Takeaway.com, the leading online food delivery marketplace in Continental Europe, signed an agreement with Delivery Hero to acquire Delivery Hero’s German business. The offer values company at €930m ($1063m).
“This transaction provides Takeaway.com with a stronger proposition for both consumers and partner restaurants in the German market. It also allows Takeaway.com to operate on a significantly larger scale which is essential in building a profitable online food delivery business. Although the transaction almost doubles Takeaway.com's orders in Germany, there is still ample growth ahead, given that penetration of online food delivery in Germany is amongst the lowest in Europe." Jitse Groen, Takeaway CEO and Founder.
Takeaway was advised by BofA Merrill Lynch, ABN AMRO, ING, De Brauw Blackstone Westbroek, and Hengeler Mueller. Delivery Hero was advised by Morgan Stanley, Stibbe, and Sullivan & Cromwell.
M7 Group, one of Europe’s leading pay-TV providers, and a subsidiary of Astorg Partners has reached an agreement to buy the DTH satellite TV operations from Liberty Global currently serving four Eastern European markets (Hungary, Romania, Czech Republic, and Slovakia). Financial terms were not disclosed.
This is a very logical acquisition for us, allowing us to consolidate the satellite TV activities of Skylink in the Czech and Slovak markets, while further diversifying our European footprint into two new markets. In addition, we will be able to roll out our hybrid satellite and OTT TV platform in those two new markets. In our existing markets, the OTT platform is already used by circa 15-20% of the base.” Hans Troelstra, M7 Group CEO.
M7 Group was advised by LionTree, Solon, PwC, Paul Hastings, Allen & Overy, and Clifford Chance. Liberty Global was advised by BofA Merrill Lynch.
SSE has reached an agreement to sell a 50% share of its SSE Enterprise Telecoms business to Infracapital for a total consideration of up to £380m ($481m).
SSEET is an infrastructure provider that delivers leading-edge connectivity services to businesses through its private UK-wide telecoms network. It is committed to helping the UK realise its digital ambitions through infrastructure investment and innovation.
“High-speed connectivity is vital to economic growth and prosperity, and we are delighted to announce this partnership with SSE. SSE Enterprise Telecoms is an established telecoms infrastructure provider, with a 12,000km fibre network, and is well positioned to support growth in this critical sector. Infracapital has considerable expertise of investing in digital infrastructure, and we look forward to working closely with our new partners." James Harraway, Infracapital Director.
Caledonia Investments has agreed to acquire a significant minority stake in Stonehage Fleming, one of the world’s leading international family offices. Financial terms were not disclosed.
“Stonehage Fleming is a highly successful firm with an outstanding, award-winning proposition and a client-centric approach. The Group has a rich history and a culture of continuous innovation and adaptation, and we have been impressed with the clarity of vision of their strategy and wanted to back them as they further consolidate their leading position in the family office arena. Caledonia had a very successful investment in Robert Fleming Holdings in the decade up to its acquisition by Chase Manhattan Bank in 2000, and we are delighted to have again become involved in its successor business." Duncan Johnson, Caledonia Head of Unquoted Investments.
KKR launched a $493m takeover offer for Telepizza. (FS)
KKR has launched a $493m takeover offer for Spain’s Telepizza after buying around a quarter of the fast-food restaurant chain’s shares. KKR plans to de-list the company after the $7 per share buyout.
The US private equity firm has secured commitments from holders of 12.7% of Telepizza’s shares to take part in the offer, bringing its stake above the regulatory threshold of 30%, which would trigger a mandatory takeover bid.
Barclays, Citigroup, and Santander will provide financing for the transaction.
Zynga, a leading social game developer, acquired Helsinki-based mobile game studio, Small Giant Games, creator of the hit franchise Empires & Puzzles. Zynga will acquire 80% of Small Giant for $560m.
“We’ve been impressed by the quality and momentum of Empires & Puzzles as we add another Forever Franchise into Zynga’s portfolio. Small Giant has created an innovative game that delivers a unique player experience that engages over the long term. We are excited that Small Giant is joining Zynga as they enhance our next phase of growth.” Frank Gibeau, Zynga CEO.
Novartis made an offer to acquire CellforCure from LFB.
CellforCure, a French company, is one of the first and largest contract development and manufacturing organizations producing cell and gene therapies in Europe. If the offer is accepted, CellforCure would become a wholly owned Novartis manufacturing site. Financial terms were not disclosed.
The proposed acquisition of CellforCure is another strategic step in our pursuit of additional manufacturing capacity to make our transformational CAR-T cell therapy Kymriah available to more patients in need around the world. If completed, this acquisition also would potentially increase manufacturing capacity for other cell and gene therapies in the Novartis pipeline. Steffen Lang, Novartis Global Head of Technical Operations.
Whitebread got the EU clearance for the £3.9bn sale of Costa Coffee to Coca-Cola.
Whitbread said it now expects the deal to close in January next year and will implement a new £500m ($631m) share buyback program after the deal close.
Linde does not require shareholders' approval for its $86bn merger with Praxair.
A German court in Munich said that industrial gases group Linde AG did not have to ask its shareholders for approval of its planned merger with US peer Praxair at a general meeting.
It rejected a case brought by shareholders against Linde, which closed its $86bn merger with Praxair in late October.
Al Jaber Group agreed to the $1.6bn restructuring plan.
Abu Dhabi-based Al Jaber Group has agreed on restructuring terms for $1.6bn in debt.
Under the deal likely to be implemented by the end of March, Al Jaber will reduce debt through asset sales and a discounted debt buyback mechanism. It will also appoint a new board.
The company agreed to sell operating companies, some of its investment portfolio and shareholder assets such as the Shangri-La hotels in Dubai and Abu Dhabi.
Total explores a potential $1.5bn sale of its British North Sea assets. (FS)
The French energy giant is in advanced talks with Albion Energy and First Alpha Energy Capital on the sale of some of its British North Sea assets.
According to Reuters, Total is set to sell a third of its stake in the Laggan Tormore gas field along with other oil and gas assets the North Sea that could fetch a total of $1.5bn.
Polish Development Fund-led consortium is exploring the acquisition of DCT Gdansk port terminal from Macquarie for about €1.5bn. (FS)
A consortium of investors including Poland’s sovereign wealth fund PFR is close to buying the country’s DCT Gdansk port terminal, owned by the infrastructure fund of Australia’s Macquarie.
Macquarie launched the sale of the Polish port terminal, which could be valued at around €1.5bn ($1.7bn), over the summer with the help of Goldman Sachs.
The winning consortium also includes Australian infrastructure group IFM Investors and the world’s largest port operator PSA international.
Sweden’s national pension fund AP1 exits Volvo. (FS)
Sweden’s national pension fund AP1 has sold its preference shares in Volvo Cars after concluding it saw no clear intention to list within the next 12 months from the Geely-owned carmaker.
Swedish insurance and savings group Folksam and pension fund investor AMF said on Friday they had each had bought AP1’s preference shares for a nominal 750m Swedish crowns ($84m).
ENEL is close to selling a $229m stake in EF Solare to F2i. (FS)
Enel and F2i currently own 50% each of EF Solare, Italy’s biggest solar power operator with more than 400 megawatts of installed capacity across 130 plants.
In July F2i, an infrastructure fund partly owned by state lender CDP said it had expressed its intention to acquire Enel’s stake.
