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AMERICAS
H.I.G. Capital, an alternative investment firm, completed the acquisition of Pixelle Specialty Solutions, a provider of fiber-based specialty solutions, from Lindsay Goldberg, a private equity firm. Financial terms are not disclosed.
"Pixelle has developed a broad, innovative portfolio of industry leading brands across the specialty papers and sustainable packaging markets. In under four years, we have transformed Pixelle into the leading specialty-focused paper producer in North America through three strategic acquisitions and successful implementation of a continuous improvement program. We are proud of our accomplishments and look forward to our next chapter with H.I.G. Capital," Timothy Hess, Pixelle CEO.
Pixelle was advised by Credit Suisse, Houlihan Lokey, Cravath Swaine & Moore and Gasthalter & Co. H.I.G. Capital was advised by Barclays, Jefferies & Company, Macquarie Group and Ropes & Gray. Debt financing was provided by Credit Suisse and Macquarie Group.
Take-Two Interactive, an interactive and mobile entertainment services provider, and Zynga, a game developer, announced that the stockholders of each organization have approved all proposals related to Take-Two's combination with Zynga at each company's respective special meeting of stockholders.
"We are extremely pleased with the results from our Special Meeting earlier today and I'd like to thank our stockholders for their support as we embark on this exciting new chapter for our business. We believe that our combination with Zynga will be transformative for our company as we create a powerful and diverse portfolio of industry-leading titles, while also becoming a leader in mobile games. As we deliver on our vision and unlock cost synergies and revenue opportunities together, we believe that we can achieve significant growth and create long-term stockholder value," Strauss Zelnick, Take-Two Chairman and CEO.
Zynga is advised by Goldman Sachs, Latham & Watkins, Wilson Sonsini Goodrich & Rosati and Joele Frank. Goldman Sachs is advised by Sullivan & Cromwell. Take-Two is advised by JP Morgan, LionTree Advisors and Willkie Farr & Gallagher. JP Morgan and LionTree Advisors are advised by Fried Frank Harris Shriver & Jacobson.
Blackstone Real Estate Income Trust, a real estate investment platform, completed the acquisition of Resource REIT, a publicly registered non-traded real estate investment trust, for $3.7bn.
"This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the US Blackstone intends to capitalize on our expertise, scale, and best-in-class management practices to ensure these properties are well maintained and provide an exceptional experience for residents," Asim Hamid, Blackstone Real Estate Senior Managing Director.
Blackstone was advised by BMO Capital Markets, Bank of America, Eastdil Secured, RBC Capital Markets, Simpson Thacher & Bartlett and Joele Frank. Resource REIT was advised by Lazard and DLA Piper. Lazard was advised by Fried Frank Harris Shriver & Jacobson.
Clearlake Capital, an investment firm, agreed to acquire a majority stake in BBB Industries, a manufacturer of starters, alternators, hydraulic and air disc brake calipers, hydraulic and electronic power steering products and turbochargers, from Genstar Capital, a private equity firm. Financial terms are not disclosed.
"We have increasingly deepened our knowledge of, and relationship with, BBB over the past several years and have been impressed with the company's development. We see a significant opportunity to partner with BBB's management team to build upon their core business as well as several compelling growth areas across the automotive and broader industrial and renewable energy ecosystems," José E. Feliciano, Clearlake Co-Founder and Managing Partner.
BBB is advised by Goldman Sachs and Latham & Watkins. Clearlake is advised by JP Morgan, Kirkland & Ellis and Lambert & Co. Genstar is advised by Chris Tofalli Public Relations. Debt financing is provided by JP Morgan.
Zymeworks, a clinical-stage biotechnology company, said its board had rejected investment firm All Blue Capital's $773m acquisition offer, saying it undervalued the cancer therapy developer, Reuters reported.
"This non-binding, unsolicited activist proposal was timed opportunistically during a period of substantial market dislocation, and prior to several important near-term events," Kenneth Galbraith, Zymeworks CEO.
Zymeworks is advised by Blake Cassels & Graydon and Wilson Sonsini Goodrich & Rosati. All Blue Capital is advised by Kekst CNC and Kingsdale Advisors.
BKV, a growth-oriented energy company, agreed to acquire Barnett shale upstream and midstream assets of ExxonMobil, an American multinational oil and gas corporation, for $750m.
"Today, BKV is a leading natural gas operator in the United States with an integrated approach to the value chain that allows us to certify our responsibly sourced gas at the well head. We are excited about the extensive synergies this transaction presents, as well as additional access to premier Gulf Coast markets. We look forward to building upon the strengths of XTO Energy and its team to drive future growth," Chris Kalnin, BKV CEO.
BKV is advised by Baker Botts and Fox Rothschild.
Cortexyme, a clinical-stage biopharmaceutical company, completed the acquisition of Novosteo, a developer of a drug discovery platform, for $120m.
"The acquisition of Novosteo adds a highly promising set of assets and meaningfully expands the breadth of our management team. On behalf of Cortexyme’s Board, I would like to thank Chris Lowe for his leadership as interim CEO and guiding us through this acquisition," David Lamond, Cortexyme Chairman of Board of Directors.
Cortexyme was advised by Cooley. Novosteo was advised by Wilson Sonsini Goodrich & Rosati.
Blackstone, a private equity firm, completed the acquisition of a 49% stake in Elba Liquefaction Company, a joint venture entity of the Elba Island LNG facility, from EIG Partners, a provider of institutional capital to the energy sector globally. Financial terms were not disclosed.
ELC is an liquefied natural gas liquefaction facility located near Savannah, Georgia. ELC began full commercial operations in August, 2020, and is comprised of 10 movable modular liquefaction units with a nameplate capacity of approximately 2.5m tons per annum of liquefied natural gas for export, which is equivalent to approximately 350m cubic feet per day of natural gas. ELC generates stable cash flow under a 20 year contract with an investment grade counterparty, providing long duration income to its owners.
Blackstone was advised by JP Morgan and Milbank.
Private equity firms Clayton, Dubilier & Rice and TPG Capital offered to acquire the remaining shares in Covetrus, an American company providing animal health products and related services, for $2.2bn.
"Our Board and management team are currently reviewing the offer as we look for ways to help Covetrus continue to grow and better serve our customers, employees, suppliers, business partners and shareholders. There can be no assurance that any transaction will be consummated, but regardless of the ultimate outcome, this is a vote of confidence in our future from our largest shareholder, CD&R. As always, we remain focused on empowering veterinarians and driving better care for animals across the globe," Covetrus.
Mycotopia, a biopharma company focused on research, technology, and the development of medical psychedelics, reached a definitive agreement to acquire Ei.Ventures, a botanical psilocybin pioneer, for $382m.
"I am excited by the amount of wisdom these two companies could bring together. Everyone in these companies has a background in public markets, a decade plus in cannabis, and lawyers that have been involved in cannabis legislation, as well as start-ups, and heavily compliance-oriented businesses. We were the first to work on legally-compliant CBD products, and we were the first to work on a commercial Ayurvedic spa in the US built around plant medicine. Between Benny, Jason and myself we've invested in more than 100 companies. This is not our first rodeo. That's what makes this a real Olympic team, 'A' players only," David Nikzad, Ei.Ventures Founder and Chairman.
Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, completed the acquisition of Orchid Medical, a nationwide provider of ancillary medical management solutions. Financial terms were not disclosed.
"Together with Orchid, we will strengthen our holistic approach to caring for clients' injured and ill colleagues, helping them return to maximum health and productivity. This acquisition enables us to provide employers with a single point of service for a broad range of ancillary care needs while strengthening our workers' compensation and managed care capabilities and our commitment to taking care of people when they need us most," Andrea Buhl, Sedgwick President of Managed Care.
Bridgepoint weighs a $2bn sale of Kyriba. (FS)
Bridgepoint Group, a British private investment company, is considering the sale of portfolio firm Kyriba in a deal that could value the treasury-management software provider at more than $2bn, Bloomberg reported.
The buyout firm is in the early stages of evaluating options for San Diego-based Kyriba.
Holcim and HeidelbergCement compete for Sika’s US unit.
Rival building materials companies Holcim and HeidelbergCement are among the suitors competing for Sika's US admixtures business, Bloomberg reported.
Turkish conglomerate Haci Omer Sabanci is also interested in the asset, which could be valued at about $800m to $1bn. They are among companies in the second round of bidding for the unit, which creates products for building with cement and concrete.
American Axle hires advisors for a sale.
American Axle & Manufacturing, an American manufacturer of automobile driveline and drivetrain components and systems, is exploring a potential sale, Bloomberg reported.
The Detroit-based company has hired an adviser to help with the process. A leveraged buyout through a private equity firm is a likely option. No decision has been made and the company could decide to stand pat.
NexPoint Capital announces a tender offer. (FS)
NexPoint Capital, a non-traded publicly registered business development company sponsored and managed by NexPoint Advisors, announced that it will commence a voluntary tender offer for up to 2.5% of its outstanding common stock.
The purchase price of each share will be not less than the net asset value per share of the company's common stock.
Stellus Capital Management closes Stellus Credit Fund III at $1.8bn. (FS)
Stellus Capital Management, a private credit manager focused on the North American lower middle market, announced the final close of Stellus Credit Fund III. The firm materially exceeded its target fundraising goal with approximately $1.8bn of investable capital including target leverage, capital commitments to SCF III, investor-specific vehicles, and a newly launched private business development company.
"The overwhelming interest in SCF III and Stellus Private Credit BDC is a testament to our long-term track record of success and investors' confidence in our understanding of this increasingly important marketplace. With significant dry powder, we're excited about the opportunity to utilize our robust origination capabilities, taking advantage of a strong private credit pipeline to provide investors with attractive risk-adjusted returns relative to other asset classes," Robert T. Ladd, Stellus Capital Management Managing Partner.
Benford Capital Partners closes oversubscribed Fund II at $200m (FS)
Benford Capital Partners, a Chicago-based lower middle market private equity investment firm, announced the first and final closing of its second investment fund, Benford Capital Partners II. The fund closed with total limited partner commitments of $200m at its hard cap.
"Over time, we have built an outstanding team of investment and operating professionals enabling the firm to dedicate more resources to our portfolio companies and implement the value creation frameworks which are key to our process and success," Benjamin Riefe, Benford Capital Partners Managing Director.
Benford Capital Partners was advised by Kirkland & Ellis.
EMEA
Next Fifteen Communications, a digital marketing company, agreed to acquire M&C Saatchi, an international communications network, for $385m.
"This is an exciting opportunity to bring together two highly complementary businesses creating a truly global and diversified group with exceptional capabilities, clients and talent. Bringing M&C Saatchi into the Next Fifteen group provides us with a step change in our scale and global reach, and an enhanced ability to offer digitally driven solutions to growth-minded organisations. M&C Saatchi is synonymous with creativity and strategy, whereas Next Fifteen has built a reputation around its technology and data driven offering. This makes for a great combination, and we are confident we can accelerate the ambitions of both businesses, creating significant value for our clients, our people and our shareholders," Tim Dyson, Next Fifteen CEO
Next Fifteen is advised by Berenberg, Numis Securities, Smith Square Partners, Ashurst and MHP Communications. M&C Saatchi is advised by Liberum Capital, Numis Securities, CMS and Brunswick Group.
Derichebourg, a French global operator at the international level in environmental services to businesses and local and municipal authorities in 10 countries on three continents, agreed to acquire a minority stake in Elior Group, a contract food service company, for €143m ($150m).
"We are very pleased to support Elior's industrial project, especially in the services sector. Elior is a company we have collaborated with in the past and we share with them a common strategic vision as well as an entrepreneurial and family spirit which we are very keen to maintain. Derichebourg is very grateful towards Robert Zolade's achievement as historical shareholder of Elior. His efforts and initiatives have made Elior a worldwide leader in its field, and a reference in all of its business lines. His actions built a proven expertise, which explains our investment today," Daniel Derichebourg, Derichebourg Chairman and CEO.
Elior is advised by Citigroup.
Group 11, a venture capital company in Beverly Hills, California, led a $100m funding round in Masterschool, a network of tech career-training schools, with participation from Target Global, Pitango Ventures, Dynamic Loop Capital and Sir Ronald Cohen.
"Masterschool's mission is to ensure that anyone in the world can build an inspiring career. After years of developing and building Masterschool without outside funding, we're thrilled to bring on a wonderful group of investors who share our mission and believe in our team," Michael Shurp, Masterschool Co-CEO.
Masterschool was advised by WestRay Communications.
Siemens Energy, an energy company formed by the spin off of the former Gas and Power division of Siemens Group, offered to acquire remaining shares in Siemens Gamesa Renewable Energy, a Spanish-German wind engineering company, for $4.3bn.
"The full integration of SGRE is an important milestone for Siemens Energy’s positioning as a driver of the energy transition from fossil to sustainable energy solutions. This will benefit customers, employees, shareholders, and ultimately society. It is critical that the deteriorating situation at SGRE is being stopped as soon as possible, and the value-creating repositioning starts quickly. The Supervisory Board strongly supports the Executive Boards plans for the integration of SGRE," Joe Kaeser, Siemens Energy Chairman of the Supervisory Board.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, completed the acquisition of a 16.87% stake in Kingdom Holding, a Saudi conglomerate holding company based in Riyadh, for $1.5bn.
The transaction took place on Saudi Arabia's stock exchange, Tadawul. Prince Alwaleed, one of the kingdom's most recognized business figures, will retain a majority 78.13% stake.
Meritor, a global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets, agreed to acquire the commercial vehicles business of Siemens, an industrial manufacturing company, for $200m.
"The Siemens Commercial Vehicles business offers capabilities and technology that will enhance our ability to offer superior electric solutions to the global commercial vehicle market," Chris Villavarayan, Meritor President and CEO.
Team members of the Russian unit of Zurich Insurance Group, a Swiss insurance company, agreed to acquire the unit. Financial terms were not disclosed.
The transaction will allow the new company to retain a professional team with accumulated insurance expertise and to continue serving the Russian market.
Sberbank divests its non-core assets.
Russia's largest lender Sberbank ceased to be a shareholder in some non-financial assets, the company said on Thursday, as it reviews its strategy.
Sberbank no longer owns Okko online cinema, Zvuk streaming service, SberCloud, online checkout terminals Evotor, and Speech Technology Center - a Russian developer of biometric technology, Reuters reported.
The lender added that it would maintain partnership relations with the companies and continue implementing joint marketing and operational activities.
Prosus looking to sell Avito for up to $6bn.
Prosus, a Dutch multinational conglomerate company, is looking to sell its Russian classifieds ads business Avito, the latest international company to dispose of assets in the country following the invasion of Ukraine in February.
The disposal plan comes after the Dutch e-commerce giant earlier moved to "decouple" itself from its biggest Russian asset two months ago. Analysts have previously valued the business at about $6bn, Bloomberg reported.
Vodafone and e& will consider joint investments.
Hatem Dowidar, chief executive of the company formerly known as Etisalat, said he was confident in Vodafone's strategy, including streamlining the business and consolidation in Europe.
RedBird Capital reaches preliminary deal to buy AC Milan. (FS)
RedBird Capital, a private investment firm, has reached a preliminary agreement to buy AC Milan, a football club in Series A of Italy, Bloomberg reported.
RedBird is set to buy the club from Elliott Management, a US investment fund, and a deal could be announced as soon as next week. The transaction may value AC Milan at about $1.4bn.
Air France-KLM in investment talks with Apollo. (FS)
Air France-KLM, a Franco-Dutch airline holding company, entered into exclusive discussions with Apollo Global Management for a €500m ($525m) capital injection to an operating affiliate of Air France, which owns a pool of spare engines of the company.
The company said the proceeds of the transaction would enable Air France-KLM to partially redeem the French State perpetual bonds as well as facilitate the financing of future spare engine acquisitions.
Strategic agreement between Real Madrid, Sixth Street and Legends. (FS)
The board of directors of Real Madrid ratified an agreement with Sixth Street, an investment firm, and Legends, a premium experiences company for sports and live venue organizations, with the objective of elevating the Santiago Bernabeu Stadium as a unique venue and a worldwide benchmark for leisure and entertainment.
As part of the long-term partnership, Real Madrid will receive approximately €360m ($378m) to be invested across any of the Club's activities. Sixth Street acquires the right to participate in the operation of certain new businesses of the Santiago Bernabeu stadium for 20 years. In addition, Legends will contribute its experience and knowledge in the operation of large stadiums and leisure centers, allowing for the optimization of the management of the Santiago Bernabeu stadium.
Inter RAO says Nord Pool will halt trade for its subsidiaries.
Russian utility Inter RAO said on Friday that pan-European exchange Nord Pool had sent a notification that it will stop trade operations for its subsidiaries from Sunday due to risks of failure to pay for power supplies from Russia.
Inter RAO, Russia's sole exporter of power, has stopped exporting power to Finland from last week "for the time being" as it had not been paid for power sold via Nord Pool since May 6, Reuters reported.
Oakley Capital is considering selling Gymondo. (FS)
Oakley Capital, a mid-market private equity investor, is weighing strategic options for female-focused fitness app Gymondo, including a possible merger.
The private equity firm and Gymondo founder Markan Karajica are also exploring potential partnerships or bolt-on acquisitions to help keep the business competitive as gyms reopen after pandemic lockdowns.
Nick Candy mulls offer for THG.
British entrepreneur Nick Candy's investment vehicle said it was in the early stages of making a possible offer for THG, an e-commerce company, weeks after THG said it had rejected numerous bids, Reuters reported.
Candy Ventures, a portfolio of global companies funded by British entrepreneur Nick Candy, has until June 16, 2022, to either make a firm offer for THG or walk away under British takeover rules.
Italy expects to cap MPS cash call at $2.6bn.
Italy expects to cap Monte dei Paschi's cash needs at around $2.6bn as it negotiates with European Union authorities a new strategic plan for the state-owned bank that will be unveiled next month, Reuters reported.
MPS, an Italy-based company engaged in the banking sector, had set its proposed capital raising at $2.6bn under a previous plan which is currently being reviewed by Chief Executive Luigi Lovaglio, who was handed the helm in February by the Italian Treasury.
APAC
Prenetics, a company specializing in genomic and diagnostic testing, went public via a SPAC merger with Artisan Acquisition, a special purpose acquisition company, in a $1.25bn deal. The transaction included a $120m PIPE from Aspex, PAG, Lippo, Dragonstone and Xen Capital.
"This announcement is a significant milestone for Prenetics and for Hong Kong entrepreneurs. Our goal is to decentralize healthcare by bringing it closer to millions of patients globally. I am humbled and honoured by Adrian's trust in us, and we look forward to continuing to work closely across his extensive business network to deliver on the massive potential which exists to disrupt the healthcare market. With a strong existing business, an exciting product pipeline, and a clear M&A acquisition strategy for USA geographical expansion, we have first-mover advantage and are well-positioned for our next chapter of growth," Danny Yeung, Prenetics CEO and Co-Founder.
Prenetics was advised by KPMG, China International Capital, Citigroup, Credit Suisse, UBS, Mourant Ozannes and Skadden Arps Slate Meagher & Flom. Artisan Acquisition was advised by UBS, Appleby and Kirkland & Ellis. UBS was advised by Shearman & Sterling.
Shareholders of Crown Resorts, a casino operator, approved the $6.3bn acquisition by Blackstone, a private equity firm, from Consolidated Press Holding, a locally-owned private company that operates as an investment company. Still, the deal faces further delays as it awaits nods from the regulators, Reuters reported.
Ziggy Switkowski, Crown Chairman, said the company would delay a conclusive Federal Court hearing - earlier scheduled for next week - to week starting June 6, 2022, as it was unsure of securing regulatory assent before that.
Crown is advised by UBS, Allens and Herbert Smith Freehills. Blackstone is advised by Citigroup, Morgan Stanley, Clayton Utz and Simpson Thacher & Bartlett. Consolidated Press is advised by Moelis & Co.
Woolworths Group, an Australian trans-Tasman retailer, offered to acquire an 80.2% stake in MyDeal.com, an Australian online retail marketplace, $136m.
"The transaction is a highly attractive proposition for MyDeal sharehold and represents a significant premium to MyDeal's share price. I am excited to retain a significant and cont interest in MyDeal and to lead the business through its next stage of growth to become Australia's leading marketplace," Sean Senvirtne, MyDeal.com CEO.
MyDeal is advised by RBC Capital Markets and Maddocks.
Metropolis Healthcare in talks to raise $300m.
Metropolis Healthcare, a diagnostics chain operating in India and Africa, is looking to raise more than $300m and bring onboard a strategic partner by selling a significant minority stake, Bloomberg reported.
The company is in early discussions with several global strategic investors and other potential purchasers of the shares. Metropolis, traded in Mumbai with a market value of $1.1bn -- about half what it was at the start of the year -- tapped Barclays as an adviser. A deal would likely include a sale of primary shares as well as secondary shares by existing investors, including the managing director, that could take the deal size over $300m.
Go First plans an IPO in July.
Go First, India's no. 2 airline, is planning to raise $464m through an initial public offering in July as air travel recovers from the pandemic, Bloomberg reported.
Go First's share sale comes as air travel is rebounding in the South Asian nation driven by pent-up demand as people emerge from one of the world's worst coronavirus outbreaks. India, the world's fastest-growing major aviation market before the pandemic, expects local traffic to exceed pre-pandemic levels of 415k daily fliers within a year. Indian airlines are also adding capacity to capture a revival as international flights resume.
BlueRun Ventures China hits $824m close for its new fund. (FS)
BlueRun Ventures China, an early-stage venture firm in China with offices in Beijing and Shanghai, announced that it had reached the final close of its second RMB and USD-denominated fund at over $817m.
The fund, which closed within six months of its launch, forms part of BRV China's plan to double down on its dealmaking efforts around China's robotics space.
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