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AMERICAS
UK's competition watchdog it was looking into whether chip design software maker Synopsys' $35bn acquisition of Ansys would affect competition in Britain, Reuters reported.
The Competition and Markets Authority (CMA) is yet to launch a formal investigation into the deal.
Synopsys is advised by Evercore, Cleary Gottlieb Steen & Hamilton (led by Paul Shim, Christopher Moore, and Benet O'Reilly), Brunswick Group, and FGS Global. Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison. Ansys is advised by Qatalyst Partners, Goodwin Procter, Skadden Arps Slate Meagher & Flom (led by Mike Ringler), and Joele Frank (led by Matthew Sherman). Financial advisors are advised by Morrison & Foerster (led by Spencer Klein).
Neuronetics, a medical device company, agreed to acquire Greenbrook, a mental health services centre operator. Financial terms were not disclosed.
“This transaction combines two organizations who share a common mission to better care for the growing number of patients who are suffering from mental health conditions, many of whom are poorly served by medication alone. By combining Neuronetics’ innovative NeuroStar platform as well as their education and training expertise, with Greenbrook’s well established practice operations and support capabilities, we believe the combined company can improve care at Greenbrook’s existing sites and, just as importantly, at any practice across the country that is looking to bring the benefits of NeuroStar to their patients,” Bill Leonard, Greenbrook President and CEO.
Greenbrook is advised by Alliance Global Partners and Torys. Neuronetics is advised by Canaccord Genuity, Ballard Spahr, Stikeman Elliott, EvolveMKD and ICR (led by Mark Klausner).
Scotiabank, a Canadian multinational banking and financial services company, agreed to acquire a 14.9% stake in KeyCorp, a bank-based financial services company, for $2.8bn.
"This strategic investment in KeyCorp, a premier bank in the US, significantly increases the capital deployed to our identified priority markets. We believe that this transaction provides attractive near-term returns to our shareholders and creates future optionality for Scotiabank in the North American corridor, given our unique position as the only Canadian bank with a presence across Canada, the US, and Mexico. We look forward to exploring mutually beneficial strategic opportunities in the future," Scott Thomson, Scotiabank President and CEO.
Scotiabank is advised by Bank of America, Scotiabank and Cravath Swaine & Moore. KeyCorp is advised by JP Morgan, KeyBanc Capital Markets and Sullivan & Cromwell.
Gold Fields, a gold mining company, agreed to acquire Osisko Mining, a mineral exploration company, for $1.57bn.
"We are pleased to consolidate the remaining 50% interest of the advanced-stage Windfall Project and its highly prospective exploration camp. Over the past two years, beginning with our initial due diligence in 2022 and throughout our joint ownership of the Project, since May 2023 with Osisko, we have developed a strong understanding of Windfall and its potential, and view it as the next long-life cornerstone asset in our portfolio," Mike Fraser, Gold Fields CEO.
Osisko Mining is advised by Canaccord Genuity, Fort Capital Partners, Maxit Capital, Bennett Jones and Cassels Brock & Blackwell.
Crown Laboratories, a skincare company, agreed to acquire Revance Therapeutics, a biotechnology company, for $924m.
"This is a significant step forward in Crown's vision to become a fully integrated global aesthetics and skincare company, bringing innovative solutions to physicians, patients and consumers in the incredibly dynamic aesthetics and skincare market. Revance has an impressive track record in developing innovative aesthetics offerings that will complement Crown's innovative line of skincare products. As a combined company, we have the opportunity to create a comprehensive portfolio of high-growth products for all stages of life, and we will be committed to investing in education, training, and practice support for aesthetics providers across the United States," Jeff Bedard, Crown Laboratories Founder and CEO.
Tourmaline Oil, a Canadian energy company, agreed to acquire Crew Energy, a Canadian natural gas producer, for CAD1.3bn ($947m).
"Dale and his team at Crew have done a tremendous job over the past 21 years assembling one of the premier, concentrated Montney asset bases in NEBC, with significant upside. Tourmaline's scale, execution capability and ability to generate strong FCF in all parts of the commodity cycle will allow Crew shareholders to realize the material embedded upside on an accelerated timeline," Mike Rose, Tourmaline President and CEO.
Tourmaline Oil is advised by Peters & Co. Crew Energy is advised by ATB Capital and TD Securities.
Deep Track Capital, an investment firm focused on the life sciences industry, led a $126m Series B extension in Halda Therapeutics, a biotechnology company developing cancer therapies, with participation from Frazier Life Sciences, RA Capital Management, Vida Ventures, Boxer Capital, Taiho Ventures, Canaan Partners, Access Biotechnology, Elm Street Ventures and Connecticut Innovations.
“We are excited to have the support of this leading group of new healthcare investors who share our vision to be a cancer drug innovator. This financing will enable us to bring to patients our oral, selective, and widely applicable cancer cell-killing mechanism that is designed to overcome drug resistance, which is a major shortcoming of many current standard of care cancer treatments,” Kat Kayser-Bricker, Halda Therapeutics CSO.
Halda Therapeutics is advised by The Yates Network (led by Kathryn Morris).
Universal Music signs Meta deal allowing its music to appear on WhatsApp.
Universal Music Group artists will see their songs made available on WhatsApp for the first time, after the record label struck a new licensing deal with Meta Platforms, WSJ reported.
The world’s largest music company has signed an expanded multiyear global agreement that allows music from its artists and songwriters to be used and shared across Meta’s global network of platforms, including Facebook, Instagram, Messenger, Horizon, Threads and WhatsApp. The group’s artists include Taylor Swift, Adele and Elton John.
Allianz-backed green hydrogen developer betting on Brazil.
A Norwegian renewable energy company backed by Allianz Capital Partners is targeting a green hydrogen project in Brazil, Bloomberg reported.
"Fuella has reserved acreage at a hydrogen hub at the Port of Acu in northern Rio de Janeiro state and will make a final investment decision on a 400k-ton-a-year green ammonia plant within four years," Mauro Andrade, Prumo Logistica Executive Director of Business Development.
Valor closes oversubscribed Flagship Growth Fund VI at $2.35bn. (FS)
Valor Equity Partners, an operational growth-focused private equity investment firm with $17.5bn in assets under management, has held the final closing of its flagship fund, Valor Equity Partners VI at $2.35bn, surpassing its original $2bn target.
The fund received strong support from existing and new limited partners, including public pension plans, sovereign wealth funds, multinational corporations, family offices, endowments, foundations, and high net worth investors.
EMEA
AMD, a global semiconductor company, completed the acquisition of Silo AI, a private AI lab, for $665m.
“AI is our number one strategic priority, and we continue to invest in both the talent and software capabilities to support our growing customer deployments and roadmaps. The Silo AI team has developed state-of-the-art language models that have been trained at scale on AMD Instinct accelerators and they have broad experience developing and integrating AI models to solve critical problems for end customers. We expect their expertise and software capabilities will directly improve the experience for customers in delivering the best performing AI solutions on AMD platforms,” Vamsi Boppana, AMD Senior Vice President.
Silo AI was advised by Deutsche Numis.
Bharti Enterprises, an Indian multinational conglomerate, agreed to acquire a 24.5% stake in BT Group, a telecommunication and network provider, from Altice, a cable, telecommunications, and media company, for $4bn.
"I've been watching BT for long, long years, it's a company which has a glorious past, has national status, has this tremendous amount of physical infrastructure in the UK. I hope that I can add some value to their thinking. This is not a stock market operation and we are not in this for making a buck," Sunil Bharti Mittal, Bharti Enterprises Chairman.
Zip World backer LDC plots sale of outdoor adventure parks stake. (FS)
The private equity backer of Zip World, the operator of the world's fastest zip line ride, is putting its stake in the business up for sale, Sky News reported.
LDC, which is part of Lloyds Banking Group, has appointed corporate financiers at KPMG to oversee an auction. Zip World operates seven sites in Wales, Cumbria and Manchester, offering activities such as indoor climbing, underground golf and treetop-trekking.
Vivendi's Canal+ increases stake in Mauritian Pay-TV company.
Vivendi's Canal+ plans to double its stake in MC Vision to become the majority shareholder of the Mauritian-based digital Pay-TV company, as the French firm seeks to boost its presence on the continent, Bloomberg reported.
Canal+ will increase its stake to 75% from 37% for an undisclosed amount, pending regulatory approvals. Currimjee Jeewanjee, a family-owned business that started MC Vision with Canal+ more than two decades ago, will cut its stake to 25% from 53% and state-owned Mauritius Broadcasting Corporation will sell its 10% holding.
Adnoc retail unit seeks investments head amid expansion plans.
Adnoc Distribution is looking to hire a chief investment officer as the retail arm of the biggest oil company in the United Arab Emirates seeks to expand globally, Bloomberg reported.
Parent company Abu Dhabi National Oil has been on a recent push for deals across the energy and chemicals sectors. Owning retail service-station chains abroad can help give state oil companies a boost in entering more markets to supply fuels.
TalkTalk chief Dunstone reaches agreement on £400m deal with lenders.
Sir Charles Dunstone, the entrepreneur behind the TalkTalk broadband empire, has struck a £400m ($437m) deal with its lenders to avert the threat of a debt default, Sky News reported.
TalkTalk will announce later on August 12 that its shareholder, including Sir Charles, havee agreed to inject £65m ($71m) into the company immediately.
Drahi’s BT exit follows $1.3bn drop in stake’s value.
Patrick Drahi is bailing out of his investment in UK telecom company BT Group after his stake declined in value by about £990.9m ($1.26bn), Bloomberg reported.
Drahi’s Altice UK acquired about 2.44bn shares of the British company between June 2021 and May 2023.
Revolut backer Balderton Capital raises $1.3bn for European tech start-ups. (FS)
Revolut backer Balderton Capital has raised $1.3bn in Europe’s largest venture funding focused on start-ups in the region, as capital returns to private technology companies, FT reported.
London-based Balderton, which has backed artificial intelligence start-up Wayve and Royal Match developer Dream Games, closed a $615m early-stage fund and a $685m fund for growth investing in more mature start-ups, reflecting “growing interest in European tech”.
APAC
Patient Capital, an investment company, led a $174m Series G round in OYO, a budget hotel chain operator, with participation from J&A Partners, ASK Financial Holdings and InCred.
The new capital infusion will be pivotal for OYO as it gears up for significant global expansion and bolsters its growth strategy.
JSW Steel, an Indian multinational steel producer, agreed to acquire a 67% stake in M Res NSW, an Australian mining company, for $120m.
This acquisition will enable JSW Steel to secure availability of coal even in times of shortages and disruptions in coal supply.
BHP, Rio Tinto, Qantas to invest $53m in Australian carbon credit fund. (FS)
BHP, Rio Tinto and Qantas will invest a total of A$80m ($53m) as early-stage investors in an Australian carbon credits fund that aims to invest in land reforestation projects, Reuters reported.
The fund, managed by Silva Capital - a joint venture between Roc Partners and C6 Investment Management, aims to raise A$250m ($164m) to generate and manage Australian Carbon Credit Units from reforestation initiatives.
Shell, PetroChina to expand Surat coal seam gas project in Australia.
Shell and PetroChina have decided to expand the Surat coal seam gas project in Queensland, the British oil and gas giant said on August 12, amid calls for more investment to boost local energy supply, Reuters reported.
The decision comes at a time when industry executives have been pushing for government measures to bring back investments put off by a slew of state interventions to curb energy prices and boost domestic supply.
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