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AMERICAS
Cisco Systems won unconditional EU antitrust approval for its $28bn bid for cybersecurity firm Splunk on March 13 after EU regulators said they did not see any competition issues.
The deal announced last year is Cisco's biggest-ever and aims to boost its software business amid a boom in artificial intelligence while also helping to offset a post-pandemic slowdown in demand, Reuters reported.
Splunk is advised by Morgan Stanley (led by Anthony Armstrong), Qatalyst Partners (led by George Boutros), Skadden Arps Slate Meagher & Flom (led by Peter Jones and Mike Ringler), and Joele Frank (led by Eric Brielmann). Financial advisors are advised by Cooley (led by Jamie Leigh) and Freshfields Bruckhaus Deringer (led by Joseph Halloum, Sarah Solum, and Damien R. Zoubek). Cisco is advised by Citigroup, Consello, JP Morgan, RBC Capital Markets, Goldman Sachs (led by Ryan Limaye), Tidal Partners (led by David Handler), Clifford Chance (led by Katrin Schallenberg and Nelson Jung), Cravath Swaine & Moore (led by Margaret T. Segall), and Simpson Thacher & Bartlett (led by Alan Klein, Anthony Vernace, and Fred de Albuquerque). Financial advisors are advised by Latham & Watkins (led by Justin Hamill).
Stonepeak, an investment firm, completed the acquisition of Textainer, a company that focuses on purchasing, leasing, and resale of marine cargo containers, for $7.4bn.
“Today we embark on Textainer’s exciting next chapter with a renewed commitment to delivering high quality equipment and best-in-class service to our customers worldwide. Over the years, we have established Textainer as our customers’ “first call” for containers, and we look forward to continuing to earn our customers’ trust while growing with them. We’re pleased to have found a great partner in Stonepeak, whose industry expertise and resources position us well to achieve our long-term goals,” Olivier Ghesquiere, Textainer President and CEO.
Stonepeak was advised by Deutsche Bank, Simpson Thacher & Bartlett (led by Brian Chisling) and FGS Global (led by Julie Rudnick). Textainer was advised by Bank of America (led by Loli Wu), O'Melveny & Myers and Joele Frank (led by Tim Lynch and Jamie Moser). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim).
Pritzker-backed ProAmpac, a flexible packaging company, agreed to acquire Gelpac, a premier producer of multiwall paper and poly-woven packaging products, from Namakor, W Investissements and CDPQ. Financial terms were not disclosed.
“Gelpac shares ProAmpac’s commitment to serve customers across the US and Canada with high-performance, sustainability-focused flexible packaging solutions. Gelpac’s talented management team has a 20-year track record of working together to build this strong business, and I am delighted to welcome them to the ProAmpac family,” Greg Tucker, ProAmpac Founder, Vice Chairman and CEO.
ProAmpac is advised by Kirkland & Ellis, McMillan, and H/Advisors Abernathy (led by Dan Scorpio). Gelpac is advised by Mesirow Financial, Bradley Arant Boult Cummings, and Fasken.
Dai-ichi Life, a publicly traded life insurance group in Japan, agreed to acquire a 19.9% stake in Canyon, a $24bn global alternative investment manager. Financial terms were not disclosed.
"After over three decades in a rapidly evolving alternative investment landscape, Canyon was one of the few remaining independent credit firms. It was important to us to maintain that independence until we could identify a strategic partner that could bring skills, capital, and competitive edges of its own to further enhance Canyon's position for the next several decades. Dai-ichi is an innovative firm with a history of savvy product development and successful investments in and partnerships with Japanese and non-Japanese companies alike. It is also a large institutional asset owner whose capital deployment goals are synergistic with Canyon's product development initiatives. This transaction will enable us to double down on our alignment with current and future LPs, provide our LPs with a broader array of solutions and deal flow by tapping into Dai-ichi's capital, increase our competitiveness relative to peers that have long enjoyed the benefits of external GP capital, and continue attracting top tier talent for decades to come. We're excited to lead the firm through its next stage of evolution over the next five years and set up Canyon's next generation leaders with an incredibly well-capitalized platform that is on its front foot," Josh Friedman and Mitch Julis, Canyon Co-Founders.
Canyon is advised by Ardea Partners, Goldman Sachs, Paul Weiss Rifkind Wharton & Garrison, and Prosek Partners (led by Kristin Cole). Dai-ichi Life is advised by Bank of America and Skadden Arps Slate Meagher & Flom.
Turtle Beach, a gaming accessory provider, agreed to acquire Performance Designed Products, a third-party gaming accessories company, for $118m.
“I’m honored to work with the amazing team at Turtle Beach, now including our new colleagues from PDP, as we continue to deliver fantastic new products for gamers and value to our shareholders. Working with our industry partners, and with the combined expertise of our teams, we will drive a transformational change to the company’s scale and execution with innovation and expansion of our leadership positions across gaming accessory categories,” Cris Keirn, Turtle Beach CEO.
Turtle Beach is advised by Jefferies & Company, Dechert and Gateway Investor Relations (led by Cody Slach). Performance Designed Products is advised by O'Melveny & Myers.
Littlejohn Capital-backed ArmorWorks, a defense and security company providing innovative protective technologies and products, completed the acquisition of Fox Valley Metal-Tech, a provider of complex, precision metal fabrications for use on naval ships, submarines, combat vessels, and other critical defense applications. Financial terms were not disclosed.
"Fox Valley's components meet the Navy's stringent requirements, and combine unique fabrication, machining, precision welding, and painting/finishing capabilities to provide customers with a vertically-integrated manufacturing solution in compliance with the highest US military standards. Fox Valley's fabrications are trusted on high priority naval programs amid a historical fleet expansion, and we look forward to supplementing our existing business with the addition of Fox Valley's superior products," Kevin Dahlin, ArmorWorks CEO.
Fox Valley Metal-Tech was advised by KAL Capital Markets. Littlejohn Capita was advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Meiser, a manufacturing company that offers a wide selection of grating, profile planking, staircases, and GRP systems, and DUTCO, a conglomerate specialized in trading, manufacturing & logistics, construction, hospitality, energy and real estate, agreed to acquire IKG, a North American manufacturer and fabricator of metal grating and access infrastructure products, from KPS Capital, a private equity firm. Financial terms were not disclosed.
"Our partnership with KPS was extraordinary. KPS recognized IKG's strength and potential from the start and supported IKG's growth objectives. Working in partnership with KPS, we invested significantly in our people and operations, focusing on employee engagement, manufacturing excellence and providing best-in-class product quality and support to our customer base. We are grateful to KPS for providing our team with the expertise, capital and resources to grow IKG. We thank our customers, suppliers and employees for their contributions to our success. We look forward to the opportunities that MEISER and DUTCO will bring to help us further elevate the offering to our customers," Chad McClendon, IKG CEO.
Hilton Worldwide, a hospitality company that owns luxury and full-service hotels and resorts, agreed to acquire Graduate Hotels, a collection of hotels that reside in dynamic university-anchored towns in the US, from AJ Capital, a private equity firm focusing on hospitality and real estate investments, for $210m.
"Adding Graduate Hotels to our portfolio of award-winning brands accelerates our expansion in the lifestyle space by pairing an existing much-loved brand with the power of Hilton's strong commercial engine to drive growth. We have long had a high bar for adding brands to our portfolio, whether organically or through acquisition, and Graduate will be another driver of growth for us, presenting a unique opportunity to serve more guests in more sought-after destinations. With thousands of colleges and universities around the world, we believe the addressable market for the Graduate brand is 400-500 hotels globally," Chris Nassetta, Hilton President and CEO.
AJ Capital is advised by Deutsche Bank.
Mitsubishi Electric, an electrical and electronic products manufacturer, and Schneider Electric, a digital automation and energy management, led a $100m Series E round in Nozomi Networks, a OT and IoT security company.
"As we meet with customers around the world, the reality is that they operate highly heterogeneous environments and are looking for a security platform that can effectively defend those environments. This investment clearly underscores the need and support for OEM-agnostic security solutions in light of today's escalating attacks against critical infrastructure around the world," Edgard Capdevielle, Nozomi Networks President and CEO.
Nozomi Networks was advised by Barclays.
MCS, a national property services company, completed the acquisition of Five Brothers Asset Management Solutions, a financial services company. Financial terms were not disclosed.
“We look forward to integrating the Five Brothers team of property preservation experts as we deliver the same outstanding customer experience their clients have enjoyed for decades. The immediate focus of our combined teams is ensuring continuity for those clients by leveraging existing technology and providing ongoing operational support,” Chad Mosley, MCS President.
MSC was advised by Great Ink Communications.
Arkhouse says in talks with Macy's for due diligence amid push for higher bid. (FS)
Macy's investor Arkhouse Management said that the US department store was in talks with the investment firm for opening its books for due diligence on the prospects of a higher offer, Reuters reported.
Arkhouse disclosed its move in a regulatory, saying this was in response to a letter from Macy's on March 11 that called the latest offer as "less than compelling" and that the board was "not prepared to transact at this price level".
Vista Equity seeks to tap banks for Solera IPO. (FS)
Private equity firm Vista Equity Partners is seeking to hire investment banks for a US initial public offering of Solera, a provider of software to the automotive and insurance industries, Reuters reported.
Vista, which acquired Solera for $6.5bn in 2016, is interviewing banks as it seeks to hire IPO underwriters.
Peruvian healthcare firm Auna targets up to $1.1bn valuation in US IPO. (FS)
Peruvian healthcare and insurance provider Auna said that it aims for a valuation of up to $1.1bn in its US initial public offering. The company, which operates in 3 Latin American countries and is controlled by private equity firm Enfoca, plans to raise up to $450m by selling about 30m class A shares priced between $13 and $15 each, Reuters reported.
Despite an uneven recovery so far in the year, the US IPO market is expected to rebound in 2024 as bets of a soft landing for the US economy rise, following two weak years driven by geopolitical pressures and the Federal Reserve's quantitative tightening to get a hold on inflation.
Restaurant Brands International appoints Sami Siddiqui as CFO. (People)
Restaurant Brands International said it has appointed Sami Siddiqui to the role of CFO, succeeding Matt Dunnigan, effective immediately. Siddiqui has been with the quick-service restaurant company, which houses the Tim Hortons and Burger King brands, for 11 years, WSJ reported.
The company said that for eight of those years he served as brand president for Popeyes in Miami, all of the brands in the Asia Pacific region and Tim Hortons in Toronto. Siddiqui first joined the company as head of finance and investor relations before becoming brand CFO for Tim Hortons and later Burger King.
EMEA
Molten Ventures, a venture capital firm, completed the acquisition of Forward Partners, an early stage venture capital firm, for $52m.
“The acquisition of Forward Partners will enable us to diversify the blend of maturity of our assets and provide a broader pipeline for follow-on investment. It follows soon after our acquisition of a stake in Seedcamp III, which also diversified asset maturity but with the addition of exposure to high-quality assets with nearer term visibility on realisation opportunities. This ongoing expansion of the platform helps position the business to capture opportunities at attractive valuations in what is increasingly a buyers’ market for venture capital,” Martin Davis, Molten Ventures CEO.
AstraZeneca, a pharmaceutical company, agreed to acquire Amolyt Pharma, a global, clinical-stage biopharmaceutical company, from Sofinnova Partners, a European life sciences venture capital firm, and EQT Life Sciences, a healthcare investor, for $1.05bn.
"Congratulations to the Amolyt team on its proposed acquisition by AstraZeneca. Leading Amolyt’s Series C financing round in January 2023 was an honor. This milestone demonstrates Sofinnova's investment thesis in action, showcasing our commitment to supporting innovative European companies during their critical growth stage. In Amolyt's case, it exemplifies our commitment to supporting a company developing groundbreaking solutions in a later stage of development for rare disease patients,” Cédric Moreau, Sofinnova Partner.
KKR, a global investment firm, and Viessmann, a manufacturer of heating and refrigeration systems, agreed to acquire Encavis, a producer of electricity from renewable energy sources, for $3bn.
"Unlocking the full potential of renewable energy requires expertise as well as substantial long-term capital. We are pleased that KKR's strategic investment will provide Encavis with the necessary long-term financial resources at a pivotal time for the Company and position it to seize emerging opportunities and solidify its strength in the clean energy landscape. Furthermore, it also contributes to fostering a more energy-independent Europe," Vincent Policard, KKR Partner and Co-Head of European Infrastructure.
Encavis is advised by Lazard, Goldman Sachs, Freshfields Bruckhaus Deringer (led by Christoph H. Seibt). KKR is advised by PJT Partners, Latham & Watkins and Hengeler Mueller.
abrdn Property Income Trust, a REIT company, to merge with Custodian Property Income REIT, a real estate investment company. Financial terms were not disclosed.
"We welcome the API Board's decision to maintain its recommendation for the all-share merger with CREI. The Recommended Merger will benefit shareholders of both companies by creating a well-positioned REIT of enhanced scale, with the opportunity to participate in the returns from the two complementary portfolios, as well as a fully covered and sustainable dividend," David MacLellan, Custodian Property Income REIT Chairman.
HIG Capital, a private equity firm, agreed to acquire Spheros, a developer and manufacturer of thermal management solutions for a wide range of passenger buses and coaches both conventional and electric, from Valeo, a French global automotive supplier. Financial terms were not disclosed.
“We have been impressed by Spheros’ track record of continuous growth, and we see significant potential in leveraging its worldwide leadership position to support a transition towards clean and sustainable mobility solutions. We believe HIG is the ideal partner to support the management team in the next phase of its growth,” Tobias Borkowski, HIG Capital Managing Director.
Aareal Bank owners hire advisers to sell property lender's tech arm. (FS)
The owners of Aareal Bank have lined up advisers to sell its tech unit as the German property lender navigates a global crunch in commercial real estate, Reuters reported.
The shareholders, led by Advent International and Centerbridge Partners, recently chose Arma Partners to gauge interest in the division, known as Aareon. They may tap another investment bank as well.
Saudi wealth fund eyes bond sales, IPOs to finance spending ambitions. (FS)
Saudi Arabia's sovereign wealth fund is considering plans to accelerate debt sales or obtain bank loans as it hunts for new sources of cash to help pay for Crown Prince Mohammed bin Salman's trillion-dollar economic transformation project, Bloomberg reported.
The Public Investment Fund could also line up equity offerings in its portfolio companies as part of the push. The moves come as the fund's cash reserves have dropped to $15bn as of September — the lowest level since 2020, the earliest year for which data is available.
Dubai's Parkin gets $71bn in demand for $429m IPO. (FS)
Parkin PJSC received $71bn of orders for its $429m Dubai initial public offering, underscoring the continued strong demand for share sales in the Persian Gulf, Bloomberg reported.
The IPO of the city's parking business was 165 times covered. The final price was set at $0.57 per share, the top of a marketed range, valuing Parkin at $1.7bn. The Dubai Investment Fund sold 750m shares, or a 25% stake, in the IPO.
South African cannabis firm moves toward IPO in Johannesburg.
Cilo Cybin, a South African medical cannabis company, said it's revived a plan to list on the stock exchange in Johannesburg, Bloomberg reported.
The special purpose acquisition company is opening the sale of 10% of its shares on March 14 and aims to raise $381k. An earlier attempt was called off after capital raising took place slower than anticipated. The company is backed by Malaysian biotechnology firm ALPS Global.
Actis said to raise $800m in the new infrastructure fund's first close. (FS)
The London-based firm is aiming for a year-end final close for Actis Long Life Infrastructure Fund 2. Actis is aiming for about $1.5bn for the latest pool, up from the $1.23bn raised by its predecessor.
Partners Group launches two evergreen funds for clients in Europe and Asia. (FS)
Swiss investment firm Partners Group has introduced a couple of semi-liquid vehicles in Europe and Asia to shore up its retail client base, DealStreetAsia reported.
Partners Group LIFE will target established assets in the energy transition, healthcare, and education sectors; while the Next Generation Infrastructure fund will invest in global value-add and core-plus infrastructure that are capital-intensive businesses with contracted or regulated cash flows.
APAC
Ferrovial-backed Cintra, a transport company, agreed to acquire a 24% stake in IRB Infrastructure Trust, an Indian highway construction company, from GIC, a Singaporean sovereign wealth fund, for €740m ($809m).
“Each of IRB and GIC, respectively, share the vision of delivering high-quality sustainable infrastructure projects that enhance connectivity, mobility, and economic growth in India. This investment in the Trust complement and align better our relationship. We’ll keep leveraging our complementary strengths and expertise to capture further value from the growth that IRB is having, while we keep collaborating with each of GIC and IRB, respectively, in making the most of the pipeline ahead. We look forward to working closely with IRB's management and stakeholders to support the company's continued success and create value for our shareholders,” Andres Sacristan, Cintra CEO.
Cintra is advised by Jefferies & Company.
Reliance Industries, an Indian multinational conglomerate, agreed to acquire a 13% stake in Viacom18, an Indian media company, from Paramount Global, an American multinational mass media and entertainment conglomerate, for $517m.
The move follows Disney announcing plans to merge its India business with Viacom18 late last month. The two firms said their merger will create a joint venture valued at $8.5bn.
Eris Lifesciences, a pharmaceutical company, agreed to acquire Indian branded formulations business unit of Biocon Biologics, an Indian biopharmaceutical company, for $150m.
“This strategic collaboration with Eris Lifesciences for our portfolio of Metabolics, Oncology, and Critical Care products in India aligns with our commercial strategy to maximize patient reach and market potential. It builds on the success of our existing partnership with Eris for our Nephrology and Dermatology products and will allow us to deliver our high quality, lifesaving biosimilars to millions of patients in India. Biocon Biologics remains committed to a successful transition of employees of these business units, our product brands, and customers to ensure continuity for patients,” Shreehas Tambe, Biocon Biologics CEO & Managing Director.
India's Manipal Health set to buy majority stake in Medica Synergie for $151m.
India's Manipal Health is set to buy a 93% stake in Medica Synergie as early as April for about INR12.50bn ($151m), uniting the two Temasek-backed hospital operators.
Medica Synergie will be integrated into the Manipal portfolio and rebranded, the source said on condition of anonymity. The Singapore-based investment firm holds a 51% stake in Manipal Health and an 87% stake in Medica Synergie, Reuters reported.
Swire eyes more hospital investment in China and Southeast Asia.
After decades of operating Hong Kong's marquee airline and coke bottling factories in China, Swire Pacific is diversifying into a new line of business: private hospitals in China and Southeast Asia, Bloomberg reported.
It has agreed in principle to acquire a controlling stake in DeltaHealth China, a hospital in Shanghai specializing in heart and vascular care. The purchase will mark the first healthcare project where Swire leads the operation as the Hong Kong-based conglomerate seeks to boost growth.
Sexy Tea is said to pick CICC, Morgan Stanley for the Hong Kong IPO.
Hunan Chayue Cultural Industry Development Group, also known as Sexy Tea, has selected banks for a Hong Kong initial public offering, which could take place as soon as this year, Bloomberg reported.
China International Capital and Morgan Stanley are working on the potential listing. The Chinese teahouse chain may raise a few hundred million dollars via the share sale, though the ultimate size will depend on market sentiment.
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