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AMERICAS
Private equity firms Eurazeo, Cathay Capital and Sagard NewGen agreed to acquire a majority stake in DiliTrust, a software company, dedicated to corporate governance and the secure sharing of sensitive and confidential data, from Calcium Capital, an investment firm, for $144m. Management team led by Yves Garagnon and Nadim Baklouti will also invest.
"The need to digitize and secure the most sensitive corporate data is growing. We have a robust suite that fully meets these challenges, particularly for boards of directors and legal departments. We are recognized for the ease of use and performance of our suite and are identified as one of the world's leading players by major analysts such as Gartner. We are delighted with the confidence placed in us by this consortium of investors," Yves Garagnon, DiliTrust CEO.
Sagard NewGen, Eurazeo and Cathay Capital are advised by Havas Paris, Eight Advisory, AT Kearney, Roland Berger, Bryan Garnier, Natixis Partners, Hogan Lovells, McDermott Will & Emery, Citigate Dewe Rogerson, EPAM Systems, I-Tracing, Alvarez & Marsal and Make it Work. Calcium is advised by PricewaterhouseCoopers, Macquarie Group, FTPA and Viguie Schmidt & Associes.
SLR Investment, a yield-oriented business development company, and SLR Senior Investment, a closed-end investment company, are pleased to announce that each company obtained stockholder approval of the proposals related to the previously announced $2bn merger.
“We would like to thank both SLRC and SUNS stockholders for their overwhelming support of the transaction. We look forward to completing the merger and leveraging the benefits provided by the larger combined company which will operate with greater scale, portfolio diversity and financial flexibility," Michael Gross, SLR Investment and SLR Senior Investment Co-CEO.
SLR Investment is advised by Keefe Bruyette & Woods, Blank Rome and Katten Muchin Rosenman. SLR Senior Investment is advised by Houlihan Lokey and Dechert. Houlihan Lokey is advised by Alston & Bird.
SES, a Luxembourgish satellite and terrestrial telecommunications network provider, agreed to acquire DRS Global Enterprise Solutions, a satellite services provider, from Leonardo DRS, a US-based defense contractor, for $450m.
"This investment reinforces our commitment to provide industry-leading solutions and services for government customers while delivering sustained growth for SES in a high-value segment in which we have a track record of partnership and success. I have long admired GES and its culture of long-standing relationships built on the delivery of high-performance, reliable, and mission critical connectivity solutions across the US Government. They are a best-in-class solutions provider and the combination with our own SES Government Solutions business will allow SES to serve the US Government with an expanded and enhanced set of advanced connectivity and network solutions leveraging the world’s largest multi-orbit satellite fleet," Steve Collar, SES CEO.
SES is advised by Gibson Dunn & Crutcher, Hogan Lovells and SatCom Law. Leonardo DRS is advised by Morgan Stanley and Curtis Mallet-Prevost Colt & Mosle.
Paramount Group, a real estate manager, announced that its board of directors has unanimously rejected an unsolicited, non-binding proposal received from Monarch Alternative Capital, a private equity firm, to acquire all of the company’s outstanding common stock for $12 per share in cash, valuing at $2.6bn.
“Our Board is committed to enhancing value for stockholders and regularly reviews our strategy against market opportunities to ensure we are pursuing the best path to achieve this objective,” said Albert Behler, Chairman, Paramount President and CEO.
Paramount is advised by Bank of America, Goodwin Procter, Wachtell Lipton Rosen & Katz and Joele Frank.
Akamai, a content delivery network, completed the acquisition of Linode, an infrastructure-as-a-service platform provider, for $900m.
“The opportunity to combine Linode’s developer-friendly cloud computing capabilities with Akamai’s market-leading edge platform and security services is transformational for Akamai. Akamai has been a pioneer in the edge computing business for over 20 years, and today we are excited to begin a new chapter in our evolution by creating a unique cloud platform to build, run and secure applications from the cloud to the edge. This is a big win for developers who will now be able to build applications on a platform that delivers unprecedented scale, reach, performance, reliability and security," Tom Leighton, Akamai Technologies CEO and Co-Founder.
Akamai was advised by PJT Partners and WilmerHale. Linode was advised by DH Capital and Latham & Watkins.
Woodgrain, a provider of millwork operations, agreed to acquire Huttig Building Products, a distributor of millwork, building materials and wood products, for $350m.
“Huttig has a long history as a value-added distributor, focused on service and innovation. This acquisition will increase our footprint by expanding our network, and by adding Huttig’s expertise and resources to our own, we are positioned to bring even more value to our respective customers and supply partners. We are thrilled to add Huttig’s talented associates to our Woodgrain family,” Kelly Dame, Woodgrain President and CEO.
Woodgrain is advised by Wells Fargo Securities and Stoel Rives. Huttig is advised by Lincoln International and Baker McKenzie.
Dai‑ichi Life-backed Protective Life, a provider of life insurance, group life insurance, health insurance and annuity products, agreed to acquire AUL, an automotive finance and insurance provider. Financial terms were not disclosed.
“AUL is excited about the opportunity to join the Protective family. Combining Protective’s resources and reach with our rapidly growing platform will enable us to provide more robust solutions for our agents and dealers. Protective and AUL also align in our focus on culture and opportunities for our employees, contributions to our communities and award‑winning customer service. We’re excited to move forward together," Jimmy Atkinson, AUL President and CEO.
Protective Life is advised by Maynard Cooper & Gale. AUL is advised by Houlihan Lokey and Patterson Belknap.
L Catterton, a private equity firm, agreed to acquire LTP Home Services, a residential plumbing and HVAC services platform, from Thompson Street Capital, a private equity firm. Financial terms were not disclosed.
"We're excited to partner with L Catterton to continue our accelerated growth and take LTP to the next level as a leading residential services platform. L Catterton brings significant experience in supporting the scaling and growth of consumer services brands, and together, we look forward to capitalizing on a robust pipeline of opportunities to expand our differentiated offering. With L Catterton's partnership, we will continue to build on our multiple initiatives to scale and diversify the business and remain highly focused on executing our acquisition strategy," Jeff Cooper, LTP Home Services CEO.
L Catterton is advised by Kirkland & Ellis. Thompson Street Capital is advised by Jefferies & Company and Sidley Austin.
Vida Ventures, a next-generation life sciences investment firm, and Leaps by Bayer, a venture capital company, led a $175m funding round in Affini-T Therapeutics, a developer of therapeutics platform, with participation from Humboldt Fund, The Parker Institute for Cancer Immunotherapy, Catalio Capital Management, Agent Capital, Alexandria Venture Investments, Erasca Ventures and Fred Hutchinson Cancer Research Center.
“By targeting oncogenic drivers like mutated KRAS, we strike at the core genetic mutations that enable tumors to grow and spread. Our differentiated platform combines highly active TCRs with unique synthetic biology, allowing us to pioneer novel therapeutic approaches intended to eradicate solid tumors. With proven management, an unparalleled founding team of scientific innovators and leaders in immunology and cellular engineering, we look forward to bringing life-changing medicines to patients in need," Jak Knowles, Affini-T Therapeutics Co-Founder, President and CEO.
Affini-T was advised by Canale Communications.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $115m Series D funding round in CommerceIQ, a retail ecommerce management platform, with participation from Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group.
“As eCommerce penetration continues to surge, competition and technical complexity will make it harder than ever for brands to stand out online. We believe that CommerceIQ can provide companies with a substantial edge by harnessing the power of algorithms and automation to supercharge their online presence. We are delighted to partner with Guru and the team on their mission to help brands win in eCommerce," Priya Saiprasad, SoftBank Partner.
CommerceIQ was advised by 5W Public Relations.
Investment firms Canapi Ventures, 9Yards Capital and SVB Capital led a $110m Series D funding round in Capitolis, an operator of a financial platform. with participation from a16z, Index Ventures, Sequoia Capital, S Capital, Spark Capital, Citi, State Street and JP Morgan.
“Over the past two years, our vision to reinvent capital markets has gained tremendous momentum as we have tripled our revenue, customer base and team. We are just scratching the surface on reimagining the capital markets. We are thrilled to have partners like Canapi, 9Yards, and SVB Capital who bring strategic expertise, a true passion for the mission and a powerful network to leverage as we embark on our next chapter of growth," Gil Mandelzis, Capitolis CEO and Founder.
Capitolis was advised by Sloane & Company.
WaveDancer, a provider of information technology services, agreed to acquire Knowmadics, a software as a service platform, for $90m.
“We are determined to provide industry leading, comprehensive device and data management and security solutions for government and commercial clients. The anticipated acquisition of Knowmadics builds on what we started when we acquired Gray Matters and will greatly expand our capabilities and our current customer base. Given the increased threat of state-sponsored cyber attacks against US commercial and government critical infrastructure, we think the timing and nature of our corporate transformation will position us well in the commercial and government marketplaces," Jamie Benoit, WaveDancer CEO.
WaveDancer is advised by The Equity Group.
Sony, a developer of hardware and software for the PlayStation video game systems, agreed to acquire Haven Entertainment Studios, a Montreal-based development studio. Financial terms were not disclosed.
“Haven Studios is an emerging studio with an exceptional team of talent, and we’re delighted to welcome them into PlayStation as our first game development studio in Canada. The studio’s focus on creating an original AAA multiplayer game will not only flex the power of PlayStation 5 but will further expand upon the diverse catalog of gaming experiences that can only be found on PlayStation," Jim Ryan, Sony President & CEO.
Haven is advised by Fenwick & West.
International Money Express, a money remittance services company, agreed to acquire La Nacional, a money remittance company. Financial terms were not disclosed.
"La Nacional’s strong market position in remittances to the Dominican Republic and other Latin American countries is a perfect complement to Intermex’s existing business in those markets. With the addition of this market share to the Dominican Republic, Intermex will now be one of the leading US-based remittance companies serving Mexico, Guatemala, Honduras, El Salvador, and the Dominican Republic, which are the top five Latin American markets, accounting for 83% of all the money sent to Latin America from the United States," Bob Lisy, La Nacional Chairman, CEO and President.
International Money Express is advised by Nomura.
Peachtree Hotel Group, a real estate private equity investment management company, completed the acquisition of 7 hotels from full-service hotels and resorts companies Marriott and Hilton for $135m.
"These acquisitions are complementary to our existing portfolio of high-quality, well-located assets with strong demand generators. We experienced an uptick during the second half of 2021 for hotel acquisition opportunities, and these seven properties are a continuation of our strategy to benefit from the ongoing recovery in hospitality," Brian Waldman, Peachtree Executive Vice President.
Huston Patterson, a high-graphic printed materials supplier, completed the merger with Radial Equity Partners-backed Lewisburg Printing Company, a manufacturer of high-graphic printed materials and packaging. Financial terms were not disclosed.
"Our goal has always been to exceed the expectations of our clients and to be the best partner and employer in the large format printed materials and packaging industry. I am thrilled to be able to broaden our value proposition to our employees, clients and vendors. LPC and HP have both been leaders in the print industry for over 125 years. Our partnership, along with the support of Radial, will provide the perfect platform for continued growth," Tonya Kowa-Morelli, Huston Patterson President.
SST VI $1bn IPO is approved by authority.
Strategic Storage Trust VI, a public non‐traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, announced its registration statement pertaining to an initial public offering of approximately $1.1bn in shares of common stock was declared effective by the Securities and Exchange Commission on March 17, 2022.
SST VI intends to qualify as a real estate investment trust for federal income tax purposes for the taxable year ended December 31, 2021 and will offer up to $1bn in shares of its common stock in its primary offering.
Kennedy Wilson plans to increase European Urban Logistics Platform by $1.5bn.
Real estate investment company Kennedy Wilson will expand its logistics platform by an additional $1.5bn, with a focus on acquiring and managing urban logistics properties across the UK, Ireland, and Spain.
"We are thrilled to expand our logistics platform at a time when there are so many compelling opportunities for industrial investment in Europe. Logistics acquisition has evolved into one of our main investment themes, and supports our overall goal of expanding Kennedy Wilson's investment management platform, which has more than doubled in the last three years," Mary Ricks, Kennedy Wilson President.
Advent latest fund will close at highest ever $23bn. (FS)
Advent International is on course to finish fundraising for its 10th flagship buyout fund at $23bn next month.
Even at the lower figure, Fund X would be the largest in the Advent's 38-year history, some 31% bigger than its predecessor fund which closed in 2019.
EMEA
Bufab, a trading company that offers its customers a full-service solution as a supply chain partner for sourcing, quality control, and logistics for C-Parts, completed the acquisition of TIMCO, a wholesaler to the construction and industrial sectors, for £54m ($71m).
"This deal will enable us to accelerate our growth and continue expanding the range of products and services we offer, while still maintaining our first-class customer service. We look forward to working with our new colleagues at Bufab in driving the company forward," Simon Midwood, TIMCO Managing Director.
TIMCO was advised by Ernst & Young, Clearwater International and Addleshaw Goddard. Bufab was advised by PricewaterhouseCoopers and Walker Morris.
Apollo, an alternative investment manager, agreed to invest in Primafrio, a temperature-controlled infrastructure and logistics company in Europe. Financial terms were not disclosed.
“Primafrio and its founding family are very satisfied to welcome Apollo Infrastructure as our long-term strategic partner. As one of the largest and most reputable global infrastructure investors, we believe their investment not only underscores the strong potential of the temperature-controlled transportation and logistics sector in Europe but also validates the competitive advantages of this Spanish and Murcia-based company," Juan Conesa and José Esteban Conesa, Primafrio Executive Chairman and CEO.
Apollo is advised by Ashurst and Paul Weiss Rifkind Wharton & Garrison. Primafrio is advised by Evercore, Linklaters and Evercom.
Phoenix Tower International, a firm that owns and operates wireless infrastructure sites, agreed to acquire 3.2k sites in France from Cellnex Telecom, an operator of wireless telecommunications and broadcasting infrastructures. Financial terms were not disclosed.
“The agreements achieved with PTI as well as with PTI’s and its JV partner Bouygues Telecom have been the levers that allow Cellnex to meet the conditions required by the French Competition Authority after completing the acquisition of Hivory last October. Both agreements reinforce the rationale of the business model based on the neutral and independent management of telecommunications infrastructures and therefore represent a further step in the consolidation of this model in France and Europe," Àlex Mestre, Cellnex Deputy CEO.
PIT is advised by Natixis Partners and Freshfields Bruckhaus Deringer. Cellnex Telecom is advised by AZ Capital and Herbert Smith Freehills.
Highland Europe, a growth-stage technology fund, led a £55m ($72m) investment in ME+EM, a provider of an online marketplace.
“Having seen soaring demand for our clothes in the US and other key international markets, we know that there is a global appetite for the cut, quality, and style that we have created. As a digital first, data-driven business we are seeing a huge opportunity ahead of us and with Highland Europe’s expertise in this area, we can use technology to delight and serve our customers across the world even more effectively," Clare Hornby, ME+EM Founder and CEO.
ME+EM was advised by Arrowpoint Advisory and Burlington PR.
Telefónica Tech, an intelligent managed security services provider, completed the acquisition of Incremental, a provider of information technology consulting services, for £175m ($230m).
“We warmly welcome Incremental Group, and are delighted that this acquisition enables us to strengthen our position as a leader in the UK market for IT services. We are now able to provide end-to-end Microsoft services, including digital transformation, managed services and data analytics, and achieve attractive cross-selling synergies with Telefónica Tech UK&I, complementing and positioning us as a leading Microsoft-focused company in the UK," José Cerdán, Telefónica Tech CEO.
Telefónica Tech was advised by AZ Capital.
Kinnevik, a Swedish investment company, led a $120m Series B funding round in Omnipresent, a provider of human resource and onboarding services, with participation from Tencent and Uncorrelated Ventures.
“The world is seeing a tectonic shift in the way businesses work and hire: from local-first to global- and remote-first. Omnipresent is catalyzing and accelerating this change. Every day, we see companies gaining from a global pool of the best talent, and employees benefiting from new access to career opportunities worldwide - regardless of where they live," Matthew Wilson, Omnipresent Co-Founder and Co-CEO.
Infosys, a provider of IT consulting and software services, agreed to acquire oddity, a Germany-based digital marketing, experience, and commerce agency. Financial terms were not disclosed.
"We find ourselves at the cusp of the next generation of the internet, the merging of the physical and virtual worlds. With this vision, we are excited to strengthen our experience and marketing skills with oddity, to deliver forward-thinking, holistic solutions at a global scale. With oddity's digital commerce and marketing knowledge as well as its metaverse-ready set-up, it is the perfect complement to Infosys' prowess in technological transformation," Ravi Kumar S, Infosys President.
Chelsea bidders shortlist to be lowered to 3, Candy will increase bid to over £2.5bn.
Raine Group, the US bank overseeing the sale of Premier League club Chelsea, plans to narrow down the shortlist of bidders to three, Reuters reported, with one consortium lead by Nick Candy increasing their offer.
Chelsea have been initially put up on the market by proprietor Roman Abramovich following Russia's invasion of Ukraine and earlier than sanctions have been imposed on the oligarch by the British authorities, successfully giving it management of the membership. Raine set a deadline of Friday for bids to be put ahead, with a number of being made public, whereas sources near the deal stated many extra had been submitted privately. To transfer issues ahead, Reuters has been informed that Raine, in session with the membership, will slender down the shortlist, with the method slowed by revised bids nonetheless coming in.
British property developer Candy submitted a bid of over £2bn ($2.63bn) to Raine on Friday. Along with Candy's bid, the two different consortiums who made their affords public final week have been the Chicago Cubs house owners the Ricketts household, and the pairing of former Liverpool chairman Martin Broughton and World Athletics President Sebastian Coe.
Germany is going to establish a hydrogen supply chain with UAE's firm.
German companies signed agreements with firms in the United Arab Emirates to build up a hydrogen supply chain, as Berlin looks to cut carbon emissions and reduce its reliance on Russian energy, Reuters reported.
The deals were signed during a visit by German Economy Minister Robert Habeck to Gulf states to discuss long-term energy supplies. Berlin is investing in cleaner energy and aiming to cut its reliance on Russian energy as part of Western efforts to put pressure on Moscow over its invasion of Ukraine.
Nahdi Medical's trading debut soared after IPO.
Saudi Arabia's pharmacy retail chain soared on its trading debut after raising $1.36bn in the kingdom's biggest share sale since Aramco, Bloomberg reported.
Nahdi Medical rose as much as 21% to $42.12 in Riyadh. The company had sold shares at $35, the top end of its planned price range.
APAC
Monex-backed Coincheck, a provider of a currency exchange platform, agreed to go public via a SPAC merger with Thunder Bridge Capital Partners IV in a $1.25bn deal.
“Thunder Bridge firmly believes that blockchain technology and digital assets will be a driving force in changing the financial services industry globally. While this disruption is still in its early stages, we believe it is happening at a pace and to a degree that it is real, here and now. This evolution will require a steady and thoughtful approach that is rapidly accelerating with suitable compliance programs. This is where we excel. We have patiently looked for the right entry point to allocate our focus, talents, and financial resources to become global leaders in this evolution. Coincheck is exactly what we were looking for amid a global playing field,” Gary Simanson, Thunder Bridge IV President and CEO.
Monex is advised by JP Morgan, Anderson Mori & Tomotsune, De Brauw Blackstone Westbroek and Simpson Thacher & Bartlett. Thunder Bridge Capital Partners IV is advised by Galaxy Digital Partners, Goldman Sachs, Allen & Overy, Littler Mendelson, Mori Hamada & Matsumoto and Nelson Mullins Riley & Scarborough.
The respective managers of ESR-REIT, a Singapore-based real estate investment trust, and ARA LOGOS Logistics Trust, a real estate investment trust, jointly announce that their unitholders have approved the proposed $1bn merger by way of a trust scheme of arrangement.
“We believe that ALOG unitholders’ decision to support the merger is a testament to the strong strategic merits for the formation of the larger E-LOG, a leading New Economy APAC-focused REIT backed by a best-in-class sponsor, and armed with a clear growth pipeline. E-LOG is also expected to be amongst the top 109 largest S- REITs by free float market capitalisation and have greater representation on the FTSE EPRA Nareit Global Developed Index,” Karen Lee, ALOG CEO.
ESR-REIT is advised by Citigroup, Maybank, Rothschild & Co and WongPartnership. ALOG is advised by Bank of America, DBS Bank and Citigate Dewe Rogerson.
A Singapore tycoon-led group won approval to acquire a media and property company in the city-state following a rare takeover battle between bidders Keppel and Cascaden Peak.
As part of the deal, Cuscaden will acquire shopping malls located in Singapore and Australia, student accommodation in the UK and Germany, and a local nursing home chain. SPH also has investments in the education and events business.
Cuscaden Peak is advised by Morgan Stanley. Singapore Press Holdings is advised by Credit Suisse, Evercore and Klareco Communications.
Warburg Pincus-backed Advance Intelligence Group hopes to raise $300m. (FS)
Advance Intelligence Group, a startup with businesses spanning from identification verification to consumer lending, is weighing raising about $300m in its latest funding round, Bloomberg reported.
The company, backed by private equity firm Warburg Pincus, is in preliminary discussions with advisers on the planned fundraising. The Singapore-based startup last year raised over $400m in Series D round financing led by SoftBank Vision Fund 2 and achieved a valuation of more than $2bn.
Farm Fresh shares prices closed higher than the selling price.
Malaysian dairy producer Farm Fresh jumped in its trading debut in Kuala Lumpur, following the Southeast Asian country's latest initial public offering since July, Bloomberg reported.
The shares closed at $0.41 each, 27% higher than the $0.32 they were sold at. The company and shareholders raised about $238m in an offering that lured a recird 30 cornerstone investors including Abrdn and Franklin Templeton Asset Management.
Curtis Smith left RBC Capital Markets. (People)
Royal Bank of Canada's head of industrials and technology investment banking in Australia, Curtis Smith, has resigned from the firm, Bloomberg reported.
The Sydney-based managing director, who was formerly head of mergers and acquisitions of KPMG in Australia, left RBC Capital Markets about two weeks ago.
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