AMERICAS
SK Hynix, a South Korean memory semiconductor supplier of dynamic random-access memory chips and flash memory chips, completed the first phase of its acquisition of NAND memory and storage business from Intel, an American multinational corporation and technology company, after it received regulatory nods from eight countries including China.
In exchange, SK Hynix will pay $7bn out of the deal's total $9bn price tag, Reuters reported.
The deal, signed in 2020, will allow Intel to focus on its smaller but more lucrative Optane memory business. SK Hynix seeks to boost its capacity to build NAND chips, used to store data in smartphones and data centre servers.
SK Hynix is advised by Deloitte, Ernst & Young, Citigroup, Credit Suisse, Fangda Partners and Skadden Arps Slate Meagher & Flom. Intel is advised by Bank of America, Bae Kim & Lee, Galicia Abogados, Linklaters, Munger Tolles & Olson, WilmerHale, Brunswick Group and Sard Verbinnen & Co.
RR Donnelley, a printing and information services company, said it received a non-binding offer from a strategic party that valued it higher just days after it agreed to be bought by Chatham Asset Management, a private investment firm, for $2.3bn, Bloomberg reported.
The company got an unsolicited bid at $11 a share. That compares with the $10.85 a share offered by Chatham.
“At this time, the board has not determined that the strategic party proposal constitutes a superior proposal, and there can be no assurances that a transaction will result from the strategic party proposal or that any alternative transaction will be entered into or consummated,” RR Donnelley.
RR Donnelley is advised by Centerview Partners, Skadden Arps Slate Meagher & Flom and Joele Frank. Centerview Partners is advised by Debevoise & Plimpton. Chatham is advised by Jefferies & Company, Lowenstein Sandler, Olshan Frome Wolosky and Gasthalter & Co.
T. Rowe Price completed the acquisition of Oak Hill Advisors from Wafra for $4.2bn. (FS)
T. Rowe Price, a global investment management organization, completed the acquisition of Oak Hill Advisors, an alternative credit manager, from Wafra, an investment firm, for $4.2bn.
"We are very pleased to reach today's milestone and to welcome the talented OHA team to T. Rowe Price. This acquisition allows us to broaden our private markets business and add new capabilities in an area of tremendous client interest and growth," Rob Sharps, T. Rowe Price President.
Oak Hill Advisors was advised by JP Morgan, M. Klein & Co, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. T. Rowe Price was advised by Evercore and Dechert. Wafra was advised by Fried Frank Harris Shriver & Jacobson.
American Eagle Outfitters, an American lifestyle, clothing, and accessories retailer, completed the acquisition of Quiet Logistics, a third-party logistics company headquartered in Devens, Massachusetts, for $360m.
“I am thrilled to officially welcome Quiet Logistics into the AEO Inc. portfolio, cementing a collaborative partnership that has meaningfully contributed to our financial results over the past 18 months. AEO’s unique ability to reduce delivery costs amid rising inflation is a direct reflection of the efficiencies provided by their innovative fulfillment model. Quiet Logistics has a highly experienced supply chain leadership team and I look forward to their partnership as we continue to drive operational excellence and grow the platform into a meaningful business," Jay Schottenstein, AEO Executive Chairman and CEO.
Quiet Logistics was advised by Evercore and Sullivan & Cromwell. American Eagle Outfitters was advised by Centerview Partners, Dentons, Wachtell Lipton Rosen & Katz and Kekst CNC.
Hearthside Food, a manufacturer and producer of pastries and small foods, completed the acquisition of Weston Foods ambient bakery business, a pastry manufacturer of George Weston Foods, for $293m.
"With the agreement to sell the ambient segment to Hearthside and our previously announced sale of the fresh and frozen businesses, we have two high-quality buyers that are well-positioned to carry on the proud legacy of the Weston Foods business. With the sale of the entire bakery business, George Weston will be focused on its market-leading Retail and Real Estate businesses going forward," Galen G. Weston, George Weston Chairman and CEO.
George Weston was advised by CIBC World Markets, Houlihan Lokey, Mayer Brown and Torys. Hearthside Food was advised by Ropes & Gray, Stikeman Elliott and The Melville Group.
Blue Owl Capital, an asset management firm, completed the acquisition of Oak Street Real Estate Capital, a private equity real estate firm, for $950m.
"Oak Street has created a market-leading platform in the net lease sector, leveraging the expertise and disciplined underwriting of its investment team to generate very strong returns for its investors. We believe their focus on flexible real estate related financing solutions will be very complementary to our existing Direct Lending and GP solutions capabilities," Marc Lipschultz, Blue Owl Co-Founder and Co-President.
Blue Owl Capital was advised by Kirkland & Ellis and Prosek Partners. Oak Street Real Estate was advised by Berkshire Global Advisors, Gibson Dunn & Crutcher and Willkie Farr & Gallagher.
Dover, a diversified global manufacturer and solutions provider, completed the acquisition of engineered components suppliers Acme for $295m and Engineered Controls International for $631m. Graham Partners exited investment from Acme firm.
"The acquisitions of Acme and RegO are the next step in our strategy to enhance the Fueling Solutions portfolio with growing participation in clean fuels and other attractive adjacencies. On the back of our recent acquisition of LIQAL and our partnerships in electric vehicle charging, these two acquisitions will scale up our position as a leader in the growing clean and alternative fuel applications as investments in this space are rapidly accelerating," Richard J. Tobin, Dover's President and CEO.
Dover was advised by Debevoise & Plimpton. Engineered Controls International was advised by Stifel. Graham Partners was advised by Dechert. Acme was advised by Stifel.
Blueprint Medicines, a precision therapy company, completed the acquisition of Lengo Therapeutics, a privately held precision oncology company, for $465m.
"The acquisition of Lengo Therapeutics and its lead candidate LNG-451 enables Blueprint Medicines to expand our pipeline in lung cancer and harness our experience and expertise to advance precision oncology therapies for the patients who need them. I want to thank the Lengo Therapeutics team, again for their work to advance the highly selective therapeutic candidate LNG-451, but also for completing the IND submission with a continued sense of urgency. Pending FDA clearance of the application, we plan to advance LNG-451 into the clinic in the first quarter of 2022," Fouad Namouni, Blueprint Medicines President of Research & Development.
Lengo Therapeutics was advised by Centerview Partners and Cooley. Blueprint Medicines was advised by Goldman Sachs and Goodwin Procter.
Comar, a supplier of custom medical devices and assemblies and specialty packaging solutions, completed the acquisition of Omega Packaging, a supplier of compostable and biodegradable bags. The deal is backed by Morgan Stanley Capital Partners. Financial terms were not disclosed.
The combination of Omega Packaging and Comar enhances Comar's customer value proposition by adding complementary closure and jar products and related precision mold-making expertise. The acquisition enables Comar to provide customers with a more expansive rigid packaging portfolio, increased CT and CR closures capacity, and an optimized production network. The combined company will have eleven manufacturing facilities and more than 1100 employees across the US.
Morgan Stanley was advised by Jones Day. Comar was advised by Brightwood Capital, Everberg Capital and Golub Capital.
Investment firms Goldman Sachs Asset Management, Pantheon and Coller Capital agreed to invest in Nordic Capital-backed Vizrt Group, a provider of production software for live video production. Financial terms were not disclosed.
"This transaction is an opportunity for Nordic Capital to continue to support Vizrt’s high-caliber management team and to further develop the company which has an exciting future ahead with strong growth potential. Vizrt will continue to benefit from Nordic Capital’s strong capabilities as software investor with an outstanding network and know-how in operational excellence. We are excited for Nordic Capital to have the opportunity to continue the journey together with Vizrt’s team who share the same vision of building a leading video software company which will drive the industry shift to IP and cloud adoption”, Fredrik Näslund, Nordic Capital Partner and Head of Technology & Payments.
Nordic Capital is advised by Barclays, Evercore, Gernandt & Danielsson and Kirkland & Ellis.
Integrated Power Services, a provider of electric motor and generator service for various continuous process industries, agreed to acquire National Switchgear & National Field Services, a provider of electrical distribution. Financial terms were not disclosed.
“The combination of IPS and NATIONAL brings an opportunity to our clients, suppliers and employees that NATIONAL alone could not have done. To be a part of the industry’s leading independent services supplier, from generation to meter to motor, brings about an excitement for the future of our company and what it means for the industry we serve," Robert Koren, NATIONAL CEO.
NATIONAL is advised by Bulkley Capital and Libby Sparks Willis Starnes. IPS is advised by Jones Day.
Gaming and Leisure Properties, a real estate investment property trust, completed the acquisition of three Live! casino properties from The Cordish Companies, an international developer of large-scale, urban revitalization projects and entertainment districts, for $1.81bn.
“We are delighted to add Live! Maryland to our portfolio, further diversify our roster of leading operators, and gain additional access to the rapidly growing Baltimore-Washington corridor via a truly world-class property. Further, our new lease with Cordish has strong rent coverage and is part of an accretive overall transaction that positions our company to continue to build value for shareholders through via our industry leading, high quality tenant roster,” Peter Carlino, GLPI Chairman and CEO.
GLPI was advised by Wells Fargo Securities and JCIR.
Omnicell, a provider of medication management solutions, completed the acquisition of ReCept, a provider of specialty pharmacy management services, for $100m.
“ReCept’s specialty pharmacy management services capabilities naturally complement Omnicell’s intelligent infrastructure, giving us deeper expertise to address the growing market need for managing complex specialty medications as part of a broader, more comprehensive medication management strategy,” Randall Lipps, Omnicell Chairman, President, and CEO.
ReCept was advised by Gibson Dunn & Crutcher. Omnicell was advised by Sidley Austin.
Helen of Troy, a designer, developer and marketer of consumer housewares products, completed the acquisition of Osprey Packs, a backpacks for hiking provider, for $415m.
“The brand is an excellent strategic fit. It adds a ninth Leadership Brand to our portfolio that can accelerate profitable growth in categories where we can add value and leverage our scalable operating platform. With approximately half of its sales outside of the United States, Osprey further accelerates our international growth strategy. We see excellent opportunities to enhance and expand Osprey’s already robust new product pipeline, expand distribution with new retail customers, and further expand the brand’s footprint both in the US and internationally. We believe we can create further value for consumers, customers, and our shareholders by leveraging Helen of Troy’s shared services platform, larger infrastructure, and international footprint," Julien Mininberg, Helen of Troy CEO.
Helen of Troy was advised by ICR.
Cementos Progreso, a manufacturer of cement based in Guatemala, agreed to acquire operations in Costa Rica and El Salvador from CEMEX, a building products company, for $335m.
Proceeds from this divestment are expected to be used to fund the company’s bolt-on investment growth strategy in its key markets, reduce debt and other corporate purposes.
“This transaction allows us to progress in our portfolio rebalancing objectives, while redeploying resources to fund our growth investments and further deleveraging,” Fernando A. Gonzalez, CEMEX CEO.
Apollo Funds announces first close of $816m investment supporting NextEra Energy Partners' acquisition. (FS)
Apollo, a global alternative investment management firm, announced that funds managed by its affiliates had made a first close on an $816m in a convertible equity portfolio financing agreement with NextEra Energy Partners, a renewable energy company.
"In our view, this transaction has many hallmarks of how Apollo is helping to facilitate the clean energy transition, combining our infrastructure expertise, strong institutional relationships and a flexible, scaled capital base to commit in size and with speed to transactions of this nature," Geoff Strong, Apollo Partner and Co-Head of Infrastructure and Natural Resources.
Energy Transfer must pay $410m for scuttling Williams merger.
Energy Transfer, a company engaged in natural gas and propane pipeline transport, must pay a $410m for scuttling a $33bn merger with rival Williams Cos, an American energy company, over a tax flaw in the deal.
Since Energy Transfer successfully pulled the plug on the 2016 combination, it's required to pay a so-called break-up fee under the merger agreement, Bloomberg reported.
EMEA
PTT Global Chemical, a chemicals company, completed the acquisition of allnex, a coating resins maker, from Advent for $4.75bn.
“As the global market leader in industrial coating resins, with its broad portfolio, stable profit, and leading green technology, allnex is ideally positioned to benefit from three megatrends shaping the industry: increasing demand for high performance coating resins, a continued shift of growth to emerging markets, and a trend towards green coatings solutions. We look forward to working with the team at allnex to leverage this growth potential," Kongkrapan Intarajang, PTTGC CEO.
PTT was advised by Piper Sandler and Jones Day. allnex was advised by Baker McKenzie. Advent was advised by Allen & Overy and Finsbury Glover Hering.
Storskogen, an investment company, agreed to acquire a 90.1% stake in Nimbus, a total supplier of sales and customer services, installation, and excavation services. Financial terms are not disclosed.
“We are truly excited to have acquired Nimbus Group. The founders entrepenurial way of working has been the key driver when building Nimbus into a successful company with a strong position in the market through innovative and active development of its products and entire organisation. Going forward it will be exciting to support the company in its continued growth journey, especially with everything going on in the Norwegian telecoms sector, including the launch of 5G, continiously rollout of fibre, and more and more services totally dependent on availabilty of internet connection," Karianne Melleby, Storskogen Managing Director.
Tikehau Capital to get nod for SPAC Listing in Singapore. (FS)
Tikehau Capital, a global alternative asset management group, received an eligibility-to-list letter from the Singapore exchange for its SPAC, Bloomberg reported.
Tikehau Capital and Financiere Agache, a holding company controlled by the Agache company, has incorporated Pegasus Asia, a SPAC. The sponsor group will invest $46m in the vehicle and seeks to raise at least $111 million in the IPO.
Israel plans to sell at least 40% of the national postal company in Tel Aviv IPO.
Israel intends to fully privatise its national postal service. Privatisation will be through a combination of a Tel Aviv share offering. Also possible sale to a private entity, Reuters reported.
40% of Israel Post would be sold in an IPO on the stock exchange and the rest of the shares disposed of through a private sale, IPO or combination of both, said Yoaz Hendel, Communications Minister.
APAC
ManuLife, a Canadian insurance company, completed the acquisition of Vietnamese business from Aviva, a British insurance company. Financial terms were not disclosed.
“We share an ambition to accelerate digital transformation to make lives better for millions of people across Vietnam. This partnership increases our market share leadership in Vietnam and capitalizes on our strong position as one of the leading international life insurers in Asia, further progressing our growth trajectory in the region,” Roy Gori, Manulife President and CEO.
Aviva was advised by Citigroup, JP Morgan and Slaughter & May.
HSBC had received regulatory approval in China to take full ownership of its life insurance joint venture in the country, as it continues to expand its non-core banking services, DealStreetAsia reported.
HSBC has got clearance from the Shanghai office of the China Banking and Insurance Regulatory Commission to buy the remaining 50% in its venture HSBC Life China.
HSBC first agreed the deal in May 2020 in order to fully own the company to comply with China’s rules on foreign ownership of insurance companies.
HSBC is advised by Norton Rose Fulbright.
Premji Invest, a venture capital firm, led a $110m Series B funding round in GlobalBees, an operator of an e-commerce and retail brand. Additional investors include Steadview Capital, Lightspeed, SoftBank and FirstCry.
GlobalBees acquires and partners with digitally native brands across categories such as beauty, personal care, home and kitchen, food and nutrition, and sports and lifestyle. GlobalBees was looking to acquire up to three dozen brands.
Morgan Stanley to boost stake in China brokerage to 94%.
Morgan Stanley, an American multinational investment bank and financial services company, is set to increase its stake in its brokerage joint venture with China Fortune Securities, a securities company, in China by 4.06% to 94%, putting it on track to take full ownership of the business.
The US bank will invest $110m to boost the registered capital of the unit, to $268m. The Shanghai-based state-owned company decided to sit out the capital injection, which allows cutting its ownership from 10% to 5.94%.
Samsung BioLogics says the report on Biogen deal talks untrue.
Samsung BioLogics, a South Korean biotechnology company, denied a media report on talks to buy Biogen, an American multinational biotechnology company, Reuters reported.
In a regulatory filing the company said that the report was "not true". Any such deal would be the biggest overseas acquisition ever by a South Korean company.
Didi reveals a $4.7bn loss ahead of the 2022 Hong Kong IPO.
Didi Global, a China-based company principally engaged in operating a mobility technology platform, disclosed a $4.7bn loss after revenues shrank in the September quarter, revealing the rising cost of a series of regulatory actions. That will force China's company to shift its listing to Hong Kong next year, Bloomberg reported.
The company plans to work with Goldman Sachs, CMB International and CCB International on the shift. That arrangement requires little marketing and would allow investors to swap their shares for the new stock in Hong Kong.
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