Sonoco Products, a packaging products provider, completed the acquisition of Ball Metalpack, a supplier of sustainable metal packaging for food, for $1.35bn.
“This acquisition fits our strategy of investing in Sonoco’s core businesses as it complements our largest Consumer Packaging franchise – our iconic global Paper Cans and Closures business. In addition, it further expands our already established sustainable packaging portfolio with metal packaging, which is the most recycled packaging substrate in the US,” Howard Coker, Sonoco Products CEO.
Ball Metalpack was advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom. Sonoco Products was advised by JP Morgan and Freshfields Bruckhaus Deringer. Platinum Equity was advised by Latham & Watkins.
UBS, a multinational investment bank, agreed to acquire Wealthfront, a provider of a robo-advisor designed to offer the combination of automated financial planning, investment management and banking-related services, for $1.4bn.
“Adding Wealthfront’s capabilities and client base to our global investment ecosystem will significantly boost our ability to grow our business in the US. Wealthfront complements our core business in the US providing wealth management to high net worth and ultra high net worth investors through trusted relationships with financial advisors, and will enhance our long-term ambition to deliver a scalable, digital-led wealth management solution to affluent investors," Ralph Hamers, UBS CEO.
UBS is advised by UBS and Sullivan & Cromwell. Wealthfront is advised by Qatalyst Partners and Fenwick & West.
Apifiny, a global digital asset trading network, agreed to go public via a SPAC merger with Abri SPAC I in a $530m deal.
“Today’s merger is a significant milestone toward creating value for our shareholders and one that will help accelerate our growth, as well as growth of digital asset markets. We are proud to be joining forces with Abri, a team that brings years of capital markets expertise and experience operating and running both public and private companies. Together, we intend to create one unified global market for digital assets,” Haohan Xu, Apifiny Founder and CEO.
Apifiny is advised by Chardan, Mayer Brown and Fusion PR. Abri SPAC I is advised by Loeb & Loeb.
Bain Capital, an impact investor, completed an investment in AqueoUS, a provider of surface and ground water construction services. Financial terms were not disclosed.
“A growing number of municipalities across the country are proactively addressing the widespread presence of these contaminates with support from all levels of government. We are incredibly excited to partner with Rob and the team to deploy its suite of water treatment solutions to help address this critical problem,” Todd Cook, Bain Capital Managing Partner.
AqueoUS was advised by Raymond James and Taft Stettinius & Hollister. Bain Capital was advised by Kirkland & Ellis.
Blue Origin, a developer of space technologies, agreed to acquire Honeybee Robotics, a developer and manufacturer of robotic systems, from Ensign-Bickford, a technology conglomerate. Financial terms were not disclosed.
“We’ve been building Honeybee’s capabilities and brand for almost forty years. Joining Blue Origin is a major step forward for us. We thank the entire EBI family for their support over the last four and a half years. With Blue Origin we look forward to further expanding our capacity to meet the most exciting challenges in next-generation space transportation, space mobility, space destinations, and planetary science and exploration," Kiel Davis, Honeybee Robotics President.
Ensign-Bickford is advised by Jefferies & Company and WilmerHale.
ICONIQ, an investment firm, led a $100m Series C funding round in CaptivateIQ, a developer of an enterprise platform. Accel, Sequoia and Sapphire also participated.
"Companies are embracing the power of incentives, as evidenced by our overall revenue and customer growth, as a way to keep employees engaged and motivated in this new era of work. We're honored to have incredible customers, world-class investors and supportive partners who believe in our mission to make incentive compensation management a strategic business advantage by fostering transparency, job satisfaction and productivity," Mark Schopmeyer, CaptivateIQ Co-CEO and Co-Founder.
CaptivateIQ was advised by Bateman Group.
Vexus Fiber, provider of fiber-based communications solutions, is set to merge with MetroNet, a 100% fiber optic network provider. Financial terms were not disclosed.
“Vexus has a fast growth and high customer service mentality, very similar to MetroNet, and joining with them allows us to quickly expand our service area to even more Americans,” John Cinelli, MetroNet CEO.
MetroNet is advised by RunSwitch PR.
BlackLine, a software as a service platform, completed the acquisition of FourQ, a developer of an intercompany financial management platform, for $240m.
"FourQ and BlackLine share a vision to help optimize customers' global operations for greater profitability and efficiency while freeing F&A teams to focus on strategic aspects of their business. At the same time, FourQ meets a need in the Office of the Controller that is highly complementary to BlackLine's comprehensive financial operations management platform. I look forward to reducing the headaches caused by messy intercompany accounting processes and further cementing BlackLine's market-leading position as we join forces to help customers continue to advance their intercompany journeys," Varun Tejpal, FourQ Co-Founder and CEO.
SAP, a multinational software company, agreed to acquire a majority stake in Taulia, a provider of working capital management solutions. Financial terms were not disclosed.
“Cash is the oxygen businesses need to breathe during challenging economic cycles and growth sprints. Coming together with SAP will help accelerate Taulia’s mission of helping businesses thrive by unlocking liquidity trapped in supply chains,” Cédric Bru, Taulia CEO.
Ackman and Pershing Square become top shareholder of Netflix. (FS)
Billionaire investor and CEO of Pershing Square Capital William Ackman built a new stake in streaming service Netflix worth more than $1bn since its stock price tumbled,
Reuters reported.
To raise the cash to make the Netflix purchase, Ackman said the firm unwound a big piece of its interest rate hedge which generated profits of $1.25bn.
Dragonfly Capital plans to raise $500m for its third VC fund. (FS)
Crypto venture capital firm Dragonfly Capital Partners is raising $500m for a new fund.
The Dragonfly Ventures III Feeder fund has a $500m target and has not accepted its first investment yet. Dragonfly indicated that it does not expect the offering to remain open for more than one year.
EMEA
CPI Property's efforts to push through consolidation of Austria’s landlords received a boost after Petrus Advisers, an activist investor, agreed to sell its stake in Immofinanz, a real estate company,
Bloomberg reported.
Petrus will sell its 8% holding in Immofinanz for $25.56 per share to CPI Property. That’s higher than the $23.92 CPI Property set out in a mandatory takeover offer, and CPI will now offer the higher price to all other shareholders.
If completed, the deal would raise CPI Property’s Immofinanz stake to 35.5%. An eventual majority ownership of Immofinanz, in turn, would give it a significant stake in S Immo, a real estate investment company, potentially opening the way to a merger.
Immofinanz is advised by Citigroup. CPI Property is advised by HSBC and Dentons. Debt financing is provided by Credit Suisse, Erste Group Bank, Goldman Sachs, HSBC, Raiffeisen, Santander, Societe Generale and UniCredit.
D-Orbit, a developer of a decommissioning device, agreed to go public via a SPAC merger with Breeze Holdings Acquisition in a $1.28bn deal. Breeze Holdings and D-Orbit are partnering with The Bolden Group.
"Partnering with Breeze and The Bolden Group provides us financial resources and experienced partners to help us as we accelerate investments in new solutions and provide high-margin service and support to the exponentially growing constellations of satellites. I look forward to working closely with the Breeze Holdings and The Bolden Group teams as we execute our strategic objectives, scale our business to new heights and create value for our customers and, once we are public, our shareholders," Luca Rossettini, D-Orbit CEO and Co-Founder.
D-Orbit is advised by JP Morgan, Arendt & Medernach, K&L Gates and Joele Frank. Breeze Holdings is advised by I-Bankers, Schiff Hardin and Woolery.
Wheels Up, a provider of travel services, agreed to acquire Air Partner, a global aviation services group, for $107m. The acquisition is expected to close later in the first quarter subject to shareholder and regulatory approvals.
"Today's announcement marks an important new chapter for Wheels Up as we systematically build the leading global, private aviation company that creates unparalleled value for our customers and shareholders. This acquisition will allow us to offer existing and future customers even more compelling and seamless options for private travel, expand the reach of our marketplace in key markets around the world, and add important operational capabilities to our network," Wheels Up, Kenny Dichter Chairman and CEO.
Wheels Up is advised by Jefferies & Company. Air Partner is advised by TB Cardew.
YOC, a provider of marketing services over mobile phones, agreed to acquire theINDUSTRY, a digital advertising company. Financial terms were not disclosed.
"The market entry into Switzerland is the next logical step after we have successfully established our technology platform VIS.X in our core markets. With VIS.X we will enable Swiss media companies and digital content providers to increase monetization. In addition, we will continue to drive the internationalization of our activities," Dirk Kraus, YOC CEO.
YOC is advised by Bar & Karrer.
MSC hopes to lead the ITA Airways deal.
Shipping company MSC, which teamed up with Lufthansa to potentially bid for ITA Airways, wants a majority stake in the successor to Alitalia and to run the airline itself,
Reuters reported.
"The main point is to have the majority of ITA Airways. (Lufthansa) can enter as a commercial partner or minority shareholder," Gianluigi Aponte, MSC Founder and Chairman.
Leonardo has not made any sale decisions on DRS division.
Defence and aerospace group Leonardo has not taken a formal decision about a sale of a business line at its DRS division,
Reuters reported.
"With regards to press rumours on the potential disposal of a Leonardo DRS business line, Leonardo informs that, as usual, it constantly evaluates options aimed at creating value for its shareholders, including the possibility of disposing business lines," Leonardo.
SumUp hopes to raise $567m in a funding round.
London-based SumUp is considering raising new money in a funding round that could value the UK payments company at about $22.6bn,
Bloomberg reported.
SumUp could seek more than $567m from investors. A fundraising of that size could make SumUp one of the most valuable startups in the UK.
WeRock decides to cancel its IPO.
WeRock, known as the WeTransfer file transfer service is canceling its initial public offering, Europe's first prominent tech flotation of the year, despite substantial investor interest,
Reuters reported.
WeRock had planned a January 28 flotation on Amsterdam's Euronext that would have valued the company at between $714m to $813m.
APAC
New Frontier, Vivo Capital, Fosun, Goldman Sachs Asset Management and Warburg Pincus completed the acquisition of New Frontier Health, known as United Family Healthcare, a comprehensive private medical service platform, for $1.8bn.
United Family Healthcare is a pioneering, international-level health system providing comprehensive, integrated healthcare in a uniquely warm, caring, patient service-oriented environment.
United Family was advised by Duff & Phelps, Davis Polk & Wardwell and Maples Group. New Frontier was advised by Global Law Office, Ogier, Simpson Thacher & Bartlett. Goldman Sachs Asset Management was advised by Fried Frank Harris Shriver & Jacobson. Vivo Capital was advised by ICR. Debt financing was provided by China Merchants Bank and Shanghai Pudong Development Bank.
Generali, a life and non-life insurance and reinsurance provider, agreed to acquire a 25% stake in Future Generali India Life Insurance, a life insurance provider, and a 16% stake in Future Generali P&C Insurance, a property and casualty insurance provider, from Future Enterprises, a India-based company which is engaged in the business of multi brand retail trading, and Industrial Investment Trust, an investment trust company, for c. $192m.
“Increasing Generali’s stake in our Indian Life and P&C insurance businesses represents a further step ahead in our growth journey in this high potential market. With an expected double-digit annual growth rate, India’s insurance market offers considerable opportunities, and we look forward to deepening our presence in this geography, becoming Lifetime Partners to an increasing share of Indian customers,” Jaime Anchústegui Melgarejo, Generali Group CEO International.
Generali is advised by Citigroup and Alvarez & Marsal.
Tata Group, an Indian multinational conglomerate company, completed the acquisition of Air India, a flag carrier airline of India, for $2.4bn. The deal includes acquisitions of Air India's subsidiaries, a 100% stake in Air India Express, and a 50% stake in Air India SATS.
“At the Tata group, we are delighted to be declared as the winner of the bid for AIR INDIA. This is a historic moment, and it will be a rare privilege for our group to own and operate the country’s flag bearer airline. It will be our endeavour to build a world-class airline that makes every Indian proud. On this occasion, I would like to pay tribute to JRD Tata, pioneer of Indian aviation, whose memory we cherish,” Natarajan Chandrasekaran, Tata Sons Chairman.
Tata Group was advised by AZB & Partners.
Axiata, a telecommunication company, and XL Axiata, a telecommunications operator, agreed to acquire a 66% stake in Link Net, a provider of high-speed next generation broadband and cable TV, from Asia Link Dewa and First Media for $607m.
"In addition to doubling down on a high-growth segment in one of our key markets, our investment into Link Net is aligned with Axiata’s aspiration to support digital inclusion as Asian societies and businesses accelerate digitally,” Dato' Izzaddin Idris, Axiata President and CEO.
Stellantis, a global mobility provider, agreed to acquire a 25% stake in GAC-Stellantis joint venture from GAC, a Chinese automobile maker. Financial terms were not disclosed.
The JV is now fit to support the efficiency of this integrated “One Jeep” strategy in China, focused on the Changsha manufacturing plant, which is currently preparing to launch the Compass model. GAC Group and Stellantis will continue collaborating closely with each other to grow the brand’s profitable business in China.
GEM Global Yield to invest $100m in Vending Machines International. (FS)
GEM Global Yield, a private alternative investment vehicle, agreed to invest $100m in Vending Machines International, a provider of water distribution with zero plastic waste.
“VMI is very pleased to be selected by the GEM Group to receive this investment. It is a credit to the GEM management that they very quickly grasped that the world is moving to remove single use plastics from the supply chain. VMI is extremely well placed to take advantage of this transition. With GEM’s funds to strengthen the VMI balance sheet VMI will be able to assist the beverage industry by offering a viable alternative to single use plastic bottles on a global scale. This funding will broaden our global reach and further enhance our research and development facilities as we continue to interact with the world’s largest beverage companies," Leicester Chatfield, VMI Founder and CEO.
Tencent hopes to privatize DouYu.
Tencent Holdings plans to take Nasdaq-listed DouYu International Holdings private amid disagreements over strategy among executives at the Chinese videogame streaming firm,
Reuters reported.
Tencent is the biggest shareholder in DouYu with a 37% stake. It wants to team up with at least one private equity firm for the deal and is currently talking to investment banks. It is aiming to complete the deal this year.
Renault-Nissan plan to invest $26bn in electric vehicles development.
The French-Japanese auto alliance of Renault and Nissan plans to invest $26bn in electric vehicle technology over the next five years.
The alliance, which also includes smaller Japanese automaker Mitsubishi Motors, will share research, auto parts and technology to bring down costs and produce 35 new electric vehicle models by 2030, aiming at markets worldwide.
LG Energy doubles its share price after IPO.
South Korea's LG Energy Solution soared in its first day of trading in Seoul, following the country's biggest initial public offering on record,
Bloomberg reported.
The world's second-largest battery maker soared to close 68% above its IPO price of $251. LG Energy Solution is now worth over $98bn. It's bigger than every other listed Korean company except Samsung Electronics.
PingPong planning a $1bn IPO listing.
Chinese fintech startup PingPong is considering an initial public offering in Hong Kong to raise as much as $1bn,
Bloomberg reported.
The Hangzhou-based payment company is working with advisers on a listing that could happen as soon as this year. The firm had previously considered a listing in mainland China.
Citicore Energy prices Philippines first energy REIT IPO at $124m.
Philippines’ Citicore Energy REIT priced its initial public offering at $0.05 per share in what is set to be the country’s first energy-focused real estate investment trust listing,
DealStreetAsia reported.
Citicore REIT cut its offer to 2.5bn shares, including an over-allotment option, compared with 3.2bn shares prior to bookbuilding.
