AMERICAS
Standard Industries, a privately held global industrial company, completed the acquisition of W. R. Grace & Co, a global specialty chemical company, for $7bn.
"We are confident that our agreement with Standard Industries Holdings is the best path forward for Grace and our shareholders. Standard's $7bn investment in Grace reflects their confidence in the significant growth opportunities we have and enables our shareholders to realize immediate value at a significant cash premium. This announcement is a testament to the strengths of our talented employees, industry-leading technologies, and deep global customer relationships," Hudson La Force, Grace President and CEO.
W. R. Grace & Co was advised by Goldman Sachs, Moelis & Co, Wachtell Lipton Rosen & Katz and Joele Frank. Financial advisors were advised by Freshfields Bruckhaus Deringer and Gibson Dunn & Crutcher. Standard Industries was advised by Citigroup, JP Morgan, Sullivan & Cromwell and Edelman. Debt financing was provided by Apollo Global Management, BNP Paribas, Citigroup, Deutsche Bank and JP Morgan.
KKR and Corporacion Financiera Alba completed the acquisition of Atlantic Aviation, a provider of critical services to the private aviation sector, from Macquarie Infrastructure for $4.5bn.
"We are pleased with the outcome of the sale process and the unlocking of additional value for MIC shareholders. In addition to the timely closing of a sale of Atlantic Aviation our focus remains on successfully concluding the sale process for our MIC Hawaii business," Christopher Frost, MIC CEO.
Corporacion Financiera Alba was advised by Clifford Chance. KKR was advised by Jefferies & Company, Kirkland & Ellis and Sard Verbinnen & Co. Debt financing was provided by Jefferies & Company. Macquarie was advised by Evercore, Lazard and White & Case. Financial advisors were advised by Fried Frank Harris Shriver & Jacobson.
MoneyLion, a digital financial platform, went public via merger with Fusion Acquisition, a special purpose acquisition company, in a $2.4bn deal. BlackRock and Apollo co-invested in the transaction.
"Our platform surrounds each customer with the financial tools, content, and actionable advice relevant to their unique situation. This model is generating high user growth, multiple product engagement, and low cost of acquisition. A public listing enhances our ability to scale more quickly and continue to innovate so that we can help more people take control of their finances and achieve their life goals," Dee Choubey, MoneyLion CEO and co-founder.
MoneyLion was advised by Broadhaven Capital Partners, Citigroup, Financial Technology Partners and Davis Polk & Wardwell. Fusion Acquisition was advised by Cantor Fitzgerald, JP Morgan, Odeon Capital Group, White & Case and Gateway Investor Relations.
GE Healthcare, a global medical technology, pharmaceutical diagnostics and digital solutions innovator, agreed to acquire BK Medical, a provider of advanced surgical visualization, from Altaris Capital Partners, a private equity firm, for $1.45bn.
"Ultrasound today forms an integral part of many care pathways, and BK Medical is a strategic and highly complementary addition to our growing and profitable Ultrasound business. This transaction helps GE Healthcare continue to expand beyond diagnostics into surgical and therapeutic interventions, simplifying decision-making for clinicians and equipping them with greater insights to deliver faster, more personalized care for their patients—representing another step toward delivering precision health," Kieran Murphy, GE Healthcare President and CEO.
BK Medical is advised by JP Morgan, Morgan Stanley, Latham & Watkins and Schiff Hardin. GE Healthcare is advised by Evercore, Gibson Dunn & Crutcher and Joele Frank.
Comvest Partners, an operationally-focused private investment firm, completed the investment in Gen3 Marketing, a multinational digital marketing services firm. Financial terms were not disclosed.
"We are excited to partner with Gen3 and support an impressive team of pioneers in digital affiliate marketing. With consumers spending more time online, digital strategies represent a steadily growing share of advertisers' overall marketing spend. Affiliate marketing has become an increasingly popular and important channel allowing advertisers to cost-effectively convert sales through targeted content. We look forward to supporting Gen3 in accelerating the strong growth of the business," Maneesh Chawla, Comvest Partners Senior Partner.
Gen3 Marketing was advised by Lincoln International. Comvest was advised by Duff & Phelps and Akerman. Debt financing was provided by PennantPark Investment Advisers and Stellus Capital Management.
Valley National Bancorp, a regional bank with approximately $41bn in assets, agreed to acquire Bank Leumi USA, the US subisdiary of Bank Leumi Le-Israel, an Israeli bank, for $1.15bn.
"We are extremely excited about the combination with Bank Leumi and the diverse growth opportunities that we expect the partnership will bring. Bank Leumi's unique deposit verticals, including the technology and venture capital business, will continue the significant funding improvement that we have driven over the last few years. On the lending side, Bank Leumi will add diversification into niche C&I segments and new geographies including in California and Illinois. We are also eager to scale Bank Leumi's private banking platform across Valley's larger customer base and footprint. Leveraging these new and distinct platforms and skillsets will represent the next exciting phase of our evolution as a premier full-service commercial bank," Ira Robbins, Valley Chairman, President and CEO.
Valley National Bancorp is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz. Bank Leumi is advised by Piper Sandler, Davis Polk & Wardwell and Meitar Law Offices.
ModivCare, a social services corporation, completed the acquisition of VRI Intermediate, a holding company, that through its subsidiaries, provides healthcare and pharmaceutical services, for $315m.
"The acquisition of VRI brings us a national remote patient monitoring and medication management platform, accelerating our strategy to build a holistic suite of supportive care solutions designed to address the social determinants of health, deliver better care in the home, enhance patient lives and reduce healthcare costs," Daniel Greenleaf, ModivCare President and CEO.
VRI Intermediate was advised by TripleTree and Alston & Bird. ModivCare was advised by Gibson Dunn & Crutcher. Debt financing was provided by Deutsche Bank and Jefferies & Company.
Sonic Automotive, one of the US' largest automotive retailers, agreed to acquire RFJ Auto Partners, an automotive dealership platform, from The Jordan Company, a private equity firm, for $700m.
"We are very excited to welcome the RFJ Auto team to the Sonic family as we continue to expand our nationwide network. RFJ Auto's management team – many of whom are former members of the Sonic family and have deep familiarity with our guest-centric mindset and innovative sales model – and the nearly 1.7k RFJ Auto teammates are an excellent fit with the culture and growth strategy of our franchised dealership business. As such, we anticipate seamless integration and expect to capture meaningful synergies from 'day one,' creating significant long-term value for our shareholders," David Smith, Sonic Automotive CEO.
RFJ Auto Partners was advised by Cowen & Company and Greenberg Traurig. Sonic Automotive was advised by Lazard, Parker Poe Adams & Bernstein and KCSA Strategic Communications.
Vector Capital-backed Mood Media, an in-store media solutions company, completed the acquisition of PlayNetwork, a global music technology partner and audiovisual systems provider, from Octave Group, a creative audio production company. Financial terms were not disclosed.
"PlayNetwork's customer-focused approach and global, blue-chip clientele is a terrific fit with Mood Media's existing business, and further enhances our efforts to expand our product offerings and technology solutions. We look forward to integrating the PlayNetwork team into the Mood family - continuing to deliver top-tier consumer connection solutions for our customers," Malcolm McRoberts, Mood Media CEO.
Mood Media was advised by Paul Hastings and Gasthalter & Co. Octave Group was advised by LionTree Advisors and Paul Weiss Rifkind Wharton & Garrison.
Ontario Teachers’ Pension Plan, an administrator of Canada’s largest single-profession pension plan, agreed to acquire HomeQ, a provider of mortgage financing services, from Birch Hill, a private equity firm. Financial terms are not disclosed.
“We are excited about the value Ontario Teachers’ will bring as we continue to serve Canada’s rapidly growing retiree population. Its long-term capital profile, track record of delivering retirement solutions and our shared vision of making a positive impact on the lives of retired Canadians makes Ontario Teachers’ a natural partner for us,” Steven Ranson, HomeEquity Bank President and CEO.
Ontario Teachers’ Pension Plan is advised by TD Securities and Blake Cassels & Graydon. HomeQ is advised by Torys.
Kraft Heinz, a food and beverage company, agreed to acquire Hemmer, a company focused on condiments and sauces. Financial terms are not disclosed.
“In the last few years, Hemmer has been further strengthening itself as a food company synonymous with flavor, quality, and portfolio variety. We are extremely honored by this potential acquisition and the entire expansion potential this negotiation offers by continuing our family history in the region,” Christian Luef, Hemmer CEO.
Kraft Heinz is advised by Rothschild & Co and Madrona Advogados. Hemmer is advised by Pabst & Hadlich.
RelaDyne, a provider of lubricants, fuel, diesel exhaust fluid and industrial reliability services, agreed to acquire PPC Lubricants, a lubricant distributor in the Mid-Atlantic region. Financial terms were not disclosed.
"PPC Lubricants is ecstatic our company is partnering with RelaDyne. RelaDyne aligns with our core values by offering exceptional industry expertise, preventative services, customer satisfaction, and world-class branding. Our more than 40 years of experience in lubrication complemented by our comprehensive portfolio of innovative products will be able to reach a more expansive range of segments within the United States – while maintaining exceptional customer satisfaction," Dave Klinger, PPC Lubricants President.
PPC Lubricants is advised by Stephens.
The Riverside Company, a global private investor focused on the smaller end of the middle market, completed the investment in Sir Grout, a provider of grout, tile and other hard surface restoration services for residential and commercial customers. Financial terms were not disclosed.
"We're thrilled to add another company to our Threshold Brands platform. With Sir Grout's expansive knowledge in hard surface restoration services, we believe that the company's high-quality materials and top-level service will have unparalleled benefits to the platform," Loren Schlachet, Riverside Managing Partner.
The Riverside Company is advised by Jones Day.
Eagle Merchant Partners, an Atlanta-based private equity firm, completed the acquisition of the remaining stake in Code Ninjas, the world's largest coding franchise system for children. Financial terms were not disclosed.
"We are excited to take the partnership between Eagle and Code Ninjas to the next level. We will lean heavily on Eagle's experience and expertise as we continue our quest to give children the tools they will need for a successful future in an increasingly digital world," Justin Nihiser, Code Ninjas CEO.
Eagle Merchant Partners was advised by PR South.
Silgan, a supplier of sustainable rigid packaging solutions for consumer goods products, completed the acquisition of Gateway, a provider of integrated dispensing packaging solutions, $485m.
"The acquisition of Gateway is the most recent example of Silgan deploying our disciplined capital allocation model to create shareholder value. We are excited to add the Gateway team and business to our global Dispensing and Specialty Closures franchise," Adam Greenlee, Silgan Holdings President and CEO.
SoftBank Vision Fund 2, a venture capital fund, led a $200m Series C round in Opentrons, a developer of pipetting robot technology, with participation from Khosla Ventures.
“Biology opens the door to solve many of humanity’s grand challenges. For far too long, scientists and clinicians have been locked-in by slow, expensive, and overly complex lab solutions that underpin their work,” Jon Brennan-Badal, Opentrons CEO.
Lowercarbon Capital and T. Rowe Price led a $150m Series B round in Lilac Solutions, a lithium extraction technology company. Additional investors included Mercuria Energy Trading, Valor Equity Partners, Breakthrough Energy Ventures and The Engine.
“Electric vehicles are a low-carbon success story, but the lithium raw materials needed for batteries have become a serious bottleneck. The lithium industry has been plagued by technical and environmental problems that have put the energy transition in jeopardy. Lilac’s technology solves these problems and will finally enable lithium production at a scale demanded for the energy transition. We are thrilled to build this supply chain with support from our investors," Dave Snydacker, Lilac Solutions CEO.
Graycliff Partners, an investment firm focused on making lower middle market investments, completed the acquisition of Electro-Mechanical, a manufacturer of engineered electrical equipment sold into utility and industrial end markets. Financial terms were not disclosed.
"The EMC team is very excited to partner with Graycliff for this next chapter in the company's history. EMC has established itself as a trusted partner in the electrical distribution business, and we are excited to leverage Graycliff's guidance and resources to further grow the company in the years to come," Howard Broadfoot, EMC CEO.
Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, completed the acquisition of Managed Care Advisors, a government contracting firm. Financial terms were not disclosed.
"Sedgwick and Managed Care Advisors have a shared focus on delivering excellence and taking care of people. We are well aligned to optimize outcomes for our clients and look forward to bringing our combination of value-added services to the employees of federal government agencies," Elizabeth Demaret, Sedgwick President.
General Catalyst led a $700m Series E round in Kavak, a Mexican used-car platform, with participation from Tiger Global, Spruce House, D1, Ribbit and SoftBank.
The fresh infusion of capital will fund the company's expansion in Mexico, Brazil and other emerging markets, with a possible a move into Turkey. The new funds will also be used to boost car loans.
Coatue led a $250m funding round in Dapper Labs, the company behind NBA Top Shot and the Flow blockchain, with participation from a16z, GV, Version One Ventures, BOND and GIC.
"Coatue has been investing in technology trends for over 20 years and web 3.0 is one of the most exciting trends we've seen. We think Dapper Labs is a leader in the space at the infrastructure level with Flow blockchain and in the application layer with NBA TopShot. We continue to be impressed by Roham's strong leadership and vision and we could not be more proud to partner with him and the entire team at Dapper," Dan Rose, Coatue Ventures Chairman.
WestCap led a $150m Series C round in FLYR Labs, a pioneer of the data and AI-driven Revenue Operating System for airlines, travel, and transportation, with participation from Silver Lake Waterman, WndrCo, Peter Thiel, Streamlined Ventures, JetBlue Technology Ventures, and Gopher Asset Management.
This funding will be used to expand the company's product offerings, scale delivery capacity, support strategic acquisitions, and develop world-class customer teams to meet growing demand.
Imperial Capital-backed Keplr Vision weighs sale. (FS)
WSJ reported that Keplr Vision, a private equity-owned business that provides operational support to optometry practices across the US, has been exploring options including a sale.
Backed by Toronto-based private equity firm Imperial Capital Group, the company has been working with investment bank Houlihan Lokey.
Slate Grocery REIT completed its $390m portfolio acquisition. (RE)
Slate Grocery REIT, an owner and operator of US grocery-anchored real estate, announced the closing of its previously announced acquisition of a $390m grocery-anchored portfolio. The portfolio comprises 25 properties and 3.1m square feet in major metro markets across the United States.
“We are pleased to close this compelling transaction to acquire $390m of quality grocery-anchored assets that generates immediate accretion for unitholders. We have increased our exposure to America’s largest metropolitan markets at an attractive cost basis and deepened our relationships with leading omnichannel grocers whose neighborhood stores will continue to serve as critical food distribution points for both in-store and online purchases,” David Dunn, Slate Grocery REIT CEO.
CIM Real Estate Finance Trust to merge with CIM Income NAV.
CIM Real Estate Finance Trust entered into a definitive merger agreement to acquire CIM Income NAV in a stock-for-stock, tax-free merger transaction. CMFT and INAV are non-traded REITs managed by affiliates of CIM Group.
The pro forma combined company would have approximately $6bn in total enterprise value, creating a leading commercial credit-focused Real Estate Investment Trust with greater tenant, industry, and asset type diversity, financial strength, and improved access to capital markets. This transaction is expected to close in the fourth quarter of 2021, subject to certain closing conditions, including INAV stockholder approval.
CIM Real Estate Finance Trust is advised by RBC Capital Markets, Sullivan & Cromwell, Venable and Diehl Communications. Real Estate Investment Trust is advised by Morris Manning & Martin. CIM Income NAV is advised by Jones Lang LaSalle Securities and Nelson Mullins Riley & Scarborough.
Veritas and Elliott targeting a $20bn sale of Athenaheath. (FS)
Veritas Capital and Elliott Investment Management are exploring options for Athenahealth including a sale or initial public offering, Bloomberg reported.
Veritas and Elliott are aiming for the health information technology company to be valued at more than $20bn in a transaction.
MGM is looking for ways to get back BetMGM.
MGM Resorts International is weighing ways to get control of the BetMGM online gambling business now that its partner in the venture, Entain, has received a takeover bid, Bloomberg reported.
Entain, the parent of British bookmaker Ladbrokes and other businesses, said Tuesday it’s weighing a $22bn merger offer from online betting operator DraftKings. The UK company rejected an $11bn bid from MGM Resorts earlier this year.
Top democrats question SPAC incentives.
Elizabeth Warren and three other Democratic senators sent open letters to several creators of special purpose acquisition companies questioning how SPAC executives are compensated and requesting more details about their potential conflicts of interest, WSJ reported.
The letters are the latest sign that regulators and lawmakers are increasing their scrutiny of so-called blank-check companies, which were rarely used as a way for startups to go public before 2020 but have exploded in popularity recently.
Carlyle says firm is committed to China. (FS)
Carlyle Group Chief Executive Kewsong Lee said on Wednesday that the US private equity firm will remain a long-term investor in China despite "bumps" that have unnerved some investors, Reuters reported.
"We at Carlyle are very strategically committed to that region and we have seen these types of bumps in the middle of the night in that part of the world," Lee said in an interview talking about the impact of China's restrictions on companies.
New Mountain third CLO closes at $507m. (FS)
New Mountain Capital, a defensive growth-oriented investment firm that manages more than $35bn across private equity, credit, and net lease real estate, announced the closing of a $507m collateralized loan obligation, New Mountain CLO III, with Citigroup acting as the lead arranger.
This is the third CLO issued by New Mountain Capital, following its debut CLO in October 2020.
Softbank plans to back Steven Mnuchin's $2.5bn fund. (FS)
SoftBank Group will invest in a $2.5bn private equity fund set up by former US Treasury secretary Steven Mnuchin, the Japanese conglomerate said on Wednesday without disclosing the size of the investment.
The fund, Liberty Strategic Capital, will be backed by SoftBank’s $40bn second Vision Fund and Abu Dhabi-based sovereign wealth fund Mubadala, which said it will contribute roughly 2% of the total amount raised so far.
EMEA
Sandfire Resources, a mining and exploration company, agreed to acquire MATSA, a mining complex in Spain, from Trafigura, a commodity trading and logistics house, and Mubadala Investment, a sovereign investor, for $1.9bn.
"The MATSA acquisition transforms Sandfire into a first quartile copper producer of global scale and allows us to leverage our skill sent to deliver on our growth ambitions to create one of the highest quality and most compelling copper exposures on the ASX," Karl Simich, Sandfire CEO.
Sandfire Resources is advised by Natixis Partners, BurnVoir Corporate, Macquarie Capital and Allen & Overy. Mubadala is advised by UBS. Trafigura is advised by UBS.
GBfoods, which manufactures meal solutions such as, soups, ready dishes, and fish, agreed to acquire the remaining 49% stake in GBfoods Africa, its joint venture with Helios Investment Partners, an Africa-focused private investment firm. Financial terms were not disclosed.
"Helios is proud to have been selected as GBfoods' partner of choice in Africa, and together to have transformed GBFA into a large, fast-growing and locally sustainable African consumer business. Our successful investment underscores the strength of our strategy in the consumer non-discretionary sector, focussing on resilient businesses that offer low-cost products with mass market appeal, and our capability to create value for all stakeholders through establishing high ESG standards and achieving growth with positive impact. We look forward to following the Company's continued success," Nimit Shah, Helios Partner.
GBfoods is advised by Stibbe. Helios is advised by Teneo and Debevoise & Plimpton.
Embracer Group, a parent company of businesses developing, agreed to acquire Bytex, a quality assurance company. Financial terms are not disclosed.
“Having worked alongside Saber for years, it’s become obvious that we share the same work ethic and love for games,” Dmitri Karasev, Bytex CEO and Co-Founder.
Embracer Group is advised by Ernst & Young and Baker McKenzie.
Athora, an insurance and reinsurance group, agreed to acquire Amissima Vita, a provider of insurance services, from Apollo, a private equity firm. Financial terms are not disclosed.
“We have been strategically building Athora’s presence across Europe and are excited about the opportunity Amissima Vita provides as an important entry for the Italian market, where we see significant demand for our products and solutions. We intend to play a key role in meeting the demand for life savings products with Amissima Vita’s distributors, and are committed to long-term growth in Italy. Furthermore, we have demonstrated the merits of our leading approach to investments, risk and capital management, which we are excited to bring to this market," Michele Bareggi, Athora Group CEO.
Athora is advised by Clifford Chance and Maitland.
Lantmännen, a Swedish agricultural cooperative, agreed to acquire Myllyn Paras, a food company, from Sponsor Capital, a private equity firm. Financial terms were not disclosed.
"With this acquisition we expand our presence on the Finnish market, well in line with our strategic ambitions to enhance our position in Northern Europe. Milling and baking are part of Lantmännen's core operations globally, making Myllyn Paras an excellent addition to current businesses in Finland. The offering of Myllyn Paras complements ours in several areas, which paves the way for innovation from field to fork, and a broader product offering that is beneficial for both customers and consumers," Per Olof Nyman, Lantmännen President and CEO.
Sponsor Capital is advised by SEB Corporate Finance.
777 Partners, an alternative investment firm, completed the acquisition of Genoa CFC, a professional football team. Financial terms were not disclosed.
“We are profoundly humbled to be a small part of the rich history, heritage and tradition of Genoa. We understand and respect the responsibility we are inheriting to preserve and protect the proud legacy of the Rossoblu, and we are committed as custodians of that legacy to help the club reclaim its place at the top of Serie A," Josh Wander, 777 Partners Founder and Managing Partner.
Amulet Capital Partners-backed OPEN Health, a healthcare communications firm, agreed to acquire ARK, a data-driven, digital-first creative agency. Financial terms were not disclosed.
"Over the past three years, we have proudly grown both the core ARK business and the ARK Comms sister agency to ensure clients receive data-driven campaigns where digital is truly integrated. In joining OPEN Health, we are significantly expanding our geographical reach and will be able to work with the expert in-house digital team to deliver a wider range of omnichannel creative services to our clients. We very much look forward to working with the OPEN Health management and Amulet teams to contribute to the long-term growth of OPEN Health," Dominic Marchant, ARK CEO.
SoftBank Vision Fund 2 led a $100m funding round in StreamElements, a live streaming tools provider, with participation from PayPal Ventures and MoreTech, State of Mind Ventures, Pitango First, Menorah and Mivtach Shamir.
StreamElements said that the funding will go towards expanding its services to uploaded videos on YouTube and livestreaming on Trovo.
Deutsche Bank foresees the possibility of M&A in banking sector.
Deutsche Bank sees the logic that there should be consolidation in the European banking sector and the task in hand is to prepare for that outcome, said the bank's CFO James von Moltke.
Deutsche's four business units - asset management and its private, corporate and investment banks - were performing at or ahead of plan. That put it on track to hit a goal of generating revenue of €25bn ($29.3bn) or more in revenue next year.
Iberdrola and Prosolia targeting near $1bn investment in Iberia.
Wind power giant Iberdrola and solar project developer Prosolia Energy will jointly invest €850m ($996m) in five solar parks in Iberia by 2025, including one of Europe's largest power plants in Portugal, Reuters reported.
Through the deal, the companies aim to develop total new capacity of 1.5 gigawatts in four photovoltaic parks in Spain and a mega-plant in Portugal which is almost equal to the country's entire current installed capacity, by 2025, Pedro Pestana Aguiar, Prosolia Energy Executive board member.
Oman considers selling German chemicals arm for $3bn.
Oman’s state energy company OQ is weighing a sale of its German chemicals business as the Persian Gulf sultanate seeks ways to steady its finances.
The Muscat-based group is speaking with potential advisers as it explores options for OQ Chemicals, formerly known as Oxea. The business could be valued at about $3bn in any sale.
Renaissance looking for deals befor its IPO.
Renaissance Insurance, Russia’s largest online policy provider, is trawling the country’s traditional insurers for acquisition targets as it prepares for a possible initial public offering.
“We’ve realized we can consolidate mainline traditional insurers onto our infrastructure. The adoption of online services, particularly in the financial services sector, is starting to grow, but it is still in its infancy,” Boris Jordan, Renaissance Insurance Chairman.
Oxford Nanapore's IPO might lead to $4.8bn market value.
The initial public offering for Oxford Nanopore, a provider of rapid Covid-19 tests to Britain’s national health services, will have an indicative price of $5.12 to $6.14 per share, Reuters reported.
The offer will total $713.16m to $751.07m, giving the life sciences company an implied market capitalization of $4.1bn to $4.8bn.
APAC
Celestica, a provider of design, manufacturing and supply chain solutions, agreed to acquire PCI, an electronics manufacturing services provider based in Singapore, from Platinum Equity, a private equity firm, for $306m.
"We are pleased to join forces with PCI, an engineering-led business that is aligned with our strategic objectives. This acquisition is intended to help us to further diversify our customer base and expand our ATS portfolio with high-growth programs. PCI is also expected to add strong annual revenue and cash flow generation that enhances our financial profile and outlook for 2022 and beyond. We believe that today, Celestica is as strong as it has ever been – both operationally and financially – and we are confident that PCI will help us build on our momentum and continue to generate significant value for all Celestica shareholders," Rob Mionis, Celestica President and CEO.
Celestica is advised by Joele Frank. Platinum Equity is advised by BDA Partners, Lincoln International and Duane Morris.
YF Capital, a private equity firm, NIO Capital, a market-oriented private equity investment firm, and Angel Plus China, a venture capital firm, led a $100m Series C round in Nreal, a developer of reality glasses. Additional investors included Sequoia Capital China, Hillhouse Capital Group, GP Capital and CPE.
“China is definitely a huge market, and we plan to enter that market next year, and also the US and maybe more countries as well,” Chi Xu, Nreal CEO.
Xiaomi Changjiang Industrial Investment Fund led a Series C funding round in Black Sesame Technologies, an AI digital imaging technology firm, at a $2bn valuation. Additional investors included FulScience Automotive Electronics, Wingtech Technology, SummitView Capital, and FutureX Capital.
"It is now valued at nearly $2bn after the strategic round and C round, and now has officially become a “unicorn," Black Sesame Technologies.
Virtuos has a global expansion plan.
Singapore-based video game developer Virtuos plans to expand its global footprint and offerings by acquiring new studios and growing its network, DealStreetAsia reported.
Virtuos is operating in Singapore, China, Vietnam, Canada, France, Japan, South Korea, Ireland and the United States.
Oyo eyes on $1.2bn IPO.
SoftBank Group-backed Indian hospitality startup Oyo Hotels and Rooms is expected to file for an initial public offering next week to raise around $1bn, Reuters reported.
The hotel aggregator is looking to list in India’s financial capital of Mumbai and its IPO is tentatively pegged at between $1bn and $1.2bn, it will consist of a fresh issue of shares and an offer for sale from existing shareholders.
Fonterra targets IPO for its New Zealand dairy business.
Fonterra Co-operative Group is considering an initial public offer of its Australian operation, in an exercise that could return about $700m to shareholders by 2024, Reuters reported.
"It's a self-contained business, so there is a possibility of partnering effectively by taking some capital off the table and bringing some external investors. That's why we announced our intention to explore that partial sale," Marc Rivers, Fonterra CFO.
Crescendo-Backed Qxpress looks for US IPO. (FS)
Qxpress, a pan-Asia cross-border logistics company whose investors include a firm backed by Peter Thiel, is weighing an initial public offering in the US as soon as next year, Bloomberg reported.
The Singapore-based company, which offers delivery, warehousing and cargo shipping services, is working with Deutsche Bank and Goldman Sachs on the potential first-time share sale. A listing in New York could value Qxpress from $500m to $1bn.
Mapletree raised $552m for Music. (FS)
Mapletree Investments has closed its maiden US office fund, Mapletree US Income Commercial Trust (Music), with $552m in total fund equity raised.
The Temasek-owned company said Music’s target internal rate of return of 12% represents both a yield plus growth total return from a resilient and income-generating portfolio.
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