AMERICAS
Searchlight Capital Partners, a global private investment firm, Liberty Global, a multinational telecommunications company, and ForgeLight, an operating and investment company, completed the acquisition of a 64% stake in Univision, a media company in the United States. Financial terms were not disclosed.
“We are excited to be part of this new phase of Univision. Wade’s leadership and Searchlight’s support are the catalysts that Univision needs to solidify its position as the leading Spanish-language media organization in the United States in light of the rapid changes that the industry is facing. We are looking forward to an even closer collaboration with Univision to help it implement the many transformational initiatives that Wade has set out to achieve. We would also like to thank Haim Saban for his leadership and dedication to Univision all these years,” Bernardo Gomez and Alfonso de Angoitia, Televisa Co-CEOs.
Univision was advised by LionTree Advisors, Moelis & Co, Morgan Stanley, Covington & Burling, Cravath Swaine & Moore, Sidley Austin and Sard Verbinnen & Co. ForgeLight was advised by Goldman Sachs, Guggenheim Partners, Proskauer Rose, Willkie Farr & Gallagher and Abernathy MacGregor Group. Searchlight Capital Partners was advised by Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners. Televisa was advised by Allen & Company, Pillsbury Winthrop Shaw Pittman, Wachtell Lipton Rosen & Katz and Rubenstein Associates.
Tiffany & Co’s shareholders approved the $15.8bn deal with France’s LVMH, ending an long-drawn dispute between the two luxury retailers that had stretched for more than a year, Reuters reported.
At a virtual special stockholder meeting, more than 99% of votes cast were in favor of the deal.
Tiffany is advised by Centerview Partners, Goldman Sachs, Sullivan & Cromwell and Sard Verbinnen & Co. Goldman Sachs Weil Gotshal and Manges. LVMH is advised by Citigroup, JP Morgan, Cleary Gottlieb Steen & Hamilton, Skadden Arps Slate Meagher & Flom, White & Case, Brunswick Group, DGM Conseil, Deluxewords, Kekst CNC, Montfort Communications, Publicis Consultants and SEC and Partners. Citigroup and JP Morgan are advised by Allen & Overy.
dMY Technology Group, a publicly traded special purpose acquisition company, completed the merger with Rush Street Interactive, an online casino and sports wagering company, in a $1.8bn deal.
"We started RSI in 2012 to create a fun and engaging online experience for the US gaming customer and we now have a great opportunity to accelerate our growth in this dynamic market. We are looking forward to investing further in market expansion, product innovation, and growing our talented team," Greg Carlin, Rush Street Interactive CEO.
Rush Street Interactive was advised by Jefferies & Company, Needham & Co, Oakvale Capital, Kirkland & Ellis, Culloton + Bauer Luce, Gasthalter & Co and Lisa Johnson Communications. dMY Technology was advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton, Greenberg Traurig, White & Case and ICR.
FinTech IV, a special purpose acquisition company, agreed to merge with Perella Weinberg Partners, a global independent advisory firm, in a $975m deal. Upon closing of the transaction, the combined company will operate as Perella Weinberg Partners and will be listed on NASDAQ under the new symbol “PWP.”
"PWP has a proven track record of building an advisory firm centered on providing trusted, independent advice. We reached this milestone thanks to the trust and support of our clients over the years and the tireless efforts of all our employees who make PWP a truly unique place to work and a recognized leader in advisory services. As a publicly listed company, we will continue to invest in growing our advisory footprint and capabilities, to expand our client network and broaden our advisory service offerings," Peter Weinberg PWP CEO.
Perella Weinberg Partners is advised by Perella Weinberg Partners and Skadden Arps Slate Meagher & Flom. FinTech IV is advised by Cantor Fitzgerald, Financial Technology Partners, JP Morgan, Goldman Sachs, Keefe Bruyette & Woods, Wells Fargo Securities, Davis Polk & Wardwell and Morgan Lewis & Bockius.
Flutter Entertainment, a global sports betting and gaming group, completed the acquisition of an additional 37% stake in FanDuel, a New York City headquartered gaming company, from Fastball Holdings for $4.2bn.
"Flutter's initial acquisition of a controlling stake in FanDuel in 2018 has been transformational for the shape of the group. Our number one position in the crucial US market is built on many of the assets we acquired through that transaction, supported by the broader group's capabilities. Our intention has always been to increase our stake in the business and I'm delighted to be able to do so earlier than originally planned and at a discount to its closest peer," Peter Jackson, Flutter CEO.
Flutter Entertainment was advised by Davy Corporate Finance, Goldman Sachs, Wachtell Lipton Rosen & Katz, Wilson Sonsini Goodrich & Rosati, Drury Porter Novelli and Finsbury Glover Hering. Fastball was advised by Moelis & Co.
RentPath, a digital marketing provider, terminated agreement to be acquired by CoStar Group, a provider of commercial real estate information, for $588m.
"RentPath provides tremendous value to our customers across the multifamily industry. In fact, our value proposition has never been better than it is today. Our traffic and leads have never been higher, and they continue to grow rapidly -- traffic growth in the second half of 2020 has exceeded 40% year over year for the RentPath network. We have a range of high growth products that complement our core apartment search websites, and we are excited to emerge from restructuring and continue to build on this foundation," Dhiren Fonseca, RentPath CEO.
Live Oak Acquisition, a blank-check acquisition company, completed the merger with Danimer, a biopolymer manufacturer headquartered in Bainbridge, Georgia, in a $914m deal. In connection with the closing, Live Oak changed its name to Danimer Scientific. The combined company's common stock began trading under the ticker symbol "DNMR" on the New York Stock Exchange on December 30, 2020.
"The completion of our business combination represents a pivotal milestone in the global fight against one of the world's biggest environmental problems – single-use plastic waste and pollution," Stephen E. Croskrey, Danimer Scientific CEO.
Danimer Scientific was advised by Houlihan Lokey, Kane Kessler and ICR. Live Oak Acquisition was advised by Jefferies & Company, Morgan Stanley and Mayer Brown.
Capital Dynamics, an independent global asset management firm, completed the acquisition of the remaining 69.98% stake in Arlington Valley Solar Energy II, a 175-megawatt solar photovoltaic project, from Apollo Global Management. Financial terms were not disclosed.
"This transaction was a natural fit for us as it builds on our recent acquisition of a 30% interest in AVSE II. This allows for a cleaner and simplified ownership position which we were well prepared to act on quickly in cooperation with the team at Apollo, for a mutually beneficial transaction. We welcome the full ownership of AVSE II into our 3.1 GWdc portfolio of operating US solar projects," Tim Short, Capital Dynamics Managing Director, Clean Energy Infrastructure.
Capital Dynamics was advised by Amis Patel & Brewer, King & Spalding and Prosek Partners. Apollo Global Management was advised by Citigroup, Allen & Overy and Kirkland & Ellis.
Landcadia Holdings II, a blank check company co-sponsored by Fertitta Entertainment and Jefferies Financial Group, completed the acquisition of Golden Nugget Online Gaming, a US online real money casino, in a $745m deal.
"GNOG is one of the best positioned companies to capitalize on this massive online gaming opportunity in the US. We at Jefferies couldn't be more thrilled to partner with Tilman and bring this great opportunity to the public markets," Rich Handler, Landcadia II Co-Chairman and Jefferies CEO.
Golden Nugget Online Gaming was advised by Haynes and Boone. Landcadia Holdings II was advised by Houlihan Lokey, Jefferies & Company and White & Case. Houlihan Lokey was advised by Sullivan & Cromwell.
McCormick, a company producing flavors, agreed to acquire FONA International, a manufacturer of clean and natural flavors, for $710m.
"The acquisition of FONA reinforces McCormick's global growth strategy as FONA expands the breadth of our flavor solutions segment into attractive categories, as well as extends our technology platform and strengthens our capabilities. This acquisition also accelerates the strategic migration of our portfolio to more value-added and technically insulated products and thus, is expected to be accretive to gross margin. FONA's portfolio is highly complementary to McCormick's and will provide our customers with an even more comprehensive product offering to meet the growing demand for clean and flavorful eating, drinking and nutrition experiences." Lawrence E. Kurzius, McCormick Chairman, President and Chief Executive Officer
FONA International is advised by Houlihan Lokey and Vedder Price. McCormick is advised by Morgan Stanley and Davis Polk & Wardwell.
Onex, an investment manager, completed the acquisition of Falcon Investment Advisors, a US-based private credit manager. Financial terms were not disclosed.
"Over the last 20 years, we have earned our reputation as a creative, flexible credit manager in the US middle market. Onex greatly enhances Falcon's ability to develop a wider range of private credit portfolios, and thus fully leverage Falcon's origination and deal structuring resources," Sandeep Alva, Falcon Founder and Managing Partner.
Falcon was advised by Oppenheimer & Co and Proskauer Rose. Onex was advised by Houlihan Lokey and Latham & Watkins.
Abertis, a toll road management company, John Hancock Life Insurance and Manulife Investment Management, an asset management firm, completed the acquisition of Elizabeth River Crossings, a company overlooking the Elizabeth River Tunnels Project, from Skanska, a construction and development company, and Macquarie Infrastructure, a provider of investment management services, for €1bn ($1.18bn).
“This acquisition is a further step in the ambitious growth strategy of the Abertis Group, with the acquisition of a solid platform in the United States, a country that offers a strong commitment to public-private partnerships and to the concession framework. We are also very happy to initiate a new partnership with John Hancock. The deal has been possible thanks to the active support of our shareholders, Atlantia, ACS and Hochtief,” José Aljaro, Abertis CEO.
John Hancock Life Insurance was advised by Bank of America Merrill Lynch. Abertis was advised by KPMG. Macquarie was advised by RBC Capital Markets and Orrick Herrington & Sutcliffe.
Donuts, a domain name registry company, completed the acquisition of Afilias, an internet domain services provider. Financial terms were not disclosed.
"The Afilias and Donuts teams share a commitment to security, stability and reliability. This will only grow stronger as we implement the best technologies and services from each organization while maintaining seamless delivery to our registry and registrar partners as well as our end registrants," Akram Atallah, Donuts CEO.
Afilias was advised by Moelis & Co and Sidley Austin. Donuts was advised by Kirkland & Ellis.
Centene, a healthcare enterprise, completed the acquisition of PANTHERx Rare Pharmacy, one of the largest and fastest-growing specialty pharmacies in the United States. Financial terms were not disclosed.
"Centene has a long-standing commitment to providing care to the most underserved, complex populations. PANTHERx adds a unique capability to our comprehensive pharmacy portfolio. We share a common goal of helping to remove barriers and reduce the burden for our members living with complex and rare diseases," Michael F. Neidorff, Centene Chairman, President and CEO.
Centene was advised by Skadden Arps Slate Meagher & Flom.
Olympus, a manufacturer of optics and reprography products, completed the acquisition of Veran Medical Technologies, a medical equipment manufacturer, from venture capital firms River Cities Capital Funds, Versant Venture Prolog Ventures, Advantage Capital Partners, Vectis Private Equity, Rex Health Ventures, Dynamic Investments and 3G Capital for $300m.
"We are proud to be joining forces with Olympus, a company with a 100-year legacy and a global reputation for quality, leadership and innovation. Olympus has a clear strategy to become a global medtech leader, and we're excited to contribute our unique capabilities and become part of this journey," Jason Pesterfield, Veran CEO.
Olympus was advised by Barclays.
Total Technology Results, a reverse logistics and Internet Technology Asset Disposition provider, completed the acquisition of Emplacement, an e-waste location software-as-a-service company. Financial terms were not disclosed.
"This acquisition enables us to accelerate our focus on helping service providers and succeed in the device as a service and software as a service, cloud-first economy," Michael Taghavi, Total Technology Founder and CEO.
Capital Southwest-backed Amware, a provider of order fulfillment services, completed the acquisition of Moulton Logistics Management, a provider of direct-to-consumer fulfillment, retail distribution and customer care services for e-commerce and direct response companies. Financial terms were not disclosed.
"With the acquisition of Moulton, Amware continues to build upon its track record of identifying and executing strategic acquisitions that profitably expand its footprint and customer base. We have been impressed with the progress the management team and Rotunda Capital Partners have made with the Company since our original funding in July 2016. Amware has developed a strong reputation as a premier fulfillment services provider," Josh Weinstein, Capital Southwest Managing Director.
Global Infrastructure Partners, a global, independent infrastructure investor, agreed to acquire the renewable energy unit of MAP Energy, one of the longest-standing private energy investment firms in the US. Financial terms were not disclosed.
"We are excited to announce the acquisition of MAP's world-class renewables business. MAP® RE/ES has been one of the most successful investors in US renewables and has created an attractive, extremely diversified portfolio that includes exceptionally high-quality operating cash flow from the royalty interests and the opportunity to invest additional capital in a leading development pipeline. We look forward to working with the team that built this highly successful business," Adebayo Ogunlesi, GIP Chairman and Managing Partner.
Qatar Investment Authority, a sovereign wealth fund, agreed to invest $125m in Fluence, a battery storage joint venture of Siemens and AES.
“This is one more milestone in our strategy of setting this company up and eventually taking it public. The investment will allow Fluence to expand its energy storage offerings and develop its software that can maximize battery use in power markets," Andres Gluski, AES Chief Executive Officer.
Intel pushed to explore deal options. (FS)
Third Point, a hedge fund, is pushing Intel, a company that designs, manufactures, and sells computer components and related products, to explore strategic alternatives, including whether it should keep chip design and production under one roof, Reuters reported.
Third Point’s push for changes could lead to a significant shakeup at Intel, which has been slow to respond to investor calls to outsource more of its manufacturing capacity. The New York-based fund has amassed a nearly $1bn stake in Intel.
“Without immediate change at Intel, we fear that America’s access to leading-edge semiconductor supply will erode, forcing the US to rely more heavily on a geopolitically unstable East Asia to power everything from PCs to data centers to critical infrastructure and more,” Daniel Loeb, Third Point CEO.
EMEA
Nova Ljubljanska Banka, the largest banking and financial group in Slovenia, completed the acquisition of an 83% stake in Komercijalna Banka, a bank founded in 1970 with headquarters in Belgrade, Serbia, for €387m ($420m).
"The acquisition of Komercijalna Banka represents another very important milestone in NLB's development following the successful conclusion of NLB's own privatization process in 2019. As the largest of our core foreign markets, strengthening our presence in Serbia in a controlled and value accretive manner has been a key strategic priority for the group. As a result of the transaction, NLB's market share in Serbia will increase to over 12.1% by total assets, making NLB the third-largest banking group in the country with a very unique position of one of leading banks in all markets of Group's presence. NLB's operations in Serbia will be by far the largest outside of Slovenia, underlining the meaning of the respective transaction for the regional systemic financial institution," Blaž Brodnjak, NLB CEO.
Nova Ljubljanska Banka was advised by PricewaterhouseCoopers, UBS and Kinstellar. Serbia was advised by KPMG, Lazard and Prica & Partners.
Custodia Capital, a private capital investment management firm, completed the acquisition of Atende Software, a provider of software and managed services for high-volume live data traffic applications, from Atende, an IT services provider, for $14m.
"We are proud to welcome Atende Software on board. We look forward to working with the excellent management team and talented corps of software engineers at the company to bring the most innovative products for existing clients and spur rapid expansion of product offering and geographic reach," Custodia Capital.
Custodia Capital was advised by Gessel, CMS, Mrowiec Fialek, WKB Wiercinski Kwiecinski Baehr and CSWP. Atende was advised by Bastion Group and B2RLaw.
Waterland Private Equity, an independent private equity investment group, agreed to acquire the UK operations of Acadia Healthcare, a multinational behavioral healthcare provider, for $1.5bn.
"We are pleased to announce that we have entered into a definitive agreement to sell the Priory Business to Waterland. Since announcing our decision to explore strategic alternatives with respect to the Priory Business, our primary objective has always been to complete a transaction that would maximize value for our stockholders. Following a comprehensive process, we believe we have achieved this objective. We intend to use the proceeds to pay down debt and for other corporate purposes. We believe we are well-positioned to meet the strong demand for mental health and substance use treatment across the US. We will continue to focus on delivering the highest level of patient care and advancing our position as a leading behavioral healthcare facilities operator in the US," Debbie Osteen, Acadia CEO.
Acadia is advised by Rothschild & Co. Rothschild & Co is advised by Sullivan & Cromwell.
Unicaja, a Spanish savings bank, agreed to merge with Liberbank, a regional Spanish commercial bank, in a $937m deal. The merger is part of a consolidation process in the Spanish banking industry and more broadly in Europe.
“The transaction will allow the combined entity to gain size to face in the best possible way the challenges of the industry,” Unicaja.
Unicaja is advised by Mediobanca. Liberbank is advised by Deutsche Bank.
PIF-backed Saudi Arabian Military Industries, a state-owned defense company, agreed to acquire Advanced Electronics Company, a company specialized in advanced electronics research and manufacturing for defense and communication among others. Financial terms were not disclosed.
"This deal strengthens SAMI's presence in the strategically important defense industries market and supports its plans to transfer and localize the military industries. The acquisition will also enhance AEC's opportunities to expand and compete in its field. This achievement also supports PIF's efforts through SAMI in localizing cutting-edge technology and knowledge, as well as building strategic economic partnerships," Ahmed Al-Khateeb, SAMI Chairman.
SAMI is advised by Citigroup.
Ontario Teachers' Pension Plan Board led a $222m Series E round in Graphcore, a British semiconductor company that develops accelerators for AI and machine learning, with participation from Baillie Gifford and Draper Esprit.
"Having the backing of such respected institutional investors says something very powerful about how the markets now view Graphcore. The confidence that they have in us comes from the competence we have demonstrated building our products and our business. We have created a technology that dramatically outperforms legacy processors such as GPUs, a powerful set of software tools that are tailored to the needs of AI developers, and a global sales operation that is bringing our products to market," Nigel Toon, Graphcore CEO.
Graphcore was advised by Orrick Herrington & Sutcliffe.
Energean, an international exploration and production company, with a focus on gas, agreed to acquire the remaining 30% stake in its subsidiary Energean Israel from Kerogen Capital, an independent private equity fund manager specializing in the international oil and gas sector, for $405m.
"The acquisition represents a unique opportunity, given our existing, unrivaled understanding of the assets and the fact that the position significantly enhances Energean's cash flow, whilst generating no incremental G&A costs. It allows us to consolidate our interests in Israel, enabling us to further generate long-term value by capitalizing on the production growth and upside potential of our acreage offshore Israel; and is supportive of our ambition to be the leading independent, gas-producer in the Mediterranean," Mathios Rigas, Energean CEO.
Xeriant, an aerospace technology holding company, agreed to invest in Xeriant Europe, its strategic alliance partner located in Prague, Czech Republic. Financial terms were not disclosed.
"Xeriant's strategy of blending current income into our portfolio of technologies allows for a more balanced growth plan. Our main focus in this relationship was sourcing breakthrough products in the Czech Republic so that Xeriant can hold financial interests with high-income potential," Keith Duffy, Xeriant CEO.
Alma Media Group, a digital service business and media company, agreed to acquire the remaining 35% stake in Alma Mediapartners, a digital solutions firm, from Arena Partners, a classified advertisements provider, for €53m ($65m).
Simplifying the ownership structure will support the development of Alma Media's marketplace business related to housing and cars in line with the strategy.
DXB Entertainment appoints advisers to assess takeover offer.
DXB Entertainment, a company that engages in the development of theme parks, hotels, retail, dining, and entertainment districts, plans to hire advisers to evaluate offer by Meraas Holding, a company offering retail, food and beverage, hospitality, healthcare, enterprise, and real estate services, Bloomberg reported.
The board approved appointing KPMG and Shuaa Capital as financial advisers and Allen & Overy as legal adviser.
Meraas offered to acquire debt worth $1.2bn and convert it into new DXB Entertainment shares, boosting its ownership to more than 90% and take it private.
APAC
Dongshan Investments, an Emirati-Russian joint venture to develop high potential mining projects in different countries, announced that subsequent to Shandong Gold Mining, a state-owned Chinese gold mining company, announcing that it acquired a relevant interest in more than 50% of all Cardinal Resources shares, the minimum acceptance condition in Dongshan's proposed takeover bid for Cardinal could not be satisfied.
Dongshan has considered its minimum acceptance condition and decided that it does not wish to proceed with the making of the takeover bid for Cardinal. Dongshan will be seeking the Australian Securities and Investments Commission's confirmation that it does not need to proceed with the takeover bid as announced.
Dongshan is advised by PricewaterhouseCoopers. Cardinal Resources is advised by BMO Capital Markets, Canaccord Genuity, Hartleys, Maxit Capital, Bennett Jones, HopgoodGanim and Cannings Purple. Shandong Gold Mining is advised by King & Wood Mallesons.
China Logistics owners to sell stake at $2bn valuation. (FS)
Two biggest shareholders of China Logistics Property, an investment company engaged in manufacture and sales of premium logistics facilities, plan to sell their stakes in a move that could trigger a takeover offer of the logistics operator, Bloomberg reported.
RRJ Capital and Li Shifa, China Logistics Property Chairman, aim to sell their combined 50% stake in the Hong Kong-listed company, valuing it at about $2bn. The first non-binding offer is due around mid-January.
The potential transaction will likely lead to a general offer for the entire company under Hong Kong’s takeover code. Some other institutional shareholders may also participate in the sale.
RRJ Capital and Li Shifa are advised by UBS.
Fujitsu outlines 20 M&A targets in $5.8bn spending initiative.
Fujitsu, a company offering information technology services, created a shortlist of 20 acquisition targets as a part of a $5.8bn funding drive to capitalize on a pandemic-induced enhance in demand for its digital companies. The acquisitions shall be financed by five-year funds of $5.7bn for investments in alliances, expertise improvement, and recruitment, FT reported.
The company is attempting to regain its worldwide status. It’s in search of to pivot from conventional IT vendor to compete towards IBM and Accenture.
“As a substitute of merely bolstering our {hardware}, we’re contemplating numerous M&A choices with a world affect that may strengthen our software program and companies,” Takahito Tokita, Fujitsu President.
Zhangmen considers US IPO. (FS)
Warburg Pincus-backed Zhangmen, a Chinese online tutoring platform, is considering a US IPO that could raise about $300m, Bloomberg reported.
The Shanghai-based company has held discussions with potential advisers on the share sale, which could take place as soon as next year.
Zhangmen was founded in 2005 with an initial focus on afterschool tutoring in classrooms. In 2014, the company shifted its business model to online one-on-one tutoring for students from elementary schools to high schools, according to its website.
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