SSR Mining, a Canadian-based precious metals producer, agreed to merge with Alacer Gold, a low-cost intermediate gold producer, in a $1.7bn deal. At closing, SSR Mining and Alacer shareholders will collectively own approximately 57% and 43% of SSR Mining, respectively, on an issued and outstanding share basis.
"The zero-premium merger of SSR Mining and Alacer creates an exciting leading intermediate gold producer with exceptional financial strength, robust margins, strong cash flow generation, and long mine lives that will be run by highly experienced management with a track record of value creation. Consistent with our long-standing strategy of growth through a combination of organic development and M&A, the new SSR Mining will be well positioned to build on the strong foundation of both companies to continue growing and delivering value for all shareholders," Paul Benson, SSR Mining President and CEO.
SSR Mining is advised by National Bank Financial, TD Securities, Lawson Lundell and McCarthy Tetrault. Alacer Gold is advised by CIBC World Markets, Scotiabank and Stikeman Elliott.
Act II Global Acquisition, a special purpose acquisition company, revised certain terms of its acquisition of Merisant, a manufacturer of zero and low-calorie sugar substitutes, and MAFCO Worldwide, a manufacturer of natural licorice products, to reflect market conditions related to Covid-19.
Under the terms of the amended purchase agreement, the transaction is now valued at approximately $516m at closing, as compared to approximately $586m in the agreement announced in February 2020.
“Along with MacAndrews & Forbes, we focused on creating a revised transaction structure that will provide Whole Earth Brands with the tools to succeed, significantly improving anticipated net leverage allowing reinvestment in the business to execute an accelerated growth and acquisition strategy. We remain very confident in our near-term and long-term business outlook,” Irwin Simon, Act II Executive Chairman.
Act II Global is advised by Cantor Fitzgerald, Goldman Sachs, Moelis & Co, DLA Piper and ICR. Flavors Holdings is advised by Citigroup and Wachtell Lipton Rosen & Katz.
Gran Colombia Gold, a Canadian-based mid-tier gold producer, agreed to merge with Guyana Goldfields and Gold X, two gold mining companies, in a $475m deal. Shareholders of Gran Colombia will own a 60% stake in the combined company, with Guyana Goldfields and Gold X shareholders owning 25% and 15% stakes, respectively, on basic shares outstanding basis.
“We are excited to present this opportunity to all the shareholders of Gran Colombia, Guyana Goldfields and Gold X. It is extremely rare to come across a transaction that can unlock significant tangible synergies outside of simply consolidating head offices. Not only does this transaction unlock meaningful value for all shareholders, but it creates a new Latin American gold champion with Latin American operators and mine builders. We will use our unique skillset to continue to grow Gran Colombia and create substantial value for all shareholders. We look forward in the coming weeks to present our vision to shareholders and demonstrate the superior value that our proposed merger possesses,” Serafino Iacono, Gran Colombia Executive Chairman.
Gran Colombia is advised by Scotiabank and Wildeboer Dellelce. Gold X is advised by BMO Capital Market and Stikeman Elliot.
KKR agreed to invest $750m in Coty, an American multinational beauty company. Additionally, Coty and KKR signed a Memorandum of Understanding for the sale of a majority in Coty's Professional Beauty and Retail Hair Businesses including the Wella, Clairol, OPI and ghd brands.
"Coty is a leader in the attractive global beauty market with iconic brands, global presence and scale, and a strong track record of innovation and growth. We are excited to form this partnership to invest in Coty to support it through this period of unprecedented global uncertainty and allow it to emerge as a stronger, more agile business, and to acquire a majority stake in Wella, a market leader with a strong portfolio of brands in the attractive professional hair market where we see significant opportunities to accelerate growth in partnership with its experienced leadership team. We look forward to working towards the establishment of a lasting and value-creating strategic partnership," Johannes Huth, KKR Partner and Head of EMEA.
Coty is advised by AFW, Credit Suisse and Skadden Arps Slate Meagher & Flom.
Palladium Equity-backed Quirch Foods, a food distribution company, completed the acquisition of Butts Foods, a fresh protein distributor. Financial terms were not disclosed.
“Butts Foods has been providing quality service to their customers for decades and it was a natural fit to our distribution footprint. Quirch Foods and Butts Foods will continue to focus on delivering exceptional service and support to our independent and national grocery customers with quality products including our company owned brands. We are excited to welcome the Butts Foods team to the Quirch Foods Family,” Frank Grande, Quirch Foods President.
Palladium Equity was advised by Kekst CNC.
CrowdVision, a provider of live, accurate and actionable passenger data and insights, completed the merger with iinside, a provider of indoor motion analytics for airports and other large public venues. Financial terms were not disclosed.
“The merger of CrowdVision and iinside creates an exciting new company with unparalleled customer reach and service. Our company delivers the most complete range of smart technologies for optimizing crowded places, enabling clients to not only operate more efficiently, but also to assure safe distancing to help restore consumer confidence as facilities everywhere reopen for business,” David Teed, CrowdVision CEO.
Private equity firm ClearLight Partners completed the investment in ICS, a computer consultant in Endicott, New York. Financial terms were not disclosed.
"We are impressed with the organization and culture that Kevin and his team have built and their ability to provide great service for their clients. We look forward to supporting ICS through its next period of growth," Josh Mack, ClearLight Partner.
San Antonio Spurs seeking to sell a minority stake in the team. (FS)
The San Antonio Spurs are reportedly looking to sell a minority stake in the team, PE Insights reported. Current owners of the Spurs are The Holt family who bought the team in 1996 for $76m. Now they are willing to sell for up to $1.8bn.
The announcement came after numerous investors showed interest in acquiring stakes, while leagues like MLB are altering regulations to let funds buy limited stakes in teams.
One of the prospective buyers is Arctos Sports Partners, a private equity firm launched by former Madison Square Garden President David O'Conner and Ian Charles. Arctos has raised between $1 to $1.5bn to invest between $20-$300m in North American sports teams and European soccer clubs.
HUB International completed the acquisition of assets from B&G Group.
HUB International, a global insurance brokerage, completed the acquisition of assets from B&G Group, an insurance agency in the New York metropolitan area providing commercial insurance to various industries, including real estate, business services and construction. Financial terms were not disclosed.
"Partnering with The B&G Group is a testament to our commitment to M&A and to our continued growth in New York. The B&G Group brings expertise in key industries that align well with Hub and their strong presence in Long Island enhances our reach in New York while opening opportunities for us to bring a wider, diverse set of solutions to their customers, including retirement solutions, employee benefits and personal insurance," Marc Cohen, Hub International President and CEO.
Vroom filed confidentially for its IPO.
Vroom, an online used-car seller, filed confidentially for its IPO in hopes to float in June, WSJ reported. Vroom hopes to challenge Carvana, a better-known online car seller who went public in 2017, rising its share sevenfold since IPO. After falling 80% during the broader market's selloff in March, Carvana's shares have recovered to trade close to record levels.
The company's target IPO valuation is uncertain. It raised $250m in a private financing round in December that valued the company at $1.5bn
Energy Spectrum Capital closes eighth venture capital fund at $969m mark. (FS)
Energy Spectrum Capital, a Dallas-based venture capital firm focused on energy infrastructure, closed its eighth venture capital fund with $969m in commitments.
The money was gathered from both new and existing limited partners and will be invested in oil and natural gas gathering and transportation systems, processing and treating plants and storage facilities
"In the current environment, we believe we are well positioned to identify high quality midstream assets and take advantage of opportunities amid the significant price dislocations in the current market. We appreciate the support of our limited partners and look forward to executing on their behalf," Thomas O. Whitener, Energy Spectrum Capital Jr. President and Founding Partner.
EMEA
EU antitrust regulators will decide by June 17 whether to clear Fiat Chrysler and Peugeot maker PSA's $50bn merger. EU competition enforcers can approve the deal with or without conditions or open a full-scale investigation of about four months following the end of the preliminary review should they have deep concerns, according to a Reuters report.
FCA is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Cleary Gottlieb Steen & Hamilton, Macfarlanes, Community Group, Image Sept, and Sard Verbinnen & Co. BPIFrance is advised by Willkie Farr & Gallagher. Peugeot family is advised by Zaoui & Co. PSA Group is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters, Stibbe. Exor is advised by Lazard.
Reuters reported that Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC's value following a slump in oil prices in coronavirus pandemic.
Aramco last year agreed to buy a 70% stake in Saudi Basic Industries from the Public Investment Fund, the kingdom's wealth fund, for $69.1bn, in one of the biggest deals in the global chemical industry.
SABIC is advised by Citigroup. Saudi Aramco is advised by JP Morgan, M. Klein & Co., Morgan Stanley, White & Case, Brunswick Group and Kekst CNC. PIF is advised by Bank of America Merrill Lynch, HSBC, AS&H and Clifford Chance.
Ambienta, a European private equity manager operating out of Milan, Düsseldorf and London, completed the acquisition of a 70% stake in Namirial, an Italian IT company, at a €150m ($164m) valuation.
"Namirial fits perfectly into Ambienta's investment portfolio as its solutions help reduce businesses' environmental footprint and also tap into the trend towards more remote working and the digitalization of business processes. The way we all work is changing, and Namirial's services will help customers work remotely, eliminate paper, save hundreds of thousands of trees every year and reduce water consumption," Giancarlo Beraudo, Ambienta Partner.
Namirial was advised by Ernst & Young and Ceccarelli & Silvestri. Ambienta was advised by KPMG, Bain & Co and Gattai Minoli Agostinelli & Partners.
Gilde Buy Out Partners completed the acquisition of Corilus, a provider of medical software solutions, from AAC Capital. Financial terms were not disclosed.
"We have been following Corilus for several years and recognize that its cloud-based software and the network effect fostered in its ecosystem of connected caregivers and patients make Corilus truly unique. The combination of long-term organic growth potential and the opportunity to continue acquiring complementary companies presents a compelling value creation thesis. We believe this blueprint for success can be replicated in other European countries and are excited to partner with Dirk and his talented management team on this journey," Nicolas Linkens, Gilde Managing Director.
Gilde Buy Out Partners was advised by Freshfields Bruckhaus Deringer. AAC Capital was advised by Arma Partners and Allen & Overy.
Altair, an American multinational information technology company headquartered in Troy, Michigan, completed the acquisition of WRAP Software, the software business of Verdane Capital-backed Swedish company WRAP International. Financial terms were not disclosed.
"WRAP software will be a strategic complement to Altair's portfolio as we fortify our solutions for areas like wireless communications including 5G, connectivity, and IoT. We continue to focus on providing the world's best software portfolio to help our customers meet their goals," James Scapa, Altair CEO and Founder.
Altair was advised by Blueshirt Group.
Verdane, the specialist Northern European growth equity investor, completed the acquisition of Evondos, a Finland-based Nordic provider of automated medicine dispensing services for elderly home care clients. Financial terms were not disclosed.
"We are proud to partner with the best team in the Nordics when it comes to automated medicine dispensing. Evondos is playing a crucial role in improving the quality of life for home care clients and freeing up more time for direct care during home visits. We look forward to joining forces on Evondos' journey to improve the lives of seniors across Northern Europe," Janne Holmia, Verdane Principal.
INVL Baltic Sea Growth Fund, the largest private equity investment fund for the Baltic region, completed the acquisition of Eco Baltica, an environment management group. Financial terms were not disclosed.
"We have a long-term growth plan to invest significant capital and expertise into Eco Baltia and view the company as sitting favourably at the forefront of a thriving circular economy for the Baltic region. The world we live in has a duty to promote recycling as we seek to achieve a better level of sustainability and greener targets and with its plastic recycling and waste collection divisions, Eco Baltia is therefore a very exciting company to help achieve these goals," Vytautas Plunksnis, INVL Baltic Sea Growth Fund Partner.
Private equity firm CMP Capital Management-Partners agreed to acquire GETI WILBA, a German food producer. Financial terms were not disclosed.
"We know about the high reputation of GETI WILBA, and are convinced of the market potential and will develop the company sustainably," Kai Brandes, CMP Managing Partner.
Deutsche Bahn-backed Arriva IPO is put on hold because of the pandemic.
Deutsche Bahn-backed Arriva, an international passenger transport business, paused its IPO plans until further notice because of the economic uncertainty caused by the novel virus, according to the proposal from Deutsche Bahn and the German transport and finance ministries.
The document also notes the change of strategy regarding bond issuance. Deutsche Bahn is proposed to issue $3.25bn in regular bonds instead of hybrid bonds this year as planned.
APAC
The Carlyle Group agreed to acquire a majority stake in SeQuent Scientific, an integrated pharmaceutical company, for $210m.
"SeQuent emerged as India's leading animal healthcare company within six years, completing phase one of SeQuent's growth journey. On behalf of the entire management team, I would like to thank Mr Arun Kumar for his vision and support in building a global animal healthcare company. We look forward to a new phase of development, where we together with Carlyle will work to grow the company into one of the top global animal healthcare companies," Manish Gupta, SeQuent CEO.
SeQuent is advised by JP Morgan, Nishith Desai Associates and Christiansen IR. Carlyle is advised by AZB & Partners, Nomura, White & Case and Adfactors PR.
LafargeHolcim, a Swiss multinational company that manufactures building materials, decided to keep its $2.15bn Philippines business after a deal to sell the operation to San Miguel collapsed. The agreement to sell four cement plants and one grinding plant fell apart after the Philippines Competition Authority did not give approval in time.
"Given today's new reality, we have decided to no longer sell our business in the Philippines. The Philippines is one of the most high-growth countries in the Asia-Pacific region and we intend to maintain our leadership position there," LafargeHolcim.
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