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AMERICAS
SoftBank-backed Cohesity, a privately held information technology company, agreed to acquire the data security unit of Veritas, an American international data management company, for $7bn.
“We are deeply committed to our mission to protect the world’s data. This deal will combine Cohesity's speed and innovation with Veritas’ global presence and installed base. We will lead the next era of AI-powered data security and management by bringing together the best of both product portfolios – Cohesity’s scale-out architecture ideally suited for modern workloads and strong Generative AI and security capabilities and Veritas' broad workload support and significant global footprint, particularly in the Global 500 and large public sector agencies,” Sanjay Poonen, Cohesity CEO.
Cohesity is advised by JP Morgan, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Simpson Thacher & Bartlett. Debt financing is provided by PJT Partners and JP Morgan. Veritas is advised by Guggenheim Partners, Morgan Stanley, Latham & Watkins, and Alston & Bird.
General Atlantic, a global growth investor, agreed to invest in Partners Capital, an outsourced investment office. Financial terms were not disclosed.
“We have long respected General Atlantic as a leading global investment firm. The leadership group at Partners Capital have great conviction that General Atlantic will strengthen our firm for the next decade as we focus on deepening our investment capabilities, driving technology-led change across the firm and bolstering our ability to attract and retain top talent, the lifeblood of any investment firm. We believe this will put us in a better position to be an enduring institution that can continue to deliver outstanding investment results for our clients,” Arjun Raghavan, Partners Capital CEO.
Partners Capital is advised by Spencer House Partners, Macfarlanes, and Ropes & Gray. General Atlantic is advised by PricewaterhouseCoopers, Freshfields Bruckhaus Deringer, Edelman (led by Jessica Gill), and Prosek Partners (led by Samantha Norquist).
BioNTech, a next-generation immunotherapy company, agreed to invest $200m in Autolus Therapeutics, a clinical-stage biopharmaceutical company.
“The collaboration with Autolus enables us to expand our BNT211 program into trials for multiple cancer indications in a cost-efficient way. Autolus' state-of-the-art manufacturing facilities’ set-up for clinical and commercial supply will enhance our own capacities in addition to our existing US supply network and the ongoing expansion of our site in Gaithersburg, Maryland. Furthermore, this collaboration grants us access to Autolus' precise cell targeting tools to further support BioNTech’s development of in vivo cell therapy and antibody-drug conjugate candidates," Ugur Sahin, BioNTech Managing Director, CEO and Co-Founder.
Autolus Therapeutics is advised by Evercore, goetzpartners, Cooley and SA Noonan Communications (led by Susan A. Noonan).
McNally Capital-backed Xcelerate Solutions, a defense and national security company, completed the merger with VMD, a cybersecurity, agile engineering, and critical infrastructure protection firm. Financial terms were not disclosed.
We see this merger as a win-win. We share similar cultures, like-minded leadership, and a deep commitment to delivering positive mission outcomes. Since McNally Capital’s investment, we’ve been actively looking to expand our security and IT capabilities through M&A. McNally’s immense national security expertise, network, and efforts were instrumental in this transaction, and VMD is a great match,” Mark Drever, Xcelerate CEO.
Xcelerate was advised by Ropes & Gray (led by Timothy Castelli). VMD was advised by Nelson Mullins Riley & Scarborough.
The Walt Disney Company, an American multinational mass media and entertainment conglomerate, agreed to invest $1.5bn in Epic Games, an American video game and software developer and publisher.
“Our exciting new relationship with Epic Games will bring together Disney’s beloved brands and franchises with the hugely popular Fortnite in a transformational new games and entertainment universe. This marks Disney’s biggest entry ever into the world of games and offers significant opportunities for growth and expansion. We can’t wait for fans to experience the Disney stories and worlds they love in groundbreaking new ways,” Robert A. Iger, The Walt Disney Company CEO.
Blue Owl Capital, a private equity firm, and Lunate, an alternative investment manager, formed a joint venture.
"Our joint venture with Blue Owl speaks to Lunate's aim of identifying and investing in a mid-sized GP Stakes Strategy that will enable our clients to participate in the broader dynamics of private markets investing. Blue Owl are pioneers and leaders in this space, and together, we are well positioned to add strategic value through our multi-asset platform, global networks, and industry expertise," Khalifa Al Suwaidi, Lunate Managing Partner.
Hollysys investors accept $1.7bn Ascendent offer. (FS)
Close to 90% of shareholders who voted Thursday backed the Ascendent offer. An Ascendent takeover could still need approval from regulators in China, including those related to national security.
Synopsys kicks off sale of $3bn-plus SIG unit.
Synopsys is preparing to kick off the sale of its software integrity business, which could be valued at $3bn or more, Bloomberg reported.
The California-based chip designer is working with an adviser to gauge buyer interest in the division, known as SIG. The unit is likely to attract private equity firms.
Biotech Kyverna Therapeutics tops IPO goal to raise $319m. (FS)
Kyverna Therapeutics raised $319m in a US IPO priced above a marketed range, as drug developers continue to receive a warm welcome from new investors, Bloomberg reported.
The Bain Capital-backed biotechnology company sold 14.5m shares for $22 each on February 7. Kyverna, based in Emeryville, California, had marketed the shares for $20 to $21. Strong demand led the firm to boost both the size and the targeted price range on Tuesday.
Britain's antitrust regulator provisionally cleared Turkish domestic appliances maker Arcelik's proposed purchase of Whirlpool's appliances business in Europe on February 8.
The Competition and Markets Authority (CMA) said the deal was unlikely to reduce competition in the market for domestic appliances, including washing machines, dishwashers and cooking appliances. The deal, which would see Whirlpool and Arcelik's European businesses fold into a new company, was approved by EU antitrust regulators in October, Reuters reported.
Britain's antitrust watchdog has launched an investigation into Aviva's acquisition of AIG's life insurance business, it said on February 8, amid concerns the deal could result in "a substantial lessening of competition", Reuters reported.
The Competition and Markets Authority (CMA) has invited comments from interested parties until February 22 and is expected to complete the initial phase of its probe by April 8.
Aviva is advised by Evercore, Slaughter & May and Brunswick Group. Corebridge Financial is advised by Skadden Arps Slate Meagher & Flom (led by Todd Freed).
MSCI, a mission-critical decision support tools and services provider, agreed to acquire Foxberry, a front-office index technology provider. Financial terms were not disclosed.
“The merger of Foxberry with MSCI will greatly improve the feedback loops for our clients within all areas relating to index R&D. We are truly excited to join MSCI for the next part of our journey in building the next generation of indexing technology,” Henrik Brunlid, Foxberry Co-founder and CEO.
Vontobel, a Swiss private banking and investment management group, agreed to acquire a minority stake in Ancala, an investment service firm. Financial terms were not disclosed.
“This stake in Ancala is an important milestone in the execution of our strategy. Providing access to the highly attractive private infrastructure market means clients can benefit from stable, uncorrelated and inflation-protected cash yields, and long-term value creation through Ancala’s active asset management and proprietary origination capabilities,” Christel Rendu de Lint, Vontobel Co-CEO.
Abu Dhabi in advanced talks on $22bn prime Egypt land deal.
Abu Dhabi is in advanced talks to buy and develop premium land on Egypt’s northern coast, a potential multi-billion-dollar deal that would boost the North African nation’s troubled economy and help alleviate its foreign exchange crisis, Bloomberg reported.
An Egyptian official on February 7 said the country had selected a United Arab Emirates consortium to work with local partners to develop Ras El-Hekma, an area on the Mediterranean about 350 kilometers (217 miles) northwest of Cairo.
Apollo in talks for AlShaya Starbucks franchise. (FS)
US private equity firm Apollo Global Management is in talks to buy a minority stake in the Middle East, North Africa and central Asia Starbucks franchise operated by Kuwait's AlShaya Group, Reuters reported.
Dubbed "Project Emerald", the privately owned retailer is looking to sell a minority stake of about 30% in the business.
Yandex management to be largest shareholder after planned $5.2bn deal.
An entity formed of senior Yandex managers will become the Russian internet company's largest shareholder with a 35% stake should a $5.2bn cash and share deal go through, Yandex said in a shareholder circular on February 8, Reuters reported.
The RUB475bn ($5.2bn) deal, announced on February 5, to sell what has been dubbed "Russia's Google" to a consortium of Russian investors would be one of the largest and most significant corporate transactions since Russia invaded Ukraine in February 2022.
British American Tobacco signals ITC stake disposal, shares soar.
British American Tobacco is "actively working" to sell some of its shareholding in India's ITC, it said on February 8, sending its shares up almost 8% as investors cheered a move towards resuming share buybacks, Reuters reported.
The maker of Dunhill and Lucky Strike cigarettes disappointed investors when it opted against a fresh buyback programme last year to focus on reducing debt and investing in new products.
Siemens to continue winding down Siemens Energy stake, keep majority in Healthineers.
Siemens intends to remain majority shareholder in Siemens Healthineers and also continue to reduce its holding in Siemens Energy, Siemens CEO Roland Busch said on February 8, Reuters reported.
"When it comes to the decision to further divest Siemens Energy shares ... we brought it down in 2023 from 25.1% to 17.1% at the moment and we continue to do just that," Busch told the company's AGM.
ITC declines as biggest shareholder BAT mulls selling stake.
ITC, an Indian conglomerate whose biggest revenues come from tobacco, fell to its lowest level in nearly nine months after its largest shareholder British American Tobacco said it’s considering to sell its stake in the company, Bloomberg reported.
The shares fell 4% to 414.55 rupees after going ex-dividend Thursday. BAT holds about 29% stake in the tobacco-to-hotel conglomerate.
Saudi Arabia lines up Goldman, Citi for Aramco share sale.
Saudi Arabia is set to hire banks including Citigroup, Goldman Sachs Group and HSBC Holdings for a secondary share sale in Aramco, a deal that would raise about $20bn and rank among the biggest offerings in recent years, Bloomberg reported.
The world’s biggest oil exporter is also in talks with other banks as it pulls together a roster of advisers for the offer that may come in the next few weeks.
UK packaging group DS Smith reveals approach from rival Mondi.
Packaging group DS Smith said its London-listed rival Mondi had approached it about a possible takeover, raising the prospect of another UK merger just a day after two of the country’s largest housebuilders agreed a tie-up, FT reported.
The FTSE 100 group said on February 8 it had received a “highly preliminary expression of interest” from Mondi, but that it had not yet received a proposal from its competitor.
HSBC partners with Google to hit $1bn climate tech finance goal.
Britain's biggest bank HSBC has partnered with Google to finance fast-growing climate technology firms behind some of the world's most promising solutions to global climate change, Reuters reported.
Under terms of the partnership, HSBC will look to provide financing to companies cherry-picked by the US technology giant to join its Google Cloud Ready-Sustainability programme.
EQT renews plans for $20bn Galderma IPO.
Stockholm-based global investment firm EQT is reconsidering a potential $20bn IPO for Galderma, a pharmaceutical company and former subsidiary of Nestlé.
If it proceeds, the Swiss listing would be one of the biggest European IPOs in recent years. EQT had previously considered an IPO in 2021 but was discouraged by challenges in the private equity landscape, including a rise in interest rates and patchy post-IPO performance. According to the report, EQT has fast-tracked its IPO plans this time round in light of a growing demand for cosmetic enhancements.
APAC
Hillhouse, a global private equity firm, agreed to acquire InCorp Global, a corporate solutions and business advisory provider, from TA Associates, a private equity company. Financial terms were not disclosed.
"We are thrilled to join forces with Hillhouse as we embark on the next phase of our journey. Their vast resources, global network, and commitment to fostering growth align perfectly with our aspirations. This strategic investment positions us to further enhance our market presence and deliver even greater value to our clients. We sincerely thank TA, whose guidance and input have been instrumental to our business over the past two years, helping us expand with important acquisitions in Singapore, India, and Australia," Edmund Lee, InCorp Group CEO.
InCorp Global is advised by Edelman.
Santos investors divided as activist resumes campaign for LNG spin-off.
A hedge fund pushing Santos to split off its liquefied natural gas (LNG) assets is resuming its campaign, as management and investors look for ways to revive a share price back in the doldrums after failed talks to merge with bigger rival Woodside, Reuters reported.
Melbourne-based L1 Capital in October went public with a proposal to Santos management to demerge its LNG assets in Australia and Papua New Guinea to help improve the company's stock performance relative to energy peers.
Petrobras in talks for projects with Gulf, Indian, Chinese firms.
Brazil's state-run Petrobras is in talks with other national oil companies in China, India and the Middle East, including Kuwait Petroleum and Qatar Energy, to collaborate on energy projects, Reuters reported.
The company is also keen to work with neighbouring Venezuela.
Temasek, Japan's Norinchukin to anchor $173m fund for agri, foodtech startups.
Singaporean state-owned investor Temasek Holdings and Japan’s Norinchukin Bank are set to anchor a $173m fund that will invest in agriculture and food technology startups across the Asia-Pacific region, DealStreetAsia reported.
The Seviora T3F Strategy fund, which will also focus on efforts to decarbonise the food and agriculture industries, will be managed by Seviora Capital, a wholly-owned subsidiary of Temasek.
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