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AMERICAS
EU antitrust regulators have temporarily paused their investigation into US life sciences company Illumina bid for $8bn cash-and-stock takeover of Grail, a multi-cancer early detection company, while waiting for the companies to provide details.
This is the second time that the European Commission has halted its scrutiny. The previous deadline for its decision was March 25, set after Illumina provided remedies in a bid to address its concerns about the deal, Reuters reported.
Illumina was advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Goldman Sachs was advised by Freshfields Bruckhaus Deringer. Debt financing was provided by Goldman Sachs. Grail was advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co.
RR Donnelley, an integrated communications company, announced that the unsolicited non-binding and conditional alternative acquisition proposal from a strategic party to acquire all of the outstanding shares of RRD’s common stock for $11.5 per share in cash has been withdrawn. The strategic party did not provide specific reasons for its withdrawal.
The company remains subject to the Chatham's $2.3bn merger agreement, pursuant to which Chatham, a private investment firm, will acquire all of the RRD common stock not already owned by affiliates of Chatham for $10.85 per share in cash.
RR Donnelley is advised by Centerview Partners, Skadden Arps Slate Meagher & Flom and Joele Frank. Centerview Partners is advised by Debevoise & Plimpton. Chatham is advised by Jefferies & Company, Lowenstein Sandler, Olshan Frome Wolosky and Gasthalter & Co.
Fast Radius, a cloud manufacturing and digital supply chain company, went public via a SPAC merger with ECP Environmental Growth Opportunities in a $995m deal. A SPAC was formed by Energy Capital Partners Management.
"We are building a first-of-its-kind Cloud Manufacturing Platform that is providing a new infrastructure to design, make and move physical things in the digital age. As the Platform expands, we believe cloud manufacturing will have as great an impact on driving innovation in the physical world as cloud computing has had in the digital world. The benefits from the software and hardware powering cloud manufacturing are tangible and significant – the cloud brings improved speed, flexibility, cost, and accessibility to industry 4.0, all while providing a more sustainable model for global supply chains," Lou Rassey, Fast Radius Co-Founder and CEO.
Fast Radius was advised by Citigroup, Credit Suisse, DLA Piper and Gateway Investor Relations. ECP Environmental Growth Opportunities was advised by Barclays, Morgan Stanley, Latham & Watkins and Joele Frank.
HeartFlow, a precision heart care firm, and Glenview Capital-backed Longview Acquisition II, a SPAC, terminated a $2.4bn deal.
“We believe that our non-invasive, artificial intelligence-enabled, cloud-based enterprise software solution can transform cardiovascular care with risk assessment, diagnosis planning and treatment management. Importantly, we have brought together a talented group of individuals with deep expertise in technology, cardiovascular medicine, and the business of healthcare and a deep commitment to patients to deliver on this vision,” John H. Stevens, HeartFlow MD, President, CEO and Co-Founder.
GreenLight Biosciences went public via a SPAC merger with Environmental Impact Acquisition in a $1.2bn deal. (FS)
GreenLight Biosciences, an integrated life sciences company, went public via a SPAC merger with Environmental Impact Acquisition in a $1.2bn deal. Investors in PIPE include 2G Ventures, Cormorant Asset Management, Morningside Venture Investments, Hudson Bay Capital, BNP Paribas, The Jeremy and Hannelore Grantham Environmental Trust, Continental Grain Company, Pura Vida Investments, Xeraya Capital, and MLS Fund II.
“We believe that GreenLight’s breakthrough platform can create advanced therapies, vaccines, and crop-protection products that address—quickly, directly, and specifically—some of the most significant problems facing the world today. Going public through this partnership will accelerate development and commercialization by enabling us to attract the talent, purchase the tools, scale our manufacturing infrastructure, advance regulatory approvals, and develop further the science necessary to address some of humanity’s most pressing challenges," Andrey Zarur, GreenLight Co-Founder and CEO.
GreenLight was advised by Credit Suisse, SVB Leerink and Foley Hoag. Environmental Impact was advised by Canaccord Genuity, Duff & Phelps and Latham & Watkins.
Spectrum Brands, a holding company, agreed to acquire the home appliances and cookware business of Tristar Products, a marketer of home appliances, fitness equipment, cooking innovations, and health and beauty products, for $450m.
“The Tristar Business can be enhanced by the capabilities and strengths of our current HPC business. Specifically, we will utilize our combined business’ seasoned and talented management team and our global presence and experience in a broader array of categories to expand Tristar’s brands and DTC capabilities globally. All in, we expect this strategic combination to deliver sustained growth and global market leadership in the appliances space," said David Albert, Spectrum Brands President of HPC segment.
Spectrum Brands is advised by Canaccord Genuity, Credit Suisse, RBC Capital Markets and Sidley Austin. Tristar Products is advised by Stifel and Venable.
JF Lehman-backed Inland Pipe Rehabilitation, an underground solutions provider, agreed to acquire Inliner, a vertically integrated provider of trenchless pipe rehabilitation solutions, from Granite Construction, a heavy civil construction and transportation contractor, for $160m.
"We believe the combination of IPR and Inliner will further strengthen both organizations, and provide our customers with a breadth and depth of service unmatched across our industry. We are excited to welcome Inliner into the IPR family," Jim Baumgardner, IPR CEO.
Inland Pipe Rehabilitation is advised by Houlihan Lokey and Jones Day. Debt financing is provided by Atlantic Park and Monroe Capital. Granite Construction is advised by Perella Weinberg Partners and Shearman & Sterling.
Silvergate, a provider of innovative financial infrastructure solutions and services, agreed to acquire the blockchain payment network assets from Diem for $182m.
“In the digital asset industry, money moves across the globe around the clock. Through conversations with our customers, we identified a need for a US dollar-backed stablecoin that is regulated and highly scalable to further enable them to move money without barriers. As previously stated on our Q4 2021 earnings call, it remains our intention to satisfy that need by launching a stablecoin in 2022, enabled by the assets we acquired today and our existing technology," Alan Lane, Silvergate CEO.
Diem is advised by Architect Partners, Fenwick & West, O'Melveny & Myers and Skadden Arps Slate Meagher & Flom. Silvergate is advised by Goldman Sachs and Holland & Knight.
Wag Labs, a developer of a dog walking mobile application, agreed to go public via a SPAC merger with CHW Acquisition in a $350m deal. Equity investors include Battery Ventures, ACME Capital, General Catalyst and Tenaya Capital.
“Our announcement today represents a significant milestone in our journey to build the leading premium wellness and services platform for pets. We are transforming the fragmented and largely offline pet wellness and services industries through our vertically integrated mobile-first technology platform. This deal will provide us with the funds to further fuel our growth, and I am excited to be partnering with the CHW team to accelerate our strategic initiatives and consolidate pet wellness and services as we strive to become the leader in this space," Garrett Smallwood, Wag CEO.
Wag Labs is advised by Oppenheimer & Co, Cleary Gottlieb Steen & Hamilton and ICR. CHW Acquisition is advised by Chardan and McDermott Will & Emery.
Novo completed the acquisition of Medical Knowledge Group from Court Square Capital and Aisling Capital for $1.1bn. (FS)
Novo, a life science investor with a focus on creating long-term value, completed the acquisition of Medical Knowledge Group, a New York based, independent analytics-driven and technology-enabled multi-channel marketing solutions provider, from private equity firms Court Square Capital and Aisling Capital for $1.1bn.
"With the remarkable growth trajectory of the biopharmaceutical services industry, largely driven by more complex therapeutics reaching the market and an increased global demand for omnichannel communications targeting healthcare providers, MKG has positioned itself in a very attractive space which fits well with the strategic objectives of the Principal Investment arm at Novo Holdings. I very much look forward to joining the team and becoming part of the continuous growth of MKG," Abhijeet Lele, Novo Senior Partner.
Novo was advised by Houlihan Lokey and Kirkland & Ellis. Medical Knowledge was advised by Harris Williams & Co and Willkie Farr & Gallagher.
Arsenal Capital completed the acquisition ATP Group from Bregal Unternehmerkapital. (FS)
Arsenal Capital Partners, a private equity firm, completed the acquisition ATP Group, a manufacturer of water-based adhesive tapes, from Bregal Unternehmerkapital, a private equity firm. Financial terms were not disclosed.
"We see a significant unmet need for environmentally friendly tapes across technically demanding end markets, and ATP is at the forefront of this substitution trend. Together with Daniel and ATP's management team, Arsenal intends to accelerate the company's global growth strategy through innovation, manufacturing extensions, and acquisitions," Roy Seroussi, Arsenal Capital Investment Partner.
Arsenal Capital Partners was advised by Houlihan Lokey and Prosek Partners. Bregal Unternehmerkapital was advised by Morgan Stanley.
LLR Partners completed the investment in ParkHub. (FS)
LLR Partners, a private equity firm, completed the investment in ParkHub, a developer of parking management software. Financial terms were not disclosed.
“The executive team and I are thrilled to partner with Jeff Shanahan and the entire LLR team and leverage their significant experience helping grow integrated software and payments businesses. Their network, expertise, and value creation resources will support ParkHub as we continue to grow and optimize parking operations for our customers,” George Baker, ParkHub Founder & CEO.
ParkHub is advised by Houlihan Lokey and Foley & Lardner. LLR Partners is advised by Morris Manning & Martin.
Trive Capital, a private equity firm, agreed to invest in Allcat Claims Service, a provider of property and auto claims adjustment services intended for the insurance industry. Valedor Partners, a private investment firm, will be partnering alongside Trive Capital and Allcat in the transaction. Financial terms were not disclosed.
“Allcat has built a strong reputation in the insurance industry for providing high quality claims adjusting services. We are excited to partner with Allcat and look forward to providing capital and resources to further enable the company’s growth," Blake Bonner, Trive Capital Partner.
Trive Capital is advised by Waller Helms Advisors. Allcat Claims Service is advised by Bank of America.
SoftBank Vision Fund 2, a private equity firm, led a $150m Series C funding round in Dewpoint Therapeutics, a biotechnological company, with participation from General Catalyst, Mubadala Capital, 3E Bioventures Capital, Mirae Asset Capital, NS Investment, Bayer, Polaris Partners, Samsara BioCapital, ARCH Venture Partners, EcoR1 Capital, and Maverick Ventures.
"We are delighted to have achieved this significant milestone, which allows us to welcome several high-calibre tech and biotech investors to our existing syndicate of innovative life-science investors. This latest financing will further accelerate our goal of developing breakthrough medicines to address a vast array of diseases resulting from dysregulation of biomolecular condensates," Ameet Nathwani, Dewpoint CEO.
Dewpoint Therapeutics was advised by Finsbury Glover Hering.
ALTO Real Estate Funds, a real estate investment manager, completed the acquisition of the two shopping centers Conyers Plaza and Craig Crossing for $51m.
"We are excited with the latest acquisitions by ALTO Fund 3 which are in line with the funds strategy to invest in open-air shopping centers in fast-growing territories in the US. We are confident that the new acquisitions will be a great addition to the ALTO Fund 3 portfolio and will yield attractive returns and cash flows to our investors," Mody Kidon and Yaniv Melamud, ALTO Co-Founder and Chairman and Co-Founder and CEO.
Debt financing for ALTO Real Estate Funds was provided by Wells Fargo Securities.
Bouldering Project Holding completed the acquisition of Gowanus, Eckington, and Somerville assets of Brooklyn Boulders.
Bouldering Project Holding, a fitness center operator, completed the acquisition of Gowanus, Eckington, and Somerville assets of Brooklyn Boulders, an adventure lifestyle company. Financial terms were not disclosed.
"Much like BKB, the Bouldering Project strives to create spaces where all individuals can feel a sense of belonging in our sport and culture. They infuse inspiration, joy, and meaningful human connection into climbing. Founded in Seattle in 2011 and built by climbers, the Bouldering Project set out to build a place that would broaden the horizons of what indoor climbing could be. Since then, they have built Bouldering Projects in Seattle, Austin, Minneapolis, and soon-to-open Salt Lake City. We wholeheartedly believe in what Bouldering Project stands for and its ethos as a company," Brooklyn Boulders.
Brooklyn Boulders was advised by Houlihan Lokey.
Forescout Technologies to acquire CyberMDX.
Forescout Technologies, a provider of automated security control solutions, agreed to acquire CyberMDX, a developer of a cloud-based cybersecurity platform. Financial terms were not disclosed.
“Forescout is seeing rapid growth in healthcare, a market the company has always focused attention on from a technology and sales perspective. Cybersecurity for IoMT, much like cybersecurity for OT devices, requires specific expertise and technologies. We are pleased to have the CyberMDX team join Forescout as we continue delivering new capabilities on our market-leading platform and grow our R&D center," Wael Mohamed, Forescout CEO.
Forescout Technologies is advised by Ropes & Gray.
CenterGate Capital, a private equity firm completed the investment in DecisionOne, a provider of information technology infrastructure maintenance services. Financial terms were not disclosed.
“We are very excited to partner with Soroc and believe that this will benefit all stakeholders. We are excited about the prospects of growing together. Soroc’s robust capabilities across the IT infrastructure life cycle and in Canada will bolster our portfolio of IT services, increasing our ability to deliver world-class services with an exceptional client experience to existing and prospective clients," Pat Croce, DecisionOne President.
CC Capital-backed group in talks to acquire Information Resources for $5bn. (FS)
Private equity firm CC Capital-backed investment group is in talks to acquire market-research firm Information Resources.
A deal could value Chicago-based IRI at more than $5bn including debt. IRI is owned by private equity firms Vestar Capital Partners and New Mountain Capital. No transaction has been finalized and it’s possible talks could collapse or terms could change, Bloomberg reported.
Tegna is in talks to sell itself to Standard General and Apollo Global for $4.72bn. (FS)
Tegna, a regional TV station operator, is in talks to sell itself to shareholder Standard General and private-equity firm Apollo Global Management, at a market capitalization of about $4.72bn.
Standard General owns about 4.8% of Tegna, making it the fourth-largest shareholder. The negotiations over other contract terms are continuing and a deal is not certain, Reuters reported.
KKR eyes Optiv IPO or sale at more than $3bn valuation. (FS)
KKR is looking to unload Optiv via an IPO or sale to another private equity firm at a valuation of more than $3bn.
KKR has held discussions with investment banks about how to cash out of Optiv, which it acquired five years ago. A potential sale of Optiv could attract interest from other private equity firms, Reuters reported.
Carlyle in talks to acquire CBAM Partners for $850m. (FS)
Carlyle Group is in advanced talks to acquire CBAM Partners, an investment firm, as the private equity giant seeks to expand its reach across credit markets.
A potential transaction could value Eldridge Industries-backed CBAM Partners at $750m to $850m. The New York-based firm, which manages more than $15bn primarily through collateralized loan obligations, has attracted interest from other asset managers that are looking to expand their credit offerings, including Investcorp.
Negotiations between Carlyle and Eldridge are expected to continue on an exclusive basis until mid- to late February. No deal has been finalized and talks could still fall apart, Bloomberg reported.
Kohl's adopts 'poison pill', says buyout offers undervalue it.
American department store retail chain Kohl's adopted a shareholder rights plans to protect itself from hostile takeovers, days after receiving buyout offers that the retailer said undervalued it.
Last month, activist investor Starboard Value-backed Acacia Research offered to buy the department-store chain for $64 a share, valuing it at roughly $9bn. Sycamore Partners was also preparing an all-cash offer for Kohl's at $65 per share. Macellum Capital Management also plans to nominate a slate of directors at Kohl’s in an attempt to take control of the retailer’s board
Kohl's said the offers did not adequately reflect its future growth and cash flow generation. It has hired Goldman Sachs to engage in talks with interested parties about a potential sale, Reuters reported.
HITE Hedge Asset pushes NiSource to pursue a privatization deal. (FS)
HITE Hedge Asset Management, an energy-focused hedge fund, is calling on NiSource to seek a deal to go private as a way to boost the value of the US natural gas and electric utility owner.
HITE Hedge wrote NiSource’s board Thursday urging it to aggressively” pursue a transaction to go private because the public markets are undervaluing its gas distribution business. The hedge fund owned about 2.3m shares of NiSource as of September 30, amounting to a 0.6% stake, Bloomberg reported.
“While public markets in the US are loath to give capital to natural gas distributors, private markets are willing to both capitalize these assets at higher multiples and provide additional low-cost capital for needed investment in their service territories,” HITE Hedge.
Amazon mulling bid to buy US-based fitness brand Peloton. (FS)
Peloton Interactive has drawn interest from potential buyers including e-commerce giant Amazon, as the exercise bike maker struggles to maintain pandemic-fueled growth.
Amazon is exploring an offer for Peloton and is speaking with advisers about whether and how to proceed. Peloton has not yet decided whether it will explore a sale. Nike is also evaluating a bid for Peloton.
Last week, Blackwells Capital called on the board of Peloton to remove CEO John Foley immediately, accusing him of deals that set high fixed costs and for holding on to excessive inventory, while misleading investors about the need to raise capital, Reuters reported.
Advent-backed Ebanx delays US IPO. (FS)
Advent-backed Ebanx, a Brazilian financial-technology firm, delayed its US IPO because of recent market volatility.
The company, which eventually may seek a valuation exceeding $10bn, isn’t planing to go public in the first half of this year as previously expected, Bloomberg reported.
Blackstone-backed Great Hill Partners completed raising $4.6bn for its eighth fund. (FS)
Blackstone-backed Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies, announced the completion of its fundraising for Great Hill Equity Partners VIII, with total commitments of $4.6bn. The fundraise process was launched in September 2021, and the Fund was significantly oversubscribed, with demand exceeding the original $3.5bn target.
Fund VIII, which commenced its investment period in November 2021, will continue to follow Great Hill’s investment strategy, targeting investments of up to $500m in rapidly growing companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. The Fund is the successor to Fund VII, a $2.5bn fund raised in 2019.
Great Hill Partners was advised by Latham & Watkins.
Seven Seven Six raises two funds, totaling over $500m. (FS)
Seven Seven Six, a venture capital firm founded by Alexis Ohanian, raised two new funds, totalling over $500m.
The raise was “oversubscribed,” with $300m going toward funding startups at their earliest possible stage and $200m allocated for backing companies at their growth stages — or once they start to break out.
InTandem Capital Partners closes $225m opportunities fund. (FS)
InTandem Capital Partners, a healthcare services focused private equity firm, has closed a supplemental private equity investment fund, InTandem Capital Opportunities Fund, at its hard cap of $225m of limited partner commitments.
The fund, which was significantly oversubscribed, will focus on providing expansion capital to existing portfolio companies and additional capital for future platform investments from InTandem Capital Partners Fund II, a vintage June 2019 fund that closed with $250m in limited partner commitments.
InTandem Capital Opportunities Fund was advised by Goodwin Procter.
Lightsmith Group closes its $186m climate-focused fund. (FS)
Lightsmith Group, a private equity firm, announced the final closing of Lightsmith Climate Resilience Partners SCSp RAIF with $186m of commitments. Lightsmith Climate Resilience is the first private equity fund to have focused on climate resilience and adaptation, investing in growth-stage technology companies that address the effects of climate change.
In the Fund, Lightsmith has brought together leading investors from around the world, including PNC Insurance Group, The Rockefeller Foundation, Kinneret Group, and Caprock Impact Partners, as well as the Green Climate Fund, European Investment Bank, Asian Infrastructure Investment Bank, KfW on behalf of the German Ministry for Economic Cooperation and Development, Nordic Development Fund, the Government of Luxembourg and other investors.
Lightsmith Climate Resilience is focusing on six initial technology areas: water efficiency and smart water management, resilient food systems, agricultural analytics, geospatial intelligence, supply chain analytics, and catastrophe risk modeling and risk transfer. Lightsmith Climate Resilience helps companies scale up by applying their technologies to help businesses and communities adapt to climate change, by expanding internationally, particularly in emerging markets, and by partnering with Lightsmith’s global network of companies and governments.
EMEA
Advent International, a private equity firm, and Centerbridge Partners, a multi-strategy private investment firm, failed the $2.1bn acquisition of Aareal Bank, a company which specialises in real-estate lending.
“We supported the offer because from a strategic perspective, it was in the best interests of the company and its stakeholders. However, our shareholders have decided not to sell their shares to the extent required. Instead, they wish to continue supporting us on our path of sustainable value creation. We will now continue to pursue the implementation of our successful strategy from own strengths. Aareal Bank Group has significant growth potential across all of its segments, which we want to consistently pursue in the years to come. As a matter of course, we will maintain in-depth dialogue with our investors," Jochen Klösges, Aareal Bank CEO.
Anghami went public via a SPAC merger with Vistas Media Acquisition in a $220m deal. (FS)
Anghami, a music streaming platform and service in the Middle East and North Africa, went public via a SPAC merger with Vistas Media Acquisition in a $220m deal.
“Elie and I co-founded the company in 2012 with a vision for Anghami to be a first of its kind, digital media entertainment technology platform in the MENA region. Today, we have taken a significant step forward in our growth plans in seeking to become the region’s first Arab technology company to list on NASDAQ. Being a US listed public company gives us access to growth capital and a global platform that is the best in the world,” Eddy Maroun, Anghami Co-founder and CEO.
Anghami was advised by SHUAA Capital, Norton Rose Fulbright and ICR. SHUAA Capital was advised by Baker Botts. Vistas Media Acquisition was advised by Benchmark Company, I-Bankers, Truist Bank, deNovo and Winston & Strawn. Vistas Media Capital was advised by ASDA’A BCW.
Amadori to acquire Rugger from Lenti Family.
Amadori, a firm engaged in Italian agriculture-food sector, agreed to acquire Rugger, a ham factory in Santena, from Lenti Family. Financial terms were not disclosed.
"With the sale to the Amadori Group our family gives Rugger the great opportunity to accelerate and strengthen the growth process started with the possibility of increasing the distribution of Lenti products throughout the territory. national through the development of important market synergies with a group like Amadori which already today can count on a dedicated feed mill and a farm park of 80 site (10 of which are owned) for a total area of approximately 250k square meters," Ruggero Lenti, Rugger CEO.
Lenti Family is advised by D&M Legal and Ranalli & Associati. Amadori is advised by Mediobanca, Ernst & Young and Studio Associato Consulenza Societaria e Tributaria. Rugger is advised by Nash Advisory and Marco Di Toro Studio Legale.
Aptiv, a global technology company, and Audi, an automobile manufacturer, completed a $285m investment in TTTech Auto, a developer of a safety software platform for real-time control applications.
"The next few years will be critical for the entire industry in the transition from automation to semi-autonomous driving and the software-defined vehicle. With MotionWise, we are supporting this industry transformation as an independent company with the most advanced safety software platform on the market. This funding will strengthen our position as a leader in automotive safety software and significantly increase our global footprint," Georg Kopetz, TTTech Auto CEO.
Aptiv was advised by Goldman Sachs, Binder Grosswang Rechtsanwalte and Clifford Chance. Audi was advised by Freshfields Bruckhaus Deringer. TTTech Auto was advised by JP Morgan and Dorda Rechtsanwalte.
Five Arrows Principal Investments, a private equity firm, completed the acquisition of Mintec, a provider of food-related commodity prices, forecasts, and advanced analytics, from Synova, a private equity firm. Financial terms were not disclosed.
“Synova has been a highly supportive partner for the Company, backing us at every stage, as we deliver on our vision to develop the world’s most advanced commodity price forecasting and analytics platform. Their guidance on our commercial and proprietary data strategy has been invaluable throughout, along with their hands-on support to source the acquisition of Kairos. I’m delighted that Synova are re-investing alongside Five Arrows so they will remain a close partner for Mintec during this next exciting phase of our growth," Spencer Wicks, Mintec CEO.
Synova was advised by Houlihan Lokey and Osborne Clarke.
ZF Friedrichshafen, a supplier and distributor of driveline and chassis technology, completed the acquisition of the specialized adhesive films technology from Nitto, a firm that manufactures and sells a variety of industrial and electronics products. Financial terms were not disclosed.
Nitto Switzerland designs and further develops adhesive multilayer films for curtain-airbags used in the automotive industry. Nitto holds several granted and pending patents for both the film and the corresponding lamination process. The company has a highly scalable and asset-light business structure, with the entire production process being outsourced.
Nitto was advised by Oaklins and Homburger.
EuroChem, a manufacturer and supplier of fertilizers, agreed to acquire the fertilizer, melamine and technical nitrogen businesses of Borealis, a provider of advanced and circular polyolefin solutions, for $517m. The transaction is subject to certain closing conditions and regulatory approvals, with closing expected for the second half of 2022.
The transaction would significantly enhance EuroChem’s nitrogen business in Europe, adding production assets in Austria, Germany and France as well as adding a comprehensive sales and distribution network utilizing the Danube river. Borealis will initiate mandatory information and consultation procedures with employee representatives shortly.
Borealis is advised by Barclays.
Seraphim Space, a venture capital firm, led a $136m Series D funding round in ICEYE, a provider of a radar satellite imaging service, with participation from BAE Systems, Kajima Ventures, Molten Ventures, OTB Ventures, True Ventures, C16 Ventures, Chione, Services Group of America, National Security Strategic Investment Fund, Space Capital and Promus Ventures .
“ICEYE has gone from strength-to-strength since we first invested in the company in 2017. We’ve watched the company prove the impossible, possible by launching the world’s first miniaturised SAR satellite capable of imaging the planet day and night, to now having grown into being the world’s largest operator of SAR imaging satellites. As the world’s leading specialist investor focused on the New Space ecosystem, we have identified ICEYE as one of the sector’s brightest stars. We anticipate that its global scale persistent monitoring of the planet will have a major impact in helping address some of our most pressing challenges," James Bruegger, Seraphim Space Chief Investment Officer.
ICEYE was advised by Morgan Stanley.
Vin Murria, an entrepreneur, offered to acquire M&C Saatchi, a global creative communications company, for $381m. She raised her offer to $3.12 a share, in either AdvT shares or a mixture of shares and cash, FT reported.
The previous offer was worth either $2.71 a share or $2.99 depending on the cash and equity mix. Vin Murria intention is to keep existing management, including Moray MacLennan in place after a successful bid. She also wants to make M&C a more digital agency.
M&C says this new offer still undervalues the business, but is open to further discussions.
El Al Airlines, an international airline company, agreed to acquire Arkia, a provider of airline services. Financial terms were not disclosed.
“Approval of the Memorandum of Understanding is another step on the way to a possible signing of a binding agreement. We still have a long way to go before the transaction to acquire Arkia is completed, as part of El Al's strategy to expand into other areas of activity," Amikam Ben-Zvi, El Al Chairman.
H.I.G. Capital completed the acquisition of a majority stake in Berardi Bullonerie. (FS)
H.I.G. Capital, a private equity and alternative assets investment firm, completed the acquisition of a majority stake in Berardi Bullonerie, a firm engaged int the wholesale distribution of fasteners and general hardware. Financial terms were not disclosed.
"The entry of an international alternative investment fund such as H.I.G. in Berardi represents a recognition of the work carried out over the years and of the great growth potential of our Company, which has a leading position in the sector and a growing share of high value-added services. With the support of H.I.G., Berardi will be able to develop faster, thanks to a combination of organic growth and targeted acquisitions," Giovanni Berardi, Berardi CEO and Current Shareholder.
Saudi Aramco mulls up to $50bn stake sale via fresh share listing.
Saudi Arabia has restarted plans to list more shares in Aramco and is targeting a stake sale of as much as $50bn.
The state-owned company has held talks with outside advisers about selling more shares on the Riyadh stock exchange as well as a secondary listing, possibly in London, Singapore or other exchanges, WSJ reported.
Advent geares up for a $4.6bn sale of IDEMIA. (FS)
Advent International is looking to sell its French biometrics and fingerprint identification firm IDEMIA in a deal worth up to $4.6bn as it seeks to capitalise on growing demand for cybersecurity assets in Europe.
The US buyout fund is reviewing a series of options to sell IDEMIA, including a possible break-up of the company which was formed in 2016 by combining Safran's identity and security business with Oberthur Technologies.
Advent has asked investment banks to pitch for a mandate as it wants to launch an auction process later this year. The sale, which is valued at $4.6bn, has already drawn interest from France's defence firm Thales which could only bid for parts of IDEMIA due to antitrust hurdles, Reuters reported.
Warburg Pincus and Permira are exploring $4bn strategic options for Tilney
Smith & Williamson. (FS)
Private equity firms Warburg Pincus and Permira are exploring $4bn strategic options for Tilney Smith & Williamson, a financial services provider, as they seek to exit their investment 18 months after a merger.
The prospective transaction comes on the heels of a flurry of dealmaking in the wealth and asset management industries in 2021 that is expected to continue this year, as firms compete to scale up and keep fees low.
Evercore had been appointed to advise on the sale.
TA Associates and Warburg Pincus-backed Inspired Education explores $4bn strategic options. (FS)
Private equity firms TA Associates and Warburg Pincus-backed Inspired Education, an operator of private schools, is exploring strategic options, including a sale valuing the firm at $4bn.
Inspired Education is working with Goldman Sachs and Morgan Stanley and also considering a possible listing in London. Deliberations are ongoing and no final decisions on a sale or the size, timing and location of an initial public offering have been made.
Hg-backed MeinAuto drives for a $1.2bn sale after scrapping IPO. (FS)
Hg Capital-backed MeinAuto, a German online car dealer, drives for a $1.2bn sale after being forced to scrap plans for a stock market listing last year amid an industry downturn.
Hg Capital is considering selling to another private equity fund as part of a review of strategic options for the business.
The company's decision to ditch its flotation was influenced by the poor trading performance of its rival Auto1, which has seen it shares sink 70% since their market debut in Frankfurt last February.
Raytheon weighs a $200m sale of Raytheon Anschuetz.
Raytheon Technologies, a defence equipments manufacturer is exploring a $200m sale of its german unit Raytheon Anschuetz, a navigation systems maker with historical links to the physicist Albert Einstein.
Suncor eyes sale of UK oil fields.
Suncor Energy, an energy company, is already marketing its assets in Norway to potential buyers, will also assess market interest in part of its stake in the Rosebank oil field off the UK.
The Canadian oil giant holds a 40% interest in the Rosebank project, which is located about 130km northwest of the Shetland Islands and is operated by Equinor. The company is currently trying to divest its Suncor Energy Norge unit, with non-operated stakes in three fields in the North and Norwegian seas, and a number of exploration assets in the region, Bloomberg reported.
“The North Sea has been less significant with the sale of Golden Eagle and we’ll see how it goes with Norway. Our focus is primarily in our core integrated business and so we’re testing the waters on a few of these assets," Mark Little, Suncor CEO.
Vaar Energi sets out $9bn Oslo IPO.
Oil and gas firm Vaar Energi said its planned stock market listing in Oslo this month could value the Eni spin-off at up to $9bn.
Eni last month announced its intention to float Vaar on Euronext's Norwegian stock market, one of several moves by the Italian energy group to free up cash from legacy fossil fuel businesses to fund its green drive.
Vaar said its shares would be sold at between $3.1 and $3.6 each, valuing the company at between $7.9bn and $9bn, with an aim to start trading on February 16, Reuters reported.
GP Bullhound Acquisition I raises $229m in Euronext IPO.
GP Bullhound Acquisition I, a special purposes acquisition company, has raised $229m on the Amsterdam Euronext, the first SPAC listing on the exchange in 2022.
Bullhound was set up by co-founders Hugh Campbell, Manish Madhvani and Per Roman to buy a software, digital media, digital commerce or fintech company with a value of between $907 and $2.2bn that operates in Europe or Israel.
"We are excited to find the next tech titan in innovation in the under-served European ecosystem and deliver exponential growth by providing our expertise, capital, and access to the equity capital markets," Bullhound.
APAC
SES, a developer and manufacturer of high-performance hybrid Lithium-Metal rechargeable batteries for electric vehicles, went 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.
“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 was advised by Deutsche Bank, Goldman Sachs, White & Case and ICR. Ivanhoe Capital was advised by Morgan Stanley and Kirkland & Ellis.
Toshiba says considering two-way split, sale of air conditioner business.
Toshiba says considering two-way split, sale of air conditioner business.
Toshiba is considering splitting in half instead of three and offloading its air conditioning business, the Japanese industrial conglomerate, in an attempt to overcome shareholder opposition to its turnaround plan.
The changes would mark the latest twist in Toshiba's drawn out battle with foreign shareholders, many of them activists and hedge funds, and highlights the once-mighty conglomerate's fight to revive itself after a dramatic fall from grace.
Under the new plan, Toshiba would break off its device business, including the power chip unit. Previously it had planned to split into three companies: one for energy and infrastructure, one for devices and one for flash memory chips. By splitting into two, Toshiba will save more money that it can return to shareholders, Reuters reported.
India awaits for more suitors to sell BPCL. (FS)
India will not rush into selling the country’s second-biggest state refiner BPCL, if it ends up with a lone suitor. While the government is keen to complete the sale, it doesn’t want to rush through with the process and prefers to hand it over to a consortium with stronger technical and financial prowess, Bloomberg reported.
So far three suitors - the Vedanta group, Apollo Global Management and I Squared Capital Advisors - have expressed interest in buying the government’s 53% stake in BPCL. But with a couple of them failing to rope in global investors amid waning interest in fossil fuels, only Vedanta appears to be left in the race with commodities tycoon Anil Agarwal showing willingness to spend about $12bn for the deal.
Evergrande to push ahead with the sale of Hong Kong property. (FS)
China Evergrande Group will continue with efforts to sell a plot of undeveloped land in Hong Kong even after the appointment of a receiver by a creditor.
US asset manager Oaktree Capital Management, a lender to Evergrande to develop a vast land plot in the rural Yuen Long district, has sought to seize control of the asset by appointing a receiver. Oaktree's move came after Evergrande, the world's most indebted property developer with more than $300bn in debt, defaulted on a secured loan, Reuters reported.
Advent eyes $1bn investment in Yes Bank. (FS)
Private equity group Advent International is evaluating a $1bn investment in Yes Bank, an Indian commercial bank, to further capitalise it.
Advent is conducting due diligence and may form a consortium. A 10% stake in the bank would be valued at $500m. The proposed investment could be through a preferential allotment.
The talks are ongoing and may collapse if the share price surges or if there is any regulatory roadblock. The Reserve Bank of India in 2020 had taken control of Yes Bank, after the bad debt-laden lender had failed to raise the capital needed to stay above mandated regulatory requirements, Reuters reported.
Nio weighs Singapore listing amid delayed HK plan.
Nio, a Chinese electric car-maker listed on the New York Stock Exchange, is said to be exploring a listing on the Singapore Exchange instead of an earlier plan of floating shares in Hong Kong amid uncertainties over local regulatory scrutiny.
While the firm is yet to announce the details of the listing plan, Nio is likely to sell a stake of about 5%, which would allow it to raise approximately $1.8bn based on the firm’s market capitalisation of $36.8bn.
Nio is among the handful of US-traded Chinese electric vehicle startups looking for a public listing elsewhere, as their listing status faces increasing uncertainties amid Beijing’s expanded tech crackdown and tightened oversight of overseas listings of domestic businesses, DealStreetAsia reported.
Macquarie seeks to raise $7bn for Americas Infrastructure Fund. (FS)
Macquarie Group’s asset-management arm is planning to raise at least $7bn for a new fund dedicated to making infrastructure bets in the Americas.
The Australian firm is set to formally begin fundraising for the vehicle, known as Macquarie Infrastructure Partners VI, in coming months.
Turmeric Capital secures Saudi backing for its $500m fund. (FS)
Turmeric Capital, a private equity firm, has secured backing from Saudi Arabia for a $500m private equity fund.
Jada, which was given $1bn by Saudi Arabia’s wealth fund to seed venture and private equity firms investing in the country, will commit about $100m.
Known as the New Consumer Growth Fund, it’s looking to deploy capital “in vibrant regional businesses across the developing underfunded markets” in the Middle East, North Africa and South Asia, according to Bloomberg.
AirTree Ventures raises $495m for three new funds. (FS)
Sydney-based venture capital firm AirTree Ventures announced raising about $495m across three new funds that will continue to bet on startups in Australia and New Zealand.
AirTree said the amount raised for the three new funds is the largest in the country. These include $140m for AirTree Seed, a vehicle that focuses on early-stage firms; $320m for AirTree Growth, which will invest in companies through IPOs; and $35m for AirTree Web3, a fund that will invest in cryptocurrency-related projects.
“We’re launching the seed fund to write those first cheques and give founders the benefit of our focus, expertise, and community. From there, we can use our growth fund to open up access to our global network and to invest larger cheques as the company grows,” Jackie Vullinghs, AirTree Partner.
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