|
AMERICAS
Reuters reported that Colorado dropped out of an effort by state attorneys general to stop T-Mobile's $26bn merger with Sprint Corp. Colorado struck a deal with T-Mobile and Dish Network, which is buying assets divested from the merger. In the deal, Dish pledged to bring 2k jobs to the state and T-Mobile pledged to deploy the next generation of wireless 5G across much of Colorado.
Colorado is the second state to defect from the New York-led lawsuit to stop the merger. Mississippi said on Oct. 9 that it would withdraw from the legal challenge.
Sprint is advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. SoftBank, the largest shareholder of Sprint before the transaction, is advised by Morrison & Foerster. Deutsche Telecom is advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz.
SkyKnight Capital, a San Francisco-based private equity firm, agreed to invest in AeroCare Holdings, a provider of home healthcare solutions focused on patients with chronic respiratory conditions. Financial terms were not disclosed.
“AeroCare is a clear leader within a critically important and growing area of home healthcare. We believe the AeroCare management team is truly exceptional, with an impressive track record of robust growth and a steadfast commitment to the highest quality patient care. We are thrilled to partner with the AeroCare team and its existing shareholders to support and accelerate the Company’s growth,” Matthew Ebbel, SkyKnight Managing Partner.
AeroCare is advised by TripleTree, Brown & Fortunato and Goodwin Procter. SkyKnight is advised by Deloitte, Holland & Knight and Ropes & Gray. Capital One Financial Corporation, Fifth Third Bancorp, Regions Bank and SunTrust Robinson Humphrey are providing debt financing.
Nascar Holdings, an American auto racing league, completed the $2bn acquisition of International Speedway Corporation, a promoter of motorsports activities. The deal was announced in May 2019.
“With great racing across all of our series, an exciting 2020 schedule on tap, and the Next Gen race car in development, we are better positioned than ever before to lead the sport into a new era of growth,” Steve Phelps, Nascar President.
International Speedway Corporation was advised by DBO Partners, Dean Bradley Osborne Partners, Saul Ewing Arnstein & Lehr, Wachtell Lipton Rosen & Katz and Latham & Watkins. Nascar Holdings was advised by Goldman Sachs, Baker Botts and Sullivan & Cromwell.
Angelcare, a developer and marketer of juvenile and pet hygiene solutions, agreed to acquire the infant and pet care business of Edgewell, an American consumer products company headquartered in Shelton, Connecticut, for $122m.
"This transaction is the culmination of a thorough strategic review process to maximize the value of the Infant and Pet Care business, and an important milestone in Edgewell's portfolio transformation. We are taking decisive actions to reshape our company and focus on our core Personal Care brands, while realizing cost savings, paying down debt, driving growth, and delivering superior returns for investors," Rod Little, Edgewell's President and Chief Executive Officer.
Angelcare is advised by National Bank Financial, Fasken Martineau DuMoulin, Lapointe Rosenstein Marchand Melancon, Norton Rose Fulbright and Sidley Austin. Edgewell is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz.
One Rock Capital Partners, a private equity firm, agreed to acquire Innophos, an international producer of essential ingredients, for $932m. The offer price represents an 18% premium to the 30-trading day volume-weighted average closing share price of Innophos’ common stock ended September 9, 2019.
“Innophos’ innovative ingredient solutions are used by world-leading brands across a wide range of attractive food, health, nutrition and industrial markets. The company has a strong foundation and a transformative growth strategy. In drawing upon One Rock’s extensive experience, part of our goal is to maximize Innophos’ growth potential by continuing to expand its presence in high-growth food, health and nutrition markets, while further strengthening and optimizing its cash-generative core business. We look forward to working with Innophos to accomplish these goals and position the Company for continued success,” Tony W. Lee, One Rock Managing Partner.
Innophos is advised by Lazard, Baker Botts and Sharon Merrill Associates. One Rock is advised by RBC Capital Markets and Latham & Watkins. Lazard is advised by Simpson Thacher & Bartlett.
Eldridge Industries, an investment firm, led a $300m strategic investment in Kennedy Wilson, a real estate investment company.
Along with Eldridge's equity investment, the previously announced Joint Venture platform between Security Benefit and Kennedy Wilson will increase its investment target from $500m to $1.5bn. Kennedy Wilson also expects to use the proceeds to pay down unsecured debt, including repaying its unsecured bank borrowings in full and to fund its development pipeline.
"This transaction will help expedite the execution of our initiatives, including completing our development projects, while also reducing our overall leverage," William McMorrow, Kennedy Wilson Chairman and CEO.
Kennedy Wilson is advised by JP Morgan and Latham & Watkins. Eldridge Industries is advised by Morgan Stanley and Sidley Austin.
Santa Cruz County Bank, a full-service community bank, completed its $69m merger with Lighthouse Bank, a bank with offices in Santa Cruz and Silicon Valley. The deal was announced in May 2019.
"We are excited to welcome Lighthouse Bank to our company. This merger creates tremendous opportunity for shareholders, employees and customers of both banks, all of whom stand to benefit greatly. The merger offers all shareholders both immediate value and the opportunity to participate in potential upside as the bank generates momentous growth from its market-focused community banking strategy. Planning for the integration of these two banks is in progress and we expect to expeditiously realize the full value of the cost synergies we have identified," William Hansen, Santa Cruz County Bank Chairman.
Lighthouse Bank was advised by Sandler O'Neill + Partners and Stuart Moore Staub. Santa Cruz County Bank was advised by FIG Partners and Gary Steven Findley & Associates.
1st Constitution Bancorp, a financial services holding company, completed a $53m acquisition of Shore, a commercial bank that serves small- and medium-sized businesses and individuals.
“We are pleased to be combining with Shore Community Bank and expanding our presence into several new markets in Ocean County. Northern and Central Ocean County represent attractive markets with desirable demographic characteristics and growth opportunities,” Robert F. Mangano, 1ST Constitution Bancorp’s President and Chief Executive Officer.
Shore Community Bank was advised by Raymond James and Windels Marx Lane & Mittendorf. 1st Constitution Bancorp was advised by D.A. Davidson & Co and Day Pitney.
Better Choice Company, an animal health and wellness CBD company, agreed to acquire Halo, Purely for Pets, a holistic pet foods leader. Financial terms were not disclosed.
"Halo is a well-established, premium brand and falls squarely in line with our goal to build an all-encompassing, global, animal health and wellness consumer product goods company. Over the last three decades, Halo has built a strong reputation and loyal consumer following, carving out a niche in the industry with high-quality animal products that contain whole food meat and fish and non-GMO ingredients. We look forward to working with their team to close the transaction and integrate their brand into our operating and marketing platform," Damian Dalla-Longa, Better Choice CEO.
Halo, Purely for Pets is advised by Jefferies and Greenberg Traurig. Better Choice is advised by Latham & Watkins and KCSA Strategic Communications.
Basalt Infrastructure Partners, an infrastructure equity investment fund focusing on investments in utilities, power, transport, and communications infrastructure, agreed to acquire the Natural Gas Transmission Busines from Third Coast Midstream, a full-service midstream company. Financial terms were not disclosed.
The Natural Gas Transmission Business includes 7 regulated natural gas lateral pipelines with total capacity of over 1.6k MDth per day, stretching approximately 550 miles.
"This investment represents a rare opportunity to invest in a portfolio of demand-driven, regulated 'last-mile' natural gas pipelines serving utilities and other key end-user customers in the Southeastern United States. The business is strategically positioned to capture continued industrial growth in the region," David Greenblatt, Basalt Infrastructure Partners Partner.
Basalt is advised by Barclays and Vinson & Elkins. Third Coast Midstream is advised by RBC Capital Markets and Orrick.
Reuters reported that Hudson’s Bay Company, a Canadian retail business group, agreed to a sweetened offer from a shareholder group led by Executive Chairman Richard Baker to take the struggling Canadian department store chain private for $1.3bn.
The deal must receive support from a majority of shareholders not involved with Baker’s bid, creating a possible complication for it to close. Minority shareholder Land & Buildings, which considers the price inadequate, is opposing the deal.
Hudson's Bay is advised by Centerview Partners, JP Morgan and Blake Cassels & Graydon.
AMP Capital agreed to acquire Expedient, a cloud computing and data center infrastructure as a service provider, from Landmark Media Enterprises, a privately held media company. Financial terms were not disclosed.
"We've been very impressed with Expedient's performance over the years and we are extremely excited to work with the Expedient management team to enable even more growth and expansion," Simon Ellis, AMP Partner and Head of Americas, Infrastructure Equity.
AMP Capital is advised by The Bank Street Group and Simpson Thacher & Bartlett. Landmark is advised by Evercore.
Knight Therapeutics, a specialty pharmaceutical company, agreed to acquire a 51% stake in Grupo Biotoscana, a Brazilian pharmaceutical company, from Advent and Essex Woodland for $144m. The price implies a 22.2% premium to GBT’s 30-day volume-weighted average share price as of October 18, 2019. Knight will launch a mandatory tender offer to acquire the remaining 48.79% interest in GBT from public shareholders on similar terms.
“After an extensive search for opportunities and partners in Latin America, we are very excited to welcome GBT’s team of talented people, who are fundamentally aligned with Knight’s culture and core values. GBT is a stand-alone successful business that we intend to add significant value to through our business development and operational expertise. We look forward to working with our new extended team to build a pan-American commercial solution for biotech and pharmaceutical companies with late-stage innovative therapeutics,” Samira Sakhia, Knight President.
Knight is advised by RBC Capital Markets and Davies Ward Phillips & Vineberg.
Secure-24 Intermediate, a critical application hosting, comprehensive managed IT and cloud services provider, completed the acquisition of Symmetry, a complex SAP implementations manager. Financial terms were not disclosed.
With the acquisition, Symmetry clients now have access to the industry's most comprehensive managed services, vast global resources, and innovative solutions beyond SAP technologies, including application hosting services for Oracle, custom applications, and multi-cloud managed services.
"The acquisition of Symmetry allows us to strengthen the comprehensive managed services we provide to our customers while opening doors to new opportunities. With the combined expertise of both companies and Symmetry's extensive portfolio of managed SAP services, we are now in a position to deliver greater value to our customers around the world." Mike BeDell, Secure-24 CEO.
Secure-24 Intermediate was advised by Morrison & Foerster.
Level Equity-backed Movista, a provider of the advanced, mobile-first retail execution and workforce management platform, agreed to acquire Natural Insight, a retail technology provider and its largest competitor. Financial terms were not disclosed.
"Stefan and his team at Natural Insight share our passion for value delivery and customer-focused innovation. Our technologies ensure the shopper finds what they want, when they want, where they want. Together, we will lead the way to a more mobile, agile and collaborative retail environment that delivers tangible, measurable returns for our customers," Stan Zylowski, Movista Co-Founder and CEO.
Movista is advised by Gabriel Marketing Group.
Roark-backed Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 8.3k Arby's, Buffalo Wild Wings, SONIC Drive-In and Rusty Taco locations worldwide, completed the acquisition of Jimmy John's, an American franchised sandwich fast-food restaurant chain. Financial terms were not disclosed.
"Jimmy John's is a great fit for the Inspire family. What started in 1983 as a sandwich shop in a converted garage in Charleston, Illinois, has grown into a national, differentiated brand with a passionate fanbase. We are excited to welcome Jimmy John's brand to Inspire and look forward to working with their team and franchisees to help the company achieve its next stage of growth," Paul Brown, Inspire Brands Co-Founder and Chief Executive Officer.
Roark Capital was advised by Houlihan Lokey.
Sartorius Stedim Biotech, a provider of cutting-edge products and services for the development, quality assurance and production processes of the biopharmaceutical industry, agreed to acquire Danaher's Select Life Science Platform Businesses, which provide chromatography hardware and resins, for $750m.
“The portfolio proposed for acquisition represents an excellent strategic fit with Sartorius Stedim Biotech. With the chromatography hardware and resins and the microcarrier businesses, we broaden our strong bioprocessing offering, particularly in the downstream area. We look very much forward to welcoming the new teams to Sartorius and to jointly combine our capabilities for the benefit of our biopharma and life science customers,” Joachim Kreuzburg, Sartorius Stedim Biotech Chairman of the Board and CEO.
YDUQS, the second largest education company in Brazil, agreed to acquire Adtalem Educacional do Brasil, the Brazilian unit of education company Adtalem Global Education, for $465m.
“We have been on a path to re-position Adtalem as a leading workforce solutions provider, and this transaction further streamlines our enterprise, reduces portfolio risk and complexity and advances exciting opportunities for growth and innovation in our Medical & Healthcare and Financial Services verticals,” Lisa Wardell, Adtalem Chairman and CEO.
United Road, in partnership with its owners The Carlyle Group, agreed to acquire Team Drive-Away, a national non-asset-based commercial vehicle logistics provider, from CID Capital. Financial terms were not disclosed.
"Team Drive-Away is a natural fit for United Road that further diversifies our business. TDA is a customer-driven business that brings new heavy haul capabilities to United Road. Its asset-light business model of partnering with trusted independent contractors combined with our geographic territories will bring new opportunities and new customers to our combined enterprise," Mark Anderson, United Road President and CEO.
USI Insurance Services, a provider of insurance brokerage and risk management, agreed to acquire Scheetz, Hogan, Freeman & Phillips, a South Carolina-based insurance agency. Financial terms were not disclosed.
“We are thrilled to welcome Ron and the experienced professionals from Scheetz, Hogan, Freeman & Phillips to the USI family. By partnering as one, we look forward to serving our current and future clients throughout the Carolinas with the USI ONE Advantage, a unique platform that delivers innovative risk management and employee benefit solutions with bottom-line financial impact,” James W. Dunn, USI Midsouth regional CEO.
Plymouth Rock Assurance, an insurance company, completed the acquisition of Rider Insurance Company, a motorcycle insurance carrier. Financial terms were not disclosed.
The acquisition creates an opportunity for Plymouth Rock to invest more deeply in the motorcycle insurance segment, while also allowing the company to market its auto and home insurance products to Rider customers. For Rider, the transaction places its valued customers and business partners with an A.M. Best A- ("Excellent") rated company with the scale, financial resources and expertise to continue to provide the superior level of service with which they have grown accustomed.
"Plymouth Rock has always been interested in expanding our presence in the motorcycle line of business. Rider Insurance has a strong reputation within the riding community for delivering exceptional service to motorcycle enthusiasts, which is something that aligns very closely with the core values of Plymouth Rock. We are very excited about this transaction and growing our motorcycle business," Gerry Wilson, Plymouth Rock Management Company President and CEO.
Live Nation Entertainment, a live entertainment company, acquired a majority stake in Groot Hospitality, a portfolio company that includes top dining, entertainment, and hospitality brands known for high-energy, high-impact environments that deliver the ultimate elevated experience for guests. Financial terms were not disclosed.
"Entertainment is the DNA of Groot Hospitality, so it was a natural fit for us to join the leading live entertainment company. Live Nation shares my passion for creating once in a lifetime experiences, and together we will grow our portfolio worldwide while pushing the limits of fans' expectations," David Groot, Hospitality CEO.
Bentley Systems, a provider of comprehensive software and digital twin cloud services, agreed to acquire Citilabs and Orbit Geospatial Technologies, two software development companies. Financial terms were not disclosed.
"Mobility is a priority opportunity for city digital twins because too often existing planning and simulation efforts are disconnected from the infrastructure's engineering reality. As the roadway design software leaders, we're very enthusiastic to be the first to enable engineering-founded mobility digital twins. With these acquisitions, we can now bring together traffic simulations, by way of the respected and versatile CUBE software—led by traffic engineer Michael Clarke to have now become a market leader—with automated mobile mapping workflows for reality modeling of roadways, as envisioned and realized by Peter Bonne, and his family, in leading the team behind Orbit GT. This will serve communities and regions in designing, testing, and optimizing the resilience of their mobility infrastructure," Robert Mankowski, Bentley Systems Vice President, Digital Cities.
SoftBank rescue offer slashes WeWork’s valuation to $8bn. (FS)
WeWork’s board is expected to meet today to weigh emergency-financing options, including a takeover by SoftBank that would slash the co-working company’s valuation to about $8bn and alleviate a looming cash crunch, WSJ reported.
JP Morgan Chase is expected to field a competing loan package that would bring together a group of outside investors. There is no guarantee it will be able to, and the terms it has outlined to potential investors so far are more expensive and complicated than what SoftBank is offering.
Bain Capital raised $438m for a partnership strategy. (FS)
Boston-based Bain Capital raised $438m from investors for a partnership strategy that was once open only to Bain insiders.
The firm so far has raised capital from 23 investors for Bain Capital Partnership Strategies Emerging Markets Fund. Bain Capital began raising money from outside investors for the strategy a year ago.
Silicon Labs to acquire IEEE 1588 software and modules from Qulsar.
Silicon Labs, a provider of silicon, software and solutions, acquired all IEEE 1588 precision time protocol software and module assets from Qulsar, a provider of PTP grandmasters, gateways and other system-level synchronization-based solutions. Financial terms were not disclosed.
"Silicon Labs and Qulsar share a common vision of developing simplified solutions that ease the adoption of IEEE 1588 in a wide range of infrastructure applications. The addition of Qulsar's software and modules to our 1588 network synchronizer portfolio uniquely positions us to address this fast-growing market opportunity with turnkey, carrier-grade solutions that simplify 1588 integration and accelerate time to market," James Wilson, Silicon Labs General Manager of Timing Products.
Coty looks to divest some of its brands.
Coty, an American multinational beauty company, is exploring the sale of its business unit that houses hair and nail care brands such as Wella, Clairol and OPI as part of its plan to whittle down its portfolio and cut debt, Reuters reported.
The company also said it was exploring options for its Brazilian unit as it shifts its focus to its fragrance, cosmetics and skincare businesses.
4M Carbon Fiber and Montefibre Carbon looking to form a joint venture.
4M Carbon and Montefibre Carbon Fiber are in the process of finalizing a letter of intent to establish a partnership, including a potential US-based joint venture. 4M and Montefibre will disrupt the carbon fiber industry by combining Montefibre's ultra-large tow precursor and 4M's low-cost carbon fiber production technology to produce the world's lowest-cost industrial-grade carbon fiber.
"4M and Montefibre's JV addresses the biggest issues preventing large-scale adoption of carbon fiber for industrial applications that will benefit greatly from the strength and lightweight of carbon fiber," Garo Artinian, 4M Board Member and Chief Advisor.
Goldman Sachs’ Petershill looking to invest in Willow Tree Credit Partners. (FS)
Petershill, a unit of Goldman Sachs Group, is reportedly set to invest in Willow Tree Credit Partners, an asset manager formed about two years ago by a former Ares Management executive.
Goldman Sachs’ Petershill arm made a passive minority investment in the credit manager as well as anchor investments in some of its funds.
Vorteq to acquire assets of Western Metal Decorating.
Vorteq Coil Finishers, a provider of coil coating services for metal products, agreed to acquire the assets of Western Metal Decorating, a producer of coated aluminum and steel products serving pre-painted markets across the western United States. Financial terms were not disclosed.
As part of the transaction, the Western operation will be renamed Vorteq Pacific. Vorteq Pacific will become an integral player in servicing both leading building product manufacturers in the western United States, as well as national players located further east that have historically lacked a multi-regional supplier in aluminum coil coating.
"The expansion of the Vorteq brand to the West Coast is a strategic next step after our highly successful acquisitions on the East Coast in 2016 and Midwest in 2018. The transaction will uniquely position Vorteq to serve its national accounts in the gutter coil and residential building product market from coast to coast. Western also provides a strong foundation to service new markets and customers west of the Rockies," Jim Dockey, Vorteq's CEO.
Graanul Invest to acquire assets of Texas Pellets from Configure Partners.
Graanul Invest, a pellet producer in Europe, acquired the assets of Texas Pellets, a wood biomass pellet manufacturer, from Configure Partners, a leading middle market investment bank, for $63m.
"Executing challenging sale processes such as Texas Pellets is a hallmark of Configure's business. The two fires, the resulting reconstruction process and other issues that arose along the way were significant items that needed to be expertly explained and properly positioned to potential buyers in order to elicit the price that was achieved," Jay Jacquin, Configure Managing Director.
EMEA
Private equity firm Advent International said it is ready to commit to protect British jobs at Cobham, a British manufacturing company, which it's currently trying to buy for as much as £4bn ($5.2bn). Advent International is reportedly set to promise the government that it will maintain UK employment at current levels at least, invest in research and development in Britain and keep the Cobham brand.
Cobham is advised by Bank of America Merrill Lynch, JP Morgan, Rothschild & Co, Allen & Overy, MHP Communications. Advent International is advised by GSO Capital Partners, Citigroup, Credit Suisse, Goldman Sachs, Linklaters, Weil Gotshal and Manges, White & Case and Finsbury.
Kerridge Commercial Systems, which provides specialist software, completed the acquisition of MAM Software Group, a leading global provider of cloud-based business and on-premise management solutions for the auto parts, tire and vertical distribution industries, for $154m in cash. The purchase price represents a 14% premium over the closing price on August 30, 2019.
"This all-cash transaction provides MAM Software's stockholders with a premium over the pre-announcement market price of their shares, and we believe it will allow our team to increase our focus on long-term success that will benefit customers, employees, and partners. Together with KCS, we can offer a broader portfolio of solutions to our customers globally," Mike Jamieson, MAM Software CEO.
MAM Software Group was advised by Mirus Capital Advisors and Sullivan & Worcester.
Kerridge Commercial Systems was advised by Kirkland & Ellis.
Ebury, a fintech company based in London, agreed to acquire Frontierpay, an international payroll payments provider. Financial terms were not disclosed.
The acquisition forms part of Ebury's broader strategy to invest in technologies that will help accelerate the automation of international payment processes, specifically targeting those within finance and treasury functions of mid-market corporates.
"This is a significant milestone for our business, and we are delighted to be joining a like-minded minded company with strong cultural alignment. Access to Ebury's platform and services will allow our already-strong growth rate to accelerate and give our existing clients the benefit of its unique cross-border transaction services, wider geographical coverage, and a large dedicated technology team to drive our product development," Owain Walters, Frontierpay CEO.
Ebury is advised by Temple Bar Advisory.
Insight Venture Partners, an American venture capital and private equity firm, agreed to invest $145m in commercetools, a provider of in next-generation commerce software.
“The scale of this funding, combined with our tremendous strengths in technology and the quality of the team we are building, significantly furthers our ambition to become the number one commerce platform globally,” Dirk Hoerig, commercetools CEO and co-founder.
BNP Paribas Securities Services, a global custodian and fund services provider, acquired a 22.5% stake in Allfunds, a wealth tech company that offers big data & analytics, portfolio & reporting tools, research and regulatory services. Financial terms were not disclosed.
BNP Paribas Securities Services intends to use Allfunds as preferred access to the fund market, exploring together opportunities to enhance services to fund providers and financial institutions. BNP Paribas Securities Services will also transfer its Banca Corrispondente local paying agency activities in Italy, as well as some Italian transfer agency services, to Allfunds, where they will complement its existing range of local fund distribution services.
"The demand for fund distribution platforms is growing, and we want our clients to be able to take advantage of the opportunities they present. This partnership will enable us to significantly enhance our offering, giving our clients access to a successful and fast-growing fund distribution platform. It will also enable us to accelerate the development of next-generation fund distribution services and data analytics," Patrick Colle, BNP Paribas Securities Services CEO.
QualTek, a provider of turnkey telecommunications solutions, including engineering, installation, fulfillment and program management to the North American telecommunications and power sectors, completed the acquisition of Aerial Wireless Services, an infrastructure service provider for wireless operators throughout the Northeast region. Financial terms were not disclosed.
"AWS has a strong reputation for exceeding the highest quality and safety standards and has long-term partnerships with the Nation's top wireless carriers. The addition of AWS also supports our tremendous organic growth in the Northeast region. We are excited to have Kevin Cunningham and his team join QualTek and add many highly skilled wireless crews to the region," Scott Hisey, QualTek CEO.
Alfresco Software, a commercial, open-source software company, agreed to acquire pernexas, a provider of connectors for seamlessly integrating the Alfresco Digital Business Platform. Financial terms were not disclosed.
The acquisition strengthens Alfresco's market leadership position in the enterprise content management market and provides customers with fully-certified, native integration with line-of-business SAP applications.
"With many joint Alfresco-pernexas customers using SAP ERP systems, we are thrilled with the acquisition of pernexas and the incorporation of its secure and reliable connexas product line in the Alfresco product portfolio. The connexas product line makes it easy for our customers to natively integrate their SAP ERP systems with our Digital Business Platform using an SAP-certified connector," Tony Grout, Alfresco Chief Product Officer.
TransPerfect, a provider of language and technology solutions for global business, agreed to acquire Lylo Media Group, a multinational provider of dubbing, voiceover, subtitling, audio description, and hard-of-hearing services. Financial terms were not disclosed.
Lylo's YouDub cloud technology will be integrated with TransPerfect's Media.NEXT AI-powered platform, as well as the company's GlobalLink translation management technology. The result will provide clients with an end-to-end media localization solution that will significantly improve the speed and efficiency with which customers can release content internationally.
"Lylo's technology vision has been an integral part of their company identity, and that has us extremely excited about what our unified teams will accomplish together. We want to extend a heartfelt welcome to all members of the Lylo family, and we look forward to working together to provide service and tech solutions that will benefit our combined customers in the entertainment space," Phil Shawe, TransPerfect President and CEO.
TransPerfect, a provider of language and technology solutions for global business, agreed to acquire Sublime Subtitling & Translation, which specializes in audiovisual translation and subtitling for global entertainment clients. Financial terms were not disclosed.
TransPerfect has invested heavily in providing the most advanced dubbing, voiceover, and subtitling services, including AI-powered solutions, to clients via its Media.NEXT technology platform.
"By combining the know-how and expert subtitling resources of the Sublime team with the technologies and resources of the TransPerfect team, we will now be able to do what we do best on a much larger scale and in a more cost-effective manner. Together, we are better equipped to meet the challenges of our growing industry and offer our clients the best possible solutions," Sevan Bruce Nazarian, Sublime Co-Founder and Sales Manager.
MJ Hudson, a London-based asset management consultancy, agreed to acquire Anglo Saxon Trust, a private independent trust company established in Jersey. Financial terms were not disclosed.
“We have been talking to the team at AST for some time and we are delighted that they have decided to join our group. AST is a well-established trust and company services business with a strong reputation and a highly experienced team. We are already present in Jersey as a law practice and listing sponsor, and in Guernsey also in administration and law. For our group, therefore, AST represents a valuable and timely cornerstone in our Channel Islands operations. In particular, the success of the legal and administration services we already have in Guernsey encourages us that we can scale the AST business initially in its core offering and then later through the addition of wider MJ Hudson group services. More generally, we can offer AST the benefits of our London presence, alternatives focus and proven marketing expertise,“ Matthew Hudson, MJ Hudson CEO.
Volvo Group Venture Capital, a corporate investment company making venture capital and growth equity investments, agreed to invest in Upstream Security, an Israeli automotive cybersecurity company. Financial terms were not disclosed.
“Upstream Security has a promising offering and capability to support with cybersecurity solutions to meet our future requirements,” Anna Westerberg, acting CEO of Volvo Group Venture Capital.
Cinven and Blackstone looking to bid for KKR's LGC. (FS)
Cinven, Abu Dhabi Investment Authority, Advent and Blackstone are looking to buy KKR-owned LGC Group, an international life sciences measurement and testing company, in a deal valued at as much as $3.2bn. Cinven is working with Abu Dhabi Investment Authority to make a rival offer to Blackstone and Advent. Leonard Green is also interested in making an offer.
JP Morgan is running the auction.
GSK divests two vaccines for €1bn.
GlaxoSmithKline, a British multinational pharmaceutical company, sold two travel vaccines to Bavarian Nordic, a Danish biotechnology company, for €1bn ($1.1bn), as it refocuses on its most profitable and innovative products. The sold vaccines are Rabipur, sold as Rabavert in the US, for the prevention of rabies, and Encepur for the prevention of tick-borne encephalitis.
Roger Connor, GSK’s president of global vaccines, said the agreement with Bavarian Nordic “will enable us to commit greater resources to our key growth assets and to our R&D pipeline, while also ensuring the continued supply of these important and successful vaccines.”
Siemens Gamesa to acquire assets from Senvion.
Siemens Gamesa, a Spanish-based engineering company that manufactures wind turbines and provides onshore and offshore wind services, agreed to buy selected European assets from insolvent German wind turbine manufacturer Senvion for as much as $223m.
Siemens Gamesa said the assets it is buying include a large part of Senvion’s European onshore services business, all its intellectual property as well as an onshore blade manufacturing facility in Vagos, Portugal.
Deutsche Bahn delays possible Arriva disposal.
Deutsche Bahn, a German railway company, decided to delay its planned sale of floatation of Arriva, a major bus operator in the United Kingdom. According to a Reuters report it was the uncertainties linked to Britain’s planned departure from the European Union as well as a cash injection of $2.3bn that relieved pressure on the indebted rail operator that influenced the decision to delay plans for Arriva.
PKO considers bidding for Commerzbank's mBank.
Poland’s biggest bank, state-run PKO BP will consider a bid for Commerzbank’s Polish unit mBank if it is officially put up for sale, it's Chief Executive Zbigniew Jagiello said.
“If mBank is formally presented as an asset for sale, then it is PKO BP’s responsibility to analyze these assets. Naturally, we will look at it, although looking does not automatically mean a desire to buy,” Zbigniew Jagiello, PKO Chief Executive.
Nicholas Candy looking to bid for Capital & Counties Properties.
Bloomberg reported that a group led by luxury property developer Nicholas Candy is considering making an offer to acquire Capital & Counties Properties, a United Kingdom-based property investment and development company.
Capco’s shares rose 8% in London on Monday, valuing the firm at $2.8bn. The stock had lost nearly half its value from its 2015 peak before today’s gains as the company struggled to find buyers for its holdings in the Earls Court district of London.
SkyFive acquired Nokia's Air-to-Ground assets.
SkyFive, a communications provider, acquired Air-to-Ground assets of Nokia, a Finnish multinational telecommunications, information technology, and consumer electronics company. Financial terms were not disclosed.
With the purchased assets, SkyFive becomes the world's first A2G communications specialist. SkyFive assumes responsibility for the end-to-end solution, which comprises avionics, telecommunications, and IT systems. Nokia continues to be responsible for sales and implementation of the ground network – an integral part of the solution – to Communication Service Providers, based on its strong technology and delivery capabilities.
Mubadala launched MENA tech investment funds. (FS)
Mubadala Capital launched its first MENA-focused tech investment funds. With a total of $250m, the Mubadala MENA tech funds will capitalize on the growing startup scene in the region while empowering tech talent in the Emirates and across the wider region.
“After ten years of investing in tech companies around the world, the time has come to leverage the experience and expertise we’ve gained for the benefit of our home market. The MENA funds will drive the economic development of Abu Dhabi by stimulating tech investment activity. There’s a huge amount of untapped potential in the UAE and the wider region and we are on the right path to foster more home-grown innovations, attract exceptional talent and accelerate the evolution of a flourishing tech industry in the Emirate,” Ibrahim Ajami, Mubadala Capital Head of Ventures.
Mark Denning resigns from Capital Group after BBC report. (FS, People)
Capital Group's Mark Denning, one of the world's leading fund managers, was forced to resign after BBC discovered he had broken investment rules. BBC One's Panorama uncovered evidence that suggests he was secretly acquiring shares for his own benefit in some of the same companies as his funds.
Mr. Denning, who had worked at the firm for 36 years, denies any wrongdoing.
JP Morgan hires Celia Murray to run UK M&A. (People)
JP Morgan hired Celia Murray, a senior London dealmaker from rival Goldman Sachs, to lead its UK mergers and acquisitions business, a role that has been vacant since an internal reshuffle in January, Financial News reported.
APAC
Japanese hotel chain Unizo Holdings said it would continue talks with Blackstone Group, which recently offered to buy the company for $1.6bn. Reuters reported that Blackstone last week told Unizo it would launch a tender offer and warned the company it might take more aggressive measures if Unizo did not agree to the conditions by Wednesday.
“We have carefully evaluated and considered Blackstone’s offer. And today all the board members agreed to continue talks with Blackstone as its proposals could help maintain and improve corporate value and secure shareholders benefit,” Unizo said in a statement.
Unizo is advised by Benedi Consulting, KPMG, ZECOO Partners, Daiwa Securities, Mitsubishi UFJ Financial Group, Davis Polk & Wardwell, Nishimura & Asahi, TMI Associates, Horwath HTL Asia Pacific, Hospitality Capital Management and EY.
Canada's Brookfield, an alternative asset management company, asked several Australian banks to help fund its acquisition of Aveo. The deal was announced in August 2019.
Brookfield pitched a $1bn funding package to banks last week and is seeking commitments by Nov. 18, which is about the same time its proposed Aveo acquisition is due to settle.
Aveo is advised by Bank of America Merrill Lynch and Herbert Smith Freehills.
Temasek, a Singaporean holding company, offered to acquire a 30% stake in Keppel, a Singaporean marine conglomerate, for $3bn. Temasek currently directly owns 20% of Keppel.
“The partial offer reflects our view that there is inherent long-term value in Keppel’s businesses, notwithstanding the challenges presented by the current business and economic outlook,” Tan Chong Lee, Temasek International’s President.
Temasek is advised by Morgan Stanley.
Digital Wallet, a Japan-based fintech company, agreed to acquire Speed Money Transfer Philippines, a licensed remittance and foreign exchange company. Financial terms were not disclosed.
“Our Philippines acquisition is the first step in our global expansion strategy to deploy our Mobile Wallet service ‘Smiles’ to Asia and Europe. As we continue to expand our global services and footprint, my vision is for Digital Wallet Philippines to fast-track our growth in the market and to grow the team to 3 to 5 times its size by 2020,” Eiji Miyakawa, Digital Wallet Corporation Founder and Chief Executive Officer.
EQT and BC Partners looking to bid for Althea Group. (FS)
Private equity firms EQT and BC Partners are interested in bidding for Althea Group in a deal that could value the medical equipment service company at around $890m. Althea, which is present in 17 countries, is currently owned by Permira.
Goldman Sachs is advising on the sale.
Warburg Pincus-backed ESR looking to raise $1.45bn in Hong Kong IPO. (FS)
ESR Cayman, an integrated logistics real estate platform, relaunched an initial public offering worth up to $1.45bn in what could be Hong Kong’s second-biggest deal this year. ESR lined up OMERS Administration Corporation as a cornerstone investor, something it had not secured when it initially attempted an IPO in June.
“For an IPO you have to be cognizant of what’s happening in the geopolitical environment and in the overall macro environment. So, we had felt at that time, at the banks’ guidance, that it was not the best time in going forward with the transaction,” Jeffrey Perlman, ESR Chairman.
IIT-Delhi to raise a $1bn endowment fund. (FS)
Indian Institute of Technology in Delhi stepped up an effort to garner $1bn over the next six years as endowments from industry and alumni, including Sachin Bansal. The endowment fund will be announced on Oct. 31, two days ahead of its Golden Jubilee convocation ceremony on November 2.
IIT-Delhi has been talking about building an endowment fund for the past couple of years and more rigorously after it was awarded the institution of eminence tag in 2018. An endowment fund would give the IIT more financial freedom in designing its research projects and centers of excellence, hiring needed scholars and students financial help systems.
Vertex Ventures China closes its latest fund at $566m. (FS)
Vertex Ventures China, the China-focused venture capital arm of Singapore-based Vertex Ventures, secured nearly $566m in capital commitments for a $-denominated fund. The new fund will back early and growth-stage startups in the fields of high-tech and mass consumption with a focus on semiconductor, artificial intelligence, enterprise services, healthcare and online education.
UNISOC looking to raise $706m ahead of its IPO. (FS)
Deal Street Asia reported that UNISOC, an Intel-backed Chinese semiconductor firm that specializes in developing chipsets for mobile communications and the internet of things, is planning to raise up to $706m ahead of a planned initial public offering on the country’s newly-launched STAR Market.
|
