AMERICAS
Sun Life, an international financial services organization providing insurance, wealth and asset management solutions, agreed to acquire DentaQuest, a purpose-driven oral health care company, from CareQuest and Centerbridge for $2.475m.
"We're excited about the acquisition of DentaQuest and expanding our leadership into the US dental benefits space. DentaQuest is a values-driven industry leader dedicated to improving oral health, with a focus on underserved populations and access to dental care. The addition of DentaQuest is consistent with our strategy to focus on health and group benefits in the US More importantly, it supports both our Purpose to help Clients achieve lifetime financial security and live healthier lives and our sustainability focus on improving health and wellness outcomes for all," Kevin Strain, Sun Life President and CEO.
DentaQuest is advised by CapM Advisors, Centerview Partners, Morgan Stanley and Ropes & Gray. Sun Life is advised by Barclays and Debevoise & Plimpton. Centerbridge is advised by Willkie Farr & Gallagher.
Expro Group, a privately-held international energy services company, completed the merger with Frank's International, a global oil services company that provides a broad range of highly engineered drilling and completions solutions and services.
Expro shareholders received a fixed exchange ratio of 7.272 shares of Frank's for each share of Expro owned, subject to adjustment in specified circumstances. Expro shareholders now own c. 65% of the merged entity, with Frank's shareholders owning c. 35%.
“This is an exciting day for Expro and Frank’s as we bring our companies together to create a new global leader with the breadth of capabilities and expertise across the well lifecycle to better support customers. I would like to thank everyone at Expro and Frank’s for their great work in completing the transaction, planning for a successful integration, and positioning the combined company for long-term success. With our broad portfolio of services and solutions, enhanced scale, global operating footprint and strong, debt-free balance sheet, Expro is well positioned for an expected industry recovery and is well positioned to deliver compelling value for shareholders," Mike Jardon, Expro Chief Executive Officer.
Frank's International was advised by Moelis & Co, NautaDutilh, Vinson & Elkins, Abernathy MacGregor Group and Longview Communications. Expro Group was advised by JP Morgan, Gibson Dunn & Crutcher and Joele Frank.
Stonepeak Infrastructure Partners, a private equity firm, agreed to acquire Teekay LNG Partners, a marine transportation company, for $6.2bn.
“Stonepeak has long recognized the growing global demand for LNG and importance of natural gas as a bridge fuel, particularly as the world continues to shift toward cleaner sources of energy. Through this transaction, we have an exciting opportunity to invest in a critical energy transition infrastructure business in the form of Teekay LNG’s high-quality, modern fleet of vessels and stable long-term customer contracts. We are particularly excited to partner with Teekay LNG’s best-in-class management team to bring cheaper, cleaner, more reliable energy supply to all parts of the world, especially in Asia where we have been active investors in the ongoing shift to cleaner fuels and renewables," James Wyper, Stonepeak Senior Managing Director.
Teekay LNG is advised by Houlihan Lokey, Morgan Stanley, Perkins Coie, Potter Anderson & Corroon and Squire Patton Boggs. Stonepeak is advised by DNB Markets and Simpson Thacher & Bartlett.
Singapore Technologies Engineering, a technology, defense, and engineering group, agreed to acquire toling solutions providers TransCore and TLP Holdings from Roper Technologies, a diversified technology company, for $2.68bn.
“The Smart City space has been an important strategic focus area for ST Engineering. TransCore is a strong strategic fit for us and its road transportation solutions will complement and enhance our suite of Smart Mobility rail and road solutions. With this acquisition, we will be uniquely positioned as a Smart Mobility market leader, underpinned by our strengths in technology and innovation. This acquisition demonstrates our continued commitment to create long-term value for our shareholders through sustainable global growth,” Vincent Chong, ST Engineering President & CEO.
Singapore Technologies is advised by JP Morgan and Joele Frank. Roper Technologies is advised by Bank of America, Evercore and Jones Day.
Southern California Bancorp, a bank operator, completed the acquisition of Bank of Santa Clarita, a firm providing banking and financial services, for $56m.
“The acquisition of Bank of Santa Clarita marks an important step in our strategy to grow our commercial banking model by expanding the Bank’s footprint north of Los Angeles to the attractive banking communities of the Santa Clarita area. On behalf of our Board, I extend a warm welcome to Bank of Santa Clarita Chairman and Chief Executive Officer Frank Di Tomaso, who join us as a director and providing us additional capabilities as an employee specializing in client relations and marketing," David Rainer, Southern California Bancorp Executive Chairman.
Bank of Santa Clarita was advised by MJC Partners and Sheppard Mullin Richter & Hampton. Southern California Bancorp was advised by Raymond James and Duane Morris.
Arlington Capital Partners, a private equity firm, completed the acquisition of the Electron Devices and Narda Microwave-West divisions of L3Harris Technologies, an American technology company, defense contractor and information technology services provider. Financial terms were not disclosed.
Stellant is our latest platform enterprise in the space and defense markets and continues our tradition of investing behind industry leaders. Stellant is well-positioned now as a standalone entity for continued growth which we would seek to accelerate through further organic and inorganic investments into the Company. We are pleased to have completed this transaction in partnership with Paul and his team and are excited to build a leader in the defense electronics market,” Peter Manos, Arlington Managing Partner.
Arlington Capital Partners was advised by Harris Williams & Co and Kirkland & Ellis. L3Harris was advised by Houlihan Lokey and Holland & Knight.
One Identity, a software developer, completed the acquisition of OneLogin, a cloud-based identity and access management provider. Financial terms were not disclosed.
“Joining One Identity provides us with the ability to further accelerate our growth and provide additional value for both of our customers. With OneLogin’s robust unified platform for both workforce and CIAM, combining forces with One Identity’s suite of products including their PAM solution, will allow new and existing customers, on a global scale, to tap into the market’s only unified identity security platform," Brad Brooks, OneLogin CEO.
OneLogin was advised by JP Morgan and Goodwin Procter. One Identity was advised by Paul Hastings and Highwire PR.
Sayona Mining, an Australian lithium producer, raised A$100m ($72.5m) through a share issue to fund the acquisition of the Moblan Lithium Project.
Sayona will undertake an additional non‐renounceable rights issue to raise up to A$25.5m ($18.5m) for all its shareholders.
"The Moblan acquisition represents a significant growth opportunity as we build a new lithium base in Northern Québec, adding to our existing Abitibi lithium hub," Brett Lynch, Sayona Mining Manging Director.
Sandvik, a Swedish multinational engineering company, completed the acquisition of DWFritz Automation, a provider of precision metrology, inspection and assembly solutions. Financial terms were not disclosed.
“This acquisition is in line with our strategic focus to grow organically and through acquisitions in the advanced manufacturing space, with special focus on industrial software, industrial metrology and additive manufacturing solutions,” Stefan Widing, Sandvik President and CEO.
Private equity firms Thomvest Ventures and OMERS, led a $100m Series D round in Ladder, a digital insurance services provider.
"With our carrier in operation and this new round of funding, we are in the position to greatly accelerate innovation in service of families and communities. I am so excited to see our original vision continue to materialize," Jamie Hale, Ladder CEO and Co-Founder.
Crawford completed the acquisition of Praxis.
Crawford & Company, a publicly listed independent provider of claims management and outsourcing solutions, completed the acquisition of Praxis, a provider of outsourced subrogation claims management and recovery services. Financial terms were not disclosed.
"We are excited to join forces with the team at Praxis Consulting, a leader in the subrogation claims market with over 20 years of recognized experience and proven results. Their execution capability, depth of expertise and strong client relationships will allow us to increase Crawford’s footprint in the claims ecosystem while delivering quality and expertise to existing and future clients," Larry Thomas, Crawford Global President.
Burgiss, a global provider of investment decision support tools for private capital, completed the merger with Caissa, a portfolio analytics software provider. Financial terms were not disclosed.
“We celebrate this milestone of joining forces with Caissa and bringing our clients the best solutions across data, technology, and analytics,” James Kocis, Burgiss Founder and CEO.
EMEA
Bally's, a gaming company, completed the acquisition of Gamesys, an online software development and gaming business, for $3bn.
"Bally's acquisition of Gamesys transforms our company into the premier omni-channel gaming company. We welcome the 1,800 members of the Gamesys team to the Bally's family, and we welcome your strong technology capabilities and your proven international business acumen. We cannot wait to see what we are able to accomplish together in the US and beyond," Soo Kim, Bally's Chairman.
Gamesys was advised by Berenberg, Numis Securities, Macquarie Group, Clifford Chance and Finsbury Glover Hering. Bally's was advised by Ernst & Young, Deutsche Bank, Goldman Sachs, Jones Day and Kekst CNC. Financial advisors were advised by Debevoise & Plimpton and Latham & Watkins. Debt financing was provided by Barclays, Deutsche Bank and Goldman Sachs.
Qualcomm, a designer and supplier of computer chips, and SSW Partners, a private equity firm, agreed to acquire Veoneer, an American Swedish provider of automotive technology, for $4.5bn, underbidding Magna International's $3.8bn offer for Veoneer.
"Qualcomm is the natural owner of Arriver. By integrating these assets, Qualcomm accelerates its ability to deliver a leading and horizontal ADAS solution as part of its digital chassis platform. We believe that this transaction and structure benefits both Qualcomm's and Veoneer's shareholders, positions all of Veoneer's businesses for success and provides a compelling opportunity to customers and employees," Cristiano Amon, Qualcomm President and CEO.
Veoneer is advised by Morgan Stanley, Rothschild & Co and Skadden Arps Slate Meagher & Flom. Qualcomm is advised by Centerview Partners, Evercore and Paul Weiss Rifkind Wharton & Garrison. Financial advisors are advised by Debevoise & Plimpton and Sullivan & Cromwell.
Private equity firm EFG Hermes-backed Vortex Energy, agreed to invest $724m in Ignis Energy, a renewable energy company.
“In Vortex Energy, we have identified a great partner that is aligned with our vision and committed to maximizing Ignis’ potential. The Ignis management team looks forward to working with Vortex Energy in this next stage of growth and transformation," Antonio Sieira, Ignis Energy Founder and CEO.
Ignis Energy is advised by Citigroup and Cuatrecasas Goncalves Pereira. Vortex Energy is advised by RBC Capital Markets, Santander and Watson Farley & Williams.
Private equity firms EQT Infrastructure V and Stonepeak Infrastructure Partners, agreed to acquire DELTA Fiber, an internet connectivity provider, from EQT Infrastructure III. Financial terms were not disclosed.
"Stonepeak has long recognized the mission critical nature of broadband in today’s society and we look forward to working with Marco and the team to accelerate the additional rollout of DELTA Fiber’s network across the Netherlands. We are delighted to partner with a like-minded peer in EQT Infrastructure on this transaction, which will accelerate DELTA Fiber’s ability to connect households throughout the country with reliable broadband," Brian McMullen, Stonepeak Senior Managing Director.
Stonepeak Infrastructure Partners is advised by Clifford Chance, De Brauw Blackstone Westbroek and Simpson Thacher & Bartlett. EQT is advised by JP Morgan.
Norli Pension Livsforsikring, a pension brokerage firm, agreed to acquire Alm. Brand Liv og Pension, an insurance brokerage platform of Alm. Brand, a Danish financial services group, for $171m.
"I am glad that we have found a new home for the pension company, which has the same focus on the average interest rate product, and at the same time our focus on Alm. Brand Group. The sale is another step on the way to the new and larger Alm Brand, which with a clear ambition to offer the market's best insurance to our customers, will embrace all customer segments and extend from the smallest private customer and company to the largest groups," Rasmus Werner Nielsen, Alm. Brand CEO.
Alm. Brand is advised by SEB Corporate Finance.
Inter Parfums, a company manufactures, markets, and distributes fragrances and related products, completed the acquisition of Inter Parfums completed the acquisition of fragrance licenses of Salvatore Ferragamo. Financial terms were not disclosed.
“Firstly, we are delighted to welcome the many Salvatore Ferragamo employees who are joining our organization bringing with them decades of brand experience and know-how. From the start, we made a commitment to the Salvatore Ferragamo Group to devote the attention and resources necessary to grow the Ferragamo fragrance business within a selective luxury distribution framework that we have established within our global distribution network. Deriving from our work studying the brand’s potential, we are confident that the expertise we bring to product development, packaging, advertising and marketing will elevate the Ferragamo fragrance profile along with its sales, especially in the brand’s largest markets, notably China and North America,” Jean Madar, Inter Parfums Chairman & CEO.
Volvo is aiming at a $2.9bn IPO.
Geely-owned Volvo Cars plans to raise SEK25bn ($2.9bn) through an IPO, it would be one of Europe’s biggest listings this year, Reuters reported. Volvo is aiming for a valuation of $20bn.
Volvo will list on the Nasdaq Stockholm stock exchange this year and its Chinese owner Geely Holding would remain its biggest shareholder.
Noon to raise $2bn from PIF and others. (FS)
Noon, a digital marketplace, in set to raise about $2bn in funding from investors including Saudi Arabia’s sovereign wealth fund, Public Investment Fund, as it seeks to expand its eCommerce business in Gulf region.
The Middle East has been slower to adapt to e-commerce than other regions, although lockdowns to combat the coronavirus pandemic last year have accelerated the shift to online shopping and food delivery. Any new funding for Noon would come amid a wave of tech investments in the region, Bloomberg reported.
APAC
Adani Green Energy, an India-based renewable energy company, completed the acquisition of SB Energy, a utility scale solar, energy storage, from SoftBank, a Japanese multinational conglomerate, and Bharti Group, an Indian multinational conglomerate, for $3.5bn.
"This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world's largest solar player by 2025 and thereafter the world's largest renewable company by 2030. The renewable energy platform that we are building will lay the foundation for attracting several other global industries that are increasingly looking to reduce their carbon footprint. We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves," Gautam Adani, Adani Chairman.
SB Energy was advised by Barclays. Adani Green Energy was advised by Clifford Chance and Cyril Amarchand Mangaldas. SoftBank was advised by Bank of America, Cyril Amarchand Mangaldas and Morrison & Foerster.
Grab, a ride-hailing and payments firm, agreed to acquire a 51% stake in OVO, an Indonesian e-wallet firm. Financial terms are not disclosed.
"We welcome a greater commitment from Grab in OVO. We're working in close consultation with the regulators to complete the ownership restructuring process," OVO.
MetLife, a provider of insurance, annuities, and employee benefit programs, agreed to acquire a 15.27% stake in PNB MetLife, a life insurance company, from IGE, an electrical components supplier, and Elpro, an electrical equipment manufacturer. Financial terms are not disclosed.
“MetLife’s joint-venture in India has all of the hallmarks we look for in deploying capital to create long term shareholder value: a track record of consistent execution, an extensive distribution network, strong growth and an advantaged position in one of the world’s most attractive life insurance markets. I am pleased that this transaction supports MetLife’s continued growth in India and will enable us to deliver even more value for our customers, partners and shareholders. The Dabriwala family has been a strong supporter of PNB MetLife and valued members of its board, and we thank them for their contribution to the company,” Kishore Ponnavolu, MetLife Asia Regional President.
Ribbit Capital completed an investment in Bank Jago. (FS)
Ribbit Capital, an investment firm, completed an investment in Bank Jago, an Indonesia-listed technology-based bank. Financial terms were not disclosed.
"We are witnessing a revolution in digital banking around the world. Bank Jago is the first fully digital bank in Indonesia and has made tremendous progress towards growing digital banking services for Indonesians. Bank Jago’s commitment to serve Indonesia’s consumers with the best digital banking and fintech products matches global peers and we look forward to participating in this journey," Micky Malka, Ribbit Capital Managing Partner.
Hopson plans to acquire 51% of the property management unit of Evergrande.
Property developer Hopson Development Holding is reportedly set to acquire about 51% of the indebted Evergrande group's property management unit, and the deal could be valued at more than $5.14bn.
Evergrande group has been on a selling spree lately, scrambling to raise funds to help resolve its serious debt woes and avert a default. Share trading of Hopson, Evergrande, along with its property management unit, was temporarily suspended on the Hong Kong stock market.
Ping An might sell Founder Group's life insurance business. (FS)
Ping An Insurance Group is considering a sale of Founder Group’s life insurance business, in what would be the first disposal after the latter’s court-led restructuring, Bloomberg reported.
The Chinese insurance giant is working with financial advisers on the potential sale, which could value Founder’s life insurance unit at as much as $1bn. Other insurers and investment funds have shown preliminary interest in acquiring the business.
Shell is considering a $500m investment in Convergence.
Royal Dutch Shell is in talks with India's state-run Convergence Energy Services to invest $500m in its decentralized solar business.
The discussions have been on for a while, with the final term sheet expected to be signed shortly. The proposed investment is planned at the asset level, DealStreetAsia reported.
NTPC hopes to raise $2bn IPO for 3 units.
India’s coal power giant NTPC expects to raise INR150bn ($2bn) through initial public offerings in three units including its renewables business, and the paring of a joint venture stake, Bloomberg reported.
The state-run generator plans to sell shares in NTPC Renewable Energy within a year. A listing of hydropower unit North Eastern Electric Power, which it bought last year, and power trading arm, NTPC Vidyut Vyapar Nigam, are planned for early 2024.
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