AMERICAS
PPL received unanimous approval from the Federal Energy Regulatory Commission to acquire The Narragansett Electric Company from National Grid.
"We're pleased with FERC's decision, which puts us one step closer to concluding an acquisition we believe will drive significant value for Rhode Island families and businesses and strengthen PPL," Vincent Sorgi, PPL President and CEO.
PPL Corporation is advised by JP Morgan, Skadden Arps Slate Meagher & Flom and Davis Polk & Wardwell. National Grid is advised by Barclays, Goldman Sachs, Robey Warshaw, Cravath Swaine & Moore, Herbert Smith Freehills, Brunswick Group and Teneo.
Jasper Therapeutics, a biotechnology company, went public via a SPAC merger with Amplitude Healthcare Acquisition, a special purposes acquisition company, in a $490m deal. Investors in the PIPE include Federated Hermes Kaufmann Funds, Avego, Velan Capital, Metalmark, Amgen, Apeiron Investment, Kingdon Capital Management, Woodline Partners, Abingworth, Qiming Venture Partners, Surveyor Capital, Roche Venture Fund and Alexandria Venture Investments.
“We would like to thank our financial partners at Amplitude and our prestigious group of investors. This transaction provides significant capital to accelerate the development of our two innovative programs, Jasper’s first-in-class clinical stage anti-CD117 antibody transplant conditioning agent and in parallel our groundbreaking research stage Engineered Hematopoietic Stem Cell platform, both of which have the potential to transform the field and expand hematopoietic stem cell therapy cures to a far greater number of patients than is possible today," Bill Lis, Jasper Therapeutics Chairman and CEO.
Jasper Therapeutics was advised by Credit Suisse, William Blair & Co, Cantor Fitzgerald, Paul Hastings, LifeSci Public Relations and Real Chemistry. Amplitude was advised by BMO Capital Markets, Oppenheimer & Co and WilmerHale.
Partners Group, a private markets firm, completed the investment of a stake in Barings-backed Milestone, a transportation equipment provider, at a $1.4bn valuation.
"Milestone is an established infrastructure business that provides exposure to e-commerce, a transformative trend that continues to gather pace as economies digitise. Based on its scale, service, and fleet quality, we have conviction in Milestone's ability to capture a growing share of the transportation equipment market. Our value creation plan will further develop Milestone's mobile warehouse offering, as well as build out its network into under-served geographies across the US. We are looking forward to partnering with Milestone's very experienced management team and our partner Barings on these initiatives," Ed Diffendal, Partners Group Managing Director.
Barings was advised by PJT Partners and Kirkland & Ellis. Partners Group was advised by Latham & Watkins. Milestone was advised by McGuireWoods.
Procore, a cloud-based construction management software company, to acquire Levelset, a developer of a collaboration-driven construction payment ecosystem, for $500m.
“Our solution gets people paid faster, with less cash stress. Over 250k users have deployed Levelset on more than 6.5m construction projects. This activity generates highly reliable payment and relationship data. Together with Procore, we can further empower the industry to get paid faster, with better visibility and smoother documentation," Scott Wolfe, Levelset CEO.
Procore is advised by Cooley. Levelset is advised by DA Davidson and Jones Walker.
iCapital Network, a global financial technology platform, agreed to acquire Axio Financial, a provider to the US structured notes market. Financial terms were not disclosed.
“The Axio team is excited about the intuitive synergies and the common purpose driving both Axio and iCapital, and we’re thrilled to combine our efforts to serve financial advisors and their clients. I look forward to working together to integrate and continue to achieve our objectives," Marc Paley, Axio CEO.
iCapital is advised by Ropes & Gray. Axio is advised by Ardea Partners and Kirkland & Ellis.
Trive Capital-backed Karman Systems, a supplier of mission critical flight hardware and complex sub-assemblies to the space, missile, and hypersonic markets, agreed to acquire Systima Technologies, a manufacturer of energetic components and complex integrated systems supporting defense, space. Financial terms are not disclosed.
"We have been watching the Karman business come together over the past year and believe with conviction that the strategic rationale of investing in the space, missile, and hypersonic supply chains is absolutely critical. The vast set of differentiated capabilities, capacity, talented team, and incredible complementary fit of Systima with Karman gave us confidence that this was the right home for Systima and its employees. We know that joining forces with Karman will only accelerate the opportunities for Systima and better equip us to be responsive to the needs of our customers," Tom Prenzlow, Systima President and Former Owner.
Levine Leichtman Capital Partners, a private equity firm, completed the acquisition of In-Place Machining, a provider of high-acuity field machining, metrology and diamond wire-cutting services. Financial terms were not disclosed.
“We are excited to partner with Dean and the management team that has led IPM’s impressive growth over the past several years. The company has demonstrated unparalleled expertise in the on-site machining industry, expanding its reach into new geographies and end markets, while broadening its service offerings. We look forward to capitalizing on IPM’s attractive growth opportunities, including organic initiatives and potential acquisitions," Matthew Rich, LLCP Senior Managing Director.
LLCP was advised by Kirkland & Ellis. In-Place Machining was advised by Houlihan Lokey.
Tekni-Plex, a company focuses on material science and manufacturing technologies, agreed to acquire Keyes Packaging Group, a provider of food and beverage packaging, from Arbor Investments, a private equity firm. Financial terms are not disclosed.
"Once again we have added an incredible resource to the Tekni-Plex family. Keyes brings market intelligence and a deep material science application knowledge to us, as we continue on our journey to becoming more and more proactive for our customers. Adding Keyes to the Tekni-Plex Consumer Products family also gives us a boost in our overall efforts toward providing additional sustainable solutions to our customers. Together with the recently acquired Grupo Phoenix capabilities, our existing Tekni-Plex organization and now with Keyes, we are building a tremendous future for the market, our customers and our employees," Eldon Schaffer, Tekni-Plex Consumer Products division CEO.
Arbor Investments is advised by Jefferies & Company and Kirkland & Ellis.
Coatue, a global investment manager, led a $100m Series A funding round in sunday, a restaurant payment solution provider. DST Global, an Internet investment firm, also participated.
“Digital payment solutions are enhancing the customer experience across the board. We believe that sunday is well positioned to drive this change in the large hospitality sector as evidenced by its strong global growth in just the first five months since going to market. We look forward to supporting the team to help further accelerate their expansion," Philippe Laffont, Coatue Founder.
sunday was advised by Nectar Communications.
Midmark Corporation, a provider of medical, dental and veterinary healthcare equipment solutions, agreed to acquire Schroer Manufacturing, a animal health equipment manufacturer, from Livingstone, a mid-market M&A and debt advisory firm. Financial terms are not disclosed.
"Shor-Line is a well-respected company in the animal health market with a long history of customer service, innovation, and high-quality equipment. The culture and values of Shor-Line very much reflect that of Midmark, and we are excited to welcome them to the Midmark team. Together, we can be a strong partner for our customers, offering the new approaches, innovative technologies, and proven solutions they need while working with them to create a better care experience for pets and their owners," Jon Wells, Midmark President and CEO.
Schroer Manufacturing is advised by Livingstone Partners.
Doxim, a provider of software as a service, completed the acquisition of Direct Technologies, a provider of visibility customer documents intended for healthcare, financial, insurance, telecommunications, retail and hospitality industry. Financial terms were not disclosed.
“Over the past 27 years, the DTI team has been dedicated to building long-term relationships with our clients by combining unmatched quality with unparalleled customer service. We’re extremely excited for the next stage in the evolution of the business and look forward to enhanced opportunities in partnership with Doxim," David Jacobson, DTI President.
Doxim was advised by Morrison & Foerster.
Delivery Hero, a provider of online food ordering services, led a $950m Series C funding round in Gorillas, a European startup in the convenience delivery market. Additional investors include Tencent, Coatue Management, DST Global and A-Star Partners.
The new funding will be used by the company to continue expanding in its major European markets, including Germany, UK, Spain and France. The company also has sights set on the United States, where black-clad bike and scooter riders began delivering to customers in New York in recent months.
Cresco Labs, a vertically-integrated multi-state cannabis operator, agreed to acquire Cure Penn, three dispensaries in Pennsylvania, for $90m.
“As we implement localization strategies tailored to state level dynamics, this transaction with Cure Penn is expected to expand our retail footprint in Pennsylvania, increase profitability, and strengthen our wholesale leadership position in the state. We’re thrilled to continue executing our playbook of achieving depth in strategic markets via rigorous capital allocation. The Cure Penn team has developed a high-performing retail platform across three dispensaries that sets up another immediately accretive acquisition for Cresco Labs," Charlie Bachtell, Cresco Labs CEO and Co-Founder.
Allen Media Group, a media and entertainment company, completed the acquisition of WJRT-TV, the ABC affiliate for the Flint-Saginaw, Michigan, television market, from Gray Television, a television broadcasting company, for $70m.
"We are delighted and very appreciative to Gray for working with us to add this wonderful local television station, WJRT-TV, and its great employees, to our fast-growing Allen Media Group family. Over the past two years, we've invested over $1 billion to acquire best-in-class, top-tier, broadcast network affiliates and we plan to invest approximately ten billion dollars to acquire more ABC, CBS, NBC, and FOX television stations with the goal of being the largest broadcast television group in America. All of our media assets will work in concert to amplify our free-streaming services, Local Now and theGrio," Byron Allen, Allen Media Group Founder, Chairman and CEO.
Health Management Associates, an research and consulting firm, agreed to acquire Wakely Consulting Group, a healthcare actuarial consulting. Financial terms are not disclosed.
"Wakely is widely recognized for its exceptional healthcare actuarial expertise, providing clients with pivotal insights and tools to better understand their business and the environment in which they operate. Such services are a critical component for any organization's sustained success. I am excited to welcome such talented and accomplished professionals to the HMA team as we continue to expand upon the ways we can help our clients thrive," Jay Rosen, Health Management Associates Founder, President and Co-Chairman.
Nelson Global Products, a company design and manufacture thermal management, acoustic, air and fluid mechanics, and structural solutions, completed the acquisition of Tru-Flex, a stainless steel manufacturer. Financial terms are not disclosed.
"We are excited to welcome the entire Tru-Flex team to Nelson. Combining Tru-Flex's engineering strengths, engineered NVH solutions and European Operations with Nelson's global purchasing, logistics, manufacturing and distribution networks and engineering capabilities allows us to better serve our customers and accelerate growth," Steve Scgalski, Nelson CEO.
IAC in talks to buy Meredith for $2.5bn.
InterActiveCorp, a holding company providing media and Internet services, is in advanced talks to acquire Meredith, a magazine publisher, at an expected $2.5bn valuation, WSJ reported.
Barry Diller-owned IAC could strike a deal with Meredith in the next few days. Meredith'sMeredith's magazine brands, which include People, Better Homes & Gardens and Allrecipes, would compliment and expand IAC's collection of digital publications such as Investopedia, Serious Eats and Brides.
Gulfport Energy explores sale.
Gulfport Energy, a US-based natural gas exploration and production company, is exploring strategic options including a possible sale, Reuters reported.
The company, which has a valuation of $1.6bn, is working with an investment bank on its options and to help solicit potential acquisition interest.
Gulfport was pushed into bankruptcy last year after the Covid-19 pandemic temporarily eviscerated demand for energy and left it unable to pay its debts.
SoftBank-backed Banco Inter and StoneCo in talks on the potential merger.
SoftBank-backed Banco Inter, a digital lender, and StoneCo, a payments company, are in preliminary talks to expand a current partnership agreement, including a potential merger, Reuters reported.
StoneCo acquired a 5% stake in Banco Inter in June, as part of a strategy of attracting the bank'sbank's clients to its payments services. If StoneCo and Banco Inter agreed on a merger, it would create a financial institutional with a market capitalization of roughly $22bn.
Hilcorp eyes the purchase of shut Louisiana refinery.
Hilcorp, an oil producer, is evaluating Phillips 66's refinery for conversion into an oil export terminal, a move that would eliminate it as a source of motor fuels, Reuters reported.
The facility occupies 2.4k acres along the Mississippi River. The hurricane-damaged refinery remains for sale and its marketing process is ongoing. The company plans to repair the storm damages and restart the facility.
Federated Co-operatives looks to sell oil-producing business.
Federated Co-operatives, a Canadian multi-faceted organization, put its oil production business up for sale this week, but the company plans to keep its Saskatchewan refinery, Reuters reported.
FCL is offering to sell its crude unit, which includes a production base of 3k barrels of oil equivalent per day, mostly liquids, and 550k hectares of land across Saskatchewan, Alberta and British Columbia. The assets may be worth $63m to $79m.
FCL is advised by BMO Capital Markets.
CGI looks at acquisitions in US, Germany and UK.
CGI, a global IT consulting firm, looking to double its size in part with acquisitions. The company would consider deals in countries including the US, Germany, and the UK, Francois Boulanger, CGI CFO said.
Bond sales can help it fund those purchases. The information technology consulting firm sold its first public bonds this month, borrowing in US and Canadian dollars to refinance debt. The company would consider borrowing in euros and selling sustainable bonds to fuel possible acquisitions. Euros account for a substantial portion of the cash that CGI generates, so borrowing in that currency would be a "natural development," Bloomberg reported.
"We wanted to have another tool in our tool set. We have pretty large acquisitions that we are targeting in the future," Francois Boulanger.
Welsh Carson-backed Clearwater Analytics valued at over $5bn after NYSE debut. (FS)
Welsh Carson-backed Clearwater Analytics, a trusted and comprehensive technology platform, was valued at about $5.5bn after a blockbuster stock market debut, in which its shares jumped over 30%, Reuters reported.
Shares of the financial services software company opened at $23.75 on the New York Stock Exchange, compared with an IPO price of $18 per share.
"I think we'rewe're in a position now to push hard on accelerating our growth, and we think M&A could be a part of that," Sandeep Sahai, Clearwater CEO.
Clearwater Analytics was advised by Goldman Sachs, JP Morgan and Morgan Stanley.
Argus Capital announces the closing of $305m IPO.
Argus Capital announced the closing of its IPO of 30.4m units at a price of $10 per unit, including 3.9m units issued pursuant to the exercise by the underwriters of their over-allotment option in full.
Each unit consists of one share of Argus' Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.5 per share. Only whole warrants are exercisable and will trade.
Argus is advised by Goldman Sachs and Morgan Stanley. Underwriters are advised by Winston & Strawn.
Toast announces closing of IPO.
Toast, a cloud-based, end-to-end technology platform, announced the closing of its IPO of 25m shares of its Class A common stock, including the exercise in full of the underwriters' option to purchase up to an additional 3.2m shares, at a price of $40 per share.
Proceeds from the initial public offering were $1bn, before deducting underwriting discounts and commissions and other offering expenses.
Toast was advised by Goldman Sachs, Morgan Stanley, JP Morgan, KeyBanc Capital Markets, William Blair, Piper Sandler, Canaccord Genuity, Needham & Co, and R. Seelaus & Co.
Ara Partners closes the second fund with $1.1bn of capital commitments. (FS)
Ara Partners, a Texas-based private equity firm, closed Ara Fund II with $1.1bn in capital commitments. The fund was oversubscribed, exceeding its $650m target and increasing its hard cap.
The fund received commitments from a diverse set of returning and new institutional investors in North America, Europe and Asia, including public pensions, sovereign wealth funds, endowments and foundations.
"We believe that our differentiated focus on lowering carbon emissions in the industrial sector is an important piece of the global climate effort and look forward to continuing to execute investments across this growing sector," Troy Thacker, Ara Partners Managing Partner.
Ara Partners was advised by Lazard and Debevoise & Plimpton.
HarbourVest Partners closes direct lending fund at $892m. (FS)
HarbourVest Partners, a private equity investment firm, announced the final close of the HarbourVest Direct Lending Fund at over $892m in limited partner commitments, including the General Partner commitment. The fund was oversubscribed and closed above the target size of $600m.
"We are pleased to mark the final close of our inaugural, dedicated direct lending fund, bringing our total capital under management for credit investments to over $3.3bn. The past year has demonstrated the resilience of the asset class and reinforced our objective to broaden the reach of HarbourVest's solutions to help clients invest in rapidly growing strategies," John Toomey, HarbourVest Partners Managing Director.
Clearhaven Partners closes $312m fund. (FS)
Clearhaven Partners, a lower middle market technology-focused private equity firm, has closed its debut fund with more than $312m in capital commitments.
The vehicle, Clearhaven Fund I, closed above the target, after coming to market in the fourth quarter of last year and holding a first closing in January.
EMEA
Shareholder of Naturgy Energy, a global gas and electric utility company, rejected $5.8bn offer for almost a quarter of the Spanish utility maby by IFM Global Infrastructure, Bloomberg reported.
Criteria Caixa, the Spanish holding company that owns more than 26% of Naturgy, said IFM's offer doesn't fully satisfy its interests. Naturgy's board said last week the offer was "reasonable."
A successful bid will give IFM a similar-sized stake to that of existing shareholders Global Infrastructure Partners and CVC Capital Partners-backed Rioja, which have said they won't sell their stock. A potential alliance of those three international investors could pit them against Criteria Caixa.
Naturgy Energy is advised by Citigroup, Freshfields Bruckhaus Deringer, Perez Llorca, Uria Menendez and LLYC. IFM is advised by BNP Paribas, Credit Suisse and Linklaters.
Otis, a company for elevator and escalator manufacturing, offered to acquire the remaining 49.99% stake in Zardoya Otis, a firm manufacturing and installing elevators, for $1.9bn.
"Zardoya Otis has been an integral part of Otis since 1972 and its products, services and geographic footprint are critical components of our long-term growth strategy. While we have deep respect for Zardoya Otis' heritage, delisting the Company will simplify Otis' corporate structure, provide for more streamlined management of the business, and generate operational efficiencies for both businesses," Judy Marks, Otis President and CEO.
Otis is advised by Morgan Stanley, Uria Menendez and Wachtell Lipton Rosen & Katz. Debt financing is provided by Morgan Stanley.
Humble Group, a Swedish foodtech and FMCG group, agreed to acquire Solent Global, a provider of branded, licensed and white label products, for $160m.
”Through the acquisition of Solent, we acquire a high-quality company with strong profitability as well as a high-performing and entrepreneurial team. Solent has some of Europe’s largest store chains as customers and the Transaction opens both the UK and several key international markets around the world by adding many new points of sales to grow the export for Humble’s other brands. This acquisition shows our capacity to attract leading industrial players with more than 25 years of operating history and enables a new segment of companies available to us. The M&A pipeline looks very strong and we are well prepared to continue scaling Humble rapidly. It is with great pleasure that we welcome Solent and the team to Humble," Simon Petrén, Humble CEO.
Humble is advised by Ramsell Advokatbyra and Ropes & Gray. Solent is advised by Shoosmiths.
Financial technology firm Wizz Financial, the new name of the consortium of Prism Group and Royal Strategic Partners, said the United Arab Emirates central bank had approved its acquisition of currency firm UAE Exchange, a unit of troubled London-listed payment firm Finablr which Wizz agreed to buy last year.
According to Rob Miller, Finablr Chief Executive, the in-principle approval was a major milestone on the path to recovery for the group.
Wizz Financial is advised by Druces, Kirkland & Ellis and White & Case.
DBAY Advisors, an asset management firm, offered to acquire a 71.4% stake in SQLI, a firm engaged in offering Internet consulting and engineering services, for $114m.
DBAY has indicated that it is convinced by its strategy and strong positioning in the digital services market in Europe. DBAY wishes to continue to support SQLI and its management by drawing on its expertise. Through this tender offer, DBAY wishes to consolidate its position as a reference shareholder in order to bring more support to the Company and its growth ambition.
SQLI is advised by Rothschild & Co and Lamy Lexel.
Tikehau Capital, a private equity and venture capital firm, agreed to acquire a 42% stake in Egis, a orovider of engineering, project structuring and operations services, from Caisse des Dépôts, a French public sector financial institution. Financial terms were not disclosed.
"Tikehau Capital's advent as a shareholder of Egis would be a great opportunity for our Group. Tikehau Capital shares our values and convictions, particularly in the context of our approach to the climate emergency. The team would support us in our commitment to social responsibility and provide us with the means to accelerate our growth internationally and take a leading position on the global stage. This new partnership would be fully aligned with our corporate culture and our current shareholding structure and would mark a key milestone in the development of our Group," Laurent Germain, Egis CEO.
CDP is advised by Rothschild & Co.
HIG Capital, an investment firm, completed the acquisition of Aspire Pharma, a provider of niche generic and branded specialty pharmaceuticals. Financial terms were not disclosed.
“We are delighted to be supporting Graham and his team to further build upon Aspire’s success. The Company’s track record of identifying, developing and launching niche pharmaceutical products, coupled with H.I.G.’s international presence and history of supporting organic and acquisitive growth in its portfolio companies, underpins an exciting next chapter for Aspire,” John Harper, HIG Capital Managing Director.
Daimler-backed Mercedes-Benz, an automotive luxury brand, agreed to acquire a stake in Automotive Cells Company, an automotive battery manufacturer. Financial terms are not disclosed.
"Mercedes-Benz pursues a very ambitious transformation plan and this investment marks a strategic milestone on our path to CO2 neutrality. Together with ACC, we will develop and efficiently produce battery cells and modules in Europe – tailor-made to the specific Mercedes-Benz requirements. This new partnership allows us to secure supply, to take advantage of economies of scale, and to provide our customers with superior battery technology. On top of that we can help to ensure that Europe remains at the heart of the auto industry – even in an electric era: With Mercedes-Benz as a new partner, ACC aims to more than double capacity at its European sites to support Europe's industrial competitiveness in the design and manufacturing of battery cells," Ola Kallenius, Daimler and Mercedes-Benz CEO.
SIBUR, a petrochemicals company, and TAIF, an oil and gas refiner, entered into an agreement finalising the creation of a combined entity that will leverage the facilities of SIBUR Holding and create the largest petrochemical company in Russia and one of the biggest in the world.
Under the agreement, TAIF shareholders will receive a 15% stake in the new combined company in exchange for 50% plus 1 share in JSC TAIF. SIBUR’s financial obligations in the second phase of the transaction will be secured by several issues of exchange-traded bonds. As a result, in a matter of days required to finalise the deal the combined entity will consolidate 100% of the shares of TAIF Group, which includes petrochemical and energy companies.
“This combination of industry leaders represents a significant step in the evolution of the Russian petrochemical sector. We are combining our competencies, energy and ambition to lay the groundwork for what is sure to become a global leader," Dmitry Konov, SIBUR Chairman of the Management Board.
Italy and UniCredit making progress on Paschi sale by end of 2021.
The Italian government and UniCredit, a pan-European commercial bank, are making progress in talks on a deal for the takeover of troubled lender Banca Monte dei Paschi di Siena and could sign a preliminary accord by the end of the year, Bloomberg reported.
The Finance Ministry is working to meet UniCredit's demands in a deal that may cost the state more than $12bn. Talks are expected to accelerate after elections for a parliamentary seat in Siena where Monte Paschi is based. The details of the sale won't be finalized until after the vote.
China Southern's talks over $4bn Taqa stake stall.
The talks of China Southern Power Grid, a firm that constructs and operates power grids, about the acquisition of a $4bn stake in Abu Dhabi National Energy, an energy and water company, have stalled.
The two parties were in advanced discussions earlier in the summer about a 10% holding in the utility, known as Taqa, before negotiations hit a snag over valuation, Bloomberg reported.
Taqa's plans to cut exposure to oil and natural gas assets and focus on renewables appeal to international investors. The company wants to boost its power produced from solar and wind to 30% over the next decade.
Boralex considers the sale of a stake in French unit.
Boralex, a power company that develops, builds, and operates renewable energy power facilities, is considering selling a minority stake in its French business to help raise money for expansion elsewhere in Europe and in the US, Bloomberg reported.
The Canadian renewables group is working with an adviser as it explores options for its operation in France. A sale could attract financial investors.
A spokeswoman for Boralex said the firm estimates it will invest $3.95bn to $4.73bn for its 2025 strategic plan and that forming partnerships could be one way of raising some of these funds.
Enagas and OMERS hire banks to sell Chilean plant stakes. (FS)
Enagas, a Spanish gas grid operator, and its partner OMERS, a Canadian pension fund, hired investment banks Rothschild & Co and Credit Suisse to sell their stakes in a Chilean gas plant. The plant would be worth more than $1.17bn, Reuters reported.
Enagas is seeking to dispose of its near 45% stake in the plant that converts liqueified natural gas back into gas for the Chilean market in the Quintero port as part of a broader plan to sell assets. OMERS owns nearly 35% of the Quintero plant and also seeks to sell its stake.
HIG vies with Lord Hammond for £300m Amey takeover. (FS)
HIG, a buyout firm, is vying with Lord Hammond, the former chancellor, for control of Amey, an infrastructure services and engineering company.
HIG Capital is the only other remaining bidder for Amey in an auction that could generate a price tag of more than £300m ($411m). HIG is bidding against Buckthorn, an investment firm where Lord Hammond now works as a part-time partner.
Coast Capital is open to the takeover of Blue Prism. (FS)
Coast Capital, an investor, has changed tack and is prepared to back a possible private equity takeover of Blue Prism Group, a UK-based automation software maker.
"Coast will be supportive of whatever deal gives the company the best opportunity to improve its prospects. We have full confidence in the company's ability to accelerate growth and reassert its leading role in the sector," James Rasteh, Coast Founder.
Blue Prism said in August that it had entered talks with TPG and Vista about potential takeover bids for the company. Coast, which owns just under 3% of Blue Prism, responded to the announcement by saying there was a "large valuation chasm to cross," Bloomberg reported.
Rentplus hires advisers for £300m fundraising.
Rentplus, a social housing platform, is working with Numis Securities and Wyvern Partners on plans to raise £300m ($411m), Sky News reported.
An affordable housing provider set up six years ago is to turbocharge its growth by raising hundreds of millions of pounds that could be generated by a public listing.
Rentplus, which has a pipeline of 1.5k homes, has appointed Citigroup to raise approximately £300m. The capital could be generated by a bond issue, private placement with institutional investors or an IPO on a London stock exchange. Numis and Wyvern Partners are working on the plans.
EQT picks banks for Galderma's $22bn IPO. (FS)
EQT has picked Credit Suisse and Morgan Stanley to run the planned IPO of Galderma, a provider of medical services for the dermatological needs of people.
The private equity firm is also working with Lazard on a listing of the maker of Cetaphil moisturizers and Dysport muscle relaxants. EQT may add more banks to the IPO roster, Bloomberg reported.
An IPO of Galderma could happen next year and EQT may seek a value of $22bn. Final decisions on valuation and the timing of the IPO will depend on investor appetite and market conditions.
Nordic Capital-backed Cary Group lists on Nasdaq Stockholm at $1.1bn valuation. (FS)
Nordic Capital-backed Cary Group, a vehicle glass repair and replacement provider, lists on Nasdaq Stockholm. The offering price was set at $8.2 per share, corresponding to a market value for all outstanding shares of approximately $1.06bn.
The offering attracted very strong interest from large Swedish and international institutional investors as well as the general public in Sweden. The offering was multiple times oversubscribed.
Cary Group is advised by SEB Corporate Finance.
Xavier Niel-backed Salt Mobile shelves plans for IPO.
Xavier Niel-backed Salt Mobile, a telecommunications group, has shelved plans for an IPO. Bloomberg reported that Salt has chosen not to pursue an IPO during a busy period for European listings in which investors favor high-growth stocks.
Salt could revisit IPO plans at a later date. The company is exploring all options for financing the next stage of its development and growth.
CVC-backed Sisal picks banks for IPO in early 2022. (FS)
CVC-backed Sisal, an Italian gaming group, picked Deutsche Bank, JP Morgan and UniCredit to arrange an IPO at the beginning of next year. Sisal plans to list on the Milan Stock Exchange in the first quarter of next year, Reuters reported.
The Milan-based group reported a 26% rise year on year in first-half revenue to $309m as online gaming more than offset a decline in the retail activities, which were impacted by lockdowns.
CVC will sell part of its shares in the deal and eyes a valuation equal to 11-12 times the group'sgroup's core earnings, which could value Sisal at least $2.6bn.
Apax closes fund at $1.75bn hard cap. (FS)
Apax, a global private equity advisory firm, closed Apax Digital Fund II at $1.75bn hard cap. The fund will invest in high-growth technology companies globally.
ADF II will pursue the same strategy as its predecessor fund, focusing on minority growth and growth buyout opportunities in rapidly expanding software, internet, and tech-enabled services companies worldwide.
"We are grateful for the confidence of our investors, many of whom backed the predecessor fund. As demonstrated by ADF I, our deep technology expertise, the strength and scale of Apax'sApax's global platform, and the value creation driven by Apax'sApax's operational team, allow us to empower the companies we work with to go farther, faster," Marcelo Gigliani and Dan O'KeefeO'Keefe, Apax Digital Managing Partners.
APAC
Tencent, a global multinational conglomerate holding company, completed the acquisition of the remaining stake in Sogou, a Chinese technology company, from Sohu Group, a Chinese internet company, at a $3.5bn valuation.
Upon the effectiveness of the merger, outstanding Class A ordinary shares of the company will be cancelled in exchange for the right for the holders thereof to receive $9 in cash per share or ADS.
The merger consideration represents a premium of approximately 56.5% to the closing trading price of the ADSs on July 24, 2020, the last trading day prior to the Sogou's announcement of its receipt of a "going-private" proposal from Tencent, and a premium of 83% to the volume-weighted average price during the last 30 trading days prior to the Company's receipt of the "going-private" proposal.
Sohu was advised by Christensen IR. Tencent was advised by Goldman Sachs, Davis Polk & Wardwell and Walkers. Goldman Sachs was advised by Cleary Gottlieb Steen & Hamilton. Sogou was advised by Duff & Phelps, Conyers Dill & Pearman, Goulston & Storrs and Brunswick Group.
Japanese financial conglomerate SBI Holdings agreed to extend the deadline for its $1.1bn unsolicited tender offer for Shinsei Bank to November 24 from October 25 if Shinsei agreed to meet certain conditions.
SBI listed four conditions that needed to be met, including that the Shinsei board explain specific grounds as to why SBI's bid could damage corporate value. SBI also demanded Shinsei hold a shareholder meeting by November 17 to seek approval for its planned poison-pill defence against SBI's bid. It would extend the deadline if Shinsei failed to win the majority approval required for the defence measure.
Shinsei Bank is advised by Morgan Stanley. SBI Holdings is advised by
Citigroup.
Addition, a venture capital firm, completed a $125m investment in SoftBank-backed Delhivery, a provider of products and services.
“We are pleased to continue to support Delhivery and its new logistics software as a service, which is well-positioned to transform the global supply chain and logistics markets,” Lee Fixel, Addition Founder.
According to Reuters, Australian gas pipeline operator APA Group has approached the government’s Takeovers Panel to get peer AusNet Services to scrap an agreement to exclusively engage with Canada’s Brookfield Asset Management in a takeover battle.
APA said it had been unjustly locked out from an opportunity to negotiate with AusNet for at least eight weeks, the duration of the exclusivity period, and sought orders from the panel to terminate the arrangement.
Liverpool Partners, a private equity firm, completed the acquisition of Seven Miles Coffee, a coffee roaster. Financial terms were not disclosed.
“Our speciality is supporting growing Australian businesses and helping them to flourish. We work hard to find not only great businesses, but partners like Seven Miles that share our belief that our businesses should not only deliver an investment grade return, but also have a positive impact on the world,” Jonathan Lim, Liverpool Partners Managing Partner.
PAG Pegasus and Oasis Management, a private investment fund management company, offered to acquire iClick Interactive, an independent online marketing and enterprise data solutions provider. The proposal suggests $6.75 per ADS in cash.
The board plans to evaluate the proposed transaction. The company does not undertake any obligation to provide any updates with respect to the proposed transaction or any other transaction, except as required under applicable law.
Alibaba-backed Best weighing $1bn express unit sale.
Alibaba-backed Best, a Chinese logistics company, is considering a sale of its express delivery business. Best is working with a financial adviser on the potential divestment and could seek a valuation of as much as $1bn for the business, Bloomberg reported.
Hangzhou-based Best is exploring a range of options as it seeks to raise funds to cut debt. A sale could draw interest from other logistics companies.
SoftBank joins the hunt for Go1.
SoftBank is considering investing in Go1, an operator of an onboarding, compliance and professional development platform.
"When we saw that interest, and when we thought of the next five to 10 years plus, there's a very exciting market opportunity in the space in which we are operating," Andrew Barnes, Go1 Co-Founder and CEO.
Talks eventually led to a meeting with Masayoshi Son, SoftBank Chairman and CEO, who very quickly understood and articulated the business model, DealStreetAsia reported.
FWD makes US IPO filing public at a $15bn valuation.
Richard Li-owned FWD Group, an insurance company, made its filing for a stock market listing in the United States public, revealing a jump in revenue last year, Reuters reported.
The company had confidentially filed for the listing in June. FWD could raise $2bn to $3bn, valuing the company at $13bn to $15bn. The indicative orders account for nearly one quarter of the IPO at the lower end of the proposed raising range.
FWD also said it would raise $400m from Apollo Global Management in a private placement as part of a new asset and investment management agreement.
Kakao Pay pushes back planned $1.3bn IPO to November.
Kakao Pay, a South Korean financial technology firm, decided to push back its planned IPO, worth as much as $1.28bn, to November from October, Reuters reported.
Kakao Pay said it now aims to list on November 3, 2021, having announced in August that it was seeking to do so on October 14.
"We updated our prospectus with investment risks, reflecting the revised Financial Consumer Protection Act, to help investors fully understand the reorganization of our services," Kakao Pay.
Kakao Pay is advised by Samsung Securities, JP Morgan and Goldman Sachs.
Exome-backed Broncus launches a $1.3bn Hong Kong public offering. (FS)
Exome Asset Management, an asset management company, participated as a cornerstone investor in the IPO of Broncus, a medical device company for the development of interventional pulmonology products. The IPO was valued at $1.26bn and will trade on the Stock Exchange of Hong Kong.
"At Exome, we believe the opportunity for technological advances in pulmonology are as significant as those already achieved in cardiology. Exome is enthusiastic about our investment in Broncus, and we look forward to partnering with the company as it continues to discover and develop pulmonology products that have the potential to impact patients around the globe," Sam Isaly, Exome Managing Partner and CIO.
DRC Bank raises $1.2bn in Hong Kong IPO.
Dongguan Rural Commercial Bank, a firm offering banking services, raised $1.2bn in its Hong Kong IPO after pricing shares at the bottom of a marketed range, Bloomberg reported.
The lender sold shares at $1.02 apiece. DRC Bank had marketed 1.15bn shares for as much as $1.12. The shares are due to start trading on September 29, 2021.
DRC is advised by China Merchants Securities, CMB International Capital, Agricultural Bank of China and Industrial & Commercial Bank of China.
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