AMERICAS
Teranga Gold is announced that its shareholders and optionholders have voted in favor of the resolution approving the arrangement agreement under which Endeavour Mining will indirectly acquire all of the issued and outstanding common shares of Teranga on the basis of 0.47 Endeavour voting ordinary share for each Teranga common share. Over 99% of votes cast were in favor of the resolution.
“On behalf of the board of directors, I would like to thank our shareholders, our employees and the communities and governments we have worked with over the years. The Teranga team has done an outstanding job unlocking value on behalf of all of our stakeholders and we look forward to watching the new Endeavour grow," Alan Hill, Teranga Gold Chairman.
Teranga Gold is advised by Canaccord Genuity, Cormark Securities, Cutfield Freeman & Co, Blake Cassels & Graydon and Stikeman Elliott. Financial advisors are advised by Gowling WLG. La Mancha is advised by Norton Rose Fulbright. Endeavour Mining is advised by Gleacher Shacklock, Scotiabank, Linklaters, McCarthy Tetrault, Brunswick Group, and Vincic Advisors. Tablo is advised by Stanhope Capital.
Gores Holdings IV, a special purpose acquisition company backed by The Gores Group, completed the merger with United Wholesale Mortgage, a consumer lending services provider, in a $16.1bn deal.
“UWM’s unparalleled market position, customized technology and deep bench of talent have brought the company to the forefront of the mortgage industry. We’re excited about this important milestone and we are confident that Mat’s exceptional leadership, along with his team’s dedication and experience, will continue to drive long-term value for all stakeholders for years to come. We look forward to UWM’s continued success as a public company as it capitalizes on the significant growth opportunities ahead," Alec Gores, The Gores Group Chairman and CEO.
United Wholesale Mortgage was advised by Goldman Sachs, Greenberg Traurig and Kekst CNC. Gores Holdings was advised by Morrow Sodali Global, Deutsche Bank, Moelis & Co, Morgan Stanley and Weil Gotshal and Manges. The Gores Group was advised by Sard Verbinnen & Co. Debt financing was provided by Deutsche Bank and Morgan Stanley.
Yamana Gold, a Canadian-based precious metals producer, completed the acquisition of Monarch Gold, a Canadian gold company, for $114m.
"A project the size of Wasamac needed a strategic alliance with a good developer and operator with a track record of success in similar styled mineralization and we believe this transaction is in the best interests of the shareholders. The exploration potential offered in the 200 km² eastern Abitibi region will continue to grow for the shareholders in the well-funded newly formed corporation. Finally, the cash component of the offer will permit the long-time shareholders to reduce their initial cost," Jean-Marc Lacoste, Monarch President and CEO.
Monarch Gold was advised by Stifel and Stein Monast. Yamana Gold was advised by Berenberg, Peel Hunt, Canaccord Genuity, Cassels Brock & Blackwell and Tavistock Communications.
Partners Group, a private equity firm, agreed to invest in Idera, a software company that provides systems and application management software for Microsoft Windows and Linux servers. Financial terms were not disclosed.
"Since partnering with TA in 2014, we devoted ourselves to achieving results beneficial to shareholders, customers, and employees. Our business model ensures we focus on customer priorities and attracts great investors who advise our innovations and support our belief that accepting and managing risk encourages creativity and confidence from our team. I am honored to lead such a great company and look forward to continuing our success with Partners Group and our other investors," Randy Jacops, Idera CEO.
Idera is advised by Deloitte, Horzepa, Spiegel & Associates, and Kirkland & Ellis. Partners Group is advised by Jefferies & Company and Ropes & Gray. Debt financing is provided by Jefferies & Company.
Climate Change Crisis Real Impact I Acquisition, a special purposes acquisition company, agreed to merge with EVgo Services, an electric vehicle fast-charging network, in a $2.6bn deal.
The transaction will further elevate EVgo’s position as an industry-leading builder, owner and operator of public EV fast charging in the US by funding and accelerating the company’s growth strategy.
“EVgo is a crown jewel in our portfolio, and is one of the LS Power businesses leading the charge toward decarbonization. EVgo’s extensive nationwide network and deep relationships with its customers and other stakeholders create a real competitive advantage for the company, and this business combination, which will both fully fund and accelerate the company’s growth plans, positions EVgo to further strengthen its market-leading position," David Nanus, EVgo Chairman.
EVgo is advised by Credit Suisse, Evercore, and Vinson & Elkins. Climate Change Crisis is advised by Bank of America Merrill Lynch, Latham & Watkins, Mayer Brown, Antenna Group.
Eli Lilly, a global healthcare company, completed the acquisition of Prevail Therapeutics, a gene therapy company, from private equity firms OrbiMed Advisors and Pontifax for $1bn.
"We are pleased to complete the acquisition of Prevail and establish a gene therapy program at Lilly that has the potential to deliver transformative treatments for patients with neurodegenerative diseases such as Parkinson's, Gaucher and dementia," Mark Mintun, Lilly Vice President of pain and neurodegeneration research.
Prevail Therapeutics was advised by Centerview Partners, Cooley, Ropes & Gray, and Ten Bridge Communications. Eli Lilly was advised by Lazard and Weil Gotshal and Manges.
At separate shareholder meetings, shareholders of both Blue Ridge Bankshares, the parent holding company of Blue Ridge Bank, National Association, and Bay Banks of Virginia, the parent holding company of Virginia Commonwealth Bank, approved the previously announced merger of Bay Banks into Blue Ridge.
The combined company would have approximately $2.8bn in assets, $1.9bn in deposits, and $2.1bn in loans.
Bay Banks is advised by Williams Mullen and Piper Sandler. Blue Ridge is advised by Raymond James, Strategic Risk Associates and Troutman Pepper.
Blue Point Capital Partners, a private equity firm, agreed to acquire Transtar Holding, an OEM company. Financial terms were not disclosed.
“We are excited to have found an investment partner in Blue Point, a well-respected local firm that matches our values and believes in the long-term growth potential of our business. We have complete confidence in their ability to support our near and long-term goals, building on our core tenets of excellent quality and unmatched service," Monte Ahuja, Transtar Founder and Executive Chairman.
Blue Point is advised by Lincoln International, Stout Risius Ross Advisors, BakerHostetler, and MiddleM Creative.
Private equity firms The Vistria Group and Excellere Partners, agreed to acquire SCA Pharmaceuticals, a pharmaceutical company, from Enhanced Healthcare Partners, a healthcare-focused private equity firm. Financial terms were not disclosed.
“We are very pleased that as we continue our expansion efforts and improvements in our efficiencies, our new partnership with The Vistria Group and Excellere will allow us to accelerate these efforts. Both partners recognize the unprecedented growth that we have achieved and are committed to fast-tracking our expansion and automation goals," Milton Boyer, SCA Pharma CEO.
SCA Pharma is advised by William Blair & Co and McDermott Will & Emery. Vistria and Excellere are advised by Ropes & Gray. Enhanced Healthcare is advised by MiddleM Creative.
Blackstone Real Estate Income Trust completed the acquisition of a 60% stake in two industrial portfolios of LBA Logistics, a full-service real estate investment and management company. Financial terms were not disclosed.
“This transaction represents a compelling opportunity to acquire high-quality last mile industrial assets on behalf of our BREIT investors. Logistics is one of our highest conviction investment themes globally, and this acquisition illustrates BREIT’s continued momentum executing on exciting opportunities with significant growth potential. LBA Logistics is a best-in-class operator in the logistics sector, and we look forward to expanding our partnership with them," Brian Kim, BREIT Head of Acquisitions & Capital Markets.
BREIT was advised by Simpson Thacher & Bartlett. LBA Logistics was advised by Eastdil Secured.
Neuberger Berman-backed Almanac Realty Investors, a private equity firm, agreed to invest $320m in Asia Capital Real Estate, a real estate private equity firm.
“We’re very pleased to have an asset management firm as prominent as Neuberger Berman invest in ACRE with a commitment of this magnitude and equally honored to partner with Almanac’s experienced and highly respected team to help grow our platform and broaden our relationships with institutional investors and allocators. This timely capital infusion serves as a testament to our proven investment, development and management strategies and the track record of success we’ve built over the last decade," Les Menkes, ACRE Founding Partner.
ACRE is advised by Robert W Baird and Antenna Group.
Porch Group, a vertical software company, completed the acquisition of V12, a provider of purchase intent insight and marketing services.
"With this acquisition, V12 immediately becomes the anchor in our strategy to attack the highly-attractive mover marketing opportunity. Together, we expect to provide unique and compelling products to brands leveraging the proprietary data both companies possess. With the strong SaaS and data products and leadership team from V12, we believe we are best positioned to win in mover marketing. We look forward to growing this business rapidly and are tremendously excited about the future together," Matt Ehrlichman, Porch Founder, Chairman and CEO.
V12 was advised by BrightTower.
Levine Leichtman Capital Partners-backed Caring Brands International, a healthcare services provider, completed the acquisition of Interim HealthCare, a hospice services provider. Financial terms were not disclosed.
"We are delighted to add the exceptional operations of the San Diego Franchises to our branch portfolio and look forward to driving the highest level of quality and satisfaction for our patients," Jennifer Sheets, Caring Brands President and CEO.
Levine Leichtman was advised by Kekst CNC.
Private equity firms BayPine and Two Sigma, agreed to invest in Penn Foster, a workforce development services provider. Financial terms were not disclosed.
The two investment businesses will partner with Penn Foster to bring new capabilities in data science and advanced technology to help the company continue to offer practical, affordable solutions to its students.
"This investment reflects our belief that the combination of advanced labor market analytics with low-cost digital training can help individuals make better-informed decisions about their educational investments. It's about enabling employers to close skill gaps by identifying and creating career paths for historically untapped talent," Frank Britt, Penn Foster Chief Executive Officer.
BayPine and Two Sigma are advised by Kirkland & Ellis.
AEA Investors, a private equity firm, agreed to invest in Verdesian Life Sciences, a developer of fertilizers and agrochemicals. Financial terms were not disclosed.
“AEA is the right partner to help us continue scaling Verdesian and doing what we do better than anyone else: offering Nutrient Use Efficiency technologies for growers all over the world. With AEA, we are gaining a global partner who recognises the potential of our products and will support our growth, both organically and through strategic investments, in North America and around the world. Looking ahead, we are excited to work with AEA as we continue to provide critical products to farmers that increase their productivity, profitability and ability to do so sustainably," Kenneth Avery, Verdesian CEO.
Paine Schwatrz is advised by Joele Frank.
Andreessen Horowitz and Addition, the private equity firms, led a $155m Series E financing round in TripActions, a corporate travel management software provider. Angel investor Elad Gil and existing backers Zeev Ventures, Lightspeed and Greenoaks Capital also participated in a round.
TripActions intends to use the new funds to invest in its product. The company highlighted recent feature releases, including software integrations, adding that it intends to keep working on its finance-focused Liquid product.
Insight Partners, a private equity firm, led a $95m Series D round in Imperfect Foods, a sustainable grocery delivery services provider.
"This planned funding underscores the solid infrastructure, supply and customer experience upon which we've built this company. 2020 proved there is a real and growing demand for the marriage of sustainability and convenience in retail food. As the leading direct-to-consumer online grocer with a coast-to-coast footprint and our own last-mile delivery fleet, we plan to continue improving the customer experience by doubling down on technology and building the 'perfect imperfect assortment' for our customers," Philip Behn, Imperfect Foods CEO.
The Peck Company, a commercial solar engineering, procurement and construction company, completed the acquisition of iSun Energy, a provider of innovative solar power, electric mobility and smart city solutions for government, commercial, retail, academic and data-center projects. Financial terms were not disclosed.
"We appreciate the diligent approach to the process by Sass Peress and team, and welcome them to the family. As our new Chief Innovation and Experience Officer, Sass has been empowered to deliver innovative solar energy, electric vehicle infrastructure, and smart city technologies that we intend to incorporate into our basket of goods shortly. The importance of sustainability is a growing metric for governments, organizations and corporations around the world. Sass will also contribute his experience in Investor Relations, Marketing and Business Development to our new growth opportunities. We welcome Sass to our executive team and look forward to many years of partnership," Jeffrey Peck, The Peck Company Chairman of the Board and CEO.
HSO, a global technology and professional services company, agreed to acquire SAGlobal and 360 Solutions Group, two digital services providers. Financial terms were not disclosed.
"As we looked forward to the next stage of our company's evolution, we identified the need to partner with an established global leader to capitalize on the many opportunities in front of us, to the benefit of our employees, our clients, and our most important business partner, Microsoft. As we learned more about HSO's vision, its strong culture, its commitment to helping its clients succeed and, its dedicated alignment with Microsoft, it became clear that the combined organization would be strongly positioned to make significant strides," Whit McIsaac, SAGlobal CEO.
Delos Capital-backed FCA Packaging, a custom industrial packaging products supplier, completed the acquisition of Timber Creek Resource, a manufacturer and supplier of wooden crates and boxes. Financial terms were not disclosed.
"We are excited to add Timber Creek to FCA's national portfolio of the best industrial packaging companies. Timber Creek's leadership and reputation in the greater Milwaukee and Chicago areas will further FCA's offering in the region, and allow both our companies to expand the scope, reach and level of service to our national customer base," David Wilsted, FCA Packaging CEO.
SoftBank Ventures Asia-backed Iyuno Media, an entertainment technology and localization company, agreed to acquire SDI Media, a provider of dubbing, subtitling, and media services. FInancial terms were not disclosed.
"We are excited to join Iyuno and become part of the industry's leading localization services company. We believe that the increasing global content distribution needs of the industry can only be served by a complementary service provider that can scale with them in support of their needs," Mark Howorth, SDI Media CEO.
Sage Path Financial, a provider of financial advice and guidance, completed the acquisition of Bruce D. Chambers Financial, a provider of tax preparation, tax planning, bookkeeping services. Financial terms were not disclosed.
"We are excited for this step forward in our vision to provide all of our clients a clear journey through their financial world. At Sage Path, we believe in providing advice and guidance to help increase all elements of financial life. Bruce D. Chambers Financial acquisition enhances Sage Path's ability to provide estate and holistic retirement planning. This acquisition allows us to cover our client's financial needs from professional life to retirement and creating the legacy they envision," Jason Fuchs, Sage Path Managing Director.
TPG in talks for a stake in AT&T's DirecTV. (FS)
Private equity firm TPG has entered into exclusive talks to acquire a minority stake in AT&T's satellite TV division, DIRECTV, in a deal that would allow the US wireless carrier to trim its net debt of close to $150bn, Reuters reported.
The exact price TPG is willing to pay could not be learned, but sources said the deal could value DIRECTV at more than $15bn. A deal could be announced in the coming weeks.
Apollo talks to acquire Orbia’s collapsed Vinyl business. (FS)
Apollo Global’s talks to acquire the vinyl business of Orbia, the conglomerate formerly known as Mexichem, which have collapsed, Bloomberg reported.
The New York-based private equity firm was nearing an agreement valuing the unit at $2bn or more before Orbia’s controlling family ended the talks.
Banco do Brasil resumes sale process of BB DTVM unit.
State-controlled Banco do Brasil has resumed the process to sell its asset management unit, known as BB DTVM Gestão de Recursos, Reuters reported.
The state-controlled bank told interested parties it expects delivery of binding offers next month. The asset manager sale process began in 2019, under former CEO Rubem Novaes.
Blackstone-backed Patria eyes expansion in Asia. (FS)
Brazilian asset manager Patria Investments, whose shareholders include Blackstone, plans to use the proceeds of its $588m initial public offering partly to expand in new emerging markets, Reuters reported.
Patria raised $326m in the IPO and shareholders selling stakes will receive $262m. Blackstone, which acquired a 40% stake in Patria ten years ago, will reduce its stake to 14%.
Joby explores a deal to go public.
Electric passenger aircraft developer Joby Aero Inc is exploring a deal to go public through a merger with a blank-check acquisition firm at a valuation of around $5bn, Reuters reported.
Joby has hired investment banks to solicit interest from so-called SPACs about a potential deal. Joby has raised more than $800m in private funding since it was founded in 2009 and in 2020 was valued at $2.6bn, which tracks private fundraisings. Joby’s backers include Toyota Motor and Intel.
KKR-owned Bountiful prepares for 2021 IPO. (FS)
The Bountiful, a nutritional supplements maker owned by private equity firm KKR, is preparing to go public as soon as this year, Bloomberg reported.
The company has held discussions with potential underwriters ahead of an initial public offering in which it would seek to be valued at more than $6bn.
The Bountiful, which changed its name this month from Nature, has $2.25bn in outstanding debt. A final decision on pursuing an IPO has not been made, and the company’s plans could change.
Flywire plans an IPO at a $3bn valuation.
Flywire has hired investment banks to prepare for a US initial public offering later this year that could value the payments processor at around $3bn, Reuters reported.
Flywire is working with Goldman Sachs and JP Morgan on the listing, which could come as early as this summer. Flywire was valued at $1bn in a fundraising round in February 2020.
Ortho Clinical Diagnostics sets terms for $1.5bn IPO. (FS)
Ortho Clinical Diagnostics, a Carlyle-backed global provider of in vitro diagnostic products, announced terms for its IPO.
The Raritan, NJ-based company plans to raise $1.5bn by offering 70m shares at a price range of $20 to $23. At the midpoint of the proposed range, Ortho Clinical Diagnostics would command a fully diluted market value of $4.9bn.
Acquired by The Carlyle Group in 2014, Ortho Clinical Diagnostics is a pure-play in vitro diagnostics business that provides diagnostic testing solutions to the clinical laboratory and transfusion medicine communities, impacting approximately 800k patients every day.
Pontem announced the closing of upsized $690m IPO.
Pontem, a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses and led by Chairman and Chief Executive Officer Hubertus Mühlhäuser and Lead Director Burak Alici, announced that it closed its upsized initial public offering of 60m units at $10 per unit and the sale of an additional 9m units at $10 per unit pursuant to the underwriters' full exercise of their over-allotment option. Total gross proceeds from the offering were $690m before deducting underwriting discounts and commissions and other offering expenses.
Each unit consists of one Class A ordinary share of the Company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.5 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols "PNTM" and "PNTM WS," respectively.
Pontem was advised by Credit Suisse, Guggenheim Partners, Kirkland & Ellis and Teneo.
Liberty Media-backed SPAC prices IPO to raise $500m.
Liberty Media Acquisition, a blank-check company backed by Formula One-owner Liberty Media, said it priced its IPO at $10 a share to raise $500m, Reuters reported.
SPAC, which is due to began trading on the Nasdaq under the symbol “LMACU”, sold 50m shares in its US IPO.
Citigroup, Morgan Stanley, Credit Suisse and Goldman Sachs acted as joint book-running managers for the IPO.
PE-backed Authentic Equity Acquisition closes IPO. (FS)
Authentic Equity Acquisition has completed an IPO of 20m units at $10 per unit with the full exercise of the underwriters' overallotment option to buy 3m additional units, for aggregate gross proceeds of $230m.
The Authentic Equity-backed special purpose acquisition company will seek investments in the consumer products and services sectors. Each unit consists of one class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to buy one class A ordinary share at a price of $11.5 apiece.
Jefferies and BMO Capital Markets are joint bookrunning managers for the IPO. Authentic Equity was advised by Kirkland & Ellis.
Gauge Capital closes Gauge Capital III fund at $800m. (FS)
Gauge Capital, a middle market private equity firm, announces the closing of its third fund with an oversubscribed first and final close of $800m in commitments. The Gauge Capital team is the largest investor in the fund and represents over 25% of the committed capital.
Gauge focuses on investing in growing services and technology-enabled companies in the business and consumer, healthcare, industrial, government and food sectors.
Gauge Capital is advised by Ropes & Gray.
Neuberger Berman continues to expand access to private equity. (FS)
Neuberger Berman has launched the NB Crossroads Private Markets Access Fund, a registered, continually offered closed-end fund that further democratises the firm's private equity offerings and increases access to these important portfolio solutions for individual investors.
The Fund launched with $208m in initial capital, including $34m from Neuberger Berman employees.
EMEA
The European Commission has unconditionally cleared the $1.9bn acquisition of Calisen by a consortium of private equity firms, including BlackRock, Goldman Sachs (Merchant Banking Division), and Mubadala.
The completion of the acquisition remains subject to waiver to remaining conditions and antitrust regulations.
Calisen is advised by Citigroup, HSBC, Allen & Overy and Finsbury Glover Hering. WSIP is advised by Sullivan & Cromwell. BlackRock and Mubadala are advised by Goldman Sachs, Clifford Chance and Freshfields Bruckhaus Deringer. Goldman Sachs is advised by Norton Rose Fulbright. Debt financing is provided by BNP Paribas, Goldman Sachs, Credit Agricole and NatWest Markets.
Rovensa-backed Trade International, a distributor of fertilizers, pesticides, fungicide, herbicide, fumigants, bionutrients and humic acid, completed the acquisition of Oro Agri, a manufacturer of agrochemical products, from Omnia international, which develops, manufactures, and distributes chemical products, for c.$165m.
"We are particularly excited about Rovensa's organic and bio-rational portfolio. It opens up great opportunities for the Oro Agri business. And, as we move forward, the commitment Rovensa has made to be a leader in this increasingly important market segment means Oro Agri will be able to offer our customers the cutting edge in bio-pesticide crop protection. For Rovensa and its related businesses, we can offer a turn-key sales and marketing team in important markets like North America, where it does not currently have a significant presence," Erroll Pullen, Oro Agri CEO.
Rovensa was advised by PricewaterhouseCoopers, ERM Group, HSBC, JP Morgan, McKinsey & Company and Uria Menendez. Omnia was advised by Webber Wentzel.
GlobalWafers, a silicon wafer manufacturing company, agreed to raise its takeover bid for Siltronic, a silicon wafers supplier, to $5.1bn.
"This combination shows how attractive the Siltronic team and its leading-edge solutions are in this market. GlobalWafers has made important commitments for a successful future of Siltronic within the GlobalWafers Group. In particular, the guarantees made to the sites and the workforce were very important to us, but also maintaining the strong Siltronic brand under the GlobalWafers umbrella," Christoph von Plotho, Siltronic CEO.
Siltronic is advised by Hengeler Mueller. GlobalWafers is advised by Nomura, Linklaters, White & Case, and Brunswick Group.
Bridgepoint Development Capital, an alternative asset manager, agreed to acquire Baird Capital-backed Prescient Healthcare Group, a UK healthcare provider. Financial terms were not disclosed.
“I’m excited by the collaborative approach and hunger for excellence that Bridgepoint will bring to the boardroom and much look forward to our partnership as we continue to invest in our passion for helping our amazing clients develop and commercialize innovative treatments that bring such hope and relief to patients globally,” Jamie Denison-Pender, Prescient CEO.
Prescient Healthcare is advised by Alantra, Squire Patton Boggs and Edgemont Partners.
Shareholders in Italian broadband firm Open Fiber have agreed to postpone an initial deadline over a bid by Macquarie for a stake in the venture as they jostle for common ground.
Under the deal, Macquarie would pay $3.1bn for a stake of 50%, though any final price could fluctuate depending on a series of earn-out and legal dispute clauses.
Macquarie is advised by Barclays. Enel is advised by Community Group.
A consortium of investors including Caisse des Depots-backed La Banque des Territoires, CNP Assurances and EDF Invest, agreed to acquire a 50% stake in Orange Concessions, a provider of fibre network solutions, from Orange, a telecommunication company, for $1.3bn.
“I am delighted that Orange, Europe’s leader in fibre roll-out, is now set to establish this partnership in its domestic market with recognized investors who share our vision of digital communication infrastructure development. Through this partnership, Orange holds the means to pursue the development of fibre in rural areas, by winning new public initiative networks or by participating in market consolidation. This is a key milestone in the delivery of our Engage 2025 strategic plan," Stéphane Richard, Orange Chairman & CEO.
Vivendi, a French media company, agreed to acquire a 7.6% stake in PRISA, a Spanish media and education company. Financial terms were not disclosed.
Buying shares in PRISA is part of Vivendi’s ongoing strategy to become a global leader in content, media and communications, while extending its access to the Spanish-speaking markets in Europe, Latin America and US Hispanics.
"PRISA welcomes the investment of an industrial shareholder such as Vivendi, one which recognizes the value and the potential of PRISA's assets and brands. Vivendi's investment provides the strength and security necessary for PRISA's future project and endows it with an important new ally to successfully see those plans through," Joseph Oughourlian, PRISA Chairman.
HitecVision announces talks to buy Exxon's UK assets. (FS)
Private equity fund HitecVision and its British unit Neo Energy have entered exclusive negotiations to buy Exxon’s upstream assets in the central and northern North Sea, Reuters reported.
Bids for ExxonMobil’s British North Sea oil and gas fields, which were expected to fetch about $1bn, were due on October 28.
“HitecVision/NEO Energy have entered exclusive negotiations to purchase ExxonMobil’s upstream assets in the central and northern North Sea, which, if successful, are expected to result in a signed sales agreement in the first quarter, with close later in the year,” HitecVision.
PPF seeks a public offer for MONETA shares.
Czech billionaire Petr Kellner’s PPF Group aims to launch a public offer for shares in MONETA Money Bank and sell its Air Bank unit to the lender in a share swap that renews an attempt at a deal that fizzled two years ago, Reuters reported.
Czech lender MONETA Money Bank said in a filing it had received the wording of a public proposal from PPF subsidiary Tanemo seeking up to 20% of MONETA shares, with a right to increase that to 29%, at a price of $3.73, above Friday’s close of $2,57.
PPF, which holds a 0.63% stake in MONETA, also invited MONETA to negotiate the acquisition of PPF’s Air Bank and other financial groups in the Czech Republic and Slovakia, including PPF’s Home Credit units.
FrieslandCampina is said to mull options for Friso Formula brand.
Royal FrieslandCampina is considering options for its Friso infant nutrition brand as it pushes ahead with efforts to streamline its business, Bloomberg reported.
The Dutch food group is working with JP Morgan on a strategic review of Friso. Friso manufactures formula for infants and toddlers and its products are available in 25 countries across Europe, the Middle East, Asia and Mexico. Deliberations are at an early stage, and FrieslandCampina has not made any final decisions on the future of the business.
ASOS emerges as frontrunner to clinch TopShop deal.
ASOS, the online fashion retailer, has emerged as the surprise frontrunner to buy TopShop from the administrators to Sir Philip Green’s former high street empire, SkyNews reported.
ASOS has moved into pole position to buy the brand for more than $342m, days after a consortium led by Next withdrew from the race.
Atlas Mara mulls options on Nigerian Bank after approaches.
Atlas Mara, a financial services holding company, is considering options for its stake in a Nigerian bank after receiving takeover interest for one of its last remaining assets.
The initial approaches for its 49.97% holding in Lagos-based Union Bank of Nigeria came from local lenders looking to expand in Africa’s biggest economy, the people said, asking not to be identified as deliberations are private. The firm is working with Rothschild & Co.
CDC Group targets over $1bn annual investment in African businesses. (FS)
CDC Group, a UK-based impact investor and development finance institution, has announced a commitment to invest over $1bn again in African businesses in 2021.
The commitment will enable CDC to invest in many more promising African entrepreneurs and SMEs, and continue to drive inclusive growth and job creation across the continent, where over half of the institution’s portfolio is now invested. The funds will be invested in financial institutions, infrastructure and climate, services, manufacturing, agriculture, real estate and technology.
“2020 was a challenging year for African economies and businesses, which have been heavily affected by Covid-19. As an impact investor and DFI, CDC is committed to providing long-term investment particularly in challenging times. As FDI continues to drop, we maintain our steadfast commitment to African businesses as they play a leading role in accelerating Africa’s economic and human development,“ Nick O'Donohoe, CDC Chief Executive Officer.
Great Hill in talks to buy Notonthehighstreet. (FS)
A US-based investment firm is in advanced talks to buy Notonthehighstreet, the British-based online personalised gifts retailer, SkyNews reported.
Great Hill Partners, which has backed companies including the home furnishings site Wayfair and Momondo, the digital travel group, is close to agreeing a deal to buy the 15-year-old company. Notonthehighstreet has been effectively up for sale for several months, when it hired bankers at Evercore to explore a transaction.
Trustly plans an $11bn IPO.
Swedish payments firm Trustly plans to take advantage of a surge in digital transactions in the Covid-19 pandemic with a second-quarter flotation that could value it at up to $11bn, Reuters reported.
An IPO likely in Stockholm, is one of a number of technology listings expected in Europe as investors flock to growth stocks in strong equity markets.
Trustly’s owner, buyout group Nordic Capital, is working with Goldman Sachs, JP Morgan and Carnegie and is in the process of hiring more banks with a view to launching the IPO in late April or early May.
London Stock Exchange chief intends to create £300m Covid-lifeline float.
The London Stock Exchange is hatching plans to create a £300m ($410m) listed vehicle aimed at bolstering the survival chances of companies hit hard by the coronavirus pandemic.
David Schwimmer, the London Stock Exchange Group chief executive, has been spearheading talks with top City figures and the Treasury about establishing an investment trust called the UK Growth and Resilience Fund. The scheme, which would principally invest in unquoted companies, is said to have been under discussion for months.
A fund management source said this weekend that BMO Financial Group, JP Morgan and Octopus Ventures were being lined up to oversee three strands of investment, focused on private equity, listed small-cap companies and venture capital respectively.
APAC
Verra Mobility, a provider of connected systems, agreed to acquire Redflex, an intelligent traffic management products provider, for $112m.
"We are incredibly excited for this step forward in building the Verra Mobility of the future, expanding our portfolio of safe city solutions, and solidifying our position as a global leader in smart transportation," David Roberts, Verra Mobility Chief Executive Officer.
Verra is advised by ICR.
CITIC Capital, a private equity firm, completed an investment in Reclassified, a fragrance brand. Financial terms were not disclosed.
"Consumers in China today have high aspiration for better lifestyle. This aspiration has stimulated the rapid development of related sectors. The growth of the perfume and fragrance sector has been particularly strong, with iconic brands such as Reclassified emerging in China. RE has a deep understanding of the needs of Chinese consumers and takes pride in its strong heritage in world-class product development. RE also has a strong offline retail network and online presence, enabling the brand to reach a broad consumer base through different channels. We are excited to be working with the young and passionate team of Reclassified and look forward to witnessing the rising of an authentic Chinese trendsetter in the perfume and fragrance sector," Hanxi Zhao, CITIC Capital Senior Managing Director.
CLPS Incorporation, an IT consulting and solutions service provider, completed the acquisition of a 35% stake in Shanghai Shier Information Technology, an e-commerce services provider. Financial terms were not disclosed.
"The investment in SSIT marks our attempt to enter the B2C business. We are optimistic that this investment will not only generate and improve our financials, but will also complement the respective competitive advantage in B2B and B2C to build an online traffic platform, a new engine of attracting potential clients and a vehicle to fulfill our future business model diversification," Henry Li, CLPS Chief Operating Officer.
Ant Group’s valuation seen dropping to $108bn.
Ant Group’s valuation may be cut further under new measures proposed by China to curb market concentration in its online payments market, Bloomberg reported.
Jack Ma’s fintech giant may be worth less than $108bn under the draft proposals, which could reduce the value of Ant’s Alipay service by half. Earlier this month, Chan lowered his Ant valuation.
Ant Group’s valuation may plunge further if its payment unit is forced to break up due to potential anti-trust probes by China’s central bank.
Gojek, Tokopedia merger talks move forward.
Indonesia’s homegrown tech giants Gojek and Tokopedia, who are currently engaged in merger discussions, are said to be exploring various options including setting up a holding company structure that will house the unicorns as independent entities, DealStreetAsia reported.
Such a structure will allow the companies to retain their individual brands, and negotiations are also going on around ways to integrate the disparate decade-old businesses under Gojek and Tokopedia.
Petronas said to join Fray for $4bn Lonza chemical arm.
Malaysian state oil producer Petroliam Nasional is among suitors vying for a chemicals business being sold by Lonza Group, Bloomberg reported.
Petronas is working with an adviser as it considers a second-round bid for the Lonza Specialty Ingredients business. Switzerland-based Lonza has asked for offers by early February.
German chemical producer Lanxess and a crop of top private equity firms have also been shortlisted for the next round of bidding for the business, which could fetch around $4bn.
Shiseido in talks to sell lower-priced brands to CVC. (FS)
Japanese cosmetics firm Shiseido said it was in talks to sell its lower-priced skincare and shampoo brands to private equity firm CVC Capital Partners in a deal reported to be valued at more than $1.45bn, Reuters reported.
Shiseido, whose shares ended the day up 4.4%, said it was negotiating a sale of its personal care business in the first half of the year to CVC.
Hong Kong Life owners revive sale after failed deal.
The owners of Hong Kong Life Insurance are reviving a sale of the business after a deal was scrapped more than two years ago, Bloomberg reported.
A sale of Hong Kong Life, whose owners include OCBC Wing Hang Bank, could fetch $400m to $500m. Citigroup is helping find a buyer for the business, which has drawn preliminary interest from other insurers.
This would mark at least the third attempt by the owners to exit the business. A previous agreement to sell the operations to investment fund First Origin International for $914m was terminated in 2018 because closing conditions had not been satisfied.
RLX valued at nearly $35bn in US market debut.
American depositary shares of RLX Technology jumped 86% in their US stock market debut on Friday, giving the Chinese vaping firm a market capitalization of nearly $35bn, Reuters reported.
RLX’s shares opened at $22.34, well above their initial public offering price of $12 per share. Shares were up 58% in early trade on the New York Stock Exchange.
The Beijing-based company offered 116.5m shares in its IPO, raising $1.4bn, after having earlier targeted a price range of $8 to $10 per share.
Kuaishou draws BlackRock, ADIA to $6bn IPO. (FS)
Kuaishou Technology, the Chinese short-video startup, has attracted BlackRock and the Abu Dhabi Investment Authority as cornerstone investors in its Hong Kong initial public offering, Bloomberg reported.
Capital Group and Canada Pension Plan Investment Board also committed to buy stock in the offering. Kuaishou is targeting to raise as much as $6bn from the share sale, which is set to start taking orders as soon as Monday.
The company plans to set aside almost $2.5bn of IPO stock for about 10 cornerstone investors. Fidelity, Chinese buyout firm Boyu Capital, Morgan Stanley Investment Management and Invesco's Oppenheimer fund arm also agreed to purchase shares, they said. Singapore state investment firms GIC and Temasek separately plan to participate in the offering.
Peak Sport Products mulls A-Share IPO in 2022.
Chinese athletic apparel producer Peak Sport Products is planning an initial public offering of A-shares as soon as next year after delisting from Hong Kong’s stock exchange in 2016, Bloomberg reported.
The company was most recently valued at $1.4bn. It’s currently working with an adviser to raise fresh capital before its planned domestic IPO. Deliberations on the size and timeline of the fundraising as well as the potential IPO are preliminary and may not lead to any transactions.
Aichi Automobile said to seek funds at $2bn value.
Aichi Automobile, an EV statrup, is seeking to raise fresh funds that could value the Chinese electric-vehicle startup at more than $2bn before its potential US initial public offering, Bloomberg reported.
China’s ride-hailing giant Didi Chuxing is among potential investors considering participating in the fundraising. Aichi, better known as Aiways, plans to use the new capital for global expansion.
Founded in 2017 by Chinese entrepreneurs Samuel Fu and Gary Gu, Aiways has a manufacturing base in Jiangxi province and a battery pack factory in Suzhou of Jiangsu province. The Shanghai-based company also has its European research and development and sales center in Munich with a manufacturing base in Denmark.
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