AMERICAS
JetBlue modified its proposal to acquire Spirit after Frontier raised its bid for Spirit last Friday. JetBlue continues to encourage Spirit shareholders to vote against Frontier's offer, which is due on June 30.
JetBlue increased the overall value of the deal to $34.15 per share, and raised the breakup fee to Spirit by $50m for a total of $400m if the deal fails to get regulatory approval. It will also prepay $2.50 per share as a cash dividend to Spirit stockholders following approval of the transaction.
Spirit Airlines is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. JetBlue is advised by Goldman Sachs and Shearman & Sterling. Debt financing is provided by Bank of America and Goldman Sachs. Frontier Group is advised by Citigroup, Latham & Watkins and Joele Frank. Citigroup is advised by Fried Frank Harris Shriver & Jacobson.
Blue Water Energy-backed Pipeline Technique, a provider of specialist products and services that support effective delivery of fabrication and construction projects worldwide, agreed to acquire the oil and gas division of Stanley Black & Decker, the major international pipeline services and equipment company. Financial terms were not disclosed.
"This deal is a major step forward on our journey of diversification and global growth, and the timing of this acquisition could not be better as the sector undergoes significant change. We will invest in the businesses to deliver rapid growth and help realise our enormous potential," Frederic Castrec, PTL CEO.
Pipeline Technique is advised by Alvarez & Marsal, Hudson Avenue Partners and White & Case. Stanley Black & Decker is advised by PricewaterhouseCoopers, PJT Partners and Latham & Watkins.
Balmoral Funds, a Los Angeles-based private equity fund, completed the acquisition of Trecora Resources, a provider of specialty hydrocarbons and specialty waxes, for $247m.
"We are delighted to announce this transaction with Trecora and are eager to execute on its growth plan. Having followed Trecora for years, we're encouraged by its strong customer relationships and product demand. This is Balmoral's fourth acquisition in the chemicals sector and we are excited to contribute to Trecora's continued success as a private company," David Shainberg, Balmoral Managing Director.
Trecora Resources was advised by Guggenheim Partners, Morgan Lewis & Bockius, Vinson & Elkins and The Equity Group. Balmoral was advised by Piper Sandler and Blank Rome.
Ericsson delayed the closing of its $6.2bn Vonage acquisition to the end of July, from the first half of the year, due to a pending investigation by a US national security panel, Reuters reported.
The deal is currently under review by the Committee on Foreign Investment in the United States. Ericsson said both the companies were working closely with CFIUS and the deal has cleared all other requisite foreign and US regulatory approval requirements.
Vonage is advised by Qatalyst Partners, Weil Gotshal and Manges and Joele Frank. Qatalyst Partners is advised by Cooley. Ericsson is advised by Freshfields Bruckhaus Deringer.
Siemens, a technology company focused on industry, infrastructure, transport, and healthcare, agreed to acquire 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.
"This is a very exciting day for Brightly as it represents an important milestone in the Company's history after going through a strategic transformation over the past few years under Clearlake's guidance. Siemens' acquisition of Brightly represents confidence in our ongoing plans to scale across end-markets and geographies, our ability to accelerate our market leadership position in enterprise asset management, and our goal to help our clients create more sustainable communities. We are proud and grateful to Clearlake of the work we have done together," Kevin Kemmerer, Brightly Software CEO.
Brightly Software is advised by SVB Leerink, William Blair & Co, Sidley Austin and PAN Communications. Clearlake is advised by Lambert & Co.
Earthstone Energy, an energy company, agreed to acquire the northern Delaware Basin asset of Titus, an oil and gas company, for $627m.
"We are very pleased with the execution of our operations in the Northern Delaware Basin assets acquired earlier this year and expect to apply that knowledge to the Titus Acquisition assets after closing. We have continued to build out our high margin asset base, which is generating significant Free Cash Flow to which this acquisition will contribute in a meaningful way," Robert J. Anderson, Earthstone President and CEO.
Earthstone is advised by Haynes and Boone and Jones & Keller. Titus is advised by Jefferies & Company and Bracewell.
Adams Street Partners and Icon Ventures led a $105m funding round in Nomad Health, with participation from HealthQuest Capital, Polaris Partners, .406 Ventures, AlleyCorp and RRE Ventures.
"Nomad Health is truly revolutionizing the healthcare staffing experience. It's critical to bring the company's transformative innovations and platform to more clinicians and more health systems. I cannot imagine a more important cause to champion or a more exciting company to join at this crucial time for healthcare," Maquel Shaw, Nomad Health Chief Marketing Officer.
Nomad Health was advised by SKDK.
UMB Financial, a financial services company, agreed to acquire the health savings account business of Old National Bancorp, a bank holding company. Financial terms were not disclosed.
"Our strategic focus continues to be on growth in the direct-to-employer space. This acquisition provides significant business gain and a strong, experienced team that will complement our organic growth efforts," Phil Mason, UMB Director of Healthcare Services.
UMB is advised by Crossroads.
Siemens, a German multinational conglomerate corporation, and Volkswagen, a German multinational automotive manufacturer, agreed to invest $450m in Electrify America, an electric vehicle DC fast charging station network in the United States.
"Representing one of Siemens' largest investments in electrified transportation, this strategic partnership with Electrify America aims to grow a collaborative ecosystem that propels EV adoption across the United States and Canada. Our unique ability to combine financial and technology know-how helps to fulfill Siemens' commitment to decarbonize key industries, accelerate the shift to sustainable mobility, and do so in a way that's accessible for all," Veronika Bienert, Siemens Financial Services CEO.
Actis, a British private equity firm, agreed to invest $147m in Omega Energia, a Brazilian renewable energy company.
Actis and Omega also entered into an investment commitment, by which the renewable power company may require Actis to invest around $162m in it. The investment would occur by a capital increase, in which Actis will have to subscribe new shares in Omega for up to $3 per share.
carsales, the largest online marketplace in Australia focusing on the automotive, motorcycle, and marine realms, agreed to acquire the remaining 51% stake in Trader Interactive, a provider of online market places and digital marketing products, from investment firms Eurazeo and Goldman Sachs Asset Management. Financial terms were not disclosed.
"The first year of ownership has been very successful and we have strong conviction in the quality of the Trader Interactive business, the management team and its growth opportunities. Culturally, there is strong alignment between the carsales and Trader Interactive teams and we are excited to be working more closely together to execute on our strategic objectives." Cameron McIntyre, carsales Managing Director and CEO.
Lithia & Driveway, an automotive dealership group, completed the acquisition of nine Lehman Auto World stores and two Esserman International stores. Financial terms were not disclosed.
"We are thrilled to welcome these teams to our Lithia & Driveway family. The Lehman family has deep roots in south Florida, serving the community for over 86 years. Under its leadership, the stores have achieved a reputation for earning lifelong customers with their impeccable level of service," Bryan DeBoer, Lithia & Driveway President and CEO.
Bankman-Fried's FTX says no talks to acquire Robinhood
Sam Bankman-Fried's FTX crypto exchange said it is not in talks to acquire Robinhood Markets, after a report on Monday claimed the exchange was exploring such a deal, Reuters reported.
"There are no active M&A conversations with Robinhood," Bankman-Fried said in an emailed statement."We are excited about Robinhood's business prospects and potential ways we could partner with them."
Ivanhoe Electric raises $169m in biggest US IPO of the month. (FS)
Ivanhoe Electric priced its initial public offering at the bottom of a marketed range to raise $169m in what is still the biggest US IPO since May, Bloomberg reported.
The mining company said in a statement Monday that sold almost 14.4m shares for $11.75 apiece after marketing them for as much as $12.50. At the IPO price, the company has a market value of $1.1bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
Mining firms poised to lead capital raisings in Canada, TSX CEO says.
Mining companies seeking to accelerate exploration of scarce critical minerals are set to lead capital raisings in Canada this year, Reuters reported.
A big source of capital for the critical minerals sector this year is coming from large corporations like BHP and Rio Tinto, which are throwing their weight behind junior miners to help expedite exploration projects.
EMEA
Ardian, a private investment house, agreed to invest in SERMA Group, an independent European provider of consulting and services specializing in electronic technologies, embedded systems and information systems. Financial terms were not disclosed.
"After several years investing in SERMA Group, we have built a relationship of great trust with the company and its management team, who we have known for 12 years. It is with real enthusiasm that we are re-engaging with this experienced team to accelerate the group's growth strategy. The company is particularly well positioned to benefit from key megatrends, notably linked to the digitalization of the economy. Our objective is to continue to support SERMA's external growth and to increase its market share internationally through its significant innovation capabilities," Arnaud Dufer, Ardian Managing Director.
SERMA is advised by Apollo Avocats and Chepeau Lumeau & Associés. Ardian is advised by Ernst & Young, PricewaterhouseCoopers, Boston Consulting Group, Finaxy, McDermott Will & Emery, Headland Consultancy and NetSystem. Chequers Capital is advised by Hogan Lovells.
Aviat Networks, a wireless transport solutions, agreed to acquire the remaining stake in Ceragon Networks, a networking equipment vendor, for $223m.
"Our Board of Directors has spent considerable time analyzing the benefits of this combination and is unanimous in its belief that such a transaction has clear strategic and financial merits and creates a compelling opportunity to deliver meaningful near- and long-term value," John Mutch, Aviat Chairman.
Aviat is advised by Meitar Law Offices, Vinson & Elkins, Abernathy MacGregor Group and Okapi Partners.
Ara Partners, a private equity firm, completed the acquistion of Petainer, a producer of sustainability-focused beverage packaging solutions. Financial terms were not disclosed.
"Petainer is a compelling addition to Ara's portfolio of companies working to decarbonize the packaging industry through technical innovation and best practices. From its product leadership in the refPet and rPet markets, to the certified carbon neutral manufacturing at its Lidköpking factory in Sweden, the Company has consistently achieved success in decarbonizing both its products and its own operations. We look forward to working with Hugh and his team and supporting Petainer in its future growth," Christopher Picotte, Ara Partner.
Ara was advised by Gasthalter & Co.
Triton Partners, an investment firm, agreed to invest in Esperi Care, a residential care provider in Finland. Financial terms were not disclosed.
"We look forward to actively supporting Esperi Care's management and employees in developing the company. Our strong Nordic healthcare expertise, gained through investments in Aleris, Ambea and Mehiläinen, and further strengthened by our senior industry experts, will contribute in taking the company to the next level," Peder Prahl, Triton Partners Managing Partner and CEO.
Esperi Care is advised by SEB Corporate Finance.
Equinor, a petroleum refining company, and SSE, a multinational energy company headquartered in Perth, Scotland, agreed to acquire Triton Power, a private power generating company based in the UK, from Energy Capital Partners, an energy-transition infrastructure investor, for $418m.
The acquisition of Triton Power strengthens Equinor and SSE Thermal's portfolio of low carbon solutions in the UK. This already includes plans for hydrogen power plants, hydrogen storage and CCGTs with carbon capture and storage in Keadby and Peterhead, Scotland.
Arcelik, a Turkish multinational household appliances manufacturer, agreed to acquire the Russian unit of Whirlpool, an American multinational manufacturer and marketer of home appliances, for $233m.
The sale includes the company's manufacturing site in Lipetsk and the sales organization in Moscow, as well as sales operations in Kazakhstan and certain other countries. The appliance maker expects to record a loss of $300m to $400m in the second quarter in connection with the deal.
Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of Erimus Group, an established retail insurance broker with a strong presence in the North East of England. Financial terms were not disclosed.
"We are delighted to welcome the Erimus team to Gallagher. This business is a great fit with our UK retail operations and provides us with a fantastic opportunity to expand our regional presence in England. We look forward to working with Paul and his colleagues to expand their service offerings," J. Patrick Gallagher, Jr., Chairman, President and CEO.
Deepki, an ESG data intelligence platform for the real estate sector, agreed to acquire Fabriq, an IoT platform for energy, resource and smart building data. Financial terms were not disclosed.
"Fabriq is a strong brand and has an excellent reputation in the sector. Its existing technology is complementary to Deepki Ready and, combined with our advisory services, this makes it an exciting partner as we build the business globally. There is a huge opportunity for us to help real estate reach net zero. Urgent action is needed, and investors need to recognize that much more money needs to be directed to net zero strategies and that they may not have the expertise or resources necessary to tackle the enormous climate change challenge," Vincent Bryant, Deepki CEO and Co-founder.
Reckitt weighs shelving $7bn infant nutrition sale.
Reckitt Benckiser Group is considering whether to shelve the sale of its infant nutrition unit, as the high-profile deal falls victim to chaos in the industry and worsening financing markets, Bloomberg reported.
Talks between the London-listed consumer goods and potential acquirers have stalled in recent weeks. The business, which sells brands including Enfamil, was expected to fetch around $7bn.
Walgreens might abandon the auction of Boots. (FS)
Walgreens Boots Alliance might abandon the sale of its Boots drugstore chain that was expected to bring more than $6bn after failing to secure the desired valuation for the UK business amid a turbulent credit market, Sky News reported.
The American health-care group had been in talks with a consortium between Reliance Industries and Apollo Global Management over the sale of Britain’s biggest pharmacy chain. The two parties couldn’t reach an agreement on value, which prompted Walgreens to pull the sale.
UK home insurer Policy Expert weighs £1bn sale.
UK home insurer Policy Expert’s owner is considering a potential sale that could raise as much as £1bn ($1.2bn), Bloomberg reported.
Investment firm Primary Group is working with advisory firm Perella Weinberg Partners to gauge interest in Policy Expert’s parent company, which is officially known as QMetric Group.
GSK’s £40bn consumer arm picks Citi, UBS as brokers.
GSK’s consumer health arm has picked corporate brokers ahead of its planned spinoff on the London Stock Exchange, Bloomberg reported.
Haleon has chosen Citigroup and UBS Group as its brokers, who will be go-to advisers on everything from strategy to shareholder engagement. The banks were selected following a beauty parade several weeks ago.
Autogrill confirms talks with duty-free giant Dufry on tie-up.
Dufry, a duty-free operator, and the Benetton family’s Autogrill are working on a deal that would create a major player in travel retail, Bloomberg reported.
Autogrill confirmed that “there are ongoing discussions, without any exclusivity, regarding a possible integration” with Dufry.
Northvolt advances on $12bn battery IPO plan. (FS)
Sweden’s Northvolt, whose customers include BMW and Volkswagen, is planning to go public within the next two years as battery demand for electric vehicles booms, Bloomberg reported.
The firm is “well positioned” for an initial public offering, founder and Chairman Carl-Erik Lagercrantz said in an interview. The venture, which has been valued at around $12bn after raising some $6.5bn through debt and equity, is part of a trio of green technology startups spearheaded by Lagercrantz and private equity veteran Harald Mix.
APAC
Clearlake-backed Alkegen, one of the largest specialty materials platforms in the world, completed the investment in Luyang Energy Savings Material, a provider of energy-saving materials in the fields of ceramic fibers, soluble fibers, alumina fibers, and other high temperature insulating materials. Financial terms were not disclosed.
"We couldn't be more excited to sponsor John and the Alkegen team in this complex, transformative transaction that we believe will create meaningful value for customers and stakeholders globally, and is a great example of Clearlake's O.P.S.® value creation playbook in action," Nate Mejías, Clearlake Principal.
Clearlake was advised by Lambert & Co.
Zomato sheds nearly $1bn in valuation over two days after Blinkit deal.
Shares of India's Zomato, a multinational restaurant aggregator and food delivery company, fell as much as 8.2% on Tuesday, extending losses for a second straight day as investors questioned the rationale of the company's deal to buy local grocery delivery startup Blinkit, Reuters reported.
The Ant Group-backed food delivery firm said on Friday it would acquire Blinkit for $568m in stock, as it tries to gain a foothold in the fiercely competitive quick delivery market.
Japan's state-backed JIC hires SMBC Nikko for potential Toshiba deal.
State-backed Japan Investment hired SMBC Nikko Securities as its financial adviser for its pursuit of a potential equity investment in conglomerate Toshiba, Reuters reported.
Toshiba said this month it had received eight initial buyout proposals as well as two proposals for capital alliances that would see it remain listed. It plans to shortlist bidders soon so that selected suitors can start due diligence from July.
India’s JetSynthesys is in talks to merge with BurTech SPAC. (FS)
JetSynthesys, an Indian digital entertainment and technology company, is in talks to go public through a merger with blank-check firm BurTech Acquisition, Bloomberg reported.
The two companies have signed a non-binding letter of intent regarding a transaction that values the combined entity at more than $700m. BurTech may seek an additional $120m in new financing to support the deal.
Startup Byju’s pushes back payments for $1bn acquisition. (FS)
Blackstone and other shareholders of test-preparation provider Aakash Educational Services were due to be paid partly in cash and partly in Byju’s stock this week, but Byju’s sought a two-month extension. Some sellers received partial payment in 2021. Blackstone, which owned 38% of Aakash, opted to defer payments due until this year.
Quadria explores stake sale in FV Hospital in Vietnam. (FS)
Quadria Capital, a health care-focused private equity firm, is exploring a sale of its stake in FV Hospital in Vietnam, Bloomberg reported.
The buyout firm is working with an adviser on the potential divestment, which could fetch $300m to $400m in a deal.
Thai Life locks in major cornerstone investors for $1bn IPO. (FS)
Thai Life Insurance's initial public offering, aiming to raise up to $1bn, will be sold to 18 domestic and international cornerstone investors, Reuters reported.
These investors will account for about 50% of the IPO, the largest in Southeast Asia so far in 2022.
Bertelsmann India Investments plans funding exceeding $500m to back tech startups. (FS)
German media, services, and education company Bertelsmann said that its strategic investment arm Bertelsmann India Investments has raised $500m to back Indian technology startups.
Bertelsmann said in a statement that it has implemented its group-wide Boost 25 strategy, and plans to invest between $5.3bn and $7.4bn by 2025 as part of its Boost program, with a view to further increasing the group’s level of revenues and profits.
Illinois pension fund commits $275m to Hong Kong, India funds. (FS)
US pension fund Teachers’ Retirement System of the State of Illinois has committed a total of $275m to three funds managed by Hong Kong and India firms.
The commitments include $100m to a fund managed by Gateway Capital and $75m to Dignari Capital Partners, both based in Hong Kong, and another $100m to India’s Edelweiss Alternative Asset Advisors.
Sime Darby Property, LOGOS Property JV achieves first close of $250m development fund. (FS)
The joint venture of Sime Darby Property and LOGOS SE Asia, SDPLOG, announced the first close of its $250m industrial development fund, with $114m in immediate capital available for deployment, DearStreetAsia reported.
“The first closing of the Industrial Development Fund is testament to the underlying fundamentals of the Malaysian economy and the demand for modern logistics facilities in this market,” David Aboud, LOGOS Head of Malaysia.
Panthera Growth to raise $250m second fund to back tech companies. (FS)
Panthera Growth Partners, a Singapore-based tech-focused growth investment firm, announced the first close of its second fund, having secured commitments for more than half of the target raise.
The fund's target has been set at $250m, and is expected to be reached by end of this fiscal year. The fund will offer up to 100% of fund commitments in co-investment opportunities.
Toshiba adds activist directors in move toward privatization. (FS, People)
Toshiba shareholders elected representatives of two vocal activist hedge funds to the board in a contentious meeting, bringing the scandal-tainted industrial giant a step closer to possible privatization, Bloomberg reported.
Shareholders of the Tokyo-based company voted their support for all 13 director appointees, including Eijiro Imai of Farallon Capital and Nabeel Bhanji of Elliott Management, at an annual meeting of shareholders on Tuesday. Angry investors shouted at management from the start of the meeting, disrupting executives’ presentations.
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