsei Bank if it succeeds in its $1.1bn tender offer to raise its stake in the mid-sized lender to 48% from about 20%.
However, SBI will retract its offer if Shinsei Bank pursues a poison pill defence, the online financial conglomerate said in a statement in response to questions from Shinsei shareholder Deposit Insurance of Japan, Reuters reported.
Shinsei opposed SBI's approach last month, saying that the offer could hurt interests of minority shareholders and that the price was too low.
Shinsei is advised by Morgan Stanley. SBI Holding is advised by Citigroup.
Reliance Industries’ retail arm Reliance Retail Ventures, completed the acquisition of amante, a lingerie brand, from MAS Holdings, a clothing and accessories manufacturer. Financial terms were not disclosed.
“The acquisition by Reliance ensured that ‘amante’ would benefit from Reliance’s scale and retail expertise and that the brand we created and our employees in India and Sri Lanka will continue to benefit from being a part of a well-established retail company," Mahesh Amalean, MAS Holdings Chairman.
Ping An seeks to sell a $2.1bn stake in Autohome.
Reuters reported that financial conglomerate Ping An Insurance Group of China is seeking to offload its 44% stake in auto services portal Autohome.
Ping An, which is currently the biggest shareholder of Beijing-based Autohome via an offshore entity, has held talks with several strategic and private equity investors for the stake in recent months. The stake would be worth around $2.15bn based on Authome's current valuation.
Sunac explores sale of its tourism assets.
Sunac, a major property developer headquartered in Tianjin, China, is planning to sell its vast culture and tourism business, the latest developer seeking to offload assets during an industry-wide liquidity crunch.
The Beijing-based company has approached some potential buyers of the unit, though talks are at an early stage and subject to change. It acquired the assets, which include hotels, resorts and amusement parks, over the past four years for about $10bn.
Sunac has also raised $953m in a sale of new shares as well as a stake in its property management unit.
China regulator set to introduce cybersecurity review for Hong Kong IPOs.
China's cyberspace regulator proposed requiring companies pursuing share listings in Hong Kong to apply for cybersecurity inspections if they handle data that concerns national security, Reuters reported.
Large internet platforms planning to set up headquarters, operating or research centers abroad should also submit a report to regulators, the Cyberspace Administration of China said in the draft rules. The document calls for requiring public comment on internet platforms formulating privacy policies or making amending rules that could significantly affect user rights and interests.
Hozon considers a $1bn Hong Kong IPO.
Chinese electric vehicle startup Hozon New Energy Automobile Co is weighing a Hong Kong initial public offering that could raise about $1bn, Bloomberg reported, part of a wave of electric carmakers considering listings in the Asian financial hub.
Hozon is working with advisers on the potential first-time share sale which could happen as soon as next year.
Droom filed for a $400m IPO.
Automobile e-commerce platform Droom filed to raise $400m in an initial public offering. The net proceeds from the fresh issue part of the offer will be used for funding organic growth initiatives, for funding inorganic initiatives and for general corporate purposes.
Founded by Sandeep Agarwal in 2014, Droom is a technology and data science company that facilitates automobile buying and selling online through a combination of our asset-light automobile e-commerce platform along with a technology-driven vertically integrated proprietary ecosystem of products and services for the automobile industry.
A91 closes new fund at $550m. (FS)
A91 Partners, a venture capital firm floated by former Sequoia Capital executives, marked the final close of its second fund at $550m. The venture capital firm plans to invest in 15 to 17 established Indian companies or those with a presence in the country in sectors like consumer goods and services, financial services, healthcare and technology.
"We started A91 in 2018 with the following beliefs – the nature of entrepreneurship in India is changing, more new age businesses will be created, and patient capital will play an important role in accelerating value creation. We also believed in the opportunity to create a world-class Indian investment firm – for founders who are aiming to build large enduring businesses from India, for either local or global markets. All these beliefs have been strengthened over the last three years," Gautam Mago, A91 General Partner.
Olympus launches a new medtech venture capital fund. (FS)
Olympus, a Japanese manufacturer of optics and reprography products, launched Olympus Innovation Ventures to invest in pioneering startups with innovative technologies that improve clinical outcomes, reduce healthcare costs and enhance the quality of life for patients.
The new fund expands upon Olympus' strategy to strengthen endoscopy and pioneer next-generation tools and procedures for minimally invasive surgery.
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