Standard General, an American hedge fund, agreed to acquire TEGNA, a firm that owns or operates 66 television stations in 54 markets, for $8.6bn. TEGNA will be acquired by the Standard General for $24 per share in cash representing a premium of approximately 39%.
"After evaluating this opportunity against TEGNA’s standalone prospects and other strategic alternatives, our Board concluded that this transaction maximizes value for TEGNA shareholders. Thanks to the team’s stellar execution of the company’s value-creation strategy, TEGNA has positioned itself as a leading broadcast television group serving the greater good of the communities in which we operate – and as a private company will have an enhanced ability to keep evolving its local news, programming, and marketing solutions to serve its communities in a rapidly changing media landscape," Howard D. Elias, TEGNA Chairman.
Standard General is advised by Moelis & Co, RBC Capital Markets, Fried Frank Harris Shriver & Jacobson, Pillsbury Winthrop Shaw Pittman and Joele Frank. Debt financing is provided by RBC Capital Markets. TEGNA is advised by Greenhill & Co, JP Morgan, Covington & Burling, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co.
Veritas Capital, a private equity firm, agreed to acquire Houghton Mifflin Harcourt, a learning technology company, for $2.8bn.
"Partnering with Veritas will provide HMH with the opportunity to accelerate our momentum and increase our impact on the four million teachers and 50m students that we support each day. With accelerating billings growth, strong free cash flow and a transformed cost structure, we are at an important inflection point, and the time is right to move into the next phase of our long-term growth strategy alongside a partner that brings significant industry expertise," Jack Lynch, HMH President and CEO.
Houghton Mifflin Harcourt is advised by Evercore and WilmerHale. Veritas Capital is advised by Milbank and Sard Verbinnen & Co. Debt financing is provided by Bank of America, Deutsche Bank, JP Morgan and Macquarie Group.
MidOcean Partners, an American private equity firm, completed the acquisition of Cloyes, a developer of automotive timing drive systems and components, from Hidden Harbor, a private equity firm. Financial terms were not disclosed.
"MidOcean’s investment in Cloyes marks the third investment in the automotive aftermarket space in the last 15-months. We continue to see significant tailwinds in the auto aftermarket space, and are thrilled to bring Cloyes into the portfolio of best-in-class auto aftermarket products and services MidOcean has invested behind. Our focus in this sector has been in partnership with our MidOcean Operating Partner, Marc Graham, who brings over 35 years of experience in this industry, and we are pleased to have Marc involved as the Chairman of the Board going forward,” Daniel Penn, MidOcean Managing Director.
MidOcean Partners was advised by Gibson Dunn & Crutcher and Gasthalter & Co. Cloyes was advised by Stifel, Donnelly Penman & Partners and McDermott Will & Emery.
EQT Infrastructure, a purpose-driven global investment organization, agreed to acquire InstaVolt, a rapid electric vehicle charging units installer, from Zouk Capital, a private equity and infrastructure fund manager. Financial terms are not disclosed.
"The future is electric and InstaVolt is essential to the roll-out of EV charging infrastructure across the UK, a prerequisite for enabling mass adoption of EVs. We are excited about supporting InstaVolt in the next phase of growth and for EQT to play its part in decarbonizing the transportation sector and driving the transition towards net zero in the UK and beyond," Anna Sundell, EQT Infrastructure Partner and Head of UK Advisory Team.
EQT is advised by RBC Capital Markets and Simpson Thacher & Bartlett. Zouk Capital is advised by UBS, Fladgate and Travers Smith.
QIA to acquire a minority stake in AIT from Onex. (FS)
Qatar Investment Authority, a sovereign wealth fund, agreed to acquire a minority stake in Advanced Integration Technology, a manufacturer of automated tooling and equipment intended for the global aerospace, defense and space launch vehicle industries, from Onex, an investment company. Financial terms were not disclosed.
“QIA is among the world’s most sophisticated investors. We’ve been deliberate in our choice of partner and are excited for this next chapter in our history. AIT is emerging from the pandemic with the highest quality contracted backlog in its history. Our ability to attract high quality investors is testament to the critical role automation technology is playing in restoring factory production rates, easing cost pressures and enabling industry product launches after a two-year pandemic disruption," Ed Chalupa, AIT Founder, Chairman and CEO.
AIT is advised by Citigroup, Morgan Stanley, Fried Frank Harris Shriver & Jacobson and White & Case. QIA is advised by Sullivan & Cromwell.
Cummins, a manufacturer of diesel engines used in commercial trucks, agreed to acquire Meritor, a manufacturer of automobile parts for commercial vehicles and industrial markets, for $3.7bn. Cummins will pay $36.5 in cash per Meritor share.
“The acquisition of Meritor is an important milestone for Cummins. Meritor is an industry leader, and the addition of their complementary strengths will help us address one of the most critical technology challenges of our age: developing economically viable zero carbon solutions for commercial and industrial applications. Climate change is the existential crisis of our time and this acquisition accelerates our ability to address it. Our customers need economically viable decarbonized solutions," Tom Linebarger, Cummins Chairman and CEO.
Cummins is advised by Morgan Stanley and Mayer Brown. Meritor is advised by JP Morgan and Wachtell Lipton Rosen & Katz.
SoFi Technologies, a digital personal finance company, agreed to acquire Technisys, a developer of digital banking software, for $1.1bn. The transaction is expected to close by the second quarter of 2022, subject to the satisfaction of closing conditions.
“Technisys has built an attractive, fast-growth business with a unique and critical strategic technology that all leading financial services companies will need in order to keep pace with digital innovation. The acquisition of Technisys is an essential building block in delivering on our member-centric, digital one-stop-shop experience for SoFi members and our partners through Galileo, our provider of fintech cloud services,” Anthony Noto, SoFi CEO.
SoFi is advised by Allen & Company and Wachtell Lipton Rosen & Katz. Technisys is advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.
Nestlé Health Science, a nutritional science company, completed the acquisition of a majority stake in Vital Proteins, a collagen brand and a lifestyle and wellness platform offering supplements, beverages, and food products. Financial terms were not disclosed.
"This is an exciting opportunity for Nestlé Health Science to enter a growing area of nutrition with a successful brand. Our companies share the belief that nothing is more important than health, and everything we do is focused on that belief. In combining our efforts to optimize health through nutrition, we can achieve even more to help our consumers live fuller, more vibrant lives," Greg Behar, NHSc CEO.
Nestlé Health was advised by Latham & Watkins. Vital Proteins was advised by UBS and Skadden Arps Slate Meagher & Flom.
Citizens Financial, a provider of consumer banking services, completed the acquisition of the 80 East Coast branches and national online deposit business from HSBC, an investment banking firm. Financial terms were not disclosed.
“This transaction provides us with an attractive entry into the important New York City Metro, Washington and Southeast Florida markets. With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. In addition, the $7bn net deposit position provides us significant long-term funding flexibility in support of our attractive loan growth opportunities," Bruce Van Saun, Citizens Financial Chairman and CEO.
Citizens Financial was advised by Morgan Stanley and Debevoise & Plimpton.
London Stock Exchange, a stock exchange and financial information company, agreed to acquire TORA, a technology provider, for $325m.
"This transaction is an important extension of our global Trading business. Acquiring TORA will enable LSEG to deliver critical “at trade” capabilities for the buy side, seamlessly connecting into our next generation desktop Workspace. Combining TORA’s international footprint with LSEG’s global reach will drive further growth and we look forward to collaborating in order to continue this expansion," Dean Berry, G LSEG oup Head of Trading & Banking Solutions.
TORA is advised by Jefferies & Company.
Integrum, an innovative investment firm focused on partnering with technology-enabled services companies, agreed to acquire the merchant e-solutions business from Cielo, a payments company, for $290m.
“The US payments sector is a large, growing market driven by the continued secular shift toward digital payments. As a result of our team’s extensive experience and deep network, payments is a core investment focus for Integrum and we view MerchantE as an attractively-positioned platform in the sector," Tagar Olson, Integrum Co-Founder.
Cielo is advised by UBS.
Energisa, a holding company, agreed to acquire Gemini, an operator of electric power transmission company, for $159m.
Energisa will acquire all 2.33bn shares in Gemini. Energisa will also take most of Gemini’s net debt. Gemini owns majority stakes in two transmission companies in Brazil’s northern region, and 100% of a transmission company operating in the states of Sao Paulo and Rio de Janeiro.
Gemini is advised by BTG Pactual.
Thayer, a premier infrastructure services provider, completed the acquisition of Heartland Solutions, a communication construction and contracting services provider. Financial terms were not disclosed.
"Joining forces with the TIS group companies as part of American Cell, provides us with a unique opportunity to grow while maintaining the level of efficiency and cost-effectiveness our customers have come to expect," Mark Fisher, Heartland President and CEO.
Thayer was advised by Prosek Partners.
Advent International, a private equity firm, agreed to invest $263m in Grupo Tigre, a Brazilian multinational provider of solutions for civil construction and water treatment.
“In seeking the right partner to provide both financial and strategic support and guidance, Advent stood out given its strong track record and knowledge of the Brazilian and international markets. We are pleased to welcome Advent to the Tigre family and look forward to working with them to continue our momentum," Felipe Hansen, Grupo Tigre Chairman of the Board of Directors.
Investment managers Tiger Global and FTX Ventures led a $200m Series D funding round in Helium, a crypto startup, with participation from Khosla Ventures, GV, Multicoin Capital, Munich Re Ventures and FirstMark Capital.
Helium is a decentralized network of over half a million hotspots that provides bandwidth for, and collects data from, nearby internet-of-things devices. Hotspot owners receive Helium tokens, called HNT, for their efforts. The more a hotspot is used, the more HNT an owner gets.
Tiger Global led a $185m funding round in ICON, a developer of construction technologies intended to build 3D-printed homes for communities in developing countries.
“We are excited for the opportunity to continue partnering with world class investors, board members and organizations at every level," ICON Spokesperson.
RumbleOn, a US-based online retailer that allows both consumers and dealers, completed the acquisition of Freedom Powersports, a dealer of sports and utility vehicles across the United States, for $130m.
“We are transforming the powersports industry and remain singularly focused on offering unparalleled choice and unmatched experience to our customers both online and in our retail locations. The opportunity set and our business fundamentals remain strong. Adding Freedom to our portfolio further strengthens our consumer offering, expands our national footprint, and deepens our leadership position in powersports. We are more excited than ever about our future and are thrilled to officially welcome the Freedom team to the RumbleOn family,” Marshall Chesrown, RumbleOn Founder and CEO.
Pritzker-backed ProAmpac, a flexible packaging company, completed the acquisition of Belle-Pak, a North American manufacturer of plastic products. Financial terms were not disclosed.
"I am pleased to welcome the talented Belle-Pak team to ProAmpac as we continue our growth in Canada and embark on this exciting partnership. With Belle-Pak’s advanced technology and efficient manufacturing capabilities, our combined company will be well-positioned for continued growth and operational excellence," Greg Tucker, ProAmpac Founder and CEO.
BrightView, a provider of commercial landscaping services, agreed to acquire Intermountain Plantings, a commercial landscaping company headquartered in Salt Lake City. Financial terms were not disclosed.
“Intermountain Plantings is a great addition to our maintenance and development operations in the Mountain West. In our industry, a positive reputation is built on quality, safety and service, which have been hallmarks of Intermountain’s operations for nearly three decades. It is a great pleasure to welcome them to BrightView," Andrew Masterman, BrightView CEO and President.
Mubadala Investment, a sovereign investor, led a $500m funding round in Princeton Digital Group, an operator of an internet infrastructure company, with participation from Warburg Pincus and Ontario Teachers’ Pension Plan Board.
“We are thrilled to be the lead investor in PDG’s fundraise and partner with the company on its growth journey. PDG is a leading data center infrastructure platform operating in an attractive market with strong tailwinds and catering to rising demand from the hyperscale segment and more broadly Asia’s digital economies. We look forward to working with PDG’s management team to capitalize on the growth opportunities and create not only sustainable, long term value creation, but also support Asia’s digital infrastructure development as a vital enabler to economic progress," Khaled Abdulla Al Qubaisi, Mubadala CEO.
PDG was advised by PRecious Communications.
L Catterton, a private equity firm, completed the investment in Enova Pet, a provider of food for pets. Financial terms were not disclosed.
"Macro trends such as rising disposable incomes and the increasing humanization of pets provide favorable tailwinds for the premium pet food category in China. Enova is well positioned to benefit from these trends, given its strong research and development capabilities, superior product quality, as well as significant and expanding omnichannel presence. We look forward to partnering with Enova's experienced and proven management team to drive further growth," Scott Chen, L Catterton Asia Managing Partner.
Temasek, an investment company, led a $200m Series B+ funding round in Amber Group, a global digital asset platform, with participation from Sequoia Capital China, Pantera Capital, Tiger Global Management, Tru Arrow Partners and Coinbase Ventures.
"From radically transforming the concept of ownership and value in the global economy, digital assets are redefining the way we live outside of the financial ecosystem. At Amber Group, we want to do more than just enable mainstream digital asset adoption. We want to help create a digital future where digital assets empower people with the opportunity and agency to shape a better world for all. We are proud to have the support of our investors who not only share this vision but also put their capital and trust in us to achieve it," Michael Wu, Amber Group CEO.
Reserve Bank of India manages liquidity before LIC IPO, investors fret.
India’s central bank plans to sell dollars to banks and take out rupee liquidity via a forex swap, a move that will help the monetary authority manage liquidity in the banking system ahead of the country’s biggest share sale. The step comes ahead of the LIC initial share sale due in March, which is expected to bring in major foreign inflows.
Prospective investors in Life Insurance Corporation of India's $8bn IPO are seeking assurances from company management that it will not sacrifice their interests to meet the goals set out by the government, its controlling shareholder,
Reuters reported.
Thai Beverage to revive Singapore's unit $2bn IPO.
Thai Beverage is set to revive the initial public offering of its brewery unit in Singapore after shelving the planned first-time share sale twice due to Covid-19.
The maker of Chang beer, controlled by Thailand’s richest man Charoen Sirivadhanabhakdi, is working with financial advisers to gauge investors’ interest in BeerCo. ThaiBev is still seeking to raise about $2bn from the brewery business’s IPO,
Bloomberg reported.
Axiata delays listing towers unit.
Axiata Group, Malaysia’s largest mobile-phone carrier by market value, has put on hold the planned listing of its telecommunications infrastructure unit because of the political unrest in Myanmar.
“What we’ve been advised is so long we have Myanmar as part of our portfolio, that can be a bit of a challenge if we were try to list edotco. When a company is listed, you want to make sure that you have a good investment base and good valuation,” Izzaddin Idris, Axiata President and CEO.
