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AMERICAS
Twitter dismissed Elon Musk's claims in a Delaware court filing that he was hoodwinked into signing the deal to buy the social media company, saying that it was "implausible and contrary to fact," Reuters reported.
In the counterclaims made public, Musk accuses Twitter of stepping up efforts to conceal the true number of its users, as the market plummeted.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery and Skadden Arps Slate Meagher & Flom. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providers are advised by Davis Polk & Wardwell.
Rogers Communications said Canada's competition commissioner has a "statutory obligation" to expedite the hearing into the company's proposed acquisition of Shaw Communications, Reuters reported.
The antitrust authority requested at least a six-week extension to the merger proceedings to examine whether the sale of Freedom Mobile will uphold competition in Canada's telecom market. The tribunal will hear the arguments on extending the hearing timeline this week from all the concerned parties.
Shaw Communications is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Osler Hoskin & Harcourt. Rogers Communications is advised by Bank of America, Barclays, Cravath Swaine & Moore, Goodmans and Torys. Financial advisors are advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault.
Pender-backed D-Wave, a Canadian quantum computing company, went public via merger with DPCM Capital, a SPAC, in a $1.2bn deal. Investors in PIPE included PSP Investments, Goldman Sachs Asset Management, NEC, Yorkville Advisors and Aegis Group Partners.
"We are pleased to complete our Business Combination with D-Wave, a market-leading company that we expect to remain at the forefront of commercializing the quantum computing market. Today D-Wave is the only commercial quantum computing company in the world, and the only quantum computing company that is building both annealing and gate-model quantum computers. As a result, we believe the company will be able to unlock a significant portion of the multi-billion dollar quantum computing total addressable market. We have confidence that D-Wave will deliver long-term value to stockholders and look forward to continuing to support them in the years ahead," Emil Michael, DPCM Capital CEO.
D-Wave was advised by Morgan Stanley, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, LaunchSquad and Longview Communications. DPCM Capital was advised by Citigroup, Morgan Stanley, UBS, Greenberg Traurig, Stikeman Elliott and Hiltzik Strategies.
American Campus Communities' stockholders approved the acquisition of the real estate investment trust company by Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform.
The transaction is expected to close on or about August 9, 2022.
American Campus Communities is advised by Bank of America, KeyBanc Capital Markets, Dentons and Joele Frank. BREIT is advised by Citigroup, JP Morgan, TSB Capital, Wells Fargo Securities and Simpson Thacher & Bartlett.
QinetiQ US, a defense company, agreed to acquire Avantus Federal, a provider of mission-focused cyber, data analytics, and software development solutions, from NewSpring Capital, a private equity firm, for $590m.
"We believe that the combination of QinetiQ US and Avantus will create a unique business in the US and globally with a powerful performance culture and scaled technical differentiation. This acquisition is a transformational platform that delivers on our growth strategy of building a disruptive mid-tier defense and intelligence company," Shawn N. Purvis, QinetiQ US President and CEO.
Avantus is advised by Baker Tilly, Guggenheim Partners, Blank Rome and Kirkland & Ellis. QinetiQ is advised by Citizens M&A, Gleacher Shacklock, Baker McKenzie and Citigate Dewe Rogerson.
Siemens, a technology company focused on industry, infrastructure, transport, and healthcare, completed the acquisition of Brightly Software, a software-as-a-service provider of cloud-based enterprise asset management and facility operations management, from Clearlake Capital, a private equity firm, for $1.9bn.
"Today marks an exciting milestone in Brightly's history as we join Siemens. With digital transformation and ESG mandates on the rise, our global community is at a crossroads – one that requires intelligent software solutions to transform the performance of infrastructure assets. Together with Siemens, we're well positioned to help our clients across the world build a future where efficient operations and smart assets power sustainable communities," Kevin Kemmerer, Brightly Software CEO.
Brightly Software was advised by SVB Leerink, William Blair & Co, Sidley Austin and PAN Communications. Clearlake Capital is advised by Lambert & Co.
Bridger Aerospace, an aerospace company, agreed to go public via a SPAC merger with Jack Creek Investment, a special purposes acquisition vehicle, in an $869m deal.
"Our priority for this transaction was to identify a company with exceptional leadership and operational expertise to take public and with which we could develop a true partnership. As a private company, Bridger has attracted the support of leading institutional investors and counts as equity holders some of the leading financial institutions and asset managers in the world. With its strong recurring revenue model, experienced management team and industry-leading aircraft fleet, the company is well-positioned to grow and create significant and sustained value for investors and all stakeholders as it works to meet critical environmental and community needs," Jeffrey Kelter, Jack Creek Chairman.
Bridger Aerospace is advised by Sidley Austin. Jack Creek is advised by Weil Gotshal and Manges, Abernathy MacGregor Group and KSH Capital.
Warburg Pincus, a growth investor, agreed to invest $250m in Montana Renewable, a renewable fuel company.
"Today's announcement of increased capitalisation further solidifies MRL's go-forward business plan to increase capacity in 2024-25 to an estimated 18,000 barrels per day, including the optionality to convert a large portion of the plant's production from RD to SAF," Bruce Fleming, Montana Renewables and Corporate Development EVP.
Montana Renewable is advised by Gibson Dunn & Crutcher. Warburg Pincus is advised by Arnold & Porter Kaye Scholer, Cleary Gottlieb Steen & Hamilton and Jackson Lewis.
Crunchyroll, a subscription video on-demand over-the-top streaming service, completed the acquisition of Right Stuf, a consumer source for anime pop culture merchandise online, from Sony Pictures, a diversified multinational mass media and entertainment studio conglomerate. Financial terms were not disclosed.
"For years, Right Stuf has been an important part of anime fandom with products, services and a shopping experience that super-serves anime collectors. We are excited to bring Crunchyroll and Right Stuf together and offer fans even more of what they love as one company," Rahul Purini, Crunchyroll President.
Right Stuf was advised by Hennepin Partners and Lathrop GPM. Crunchyroll was advised by Sheppard Mullin Richter & Hampton
Meta Platforms, the parent of Facebook which is making a big play for virtual reality, agreed to delay closing its $400m deal for Within Unlimited, maker of the popular fitness app "Supernatural", Reuters reported.
Meta agreed not to close until 11:59 p.m. on December 31 or until the first business day after the judge decides whether the case may go forward.
Within is advised by Cooley. Meta is advised by Latham & Watkins.
OMERS Private Equity, a private equity firm, agreed to acquire Pueblo Mechanical & Controls, a mechanical services provider, from Huron Capital, a private equity firm. Financial terms were not disclosed.
"Pueblo is a world-class platform focused on delivering the highest-quality execution and customer service in a market poised for further growth. As long-term investors, we are excited to partner with CEO Dan Bueschel and the talented Pueblo team to accelerate growth through strategic M&A and by pulling all levers to increase organic growth," Eric Haley, OMERS Senior Managing Director.
OMERS is advised by Solomon Partners and Weil Gotshal and Manges.
Insigneo Financial Group, a Miami-based independent broker-dealer, completed the acquisition of Citi International Financial Services and Citi Asesores, the Puerto Rico and Uruguay units of Citigroup. Financial terms were not disclosed.
"This acquisition is truly transformational for Insigneo as it adds significant scale to our business and expands the reach of our platform, while enhancing our product offering by providing access to Citi's banking solutions," Raul Henriquez, Insigneo Chairman and CEO.
Insigneo was advised by Newlink Group. Citigroup was advised by Skadden Arps Slate Meagher & Flom.
JX Nippon Mining & Metals, a supplier of consumable electronic materials, completed the acquisition of eCycle Solutions, an IT recycling firm, from Horizon Recycling, a waste management services provider. Financial terms were not disclosed.
The transaction will enable JX to collect and process more recyclable materials, in support of its sustainable global economic development mission. The acquisition will also help to ensure procurement of recycled materials in North America over the long-term for JX, and allows JX to support the circular economy and strengthen relationships with manufacturers of electronic devices in utilizing recycled materials.
JX Nippon Mining is advised by DC Advisory.
Amazon, a multinational technology company, agreed to acquire iRobot, a consumer robot company, for $1.7bn.
"We know that saving time matters, and chores take precious time that can be better spent doing something that customers love. Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive—from cleaning when and where customers want while avoiding common obstacles in the home, to automatically emptying the collection bin. Customers love iRobot products—and I'm excited to work with the iRobot team to invent in ways that make customers' lives easier and more enjoyable," Dave Limp, Amazon Devices SVP.
Ascent Resources, a producer of natural gas, completed the acquisition of the Utica Shale assets of ExxonMobil-backed XTO Energy, an energy company, for $270m.
"We are excited to announce these strategic transactions as they highlight both our operational and financial execution. Through the acquisition we have added high quality acreage and production in the core of the Utica Shale at an attractive valuation, while also picking up prospective locations in the Marcellus. This transaction is immediately accretive to our financial metrics and returns while adding high-quality undeveloped inventory to our portfolio. The extension and increase of our credit facility provides the business with additional access to capital to execute on our long-term returns based strategy," Jeff Fisher, Ascent Chairman and CEO.
Pfizer in advanced talks to buy Global Blood Therapeutics for $5bn.
Pfizer is in advanced talks to buy drugmaker Global Blood Therapeutics for about $5bn. Pfizer is aiming to seal a deal in the coming days, but other suitors are still in the mix.
Pfizer is aiming to seal a deal for GBT in the coming days. The situation is still fluid, and other suitors are still in the mix.
Buying the company would add to Pfizer's presence in rare diseases, furnishing a drug already on sale for the treatment of sickle-cell disease as well as two in development that have produced positive results in preliminary studies, Reuters reported.
Total and RWE explore a $3bn option in Consolidated Edison's green unit. (FS)
Energy company Consolidated Edison's sale of its renewable energy assets is attracting interest from European energy giants TotalEnergies and RWE.
Investment firm Global Infrastructure Partners is also among suitors that have been considering a potential acquisition of the portfolio. Potential buyers have been weighing offers of more than $3bn.
The company announced in February it was exploring strategic alternatives for the clean-power business. It's working with Barclays on the potential sale, Bloomberg reported.
Siguler Guff closes its fifth buyout opportunities fund at $1.97bn. (FS)
Siguler Guff, a private equity firm, announced that it has completed fundraising for Small Buyout Opportunities Fund V. Fund V was oversubscribed after five months of fundraising, exceeding its $1.65bn target and closing above its hard cap on $1.97bn. The fund's re-up rate was 95%, representing a significant vote of confidence from existing investors, and is the largest small business buyout fund in Siguler Guff's history.
Through direct investments and by partnering with specialist private equity sponsors, Fund V, as has been the case in its previous four funds, will focus on investing in a diverse set of small and lower middle market companies, typically with less than $200m in annual revenues, less than $20m of annual EBITDA, and consistently high profit margins.
"We are pleased to have closed our fifth small business buyout fund, our largest ever, and gratified to have received such strong support from our limited partners for this exciting investment strategy that has created tremendous value for all stakeholders," Kevin Kester, Siguler Guff Managing Director.
Top Tier Capital Partners raises $925m in fresh funds. (FS)
Top Tier Capital Partners, a private equity firm, announced it has closed on $925m in new capital commitments for Top Tier Venture Velocity Fund 4, as well as a collection of separate accounts, one of which focuses on late-stage climate tech co-investments.
The closes follow a highly active 2021, where TTCP saw 89 IPOs across the firm's entire investment portfolio. As one of the longer-historied asset managers in the space, TTCP has longstanding relationships with some of the most sought-after venture fund managers in the world.
"We're humbled by the opportunity to continue to invest in the Velocity strategy, and proud of the franchise we've built. Despite the difficult environment, we are excited about having closed a new fund and we believe that our Venture Velocity strategy is still an attractive place for Top Tier to invest for the long and short-term," Garth Timoll, Top Tier Capital Managing Director.
ACON Investments closes approximately $700m continuation fund for New Era Cap. (FS)
ACON Investments, a private equity investment firm, announced the closing of ACON Strategic Partners II, a new single-asset continuation fund of approximately $700m.
The continuation fund, managed by ACON, will be supported by both new and continuing limited partners of ACON. New investors are led by Apollo, GCM Grosvenor, Hamilton Lane and Neuberger Berman, on behalf of their respective managed funds. ACON Investments and ACON Equity Partners IV continue to maintain significant stakes in the company.
ACON is advised by Evercore, Jefferies, Winston & Strawn, Truist Securities and Bryan Cave Leighton Paisner.
Bow River Capital raises $590m for third private equity fund. (FS)
Bow River Capital, a Denver-based alternative asset manager, has closed its third private equity fund, Bow River Private Equity Fund III, at $590m.
The fund was oversubscribed, exceeding its target of $500m. Fund III benefitted from strong support from both existing and new investors.
"We are pleased by our limited partners' support of Fund III and are excited to work with such a highly respected group of investors. Access to alternative asset investing is more readily available than ever and we are fortunate to have the trust of our limited partners," Greg Hiatrides, Bow River Capital Managing Director.
Bow River Capital is advised by Perkins Coie.
EMEA
Flutter, a bookmaking business, completed the acquisition of Sisal Group, an online gaming operator, from CVC Capital Partners, a private equity firm, for $2.2bn.
"Over the last five years, thanks to CVC's support, we have successfully transformed Sisal into a leading digital and international gaming company. We are delighted to join Flutter and are convinced that through its scale and operational capabilities, we will be able to further strengthen our leadership in the markets we operate in. I look forward to working with Peter and the team on the next chapter of Sisal history," Francesco Durante, Sisal CEO.
Sisal Group was advised by JP Morgan. Flutter was advised by Barclays, Arthur Cox, Chiomenti, Simpson Thacher & Bartlett, Drury Porter Novelli and Finsbury Glover Hering. CVC Capital was advised by Brunswick Group.
Montagu, a private equity firm, agreed to acquire Lloyd's List Intelligence, a provider of maritime data and intelligence, from Informa, a publishing, business intelligence, and exhibitions group, for $458m.
" Maritime Intelligence is a unique business with a historic legacy and reputation hard-won over hundreds of years. It is complementary to our portfolio of data and analytics investee companies with strong current growth and revenue acceleration potential. We are pleased to welcome the business to the Montagu family," Edward Shuckburgh, Montagu Director.
Informa is advised by Centerview Partners and Teneo.
EDF is considering a $6.14bn sale of Edison.
French power company EDF which is due to be nationalized, is considering a sale of Italian energy group Edison.
The sale of Edison, Italy's second-biggest wind player which MF said could be worth around $6.14bn, would help the French group cut debt and help it fund massive investments to fix reactors and build new nuclear reactors, Reuters reported.
A host of investors explore $2bn strategic options in Nature Energy. (FS)
The sale of green energy producer Nature Energy is attracting initial interest from energy majors including BP and Shell.
BlackRock, Global Infrastructure Partners and EQT are also considering potential offers for the Danish company amid surging demand for alternative fuel sources. French utility Engie and private equity firm KKR have separately been studying the business.
Nature Energy could be valued at $2bn or more in a sale, with first round bids expected in the coming week. Deliberations are ongoing and there's no certainty any of the suitors will decide to proceed with offers. Nature Energy may also decide not to sell if its valuation expectations aren't met, Bloomberg reported.
Pendragon ends buyout talks.
Car dealer Pendragon said talks over a potential takeover of the company were terminated after an unnamed bidder withdrew its interest, as one of the company's five major shareholders would not participate.
Hedin Group, Pendragon's largest shareholder, tabled an offer to buy the company which was later rejected. Four of the company's shareholders strongly supported the bid after the board believed that the proposal merited engagement, Reuters reported.
Euro Group picks banks for IPO.
Euro Group, a motor parts maker, has mandated banks for a planned initial public offering in Milan. Euro Group is eyeing a listing next year.
The planned listing comes amid a lull in IPO activity across Europe, with market turmoil fueled by inflation, hawkish central banks and growing recession fears weighing on investor appetite for deals.
The Italy-based company has picked Rothschild & Co, JP Morgan, BNP Paribas, UniCredit and Intesa Sanpaolo as global coordinators, Bloomberg reported.
APAC
Fairfax, a financial holding company, the Washington Family, Ocean Network Express, a container transportation and shipping company, and David Sokol to acquire the remaining 32% stake in Atlas, a global asset management company, for $1.2bn.
"The Consortium believes the proposed transaction will provide Atlas's common shareholders with immediate liquidity and certainty of value at a significant premium to the current share price, while allowing Atlas to focus on the long term without the emphasis on short-term results and providing Atlas with an ideal strategic partner to support its future growth," David L. Sokol, Atlas Chairman.
Sanofi, a global healthcare company, agreed to invest €300m($308m) in Innovent Biologics, a biopharmaceutical company.
"This strategic collaboration with Innovent will not only accelerate the development, market access and future commercialization of two of our key oncology medicines in selected combinations with sintilimab, but also bolster our overall presence in oncology in China. We look forward to a successful partnership with Innovent, one of the most innovative companies in China, and to leveraging their development capabilities and market leadership in the country," John Reed, Sanofi Global Head of Research and Development.
Apollo, an alternative asset manager, and Belstar, an investment management firm, agreed to form a joint venture. Financial terms were not disclosed.
"We have been exploring the market opportunity in Korea with a heightened degree of interest for several years, and are delighted to partner with Belstar to address the market need for alternative forms of liquidity and credit in Korea. We are optimistic this joint venture will serve as a starting point for Apollo's long-term presence in Korea," Matt Michelini, Apollo Partner and Head of Asia Pacific.
AIA is in talks to buy the $1.3bn Shanghai Tower.
Insurance giant AIA Group is in talks to purchase an office at a prime location in Shanghai as it expands business in China.
The Hong Kong-based insurer is considering buying SIIC Center, a multi-function project under construction near Shanghai's North Bund area. Shanghai Industrial Development, the state-owned developer that owns the tower, expects that the site could be valued at as much as $1.3bn, Bloomberg reported.
DLF weighs to bid for New Delhi mall from $366m.
India's biggest real estate developer DLF is evaluating a bid for a prominent New Delhi shopping mall which has a starting auction price of $366m, DealStreetAsia reported.
DLF will review data related to the mall's occupancy status and contractual obligations and then consider whether to bid for it or not.
Baring Asia weighs the sale of Bushu Pharmaceuticals. (FS)
Baring Private Equity Asia, the buyout fund merging with Swedish investment firm EQT, is considering a sale of Japanese drug contract manufacturer Bushu Pharmaceuticals.
BPEA is working with a financial adviser as it prepares to launch a formal sale process as early as next month. A transaction may value Bushu at upwards of $752m.
A sale of Bushu could draw interest from other contract manufacturers, as well as investment funds. Considerations are preliminary and BPEA could still decide to retain the asset for longer, Bloomberg reported.
Stonebridge in talks to acquire Body Friend from VIG Partners. (FS)
VIG Partners is close to exiting its six-year investment in Body Friend in a secondary deal after it opted to dispose of its shares in the massage chair maker via a sale instead of a listing. VIG Partners has named Stonebridge Capital as the preferred buyer for Body Friend. The two sides will have further negotiations over the next few weeks, with a deal expected to be signed before the end of this year.
Body Friend restarted preparations for an IPO in 2020, with NH Investment & Securities joining a group of the company's underwriters. But it was hamstrung by an investigation by the competition authority of the company's alleged false advertising, resulting in the postponement of the IPO.
VIG Partners sounded out market interest in Body Friend earlier this year as part of a two-track process that could result in a sale or a listing. It then entered into discussions with Stonebridge Capital, which is said to be optimistic about the company's growth potential in overseas markets.
VIG is advised by Morgan Stanley.
Indian draft law proposes antitrust scrutiny for all M&A deals worth over $250m.
India proposes mandating antitrust scrutiny for mergers and acquisitions valued above $250m, according to a draft law, a move lawyers said appeared aimed at global tech companies with substantial local business.
Under current law, the Competition Commission of India reviews mergers and acquisitions that surpass thresholds for asset size or turnover. New regulations by the CCI will lay out the process to determine whether an entity has substantial business operations in India, according to the draft of the bill, dated August 2. As part of the broader revamp of competition law, the government also proposes reducing the time limit for approving mergers to 150 days from 210 days, DealStreetAsia reported.
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