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AMERICAS
Arlington Capital, a private equity firm, completed the acquisition of Exostar, a company specialising in business collaboration in highly regulated industries including aerospace and defense, healthcare and life sciences, from Thoma Bravo, a software investment firm. Financial terms were not disclosed.
"Exostar is a true industry leader with an expanding market opportunity, especially as the need for digital trust across organizations and geographies continues to grow rapidly and the security of global supply chains is top of mind to business leaders. We have great respect for what Richard Addi and the entire Exostar team have accomplished and look forward to working alongside them to drive continued success using our collective domain expertise," Michael Lustbader, Arlington Capital Managing Partner.
Stern Partners, a Canadian private investment company, agreed to acquire Grafton Apparel, a Canadian seller of men's apparel. Financial terms were not disclosed.
"The growth of the retail apparel market in Canada has been an area of interest for us. Grafton's commitment to delivering quality and value to consumers, backed by a strong team, has created a growth trajectory that we want to support. We are excited to partner with the strong team at Grafton as we turn the page into this next chapter together," Daniel Cairns, Stern Partners Associate.
Grafton Apparel is advised by National Bank Financial, Davies Ward Phillips & Vineberg and Strategic Objectives. Stern Partners is advised by Norton Rose Fulbright.
Bullish, a digital assets exchange completed the acquisition of CoinDesk, a news site specializing in bitcoin and digital currencies, from Digital Currency Group, a venture capital firm. Financial terms were not disclosed.
“With its acclaimed editorial coverage, premier events and market-leading data and indices, CoinDesk continues to shape the global crypto and blockchain ecosystem,” Tom Farley, Bullish CEO.
CoinDesk was advised by Lazard and Paul Weiss Rifkind Wharton & Garrison (led by Andrew Krause and Krishna Veeraraghavan). Bullish was advised by Citigroup and Morgan Lewis & Bockius.
SK Capital Partners, a private investment firm, completed the acquisition of J&K Ingredients, a manufacturer in the world of bakery, food & beverage, and pet food ingredients, from CORE Industrial Partners, a private equity firm. Financial terms were not disclosed.
“Clean label food preservation technologies are an increasingly important pillar of sustainability by reducing food waste and the associated environmental footprint, and J&K has already established itself as a critical, value-added clean label partner to its bakery customers. We feel privileged to play a part in bringing clean label preservative solutions to the broader food and beverage industry with SOR-Mate, as well as in building out a more comprehensive suite of natural and clean label solutions as we embark on J&K’s next phase of growth,” Mario Toukan, SK Capital Managing Director.
SK Capital Partners was advised by BackBay Communications (led by Daniel Abramson). Debt financing was provided by Benefit Street Partners, Kayne Anderson Private Credit and KeyBanc Capital Markets.
Primaris REIT, Canada's only enclosed shopping center-focused REIT, agreed to acquire Halifax Shopping Centre, a regional enclosed shopping center in the high-growth market of Halifax, Nova Scotia, and the Annex, an open-air center located immediately adjacent to Halifax Shopping Centre, for $370m.
"Halifax Shopping Centre and the Annex exemplify the quality and market-leading nature of Primaris REIT's target acquisition profile. The shopping complex is extremely well located in central Halifax, adjacent to Halifax Transit's Mumford Terminal and at the gateway to the Halifax peninsula, with a market leading position in one of Canada's fastest-growing mid-sized population centers," Patrick Sullivan, Primaris REIT President and COO.
Primaris REIT is advised by CBRE Group, Desjardins and TD Securities.
Halma, the global group of life-saving technology companies, completed the acquisition of TeDan, a provider of innovative surgical access systems, for $100m.
"World spending on healthcare is increasing as demand continues to grow, especially as the number of people over 60 has reached more than 1bn. For over ten years, TeDan has been at the forefront of surgical access innovation, creating an improved experience for surgeons in the operating room and better outcomes for patients. Joining Halma will help us to grow and invest in the US and internationally. Together, we share a common purpose of ensuring a healthier future for everyone, every day," Danny Fishman, TeDan CEO.
Neptune Wellness, a consumer-packaged goods company, agreed to acquire Datasys, a data-marketing company, for $112m.
Datasys leverages its expansive data of over 3bn records and technology to help companies more accurately target their ideal customers and provide intelligent marketing solutions. Datasys' clients include leading global corporations such as Microsoft, Ford, Mastercard and Honda.
Seaside Equity Partners, a private equity firm, completed the acquisition of Frontier Services Group, a provider of emergency restoration services to residential and commercial clients. Financial terms were not disclosed.
"We are beyond excited to begin this new partnership with Seaside. Their focus on company culture and core values makes Seaside an excellent partner for our next phase of growth," Gregg Autrey, Frontier Co-Founder.
Blackstone is lead bidder in Signature Bank property-loan sale. (FS)
Blackstone is the frontrunner to win a roughly $17bn portfolio of commercial-property loans from the Federal Deposit Insurance's sale of Signature Bank debt, Bloomberg reported.
Regulators seized the failed bank in March and have been marketing loans backed by retail, industrial, office and apartment buildings. FDIC officials are now in final discussions to declare Blackstone’s bid as bringing the lowest costs to the agency.
Canada to launch subsidies for carbon capture, clean tech.
Canada's government will present legislation this month to start paying subsidies for carbon capture and net-zero energy projects, part of a plan to worth around $20bn over five years, Reuters reported.
A long delay in state support for carbon capture utilization and storage projects and for equipment used to produce low-carbon energy prompted industry lobbies to warn in September that some $36bn worth of investments were at risk if the government did not act soon.
Valar Ventures-backed Petal Card seeks buyer. (FS)
Petal Card, a credit card company backed by Peter Thiel’s Valar Ventures, is exploring options including a possible sale or additional funding, Bloomberg reported.
Goldman Sachs has been tapped to advise on a potential sale. If it doesn’t find a buyer, the company may draw down existing loan agreements or seek funding from current stakeholders.
Riverwood Capital raises $1.8bn for Global Technology Fund. (FS)
Riverwood Capital, which invests in high-growth technology companies, closed $1.8bn in new commitments in the largest fundraising round since inception 15 years ago.
The Menlo Park, California-based firm with offices in Miami, New York and Sao Paulo, tapped pension funds, hospital systems, foundations, endowments, fund of funds, insurance companies and family offices among other investors.
OpenAI taps ex-Twitch CEO to lead as Altman joins Microsoft. (People)
OpenAI co-founder Sam Altman is joining Microsoft to lead its AI effort after the board replaced him with Twitch’s ex-CEO, a stunning reversal for the widely respected tech-evangelist who helped jumpstart the artificial intelligence boom, Bloomberg reported.
Altman and Greg Brockman, who quit the board around the same time, will lead a newly created in-house AI development team at the US software firm, a major OpenAI backer. Microsoft remains committed to the relationship and is looking forward to working with the startup’s new CEO, Emmett Shear, CEO Satya Nadella said in a post early on Monday.
EMEA
Giorgia Meloni’s government exercises ‘golden power’ to block jet engine maker’s purchase of Italian flights control business, FT reported.
Safran said in a statement on November 20 it had been informed that the Italian government had exercised its “golden power” to oppose its acquisition of Microtecnica, Collins Aerospace’s Italian subsidiary, Collins is a subsidiary of US-based Raytheon Technologies, now known as RTX.
According to a government investigation “does not allow to conclusively conclude” that Safran would “give the necessary priority to the industrial production lines of interest for national defence”.
The so-called framework agreement unveiled five months ago between the PGA Tour, the US-based group, and the rival Saudi Public Investment Fund, which owns LIV, set a deadline of year-end for reaching a deal to unite golf under a single commercial entity.
Antin, an infrastructure investment firm, agreed to acquire Consilium Safety, a producer of safety technologies for the marine, oil and gas, transport and building sectors, from Nordic Capital, a private equity firm. Financial terms were not disclosed.
"Nordic Capital's operational focus and expertise in how to fuel global expansion, have been instrumental in the growth of Consilium Safety Group. Together, we have achieved great results quicker than we expected. We thank them for their support and guidance as we take the next step of our journey. As we embark on the next chapter, we are very excited to partner with Antin. We will continue delivering mission-critical safety and operational resilience to our customers and with Antin's support, we look forward to investing further in the expansion of our offering, capabilities and presence," Philip Isell Lind af Hageby, Consilium Safety President and CEO.
Statkraft, Europe's largest generator of renewable energy and a global player in energy market operations, agreed to acquire Enerfin, a Spanish renewable energy company, from Elecnor Group, a Spanish engineering and construction business, for €1.8bn ($1.96bn).
"This is a milestone acquisition for Statkraft. Enerfin is a solid, well-run company with a highly competent organization and an attractive portfolio that fits well with Statkraft's current activities. The deal will create further value for the customers, our owner and society as it constitutes a major contribution to the green energy transition towards zero emissions," Christian Rynning-Tønnesen, Statkraft CEO.
Statkraft is advised by Rothschild & Co.
OEG Energy Group, an offshore solutions business, agreed to acquire Bluestream Offshore, a specialist in subsea and topside services based in The Netherlands. Financial terms were not disclosed.
"We are delighted to welcome Bluestream Offshore to the OEG Group. This value-accretive and strategically complementary acquisition will further strengthen OEG's service offering and operating footprint in the growing European offshore energy market. This is in line with our strategy to make value-enhancing acquisitions to position OEG as the leader in the provision of mission-critical services and solutions supporting the energy transition," John Heiton, OEG CEO.
Santoni Shanghai, a knitting machine manufacturer, completed the acquisition of Terrot, a manufacturer of circular knitting machines in Germany. Financial terms were not disclosed.
The acquisition represents a pivotal step in Santoni's strategy to advance the circular knitting machine industry.
TAQA, an international company headquartered in Dharan, agreed to acquire the remaining shares in Arabian Geophysical and Surveying Company, a geological service in Dhahran, Saudi Arabia. Financial terms were not disclosed.
"In this transaction, which is aligned with TAQA's strategy, ARGAS becomes a fully-owned TAQA company, further accelerating synergies across our fully-owned businesses. We will further invest in ARGAS to leverage its surveying capabilities to access the region's natural resource and mining sectors," Khalid M. Nouh, TAQA CEO.
ORLEN, Poland’s largest refiner, agreed to acquire KUFPEC Norway, a group of oil and gas producing assets on the Norwegian continental shelf, from KUFPEC, an international oil company, for $445m.
“We have successfully concluded a strategic deal on the Norwegian Continental Shelf. With the acquisition of KUFPEC Norway, the ORLEN Group's gas production in Norway is set to grow by more than 1 bcm per year. This significantly enhances our capacity to meet the demand of the Polish market and the entire region utilising our own gas resources. Beyond advancing the ORLEN Group's strategic goals, this transaction brings synergies that boost our development potential in Norway. We have secured control of fields where we already hold direct interests acquired through previous transactions, this will ensure seamless integration of the acquired assets, optimisation of operating costs and, by significantly scaling up our operations, access to attractive funding for further investments,” Daniel Obajtek, ORLEN CEO and President of the Board.
Gulf Investment, a Kuwait-based Gulf investment firm, completed the acquisition of a minority stake in Pipecare Group, a provider of pipeline inspection services. Financial terms were not disclosed.
"We are excited to enter a new phase in our company's growth in partnership with GIC to further develop our technology and play a critical role in supporting our customers in the safe delivery of energy," Khaled El-Shami, Pipecare Group Chairman.
Ackerley Partners, a privately held investment company, completed the acquisition of a minority stake in Leeds United, a football club, from 49ers Enterprises, a venture capital firm. Financial terms were not disclosed.
Ackerley Partners said it will provide strategic capital to expand the football and commercial operations of the club.
GAM's equity income teams to move to Jupiter. (FS)
GAM will transfer the UK equity income fund to Jupiter along with two portfolio managers, the Swiss asset manager said on Monday, Reuters reported.
"There will be a seamless transition for clients to continue to invest in the fund," GAM said in a statement.
The agreement to transfer the fund will result in a 12-month mutual revenue sharing arrangement. The fund will be transferred in 2024.
UK's musicMapgie in talks with BT Group-Aerulius on possible offer for sale. (FS)
MusicMagpie said on November 20 it was in early-stage talks with BT Group and Aurelius Group regarding a possible offer to buy the British online retailer of used smartphones and electronic products, Reuters reported.
The seller of second-hand DVDs and computer games said discussions on a possible offer were ongoing and remained at a "very early stage".
Shaftesbury rethinks London portfolio sale as bids fall short. (RE)
Shaftesbury Capital has scrapped plans to sell a portfolio of properties in London’s Fitzrovia district after bids fell short of expectations, Bloomberg reported.
Instead the real estate investment trust plans to dispose of the buildings individually or in smaller groups betting it will achieve a higher value overall, according to people with knowledge of the decision. The landlord had been seeking offers for a portfolio that includes restaurants and bars, offices, stores and apartments that were valued at about £118m ($147m) at the end of June, the people said, asking not to be identified as the plan was not public.
Citi names Gutiérrez-Orrantia Europe banking and cluster head in restructure. (People)
Nacho Gutiérrez-Orrantia, one of Citi's most senior bankers in Europe, will become banking and cluster head for Europe as part of its planned restructuring, Reuters reported.
The latest step in the bank's reorganisation will be announced later on Monday. It is also expected to include job cuts and senior management changes that may affect thousands of staff.
Fahad Kamal appointed CIO at UK private bank Coutts. (People)
Former Kleinwort Hambros CIO Fahad Kamal has been appointed CIO at the private bank owned by Britain's NatWest, Reuters reported. The addition of Kamal comes alongside a number of staff changes at Coutts, including the addition of new CFO Siobhan Boylan in September.
Coutts has been working to draw a line under a damaging row with former Brexit party leader Nigel Farage over a decision by the bank to close his accounts, which ultimately led to the departure of both former NatWest CEO Alison Rose and former Coutts CEO Peter Flavel.
APAC
Westpac to raise $488m in additional Tier 1 capital.
Westpac Banking, Australia's third-largest bank by market capitalisation, said on November 20 it would raise AUD750m ($488m) in an Additional Tier 1 capital transaction, Reuters reported.
Investors have already lodged bids worth AUD2.35bn ($1.53bn) at the low end of the indicative margin range.
The notes will be issued at AUD100 ($65.1) each and potential investors have been told the interest margin will be between 3.10% and 3.3%.
India grants incentives for Dell, HP, Foxconn to make IT hardware locally.
The Indian government has approved investments by 27 companies including Dell, HP and Foxconn under its $2bn incentive scheme to manufacture IT hardware domestically, Reuters reported.
Information technology minister Ashwini Vaishnaw said the companies are expected to invest INR30bn ($360m) collectively, while creating 50k jobs in the sector.
Approvals have also been granted to domestic manufacturers including Dixon Technologies and VVDN.
Moody’s revises up SoftBank outlook to stable after arm IPO.
Moody’s Investors Service revised up its outlook on SoftBank Group to stable from negative, saying the listing of chip unit Arm Holdings brings transparency to a bigger chunk of the tech investor’s portfolio, which includes hundreds of startups, Bloomberg reported.
Credit ratings firms have cited SoftBank’s exposure to private market valuations as an ongoing risk. SoftBank’s portfolio, which includes bets of billions of dollars in bankrupt WeWork and hundreds of unprofitable and unlisted startups, remains largely opaque, with pricing often determined by a handful of private equity firms.
Li Ka-shing-backed WeLab launches digital bank in Indonesia.
WeLab, backed by investors including billionaire Li Ka-shing and Astra International, a unit of Jardine Matheson, is launching a digital bank in Indonesia to tap the young and fast-growing economy, Bloomberg reported.
Bank Jasa Jakarta, which WeLab and Astra jointly bought last year, launched the digital bank called Bank Saqu on November. The bank is targeting the younger generation, including so-called “solopreneurs,” such as small business owners, freelancers, and full-time employees juggling side hustles.
China drafts list of 50 property firms eligible for funding.
Chinese regulators are drafting a list of 50 developers eligible for a range of financing, the nation’s latest effort to put a floor under the property crisis, Bloomberg reported.
China Vanke, Seazen Group and Longfor Group Holdings are among companies that have been named in a draft of the so-called white list.
Alibaba shock move casts fresh pall over China tech.
The shocking decision by Alibaba Group to cancel the spinoff of its cloud division is offering a fresh reason for investors to sell China tech stocks in an earnings season yielding mixed results, Bloomberg reported.
Alibaba plunged 10% Friday in Hong Kong after withdrawing plans to spin off and list its $11bn cloud business due to US restrictions on advanced semiconductor sales to China. The announcement followed a similar warning from peer Tencent Holdings on the impact of chip trade curbs.
Talks between TikTok and Tokopedia for a commercial partnership move ahead.
Short video app TikTok, which has been in talks with several Indonesian e-commerce firms after the country banned online shopping on social media platforms, is likely to forge a partnership with, and invest in, GoTo’s unit Tokopedia, Deal Street Asia reported.
Indonesia's trade ministry implemented the ban last month, aiming to protect smaller brick-and-mortar merchants and ensure the protection of users' data. It was a particular blow to TikTok, which was forced to close its e-commerce service TikTok Shop. TikTok has 125m users in Indonesia.
Sanjay Nayar-led Sorin Investments set to close debut fund above target at $156m. (FS)
Sorin Investments, the venture capital firm set up by former KKR India CEO Sanjay Nayar and Caravel Group’s Angad Banga, has surpassed the original fundraising target for its debut investment vehicle, raking in about INR1.3bn ($156m), Deal Street Asia reported.
Small Industries Development Bank of India and The National Small Industries will back Sorin Investments, former KKR India head said.
BPEA EQT in talks to invest in IT services firm Trianz Holdings. (FS)
BPEA EQT, the Asian private equity arm of Swedish investment firm EQT, has initiated talks to acquire a stake in Trianz Holdings, a global digital transformation consulting and technology services firm with dual headquarters – in India and California, Deal Street Asia reported.
With offices in Silicon Valley, Washington DC Metro, Jersey City, Dubai, Bangalore, Hyderabad, Chennai, Delhi NCR, and Mumbai, Trianz serves Fortune 1000 and emerging organizations across industries globally.
Malaysia's Maybank launches Islamic wealth management hub in Singapore.
Malaysia's biggest lender by assets, Malayan Banking, launched an Islamic wealth management regional offshore hub in Singapore on Monday, Reuters reported.
"We have chosen Singapore as our offshore hub for our Islamic wealth management given the position of Singapore as a wealth management player not just in the region but also globally," John Chong, Maybank Group CEO of Community Financial Services.
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