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AMERICAS
Zinnia, a life and annuity insurance technology services company, agreed to acquire the Life and Annuity assets of Ebix, a supplier of software solutions. Financial terms were not disclosed.
"The acquisition of the Ebix Life and Annuity Assets is transformative for Zinnia. The complementary nature of our solutions will enable us to better serve carriers, distributors, and consumers, expanding our reach as we build the modern rails of the insurance industry. We are thrilled to welcome the Ebix L&A employees to Zinnia and look forward to what we can achieve together for our clients," Michele Trogni, Zinnia CEO.
Zinnia is advised by Citigroup, RBC Capital Markets, Milbank, C Street Advisory and Prosek Partners. Ebix is advised by AlixPartners, Huron Consulting Group, Jefferies & Company and Sidley Austin.
ADM, a premier global human and animal nutrition company, completed the acquisition of Fuerst Day Lawson, a formulator, developer and manufacturer of proprietary taste and nutrition ingredient solutions, from Highlander Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to enter into this agreement with ADM. They're an ideal partner for us, with global nutrition and flavor capabilities that will provide new opportunities to strengthen FDL's portfolio of taste and nutrition solutions. In turn, the FDL team looks forward to helping add to ADM's broad offerings with our diverse portfolio of flavor and functional ingredient systems, IP, and capabilities, as well as the entrepreneurial spirit and innovativeness of human talent that has enabled FDL to become a differentiated market leader today. ADM is synonymous with the best in animal and human nutrition, and together, we look forward to delivering new and innovative ingredient solutions to our global customer base in the food and beverage industry," Eric Beatty, FDL CEO.
Fuerst Day Lawson was advised by Rothschild & Co and DLA Piper. ADM was advised by Skadden Arps Slate Meagher & Flom (led by George Knighton). Highlander Partners was advised by Rothschild & Co (led by Noah Gringarten and Gavin Orde).
Black Bay, a private equity firm focused on the energy and chemical sectors, completed the investment in Capture Energy, a provider of unique systems designed to improve the efficiency and environmental footprint of oil & gas production facilities. Financial terms were not disclosed.
"As oil & gas producers increase their focus on meeting decarbonization efforts, technologies like the Capture Compressor™ will be critical to achieving these sustainability targets in a capital-efficient manner. Environmental regulations, including the recently released OOOOb standards from the EPA, are also demanding abatement solutions that can be scaled very quickly – with this growth capital investment, Capture should be well-positioned to serve the surging needs of its clients," Guy Cook, Black Bay Partner.
The Justice Department plans to scrutinize the new streaming service proposed by Walt Disney, Fox and Warner Bros. Discovery over concerns it could harm consumers, media rivals and sports leagues, Bloomberg reported.
Regulators will look at terms of the joint venture once it is finalized. The companies haven’t been notified of the impending review and it may not lead to any action.
Sony to partner with Seagate on hard disk drives used for AI.
Sony plans to partner with US-based Seagate Technology on mass production of hard disk drives to meet growing AI demand, Reuters reported.
Sony Semiconductor Solutions is expected to start mass production in May of lasers used in the drives, and will invest about JPY5bn ($33m) in new production lines.
FTX investors sue Sullivan & Cromwell claiming firm aided fraud. (FS)
FTX investors sued Sullivan & Cromwell, accusing the law firm of aiding illicit schemes that helped advance a multi-billion dollar fraud before the crypto exchange’s collapse, Bloomberg reported.
Sullivan & Cromwell’s services “went well beyond those a law firm should and ordinarily provides. Lawyers were eager to craft not only creative but misleading strategies that furthered FTX’s misconduct.”
EMEA
The Swedish Financial Supervisory Authority approved the "offer document" relating to the FDJ Group's tender offer for Kindred Group. This offer will be launched for a maximum period of 39 weeks.
The completion of the tender offer remains subject to regulatory authorisations and FDJ's acquisition of at least 90% of Kindred’s capital.
Kindred is advised by Canaccord Genuity, Jefferies & Company, Morgan Stanley, PJT Partners and White & Case.
Bank of Georgia Group, a systemically important universal bank in Georgia, agreed to acquire Ameriabank, a universal bank in Armenia, for $304m.
"This transaction is a significant milestone for the Group and a new chapter in our strategic development. Through Ameriabank we are set to enter Armenia, one of the fastest-growing economies in the region. Ameriabank has a well-regarded and experienced management team, and I am delighted that they will stay on after the transaction is closed," Mel Carvill, Bank of Georgia Group Chairman of the Board of Directors.
Bank of Georgia Group is advised by Cavendish Corporate Finance (led by Matt Lewis), JP Morgan (led by Michael Machaj), Baker McKenzie and MHP Communications (led by Reg Hoare). Cavendish Corporate Finance is advised by Travers Smith.
Mangazeya Mining, a Russian mining company, agreed to acquire Russian assets of Polymetal International, precious metals producer, for $3.69bn.
“The Board, the Special Committee and the management team of the Group are set to deliver on our commitment to restore shareholder value and re-set Polymetal’s strategy by selling the Russian business of the Group. A quick, transparent, and sanctions-compliant exit under the terms of the proposed Transaction serves the interests of all stakeholders. The completion of the divestment will allow the Group to de-risk the Company’s business, deliver stable cash flows and pursue new investment opportunities. The Board recommends shareholders to vote for the proposed resolution,” Vitaly Nesis, Polymetal International CEO.
Bowmark Capital, the mid-market private equity firm, completed the investment in CubeLogic, a leading provider of risk management software solutions. Financial terms were not disclosed.
“This is an important and significant milestone in the company’s growth story. We are thrilled and excited to be working with Bowmark Capital as we look to capitalize on our market position and continue to expand our footprint across the globe,” Lee Campbell, CubeLogic Co-founder and Chairman.
Veolia, a French transnational company, agreed to acquire the Gönyű gas-fired combined-cycle power plant from Uniper, a hydroelectric power generation company. Financial terms were not disclosed.
With this operation, Veolia continues to strengthen its position as European leader in this promising and strategic market, and to expand its portfolio, which now represents a volume of 2.4 gigawatts of managed flexible electrical energy, equivalent to the energy needs of 2.6m inhabitants.
JD.com in early-stage talks to buy UK retailer Currys.
Chinese e-commerce operator JD.com is the latest company to consider buying UK electronics retailer Currys, as a path to toward new avenues for growth away from home, Bloomberg reported.
JD.com is in the very preliminary stages of evaluating a possible transaction that may include a cash offer for the entire issued share capital of Currys, it said. JD.com has until March 18 to decide whether to make an offer.
Macquarie and Federated Hermes begin talks over Cadent stake sale. (FS)
Macquarie Asset Management and US-based Federated Hermes are exploring the potential sale of a combined £1.3bn ($1.64bn) stake in UK gas network operator Cadent, Reuters reported.
The asset management division of Macquarie Group manages a more than 26% stake in Cadent and is in early stage talks to sell a 5% holding while Federated Hermes is looking to reduce its 13% stake to 8.4%.
Iraq to seek bids for $3bn phosphate plant.
Iraq will renew its request for bids from both local and international companies to build a phosphate plant in the western part of the country in a project estimated to be valued at $3bn, Bloomberg reported.
“The purpose behind the re-announcement is to get the best offers,” Minister of Industry and Minerals, Khalid Battal Al-Najim.
Anglo American Platinum could cut around 3.7k jobs in restructuring.
Anglo American Platinum could cut around 3.7k jobs in a restructuring as the precious metals company grapples with lower prices, rising costs and an uncertain outlook, WSJ reported.
The South African company, which is majority owned by Anglo American, said that the restructuring would affect jobs across its South African operations as well as around 620 service providers or contractors. The final number will be decided once the consultation process concludes.
Forvia shares jump on restructuring plan that would trim workforce.
Forvia shares rose after it said a reduction of up to 10k jobs would save about €500m ($539m) yearly from 2028 as the company adapts to EU electric-vehicle policies, WSJ reported.
The company said the restructuring would trim as many as 10k jobs, or about 13% of its workforce, through job cuts, attrition and the elimination of contract positions.
Saudi wealth fund, Singapore’s PSA consider global ports IPO. (FS)
Saudi Global Ports, which is owned by the kingdom’s sovereign wealth fund and Singapore’s PSA International, is considering an initial public offering in Riyadh, Bloomberg reported.
The port operator is one of the companies owned by the Public Investment Fund that’s being considered for an IPO later in 2024 or early next year. PSA is owned by Singapore state investor Temasek.
Saudi Arabia pushes deeper into entertainment with new film fund. (FS)
A Saudi Arabian investment firm is setting up a $100m fund to invest in the kingdom’s film industry, one of the first such bets on the region’s fastest-growing movie production markets, Bloomberg reported.
The Saudi Film Fund, a partnership between MEFIC Capital and Roaa Media Ventures, will collaborate with major international studios and “provide content that reflects Saudi culture and values”.
APAC
Seven Group, an Australian operating and investment group in the media, mining and construction industries, offered to acquire the remaining 28.4% stake in Boral, an Australia-based integrated construction materials company, for AUD1.9bn ($1.24bn).
"Today’s announcement represents an exciting opportunity to integrate Boral into SGH’s leading Industrial Services portfolio. The transaction has a compelling rationale for SGH, and for Boral’s shareholders, who would become SGH shareholders as part of the transaction and continue to benefit from the operational improvement journey underway at Boral. The terms of the Offer reflect our disciplined approach to capital allocation, and we will retain a strong balance sheet position posttransaction," Ryan Stokes, SGH Managing Director and CEO.
Boral is advised by UBS, Allens and FTI Consulting (led by Shane Murphy). SGH is advised by Domestique (led by Jim Kelly).
Bona, a global, sustainably-driven company that supplies products for installing, renovating, maintaining, and restoring premium floors, completed the acquisition of Ezi Floor Products, an importer and national distributor of Bona products in Australia. Financial terms were not disclosed.
"EFP has long been a trusted timber floor products supplier in Australia with decades of experience in supporting contractors and homeowners. We welcome EFP into the Bona family and look forward to growing our presence in Australia," Magnus Andersson, Bona CEO.
Air India, Tata Advanced Systems to invest $277m in Karnataka.
Tata Group-owned carrier Air India and plane parts-maker Tata Advanced Systems will invest INR23bn ($277m) in the Indian state of Karnataka, the state government said on February 19, Reuters reported.
Air India will conduct maintenance, repairs, and overhaul of planes at the Bengaluru airport, while Tata Advanced Systems will set up manufacturing and research & development facilities in the state, the government said.
Car rental firm eHi weighing $300m US IPO.
eHi Car Services, a Shanghai-based car rental company, is considering a return to the US capital market with an initial public offering that may raise about $300m as soon as this year, Bloomberg reported.
The company, which was delisted from the New York Stock Exchange in 2019 after a $850m take-private deal, is working with China International Capital, Deutsche Bank, JP Morgan and UBS on the potential share sale. eHi may file confidentially for the listing once it clears regulatory approvals in China.
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