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AMERICAS
Take-Two Interactive completed the acquisition of Zynga for $12.7bn.
Take-Two Interactive, an interactive and mobile entertainment services provider, completed the acquisition of Zynga, a game developer, for $12.7bn. Zynga stockholders received $3.5 in cash and $6.36 in shares of Take-Two common stock for each share of Zynga common stock outstanding.
“Combining Zynga’s expertise in mobile and next-generation platforms with Take-Two’s best-in-class capabilities and intellectual property will enable us to further advance our mission to connect the world through games while achieving significant growth and synergies together. With this transformative transaction, we begin a new journey which will allow us to create even better games, reach larger audiences and achieve significant growth as a leader in the next era of gaming," Frank Gibeau, Zynga CEO.
Take-Two Interactive was advised by JP Morgan, LionTree Advisors and Willkie Farr & Gallagher. Financial advisors were advised by Fried Frank Harris Shriver & Jacobson. Zynga was advsed by Goldman Sachs, Latham & Watkins, Wilson Sonsini Goodrich & Rosati and Joele Frank. Goldman Sachs was advised by Sullivan & Cromwell.
Kaman, an aerospace company, agreed to acquire the aircraft wheel & brake division of Parker-Hannifin, a motion-control company, for $440m.
"We are executing on our strategic priority of growing through accretive M&A, by expanding our Engineered Products segment by adding capabilities in markets that we know well. The complementary acquisition of Aircraft Wheel & Brake will advance this strategy by expanding the breadth of our product offerings, increasing our exposure to attractive markets, and driving meaningful near-term margin and cash flow accretion. We are excited to add the experienced Aircraft Wheel & Brake management team to our organization while utilizing their leading proprietary technology and strong customer relationships," Ian Walsh, Kaman Chairman, President and CEO.
Kaman is advised by JP Morgan and K&L Gates. Parker-Hannifin is advised by Citigroup, Freshfields Bruckhaus Deringer and Jones Day.
Fulton Financial receives approvals for the $142m Prudential Bancorp deal.
Fulton Financial, a bank holding company for Fulton Bank, announced that both the Federal Reserve Bank of Philadelphia and the Pennsylvania Department of Banking and Securities have approved the deal to acquire Prudential Bancorp, the bank holding company for Prudential Savings Bank, for $142m.
“These regulatory approvals mark an important milestone in this acquisition, which will further strengthen Fulton’s presence in the Philadelphia region. With these approvals, we remain on track to bring our talented teams together to help even more customers and communities in Philadelphia achieve financial success," E. Philip Wenger, Fulton Chairman and CEO.
Fulton Financial is advised by Stephens and Barley Snyder. Prudential Bancorp is advised by Keefe Bruyette & Woods and Silver Freedman Taff & Tiernan.
Vertex Pharmaceuticals to acquire the protease medicines portfolio from Catalyst Biosciences for $60m.
Vertex Pharmaceuticals, a global biotechnology company, agreed to acquire the protease medicines portfolio from Catalyst Biosciences, a clinical-stage biopharmaceutical company, for $60m.
“We have been exploring strategic alternatives to monetize our assets and maximize value for our shareholders. This sale is part of the ongoing strategic process that we announced in February to explore alternatives and create value for shareholders. We have significantly reduced our cash burn and continue to work with our advisors to evaluate additional strategic alternatives for Catalyst,” Nassim Usman, Catalyst Biosciences CEO.
Catalyst Biosciences is advised by Perella Weinberg Partners, Orrick Herrington & Sutcliffe and Potter Anderson & Corroon.
Alcon to acquire EYSUVIS and INVELTYS from Kala Pharmaceuticals for $60m.
Alcon, a manufacturer eye care products, agreed to acquire EYSUVIS and INVELTYS from Kala Pharmaceuticals, a biopharmaceutical company, for $60m.
“We will be pleased to add EYSUVIS to our growing pharmaceutical portfolio. EYSUVIS is a natural fit for our newly formed ophthalmic eye drop sales force in the United States. With our strong expertise in market access and commercial execution, we are well-positioned to build the market for acute dry eye treatment," Sergio Duplan, Alcon President, North America.
Kala Pharmaceuticals is advised by Piper Sandler, WilmerHale and Stern IR.
Goldman Sachs AM led a $115m Series C funding round in Caribou. (FS)
Goldman Sachs Asset Management, an investment manager, led a $115m Series C funding round in Caribou, an auto fintech, with participation from Innovius Capital, Harmonic, Accomplice, CMFG Ventures, Curql Fund, Firebolt Ventures, Gaingels, Moderne Ventures and Motley Fool Ventures.
“Caribou is building an important company with a great culture that helps consumers and lenders in an enormous market. That’s why we’re thrilled to be doubling down on our initial investment by leading Caribou's Series C funding round. In a few short years, Caribou has established itself as the industry leader in auto fintech, already having saved customers more than $100m on their car payments. We’re excited about the launch of its digital insurance marketplace and we can’t wait for what’s next," Jade Mandel, Goldman Sachs Asset Vice President of Growth Equity Business.
Caribou was advised by LaunchSquad.
L Catterton to acquire a minority stake in Crediclub. (FS)
L Catterton, a private equity firm, agreed to acquire a minority stake in Crediclub, a lending platform. Financial terms were not disclosed.
"With the development of innovative financial services tailored to the needs of the underbanked Mexican consumer, Crediclub has become a powerful alternative to traditional banks. Our partnership with L Catterton will allow us to significantly grow and scale our business further, while preserving the quality and customer experience that set us apart," Juan Francisco Fernández, Crediclub CEO and Co-Founder.
L Catterton is advised by Joele Frank.
Wheelock Street Capital, a real estate investment firm, completed the acquisition of two service assets. Financial terms were not disclosed.
"The properties are an excellent fit for our current acquisition criteria given their institutional quality, A+ locations within the Gaslamp Quarter, and strong positioning within a market exhibiting a rapid recovery fueled by multiple demand generators. The market and properties continue to outperform our expectations and we look forward to working together with Island Hospitality to further enhance the properties' positioning as first choices among convention, business, and leisure travelers visiting San Diego," Chris Mejia, Wheelock Street Capital Principal.
Wheelock Street was advised by CBRE Group.
Service Properties Trust closes on the sales of 20 additional Hotels. (FS)
Service Properties Trust, a real estate investment trust, announced progress on its previously announced plan to sell 68 Sonesta branded hotels. To date, 42 hotels totaling 6.35k keys have been sold for aggregate proceeds of $398m. An additional 22 hotels totaling 1,78k keys are under purchase and sale agreements for an aggregate sales price of $141m. Service Properties Trust currently expects the majority of the 22 hotels under purchase and sale agreements to close in the Q2 of 2022.
"The hotels we are selling are non-core to Service Properties Trust. We expect that upon completion of this disposition initiative, SVC will have a higher quality lodging portfolio and enhanced liquidity," Todd Hargreaves, Service Properties Trust President and CIO.
Broadcom in advanced talks to acquire VMware.
Broadcom, a provider of semiconductor and infrastructure software products, is in advanced talks to buy VMware, a virtualizing IT infrastructure, WSJ reported.
The technology companies are discussing a cash-and-stock deal that could come soon, assuming the talks don’t fall apart. VMware has a market value of $40bn, while Broadcom’s is around $222bn.
Taconic Capital Advisors closes $500m real estate fund. (FS)
Taconic Capital Advisors, a global institutional investment firm, closed its 3rd real estate fund, Taconic CRE Dislocation Onshore Fund lll (TCREDF III), with $500m in capital commitments.
"We are pleased to build on the performance of Funds l and ll with the close of our third real estate fund, TCREDF III. Our team has a proven ability to identify inefficiencies and dislocated investment opportunities across a host of market sectors, positioning our funds to maximize value for new and existing investors," James Jordan, Taconic Capital Advisors Principal.
EMEA
Oaktree, an investment firm, and ECE, a fund management company, agreed to acquire Deutsche EuroShop, a German real estate investment firm, for €2.9bn ($3.06bn).
Oaktree and ECE submit a voluntary public takeover offer for all outstanding shares of the company for $22.69 per share in cash. In addition, the shareholders of the company who accept the offer will receive the amount of the dividend to be paid for the financial year 2021 of probably $1.05 per share. The offer corresponds to a premium of 44%.
Oaktree and ECE are advised by JP Morgan. Deutsche EuroShop is advised by Deutsche Bank, Rothschild & Co and Norton Rose Fulbright.
Moonpig, an online greeting card and gifting platform, agreed to acquire Smartbox, a gift experiences platform, for $155m. Financial terms were not disclosed.
"The proposed acquisition of Buyagift rapidly accelerates Moonpig Group's journey to become the ultimate gifting companion. There is strong strategic rationale for the transaction, and compelling financial benefits. Buyagift is profitable and highly cash generative, with a proven track record of strong growth and we are excited by the ways that we can further transform the business using the Group's proven playbook. We see significant potential for the cross-selling of gifting experiences to Moonpig Group's loyal customers. We look forward to working with the Buyagift team to deliver an enhanced proposition for our customers and to create value for our shareholders," Nickyl Raithatha, Moonpig Group CEO.
Moonpig is advised by JP Morgan, PJT Partners and Brunswick Group.
OKEA, an independent oil producer, agreed to acquire a 35.2% stake in Brage field, 6.46% stake in Ivar Aasen and a 6% stake in Nova field from Wintershall Dea, an operator of crude oil and natural gases exploration company, for $118m.
"We are very pleased to announce this transaction with Wintershall Dea which represents a significant step towards delivering inorganic growth in line with our revised strategy as set out at the end of last year. Through this acquisition, OKEA establishes a new operated position, enhances the scale and diversification of our portfolio and strengthens our position within existing core areas," Svein J. Liknes, OKEA CEO.
OKEA is advised by Pareto Securities.
Norges Bank Investment Management, a money management firm, agreed to acquire a 50% stake in Sony Center in Berlin from real estate investment firms Oxford Properties and Madison International for €677m. Oxford will retain a 50% interest in the property.
“Today’s announcement further expands our relationship with NBIM, a highly strategic and like-minded partner, which shares our long-term conviction in Berlin. Furthermore, it demonstrates the belief in our investment thesis that sustainable and wellness-focused office buildings in prime locations, serviced by superb food and retail amenities, will continue to outperform," Abby Shapiro, Oxford Properties Senior Vice President & Head of Office, Retail and Life Sciences.
Sixth Street, a global investment firm, and Legends, a premium experiences company for sports and live venue organizations, agreed to invest €360m in Real Madrid, a Spanish professional football club.
“The transformation of the Santiago Bernabéu Stadium will be a turning point in the history of Real Madrid. This alliance with Sixth Street and Legends, world leaders in their respective disciplines, will be fundamental in providing unique experiences in a stadium where multiple events can be hosted throughout the year. This agreement strengthens the Club’s goal of continuing to significantly increase the stadium’s revenues from both sporting and other types of events," Florentino Perez, Real Madrid President.
Lamda Development, a holding company specializing in real estate development, investment, and management, agreed to acquire a 31.7% stake in Golden Hall from Värde Partners, a private equity firm, for €109m.
“Over the last five years we have worked closely with Lamda Development to successfully unlock value and help the assets realize their potential. Despite the significant challenges shopping centers faced during the Covid pandemic the centers have continued to perform well, reflecting their enduring strength as prime shopping destinations," Tony Iannazzo, Värde Partners Senior Managing Director.
Credit Agricole interested in Banco BPM's insurance business.
Credit Agricole, a French international banking group, is interested in investing in the insurance activities of Banco BPM, an Italian bank, Reuters reported.
Credit Agricole is the single biggest investor in Banco BPM, having recently acquired a 9.2% stake for $414m to expand strategic partnerships that are currently focused on consumer credit.
Ted Baker invites preferred suitor to take next step. (FS)
Ted Baker, a British fashion chain, picked a preferred suitor to take forward its sale process after a flurry of revised proposals from interested parties, while Sycamore, a private equity firm, has dropped out, Reuters reported.
Sycamore had shown interest in buying Ted Baker last month, raising its bids several times before Ted Baker put itself up for sale after attracting interests from other parties.
Borouge's $2bn Abu Dhabi IPO draws Asia's richest man.
ADNOC, a state-owned oil company, and Borealis, an Austrian chemical company, are seeking to raise $2bn from an IPO of their chemicals joint venture in Abu Dhabi, Bloomberg reported.
Borouge's IPO price has been set at $0.66 per share, said ADNOC. ADNOC and Borealis are selling 3bn shares in Borouge, equating to 10% of the maker of specialty plastics. The offer price implies an equity valuation of $20bn.
APAC
Mitsui & Co, a general trading company, and Nomura, a holding company which manages financial operations for its subsidiaries, agreed to acquire a 67% stake in New Forests, a provider of investment management and advisory services to institutional investors. Financial terms were not disclosed.
“We have been impressed with New Forests’ leadership and track record in sustainable forestry and land use and see New Forests’ approach to climate change being complementary to Nomura’s business. As a large global financial services group, we play a significant role in helping to solve environmental challenges, and we see investment in sustainable land use and forestry as a key part of the solution," Yoshihiro Namura, Nomura Senior Managing Director and Head of Investment Management Division.
New Forests is advised by Grant Samuel and Clayton Utz.
Matchmove, a developer of mobile payment technology-based platform, completed the acquisition of Shopmatic, an international e-commerce company, for $200m.
“Demand for embedded finance and e-commerce is growing extremely fast. Shopmatic has built an amazing business and team with proven ecommerce tools which support SMEs to trade online. The acquisition provides a large user base to deploy our financial services, reaching a huge sector of the economy at scale. Enterprise customers can now completely digitalise their supply chains - providing services like supply chain lending and vendor payments through a single platform to Shopmatic’s ecosystem of SME customers," Shailesh Naik, MatchMove CEO.
Matchmove was advised by Chatsworth Communications and Hume Brophy.
IDS Next, a smart hotel software provider, agreed to acquire ShawMan Software, a provider of food & beverage, leisure, and wellness cloud solutions for the hospitality industry. Financial terms were not disclosed.
"We are very excited to welcome the ShawMan team to IDS Next and look forward to embarking on this great next step in our hospitality technology journey together. With the many synergies in our solutions, combined expertise, and a shared vision for the industry, we can eliminate the need for hotels to work with multiple vendors and non-similar systems. With the addition of cloud-based Point of Sales (POS), table booking software, and spa, sales & catering, and club management, we will be able to further accelerate our growth and extend our offering in our cloud and hybrid models on Microsoft Azure," Binu Mathews, IDS Next CEO.
General Atlantic plans to invest over $2bn in India and SE Asia in 2 years.
General Atlantic, a private equity firm, plans to invest $2bn into India and Southeast Asia over the next two years after falling valuations made the region's startups more attractive, DealStreetAsia reported
General Atlantic is in early-stage investment talks with about 15 companies in sectors including technology, financial services, retail and consumer, said Sandeep Naik, General Atlantic Head of Business in India and Southeast Asia.
Indian Prime Minister and Masayoshi Son discuss more investments after big tech bets.
Narendra Modi, Indian Prime Minister, and Masayoshi Son, SoftBank Group Founder, met on May 23, 2022, to discuss more investments by the country's biggest tech backer, as a startup boom appears to cool in India amid worries about the global economy, DealStreetAsia reported.
The Japanese firm has injected more than $14bn into India's tech industry, including in Paytm, a payments app, whose market value has sunk since listing in Mumbai in November, 2021.
FWD wins nod for Hong Kong IPO.
FWD Group, a multinational insurance company backed by Richard Li, has won approval for its planned IPO in the city, Bloomberg reported.
The company received the green light. The company hasn't decided when to launch the IPO.
Upson International files for up to $104m IPO.
Upson International, a retailer of personal computers and information technology products in the Philippines, has filed for an IPO of up to $104m, DealStreetAsia reported.
"There are rapid technological developments in computers and other IT products matched with growing market segments like educational needs and computer and IT-related jobs in all 17 regions," Arlene Sy, Upson International CEO.
Majority shareholders vote for delisting of Didi from NYSE.
Didi Global, a China-based company principally engaged in the operation of mobility technology platform, will delist from the NYSE, after a majority of the company's shareholders voted in favor of the plan, putting to rest a year-long clash with Beijing over its US stock market listing, DealStreetAsia reported.
In an extraordinary general meeting, 96.26% of shareholders who were present and voting, voted in favor of delisting Didi's American Depositary Shares from the NYSE.
ICG holds final close of Asia Pacific Fund IV ICG at $1.1bn. (FS)
ICG, an alternative asset manager, held the final close of its Asia Pacific Fund IV at $1.1bn, exceeding its target of $1bn.
Fund V received support from a broad and international group of investors looking for exposure to Asia and is currently 32% deployed, with 4 deals completed to date.
Goldman Sachs names Australia head of leveraged finance. (People)
Goldman Sachs, an American multinational investment bank and financial services company, has named Colin Mathews head of leveraged finance in Australia and New Zealand, Bloomberg reported.
Colin Mathews will relocate to Sydney. He is expected to join the team in the Q3 of this year.
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