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AMERICAS
Canadian Pacific Railway, a transportation services company, and Kansas City Southern, a transportation holding company, announced that the Surface Transportation Board has accepted the joint CP-KCS merger application as complete. CP and KCS anticipate that the STB review of CP's proposed control of KCS will be completed in the fourth quarter of 2022.
"We are pleased that the Board has accepted our comprehensive joint application and declared it complete. We look forward to moving forward with a robust regulatory review of this historic combination that will add capacity to the US rail network, create new competitive transportation options, support North American economic growth, and deliver other important benefits to customers, employees, and the environment," Keith Creel, Canadian Pacific President and CEO.
Canadian Pacific is advised by BMO Capital Markets, Evercore, Goldman Sachs, Bennett Jones, Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, David L Meyer, Sullivan & Cromwell and Edelman. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson. Kansas City Southern is advised by Bank of America, Morgan Stanley, Baker & Miller, Davies Ward Phillips & Vineberg, Wachtell Lipton Rosen & Katz, White & Case, WilmerHale, Joele Frank and MacKenzie Partners. Financial advisors are advised by Willkie Farr & Gallagher.
Supernus Pharmaceuticals, a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system, completed the acquisition of Adamas Pharmaceuticals, an innovative medicines producer, that reduces the burden of neurological diseases on patients, caregivers and society, for $450m.
"This acquisition represents a significant step to further build a strong and diverse Parkinson’s disease portfolio, and aligns with our focus of acquiring value-enhancing, clinically-differentiated medicines to treat CNS diseases. We have a proven track record of strong commercial execution, and look forward to building on GOCOVRI’s growth momentum so that more patients can benefit from access to Adamas’ innovative neurological therapies," Jack Khattar, Supernus Pharmaceuticals President and CEO.
Supernus was advised by Grant Thornton, Jefferies & Company, Saul Ewing Arnstein & Lehr and Westwicke. Adamas was advised by Lazard and Cooley. Lazard was advised by Davis Polk & Wardwell.
Verizon, an American telecommunications company, completed the acquisition of Tracfone, a pre-paid and value mobile provider in the US, from America Movil, a Mexican telecommunications corporation, for $6.25bn. The agreement also included up to an additional $650m in cash consideration related to the achievement of certain performance measures and other commercial arrangements.
"This transaction is aligned with what we do best: providing reliable wireless service alongside a best-in-class customer experience. We are excited about the opportunity to bring Tracfone and its brands into the Verizon family where we can put the full support of Verizon behind this business and provide exciting and compelling products into this attractive segment of the market. We are pursuing this important strategic acquisition from a position of strength given our very strong and prudent financial profile," Hans Vestberg, Verizon Chairman and CEO.
Verizon was advised by Credit Suisse, Debevoise & Plimpton, Jones Day and Von Wobeser y Sierra. America Movil was advised by Cleary Gottlieb Steen & Hamilton and Willkie Farr & Gallagher.
Franchise Group, an operator of franchised and franchisable businesses, completed the acquisition of Badcock, a family furniture store, for $580m.
“We wanted to find a buyer who would respect our company’s long and storied history and, in Franchise Group, we immediately recognized a management group and a company that shared our values and will help WS Badcock build upon the legacy created by the current family and those who preceded us. We are confident that we are leaving our treasured company in good hands and that this decision will help to produce a winning combination for our customers, vendors, dealers and employees," Bill Pou, Badcock Chairman of the Board.
Franchise Group was advised by DLA Piper, Troutman Pepper and Willkie Farr & Gallagher. Debt financing was provided by JP Morgan. Badcock was advised by Mann Armistead & Epperson and Trenam-Kemker.
Apollo-backed EmployBridge, a provider of technology-enabled, light industrial workforce solutions, completed the acquisition of Hire Dynamics, a provider of staffing and recruitment services, from MSouth, a private equity investment firm. Financial terms were not disclosed.
"This transaction brings together two world-class organizations – expanding the breadth and depth of EmployBridge's solutions and supporting accelerated strategic investments in clients, talent and technology. We are appreciative of Michael Miles for his contributions as CEO of EmployBridge and look forward to continuing our work together on the company's board under Billy's leadership," Robert Kalsow-Ramos, Apollo Private Equity Partner.
Hire Dynamics was advised by Citizens Bank and DLA Piper. EmployBridge was advised by Houlihan Lokey, RBC Capital Markets, Akin Gump Strauss Hauer & Feld and Paul Weiss Rifkind Wharton & Garrison.
Cowen, an investment banking firm, agreed to acquire Portico Capital Advisors, an investment bank that provides investment and advisory services exclusively to information and business services and software companies. Financial terms were not disclosed.
“It’s a tremendous opportunity for our clients and team to join forces with Cowen, a firm that always strives to be ahead of the curve, like Portico. With access to Cowen’s broad relationships and extensive capital markets capabilities, we can deliver comprehensive solutions across significantly more situations, driving broader value for our corporate and sponsor clients," Searcy Dryden, Portico Managing Partner.
Cowen is advised by Perkins Advisors, Willkie Farr & Gallagher and Gagnier Communications. Portico is advised by M. Klein & Co and Cadwalader Wickersham & Taft.
EnCap-backed Paloma Partners, a provider of oil and gas exploration and production services, offered to acquire Goodrich Petroleum, an independent oil and gas producer in the United States, for $480m.
The tender offer to acquire all of Goodrich's outstanding common shares offers $23 per share in cash. The offer price in the transaction, which has been unanimously approved by Goodrich's Board of Directors, represents an approximate 7% premium.
Paloma is advised by Greenhill & Co and Hunton Andrews Kurth. Goodrich Petroleum is advised by Tudor Pickering Holt and Vinson & Elkins.
The US Justice Department has filed an antitrust lawsuit to stop US Sugar, a privately owned agricultural business, from buying Imperial Sugar, a major US sugar producer and marketer, from Louis Dreyfus Holding, a merchant and processor of agricultural goods. Deal could drive up the price of sugar for households as well as food and drink makers.
"US Sugar and Imperial Sugar are already multibillion-dollar corporations and are seeking to consolidate further an already cozy sugar industry," Jonathan Kanter, Justice Department Head of the Antitrust Division.
US Sugar is advised by Latham & Watkins and FTI Consulting.
Cerity Partners, a financial and investment advisory firm, completed the merger with Bingham Osborn & Scarborough, an operator of a wealth management company. Financial terms were not disclosed.
"Cerity Partners and B|O|S are an ideal match, in terms of culture, values, business model, investment philosophy, and professional standards. The merger allows us to enhance our clients' experience and broaden the breadth and depth of our expertise. It also significantly deepens our presence in and commitment to San Francisco and Silicon Valley, a region that continues to create meaningful wealth for many individuals and families," Kurt Miscinski, Cerity Partners CEO and President.
BOS was advised by Berkshire Global Advisors.
Interfor, a firm that produces and sells lumber, timber, and other wood products, agreed to acquire EACOM Timber, a manufacturer and distributor of lumber and wood products, from Kelso, a private equity investment firm, for $387m.
“This transaction makes Interfor a truly North American lumber producer, with operations in all the key fibre regions on the continent, further diversifying and de-risking our operating platform and enhancing our growth potential and opportunity set. This transformational growth secures a desirable SPF product mix to meet the growing demand of our customers, at a time when SPF fibre supply is under increasing pressure in other jurisdictions in North America and around the world," Ian Fillinger, Interfor President & CEO.
Coatue, a global investment manager, completed a $300m investment in Niantic, a developer of an augmented reality platform.
The funding will help expand the ARDK, which has already been used by companies like Coachella, Historic Royal Palaces, Universal Pictures, SoftBank, Warner Music Group and the PGA of America to create augmented reality experiences.
Third Point Ventures, a venture capital firm, led a $250m Series E funding round in Verbit, a voice AI transcription and captioning company. Additional investors include Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP.
"This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space. We built a powerful technological platform to modernize this industry and our strategy to build vertically integrated, voice AI solutions has brought tremendous value to our customers and enabled their businesses to become more accessible," Tom Livne, Verbit CEO and Founder.
Mastercard, a multinational financial services corporation, completed the acquisition of Arcus FI, a global technology company in the payments industry. Financial terms were not disclosed.
"The past year has shown how critical digital solutions are for people and businesses across the region. With the addition of the Arcus team, we will enhance existing payment experiences and create new opportunities to address every day needs by connecting more people to the digital economy," Laura Cruz, Mastercard Division President for Mexico and Central America.
Elon Musk exercises more options and sells shares worth $1.05bn.
Elon Musk, Tesla CEO, sold another 934k shares of the electric vehicle maker worth $1.05bn after exercising options to buy 2.15m shares, Reuters reported.
The world's richest person had on November 6 tweeted that he would sell 10% of his stock if users of the social media platform approved. A majority of them had agreed with the sale.
Daniel Loeb-backed Third Point makes $300m profit from Rivian IPO.
Daniel Loeb-backed Third Point, the hedge fund, made about $300m in shares in Rivian, one of several hedge funds to make a big profit from this month’s turbocharged levitation of electric car makers, FT reported.
Rivian started trading on the Nasdaq on November 10, 2021, although the company has only delivered a handful of vehicles and suffered a $994m loss in the first half of the year.
According to investor letters and trade knowledge, billionaire investor Loeb has made a profit through a series of investments over the past year, including convertible bonds.
Paycast partners with Marqeta and Mastercard for new marketplace payment solution.
Marqeta, the global modern card issuing platform, Mastercard, a leader in global payments, and Paycast, the marketplace payment engine, announced a collective partnership to power and launch a digital card product to offer faster and more convenient ways for marketplace sellers to get paid and do business.
Specialising in high-value and time-sensitive transactions, Paycast enables marketplaces to hold funds in escrow between buyers and sellers until the conditions of sale have been verified. The ability for marketplace sellers to access these funds immediately on a virtual card provides more choice and a modern experience for accessing proceeds quickly and securely.
EMEA
French waste and water management companies Veolia and Suez have offered remedies in $26.3bn deal to secure EU antitrust approval, Reuters reported.
Deal in which Veolia, GIP and Ardian made a bid to acquire Suez from Engie was announced on August 30, 2020. Deadline for a decision is extended to December 14, 2021, by the EU competition enforcer.
Suez Group is advised by Goldman Sachs, JP Morgan, PJT Partners, Rothschild & Co, Societe Generale, Bredin Prat, Darrois Villey Maillot Brochier, Sullivan & Cromwell, Wachtell Lipton Rosen & Katz and Brunswick Group. Ardian is advised by Linklaters and Headland Consultancy. Veolia is advised by Bank of America, Citigroup, Credit Agricole, HSBC, Messier & Associes, Morgan Stanley, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, Xavier Boucobza and Image Sept. Engie is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co, Weil Gotshal and Manges, Estudio de Comunicacion and Havas Paris.
Oxenwood, a European real estate investment management firm, completed the acquisition of the three logistics facilities in Germany for $59m.
“With Germany a key strategic market for us, the acquisition of these assets demonstrates our ability to find opportunistic deals in a very competitive sector. All three properties are very well positioned to capitalise on future growth and provide us with opportunities to add value through short-term asset management initiatives," Stewart Little, Oxenwood Co-Founder and CEO.
Oxenwood was advised by Jones Day, Ernst & Young and Arcadis. The sellers were advised by Anteon Immobilien, Colliers and Rotthege.
Outbrain, a platform powering the open web that matches audiences with personalized content and ads, agreed to acquire video intelligence, a developer of a contextual video platform, for $55m.
"The combination with vi will allow us to deepen our partnership with media owners, providing mid- and top-of-article video solutions. It will also expand our addressable market, introducing high-quality in-stream video inventory to support our brand advertisers. We see significant synergies between our companies and we are very excited to welcome the incredibly talented and experienced vi team to Outbrain,” Yaron Galai, Outbrain Co-Founder and Co-CEO.
vi is advised by Progress Partners and Bar & Karrer.
Booking Holdings, an online travel agency, agreed to acquire Etraveli Group, a global technology provider for flights, from CVC Capital for $1.84bn. Completion of the acquisition is subject to certain closing conditions, including regulatory approval.
"Booking Holdings pioneered the travel space more than two decades ago and they continue to pave the path forward by developing solutions to create seamless travel experiences. Today is a day of recognition, as well as marking a new phase in our relentless urge to improve further. We are thrilled to become a part of Booking Holdings, and we look forward to the next chapter of our own development as we continue to enhance the flight booking experience for our customers and partners worldwide," Mathias Hedlund, Etraveli CEO.
CVC Capital is advised by Freshfields Bruckhaus Deringer.
GlobalConnect, a provider of fiber-based data communication and data center services, agreed to acquire Open Universe, a communications operator, from Telenor Sweden, a multinational telecommunications company, for $334m.
"We strengthen the relationship with our customers and focus our investments on further developing products and services in mobile, broadband and television. Our ambition is for customers to have a superior experience with us, not least those who have all services via Telenor. Digitization in the real estate industry increases the need for more services such as 5G, public wifi for seamless connection throughout the property, stream-based TV services, security services and other smart solutions," Bjørn Ivar Moen, Telenor Sweden CEO.
Telenor is advised by SEB Corporate Finance.
Infrastructure Investments Fund, an investment vehicle advised by JP Morgan, agreed to acquire GETEC Energie, a sustainable energy service company, from EQT Infrastructure. The agreement is subject to customary regulatory approvals and the transaction is expected to close by the end of Q1 2022. Financial terms were not disclosed.
“It has been a pleasure to partner with Thomas and the management team, each of whom have done a fantastic job implementing the value creation plan, building a leader with European scale, and executing an industry-leading sustainability agenda. Today, GETEC is exceptionally well positioned to continue leading and benefiting from the global focus on decarbonization, thereby setting it up to achieve superior long-term growth," Matthias Fackler, EQT Infrastructure Partner within Advisory Team.
EQT Infrastructure is advised by Rothschild & Co.
Netrics Group, a cloud and managed service provider for enterprise customers and demanding SMEs, agreed to acquire BlueStone Consulting Group, a provider of the most modern cloud platforms in the field of infrastructure as a service. Financial terms were not disclosed.
"After we have grown successfully and are well established in and around Bern, thanks to Netrics we are now taking the step to become a powerful nationwide player with a uniquely diverse range of products. We look after customers in mixed teams and enable our colleagues to work on some of the most attractive customer projects in the advancing digitization of Switzerland that the industry has to offer," Hans-Rudolf Scheidegger, BlueStone CEO.
Netrics is advised by Bar & Karrer.
KKR is considering boosting its offer for Telecom Italia, a telecommunication company, after top investor Vivendi said the $12bn bid was too low, Bloomberg reported.
The US buyout firm is in the early stages of discussing with advisers how much it would need to increase its proposal to win over reticent shareholders. The private equity firm is debating whether it may need to eventually increase its offer to around $0.79 to $0.9 per share to seal a deal.
Westlake Chemical, a global manufacturer and supplier of materials and innovative products, agreed to acquire the global epoxy business from Hexion, a producer of epoxy resins, modifiers and curing agents for high-performance materials, coatings and composites, for $1.2bn.
“Light-weighting is a critical feature for the manufacture of structural components for automobiles and for renewable energy, particularly the composite blades used by wind turbines, and epoxies are key ingredients for these sustainable products. The industries served by Hexion Epoxy are very attractive to Westlake and the business is expected to be a synergistic addition to Westlake’s existing businesses," Albert Chao, Westlake President and CEO.
BlackRock, a private equity, completed the $787m investment in IONITY, a network for high-power-charging electric vehicles to facilitate long-distance travel across all Europe. Current shareholders, including BMW Group, Ford Motor Company, Hyundai Motor Group , KIA, Mercedes-Benz, Volkswagen Group , Audi and Porsche also participated.
"The entry of BlackRock as a shareholder and the commitment of our current shareholders underline IONITY's attractiveness for investors and confirm the strength of our strategy. The trust and investment of all shareholders will accelerate IONITY's growth, the expansion of our high-power charging network across Europe and more broadly, the decarbonisation of the mobility sector," Michael Hajesch, IONITY CEO.
KKR and Equinix are among suitors for $11bn Global Switch. (FS)
Buyout firms Blackstone and KKR are among suitors weighing bids for data center company Global Switch Holdings, as the battle for digital infrastructure assets heats up, Bloomberg reported.
Data center investor DigitalBridge Group and operators Digital Realty Trust and Equinix have also expressed preliminary interest in London-based Global Switch.
Neptune owners seek offers for $5bn gas explorer. (FS)
Neptune Energy Group owners are weighing plans to sell the UK oil and gas explorer, Bloomberg reported.
Advisers to the company’s private equity backers, Carlyle Group and CVC Capital Partners, have requested takeover bids from interested parties next month. A sale could give Neptune an equity value of about $5bn. A listing of the company also remains a possibility.
PAI Partners leads bidding for eye-care firm Veonet. (FS)
PAI Partners, a pre-eminent private equity firm, is among final bidders competing to acquire German eye-care operator Veonet Group from Nordic Capital amid a boom in health-care dealmaking, Bloomberg reported.
The buyout firm has emerged as a frontrunner for the asset in the bidding process. Veonet could be valued at $2.3bn in a sale. Discussions are ongoing and there’s still the chance another bidder could emerge.
Israel Aerospace considers 25% share sale and more UAE deals.
State-owned Israel Aerospace Industries, a civilian and military aerospace and defense products manufacturer, is likely to sell 25% of the company on the Tel Aviv Stock Exchange in the first half of 2022, Reuters reported.
Israel's privatisation panel gave approval last year for IAI to sell up to 49% of its shares in an IPO.
"We're aiming right now for 25%. It will be a first step. It will be somewhere in the first half of next year," Boaz Levy, IAI President and CEO.
Johnson Matthey to buy back shares as profit jumps.
Johnson Matthey's first-half profit almost doubled to surpass pre-pandemic levels, the British chemicals maker said, as it unveiled a share buyback plan and agreed to sell its glass technologies business, Reuters reported.
The company, which also refines platinum group metals used by carmakers, said it would sell its battery materials business and appoint a new chief executive. It is also in talks about a potential sale of its health business.
Nokia to team up with YADRO to build 4G, 5G base stations in Russia.
Nokia, a Finnish multinational telecommunications, information technology company, and Russia's YADRO, a full-cycle IT hardware manufacturer, plan to set up a joint venture to build 4G and 5G telecom base stations in Russia, as a deadline for building networks using only Russian equipment approaches, Reuters reported.
Russia has said it will extend telecoms operators' licenses beyond 2023 for LTE (long-term evolution) networks on the condition that they start building networks using only Russian equipment, part of a wider push by Moscow to promote domestic technology and IT services.
APAC
Thailand's telecommunications regulator is closely monitoring the proposed merger of Telenor, an international provider of tele, data and media communication services, and Charoen Pokphand, a Thai conglomerate.
"On the merger, the agency will closely follow and investigate for the benefit of the public and country," Trairat Wiriyasirikul, agency acting secretary-general.
Telenor and CP Group on November 22, 2021, announced an agreement to form a joint venture in $8.6bn deal. The new entity would compete with market leader Advanced Info Service.
Telenor is advised by Citigroup. CP Group is advised by JP Morgan.
Shinsei Bank, a commercial bank, will cancel plans to introduce a poison pill defence aimed to block $1bn bid from SBI Holdings, a financial services group, Reuters reported.
Shinsei plans to accept independent board director candidates that SBI has proposed, the company said.
Shinsei Bank is advised by Morgan Stanley. SBI Holdings is advised by Citigroup.
K1 Investment, a private equity firm, and Level Equity, a private investment firm, completed a $350m investment in simPRO, a developer of a cloud-based job management software.
"This investment marks the next stage of simPRO's exciting growth journey. Our mission is to build a world where field service businesses can thrive. That mission will continue to be our focus as we accelerate our expansion and product development efforts. We'll continue adding to our suite of features and build further capabilities to support even more business owners within the global trade and construction industries," Sean Diljore, simPRO CEO.
simPRO was advised by Kickstand.
Coda Payments seeks $4bn value in sale.
Coda Payments, a Singapore-based online payment processing company, is weighing options including a sale or an IPO, Bloomberg reported.
Coda Payments is seeking a valuation of at least $4bn. Another option under consideration includes raising funds by bringing in minority investors.
Coda Payments is advised by Goldman Sachs.
Major Toshiba shareholder objects to break-up, urges board to solicit offers.
Toshiba's second-largest shareholder objected to the Japanese conglomerate's plan to split itself into three companies and called on it to instead solicit offers from potential buyers, Reuters reported.
Hedge fund 3D Investment Partners, which owns more than 7% of Toshiba, laid out its objections in a three-page letter to the company's board, becoming the first major shareholder to formally oppose the break-up plan outlined this month.
Chubu Electric to boost overseas and renewables investment.
Chubu Electric Power, an electric power company, plans to make strategic investments of $8.7bn over the 10 years through 2030, mainly in overseas and renewable energy, to achieve its 2030 recurring profit goal of $2bn, Reuters reported.
Unveiling a new management strategy, the company also raised its 2030 renewable energy capacity target in Japan to 3.2 GW from its previous goal of 2 GW. It now owns about 0.63 GW of renewable capacity.
ByteDance plans to spin off real estate listing business.
ByteDance, a developer of the video-sharing social networking services and apps, plans to spin off its real estate listing service to focus on its core businesses, a company representative stated, as the TikTok owner undergoes a reorganisation, Reuters reported.
The company is preparing to hive off Xingfuli, the name of which translates to "happy place", by introducing external investors. Beijing-based ByteDance this month outlined the creation of six business units in its biggest organisational change since co-founder Zhang Yiming said in May that he would step down as CEO.
Star Health aims for $7bn valuation in IPO.
Star Health, an Indian health insurance provider, and Allied Insurance is aiming for a valuation of about $7bn in its IPO, Reuters reported.
Backed by ace Indian investor billionaire Rakesh Jhunjhunwala, it is looking to raise $974 and has set a price band between $8.7 and $9 per share.
The offer will open for subscription on November 30 and comes as several firms, including prominent startups, go public to cash in on booming Indian stock market amid massive liquidity and increased retail investor participation.
Jack Ma-backed Wuxi Diagnostics considering a Hong Kong IPO. (FS)
Jack Ma-backed Wuxi Diagnostic Investment, a Shanghai-based integrated diagnostics service platform, is weighing an IPO in Hong Kong as soon as next year, Bloomberg reported.
The Chinese firm is in discussions with potential advisers on a Hong Kong listing which could raise about $400m. Deliberations are at an early stage and details such as timing and fundraising size may change. Representatives for Wuxi Diagnostics didn’t immediately respond to a request for comment.
Wuhan Asia Heart Hospital weighs Hong Kong IPO next year.
Wuhan Asia Heart Hospital, a private health-care services group, is planning a Hong Kong IPO that could raise a few hundred million dollars, Bloomberg reported.
Details of the offering such as fundraising amount and size are still preliminary and subject to change. An IPO could take place as soon as next year.
Wuhan Asia Heart Hospital is advised by JP Morgan and Morgan Stanley.
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