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AMERICAS
Commercial Bank of California and Community Bank of the Bay announced that shareholders of both organizations have approved the proposed acquisition and merger transaction, under which CBC will acquire CBB in an all-cash transaction valued at valued at $14.00 per common share of CBB.
"We are grateful for the support of our shareholders in approving this transaction. Obtaining shareholder approval was one of the key conditions required to complete the transaction, so with this milestone behind us, we look forward to a timely closing," Ash Patel, Commercial Bank of California Chairman, CEO and President.
CBB is advised by Janney Montgomery Scott and Spierer Woodward Corbalis & Goldberg. CBB is advised by Raymond James, Husch Blackwell and Parcon (led by Nicole Inal).
OneOncology, a platform for independent oncology practices, completed the acquisition of United Urology Group, a urology management services organization, from Audax Private Equity, an investment firm. Financial terms were not disclosed.
"We're thrilled to bring these two physician-led organizations together to drive innovation and ultimately improve the standard of cancer care. OneOncology and UUG share a dedication to physician leadership, high-quality care, growth and innovation. This partnership will enhance OneOncology's partner and UUG's affiliate practices and ultimately advance urology care, including the increasingly complex treatment of genitourinary cancers," Jeff Patton, OneOncology CEO.
UUG was advised by Houlihan Lokey. OneOncology was advised by Debevoise & Plimpton (led by Spencer Gilbert and Michael Diz) and Sheppard Mullin Richter & Hampton. Audax was advised by McGuireWoods and Ropes & Gray (led by Kendrick Chow).
Darden Restaurants, a restaurant company, completed the acquisition of Chuy's, a Tex-Mex restaurant chain, for $605m.
"We are excited about the opportunity to join the Darden family and its portfolio of well-respected brands. Darden shares many of our same core values, particularly our operating philosophy and strong team member cultures. Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities," Steven Hislop, Chuy's Chairman, CEO and President.
Chuy's was advised by Piper Sandler and Winston & Strawn (led by Justin S. Reinus). Darden Restaurants was advised by Bank of America and Hunton Andrews Kurth (led by Steven Haas).
Duck Creek Technologies, a provider of comprehensive P&C insurance software and services for insurers, completed the acquisition of Risk Control Technologies, a provider of risk management and loss control software to the insurance industry. Financial terms were not disclosed.
“As the world faces increasing risks—whether from climate change, cyber threats, or other emerging challenges—having advanced tools to manage these exposures is crucial. Risk Control is a leader in not only identifying potential loss, but preventing it through preemptive risk mitigation. In addition to sharing Duck Creek’s core values, Risk Control’s leadership and team members bring a wealth of insurance knowledge and experience. Together, we will help insurers work closely with their policy holders to prevent losses, improve safety and better prepare for the future,” Mike Jackowski, Duck Creek Technologies CEO.
Private equity firms Accel-KKR and Arctos Partners completed the investment in LeagueApps, a youth sports management platform. Financial terms were not disclosed.
The investment by Accel-KKR will advance LeagueApps' role in providing youth and local sports organizers with the tools, partnerships, and community they need to succeed on and off the field – helping them manage and grow their clubs, tournaments, leagues, camps, and facilities.
Accel-KKR was advised by Kekst CNC (led by Todd Fogarty). Arctos Partners was advised by Prosek Partners.
Warburg Pincus, a global growth investor, completed the acquisition of a minority stake in Contabilizei, an accounting firm in Brazil, for $125m.
"Contabilizei strengthens Warburg Pincus' thesis of investing in scalable technology companies in sectors that still have low technology adoption and growing demand. We see great potential in the company, especially in a market still dominated by manual processes, with ample room for automation and the use of artificial intelligence. Additionally, there is significant room for further monetization through the expansion of financial services offered on the platform. The investment in the company is also aligned with our global strategy, as we have a long history of investing in companies in the tax automation space in the United States, such as Avalara and Chipsoft," Bruno Maimone, Warburg Pincus Managing Director.
ArcelorMittal, an integrated steel and mining firm, agreed to acquire a 50% stake in the AM/NS Calvert Joint Venture from Nippon Steel, Japan's largest steelmaker, headquartered in Chiyoda-ku, Tokyo.
The transaction is subject to NSC completing its pending acquisition of US Steel, which is subject to various other regulatory requirements. Under the terms of the agreement, ArcelorMittal will pay $1 consideration for the transaction; further, NSC will inject cash and forgive partner loans in an amount estimated to be approximately $900m.
Apollo-backed ABC Technologies, a manufacturer and supplier of custom, highly engineered, technical plastics and light-weighting innovations to the North American light vehicle industry, is set to raise its $1bn offer for TI Fluid, a multinational company which develops, manufactures and supplies automotive fluid storage, carrying and delivery systems.
The previous offer was rejected by the board of TI Fluid.
HubSpot, a customer platform for scaling businesses, agreed to acquire Cacheflow, a B2B subscription billing management and configure, price, quote solution company. Financial terms were not disclosed.
"We've seen strong year-over-year growth with Commerce Hub, which gives our customers an easy way to manage payments and unify their customer and transaction data. With Cacheflow, we're doubling down on our vision for commerce by addressing two important areas of the buying experience: subscription billing and configure, price, quote. Cacheflow is a leader in this space and has helped companies automate the purchase process to capture revenue faster. We're excited by the impact they will have on customers of Commerce Hub," Yamini Rangan, HubSpot CEO.
NTT DATA, an information technology service and consulting company, agreed to acquire Aoop, a ServiceNow implementation company. Financial terms were not disclosed.
"With the acquisition of Aoop, we significantly increase our competitive strength in Brazil by offering both SAP and ServiceNow solutions, positioning us alongside market leaders. This move will not only secure us a leading position in the fast-growing ServiceNow ecosystem but will also integrates a company with a strong market presence and solid financials to NTT DATA. It will be a significant step in driving our strategic objectives, strengthening our partnership with ServiceNow and our commitment to establishing a Center of Excellence in the region," Norbert Rotter, NTT DATA Business Solutions CEO.
Brookfield nears $425m sale of Palm Beach's PGA National. (FS)
Brookfield Asset Management is in advanced talks to sell the PGA National Resort in Palm Beach Gardens to Henderson Park as property investors snap up big Florida hotels, Bloomberg reported.
The transaction values the resort at $425m. The deal isn't final and could still fall through.
Triumph Group explores potential sale.
Triumph Group is exploring options, including a sale of the company, in what would be the latest in a string of deals involving aerospace and defence manufacturers, Bloomberg reported.
Triumph, an aircraft components maker, is working with a financial adviser to solicit acquisition interest from strategic buyers as well as private equity firms.
West Palm Beach hotel owner mulls sale. (FS)
Wheelock Street Capital, a private real estate investment firm, is exploring a potential sale of the Ben, a waterfront hotel in downtown West Palm Beach, Florida.
The property owner has begun approaching potential buyers for a deal that could value the 208-room hotel at around $1m a key, Bloomberg reported. The firm is working with adviser CBRE Group.
Blackstone sells Canadian mortgage bond backed by warehouses. (FS)
The Blackstone Group sold Canadian mortgage bonds backed by warehouses in areas including Toronto and Montreal, an unusual transaction for the Canadian dollar market, Bloomberg reported.
The highest-rated portion of the CAD522m ($379m) deal was priced at 190 basis points above the compounded Canadian Overnight Repo Rate Average, known as Corra. That portion is graded Aaa by Moody's Ratings.
Legendary is in talks to buy Wanda's stake in 'Dune' studio. (FS)
Legendary Entertainment, an American mass media and film production company, is in advanced talks to buy out Dalian Wanda Group's stake in the movie studio, as the Chinese conglomerate looks to unwind one of its most high-profile overseas acquisitions, Bloomberg reported.
Legendary is looking to fund the potential transaction with its own financial resources. Legendary and Apollo Global Management are poised to take control of the company after the potential deal.
Sixth Street, Bridgepoint are among suitors for Kline Hill. (FS)
Sixth Street, Bridgepoint Group, First Eagle Investment Management and Tikehau Capital are among suitors vying to acquire Kline Hill Partners, a firm focused on secondaries bets, Bloomberg reported.
The asset managers are exploring a deal that could value Greenwich, Connecticut-based Kline Hill at about $500m. The structure of the transaction hasn't been finalized. Kline Hill manages more than $4.2bn, its website shows.
Odyssey in advanced talks to buy Honeywell's face mask unit. (FS)
Odyssey Investment Partners is in advanced talks to acquire Honeywell International's personal protective equipment unit, Bloomberg reported.
The private equity firm is putting the finishing touches on a deal that could be announced in the coming weeks. The acquisition could value Honeywell's PPE unit at about $1.5bn.
RSM in talks to combine UK and US businesses.
RSM, the fifth-largest US accounting firm by revenue, is in advanced talks to acquire its smaller sister firm in the UK in what would be the first major transatlantic combination in a sector that is rethinking traditional business models, FT reported.
RSM US and RSM UK both target mid-market companies too small for the big four accounting firms, and they told the Financial Times that the deal would allow them to better serve clients with international operations.
Lunate explores a $1bn stake in credit firm HPS. (FS)
Lunate, the Abu Dhabi-based asset manager, is considering buying a minority stake in HPS Investment Partners as the private credit firm weighs an initial public offering or sale, Bloomberg reported.
Lunate is evaluating an investment of $1bn or more into HPS. HPS could also seek additional capital to manage as part of any transaction.
Mill Point Capital raises $1.7bn in oversubscribed Fund III. (FS)
Mill Point Capital, a New York City-based private equity firm, announced the final close of Mill Point Capital Partners III. With approximately $1.7bn of total capital commitments closed in less than five months from launch, Fund III, consistent with its predecessor funds, was oversubscribed and closed at the hard cap.
Mill Point targets value-oriented, control investments in lower middle-market companies across the Business Services, Industrials and IT Services sectors throughout North America.
RBC hires Goldman's Mary Baccash for real estate dealmaking. (People)
RBC Capital Markets hired Mary Baccash as a managing director in its real estate investment banking team.
Baccash will join the Canadian bank in January after a period of garden leave, and will cover US real estate, lodging and leisure, Bloomberg reported. Baccash, who's based in New York, spent 11 years at Goldman Sachs and has worked with real estate investment trusts, operating companies as well as financial sponsors.
Citigroup establishes banking executive team. (People)
Citigroup has formed an executive team of senior leaders from its corporate and investment bank, Reuters reported, as the US lender aims to capture a larger share of the lucrative deals market.
The move follows the recent hiring of Viswas Raghavan from rival JP Morgan Chase to lead Citi's investment banking operations growth, positioning the bank for an anticipated recovery in dealmaking, initial public offerings and secondary share sales.
EMEA
Strategic Value Partners, a global investment firm, offered to acquire Nordic Paper, a producer of Greaseproof Paper and Kraft Paper, for SEK3.345bn ($322m).
"The Board of Directors initiated a process to explore a potential sale of the Company as a result of Shanying's stated intention to divest its stake. We have explored various alternatives, and although the Board of Directors unanimously recommends shareholders not to accept the Offer, we are pleased with today's announcement. This represents an orderly transition to a new main owner, who we believe can contribute to the Company's future development," Thomas Körmendi, Nordic Paper Chairman of the independent committee of the Board of Directors.
Nordic Paper is advised by Bank of America and Vinge. Strategic Value Partners is advised by DNB Bank, Rothschild & Co, Kirkland & Ellis, Schjodt and Fogel & Partners (led by Frida Malm).
Brembo, an Italian manufacturer of automotive parts, agreed to acquire Öhlins Racing, a Swedish company that develops suspension systems for the automotive, motorcycle, mountain bike and motorsport industries, from Apollo-backed Tenneco, an American automotive components manufacturer, for $405m.
"Öhlins is a strong fit for Brembo. It is a world-renowned brand, with a solid business and an unrivaled reputation, both on the racetrack and the road. We welcome Öhlins to our Group as a great opportunity to expand our offerings for the automotive market. With this addition, we take another step forward in our strategy to provide integrated intelligent solutions to our customers, leveraging synergies across key technologies in the vehicle's corner," Matteo Tiraboschi, Brembo Executive Chairman.
Brembo is advised by Bank of America, BonelliErede and Simpson Thacher & Bartlett (led by Mark Pflug). Tenneco is advised by Barclays, Jefferies & Company and Sidley Austin.
Novo, a holding and investment company, agreed to acquire a majority stake in Stingray Marine Solutions, an aquaculture technology company that provides advanced solutions for a more sustainable fish farming industry. Financial terms were not disclosed.
"We're pleased to invest in a company that not only offers an innovative aquamarine technology solution to address industry needs but also places sustainability at the forefront of its approach – a pressing factor in the marine and aquaculture industries. The Company delivers substantial value for its customers and shows great potential for further growth, with opportunities to expand into new areas of data and analytics and precision farming. Stingray's solid business model positions them well for long-term success. The leadership team has demonstrated impressive vision and expertise, which further reinforces our confidence in the company's future," Cynthia Kueppers, Novo Partner, Planetary Health Investments.
Stingray Marine Solutions is advised by Carnegie Investment Bank. Novo is advised by DNB Bank.
Sanofi’s Hudson nears goal of splitting off consumer health unit. (FS)
Sanofi is nearing the sale of its consumer health business to Clayton Dubilier & Rice, a year after Chief Executive Officer Paul Hudson announced plans to split off the division to concentrate on developing innovative medicines, Bloomberg reported.
The French drugmaker is in talks to sell a 50% controlling stake in the unit to the US buyout firm. Financial terms weren’t disclosed, but the deal would value the unit at about €15bn ($16.4bn).
Nordic Capital explores options for payment firm Trustly. (FS)
Private equity firm Nordic Capital is exploring options for Swedish digital payments company Trustly Group including a potential sale or initial public offering, Bloomberg reported.
The private equity firm has held initial discussions about the divestment strategy for Trustly, which could be worth about $10bn in any deal.
Verdi union against Commerzbank cross-border merger regardless of bidder nationality.
German trade union Verdi would oppose a cross-border merger for Commerzbank even if the bidder was not an Italian bank like UniCredit, an official said on October 12.
Berlin was taken aback by UniCredit's swoop to build a large stake in state-backed Commerzbank, a move the Italian bank says could lead to a merger, Reuters reported.
Tetragon in talks over possible sale of Equitix. (FS)
Investment group Tetragon is looking at options for British infrastructure investor Equitix, including a possible sale, potentially adding to a rush of deals by funds in alternative assets, Reuters reported.
Tetragon Financial Group, based in Guernsey, invited investment bankers in the past few weeks to pitch for an advisory role on possible options for London-based Equitix, whose prime assets include stakes in London's orbital motorway the M25 and the UK's only high speed railway High Speed 1.
PIF has no plans to invest in Blavatnik's Dazn. (FS)
Saudi Arabia's Public Investment Fund said it has no current plans to invest in billionaire Len Blavatnik's streaming group Dazn Group, which holds the broadcasting rights of some of Europe's top-tier football leagues, Bloomberg reported.
"PIF is not currently engaged in discussions with Dazn on this matter and has no current plans to invest in the company," PIF.
Sainsbury's biggest investor QIA cuts holding. (FS)
The biggest shareholder in Sainsbury's, the Qatar Investment Authority, is selling £306m ($399m) worth of shares in the British supermarket group, reducing its holding by about 5%, Reuters reported.
Shares in Sainsbury's, which has an over 15% share of Britain's grocery market, trailing only Tesco, were down nearly 5% on October 11. Regulatory filings show QIA offered 109.4m shares, with Goldman Sachs as the sole bookrunner.
EIP readies bid to boost stake in BayWa Renewable. (FS)
Swiss investor Energy Infrastructure Partners is preparing a bid to boost its stake in the renewables arm of BayWa in a deal that will offer the struggling German commodities firm a lifeline in its debt restructuring, Bloomberg reported.
EIP is planning to lift its shareholding in BayWa r.e. to 80% from 49% in an offer expected as early as this week.
Ethiopia will begin the sale of a 10% stake in Ethio Telecom on October 16.
Ethiopia will start selling a 10% stake next week in its largest telecommunications operator Ethio Telecom, ahead of a listing on the country's new stock exchange, Bloomberg reported.
The public will be able to buy shares on Ethio Telecom's mobile money platform, telebirr, from October 16, the company said Friday in an invite to the event.
Exxaro seeks to acquire manganese mining assets.
Exxaro Resources, one of South Africa's biggest coal producers, wants to become a major player in the country's manganese mining industry, Bloomberg reported.
After losing out on a copper mine in Botswana last year, Chief Executive Officer Nombasa Tsengwa is prioritizing manganese in the company's latest bid to diversify its business. South Africa is the world's largest exporter of mid- to high-grade manganese ores, which are mainly used in steelmaking.
Monzo nabs $5.9bn valuation after employee share sale. (FS)
Monzo Bank, a British online bank based in London, said a secondary share sale that allowed the company to give employees liquidity for their stakes valued the company at $5.9bn.
Existing investors including StepStone Group and Singapore's sovereign wealth fund GIC participated in the round, according to a statement. The company didn't disclose how much equity employees chose to sell during the round, Bloomberg reported.
Northvolt in talks for about €200m in funding.
Northvolt is in talks with investors and lenders to secure about €200m ($218m) in short-term funding, as the Swedish maker of batteries for electric vehicles seeks to stabilise its finances, Reuters reported.
The talks have been taking place last week, adding that the company still aims to raise a larger amount of capital for the long-term.
APAC
Hillhouse Investment Management, a global private equity firm, offered to acquire Samty, a Japanese real estate development firm, for JPY169bn ($1.1bn).
"Samty Holdings boasts a strong portfolio of high-quality, multi-family residential and hotel properties along with a proven track record of developing and managing these assets. We are thrilled to support the company's growth, drawing on our experience in transforming developers into asset managers," Joe Gagnon, Hillhouse Partner.
Hillhouse Investment Management is advised by Deutsche Bank, JP Morgan, Mitsubishi UFJ Morgan Stanley Securities and Edelman.
US buyout fund Bain Capital made a binding offer to buy Fuji Soft for $63 a share in a deal that values the Japanese software developer at $4bn and outbids rival KKR by about 7%, Reuters reported.
Bain planned to launch the offer late this month if it can get Fuji Soft's backing.
KKR is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Bartlett (led by Jonathan Stradling).
Chennai Petroleum in talks to raise $3.3bn for refinery.
Chennai Petroleum, an energy company with a dominant presence in South India, is in talks with banks to raise an INR280bn ($3.3bn) loan to help build a major oil refinery in the south of India, Bloomberg reported.
The state-owned company has already received expressions of interest, and State Bank of India will lead the transaction. It would be the second-biggest local-currency loan in India this year.
BlackRock, GIC to invest in Hyundai Motor India IPO. (FS)
BlackRock, Singaporean sovereign wealth fund GIC and Capital Group are among those that have made bids to buy stock in Hyundai Motor India's $3.3bn initial public offering, Bloomberg reported.
Baillie Gifford and FMR are also looking to participate in the record-breaking offering in Mumbai.
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