Ericsson, a networking and telecommunications company, announced that it received clearance from the Committee on Foreign Investments in the United States to complete its acquisition of Vonage, a business cloud communications provider. This represents the final requisite approval to complete the deal.
"The core of our strategy is to build leading mobile networks through technology leadership. This provides the foundation to build an enterprise business. The acquisition of Vonage is the next step in delivering on that strategic priority. Vonage gives us a platform to help our customers monetize the investments in the network, benefitting developers and businesses," Börje Ekholm, Ericsson President and CEO.
Vonage is advised by Qatalyst Partners, Weil Gotshal and Manges, Cooley and Joele Frank. Ericsson is advised by Freshfields Bruckhaus Deringer.
Tailwind Capital, a private equity firm, completed the acquisition of Onix Networking, a cloud consulting services provider. Financial terms were not disclosed.
“We are excited to partner with the Tailwind team to invest behind new ways to serve our customers. We look forward to expanding our service offerings and continuing to invest in talent to support our customers at all stages of their cloud transformation journeys," Tim Needles, Onix Founder.
Onix was advised by DC Advisory and McDonald Hopkins. Tailwind Capital was advised by Lazard, Davis Polk & Wardwell and FGS Global.
Clearlake, an investment firm, agreed to acquire a minority stake in Crash Champions, a collision repair service provider. Financial terms are not disclosed.
"Today is an exciting day for Crash Champions and another major milestone in our growth story. This strategic combination further enhances our ability to serve our customers and insurance partners while creating advancement opportunities for our team members across both organizations," Matt Ebert, Crash Champions Founder and CEO.
Crash Champions is advised by Gaffney Bennett Public Relations. Clearlake is advised by Lambert & Co.
Private equity firms TPG Capital and Decarbonization Partners led a $300m funding round in Monolith Materials, a next-generation green hydrogen and clean materials company, with participation from NextEra Energy Resources, SK, Mitsubishi Heavy Industries, Azimuth Capital Management, Cornell Capital and Warburg Pincus.
“Our investment in Monolith reflects TPG Rise Climate’s pursuit of companies developing clean molecules and materials, providing sustainable, cost-competitive alternatives to carbon and hydrogen-based products. Following a decade of research and development, Monolith has developed expansive intellectual property, deployed the methane pyrolysis process in innovative ways, and established itself as a unique solution for an industry that is otherwise incredibly emissions intensive. We look forward to partnering with Monolith to further develop and scale its technology," Jonathan Garfinkel, TPG Partner.
Monolith Materials was advised by Goldman Sachs and JP Morgan.
Element Materials Technology, a provider of testing, inspection and certification services, completed the acquisition of Trialon, a provider of test engineering and technical services to the transportation industry, from Resilience Capital, a private equity firm. Financial terms were not disclosed.
"Given Trialon's growth trajectory after significantly investing in the business including a world-class management team, we felt it was time to find the right partner for Trialon's next chapter. The company still has tremendous opportunity and is well positioned in the ever-evolving transportation industry," Bassem Mansour, Resilience Co-CEO.
Resilience was advised by Hennepin Partners and Jones Day.
Bernhard Capital-backed Allied Power, a full-service provider of power plant services, completed the acquisition of Radiation Safety & Control Services, a provider of project management. Financial terms were not disclosed.
"We are thrilled to welcome such an established and well-respected team in the industry to the Allied family. RSCS's proprietary products and best-in-class monitoring and technician services will enable us to capitalize on new contract opportunities, enhance the on-site and supportive offerings we provide to our nuclear facility clients and maximize significant tailwinds in the decommissioning space. We look forward to working closely with the RSCS team and embarking on a new phase of growth together," Ron McCall, Allied Power CEO.
Bernhard Capital was advised by Joele Frank.
Prepaid Technologies, an efficient payments programs provider, completed the acquisition of WorkStride, a SaaS platform for employee recognition, rewards, and engagement, from The Riverside Company, an investment firm. Financial terms were not disclosed.
“We have enjoyed working with the talented WorkStride management team through a period of change for the company to help set it on its way to future success and strong continued growth. Tom Silk and the leadership team have deep industry experience and have achieved significant market differentiation with their technology platform and strong focus on client service and support. They are well positioned for the future," Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day.
WebBank, a bank, completed the acquisition of a minority stake in Avant, a provider of access to a full suite of digital financial solutions, for $250m.
“WebBank and Avant have a longstanding partnership driving access to capital to consumers through multiple innovative credit products including the Avant Credit Card. The Bank is pleased to provide an additional investment in the Avant Credit Card program to provide the necessary capital for long-term growth," Jason Lloyd, WebBank President & CEO.
Cambridge Innovation Institute, a company that delivers cutting edge information through events, publishing, and training, completed the acquisition of Evaluating Biopharma, a networking and education events provider. Financial terms were not disclosed.
"We are regularly looking for additional ways to work with and provide valuation content to those in the bioprocessing field. Evaluating Biopharma provides an excellent means of expanding our range of offerings for this rapidly growing industry segment. Their rare blend of education and networking is an ideal match for our Cambridge Healthtech Institute event portfolio," Phillips Kuhl, Cambridge Innovation Institute President.
Digitas Media, an integrated advertising agency, completed the acquisition of True Trampoline, a website dedicated to providing information related to trampoline products and services. Financial terms were not disclosed.
"I'm excited to expand into this new and exciting niche in the recreational sports category. Trampolines are amazing for exercise and provide numerous health benefits, mentally and physically," Jodi Robinson, Digitas Media CEO and Founder.
Warren Buffett, Berkshire buy more Occidental stock, near 20% stake.
Warren Buffett's Berkshire Hathaway plowed another $250m into Occidental Petroleum last week, lifting its stake in the energy company to 19.2%.
The famed investor's conglomerate snapped up 4.3m shares, paying about $58 per share on average. It now owns nearly 180m shares of the oil-and-gas explorer and producer - a position worth $10.4bn based on Occidental's closing price of $58.01,
Market Insider reported.
In addition to its common shares of Occidental, Berkshire owns $10bn worth of preferred shares, which yield $800m of dividends annually. It also holds stock warrants enabling it to buy another 84m common shares at a fixed cost of $5bn. It secured the preferred stock and warrants in exchange for providing $10bn of financing for
Occidental's merger with Anadarko Petroleum in 2019.
Momentum Midstream to buy Midcoast Energy assets for $1.3bn. (FS)
Privately-owned Momentum Midstream has agreed to buy pipeline assets in the East Texas part of the Haynesville Shale from Midcoast Energy for $1.3bn, including debt.
Momentum's acquisition of Midcoast's assets is backed by funds from private equity firm EnCap Flatrock Midstream,
Reuters reported.
Apax Partners explores a $1bn sale of Candela. (FS)
Apax Partners, a private equity firm, is weighing a sale of Candela Medical in a deal that could value the aesthetic device maker at more than $1bn.
The private equity firm is sounding out potential suitors, including other buyout firms. Candela filed for a Nasdaq listing in October that was later postponed,
Bloomberg reported.
Elliott seeks strategic options after building a 9% stake in Pinterest. (FS)
Activist investor Elliott Management is in talks with the management of social media platform Pinterest, after becoming the largest investor with more than a 9% stake.
Elliott, known for its activist investments, has been discussing unspecified matters with Pinterest for the past several weeks. Elliott has historically urged radical change at companies it believes are highly undervalued,
WSJ reported.
Ides Capital explores a sale of Monro. (FS)
Hedge fund Ides Capital on Thursday asked US car service and tire center operator Monro to pressure its controlling shareholder to drop a veto to a sale of the company.
Dianne McKeever, Ides co-founder and chief investment officer, said she believed the reason Monro was not exploring a sale was because its controlling shareholder, 83-year-old investment banker Peter Solomon, was demanding an "onerous" premium to allow a deal. Ides told Monro the car service company should form a strategic board committee to engage with potential buyers. If Solomon blocks a sale by asking for more than what bidders offer, Monro should disclose this in accordance with its obligations under securities laws.
Solomon exercised his veto at Monro's annual general meeting last year to retain control of the company, blocking a resolution by Ides to do away with supervoting shares even though the proposal was backed by 88% of shareholders,
Reuters reported.
BELLUS Health launched a $153m IPO in Canada and the US.
BELLUS Health, a clinical stage biotechnology company, launched a $153m public offering of common shares in Canada and the United States. The Company’s common shares are listed on the Toronto Stock Exchange and the Nasdaq Global Market under the symbol “BLU”.
The company intends to use the net proceeds of the Offering primarily to fund BLU-5937 research and development activities, working capital needs and other general corporate purposes.
BELLUS Health is advised by Jefferies, Evercore, RBC Capital Markets and LifeSci Capital.
Battery Ventures closes new funds totaling more than $3.8bn. (FS)
Battery Ventures, a private equity firm, has closed new funds totaling $3.8bn to continue backing innovative companies worldwide in a variety of sectors.
The new funds - raised as Battery approaches 40 years of continuous operations—include Battery Ventures XIV and a companion fund, together capitalised at $3.3bn, and the $530m Battery Ventures Select Fund II, a vehicle intended to make additional investments primarily in portfolio companies of the firm’s other funds.
McLaren Strategic Ventures targets $1bn funding for tech investment. (FS)
McLaren Strategic Ventures, a private equity firm, is looking to raise about $1bn to invest in startups and private equity opportunities in Asia’s third-largest economy and beyond.
McLaren Strategic Ventures has started preliminary roadshows and has seen good interest from family offices and Middle Eastern state investors.
The firm aims to complete the fundraising by March and will target investments in banking and fintech, health tech and in supply-chain companies operating in the digital space,
Bloomberg reported.
Pegasus Capital holds a $130m first close for Global Funds for Coral Reefs. (FS)
Pegasus Capital, a private equity firm, has held a first close for the Global Fund for Coral Reefs Investment Fund, the first commercial-scale private equity impact investment fund targeting SDG14, life below water.
The firm has collected $130m of capital commitment so far for the vehicle, with up to $125m from the Green Climate Fund and $5m from Builder’s Vision.
"We are thrilled and grateful for the commitment of the Green Climate Fund as an anchor investor and for Builder's Vision's contribution. The GFCR is an exciting new coalition, and with our many partners we plan to unlock significant private capital to invest in the reef-positive sustainable blue economy, bridging the funding gap for SDG14," Craig Cogut, Pegasus Capital Founder & CEO.
