Alaska Communications Systems Group, a full-service telecommunications provider in Alaska, announced that it had recieved a superior proposal to the Macquarie Capital and GCM Grosvenor bid, at $332m. The details of the new bidder has not been disclosed.
Under the terms of the superior proposal offer, the superior proposal bidder would acquire the company for nominal consideration of $3.4 per share, reflecting a transaction valued at approximately $332m including net debt.
Under the Macquarie/GCM Merger agreement, the company is required to pay a $6.8m termination fee to Macquarie and GCM if the Board terminates the Macquarie/GCM Merger agreement in order to enter into an agreement with the superior proposal bidder.
Alaska Communication is advised by B. Riley FBR and Sidley Austin. GCM is advised by Macquarie Group and Morgan Lewis & Bockius. Macquarie is advised by Goodwin Procter.
Private equity firm Bain Capital and HGGC completed an investment in Buildertrend, a software solutions provider. Financial terms were not disclosed.
"This partnership will drive continued investment in product development, additional services to the contractor base and strategic acquisitions that will offer significant benefits to customers and the construction industry overall," Scott Kirk, Bain Capital Partner.
Buildertrend was advised by Spurrier Capital Partners and Cooley. HGGC was advised Kirkland & Ellis. Bain Capital was advised by PricewaterhouseCoopers and Stanton PRM.
Ardian, a private equity firm, agreed to acquire PRGX Global, a recovery audit and spend analytics services provider, for $195m.
“The Ardian transaction delivers significant value for PRGX’s shareholders and marks the beginning of the next chapter of our journey with our clients. We look forward to partnering with the Ardian team to accelerate the launch and delivery of our vision of source-to-pay as fully technology-enabled, accelerating speed to value for clients globally,” Ron Stewart, PRGX President, and CEO.
PGRX is advised by Truist Bank and Troutman Pepper. Ardian is advised by Sheppard Mullin Richter & Hampton and The Neibart Group.
Providence Equity Partners, a private equity firm, completed an investment in 365 Retail Markets, a provider of self-service commerce technology. Financial terms were not disclosed.
"The market opportunity presented by unattended retail is extremely exciting. 365 has an impressive track record of driving market adoption with its end-to-end solutions and we look forward to working with the entire team through the company's next phase of growth," Jennifer Hoh, Providence Managing Director.
365 Retail Markets was advised by Sard Verbinnen & Co.
eClerx Services, a provider of business process management, completed the acquisition of Eclipse Global Holdings, a business process management, and services company conducting its business under the name Personiv. Financial terms were not disclosed.
"We have been impressed by Personiv's capabilities, which have reflected in the deep and meaningful client relationships that they have developed over the years. We feel that our two companies share a strong people and client-centric culture and are a good fit as partners. Through this acquisition, we add new clients – many in the underserved small and medium-business sector - deepen service capabilities in digital and customer care, and add finance and accounting as a service," PD Mundhra, eClerx Co-Founder and Executive Director.
Bloomberg, a financial, software, data, and media company, completed the acquisition of Second Measure, a self-serve analytics platform. Financial terms were not disclosed.
Bloomberg's leadership, scale, and complementary products will accelerate Second Measure's ability to deliver novel insights to our clients. This provides a tremendous opportunity to bring new data, tools, and methods to the market, helping to usher in a new era of company and consumer analysis," Mike Babineau and Lillian Chou, Co-Founders.
Allied, a medical cannabis manufacturer, agreed to acquire Pacific Sun Fungi, manufacturer and retailer of psilocybin. Financial terms were not disclosed.
“We were seeing many people coming through our healing retreats reporting the benefits of the micro dosing with psilocybin products. We put our best scientists to task to explore the pharmaceutical benefits of functional mushroom formulations. We truly believe that several pharma drug indications will be discovered with the products that we have. We are excited to begin this important research in the New Year,” Calum Hughes, Allied CEO and Founder.
Madison Dearborn Partners, a private equity firm, and Catania ABC Partners, a private company founded by Rich Parisi, agreed to acquire American Broadband Holding, a provider of broadband access. Financial terms were not disclosed.
"This is an exciting moment for our company and an investment partnership that we believe will propel American Broadband's future success. In Rich and MDP, we have found the right industry experts and investment partners with both extensive telecommunications experience and a clear desire to invest in the future growth of our network. I am tremendously proud of the business we've built and look forward to witnessing the bright future ahead for our company," Jane Eudy, Board of American Broadband Founder and Chairman.
Tenet withdraws from the proposed $350m hospital deal.
Hospital operator Tenet Healthcare said it no longer intends to sell two Memphis-area hospitals and certain related facilities to Methodist Le Bonheur Healthcare, following a lawsuit by a US regulator.
The US Federal Trade Commission last month filed a lawsuit aimed at stopping Methodist Le Bonheur Healthcare, which has four hospitals in the Memphis area, from acquiring two more in a deal valued at $350m.
The purchase would reduce the number of hospital systems providing general acute care in the Memphis area from four to three and give Methodist some 60% of that market.
Delaware Bankruptcy Court confirms the reorganization plan of 24 Hour Fitness.
The US Bankruptcy Court for the District of Delaware confirmed the plan of reorganization for 24 Hour Fitness, a fitness industry leader for over 35 years. With this confirmation of the plan, 24 Hour Fitness will reduce approximately $1.2bn of funded debt and expects to emerge from chapter 11 by December 31, 2020.
“The Court’s decision reinforces the strength and promise of our business strategy and our plans for the future. Most importantly, it ensures we will continue our mission of helping to transform the lives of our members every day through fitness long into the future thanks to the talented and inspirational community of 24 Hour Fitness team members and the support of our lenders and other stakeholders,” Tony Ueber, 24 Hour Fitness Chief Executive Officer.
Valeo Foods, a consumer foods producer, completed the acquisition of It’s All Good, a producer of tortilla chips, from NVM Private Equity, a private equity firm. Financial terms were not disclosed.
“NVM have been a key part of IAG’s growth story, coming into the business at a key moment and really getting behind the management team. Mauro has been a pleasure to have on the Board, making a real and positive contribution to helping the business navigate the challenges that sustained high growth presents," Calum Ryder, It’s All Good Founder and Managing Director.
NVM Private Equity was advised by Houlihan Lokey and Muckle.
Tokyo Gas, a Japanese multi-utilities company, agreed to acquire a minority stake in Octopus Energy, a British multi-utilities company, for $250m. The deal sees Tokyo Gas take a 9.7% equity stake for a consideration of $200m, alongside an approximate further $50m equity investment from Origin Energy, an energy company.
The agreement will see Octopus Energy and Tokyo Gas launch the Octopus Energy brand in Japan, operated by TG Octopus Energy, a 30:70 joint venture backed by working capital and growth funding provided by Tokyo Gas.
"I believe Octopus Energy, which is delivering diversified tariffs and services using digital technology through low costs in the UK and overseas, is the most appropriate partner for Tokyo Gas. Through this partnership, we will contribute to the achievement of a better lifestyle for customers by realizing value creation and delivery tailored to every one of them," Takashi Uchida, Tokyo Gas President, and Representative Director.
BC Partners-backed United Group, a provider of telecommunication services, agreed to acquire Nova Broadcasting Group, Bulgaria’s largest multi-platform media company, from Advance Media Group, an American media company. Financial terms were not disclosed.
"We’re very pleased with this agreement. The acquisition is in line with the overall strategy of United Group to own both telecom and media assets in the markets we serve. Nova Broadcasting Group complements our existing media assets and I’m confident we’ll find many synergies between them, which gives us scale on each market to further invest in local content and quickly reach audiences," Victoriya Boklag, United Group CEO.
New CDP offer lowers Atlantia motorway unit valuation.
Italian state lender Cassa Depositi e Prestiti has put forward a new, non-binding offer for Atlantia’s toll road unit that implies a lower valuation than an initial offer of $10.3bn-$11.6bn. The revised offer includes stronger guarantees,Reutersreported.
CDP said earlier in a statement the consortium it leads, which includes Macquarie and Blackstone, will proceed swiftly with its due diligence of Atlantia’s motorway assets but needs further in-depth analysis to be able to present a binding offer.
Siemens Energy has no plans to sell Siemens Gamesa.
Siemens Energy has no plans to sell all or parts of Siemens Gamesa, CEO Christian Bruch said, following earlier reports it had received approaches for the wind turbine business.
“No, there are no plans currently to do that. Wind power and therefore Siemens Gamesa is an integral part of our strategy," Christian Bruch.
Mitsubishi Heavy Industries and Shanghai Electric had approached Siemens to assess its willingness to sell.
Orix in advanced talks to acquire an 80% stake in Elawan for $965m.
Orix, a financial services company, is in advanced talks to acquire an 80% stake in Elawan Energy, a virtually integrated energy company, for $965m.
The acquisition will expand Orix’s global renewable energy operations as it broadens a business portfolio that ranges from leasing to banking and real estate.
Cleopatra Hospital to acquire Alameda Health’s Egypt assets.
Cleopatra Hospital Group, the biggest Egyptian private hospital operator by number of beds, agreed to buy Alameda Healthcare Group’s assets in the country in one of the largest African health-care transactions this year, Bloombergreported.
The board of Cleopatra has approved the planned purchase, according to a statement. Cleopatra plans to partially fund the deal by issuing convertible loan notes to Alameda controlling shareholder Fahad Khater.
The deal could value Alameda at about $450m to $500m including debt. Khater, Alameda’s founder, will become the second-largest shareholder in the combined group with an expected stake of about 25% after the transaction.
Gresham House to acquire a battery storage project.
Gresham House Energy Storage Fund, the UK's largest operational utility-scale battery storage fund, has conditionally agreed to acquire a c.30MW battery project located near Wester Dechmont, Livingston in West Lothian, Scotland. The project is part of the pipeline described in the fund's prospectus published on 10 November 2020. The project will be acquired from Gresham House DevCo and Noriker Power.
"Byers Brae is our first project in Scotland and is expected to help National Grid balance wind generation in the north with power demand in the south. It is located at a point between Edinburgh and Glasgow where physical constraints exist in the transmission system and is therefore expected to benefit from additional revenue System Actions in the Balancing Mechanism," Ben Guest, Gresham House New Energy Fund Manager and Head.
Gresham House is advised by Jefferies and KL Communications.
Sina, an online media company serving China and the global Chinese communities, announced at an extraordinary general meeting of shareholders, the company's shareholders voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger, dated as of September 28, 2020, by and between New Wave and the company.
Completion of the merger is subject to the satisfaction or waiver of the closing conditions set forth in the merger agreement, and the company will work with the other parties towards meeting the closing conditions and completing the merger in a timely manner. One such closing condition is holders of no more than 10% of the shares having validly served and not having validly withdrawn a notice of dissent under the Companies Act of the Cayman Islands.
Sina is advised by Morgan Stanley, Gibson Dunn & Crutcher, and Harneys. Morgan Stanley is advised by Kirkland & Ellis. New Wave Holdings is advised by Skadden Arps Slate Meagher & Flom. Debt financing to New Wave Holdings is provided by China Minsheng Banking.
CK Hutch, Ooredoo near deal for Indonesia mobile merger.
Hong Kong’s CK Hutchison is nearing a deal with Qatar’s Ooredoo about a combination of their telecommunications operations in Southeast Asia’s most populous country, Bloombergreported.
CK Hutch is in advanced talks to merge its Indonesian telecom business with Ooredoo’s PT Indosat. Ooredoo owns about 65% of Jakarta-listed Indosat. A deal would involve a cash-and-stock offer. Both companies are set to become significant shareholders in the combined entity.
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