AMERICAS
Altus Power, a clean electrification company, agreed to go public via a SPAC merger with CBRE Acquisition in a $1.58bn deal. The deal includes a $275m PIPE from CBRE Group, Blackstone Credit, ValueAct Capital and Liberty Mutual Investments.
"This transaction will deliver the financial and strategic resources to accelerate Altus Power's growth plan and drive long-term shareholder value creation. CBRE is excited to help Altus Power bring its clean energy solutions and expertise to support our clients in reducing their carbon footprint and meeting their other sustainability goals. This is an increasingly urgent imperative for real estate occupiers and investors alike," Bill Concannon, CBRE Acquisition CEO.
Altus Power is advised by Citigroup, Fifth Third Bancorp, Ropes & Gray and ICR. CBRE Acquisition is advised by JP Morgan, Morgan Stanley, Potter Anderson & Corroon and Simpson Thacher & Bartlett. Financial advisors of CBRE Acquisition are advised by Skadden Arps Slate Meagher & Flom.
Lone Star Funds agreed to acquire AOC, a global producer of specialty resins, from CVC Capital, a private equity firm. Financial terms were not disclosed.
"AOC's world class management team has positioned the company to accelerate its growth trajectory in a variety of end markets, applications, and geographies through operational excellence and continued product innovation. AOC aligns well with Lone Star's portfolio of specialty chemical and manufacturing businesses, which have adopted similar approaches to value-add product delivery. We look forward to the envisaged partnership with the AOC team as the company continues to execute its growth strategy," Donald Quintin, Lone Star Opportunity Funds President.
AOC is advised by Jamieson and Katzke and Morgenbesser. Lone Star is advised by Lazard and Vinson & Elkins. Debt financing was provided by RBC Capital and Bank of America. Debt providers are advised by Kirkland & Ellis. CVC is advised by JP Morgan and Clifford Chance.
Monmouth Real Estate, a real estate investment trust, received a takeover bid from Starwood Capital Group, a US investment firm, Bloomberg reported.
Starwood is the rival bidder and was part of the strategic review process earlier this year that resulted in the deal for Monmouth to sell itself to Equity Commonwealth.
"The investment firm is proposing to acquire 100% of outstanding equity of the company for net cash consideration of about $18.7 per share of company's stock," Monmouth.
Monmouth Real Estate is advised by CS Capital Advisors, JP Morgan, Stroock & Stroock & Lavan and Joele Frank. Equity Commonwealth is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson.
Plains All American, an owner and operator of midstream energy infrastructure and provider of logistics services for crude oil, natural gas liquids and natural gas, and Stonepeak-backed Oryx Midstream, a midstream crude oil logistics provider, agreed to form Plains Oryx Permian Basin, a joint venture of assets, operations and commercial activities within the Permian Basin. Plains All American and Oryx Midstream will own 65% and 35%, respectively. Financial terms were not disclosed.
"This joint venture is a natural combination and logical next step to optimizing our highly complementary systems. Structured as a debt-free JV entity through a cashless transaction, this aligns with Plains' financial and portfolio optimization strategies, is near-term free cash flow accretive to Plains and Oryx, and reinforces Plains' ability to maximize free cash flow for our investors, while enhancing our overall credit profile," Willie Chiang, Plains All American Chairman and CEO.
Plains All American is advised by JP Morgan and Vinson & Elkins. Oryx Midstream is advised by Barclays, Simmons Energy, Sidley Austin and Redbird Communications.
Jet Health, a regional provider of home health and hospice services, agreed to acquire Signal Home Health & Hospice, a provider of hospice services, skilled nursing, physical therapy, occupational therapy, speech therapy, social workers and home health aides. Financial terms were not disclosed.
“Our strategy for success was simple – recruit and retain top-notch professionals who deliver excellent clinical care and service. It was critical that the company to whom I sold my business shared those values and would afford our team the opportunity to continue to execute this mission. As we conducted the acquisition process and spent time with Jet Health’s leadership and diligence teams, it was clear that this was in fact the right choice," Robert McDowell, Signal Home Health & Hospice Owner.
Jet Health is advised by Agenda Health, Stradling Yocca Carlson & Rauth and Pairelations. Debt financing is provided by Health Enterprise Partners, SV Health Investors and Stifel.
Fortive, a diversified industrial growth company, agreed to acquire ServiceChannel, a designer and developer of facility management software, from Bayard Capital and Accel Partners, two investment firms, for c.$1.2bn.
“This transaction is another great example of how we continue to use disciplined capital deployment to accelerate our long-term strategy across our segments. ServiceChannel fits extremely well alongside Accruent and Gordian, broadening our offering of software-enabled solutions for the Facility and Asset Lifecycle workflow. The company’s high-growth SaaS platform, leading contractor network, rich data assets, and existing global footprint will add significantly to the long-term growth and profitability of IOS," James Lico, Fortive CEO.
ServiceChannel is advised by Morgan Stanley and Gunderson Dettmer. Fortive is advised by Credit Suisse and WilmerHale.
Hg Capital, a global software and services investor, agreed to invest $1bn in insightsoftware, a global provider of enterprise software solutions. insightsoftware will continue to be supported by existing shareholders TA Associates, Genstar and ST6.
"In insightsoftware we have brought together some of the best investors and most experienced operators in enterprise software. This alignment and focus, after multiple years of working together to build businesses, has resulted in value creation of significant velocity after just a few years, starting with a business with $35m in revenues to one with revenues almost 10 times that today. There is still more to do to reach the full potential of insightsoftware. We're just getting started and we're thrilled to be partnering with Hg again on this journey," Mark Friedman, insightsoftware Executive Chairman.
Hg Capital is advised by Brunswick Group. TA Associates is advised by BackBay Communications.
PE-backed PureCars, an automotive software and managed services company, completed its acquisition of truPayments, a shopping personalization and fintech platform. PureCars is backed by private equity firms Diversis Capital Partners and Stage 1 Ventures. Financial terms were not disclosed.
"The opportunity to directly integrate martech with shopping personalization and digital retailing is groundbreaking. The synthesis of the underlying data and technology sets the stage for us to have a significant positive impact on the car buying process for consumers, as well as the advertising and retailing experience for dealerships," Tarry Shebesta, truPayments CEO.
PureCars was advised by Merit Mile. Diversis Capital was advised by Chris Tofalli Public Relations.
Bally's, a gaming and betting company, completed the acquisition of Association of Volleyball Professionals, a premier professional beach volleyball organization. Financial terms were not disclosed.
"Forming a new relationship with a trusted, forward-thinking partner like Bally's offers the opportunity to develop a strategic roadmap that will grow the sport, expand its footprint and provide new resources to better elevate the game and its athletes. I look forward to being an integral part of the transition, focusing on the best interests of all AVP athletes, fans, staff and partners," Donald Sun, AVP Former Owner and CEO.
Bally's was advised by Jones Day and Kekst CNC.
Perch, a technology-driven commerce company, completed the acquisition of Web Deals Direct, a global FBA Amazon seller. Financial terms were not disclosed.
"This deal marks a major milestone for Perch. The complexity and size of the business is a testament to the excellent organization Adam and the entire team at Web Deals Direct have built, and it is a pleasure to work with such inspirational entrepreneurs. Integrations of this scale are a massive task - I couldn't be more proud of our team that has managed it seamlessly, and I am excited to welcome our new Perch employees that came over from Web Deals Direct who are joining our quest to redefine consumer products," Chris Bell, Perch Founder and CEO.
Web Deals Direct was advised by GulfStar Group.
Titomic, an additive manufacturing specialist, completed its acquisition of Tri-D Dynamics, a Silicon Valley-based design and manufacturing company developing smart pipe infrastructure for the 21st-century economy. Financial terms were not disclosed.
"The acquisition of the Tri-D business is an important part of our US strategy into the defense and aerospace industries where there is a strong need for the cost and performance advantages which our market-ready solutions with best-in-class CSAM technology provide. The team from Tri-D will add Silicon-Valley innovation and dynamics to develop novel and disruptive applications in line with our growth strategy," Herbert Koeck, Titomic CEO.
Titomic was advised by Market Eye.
Banco Nacional de Crédito, a Venezuelan commercial bank, agreed to acquire the Venezuelan operations of Citigroup. Financial terms were not disclosed.
"BNC is committed to supporting Citi's clients in Venezuela who will continue receiving high-quality financial services while benefiting from the advantages of an expanding local bank with a skilled professional team and a modern technological platform," Jorge Nogueroles, BNC President and CEO.
Arlington Capital Partners, a private equity firm, completed its acquisition of TRP Infrastructure Services, a provider of safety-critical and highly regulated roadway marking and traffic control solutions. Financial terms were not disclosed.
“We believe Arlington Capital is the ideal partner for TRP as we enter our next phase of growth, and the entire management team looks forward to leveraging Arlington’s deep expertise and relationships in the state and local government sector. Together, we plan to continue our geographic and service offering expansion, while maintaining our high quality customer service and employee culture," Rod Pekurney, TRP CEO.
Growth Catalyst Partners-backed TrueFire Studios, an alliance of the online music education companies, completed its acquisition of ArtistWorks, a provider of online video exchange learning solutions. Financial terms were not disclosed.
"We welcome this new alliance that ensures fulfillment of the long-held ArtistWorks mission to 'teach the world music'. Working alongside the other top-quality consortium companies who strongly complement each other will allow exciting new collaborations and exceptional learning opportunities for lifelong players," Patricia Butler, ArtistWorks CEO.
Tilden Park Capital Management, an alternative asset manager, led a $100m funding round in MPOWER Financing, a provider of education loans for students. The round was joined by King Street Capital Management, Drakes Landing Associates, and Pennington Alternative Income Management.
MPOWER stated that the fresh round of funding will be used to scale its operations and grow the team in Bengaluru besides providing more financial support for the students.
"We look forward to supporting an even greater number of qualified students around the globe as they study in the US and Canada," Emmanuel Smadja, MPOWER Financing CEO and Co-Founder.
Carlyle and GTCR-backed Curia in talks to buy LakePharma and Integrity Bio. (FS)
Carlyle Group and GTCR-backed Curia, a contract research and development company, is in talks to acquire LakePharma, a biologics service provider, and Integrity Bio, a protein formulation development company.
The two transactions are expected to worth more than $500m, including debt, with a possibility to be announced soon.
Petrobras' Albacora seen drawing at least three buyers. (FS)
Albacora, the oilfields in Brazil developed by Petrobras, attracts buyers despite a one-month delay to let interested parties finalize their bids.
Petrobras has been selling off dozens of assets ranging from refineries to pipelines in a bid to cut its hefty debt load and focus on ultra-deep-water oil production. The sale of Albacora and Albacora-Leste fields is the most highly coveted sale Petrobras has put on the block.
One consortium comprises Talos Energy, private equity firm EIG Global Energy Partners, Enauta Participacoes and 3R Petroleum Oleo e Gas.
RBC snatches trio of Credit Suisse Bankers to expand tech franchise. (People)
RBC Capital Markets, a subsidiary of Royal Bank of Canada, hired a trio of senior dealmakers from Credit Suisse.
The trio includes Kirk Kaludis, a global head of technology investment banking, Owen Bittinger, who will serve as a co-head of global software along Ryan Lund, and Federico Acabbi, a director focused on software.
EMEA
Etsy, an American retailer of handmade goods, vintage items, and crafted goods, completed the acquisition of Depop, a provider of mobile e-commerce services, from Octopus, a company providing various business services, for $1.63bn.
"We believe Depop to be the resale home for Gen Z consumers with a unique offering and highly-engaged user base. With the closing of this incredibly exciting transaction, Etsy's 'house of brands' portfolio now includes four individually distinct, and very special, ecommerce brands – Etsy, Depop, Reverb and Elo7 – with parallel growth strategies, all sharing similar missions, visions, and values. We are excited to welcome the entire Depop community into the Etsy family and look forward to applying Etsy's value creation roadmap to help them further drive growth," Josh Silverman, Etsy CEO.
Depop was advised by Credit Suisse and Weil Gotshal and Manges. Etsy was advised by Deloitte, Goldman Sachs, Allen & Overy and Fenwick & West.
ShaMaran Petroleum, a Canadian independent oil development and exploration company, agreed to acquire TEPKRI Sarsang, an oil and gas exploration company, from Total, an integrated oil and gas company, for $170m.
"We are delighted that we have agreed the acquisition of the TotalEnergies' non-operating interest in Sarsang, a high-quality producing asset with strong operational and financial fit to ShaMaran's business. This is a strategic transaction for ShaMaran delivering value to equity and debt holders and strengthening the financial profile of the company. Upon completion, this acquisition will add immediate material production and cash flow to ShaMaran and will provide significant value enhancement. It demonstrates our continued commitment to Kurdistan and diversifies our existing production base," Adel Chaouch, ShaMaran President and CEO.
ShaMaran is advised by Arkwright, Moelis & Co and Pareto Securities. Total is advised by Jefferies & Company.
An investment consortium agreed to acquire a 13% stake in Belron, a vehicle glass repair and replacement group, for c.$2.3bn. The consortium includes Hellman & Friedman, BlackRock and GIC.
"We look forward to welcoming our new shareholders and thank them for the confidence that their investment demonstrates in us. We have always sought to have a strong commitment to hard work and excellence as well as a determination to provide first class customer service. For all of us at Belron we continue to invest in and grow the business for the long term based on our values," Gary Lubner, Belron CEO.
Belron is advised by Citigate Dewe Rogerson.
Montagu Private Equity, a private equity firm, agreed to acquire a majority stake in Intech Medical, a manufacturer of medical products, from Eurazeo, an investment company. Financial terms were not disclosed.
“Montagu is an ideal partner given their expertise in healthcare and track-record in backing companies with similar business models to ours. They share our passion for innovation and making peoples’ lives better," Laurent Pruvost, Intech CEO.
Eurazeo is advised by Maitland.
Irish Life Group, a provider of life insurance, pension, savings and investment plans to personal and small business customers, agreed to acquire Ark Life Assurance, an insurance company, from Phoenix Group, a UK-based provider of insurance services, for €230m ($273m).
"Our ambition is to grow our business both organically and through acquisitions where we see a strong commercial and cultural fit. Our existing relationship with Ark Life means we are ideally placed to continue to offer excellent customer service for policyholders, including access to enhanced digital services," Declan Bolger, Irish Life Group CEO.
Abris Capital Partners-backed Apaczka, a logistics technology platform, completed its acquisition of Sendit, a parcel delivery platform for individual customers. Financial terms were not disclosed.
"We are consistently pursuing our strategy of consolidating the logistics platform market. This transaction will allow us to provide advanced solutions to the broadened universe of clients to support their business activities. It will create a unique platform, offering wide range of tools for e-commerce customers – SMEs in particular, but also larger businesses and consumers," Marcin Susmanek, Apaczka COO.
Apax led a $100m Series C funding round in Tide, a business financial platform and the digital challenger in business banking services. Additional Investors include Anthemis, Augmentum, Local Globe, SBI, Jigsaw and SpeedInvest.
"Tide's growth story to date has been hugely exciting, creating a diverse platform that serves small business owners, as well as generating significant market share. As we embark on taking Tide international, we couldn't have a better set of investors to support us. We look forward to working with Apax Digital to realise our ambition of becoming a leading global business financial platform," Oliver Prill, Tide CEO.
Richard Branson buys stake in Seraphim Space Investment. (FS)
Richard Branson, a British billionaire, bought a stake in Seraphim Space Investment, a space tech fund, as part of a $247m initial public offering, Reuters reported.
Among other parties participating in the IPO to buy shares in Seraphim, which is set to commence trading on the primary market of the London Stock Exchange, was also Airbus, an international pioneer in the aerospace industry.
E.GO weighs listing options, including SPAC.
Next.e.GO Mobile, a manufacturer of electric vehicles and sustainable mobility systems, considers going public via a blank-check company or an initial public offering, that could value it at $2.4bn.
"Looking at other BEVs with no production yet, e.GO, which is in production, could be valued around $1.78bn to $2.37bn, in line with the market," Ali Vezvaei, e.GO Chairman.
17Capital raises $4.5bn for a new capital pool. (FS)
17Capital, a global private equity specialist, raised $4.5bn for a pool of capital dedicated to portfolio finance. It includes $2.9bn for 17Capital Fund 5, which reached the final stage.
The majority of the commitments to Fund 5 came from new investors. Investors in Fund 5 include leading pension, insurance, endowment and sovereign wealth funds from Europe, North America and Asia.
"We are humbled by the level of support we have received from investors and would like to thank all our new and existing investors for the confidence they have placed in us," Pierre-Antoine de Selancy, 17Capital Managing Partner.
APAC
China's antitrust regulator unconditionally approved Tencent's plan to take Sogou, a Chinese technology company, private in a $3.5bn deal.
The deal was for Tencent to buy the 60% of US-listed Sogou that it didn't already own, making it the latest Chinese company to exit US markets amid tensions between the world's two largest economies.
Sogou is advised by Duff & Phelps, Conyers Dill & Pearman, Goulston & Storrs and Brunswick Group. Sohu is advised by Christensen IR. Tencent is advised by Goldman Sachs, Davis Polk & Wardwell and Walkers. Goldman Sachs is advised by Cleary Gottlieb Steen & Hamilton.
SES, a developer and manufacturer of high-performance hybrid Lithium-Metal rechargeable batteries for electric vehicles, agreed to go public via a SPAC merger with Ivanhoe Capital Acquisition in a $3.6bn deal. The transaction includes a $200m PIPE from General Motors, Hyundai, Geely, Kia, SAIC Motor, Koch Strategic Platforms, LG Technology Ventures, Foxconn, Vertex Ventures, Fidelity Investments and Franklin Templeton. Upon completion of the proposed transaction, the combined company will operate under the SES name and be listed on the New York Stock Exchange under the ticker symbol "SES".
"We are pleased to partner with SES, and have been extremely impressed by its talented team and its superior technical, academic and manufacturing expertise," Robert Friedland, Ivanhoe Founder, Chairman and CEO.
SES is advised by Goldman Sachs, White & Case and ICR. Ivanhoe is advised by Morgan Stanley and Kirkland & Ellis.
Carsome, an operator of an online car-selling platform, agreed to acquire a 20% stake in Icar Asia from Catcha Group, an international internet group, for $200m.
“This transaction is an important part of our growth strategy to build the entire automotive ecosystem in Southeast Asia and part of how we are transforming the industry through trust, transparency and technology,” Eric Cheng, Carsome CEO.
CMG-SDIC Capital, a private equity firm, and Tigermed, a provider of innovative clinical research solutions, led a $100m Series D funding round in Adlai Nortye, a developer and producer of biotechnology products. The round had participation from investors Wuxi Biologics, Legend Star, Matrix Partners China, Alwin Capital, and Yuanming Capital and DT Capital.
Following the latest investment, Adlai Nortye plans to facilitate the clinical trials of pipeline candidates, roll out new drug research programmes, and extend pipelines and talents.
Alibaba and others explore bids for Unisplendour stake worth up to $7.7bn.
Alibaba Group, a Chinese multinational technology company, specializing in e-commerce, and Chinese state-backed firms consider bids for a stake in Unisplendour, a cloud computing infrastructure company, valued at $7.7bn.
The stake in Unisplendour is likely to be valued at between $6.2bn and $7.7bn. That would represent a premium of 34%-68% to the stock's average price over the last month of $3.5.
Some of Temasek's portfolio companies are looking at SPAC mergers. (FS)
Portfolio firms of Temasek, a Singapore-based state investment firm, consider taking advantage of the option to list via a special purpose acquisition company.
Vertex Holdings, a venture capital holdings company, an arm of Temasek, plans to raise funds for dealmaking by listing a SPAC on the SGX. The company works with advisors on the potential SPAC offering, although details of the transaction have not been finalized.
NAB considers acquiring Citi's Australian unit.
National Australia Bank, an Australian financial institution, considers acquiring Citigroup's Australian consumer business.
Citi stated that it would exit consumer businesses in 13 markets, including Australia, China and India, as part of a turnaround strategy to bring the bank in line with the profitability of its rivals. NAB confirmed the talks.
Paytm to consider a $270m share sale in the pre-IPO round.
Paytm, an Indian digital payment system and financial technology company, considers raising approximately $268m in a funding round before its IPO as the startup backed by Ant Group enters the final stage of preparation for its listing.
The company plans to issue $1.1bn worth of new shares. Shareholders cleared an enabling resolution allowing the sale of 1.6bn of new shares.
Shareholders, including SoftBank and Ant Group, would have the option to sell another $1.1bn worth of shares.
Lalamove weighs moving IPO venue from the US to Hong Kong.
Lalamove, a Chinese logistics and delivery firm, considers shifting its $1bn US IPO to Hong Kong. The regulators in China crackdown on the wave of firms chasing overseas listings.
The majority of Chinese IPOs aimed for American exchanges are expected to either get suspended or redirected to other venues. Making deals in the Asian financial center is far from certain, due to the stringent listing requirements.
|
