Symphony Technology Group, an American private equity firm, completed the acquisition of the Enterprise business of McAfee, an American global computer security software company, for $4bn.
"STG is the right partner to continue strengthening our Enterprise business, and this outcome is a testament to the business’ industry-leading solutions and most notably to the outstanding contributions of our employees. This transaction will allow McAfee to singularly focus on our consumer business and to accelerate our strategy to be a leader in personal security for consumers," Peter Leav, McAfee President and CEO.
Symphony was advised by Bank of America, Barclays, Jefferies & Company, UBS and Paul Hastings. Debt financing was provided by Bank of America, Jefferies & Company and UBS. Financial advisors were advised by Chapman Tripp. McAfee was advised by Goldman Sachs, Morgan Stanley and Ropes & Gray. Financial advisors are advised by Sullivan & Cromwell.
Ridgemont-backed Worldwide Express, a global logistics company, completed the merger with CVC-backed GlobalTranz Enterprises, a provider of transportation and logistics services. Financial terms were not disclosed.
“The opportunities for growth by uniting our resources will dramatically increase our ability to drive technology, further strengthen our carrier partnerships and allow us to provide a deeper offering to our customers. The opportunities for our employees, franchises and independent agents are now greatly expanded,” Tom Madine, Worldwide Express CEO.
Ridgemont was advised by Fidus Partners, Jefferies and William Blair & Co. Worldwide Express was advised by Harris Williams & Co, JP Morgan and Edelman. CVC was advised by Dechert, Weil Gotshal and Kirkland & Ellis.
BHP Group, a global diversified miner supplying iron ore, copper, oil, gas, and metallurgical, offered to acquire Noront Resources, a Canadian-based mining company, for $258m.
“This transaction provides a significant premium to Wyloo's indicative offer, and crystallizes immediate and certain value through an all-cash offer. After careful consideration, Noront’s Board of Directors, with input from its financial and legal advisors and the Special Committee, determined this offer is in the best interests of the company and shareholders. BHP has the financial strength, world-class mining expertise, and commitment to work in partnership with stakeholders to advance Eagle’s Nest and the Ring of Fire, which has the potential to deliver benefits to local communities, First Nations, and Ontario for years to come," Alan Coutts, Noront CEO.
BHP is advised by BMO Capital Markets, Blake Cassels & Graydon and Kingsdale Advisors. Noront is advised by Stifel, TD Securities, Bennett Jones and Longview Communications.
Datavant, a provider of solutions to help institutions protect, match and share health data, completed the merger with Ciox Health, a healthcare information management company, in a $7bn deal.
The transaction supported by existing investor group of New Mountain Capital, Roivant Sciences, Transformation Capital, Merck Global Health Innovation Fund, Labcorp, Cigna Ventures, Johnson & Johnson Innovation, Flex Capital, with significant new investment from Sixth Street and Goldman Sachs Asset Management.
“Our goal is to create a ubiquitous, trusted, and neutral data ecosystem where parties across the healthcare system can seamlessly and securely exchange data – unlocking better outcomes, faster research, and healthcare at a lower cost. The combined company is positioned to transform America’s health infrastructure and power the health data economy,” Travis May, Datavant CEO.
Datavant was advised by Goodwin Procter and KNB Communications. Goldman Sachs Asset Management and Sixth Street were advised by Sidley Austin. New Mountain was advised by Deutsche Bank, Goldman Sachs, JP Morgan, TripleTree, Ropes & Gray and Abernathy MacGregor Group.
Citizens Financial, a provider of consumer banking services, agreed to acquire Investors Bancorp, a provider of banking services, for $3.5bn. Former Investors shareholders will collectively own approximately 14% of the combined company.
"The acquisition of Investors, following on the heels of the acquisition of HSBC's East Coast branches, further strengthens our formidable franchise in the northeast, together adding roughly one million customers and boosting our near and long-term growth potential. We are confident in our ability to successfully integrate these acquisitions, and to over time deliver the same attractive offerings to customers and strong financial performance in the New York City metro region and New Jersey as we do in other major metro areas we serve," Bruce Van Saun, Citizens Chairman and CEO.
Citizens is advised by Morgan Stanley and Sullivan & Cromwell. Investors is advised by Keefe Bruyette & Woods, Lazard, Piper Sandler and Luse Gorman.
CVB Financial-backed Citizens Business Bank, provider of the financial tools that small to medium-sized businesses need to thrive, agreed to acquire Suncrest Bank, the California Central Valley's premier business bank, for $204m.
“As the second largest acquisition in our history, the acquisition of Suncrest will deliver important benefits to our combined customers through our increased presence in the Central Valley and expansion into Sacramento, a sizable and important new market for Citizens Business Bank that presents significant growth opportunities going forward. On behalf of all of us at Citizens Business Bank, I want to welcome Suncrest Bank’s talented employees and loyal customers. We look forward to a swift closing and smooth integration,” David A. Brager, CVB Financial CEO.
Suncrest Bank is advised by MJC Partners and Sheppard, Mullin, Richter & Hampton. CVB Financial is advised by Piper Sandler and Manatt Phelps & Phillips.
TriCo Bancshares, the bank holding company and the parent company for Tri Counties Bank, agreed to merge with Valley Republic Bancorp, the a bank holding company and the parent company for Valley Republic Bank, for $165m.
“We have great respect for the Valley franchise, its history of successful growth, and its long-term commitment to its customers and local community. Geraud and the Valley team have achieved unparalleled growth in the Bakersfield market, and we look forward to joining together to grow Tri Counties Bank into the leading community bank throughout the San Joaquin Valley. We have a proven track record of successful acquisitions, having most recently completed the integration of FNB Bancorp in 2018. We’re excited to welcome Valley employees and customers and we are prepared to work together for a smooth transition process,” Rick Smith, TriCo Bancshares Chairman, President and CEO.
Valley Republic Bancorp is advised by Stephens and Duane Morris. TriCo Bancshares is advised by Keefe Bruyette & Woods and Sheppard Mullin Richter & Hampton.
Blackstone, a investment firm, to acquire minority stake in GTCR, a private equity firm focused on investing in growth companies in the financial services & technology, healthcare, technology, media & telecommunications and growth business services industries. Financial terms were not disclosed.
“GTCR has developed one of the most respected investment franchises in the private equity industry. The firm has a world-class group of leaders and investment professionals, a differentiated investment approach and a long history of success. I have been personally gratified to develop rapport with the GTCR team, and we look forward to our long-term partnership” Mustafa M. Siddiqui, Blackstone Group Managing Director.
GTCR is advised by Evercore, Kirkland & Ellis and The Harbinger Group. Blackstone is advised by Fried Frank Harris Shriver & Jacobson.
Clearlake Capital Group, an investment firm, agreed to acquire Springs Window Fashions, a global supplier of blinds, shades and specialty treatments, from AEA Investors and British Columbia Investment Management, the investment management firms. Financial terms were not disclosed.
"Springs is an exciting addition to our portfolio given the compelling intersection among Clearlake's experience in specialty building products, consumer brands, technology solutions, and specialty manufacturing," José E. Feliciano, Clearlake Managing Director.
Springs Window Fashions is advised by Bank of America and Deutsche Bank. Debt financing is provided by JP Morgan. Clearlake is advised by Lambert & Co.
Amgen, an independent biotechnology medicines company, agreed to acquire Teneobio, an operator of a biotechnology company intended to develop biologics, human heavy-chain antibodies for the treatments of cancer, autoimmunity, and infectious diseases, for $900m.
"The acquisition of Teneobio will strengthen our ability to develop innovative medicines to treat patients with serious illnesses and to bring to market best-in-class products, particularly with respect to multispecific and bispecific medicines directed against targets in a wide range of diseases across our core therapeutic areas," David M. Reese, Amgen Executive Vice President of Research and Development.
Amgen is advised by Goldman Sachs and Latham & Watkins. Teneobio is advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.
Cytocom, a biopharmaceutical company in the area of immune-modulation, completed the merger with Cleveland BioLabs, a biopharmaceutical company developing novel approaches to activate the immune system. Financial terms were not disclosed.
Cytocom shareholders have a majority position in the newly combined entity, which the parties anticipate continue to be listed on the Nasdaq.
"Our merger with Cleveland BioLabs and its subsequent immune-focused platform will be a transformative growth opportunity for Cytocom and Cleveland BioLabs shareholders. We believe that the combination of these highly complementary late-stage pipelines will strengthen our position and advance our efforts to unlock the potential of immune-modulating agents in the treatment of serious medical conditions. Further, this merger will enhance our ability to become a recognized leader in immune-modulating treatments and builds on the momentum created by our recent acquisition of ImQuest Life Sciences. We plan to utilize the combined platform to further drive value with additional clinical and commercial products and continue to seek strategic partnerships and acquisitions," Michael K. Handley, Cytocom President and CEO.
Cytocom was advised by Troutman Pepper and Tiberend Strategic Advisors. Cleveland BioLabs was advised by McGuireWoods.
Clearlake-backed Janus International, a building products producer, agreed to acquire DBCI, a manufacturer of steel roll-up doors and building products for both the commercial and self-storage industries, from Cornerstone Building Brands, a manufacturer of insulated metal panels, metal roofing and wall systems and metal accessories. Financial terms were not disclosed.
“This synergistic combination advances Janus’s strategy of focusing on a niche value proposition and enhances our ability to better serve the needs of our customers by broadening our platform’s range of solutions. Given our complementary business lines, the acquisition presents appealing cost savings and scale/procurement benefits, along with the ability to integrate operations, cross-sell existing products and services, and expand our pool of talent and personnel," Ramey Jackson, Janus CEO.
Hewlett-Packard agreed to acquire Teradici, a privately held software company. The transaction is expected to close in calendar Q4 2021, pending regulatory review and other customary closing conditions. Financial terms were not disclosed.
“Their world-class talent, industry-leading IP, and strong integrations with all major public cloud providers will expand our addressable market, and meet growing customer needs for more mobile, flexible, and secure computing solutions. We look forward to welcoming the Teradici team to HP,” Alex Cho, HP Personal Systems President.
Temasek, an investment company, led a $440m funding round in iCapital Network, an online platform that unlatches the world of private equity, enabling institutions, and qualified investors. Other investors include Owl Rock, MSD Partners, Noah Holdings, Golub Capital, WestCap, Ping An, Blackstone, UBS, Pivot Investment Partners, BNY Mellon, Wells Fargo, Morgan Stanley and Goldman Sachs Asset Management.
“iCapital will deploy the proceeds from this fundraising to the direct benefit of our clients. We’re investing in growing our talented team, developing market-leading technology solutions, and providing a comprehensive set of educational tools. As always, we are evaluating the most advantageous acquisition opportunities to broaden our capabilities for wealth managers, asset managers and banks globally," Lawrence Calcano, iCapital Chairman and CEO.
Tiger Global ,an investment firm, led a $240m investment in Gupshup, a developer of a smart messaging platform intended to build conversational experiences. Additional investors include Fidelity Management and Research Company, Think Investments, Malabar Investments, Harbor Spring Capital, Neuberger Berman, White Oak and Neeraj Arora.
“We see substantial growth in India’s digital economy. Gupshup’s platform is an essential tool for businesses building a digital footprint. We’re excited to partner with Gupshup, given its market-leading position, innovation-led growth and attractive financial profile," Shashin Shah, Think Investments Managing Principal.
Shell, an oil and chemical group engaged in the exploration, production, transportation, refining, distribution and marketing of crude oil and gas, agreed to acquire Inspire Energy Capital, a renewable energy residential retailer. Financial terms were not disclosed.
This acquisition advances Shell's Powering Progress strategy to build and scale renewable and low-carbon businesses with a target to become a net-zero emissions energy business by 2050, in step with society.
"Our goal is to become a major provider of renewable and low-carbon energy, and this acquisition moves us a step closer to achieving that. This deal instantly expands our business-to-consumer power offerings in key regions in the US, and we are well-positioned to build on Inspire's advanced digital capabilities to allow more households to benefit from renewable and low-carbon energy," Elisabeth Brinton, Shell Executive Vice President of Renewables & Energy Solutions.
Two investment firms Altimeter Capital and Tiger Global led a $300m Series G funding round in DataRobot, am augmented intelligence platform, delivering trusted AI technology and ROI enablement services. Additional investors include Counterpoint Global, Franklin Templeton, ServiceNow Ventures, and Sutter Hill Ventures.
“This new investment further validates our vision for combining the best that humans and machines have to offer in order to power predictive insights, enhanced data-driven decisions, and unprecedented business value for our customers. DataRobot is seeing more customers across the globe choose our platform to solve their biggest challenges at scale. We are grateful to have the continued support of Altimeter, Tiger, and other world-class investors as we continue to increase our innovation lead during the next phase of our company’s growth," Dan Wright, DataRobot CEO.
Icon Ventures, a specialty venture capital firm, and Lightspeed Venture, a venture capital firm, led a $185m Series D funding round in At-Bay, an operator of digital insurance platform intended to provide cyber insurance for the digital age. other investors include Khosla Ventures, M12, Acrew Capital, Qumra Capital, Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital.
"We are seeing a shift in commercial insurance with regard to cyber risk, and At-Bay is leading the way. While legacy insurers are pulling back on coverage and raising rates in the face of challenges like ransomware, At-Bay is doubling down with a modern approach to risk management that helps businesses improve their security and avoid loss before it happens," Rotem Iram, At-Bay Co-Founder and CEO.
B Capital Group, a global firm specializing in equity investing in venture and growth-stage startups, led a $150m funding round in Pendo, a product-analytics app. Additional investors include Silver Lake, Battery Ventures, Meritech Capital Partners, Sapphire Ventures, General Atlantic, Tiger Global Management, FirstMark Capital, Geodesic Capital, IDEA Fund Partners and Contour Venture Partners.
“The wholesale shift to digital has exposed a gap between user expectations and reality—workers expect business software to be as easy to use as their personal apps, but when was the last time someone called a helpdesk for Instagram? We built Pendo to bridge this experience gap, which is why our growth has paralleled software itself. This new investment allows us to innovate faster to serve product teams and their counterparts in IT, who are responsible for driving successful software adoption," Todd Olson, Pendo CEO and Co-Founder.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $105m funding round in Class Technologies, a developer of a virtual classroom software built to streamline online and remote education.
“I think what you can expect to see over the next 12 to 18 months there is going to be more advancement in ed-tech than we’ve seen in the last five to 10 years. Even with public schools returning to in-person learning, many will still choose to keep using technology in some way to avoid being caught flat-footed again if there’s another pandemic," Michael Chasen, Class Technologies Co-Founder and CEO.
Fluidigm to explore a sale.
Fluidigm, a US-based medical technology company, is exploring a sale, Bloomberg reported. The company is working with an adviser to field interest from potential acquirers. Fluidigm could attract other health-care companies as well as private equity firms.
Deliberations are ongoing, and there’s no certainty they will lead to a transactio. Shares of Fluidigm have gained 5.8% this year, giving the South San Francisco-based company a market value of about $476m.
Dole, the farm produce giant, slashed the marketed price range for its IPO in the United States, a move that reduced the fruit and vegetable grower’s targeted valuation by more than $400m, Reuters reported.
The company said it plans to price its shares between $16 and $17 a piece, compared with the previous range of $20 and $23 per share. It would be valued at $1.7bn at the top end of the new range.
Dole, however, increased the size of its offering to about 30.3m shares from 26m shares.
Goldman Sachs, Deutsche Bank and Davy are the lead underwriters for the offering.
PowerSchool raises $711m in low-priced IPO. (FS)
PowerSchool, an education software provider, raised $711m in an IPO priced at the bottom of a marketed range. The company, backed by private equity firms Vista Equity Partners and Onex, sold 39.5m shares for $18 each, Bloomberg reported.
PowerSchool, which had offered shares for $18 to $20, has a market value of $3.5bn based on the outstanding stock listed in its filings with the US Securities and Exchange Commission.
Canada Pension Plan Investment Board and Select Equity Group have indicated an interest in buying shares worth as much as $350m in connection to the IPO.
The offering is being led by Goldman Sachs Group, Barclays, Credit Suisse Group and UBS. The shares are set to begin trading on the New York Stock Exchange under the symbol PWSC
Duolingo’s IPO exceeds goal to raise $521m. (FS)
Duolingo, a language learning app, and its investors raised $521m in an IPO priced above the marketed range. The company priced 5.1m shares at $102 each Tuesday, after marketing them for $95 to $100, Bloomberg reported.
Duolingo has a market value of $3.66bn based on the outstanding shares listed in its filings with the US SEC.
The offering is being led by Goldman Sachs Group and Allen & Co. The shares are expected to begin trading Wednesday on the Nasdaq Global Select Market under the symbol DUOL.
Pritzker Private Capital raises $2.7bn fund completing one of the largest family investment vehicles raised in North America. (FS)
Pritzker Private Capital, a family direct investing firm, announced the final closing of PPC III at its hard cap of $2.7bn. Oversubscribed and substantially exceeding its original target of $2bn, PPC III is among the largest family investment vehicles raised in North America.
PPC III is anchored by core commitments from certain Pritzker family investors and members of the PPC team, creating strong alignment among the vehicle's investors. Investor partners in PPC's predecessor investment vehicle collectively exceeded their prior commitment levels in support of PPC III and are joined by other premier, long-term focused family groups and institutional investors from across North America, Europe and Asia.
PPC was advised by Kirkland & Ellis and Credit Suisse Securities.
ESG investor Galway Sustainable Capital closes new $265m funding from Oaktree. (FS)
Galway Sustainable Capital announced a new, broad-based funding partnership with funds managed by Oaktree Capital Management. Under the terms of the deal, GSC secured a minority equity investment and closed a new, multi-year, multi-tranche credit facility with Oaktree. GSC is private equity backed by lead investor Cordillera Investment Partners.
GSC was founded in 2020 by three experienced ESG professionals who collectively bring over 50 years of expertise in structured finance, sustainable infrastructure, and yield-oriented investments.
GIC, a Singapore-based sovereign wealth fund, has joined the Fortress-led private equity consortium making a recommended offer for the British supermarket group Morrisons.
Silchester, the biggest shareholder of Morrisons, a supermarket chain operator, is not inclined to support a takeover offer from Fortress Investment, a private equity firm, at upcoming court and shareholder meetings, Reuters reported.
Silchester, which owns a 15.14% stake in the British supermarket chain, said there is little in the recommended offer that could not be achieved by Morrisons as a listed company.
Morrisons is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. Fortress Investment is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew. CD&R is advised by BNP Paribas, Goldman Sachs, JP Morgan and Teneo. Koch is advised by Jones Day.
Allego, a developer of electric vehicle charging infrastructure and services, agreed to go public via a SPAC merger with Spartan Acquisition III in a $3.14bn deal. Investors in PIPE include ECP, Fisker, Landis+Gyr, Hedosophia, Apollo Global Management and Meridiam.
"Strategic partnership with Spartan, which will provide capital to accelerate our leadership position within the European charging market, all while maintaining a strong financial position throughout the growth phase. Europe has one of the largest populations of EVs in the world, which is continuing to grow at a greater pace than many other major growth markets, including the United States. Supported by these tailwinds and bolstered by the capital we are raising, we are well positioned to expand our footprint as EVs increasingly replace traditional internal combustion engines," Mathieu Bonnet, Allego CEO.
Allego is advised by Apollo Global Management, Barclays, Citigroup, Credit Suisse, NautaDutilh and Weil Gotshal and Manges. Financial advisors are advised by Latham & Watkins. Spartan is advised by Barclays and Vinson & Elkins. Fisker is advised by ICR.
AC Immune, a biopharmaceutical company developing innovative therapeutics, to acquire Affiris PD01, a clinically-validated active vaccine candidate for the treatment of Parkinson’s disease, as well as cash, from Affiris, a clinical-stage biotechnology company that strives to challenge established treatment options for neurodegenerative diseases in order to preserve the quality of life of patients, for $58.7m.
“The transaction also allows us to focus on the partnering for further development of AFFiRiS’ other programs in cardiometabolic and neurodegenerative disease indications, such as candidates targeting PCSK9 in hypercholesterolemia and the monoclonal antibody C6-17 to treat Huntington’s disease,” Noel Barrett, AFFiRiS CEO.
AC Immune is advised by Bar & Karrer, Brandl & Talos and Davis, Polk & Wardwell.
Worldline, a payment solutions firm, agreed to acquire card acquiring business of Handelsbanken, a Swedish banking firm. Completion of the transaction is contingent on the satisfaction of certain customary notification procedures and is expected to take place during 2021. Financial terms were not disclosed.
Payment processing firms have seen a surge in business, helped by a pandemic-led shift to digital transactions, but in-store volumes have been hit by lockdowns in Europe amid successive waves of Covid-19 infections.
Handelsbanken is advised by Citigroup, Handelsbanken Capital Markets and Mannheimer Swartling.
Banijay, a content creation company, agreed to acquire a majority stake in Southfields, a Dutch sports producer. Financial terms were not disclosed.
“By bringing together the Netherlands’ two strongest sports production brands, we are even better positioned to serve the market with high-quality content in this field. It has always been our ambition to partner with every Dutch network and OTT platform, and with amazing talent at the helm, we have no doubt this will be the case, as we look ahead to a fantastic summer of sport," Peter Lubbers, Banijay CEO.
Adecco-backed Modis, a science and IT staffing business, agreed to acquire a 60% stake in AKKA, a provider of high-technology engineering consulting services, from Ricci family and Compagnie Nationale à Portefeuille, am investment company, for $2.4bn.
“Alongside our workforce and talent solutions global pillars, we are creating a global market leader in technology and digital engineering, a trusted partner to the world’s leading companies, with an ability to capture the accelerating demand for digital transformation through its smart industry focus. By combining AKKA and Modis, we are delivering a step-change moment in our future work strategy. This is a compelling investment in a higher growth, higher margin business that has more predictable and resilient earnings and will create significant value for all stakeholders," Alain Dehaze, Adecco CEO.
Sonangol, a company engaged in petroleum and natural gas production, completed the acquisition of a 6% stake in Galp Energia, a Portugal-based holding company engaged in the oil and gas industry, from Isabel Dos Santos for $498m.
Dos Santos has been fighting a legal battle against Angola’s government since President Joao Lourenco replaced her father, Jose Eduardo dos Santos, at the helm of Africa’s second-biggest oil producer in 2017.
Daikin Industries, a heating, ventilating and air conditioning, or HVAC company, completed the acquisition of OCSiAl, a developer of graphene nanotubes designed to improve the properties of a multitude of materials. Financial terms were not disclosed.
Graphene nanotubes, or as they are also called, single wall carbon nanotubes, are one-atom-thick graphene sheets rolled into tubes. This unique material, which enables the creation of products with new sets of properties, was historically observed and described for the first time by Japanese scientists.
Ringier, an operator of a digitalized and diversified Swiss media company, agreed to acquire assets of Axel Springer, a German digital publishing house, in Hungary, Serbia, Slovakia, Estonia, Latvia and Lithuania. Financial terms were not disclosed.
“The acquisition of the Axel Springer shares in Hungary, Serbia, Slovakia and the Baltic states is an important milestone in our business development. This transaction is an acknowledgement of our long-term commitment to being a modern media investor in Eastern Europe. The portfolio in these countries suits us ideally and will further strengthen the Ringer ecosystem. In addition, Serbia, Slovakia and Hungary serve as a good basis for expanding our digital sports media strategy. I am pleased that we will be able to further advance our media and digital marketplaces in Poland with Axel Springer. We will work together to continue to make investments in this large and exciting market," Marc Walder, Ringier CEO.
Pritzker Private-backed ProAmpac, a global flexible packaging company, completed the acquisition of Euroflex, a family-owned packaging company. Financial terms were not disclosed.
“With this combination, our expertise in high-barrier applications will complement ProAmpac’s broad offering of high-quality flexible packaging products. We are able to take this next step for our business because of the continued hard work and dedication of our team, and we are confident in the growth opportunities ahead," Derek Richardson, Euroflex CEO.
Tiger Global, an investment firm, led a $175m Series F funding round in Contentful, a developer of a content platform designed to build digital experiences at scale. Other investors include Base10 and Tidemark.
“We are living in a digital-first era where content makes digital experiences come alive. It is the way the best companies create conversations across all of the devices that surround their customers. This latest round of financing enables us to accelerate our pace of investment in our team and technology and supports our growing ecosystem of customers and partners to build on our platform and create the best content experiences for today’s consumer," Steve Sloan, Contentful CEO.
Lloyds Banking Group to reveal £400m takeover of savings group Embark.
Britain’s high street lender will this week unveil its biggest corporate acquisition since it returned to full private ownership four years ago, Sky News reported. Lloyds Banking Group will announce, alongside its half-year results, takeover of Embark Group, a privately owned provider of savings and retirement products.
The deal has been on the cards since May, and is expected to be welcomed by Lloyds investors keen to see it exploring opportunities to boost its profitability.
If completed, the deal will be arguably Lloyds' most significant since it was bailed out by UK taxpayers with a £20bn ($27.7bn) capital injection in 2008. It will crystallise payouts for some of the world's largest asset managers, including BlackRock, Franklin Templeton and Legg Mason, all of which hold minority stakes in Embark.
Engie to sell majority stake in gas network group GRTgaz.
French energy group Engie is poised to sell part of its majority stake in gas network group GRTgaz to CNP Assurances and Caisse des depots, two state-backed bodies which will increase their holdings, Reuters reported.
The agreement is set to be signed by Friday. The 11% stake being sold by Engie was worth just over €1bn ($1.18bn), which would value GRTgaz as a whole at around €10bn ($11.8bn).
Atos is considering the sale of legacy outsourcing operations.
Atos, a French multinational information technology service and consulting company, is exploring a sale of legacy information technology businesses, including some outsourcing operations, as it focuses on higher-growth areas, Bloomberg reported.
The French company is studying a divestment of some lower-margin IT units as it seeks to address a slide in its stock price. Atos has said it will announce the results of a strategic review of non-core assets this week.
GCP raises $2.3bn for logistics real estate investments. (FS)
Growth Capital Partners, a real estate focused investment firm, closed a $2.3bn fund that will be used to buy and operate warehouses tied to logistics and e-commerce, Bloomberg reported.
The fund has already acquired about 25m square feet of real estate and will will look to buy about 25m more, Alan Yang, GCP CEO. Los Angeles-based GCP is aiming to own about 100 properties in the fund.
TotalEnergies, an oil and gas exploration and production company, agreed to acquire Blue Charge, a Singapore-based electric vehicle charging network, from Bollore Group, a French transportation company. Financial terms were not disclosed.
Singapore is aiming to phase out all internal combustion engine vehicles by 2040, encouraging drivers to switch to electric vehicles through a range of measures. It aims to put in place 60k charging points by 2030.
Spark Infra to open books to KKR consortium after sweetened $3.8bn bid. (FS)
Spark Infrastructure, a locally owned public listed entity that invests in regulated electricity distribution and transmission businesses, agreed to open its books to a consortium that includes private equity firm KKR & Co after the group tabled a third buyout offer, valuing the Australian electricity infrastructure investor at $3.78bn, Reuters reported.
The offer, the latest in a flurry of buyout bids in Australia this year, comes nearly two weeks after Spark rejected the consortium’s previous proposal.
The group, including Ontario Teachers’ Pension Plan Board, raised its price to $2.17 per share from $2.06, a 13.5% premium to Spark’s last close.
Judo Bank considers $258m IPO.
Judo Bank, an Australian lender to small and medium-sized businesses, is considering listing on the Australian stock exchange this year via an IPO that would seek to raise about $258m, Reuters reported.
The so-called challenger lender has hired investment banks to lead the potential IPO, which were not disclosed. Company would likely launch the IPO in October or November, after reporting financial results.
SML Group considers Hong Kong IPO. (FS)
SML Group, a garment label maker for fashion and retailers, is considering a Hong Kong IPO as soon as next year, Bloomberg reported. The Hong Kong-based company is working with an adviser on the share sale. The offering could raise about $200m.
A listing would come more than a year after SML worked with Citigroup to explore a sale, which attracted private equity funds including Affinity Equity Partners and FountainVest Partners. A disposal could have fetched about $500m.
I-Mab proceeds with Shanghai dual listing. (FS)
I-Mab, a Chinese drug developer, is progressing with its dual listing plans on Shanghai’s Nasdaq-style exchange as the drug developer seeks to expand its investor base, Bloomberg reported.
The Chinese company’s board approved the proposed STAR board listing and has hired China International Capital to work on itsIPO tutorial. The company, which is traded in New York, aims to complete the Shanghai offering next year. It didn’t specify a fundraising target.
”We are making concrete progress in our plan to pursue further equity listings on Greater China stock exchanges, including Shanghai Stock Exchange and Hong Kong Stock Exchange. The potential dual listing on the STAR board in China will enable us to tap into a complementary shareholder base in the onshore market," Jielun Zhu, I-Mab CFO.
GLP closes $700m logistics-focused China Income Fund III. (FS)
Singapore-based GLP, an Asian warehouse operator, announced the close of its newest China-focused logistics fund - GLP China Income Fund III - with a total investment capacity of $700m, DealStreetAsia reported.
Fun III's close comes three months after the firm closed Fund II, which has a total investment capacity of approximately $900m.
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