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AMERICAS
Standard General, an American hedge fund, highlighted the significant support it has received from numerous civil rights organizations, legislators, labor, and minority media groups for its $8.6bn acquisition of TEGNA, a firm that owns or operates 66 television stations in 54 markets.
Standard General reiterated that the proposed acquisition of TEGNA will yield significant public interest benefits by strengthening local broadcasting in communities across America and creating the largest minority-owned and female-led broadcast station group in US history, dramatically increasing minority broadcast ownership and diversity of viewpoints.
Standard General is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, Cooley, Fried Frank Harris Shriver & Jacobson, Pillsbury Winthrop Shaw Pittman, and Joele Frank (led by Andrew Brimmer and Jamie Moser). Debt financing is provided by RBC Capital Markets. TEGNA is advised by Evercore, Greenhill & Co, JP Morgan, Covington & Burling, Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Igor Kirman, Victor Goldfeld, and Andrew Brownstein), and FGS Global (led by George Sard). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg).
US life sciences company Illumina challenged an EU antitrust order to keep biotech firm Grail separate, ratcheting up its fight against EU regulators which blocked a merger deal last year. Following its veto, the European Union competition enforcer renewed an interim measure last October requiring Illumina to keep Grail as a separate entity so the company can unwind a takeover it had completed without waiting for the deal to get EU approval.
“Today, we appealed the European Commission’s interim measures order to hold separate Illumina and Grail. We disagree that the Commission has jurisdiction to review the merger, and with the premise of the interim measures itself and with a number of its provisions, the Commission has exceeded its authority,” Illumina.
Grail was advised by Morgan Stanley (led by Clint Gartin), Latham & Watkins (led by Alex Voxman), McDonald Hopkins, Proskauer Rose (led by Ori Solomon), Ropes & Gray (led by Jason Freedman) and Sard Verbinnen & Co ( Paul Kranhold). Illumina was advised by Goldman Sachs, Cravath Swaine & Moore (led by Faiza Saeed), Davis Polk & Wardwell and Joele Frank (led by Amy Feng). Financial advisors were advised by Freshfields Bruckhaus Deringer (led by Ethan Klingsberg). Debt financing was provided by Goldman Sachs (led by Robert Ehudin). Johnson & Johnson was advised by Goodwin Procter.
Euronav, an independent tanker company, terminated a $4.2bn merger with Frontline, an independent tanker company.
"We regret that we could not complete the merger as envisaged in July 2022, as that would have created the by far largest publicly listed tanker company," Lars Barstad Frontline CEO.
Aquarian Holdings, a diversified holding company, completed the acquisition of majority stake in Somerset Reinsurance, a provider of reinsurance solutions for asset-intensive life insurance and annuity business, from Atlas Merchant Capital, a private equity firm. Financial terms were not disclosed.
“We’re looking forward to building on the strong growth that Somerset Re experienced in 2022 with Aquarian as a partner. Having executed five new reinsurance treaties in the fourth quarter of 2022, we have tremendous momentum leading us into 2023. The Aquarian platform gives us a long-term strategic partner with exceptional asset management capabilities that perfectly complements our solutions-based approach to reinsurance,” Jeff Burt, Somerset Re Chief Executive Officer.
Veritas Capital-backed Houghton Mifflin Harcourt, a learning technology company, agreed to acquire NWEA, a not-for-profit research and educational services organization serving K-12 students. Financial terms were not disclosed.
"We are thrilled at the potential this acquisition brings for K-12 educators at a time when the connection between instruction and assessment is increasingly critical for student success. HMH and NWEA have great alignment in mission and long-term vision and share the collective belief in the transformative power of education. Both teams are deeply focused on helping all children learn and serve millions of K-12 educators and students across the globe," Jack Lynch, HMH CEO.
NWEA is advised by Goldman Sachs, Davis Wright Tremaine, and Hogan Lovells. Houghton Mifflin Harcourt is advised by Milbank. Veritas is advised by FGS Global.
Hildene, a credit-focused asset manager, completed the acquisition of a minority stake in SILAC Insurance, an annuity provider. Financial terms were not disclosed.
"SILAC has built a market-leading annuity distribution platform, and we are excited to partner with Steve and his team at an important point in the company's evolution. Our alliance with SILAC underscores the confidence we have in the company's ongoing success and Hildene's ability to source attractive investment opportunities for longer-term capital. We look forward to a symbiotic relationship with SILAC for years to come as we continue to scale the Ludlow Re platform," Brett Jefferson, Hildene Founder and Co-CIO.
SILAC Insurance was advised by Goldman Sachs and Mintz Levin. Hildene was advised by Evercore, Kramer Levin Naftalis & Frankel and Gasthalter & Co (led by Amanda Shpiner).
CrowdOut Capital, an Austin-based investment firm, agreed to acquire Sourceability, a distributor of electronic components, from Zollner Elektronik, a provider of electronic manufacturing services. Financial terms were not disclosed.
"I could not think of a better inaugural investment for our newly launched long-term private equity fund. Sourceability has transformed electronic component distribution and has experienced extraordinary growth. We are thrilled to partner with and support Jens and the management team on the purchase of the Company. The entire Sourceability team continues to push the envelope in the development of software products designed to improve the user experience for their clients," Alexander Schoenbaum, CrowdOut Co-Founder & CEO.
Sourceability is advised by Team Lewis (led by Katie Jacobs). CrowdOut Capital is advised by Norton Rose Fulbright. Zollner is advised by Whitman Breed Abbott & Morgan and KPMG.
Patriot Rail, an operator of short-line and regional freight railroads, rail services, and integrated port logistics business, completed the acquisition of Delta Southern Railroad, a short-line railroad company operating two line segments in Louisiana. Financial terms were not disclosed.
"Including Delta Southern in Patriot Rail's expanding network will enable further competitive options for rail shippers in Louisiana and across the country. This strategic acquisition adds to the company's most recent expansion and exemplifies our growth focus on quality rail franchises to meet customer needs," John E. Fenton, Patriot Rail CEO.
Delta Southern Railroad was advised by Northborne Partners and Reed Smith (led by Morley Fortier and Nicholas M. Gibson). Patriot Rail was advised by Gentry Locke and Winston & Strawn.
Northern Oil and Gas, a non-operated working interest franchise in the premier shale basins across the US, completed the acquisition of a 39.95% stake in the Mascot Project from Midland-Petro DC Partners, a private oil and gas company, for $320m.
"With this transaction, we showcase NOG's expanding capabilities. Beyond just a consolidator of non-operated interests, NOG is proving itself to be an adept and preferred partner for the development of high-quality assets. This transaction carries a clear and strong development plan that should deliver substantial returns for our investors. Mr. Arrington and his team have dedicated over five years to developing this project, and we would like to thank him and his stellar operating team for the opportunity to help see it through," Nick O'Grady, NOG CEO.
NOG was advised by Citigroup and Kirkland & Ellis (led by David Castro, Rahul D. Vashi and Alia Heintz). Midland-Petro DC Partners was advised by Petrie Partners Securities and Hunton Andrews Kurth.
I Squared Capital-backed VLS Environmental, an environmental services company, completed the acquisition of Texas Molecular, an independent provider of industrial waste sequestration services. Financial terms were not disclosed.
"We are excited to expand our suite of environmental services to include hazardous waste processing. This acquisition is a great strategic fit for VLS and consistent with our vision of building a leading environmental services platform in North America. Chris, Jimmy, and their team have earned the trust of their customers for more than four decades by providing safe and reliable waste sequestration for a wide variety of waste types, and we welcome them to the VLS team," John Magee, VLS CEO.
VLS was advised by Houlihan Lokey and Kirkland & Ellis. Texas Molecular was advised by Brown Gibbons Lang & Company and Nathan Sommers Jacobs.
Symphony Technology Group, a private equity firm, agreed to acquire SAI360, a provider of risk management software and online learning products, from BPEA EQT, a private equity firm. Financial terms were not disclosed.
"We are proud of SAI360's transformation into a global leader in GRC software and would like to thank CEO Peter Granat and the SAI360 team for their contributions along the way. We are excited to see the next stage of the company's growth following the strategic developments that took place under our ownership," Nicholas Macksey, BPEA EQT Partner.
BPEA EQT is advised by Deloitte, Evercore and Allen & Overy.
Targa Resources, a provider of midstream services, completed the acquisition of a 25% stake in Grand Prix NGL Pipeline from Blackstone Energy Partners, an energy-focused private equity firm, for $1.05bn.
"The performance of our Grand Prix NGL Pipeline has exceeded expectations since it began full operations in the third quarter of 2019, integrating our leading NGL supply aggregation position in the Permian Basin to key demand markets in Mont Belvieu and along the US Gulf Coast. Our business has strong momentum for 2023, and this acquisition further simplifies Targa while also increasing our fee-based margin and providing additional cash flow stability," Matt Meloy, Targa CEO.
Targa Resources was advised by Truist Securities and Vinson & Elkins (led by Benji Barron).
Calidi Biotherapeutics, a developer of oncolytic virus-based immunotherapies, agreed to go public via a SPAC merger with First Light Acquisition in a $335m deal.
"We are very pleased to announce this merger with Calidi Biotherapeutics as their differentiated technology shows potential to enable improved quality of care, extend survival, and lower cost of treatment in a market with a high unmet need. Our goal is to invest in people and technologies that address the most important priorities and to deliver results with national and global effect. We believe that Calidi's innovative technology offers a differentiated immuno-oncology solution with a proprietary allogeneic stem cell-based universal delivery system that harnesses the potential of oncolytic viruses to address therapeutic needs in hard-to-treat cancers," Tom Vecchiolla, FLAG CEO.
Calidi Biotherapeutics is advised by Lewis Brisbois Bisgaard & Smith. FLAG is advised by Weil Gotshal and Manges.
Ra Medical Systems, a medical device company, agreed to merge with Catheter Precision, an innovative US-based medical device company. Catheter Precision stakeholders are expected to own approximately 80% of the combined company, and pre-merger Ra Medical equity holders are expected to own approximately 20% of the combined company.
“We have been eagerly awaiting the consummation of this merger. The field of cardiac electrophysiology presents a promising opportunity for Ra Medical and our shareholders. Teaming up with David Jenkins and his team, and Catheter Precision’s product line up based on unique electrophysiology technology brings us prospects for a bright future,” Will McGuire, Ra Medical CEO.
RA Medical was advised by Ladenburg Thalmann and LHA Investor Relations.
Neurocrine Biosciences, an American biopharmaceutical company, agreed to invest $175m in Voyager Therapeutics, a biotechnology company.
“This new collaboration with Voyager encompassing GBA1-mediated diseases such as Parkinson’s disease and Gaucher’s disease complements our existing collaboration around Friedreich’s Ataxia and other CNS targets, establishing the foundation for a strong franchise of next-generation gene therapies utilizing Voyager’s TRACER capsids to treat serious neurological diseases. We believe GBA1 gene therapy has the potential to play a transformational role in the future treatment of Parkinson’s disease and other serious neurological diseases,” Jude Onyia, Neurocrine Biosciences Chief Scientific Officer.
Specialty Program Group, a wholesaler offering best in class insurance underwriting facilities and specialty business services provider, completed the acquisition of Euclid Fiduciary, a underwriting and claims provider, from Euclid Insurance Services, an insurance services provider. Financial terms were not disclosed.
"Dan literally wrote the book on fiduciary liability insurance and he and his team are well known as thought leaders in the fiduciary market. Their model of deep specialty expertise and autonomy aligns perfectly with our business strategy and we welcome them to the SPG family of companies," Chris Treanor, SPG President & CEO.
Euclid Fiduciary was advised by MarshBerry.
Digital Intelligence Systems, a global firm specializing in IT and workforce solutions, completed the acquisition of LinTech Global, a federal prime contract holder with expertise delivering complex IT & engineering solutions. Financial terms were not disclosed.
“For over 15 years, we’ve committed to address our clients’ most mission critical IT and engineering challenges. We have gained significant knowledge and trust in the federal market, which has positioned us as a strong player in this space. By becoming part of the DISYS portfolio, our teams gain access to a global solutions platform with tremendous resources and reach. This will allow us to grow and create more value for our clients and our employees,” Michael Lin, LinTech Global President and CEO.
Digital Intelligence Systems was advised by RMR & Associates.
VICI Properties, a real estate investment trust, completed the acquisition of casinos from PURE Canadian Gaming, an operator of a chain of casinos across Western Canada, for $201m.
"Over the last five and a half years, VICI has built a portfolio of market-leading experiential real estate. Today's announcement marks another momentous first for VICI as we expand our footprint internationally into Canada with the acquisition of the PURE Portfolio. This transaction highlights our ability to source, structure, and fund cross-border transactions, widening our opportunity set as we continue along our growth trajectory. We are pleased to add PURE as our eleventh tenant and look forward to a mutually beneficial partnership," John Payne, VICI Properties President and COO.
Armstrong Relocation & Companies, a provider of moving, relocation, and supply chain solutions, completed the acquisition of Humboldt Storage & Moving, a truck transportation firm. Financial terms were not disclosed.
"Humboldt has been a highly-regarded company throughout the industry for many years, and our family has had tremendous respect for the business they have operated. We look forward to building on that success by leveraging our collective strengths in the marketplace," Todd Watson, Armstrong Relocation & Companies CEO.
Advisor360, an integrated technology platform, completed the acquisition of wealth management technology assets of Agrement Express, a technology solutions provider, from Frontier Growth, a private equity firm. Financial terms were not disclosed.
“Advisor360° gives wealth managers technology solutions that transform the way they connect with clients, which is why this transaction was a perfect fit. 2022 was a year of strong organic growth for Advisor360°. With our first acquisition completed, we’re not slowing down: the Agreement Express transaction meaningfully accelerates our ability to offer expanded choice and connectivity on our platform and we’ll continue to raise the bar in 2023 and beyond,” Rich Napolitano, Advisor360 Chief Executive Officer.
Cerity Partners, an investment advisor, completed the merger with ARGI Financial, an integrated financial services provider. Financial terms were not disclosed.
"We are excited to welcome our colleagues from ARGI Financial. Their breadth and depth of talent will accelerate our firm's growth and development," Kurt Miscinski, Cerity Partners CEO and President.
WilsonHCG completed the acquisition of Personify, an award-winning recruitment process outsourcing provider. Financial terms were not disclosed.
"Personify is one of the largest healthcare and life sciences RPO providers in the world, so this expansion enables continued growth while cementing our position as a global leader in talent acquisition. The partnership aligns two mission-driven organizations with a desire to exceed client expectations. Personify is a company that cares about its people and clients as much as we do, and that’s why this acquisition is so exciting. Together, we'll set new standards in the talent space," John Wilson, WilsonHCG CEO.
Microsoft considers a $10bn investment in ChatGPT creator.
Microsoft is in discussions to invest as much as $10bn in OpenAI, the creator of viral artificial intelligence bot ChatGPT, Bloomberg reported.
The proposal under consideration calls for the Redmond, Washington-based software giant to put the money in over multiple years, though the final terms may change. The two companies have been discussing the deal for months.
CVS is exploring a $10bn-plus acquisition of Oak Street Health.
CVS Health, a health care solutions company, is exploring an acquisition of Oak Street Health, which runs primary care centers for Medicare recipients, Bloomberg reported.
A deal could be reached within weeks that would value Oak Street at more than $10bn, including debt. Talks between the companies are ongoing and could end without an agreement.
Dextra Partners announces formation with $2.5bn of investable capital. (FS)
Dextra Partners announced its formation as an independent, multi-strategy investment firm focused on providing investors with differentiated middle market private equity opportunities.
Headquartered in New York, the firm has been established with $2.5bn of investable capital in vehicles managed by Dextra from a select group of strategic partners. Dextra’s six Founding Partners, who own a controlling interest in the firm, represent nearly 150 years of collective investment experience across primary fund commitments, secondaries, private debt, structured capital, equity-co-investment, and GP seeding/staking.
Goldman Sachs raises $1.6bn private capital for climate fund. (FS)
Goldman Sachs Asset Management, the fund arm of Goldman Sachs, said it had raised $1.6bn for its first private equity fund focused on investing in companies providing climate and environmental solutions.
The final close of GSAM's Horizon Environment & Climate Solutions I comes as investors increasingly turn their attention to companies that can help in the world's fight against global warming.
Blackstone’s Spasov Departs, joining a slew of hedge fund exits. (FS, People)
Blackstone managing director Vlado Spasov has left the alternative asset manager, the latest in a slew of departures from its hedge fund arm.
The London-based executive was part of the New York-based firm’s hedge fund solutions group, focusing on special situations including through its Blackstone Strategic Opportunity Fund.
Alberta Investment hires ex-goldman banker David Scudellari as foreign chief. (FS, People)
Alberta Investment Management hired David Scudellari as head of international investment and to lead a credit partnership with another large Canadian pension fund.
Scudellari will oversee foreign expansion, credit and private debt, and management of key external relationships. He’ll also act as vice-chair of Aimco’s investment committee.
EMEA
Triton, a private equity firm, offered to acquire Caverion, a provider of technical solutions for buildings and industries, for $1.2bn. Crayfish Bidco proposes to acquire all issued and outstanding shares in Caverion Corporation at an offer price of $8.46 per share, representing a 14.3% premium.
The Board of Directors will consider Crayfish Bidco's offer from the point of view of Caverion and its shareholders. The tender offer announced by North Holdings 3 continues to be valid in accordance with its terms as set out in the tender offer document dated November 24, 2022.
Triton is advised by Danske Bank, Deutsche Bank, Avance, and Tekir. Debt financing is provided by DNB Bank, Danske Bank, Deutsche Bank, JP Morgan, OP Corporate Bank, and Swedbank. Caverion is advised by Bank of America and Castren & Snellman (led by Thomas Landell and Janne Lauha).
Bregal Sagemount, a growth-focused private capital firm, agreed to invest in CGE Partners-backed Enhesa, a provider of regulatory and sustainability intelligence worldwide. Financial terms were not disclosed.
"We are thrilled to be partnering with Sagemount as we enter our next stage of growth. With their and CGE's support and deep industry expertise, we believe we are well-positioned to further invest in our current offerings as well as accelerate new content coverage, use cases, and customer verticals," Peter Schramme, Enhesa CEO.
Bregal Sagemount is advised by Raymond James (led by Laura Maddison), Goodwin Procter and BackBay Communications. Enhesa and CGE Partners are advised by J. Roderick Public Relations (led by John Roderick), Houlihan Lokey and Travers Smith (led by Ian Keefe).
Teneo, a CEO advisory firm, agreed to acquire Tulchan, an independent M&A, financial and corporate communications advisory firm. Financial terms were not disclosed.
"Today marks a significant milestone in the continued growth of Teneo. Andrew and the Tulchan team are deeply experienced and highly respected advisors who will help expand the breadth and depth of our M&A and c-suite advisory in London, Singapore and around the world. Following this transaction, our team will number over 1,600 professionals providing a wide range of integrated consulting services not found at any other advisory firm," Paul Keary, Teneo CEO.
Tulchan is advised by Evercore and Macfarlanes. Teneo is advised by Freshfields Bruckhaus Deringer and Wachtell Lipton Rosen & Katz (led by Raaj Narayan).
GE HealthCare, a global medical device provider, agreed to acquire IMACTIS, a medical equipment manufacturer. Financial terms were not disclosed.
"We're thrilled to take this step in strengthening our interventional guidance offering for patients and customers. The IMACTIS CT-Navigation™ system is designed to improve workflow for interventional radiologists and hospitals by increasing procedural accuracy while helping to reduce procedure time and radiation dose for patients and physicians. It is an innovative navigation solution for image-guided percutaneous procedures that aims for better patient outcomes by reducing variability for simple and complex procedures and improving reproducibility," Jan Makela, GE HealthCare President and CEO of Imaging.
IMACTIS is advised by Apparius and Hogan Lovells. GE HealthCare is advised by Shearman & Sterling.
Inflexion, a mid-market private equity firm, completed the investment in Proteros biostructures, a contract research organization focused on early-stage drug discovery. Financial terms were not disclosed.
"I am excited to have Inflexion on board as a partner. Their track record in backing innovative businesses combined with their operational experience within all areas of rapidly growing companies gives me great conviction they are well placed to support Proteros in its further growth trajectory," Torsten Neuefeind, Proteros Founder and CEO.
Proteros biostructures was advised by Houlihan Lokey, Hengeler Mueller (led by Daniel Moritz), and MC Services (led by Katja Arnold).
Blue Point Capital-backed Next Level Apparel, a designer and supplier of quality, casual apparel, agreed to acquire Stedman, a designer, manufacturer, and supplier of premium casual and blank sportswear apparel for the printwear industry. Financial terms were not disclosed.
"The team at Stedman is excited to join ranks with Next Level Apparel, a strong partner and the perfect match, thanks to numerous synergistic qualities and values across both companies. This partnership opens up new growth opportunities for everyone involved, and I am personally thrilled to be part of it, not only as a stakeholder but also as a shareholder," Marcel Schweigert, Stedman General Manager.
Blue Point is advised by Jones Day (led by Ivo Posluschny) and MiddleM Creative.
Sofinnova Partners, an independent venture capital firm, led a $138m Series C funding round in Amolyt Pharma, a global company specialized in developing therapeutic peptides for rare endocrine and related diseases, with participation from ICG, Tekla Capital, CTI Life Sciences, Andera Partners, Novo Ventures, Kurma Partners, EQT, Bpifrance Investissement, Sectoral Asset Management, Pontifax, Orbimed, Mass General Brigham Ventures, ATEM, Credit Agricole and Turenne Capital.
"We are very pleased to complete this large Series C financing, which will enable us to build on our momentum with eneboparatide and accelerate the growth of Amolyt Pharma and its pipeline globally. We are thankful to Sofinnova Partners and ICG for co-leading this financing round and to all our new and existing investors for their confidence in our team and for their support of our strategy to build a global and sustainable rare disease company. This investment will allow us to continue working tirelessly on bringing novel, life-changing treatments to patients with rare endocrine and related diseases," Thierry Abribat, Amolyt Pharma Founder and CEO.
Amolyt Pharma was advised by LifeSci Public Relations (led by Ashley Robinson).
Duck Creek, an intelligent solutions provider, agreed to acquire Imburse Payments, a Swiss-based modern payments platform. Financial terms were not disclosed.
"Imburse has developed a great product for the global insurance industry that is not only easy to integrate and implement but also gives carriers incredible flexibility and payment choices. Imburse has a strong team that embodies Duck Creek's core values. They have deep expertise across the payments ecosystem and will help to broaden Duck Creek's insurance industry leadership," Mike Jackowski, Duck Creek CEO.
BioNTech, a German biotechnology company, agred to acquire InstaDeep, a global technology company, for $683m.
“Since the inception of BioNTech, we have focused on leveraging computational solutions to create personalized immunotherapies that can reach a wide patient population. The acquisition of InstaDeep allows us to incorporate the rapidly evolving AI capabilities of the digital world into our technologies, research, drug discovery, manufacturing, and deployment processes. Our aim is to make BioNTech a technology company where AI is seamlessly integrated into all aspects of our work,” Ugur Sahin, BioNTech CEO and Co-Founder.
TPG, a private equity firm, led a $230m Series D funding round in Enpal, a company that provides solar panels, with participation from Westly Group, Activate Capital, HV Capital, European Investment Bank, SoftBank Vision Fund 2 Capital, and Princeville Capital.
"Fighting climate change is the greatest challenge of the 21st century. We want to help tackle this global issue by putting solar panels on every roof, a battery into every home, and an electric vehicle with a charger in front of every door. We are thrilled to have high-profile global cleantech investors on board to support our mission to make clean energy simple, affordable, and accessible for every household. By joining forces, we can multiply our efforts to reduce carbon emissions, and we will pave the way towards a more sustainable society," Mario Kohle, Enpal Founder and CEO.
Accenture, a multinational professional services company, agreed to acquire SKS Group, an operator of a consultancy platform intended to support the financial sector. Financial terms were not disclosed.
"SKS Group's innovative solutions and skills will bolster our ability to transform banks' core business functions, enabling them to operate more efficiently, make better use of their data and develop new products faster. In addition, SKS Group's strong capabilities for specialized banks will expand our banking services to new clients," David Cordero, Accenture Head of Banking Industry Group in Europe.
OTPPB-backed GPA Global, a firm specializing in designing, engineering, manufacturing, and distributing packaging solutions, agreed to acquire Cosfibel Group, a promotional packaging, luxury gifting, and merchandising solutions provider. Financial terms were not disclosed.
"I'm excited to welcome the Cosfibel team to the GPA family. Cosfibel's CEO, Marie Sermadiras, is a serial entrepreneur, and she has joined GPA's executive leadership to help further GPA's expansion in Europe. Our global supply chain and manufacturing capabilities will enable us to better support Cosfibel's customers and increases our prominence in the beauty and food sector while furthering our leadership in wine and spirits. Cosfibel has a talented global team, and its founder Alain Chevassus will work with us in a senior advisory role," Adam Melton, GPA CEO.
Falfurrias Capital Partners-backed Penta, a provider of data-driven solutions, completed the acquisition of Hume Brophy, a global public affairs, communications, and strategy firm. Financial terms were not disclosed.
"Leaders are increasingly required to solve complex challenges under public scrutiny and engage with a growing set of stakeholders. As we look to provide the actionable intelligence businesses need to inform their decision-making, we are excited to welcome the Hume Brophy team to Penta. Their deep understanding of the issues that matter most to our clients and unmatched access to the highest level of international decision-making will significantly bolster Penta's strategy offerings across the globe," Matt McDonald, Penta President.
G.O.I Energy, an energy company, agreed to acquire Isab, an Italian rafinery, from Lukoil-backed Litasco, a marketing and trading company of oil. Financial terms were not disclosed.
The transaction is planned to be completed by the end of March 2023 upon fulfilment of certain conditions precedent including receipt of necessary approvals of competent authorities, particularly the Italian Government.
Jeff Ubben acquires stake in Germany’s Bayer.
Activist investor Jeff Ubben has bought a stake in Bayer, the German drugs and agriculture company whose shares have slumped since its Monsanto takeover.
Ubben’s Inclusive Capital Partners directly owns 8.18m Bayer shares, equivalent to a 0.83% interest, the San Francisco-based firm said in a filing. The stock is worth about $442m, Bloomberg reported.
Genstar-backed firm plans South Africa services hub for asset managers. (FS)
Financial services provider Apex Group plans to turn South Africa into a “global hub” to assist asset managers from around the world following its purchase of two companies, Chief Executive Officer Peter Hughes said.
The company backed by San Francisco-based private equity firm Genstar Capital has 1.3k employees in South Africa after its acquisition of two fund administrators — Maitland Group and Sanne Group. Apex plans to double workers in the next two years, Bloomberg reported.
Man United, Liverpool or Spurs may be buyout targets for Qatar fund. (FS)
Manchester United, Liverpool FC or Tottenham Hotspur are among England’s top Premier League clubs being targeted by Qatar, the Middle Eastern nation buoyed from hosting the most expensive World Cup ever, Bloomberg reported.
Qatar Sports Investments chairman Nasser Al-Khelaifi recently held conversations with Tottenham Hotspur chairman Daniel Levy over the possible purchase of a stake in the London-based club. QSI is also considering both a full takeover or a stake in rivals including Manchester United or Liverpool FC.
APAC
Australia's Norwest Energy recommended its shareholders reject Mineral Resources unsolicited $223m offer to take full control of the oil and gas explorer, Reuters reported.
Mining services provider MinRes, which has a 19.9% stake in Norwest, had on December 16 made an off-market scrip bid to acquire the remaining stake in the company, valuing it at $279m.
MinRes is advised by JP Morgan, Gilbert + Tobin and Cannings Purple (led by Peter Klinger).
Intermediate Capital Group, an asset management, and private equity firm, completed the investment in Big Mama Seafood, a manufacturer of natural seasonings intended to offer nutrition and taste to its customers. Financial terms were not disclosed.
"Big Mama Seafood is the dominant market leader in the Korean condiment manufacturing market, having enjoyed a first-mover advantage. We are delighted to partner with an experienced management team with a core focus on product excellence. We believe the company is extremely well-positioned for continued growth and look forward to leveraging our expertise to assist in this next phase of development," Wooseok Jun, ICG Head of Asia-Pacific Corporate.
Tata nears iPhone plant takeover to grow Apple supply role.
Tata Group is close to taking over a major plant in Southern India in a deal that would give the country its first homegrown iPhone maker, Bloomberg reported.
The airline-to-software conglomerate has been in talks with the factory’s owner, Taiwan’s Wistron, and is looking to complete the purchase by the end of March. The two firms discussed various potential tieups but talks have now centered on Tata taking a majority of a joint venture. Tata is set to oversee the main manufacturing operation, with support from Wistron.
Japan banks target end-January for Toshiba bid loan decision. (FS)
Top Japanese banks are targeting the end of this month to issue commitment letters for a loan that backs Japan Industrial Partners-led consortium’s takeover offer for Toshiba, Bloomberg reported.
The banks, including Mizuho Financial, Sumitomo Mitsui Financial and Sumitomo Mitsui Trust, have resumed discussions with the JIP group on the terms of the $10.6bn loan.
VinFast weighs US IPO launch in the second quarter.
VinFast, an electric vehicle maker backed by Vietnam’s richest man, is considering launching its US initial public offering as soon as the second quarter this year, Bloomberg reported.
The unit of conglomerate Vingroup, founded by Pham Nhat Vuong, has been working with banks, including JP Morgan and Citigroup on its listing plans. VinFast could raise at least $1bn, but it could also be more depending on interest, Bloomberg reported.
Olam Group plans to list an agribusiness unit in Saudi Arabia.
Olam Group, one of Asia’s biggest agricultural commodity traders, will pursue a primary listing for its agribusiness unit in Singapore and a potential concurrent listing in Saudi Arabia as early as the first half of 2023.
The proposed initial public offering of Olam Agri in Saudi Arabia would be the first listing of a global company in the country. Saudi Arabia and the broader Gulf region are growing markets for the commodities that Olam Agri supplies, said Group Chief Executive Officer Sunny Verghese.
Xiaomi-backed Hesai nearing US IPO filing.
Hesai Technology, a developer of sensor technologies used in self-driving cars, is planning to file for an initial public offering in the US that could raise about $150m, Bloomberg reported.
The Shanghai-based startup is working with Credit Suisse, Goldman Sachs and Morgan Stanley on the first-time share sale. Hesai could file as early as next week.
Indian edtech startup UpGrad's CEO Mohan quits. (People)
Arjun Mohan, the CEO of Ronnie Screwvala-led edtech major upGrad, has decided to quit the company and has resigned from his position. The departure comes at a time when edtech startups in the country are struggling with funding crunch and widening losses. The edtech space has seen thousands of layoffs in the last year as startups undertook restructuring exercises to cut costs and attain profitability.
“After almost 3 years at the helm, I have decided to move out of upGrad… While I look back on the years at UpGrad, I feel happy about the incredible company we have built which helped so many working professionals upskill. The aspects of growth and other metrics were just outcomes of giving the customers what they aspired for,” Arjun Mohan, upGrad CEO.
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