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AMERICAS
Elon Musk completed the acquisition of Twitter, a microblogging and social networking services provider, for $44bn.
Shareholders will be paid $54.20 per share, and Twitter will now operate as a private company. The completion caps a convoluted saga that began in January with the billionaire's quiet accumulation of a major stake in the company, his growing exasperation with how it's run and an eventual merger accord that he later spent months trying to unravel.
"The bird is freed. Let the good times roll," Elon Musk.
Twitter was advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett (led by Alan Klein, Anthony Vernace and Katherine Krause), Wachtell Lipton Rosen & Katz (led by Leo E. Strine), Wilson Sonsini Goodrich & Rosati (led by Katharine A. Martin, Douglas K. Schnell and Lisa Stimmell) and Joele Frank (led by Jamie Moser and Jed Repko). Financial advisors were advised by Sullivan & Cromwell (led by Alison S. Ressler and John L. Savva). Elon Musk was advised by Bank of America, Barclays, Centerview Partners, Morgan Stanley (led by Michael Grimes), McDermott Will & Emery (led by Heidi Steele), Quinn Emanuel, Skadden Arps Slate Meagher & Flom (led by Mike Ringler, Dohyun Kim and Sonia Nijjar) and FGS Global (led by Paul Kranhold). Debt financing was provided by BNP Paribas (led by David Berger), Bank of America (led by Scott Tolchin), Barclays (led by Jeremy Hazan), Mitsubishi UFJ Financial Group (led by Timothy Dilworth), Mizuho Securities (led by Raymond Ventura), Morgan Stanley (led by Andrew Earls) and Societe Generale (led by Richard Knowlton). Debt providers were advised by Davis Polk & Wardwell (led by Alan F. Denenberg and Louis L. Goldberg).
Rogers Communications, Shaw Communications and Quebecor have failed to mediate their differences with Canada's competition bureau over Rogers' $15.5bn bid for Shaw, Reuters reported.
"We are aware of the press release issued by Rogers, Shaw and Quebecor and disagree with its contents entirely, except for the fact that a negotiated settlement was not reached," the competition bureau.
EU antitrust regulators on Friday renewed interim measures ordering US life sciences company Illumina to keep Grail as a separate entity pending an order to unwind the takeover completed before the deal had been approved.
The interim order, which was due to expire at the end of the month, was issued by the competition enforcer last year after Illumina jumped the gun and acquired Grail before securing the EU green light, Reuters reported.
"The European Commission has renewed and adjusted, under the EU Merger Regulation, the interim measures that ensure that Illumina and Grail remain separate following the Commission's decision to block the merger," EU watchdog.
Lee Equity Partners, a middle market private equity firm, completed the acquisition of a majority stake in Bradford Health Services, a substance use disorder treatment provider, from Centre Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to partner with Mike Rickman and his talented team at Bradford Health to provide much needed SUD care to communities throughout the Southeast. We believe that the company is well positioned for the future and will accelerate its growth trajectory while continuing to deliver high-quality patient care," Mark Gormley, Lee Equity Partner.
SeaStar Medical, a medical technology company, went public via a SPAC merger with LMF Acquisition Opportunities, a blank cheque company, in an $85m deal.
"We are excited to begin the next phase of our journey as a public company. This transaction provides us greater resources to advance our Selective Cytopheretic Device (SCD) for patients suffering from the devastating consequences of hyperinflammation. We have submitted our Humanitarian Device Exemption (HDE) application to the US Food and Drug Administration (FDA) for pediatric use, and we plan to launch a pivotal study of the SCD in adults with acute kidney injury (AKI) in the first quarter of 2023. As a public company, we will be better positioned to move these programs forward," Eric Schlorff, SeaStar Medical President and CEO.
SeaStar was advised by Maxim Group and Morgan Lewis & Bockius. Maxim Group was advised by Ellenoff Grossman & Schole. LMF was advised by Skyway Capital Markets, Foley & Lardner and Crescendo Communications.
Rubicon Technology Partners, a private equity firm, completed the merger with senior living software solutions providers Enquire CRM, Glennis Solutions, and Sherpa CRM. Financial terms were not disclosed.
"The combination of our companies will be a transformative and exciting new chapter for our employees and customers alike. Providers are increasingly looking for a comprehensive solution that powers not only the sales and marketing engine of the business, but carries through to clinical, operational, and financial workflows," Lucas and Erin Hayes, Enquire Co-Founders.
Sherpa was advised by Husch Blackwell. Glennis Solutions was advised by Jones Day (led by Randi C. Lesnick). Enquire CRM was advised by RBC Capital Markets and Cooley. Rubicon Technology was advised by Morrison & Foerster.
Centre Lane Partners, a private investment firm, agreed to acquire the personalization business of Kibo, a SaaS-based collection of commerce products. Financial terms were not disclosed.
"We are extremely excited to partner with Centre Lane on this next chapter of our journey as a leader in personalization. With the power of product recommendations, 1x1 personalization, personalized search, and A/B testing in a single unified personalization platform combined with the re-launch of the Monetate brand, we are well positioned to pursue our go-forward growth strategy that will build upon our strong retail footprint while continuing to expand into other markets," Brian Wilson, Kibo COO.
Centre Lane is advised by Jones Day. Kibo is advised by RBC Capital Markets, Kirkland & Ellis and Ketner Group Communications.
Eden Capital-backed Edcetera, a provider of continuing education, exam prep, and licensing programs, completed the acquisition of Pulse Radiology, a pre-licensure and continuing education provider. Financial terms were not disclosed.
"A real challenge in many critical health care fields is finding educational programs that deliver the accessibility and flexibility of online learning and the hands-on experience that is often required through clinical training. That's why we are excited to bring Pulse Radiology's innovative solution into the Edcetera family," Nader Qaimari, Edcetera CEO.
Eden Capital was advised by Willkie Farr & Gallagher (led by Ramon LaSoya and Jenny Liu). Debt financing was advised by CohnReznick and Tree Line Capital.
NextEra Energy, an energy company, agreed to acquire the operating landfill gas-to-electric facilities portfolio of Energy Power Partners, a private market fund manager, for $1.1bn.
"This acquisition supports our renewable fuels strategy and our broader vision to lead the decarbonization of the US economy. We are as confident as ever about our long-term growth prospects, and we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges for 2022 through 2025, while at the same time maintaining our strong balance sheet and credit ratings," John Ketchum, NextEra Chairman, President and CEO.
NextEra is advised by Citigroup. Energy Power is advised by JP Morgan.
Trelleborg, an engineered polymer solutions provider, completed the acquisition of Minnesota Rubber and Plastic, a provider of materials science-based elastomer and thermoplastic solutions, from KKR, for $950m.
"I am incredibly proud of the entire MRP team's accomplishments throughout our time together. With Trelleborg, MRP will continue to have an employee-centric culture, and we are looking forward to seeing their many successes to come," Josh Weisenbeck, KKR Partner.
KKR was advised by Houlihan Lokey and Kirkland & Ellis (led by Jennifer Perkins).
Rendina Healthcare Real Estate, a healthcare real estate developer, and Artemis Real Estate, a private equity firm, completed the acquisition of a 62k sq. ft. medical office building located at 1135 Broad Street in Clifton, NJ. Financial terms were not disclosed.
"This asset is a natural fit in our portfolio and we are excited to expand our relationship with two of the most prominent healthcare providers in New Jersey. We are committed to ensuring this facility continues to serve as a location where the citizens of Clifton and surrounding communities can go to receive the highest quality of healthcare in the area," David B. Rendina, Rendina Executive Vice President.
DMI, a digital transformation services provider, completed the acquisition of the Ambit Group, a provider of data analytics, cybersecurity, and mission support services to the US Government. Financial terms were not disclosed.
"Demand for IT modernization services leveraging the latest digital innovation and capabilities has never been greater. With this addition, we combine Ambit's comprehensive data management, analytics, and cybersecurity services with our cross-industry, digital transformation expertise to help drive the next generation of digital government," Sunny Bajaj, DMI Founder and CEO.
Blackstone is weighing a $3bn sale of HealthEdge Software. (FS)
Blackstone is exploring options for HealthEdge Software, including the sale of a stake that could value the health-care software company at about $3bn.
Blackstone is working with advisers on the possible sale of a 50% stake in HealthEdge, which sells software to health insurers. It's keen to bring in another financial investor to help it grow the business, Bloomberg reported.
Carlos Slim and German Larrea face off for Citi's Mexico business.
Mexican corporate titans Carlos Slim and German Larrea are squaring off to acquire Citigroup local retail arm after the latest round of bidding left the duo as frontrunners.
New proposals were submitted last week for Citibanamex, which is being offloaded by the US bank as part of Chief Executive Officer Jane Fraser's efforts to sell some international operations and simplify the firm, Reuters reported.
CIF sets aside $1bn for clean power move in Indonesia and South Africa. (FS)
Climate Investment Funds, a leading multilateral investor in developing countries, said it will allocate $1bn to help South Africa and Indonesia move away from coal to clean power.
The move comes ahead of the next round of global climate talks in Egypt in November, at which emerging markets are set to once again push for more financial help from richer countries to help them make the transition to a low-carbon economy.
Under the agreement, South Africa and Indonesia will be able to access $500m each in cheaper, risk-bearing capital from CIF's Accelerating Coal Transition (CIF ACT) investment programme, DealStreetAsia reported.
Diana DiBernardo Doyle and Lauren Garcia Belmonte to co-head of technology equity capital business of Morgan Stanley. (People)
Morgan Stanley named Diana DiBernardo Doyle and Lauren Garcia Belmonte co-heads of technology equity capital markets in the Americas, succeeding Lauren Cummings who resigned for a role at private equity firm Hellman & Friedman.
Doyle joined Morgan Stanley in 2007 and previously led technology convertibles and equity solutions, while Belmonte, who joined in 2011, formerly led the industrials ECM team. They report to Colin Stewart, Morgan Stanley's vice chairman and global head of technology equity capital markets, Bloomberg reported.
EMEA
Swedish multinational tobacco company Swedish Match recommends its shareholders accept Marlboro maker Philip Morris International raised a $16bn buyout bid for the tobacco company.
Under Swedish law, 90% of Swedish Match shareholders need to approve the offer before November 4. Philip Morris sticks to this acceptance rate.
SatixFy, a satellite communications company, went public via a SPAC merger with Antarctica Capital-backed Endurance Acquisition in an $813m deal.
"This is an exciting time for the satellite communications industry, with the emergence of LEO mega-constellations creating a massive opportunity for SatixFy's next-generation technologies. Our unique chips, antennas and satellite payloads are critical for scaling the performance of the new satellites while reducing their operational costs, making 'everywhere, all-the-time communications practical for diverse types of customers and applications. We are confident that this will drive growth for SatixFy, and create significant value and transparency for our existing and new customers," David Ripstein, SatixFy CEO.
The board of French nuclear power group approved an offer by the state to buy out the shares in the group it does not already own and convertible bonds in a deal worth nearly $9.6bn, Reuters reported.
EDF is advised by Barclays, JP Morgan and Morgan Stanley. The French Republic is advised by Cleary Gottlieb Steen & Hamilton (led by Pierre-Yves Chabert).
Audi, an automobile company, agreed to acquire a majority stake in Sauber Motorsport, a Swiss motorsport engineering company. Financial terms were not disclosed.
"Audi is the best strategic partner for the Sauber Group. It is clear that we share values and a vision, and we look forward to achieving our common goals in a strong and successful partnership," Finn Rausing, Sauber Chairman.
Audi is advised by Citigroup.
Tatneft, a Russian vertically integrated oil and gas company, agreed to acquire the Russian operations of Nokian Tyres, a producer of tires, for €400m ($398m).
The transaction is subject to approval by the relevant regulatory authorities in Russia and other conditions, which creates substantial uncertainties related to the timing, terms and conditions and the closing of the transaction.
Octopus Energy, a renewable energy group, agreed to acquire Bulb Energy, a renewable electricity provider. Financial terms were not disclosed.
"We take our responsibilities very seriously. We will work unbelievably hard to deliver value for taxpayers and to look after Bulb's staff and customers. We started off as rivals but have always shared the same mission – driving a greener, cheaper energy system with people at the heart. We know how important this is to Bulb's loyal customers and dedicated staff, and are determined that Octopus can provide a stable home for all," Greg Jackson, Octopus Energy CEO and Founder.
Elliott Management raises stake in Swedish Match. (FS)
Under Swedish law, PMI needs more than 90% of shareholder approval to get the deal over the line. Elliott increased its stake from 7.25% to 10.5% on October 24. Its current holding means it could block the deal.
Hedge fund Davidson Kempner also increased its stake to 5%, according to a filing. A host of activist investors have built significant positions in Swedish Match since PMI's first approach in May, FT Reported.
OTTPB weighs a £3bn sale of Busy Bees. (FS)
Ontario Teachers' Pension Plan is considering a sale of Busy Bees Nurseries, a provider of child daycare centers in the UK.
The Canadian investor is weighing selling part or all of Busy Bees. Any deal could value Busy Bees at more than £3bn ($3.5bn). A sale process would likely begin in early 2023. Deliberations are in the early stages and there's no certainty they'll lead to a sale, Bloomberg reported.
Comcast is considering a €1bn sale of Sky Deutschland.
Comcast is considering a sale of its pay-TV business in Germany, which weighed on its European operations in the most recent quarter.
The US broadcaster is working with an adviser as it explores options for Sky Deutschland. Deliberations are ongoing and Comcast may also decide not to sell. The unit could be valued at about €1bn ($1bn) in any sale, Bloomberg reported.
Telecom Italia grants more time for multi-billion network deal.
Telecom Italia will grant an extra month for Italy's state lender to present a multibillion-euro offer for its phone carrier, the latest delay to a deal months in the making, Bloomberg reported.
The company's board set a November 30 deadline to receive an offer and dropped the exclusivity granted to Cassa Depositi e Prestiti, which is controlled by Italy's government.
Allwyn in talks to buy Camelot UK.
Allwyn Entertainment, a multi-national lottery operator, is in talks to buy former operator lottery operator Camelot's UK operations.
An agreement could be struck in the coming weeks, with a deal valued by up to $116m. The surprise deal would result in Allwyn controlling the company it will replace as the National Lottery operator in February 2024.
If completed, the deal would give Allwyn access to Camelot's UK earnings roughly a year before it surrenders control of the franchise it has held since the National Lottery launched in 1994, Sky News reported.
M Klein & Co in talks to merge with Credit Suisse investment bank.
Former Citigroup executive Michael Klein is set to combine his boutique advisory firm with Credit Suisse's investment bank and is hunting for investors, after the Swiss lender entrusted the business to its former board member as part of a radical restructuring.
Klein hopes to complete a deal for the newly formed CS First Boston by the middle of next year and plans to structure it as a spin-off and merger of Credit Suisse's capital markets and advisory business with M Klein & Company.
Credit Suisse might own a majority stake but Klein will receive a substantial shareholding in CS First Boston, FT reported.
Air France-KLM eyes investing in TAP.
Air France-KLM said it could be interested in taking a stake in Portuguese flag carrier TAP as the government in Lisbon seeks an industry backer for an airline it was forced to rescue during the coronavirus crisis.
"We're very comfortable with the Iberian peninsula, and TAP could be [an] option for us to have a larger presence," Ben Smith, Air France-KLM CEO.
An Air France-KLM and TAP deal would just be the latest in what is becoming something of an airline consolidation spree in southern Europe. The group is already part of the preferred bidding consortium selected by the Italian government to takeover ITA.
APAC
Australia's Qantas Airways "expressed disappointment" at the country's competition regulator delaying its decision on the carrier's $394m buy of Alliance Aviation Service, Reuters reported.
The Australian Competition & Consumer Commission delayed the provisional date to announce its final verdict on the deal three times so far, with the decision now expected on March 20, 2023. It began an informal merger review on May 18.
Brookfield is the sole bidder for CIC's Tokyo property. (FS)
Brookfield Asset Management, a private equity firm, has become the only bidder for a landmark property in Tokyo owned by China Investment, a private equity firm.
The investment firm has been in talks with CIC on a potential purchase of Meguro Gajoen, an office and banquet hall complex in Meguro. A deal could value the property at about $1.2bn.
Discussions are ongoing and Brookfield and CIC could decide against proceeding with a deal. CIC could also keep the assets for longer, Bloomberg reported.
KKR is said to have raised $6bn for the biggest Asia infrastructure fund. (FS)
KKR has raised nearly $6bn for its second Asia Pacific infrastructure fund at the first-close, marking the biggest ever private equity fundraising for the sector in the region.
The record commitments to the fund just seven months after its launch underscores investors' appetite to buy into diversified infrastructure assets at a time when soaring inflation and higher interest rates have depressed deals in many sectors.
The latest fundraising comes after the US private equity firm deployed most of the $3.9bn capital raised in its debut Asia infrastructure fund that reported its final-close in January 2021. The first-close of a private equity fundraising process is seen as a key milestone that highlights the fund has reached a minimum threshold and can start making investments, DealStreetAsia reported.
Ivanhoe Cambridge invests $645m in Scape's Australian student housing fund. (FS)
Ivanhoe Cambridge, a property arm of Canada's second-biggest pension fund, has poured $645m into Australia's largest student accommodation fund which is managed by Australia-based rental residential operator Scape.
"We are pleased to enter into this new strategic partnership with Scape in the Australian student housing sector. This investment allows us to participate in the institutionalisation of the living sector in APAC and support the provision of well-managed, high-quality housing for students," George Agethen, Ivanhoe Cambridge Co-Head of Asia Pacific.
Jashvik Capital holds first close of its $350m maiden fund. (FS)
India-focused private equity firm Jashvik Capital has scored the first close of its maiden $350m fund. The fund is understood to be scouting for profitable growth businesses in the healthcare, pharma and consumer sectors.
Jashvik Capital anticipates to close its inaugural fund, which was announced in July, within a year. The firm says it typically writes cheques of $10m-50m, and will predominantly take minority stakes without using any leverage.
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