Shareholders of Perspecta, a US government services provider, approved the $7.1bn deal with Veritas-backed Peraton, a provider of solutions to the nation's most sensitive and mission-critical programs and systems. The proposed transaction is expected to close in the coming days.
"Through the combination with Peraton, we have assembled a strong portfolio of top-tier government technology providers with complementary offerings and are confident that the addition of our resources and industry expertise will enable Perspecta to deliver even greater value to its customers and stakeholders," Ramzi Musallam, Veritas Chief Executive Officer and Managing Partner.
Perspecta is advised by Goldman Sachs, Stone Key Partners, Paul Weiss Rifkind Wharton & Garrison and Joele Frank. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. Veritas Capital is advised by Schulte Roth & Zabel and Sard Verbinnen & Co.
EQT, an independent natural gas production company, agreed to acquire the upstream and midstream subsidiaries of Alta Resources, a crude oil exploration company, for $2.9bn.
"Today marks another major milestone for EQT as we continue on our path to becoming the operator of choice for all of our stakeholders. The acquisition of Alta's assets represents an attractive entry into the Northeast Marcellus while accelerating our deleveraging path, providing attractive free cash flow per share accretion for our shareholders and adding highly economic inventory to EQT's already robust portfolio. In addition to increasing our long-term optionality, we believe this transaction accelerates both our path back to investment grade metrics and our shareholder return initiatives. We look forward to applying our differentiated modern operating model to maximize the prolific value embedded in these premier assets," Toby Rice, EQT President and CEO.
Alta Resources is advised by Citigroup and Kirkland & Ellis. EQT is advised by Bank of America and Latham & Watkins. Debt financing is provided by Bank of America and JP Morgan.
Sculptor Capital-backed Diamond Communications, a full-service wireless infrastructure provider, agreed to acquire Melody Wireless Infrastructure, a private US REIT that owns a portfolio of approximately 2.3k tenanted wireless communication sites, from Melody Capital Management, a private equity firm, for $1.6bn.
"Melody has built a great company with a diverse group of assets. This transaction is transformational for our business and will further solidify Diamond's position as one of the largest privately held wireless infrastructure companies in the United States. The Melody assets complement Diamond's existing portfolio and positions Diamond to drive long-term organic growth and significantly enhance our customer relationships. We are also excited to build on our relationship with Sculptor, which has supported Diamond from our founding in 2006," Ed Farscht, Diamond CEO.
Diamond is advised by Barclays and Morgan Lewis & Bockius. Sculptor is advised by Bryan Cave Leighton Paisner and Gasthalter & Co. Melody is advised by Goldman Sachs and Hogan Lovells. Debt financing is provided by Barclays.
ProAssurance, a specialty insurance provider, completed the acquisition of NORCAL Group, a health care insurance brokerage services, for $450m.
"The completion of the NORCAL transaction marks a significant milestone in our Mission to Protect Others. NORCAL is one of the leading writers of medical professional liability insurance in the country. We believe their contributions to our customers and culture will expand our product capabilities with broader geographic scale and efficiencies and will support a true nationwide platform to deliver value to our customers and stakeholders. We are delighted to welcome NORCAL's employees and policyholders to our family," Ned Rand, ProAssurance President and CEO.
NORCAL was advised by Piper Sandler, Waller Helms Advisors, Mayer Brown, McDermott Will & Emery and Morgan Lewis & Bockius. ProAssurance was advised by Goldman Sachs, Burr & Forman and Sidley Austin. Goldman Sachs was advised by Skadden Arps Slate Meagher & Flom.
Becton, Dickinson and Company, a global medical technology company, is set to spin-off its diabetes care unit into an independent, publicly traded company.
"The decision to spin off our Diabetes Care business is part of our active portfolio management and consistent with our BD 2025 strategy to Grow, Simplify and Empower," Tom Polen, BD Chairman, CEO and President.
Becton, Dickinson and Company is advised by PricewaterhouseCoopers, Morgan Stanley, Perella Weinberg Partners, Baker McKenzie, Skadden Arps Slate Meagher & Flom and Wachtell Lipton Rosen & Katz.
Sundial Growers, a licensed producer that crafts cannabis, agreed to acquire Inner Spirit Holdings, a retailer and franchisor of Spiritleaf recreational cannabis stores across Canada, for $106m.
"Sundial becomes a stronger and more diverse cannabis company by acquiring Inner Spirit and the Spiritleaf retail store network. Inner Spirit has successfully created a franchise-based retail network that has grown from coast to coast and offers a differentiated and premium in-store experience to consumers. Our shared Albertan roots and commitment to data-driven consumer insights make for an ideal partnership. Sundial's capital base will enable us to support continued expansion and deepen the capabilities of the Spiritleaf retail brand," Zach George, Sundial CEO.
Inner Spirit is advised by Echelon Wealth Partners and Burstall. Sundial is advised by ATB Capital and McCarthy Tetrault.
LS Power, a development, investment, and operating company focused on power generation, electric transmission and energy infrastructure, agreed to acquire a Solar Source portfolio from Public Service Enterprise Group, a publicly traded diversified energy company. Financial terms were not disclosed.
"This sale marks a key milestone in our Strategic Alternatives process as we continue our transformation into a primarily regulated utility. We also intend to continue our efforts to preserve our existing carbon-free nuclear fleet and to seek regional growth opportunities in offshore wind projects that fit with PSEG's Powering Progress strategy. PSEG is committed to clean energy and the pursuit of a sustainable business model," Ralph Izzo, PSEG Chairman, President and CEO.
PSEG is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz.
Kahoot, a learning platform, agreed to acquire Clever, a learning software provider, for $435m.
"Today's announcement marks a milestone in Kahoot!'s mission to make learning awesome. Clever and Kahoot! are two purpose-led organizations that are equally passionate about education and unleashing the potential within every learner. Through this acquisition we see considerable potential to collaborate on education innovation to better service all our users - schools, teachers, students, parents and lifelong learners - and leveraging our global scale to offer Clever's unique platform worldwide. I'm excited to welcome Tyler and his team to the Kahoot! family," Eilert Hanoa, Kahoot CEO.
Cornerstone Building Brands, the largest manufacturer of exterior building products in North America, completed the acquisition of Prime Window Systems, a manufacturer of windows and doors. Financial terms were not disclosed.
"The acquisition of Prime Window advances our strategy towards profitable growth and operational excellence," James S. Metcalf, Chairman and CEO.
Prime Window Systems was advised by Raymond James.
Crestview Partners-backed SyBridge Technologies, a company in the tooling and mold industry, completed the acquisition of Toolplas Systems México, a tool manufacturer in Mexico. Financial terms were not disclosed.
The acquisition of Toolplas Mexico assets enables SyBridge to add a dedicated service center in the Queretaro area, where significant injection molding production is located.
Constellation Software, a Canadian diversified software company, agreed to acquire the collection and recovery business of Fair Isaac, a predictive analytics and decision management software company. Financial terms were not disclosed.
"We are proud of the FICO team that built and delivered these industry-leading products our clients rely on to make their collection and recovery processes efficient and effective. We are confident that Jonas will continue to invest in these solutions and support our clients and colleagues with the same commitment and partnership those clients and colleagues have come to expect," Will Lansing, FICO CEO.
Genesys, a provider of cloud customer experience and contact center solutions, completed the acquisition of Bold360, a computer software developer, from LogMeIn, a provider of software as a service and cloud-based remote work tools. Financial terms were not disclosed.
"We are excited to welcome Bold360 to Genesys. We expect their AI-powered digital engagement coupled with Genesys solutions will be unmatched as we continue to enable our customers to orchestrate a differentiated experience," Barry O'Sullivan, Genesys Executive Vice President and General Manager of Genesys Digital and AI.
Atlas Real Estate, a full-service real estate company specializing in investment brokerage, property management and institutional acquisition, completed the acquisition of Black Aspen Property Management, a property management company. Financial terms were not disclosed.
"We are excited to enter the Salt Lake City real estate market, and are looking forward to serving clients in this rapidly expanding metro area. Our entrance in the region comes on the heels of our announcement to form a joint venture partnership with DivcoWest to acquire and renovate single-family rentals in the western region of the US," Vincent Deorio, Atlas Real Estate Vice President of Corporate Development.
InvestCloud, a provider of cloud-based financial digital solutions, agreed to acquire Advicent, the premier cash flow, trust and tax financial planning provider, from Vista Equity Partners. Financial terms were not disclosed.
The acquisition aims to create the world's leading financial planning solution. It does this by bridging the advisor-client communication gap by combining Advicent's cash flow, trust and tax financial planning engines with InvestCloud's digital client and advisor platform and existing market leading goal-based financial planning engines.
Apexon, a digital solutions provider, agreed to acquire Adapty, a global digital commerce and customer experience solutions company. Financial terms were not disclosed.
"Becoming a part of Apexon brings in new opportunities to do more for our clients, to provide end to end solutions beyond digital commerce. This acquisition will also bring access to Apexon clients in the areas of digital commerce and customer experience along with the ability to expand further in the North America," Abhijit Mehta, Adapty Founder and CEO.
Tiger Global and Coatue led a $250m Series C roundin Bitso, with participation from Paradigm, BOND, Valor Capital Group, QED, Pantera Capital and Kaszek.
"We are excited about Bitso because it is the first fully scaled compliance solution that enables consumers across Latin America to access the crypto economy. We believe access to this financial product has the potential to be game changing in Latin America and we look forward to supporting the Bitso team on its mission to expand crypto access to all," Michael Gilroy, Coatue General Partner.
Fox, a media producer and distributor, agreed to acquire Outkick Media, an omnichannel marketing company, from Savage Ventures, a private equity firm. Financial terms were not disclosed.
"As FOX further diversifies our growing digital portfolio and broadens our position in the sports wagering ecosystem, there could be no better acquisition than Outkick. Clay and his team have quickly made Outkick a content powerhouse with a very large, loyal and engaged audience. We expect the synergies presented across FOX's existing portfolio of assets will turbocharge this exciting business," Lachlan Murdoch, Fox Corporation CEO and Chairman.
MasTec, an infrastructure construction company, completed the acquisition of INTREN, an electrical distribution network services provider, for $420m.
"We are very excited to add INTREN to the MasTec family and substantially expand our reach in the electric utility distribution business. We believe that changes in electrical distribution needs, led by grid modernizations and hardening, coupled with the transition towards increased electric vehicle usage, will have an enormous impact on the last mile distribution of electricity. The acquisition of INTREN represents a major expansion of MasTec' s operations at the forefront of that high-growth market," Jose Mas, MasTec President and CEO.
Connect America, a provider of connected health solutions, agreed to acquire the aging and caregiving business of Philips, a Dutch multinational conglomerate corporation. Financial terms were not disclosed.
"Connect America and Philips ACG's shared commitment to supporting the aging journey for our subscribers and caregivers, as well as our highly complementary offerings make this acquisition a very exciting opportunity to expand our impact and better serve our subscribers," Janet Dillione, Connect America CEO.
RV Retailer, a recreational vehicle retail company, completed the acquisition of Marlin Ingram RV, an RV dealer in Montgomery, Alabama. Financial terms were not disclosed.
"These stores will be part of our Eastern Region under the leadership of Don Strollo, President of the Eastern Region. We welcome the Marlin Ingram RV team to RV Retailer and our family of stores," John Rizzo, RVR Executive Vice President and CFO.
The Carlyle Group agreed to invest $300m in Four Springs Capital Trust, a REIT focused on acquiring, owning, and actively managing a portfolio of single-tenant, income-producing properties throughout the United States.
"We are pleased to work with Carlyle, which is providing not just the capital we need to grow our business but also expertise across a range of sectors from which we look forward to benefiting as we identify new investment opportunities," William Dioguardi, Four Springs CEO and Chairman.
Five Arrows-backed The Stepping Stones Group, a premier, national provider of therapeutic, behavioral, autism, nursing and educational services to children in school, home and community settings, agreed to acquire The Futures Health Group, a Massachusetts-based therapeutic and behavioral company serving schools. Financial terms were not disclosed.
"We are thrilled to join The Stepping Stones Group family and believe by joining a reputable, industry leader, we enhance our capabilities for future success. Their national presence, recruiting expertise, support services and commitment to excellence made them the right partner for us," Erin Edwards, Futures Founder and President.
Berkshire Hathaway-backed Summit Homes completed the acquisition of Berkeley Building Co, a residential home builder and developer in Boise, Idaho metro area. Financial terms were not disclosed.
"We are thrilled to expand into the Boise market and welcome Berkeley to the Summit family. It was clear that both companies share very similar core values and cultural alignment. We are both focused on providing a high-level of customer experience to our new home buyers," Fred Delibero, Summit Homes CEO.
Involta, an IT service provider and consulting firm, completed the acquisition of SecureData 365 assets in Canton, Ohio from SecureData 365, a data center operator. Financial terms were not disclosed.
"Involta and SecureData 365 are very much aligned on values. We're committed to leading with superior infrastructure and services, operational excellence, and people who deliver. Together, we'll continue to focus on people, process, and technology to meet our customers' needs. We're excited to welcome SecureData 365 customers and staff to the Involta team, and we're looking forward to innovating and navigating today's complex landscape together," Bruce Lehrman, Involta Founder and CEO.
HCSC, the largest customer-owned health insurer in the US, led a $280m Series F round in Collective Health, a health technology company, with participation from DFJ Growth, Founders Fund, G Squared, Maverick Ventures, NEA, PFM Health Sciences, SoftBank Vision Fund 1 and Sun Life.
The investment will be used to scale Collective Health's seamless healthcare experience, empowering more people to live healthier lives through intuitive technology and personalized guidance.
General Atlantic led a $110m Series D round in Vida Health, a virtual care platform, with participation from Centene, AXA Venture Partners, Ardea Capital Partners, Ally Bridge Group, AME Cloud Ventures, Aspect Ventures, Canvas Ventures, Guidewell, NGP Capital and Workday Ventures.
"Our mission is vast but simple: transform the lives of millions of people suffering from chronic mental and physical conditions. This new capital accelerates us toward our goal of impacting the lives of 100m people globally through reversing the symptoms and costs of chronic disease. We're thrilled to add marquee healthcare investors to help us scale our company and continue to develop the most efficient and innovative care solutions in the market," Stephanie Tilenius, Vida Health Founder and CEO.
Hellman & Friedman seeks a deal to acquire At Home Group. (FS)
Hellman & Friedman, a private equity firm, is nearing a deal to buy At Home Group in a move that would take the home-decor retailer private, WSJreported.
A deal, which would value At Home Group in the mid-$30s a share, could be inked this week, assuming the two sides reach a final agreement. At Home shares were trading at $31.15 Wednesday afternoon, giving the Plano, Texas, company a market value of around $2bn.
Audax raised $1.85bn for a new debt fund. (FS)
Audax Private Debt, the debt financing unit of multistrategy investment firm Audax Group, closed on $1.85bn for its fifth mezzanine fund to target private-equity-backed midmarket businesses, WSJ reported.
Commitments to Audax Mezzanine Fund V exceeded the firm's fundraising target of $1.5bn. New York-based Audax Private Debt invests in private-equity backed mid-market companies through a variety of strategies, including first- and second-lien and junior debt as well as equity co-investments.
North Sky Capital targets $350m for the fourth infrastructure fund. (FS)
North Sky Capital, a mid-market investment firm, targets $350m for its fourth sustainable infrastructure fund, WSJ reported.
Wayzata, Minn.-based North Sky, which traces its roots to Piper Jaffray Private Capital, manages money across two private investment strategies, one focused on sustainable infrastructure and the other on secondary investments in impact assets. It raised $220m for its fifth impact secondary fund in September 2019.
Jazz Pharmaceuticals, a global biopharmaceutical company, completed the acquisition of GW Pharmaceuticals, a British pharmaceutical company known for its multiple sclerosis treatment product nabiximols, for $7.2bn.
"Over the last two decades, GW has built an unparalleled global leadership position in cannabinoid science, including the successful launch of Epidiolex, a breakthrough product within the field of epilepsy, and a diverse and robust neuroscience pipeline. We believe that Jazz is an ideal growth partner that is committed to supporting our commercial efforts, as well as ongoing clinical and research programs," Justin Gover, GW Pharmaceuticals CEO.
GW Pharmaceuticals was advised by Centerview Partners, Goldman Sachs, Cravath Swaine & Moore, Slaughter & May and FTI Consulting. Financial advisors were advised by Skadden Arps Slate Meagher & Flom. Jazz Pharmaceuticals was advised by Bank of America, Evercore, Guggenheim Partners, JP Morgan, Arthur Cox, Macfarlanes, Wachtell Lipton Rosen & Katz and Joele Frank. Financial advisors were advised by Sullivan & Cromwell.
KPS Capital Partners, an American investment company, agreed to acquire a 75% stake in Metra, a global manufacturer of extruded aluminum. Financial terms were not disclosed.
"The entire Metra team is thrilled to partner with KPS as the Company enters this next phase of growth. KPS has a demonstrated track record of investing in the metals industry and exhibiting the ability to create significant value in the sector. KPS' global reach, commitment to manufacturing excellence and the health and safety of all Metra employees combined with its significant financial resources will enable our company to realize significant growth, while maintaining our focus on quality and customer service," Enrico Zampedri, Metra CEO.
Metra is advised by Ernst & Young, Lazard and Allen & Overy. KPS is advised by Intesa SanPaolo and Paul Weiss Rifkind Wharton & Garrison.
Beeline, a workforce platform, completed the acquisition of JoinedUp, a cloud-based software provider. Financial terms were not disclosed.
"High-volume, shift-based work is about one thing- fulfilling open shifts. JoinedUp allows us to offer an elegant and efficient solution that benefits both the client's site personnel as well as the staffing firms responsible for servicing this highly dynamic environment. We now provide the head office with compliance and visibility and field operations with scheduling, time & attendance, and complex rate calculations. JoinedUp has built an incredible team and a proven product. We look forward to introducing these integrated solutions to our clients," Doug Leeby, Beeline CEO.
Beeline was advised by Shoosmiths and ClearEdge Marketing. JoinedUp was advised by Icon Corporate Finance, Osborne Clarke and RSM International.
TripActions, a US headquartered business travel and spend management platform, agreed to acquire Reed & Mackay, a corporate travel management and events business, from Inflexion, a private equity firm. Financial terms were not disclosed.
"Inflexion were a tremendous partner, with their experience in international growth organically and acquisitively a real boost to our development. Their unwavering support as business stalled in 2020 was crucial; they helped us manage the business in very difficult circumstances and kept us looking ahead so that we are well placed for the return of travel. We look forward to our next phase of growth with TripActions," Fred Stratford, Reed & Mackay CEO.
DEKRA, a global network of laboratories for electromagnetic compatibility and radio frequency testing, completed the acquisition of CMC, a testing and certification company. Financial terms were not disclosed.
"CMC significantly strengthens DEKRA's global laboratory network for regulatory testing services for all key markets and rounds off DEKRA's range of services Italy, one of the largest industrial markets in Europe. We see lot of important areas of synergy in light of CMC's state-of-the-art facilities, its experienced team, and its customer base in the automotive, medical, rail, maritime, consumer, and professional and household electronics markets – sectors in which DEKRA has a wide range of additional services to offer, such as cybersecurity, wireless, and global market access," Fernando E. Hardasmal, DEKRA Service Division Product Testing Executive Vice President.
Adidas starts a Reebok auction.
Adidas, a sporting goods maker, launched the sale of its Reebok brand in an auction which risks being affected by a political row over possible forced labor in China's western Xinjiang region, Reuters reported.
Adidas bought the fitness label for $3.8bn in 2006 to help compete with arch-rival Nike, but its sluggish performance led to repeated calls from investors to dispose of the brand, which is now expected to fetch only around $1.2bn.
Park Square Capital raises €2.2bn for the fourth subordinated debt fund. (FS)
Park Square Capital held the final closing of its fourth subordinated debt fund, resulting in total investable capital of $2.64bn. Park Square Capital Partners IV and related vehicles raised $2.16bn of equity commitments, exceeding its target of $1.8bn. Including committed leverage, the strategy's total investable capital is $2.64bn. This represents an increase of 48% over its predecessor fund, PSCP III, which had $1.8bn of investable capital.
"The fundraising success reflects the continued development of the firm and the strong performance of the strategy through multiple credit cycles. We are excited by the robust pipeline of opportunities available to private credit as the world recovers from the Covid crisis," Robin Doumar, Park Square Managing Partner.
L Catterton, the largest global consumer-focused private equity firm, agreed to invest in Social Bella International, a beauty and personal care e-commerce player in Indonesia. Financial terms were not disclosed.
"The beauty and personal care category continues to see increasing penetration around the region with innovative players like Sociolla providing consumers with greater options, premium products, and improved accessibility both online and offline," Yock Siong Tee, L Catterton Principal.
Avetta, a provider of supply chain risk management software, agreed to acquire Pegasus, a provider of worker competency management software and services, from Accel-KKR. Financial terms were not disclosed.
The combination will help accelerate Avetta's global growth strategy and is expected to create the largest provider of supply chain risk management and compliance solutions, with nearly 170k suppliers and 4m managed workers.
Avetta is advised by SnappConner PR.
Singapore Press Holdings to hive off media business.
Reuters reported that Singapore Press Holdings, which publishes the city-state's main newspaper, is set to transfer its media business to a not-for-profit company as the unit struggles with falling advertising revenue and losses.
SPH said the separation would allow the eventual not-for-profit media arm, which would include publications such as The Straits Times and Chinese newspaper Lianhe Zaobao, to secure funding from a range of public and private sources.
Mitsui seeks a buyout of $11bn IHH Healthcare. (FS)
Mitsui & Co. is exploring a deal to take Malaysian hospital group IHH Healthcare private, Bloomberg reported. IHH, which is listed on the stock exchanges of Malaysia and Singapore, has a market value of $12bn.
Some private equity firms have approached the Japanese trading house to team up on the potential transaction to buy out IHH's other shareholders. Mitsui has reached out to Khazanah Nasional, IHH's second-largest shareholder, to pick up its stake.
Gong considers raising new funds at above $7bn value. (FS)
Gong.io, a startup that develops software used by sales teams, is in talks to raise financing that could value it at more than $7bn, Bloombergreported.
The new round of funding will be led by Franklin Templeton. If successful, it would more than triple the startup's valuation from the $2.2bn that it achieved in a $200m round last year.
Gong's software, which helps companies organize customer data, uses artificial intelligence to improve sales and reduce customer churn. Its existing investors include Coatue Management, Battery Ventures, Sequoia Capital, Index Ventures, and Salesforce Ventures.
KKR-backed Pepper Money expands Australia's biggest IPO of 2021. (FS)
Pepper Money, an Australian non-bank lender, increased the size of its IPO, making the country's biggest offering so far this year even larger.
Citing strong demand, the KKR & Co-backed business upsized its IPO by $39m for a total of $387m, Bloomberg reported. Existing investors such as KKR and management will own nearly 61% of the company following the offer, the terms showed.
Monde Nissin eyes $1bn for Philippine IPO.
Monde Nissin has set a final price of $0.28 per share for its IPO, putting the Philippine food maker on track to raise $1bn in the nation's biggest ever first-time share sale.
The producer of the Southeast Asian country's best-selling instant noodle brand Lucky Me! is selling 3.6bn shares at that price, it said in a letter to the local stock exchange on Thursday. That's lower than the $0.36 maximum price indicated in its IPO filing.
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