The Chatterjee Group and Rhone Group, two private equity firms, completed the acquisition of Lummus Technology, a technology licensor of proprietary gas processing, refining, and petrochemical and coal gasification technologies, from McDermott, a Panamanian-domiciled multinational engineering, procurement, construction and installation company, for $2.7bn. The sale is a part of McDermott's recently announced Chapter 11 bankruptcy plan.
"Our investments are both strategic and long-term, where most span across 25-30 years. We have primarily focused on knowledge-based companies, and Lummus is a great addition to our portfolio. Leading with innovation, Lummus delivers sustainable value to clients in the area of materials technology. We also see a significant synergy with our existing portfolio companies in the area of digitalization. We, being a long-term client of Lummus, can understand from the customers' perspective and will now move towards co-creative innovation," Purnendu Chatterjee, Chatterjee Founder Chairman.
McDermott was advised by Alix Partners, Evercore, Prime Clerk, Arias Fabrega & Fabrega, Baker Botts, Jackson Walker and Kirkland & Ellis. The Chatterjee Group and Rhone Group were advised by Paul Weiss Rifkind Wharton & Garrison.
SSR Mining and Alacer Gold announced that, in connection with their previously announced $1.7bn merger with Alacer Gold, the Australian Securities Exchange has granted SSR Mining conditional approval to be officially quoted on the ASX. The conditional approval is subject to customary conditions, including requisite approvals of the shareholders of SSR Mining and Alacer at their respective special meetings of shareholders to be held on July 10, 2020 and final court approval.
Following the closing of the Arrangement, it is expected that the new SSR Mining CDIs will initially trade on the ASX on a deferred settlement basis for approximately four to five trading days.
Alacer Gold is advised by CIBC World Markets, Scotiabank, and Stikeman Elliott. SSR Mining is advised by National Bank Financial, TD Securities, Lawson Lundell, McCarthy Tetrault, White & Case and Kingsdale Advisors.
Pension delivery organisation APG Group and Fiera Infrastructure, a mid-market direct infrastructure investor, agreed to acquire a majority stake in Conterra Ultra Broadband Holdings, an independent fibre bandwidth provider from Court Square Capital, a middle-market private equity firm. Financial terms were not disclosed.
"On behalf of the Conterra management team and our employees, we are excited to be partnering with APG and Fiera Infrastructure, two exceptionally well-capitalized institutions with significant experience growing infrastructure businesses. With their financial strength and support, we will accelerate our expansion plans in Tier II and Tier III markets through the rapid expansion of our fibre networks, strategic acquisitions and enhanced fibre-based solutions, while remaining fully committed to delivering exceptional customer experience," Craig Gunderson, Conterra President & CEO.
Conterra and Court Square are advised by Evercore, TD Securities, Dechert, and Morgan Lewis & Bockius. Fiera and APG are advised by Harris Wiltshire & Grannis and Weil Gotshal and Manges. APG is advised by Goulston & Storrs.
Ingredion, a global ingredient solutions provider, completed the acquisition of PureCircle, a producer of stevia sweeteners, for $229m.
“This is a significant step forward as we advance our driving growth roadmap and further align our sugar reduction and specialty sweetener platform to the megatrends in the food and beverage industry. We have always had tremendous respect for the PureCircle team and the business they have built over the last two decades. We are excited to welcome them to the Ingredion family," Jim Zallie, Ingredion President and CEO.
PureCircle was advised by KPMG, Baker McKenzie, Wong & Partners, and Newgate Communications. Ingredion is advised by Citigroup and Hogan Lovells.
OPES Acquisition, a special purpose acquisition company, agreed to acquire and merge with BurgerFi International, a fast-casual dining restaurant chain in a $100m deal.
“BurgerFi’s position within the rapidly expanding ‘better-burger’ space combined with its technology-driven business model and highly-scalable structure makes it poised for significant shareholder value creation. We believe that BurgerFi is positioned for rapid growth. Our team is thrilled to partner with BurgerFi’s senior management to support the numerous growth initiatives underway and to drive operational excellence," Ophir Sternberg, OPES Chairman and CEO.
BurgerFi is advised by Shumaker Loop & Kendrick. OPES is advised by EarlyBirdCapital, Loeb & Loeb, Allison+Partners and Gateway Investor Relations.
Private equity firm Wind Point Partners-backed Voyant Beauty Holdings, a manufacturer of beauty care products, agreed to acquire KIK Personal Care, a manufacturing partner and formulator for personal care, prestige beauty, over-the-counter and household products. Financial terms were not disclosed.
"For KIK, the KPC divestiture is a logical next step in the transformation we began in early 2019. This transaction is a very positive development for the KPC business. The combination with Voyant Beauty will allow KPC to be part of an organization that is focused entirely on the same industry. The two businesses are highly complementary and merging will enable a broader customer offering, enhanced innovation capabilities, and an extensive manufacturing network," Jared Knudson, KIK CEO.
KIK Custom Products is advised by Rothschild & Co, William Blair & Co, Blake Cassels & Graydon, Weil Gotshal and Manges, and Kekst CNC.
HIG Capital completed the acquisition of Supply Source Enterprises, a manufacturer of branded and private label personal protective equipment and janitorial, safety, hygiene and sanitation products, from Genuine Parts, an American service organization. Financial terms were not disclosed.
"HIG will bring additional expertise and resources to SSE to support management as they continue to broaden SSE’s customer base, expand offerings and enhance services. Importantly, given the critical role of these businesses in the Covid-19 pandemic, we remain committed to ensuring continuity of service to customers while prioritizing the wellbeing of employees,” Rahul Vinnakota, HIG Managing Director.
HIG Capital was advised by Harris Williams & Co, Robert W Baird and McDermott Will & Emery. GPC was advised by JP Morgan and Troutman Sanders.
BankFIrst Capital, a bank holding company, completed the acquisition of Traders & Farmers Bancshares, a commercial banking services provider. Financial terms were not disclosed.
"We are excited to welcome T&F's employees, customers and communities to the BankFirst family. We expect this merger to enhance our ability to continue investing in our products and services, and enable us to remain competitive on all fronts as the banking industry continues to change and evolve," Moak Griffin, BankFirst President and CEO.
T&F Bancshares was advised by Performance Trust Capital Partners, Porter White & Company, and Bradley Arant Boult Cummings. BankFirst was advised by Olsen Palmer and Hunton Andrews Kurth.
United Community Banks, a bank holding company, completed the acquisition of Three Shores, a bank holding company, including its subsidiary Seaside National Bank & Trust, for c. $180m.
“We have been looking for an opportunity to enter Florida in the right markets, with the right business model, and most importantly, with the right people. We believe that we have accomplished all of these things with this merger. Since the transaction announcement in March, our relationship with Gideon and his team has become even stronger, and we continue to believe that now more than ever, our combined banks are better together. We are very excited to have Seaside’s talented team join the United team and help us lead our expansion into Florida,” Lynn Harton, United Community Chairman and CEO.
Three Shores was advised by Piper Sandler and Smith Mackinnon. United Community was advised by Morgan Stanley and Nelson Mullins Riley & Scarborough.
Platinum Equity, a private equity firm, agreed to acquire the distribution business of Deluxe Entertainment, an American content creation company. Financial terms were not disclosed.
"Platinum is an excellent home for Deluxe and this investment represents a strong commitment to our history and to the entertainment industry at a critical time in our business. With Deluxe as part of the Platinum family, the company will have the support it needs to move into ever more innovative ways to serve the creative community," Cyril Drabinsky, Deluxe Distribution CEO.
Platinum Equity is advised by Alston & Bird and Skadden Arps Slate Meagher & Flom. Deluxe is advised by Moelis & Co and Stroock & Stroock & Lavan.
Blucora, a provider of tax-smart financial solutions, completed the acquisition of HK Financial Services, a CPA-focused registered investment advisor, for $160m. As part of the transaction, Blucora expects to issue $165m of add-on term loan fungible with existing debt.
“This highly complementary acquisition enables us to expand the ways we can work with CPA firms and tax professionals to deliver wealth management services to their clients. At the same time, we believe that we’re adding a fast-growing, highly profitable RIA business that increases our addressable market and enhances Blucora’s growth opportunities. We are thrilled to officially welcome the HKFS team to the Blucora family and look forward to providing our combined client base with the best products and services for years to come,” Chris Walters, Blucora President and CEO.
Blucora was advised by PJT Partners, Haynes and Boone, and JConnelly.
Align Financial, an insurance holding company, completed the acquisition of National Lloyds, a provider of property and casualty insurance, from Hilltop, a financial holding company, for $154m.
“This strategic transaction will serve to further diversify and scale Align’s business; putting us on track to write close to $500m of specialty premiums this year. National Lloyds is a leading underwriter of specialty personal property insurance and we are delighted to welcome their high-quality team to Align. We look forward to working together to deliver new and enhanced product solutions to their valued customers,” Align Kieran Sweeney, CEO.
Align was advised by Durham Jones & Pinegar. Hilltop was advised by Piper Sandler and Wachtell Lipton Rosen & Katz.
USI Insurance Services, an insurance brokerage and consulting firm, completed the acquisition of Associated Benefits & Risk Consulting, a multi-line insurance agency and Midwest-based consulting firm, from Associated Banc-Corp, a US regional bank holding company, for $266m.
“We are thrilled to welcome the clients and talented professionals from ABRC to the USI family. Working together as ONE, I am confident our teams will bring tremendous experience and insights, with a shared commitment to delivering a different and better experience for our valued clients across the country,” Michael J. Sicard, USI Chairman and CEO.
Associated Banc-Corp was advised by Goldman Sachs and Husch Blackwell.
Platinum Equity, a private equity firm, completed the acquisition of L&R Distributors, a wholesale distributor of consumer products. Financial terms were not disclosed.
"Platinum is the perfect partner to help us take L&R to the next level. Platinum has a lot of experience in the distribution space and a well-defined playbook for helping companies like ours maximize their potential," Marc Bodner, L&R Distributors CEO.
Platinum Equity was advised by Gillis & Associates and O'Melveny & Myers.
Pine Island Capital Partners, a mid-market private equity firm, completed the acquisition of Meggitt Training Systems, a supplier of integrated live fire and simulation weapons training systems, from Meggitt, a company specialising in high-performance components and sub-systems for the aerospace, defence and energy markets, for $146m.
"The transaction is consistent with the group's strategy to focus on businesses of scale in markets where its leading positions offer greater potential for growth and operational efficiencies. The net proceeds will be used by the group for general corporate purposes and will further strengthen the group's liquidity," Meggitt.
MarineMax, the US largest recreational boat and yacht retailer, agreed to acquire Northrop & Johnson, one of the largest superyacht brokerage and services companies with offices across the globe. Financial terms were not disclosed.
"The acquisition of Northrop & Johnson furthers the MarineMax commitment to fulfilling our mission of exceptional customer service, regardless of whether a client is buying, selling, insuring, building, crewing or chartering. The combination allows us to provide an even greater network to serve our customers’ shared passion for yachting," Brett McGill, MarineMax CEO and President.
Google completed the acquisition of North, a Canadian augmented reality wearables company. Financial terms were not disclosed.
"We’re building towards a future where helpfulness is all around you, where all your devices just work together and technology fades into the background. North’s technical expertise will help as we continue to invest in our hardware efforts and ambient computing future. We're excited to welcome our new colleagues, and committed to the growing global tech community of Kitchener-Waterloo," Rick Osterloh, Google Senior Vice President.
Venture capital firm JAZZ Venture-backed Pocket Outdoor Media, an endurance sports media platform, agreed to acquire the Healthy Living, Fitness, and Outdoor divisions of Active Interest Media, one of the world's largest enthusiast media companies. Financial terms were not disclosed.
"The strength of these collective brands positions us to build the premier active lifestyle media destination to meet the needs and interest of our readers on a daily basis, whether they're beginners or experts—looking for a training plan, healthy recipe, event coverage, nutrition advice, injury prevention and more. Our mission is to inspire people to do the activities they love—yoga, ride, cook, ski, run, swim, hike, climb—with greater enjoyment and knowledge," Robin Thurston, Pocket Outdoor Media CEO.
Prosus hopes to resume M&A drive with eBay classifieds bid.
Having lost an $8bn battle to buy Just Eat, Takeaway.comin January, the e-commerce group is the party to beat in a hotly-contested auction process for the eBay business, Bloomberg reported.
By pursuing the eBay unit, potentially valued at as much as $10bn, Prosus is looking to seal its biggest purchase since spinning off from South African technology giant Naspers last year. Prosus holds assets including a stake in Chinese Internet giant Tencent, as well as businesses from Brazil to Germany in industries such as online food delivery and classified advertising.
Naspers opted to separate Prosus - in which it retains a majority holding - in the hopes shareholders would assign more value to its investments around the world. While the listing in Amsterdam was a chance for Prosus to begin an aggressive acquisition spree, a big deal has yet to materialize.
It also missed an opportunity to expand in the US after the combined Just Eat Takeaway.com agreed to acquire Grubhub Inc. for $7.3bn in June.
KKR makes new industrial real estate acquisitions. (RE)
KKR today announced the acquisition of two industrial distribution properties totalling approximately 2.5m square feet for an aggregate purchase price of approximately $260m. The two properties are the first industrial properties acquired by KKR’s core plus real estate strategy.
“We are excited to increase our footprint in these major distribution markets with the addition of two high quality, stable assets. We believe that the current environment will lead to continued acceleration of e-commerce penetration which drives demand for large modern distribution centers like the ones we are acquiring. Logistics real estate represents a growth opportunity as more and more US consumers migrate to shopping online,” Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas.
Dun & Bradstreet raises $1.7bn in US IPO.
Dun & Bradstreet Holdings, one of Wall Street’s oldest data and analytics providers, raised $1.7bn in its IPO after pricing the offering above a marketed range, Bloomberg reported.
The company, whose origins can be traced to 1841, sold 78.3m shares at $22 each. It upsized the offering after earlier marketing 65.75m shares for $19 to $21 each.
At $22, the company would have a market value of about $8.8bn based on the number of outstanding shares listed in the filing.
Prosus is said in talks to buy Just Eat stake in Brazil’s IFood.
E-commerce group Prosus is in talks to increase its stake in iFood, Latin America’s biggest food delivery startup, amid a wave of consolidation in the industry, Bloomberg reported.
The Amsterdam-listed company has approached Just Eat Takeaway.com about buying part or all of its 33% holding in iFood. Just Eat’s stake in the Brazilian company could fetch about $750m to $1bn in a sale.
Prosus, which is controlled by South African media and internet group Naspers, already has about a 55% interest in iFood.
General Atlantic CEO and CPPIB Asia Pacific Head join EMPEA board. (People)
EMPEA, a global industry association for private capital in emerging markets, has appointed of Bill Ford, Chief Executive Officer of General Atlantic, and Suyi Kim, Head of Asia Pacific at Canada Pension Plan Investment Board, to its Board of Directors.
"It is vital for private capital investors to continue to put money to work across emerging markets as these investments have a real life impact on companies and the sustainability of economies in these regions. Having recently combined forces with LAVCA to expand our reach and capabilities, this depth must also be present at the highest levels of leadership at EMPEA," Nicolas Rohatyn, The Rohatyn Group Chief Executive Officer and EMPEA Chair.
Virgin Atlantic favors US hedge fund for rescue cash. (FS)
Virgin Atlantic Airways is edging toward an up to $620m emergency financing package led by Davidson Kempner Capital Management as the UK airline firms up survival plans, Bloombergreported.
The US hedge fund has emerged as the favored funding provider, ahead of an alliance of Elliott Management and UK investment firm Greybull Capital.
Davidson Kempner would provide more than half the money, with Richard Branson, the airline’s 69-year-old founder and majority shareholder, committing to inject around $247m. A final decision has not been taken and Centerbridge Partners, which had dropped out earlier, has been back in touch and could seek to swing a deal with a late proposal.
QIAGEN, a provider of Sample to Insight solutions to transform biological materials into valuable molecular insights, announced that its shareholders approved all agenda items related to the proposed acquisition by Thermo Fisher Scientific, a manufacturer of scientific instruments, consumables, and chemicals, for $11.5bn.
QIAGEN's Supervisory Board and Managing Board explained their views at the Annual General Meeting on the offer and their unanimous recommendation for QIAGEN's shareholders to accept the offer. QIAGEN executives stated at the meeting that the Boards continue to unanimously recommend the offer and remain fully aware of their fiduciary duties toward QIAGEN and all of its stakeholders, including its shareholders.
QIAGEN is advised by Barclays, Goldman Sachs, Moelis & Co, Lazard, De Brauw Blackstone Westbroek, Linklaters and Mintz Levin. Barclays and Goldman Sachs are advised by Sullivan & Cromwell. Thermo Fisher Scientific is advised by JP Morgan, Morgan Stanley, Hengeler Mueller, NautaDutilh, Wachtell Lipton Rosen & Katz, Freshfields Bruckhaus Deringer, Joele Frank and Brunswick Group. JP Morgan and Morgan Stanley are providing debt financing, and are advised by Simpson Thacher & Bartlett and Gleiss Lutz
PolyOne, a provider of specialized polymer materials, completed the acquisition of the masterbatches business of Clariant, a specialty chemical company, for $1.5bn.
"With this acquisition, Avient now expects over 85% of adjusted EBITDA to be generated from specialty applications. This is up from less than 10% when our specialty journey began over a decade ago. While we honor the legacies of our past organizations, under our new name Avient, we come together and look to the future as a world-class sustainable organization," Robert M. Patterson, PolyOne Chairman, President and Chief Executive Officer.
Clariant was advised by Homburger. PolyOne was advised by Citigroup and Jones Day. Debt financing was provided by Citigroup, Morgan Stanley and Wells Fargo Securities.
Jupiter Fund Management, a UK fund management group, completed the acquisition of Merian Global Investors, an independent active asset management firm with more than £22bn ($29bn) assets under management, from TA Associates for £419m ($547m).
"This is an exciting acquisition that enhances our position as a leading UK asset manager, provides increased scale and diversification into attractive product areas, and creates stronger future growth prospects for the business. It is also consistent with our strategic priorities, adding strong investment talent with a similar culture and investment philosophy," Andrew Formica, Jupiter CEO.
Merian was advised by Macfarlanes. Jupiter Fund Management was advised by Numis Securities, Fenchurch Advisory Partners, JP Morgan, and Powerscourt.
Sun Life Financial, an international financial services organization, completed the acquisition of an 80% stake in InfraRed Capital Partners, a global infrastructure and real estate investment manager, for $390m.
"We are delighted to announce the completion of the transaction agreement between InfraRed and Sun Life. This agreement represents an important milestone in InfraRed's journey and will support our continued evolution, including the launch of a North American renewable infrastructure fund," Werner von Guionneau, InfraRed Capital Partners Chief Executive Officer.
InfraRed Capital was advised by Ardea Partners and Weil Gotshal and Manges. Sun Life was advised by Fenchurch Advisory Partners and Skadden Arps Slate Meagher & Flom.
UK's watchdog Competition and Markets Authority has launched a merger investigation into the $235m acquisition of CEMEX, a Mexican multinational building materials company, by Breedon Group, an AIM-listed British construction materials company.
CMA is investigating if the acquisition of the Mexican building material company would cause a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
Breedon is advised by Cenkos Securities, Numis Securities, Moelis & Co, and Teneo. CEMEX is advised by HSBC.
Cboe Global Markets, an exchange holding company, completed the acquisition of EuroCCP, a pan-European equities clearinghouse. Financial terms were not disclosed.
"This acquisition is a significant milestone for our European business. Full ownership of a leading equities clearing house not only enhances our current European equities business, but also provides opportunities to diversify our business into trading and clearing derivatives in the region. We are delighted to welcome the EuroCCP team to Cboe Global Markets," Ed Tilly, Cboe Chairman, President and CEO.
EuroCCP was advised by PJT Partners, Allen & Overy and Greentarget. Cboe was advised by Macfarlanes and Norton Rose Fulbright.
Starwood Capital Group, a private equity firm, agreed to acquire a 29.42% stake in RDI REIT, a property investment business from Redefine Properties, a South Africa-based real estate investment trust for $131m.
Redefine will use the sale proceeds to settle the 2021 bonds and to further lower its other debt facilities. The transfer of the remaining shares is conditional upon acceptance of the tender offer being at a level that entitles Redefine to exercise a clean-up call.
"The exit out of RDI substantially advances Redefine’s stated intention of simplifying and solidifying its asset platform, as well as eliminating multiple entry points for South African equity investors into the same investment opportunities. Furthermore, it also improves the company’s risk profile by eliminating a risk universe over which it has no direct management influence," Andrew König, Redefine CEO.
RDI REIT is advised by FTI Consulting and Instinctif Partners. Starwood is advised by Kirkland & Ellis.
Intesa, an Italian banking group, completed a separate deal to acquire a 9.9% stake in Nexi, a provider of payment services, from its main shareholder Mercury, a holding company which through its subsidiaries, provides accounting, treasury, and bond reporting services, for $727m.
Mercury's stake in Nexi will fall to around 33.4% after the sale to Intesa. This could help Nexi negotiate a merger with Sia, given the smaller payments group is controlled by state lender CDP, which wants to have a key role in the combined entity, Reutersreported.
Mercury was advised by Rothschild & Co and Weil Gotshal and Manges.
Tofane Global, a communications solutions group enabling operators and digital players worldwide, completed the acquisition of NOS International Carrier Services, a subsidiary of NOS, a communications and entertainment group in Portugal. Financial terms were not disclosed.
"Our pace completing the NOS ICS acquisition illustrates two key developments. First, our carve-out model is gaining traction, with our position in both global traffic and revenues continuing to rise and exceeding all expectations. Second, we can witness the performance and value-add our customers are achieving through the 18-month consolidation course of our acquisition journey – which in turn, further accelerates interest in our business model," comments Alexandre Pébereau, Tofane Founder.
Tofane Globa was advised by 26FIVE Tech and Vae Solis Communications.
Altor Equity Partners, a private equity firm, agreed to acquire a minority stake in OX2, a renewable energy equipment developer, from Peas Industries, a diversified industry. Financial terms were not disclosed.
“OX2 is on an exciting mission of leading the ongoing energy transition and we are confident that getting Altor on the team will strengthen our position in the rapidly expanding renewable energy market. In the coming years we aim to focus on further growth in our core markets as well as adding new geographies and technologies to our portfolio”, Paul Stormoen, OX2 CEO.
Peas Industries is advised by JP Morgan and Gernandt & Danielsson.
Amundi, a European largest asset manager, completed the acquisition of Sabadell Asset Management from Banco Sabadell, which attracts deposits and offers commercial banking services, for $477m.
This transaction and the partnership with Banco Sabadell will allow Amundi to significantly reinforce its position in Spain, a major market in Europe for retail savings, and to consolidate its European leadership while deploying its unique business model aimed at serving retail networks.
“We are pleased to announce the finalisation of the acquisition of Sabadell Asset Management, and the successful start of the strategic partnership with Banco Sabadell. We are convinced that this new growth driver offers a solid potential for development. This partnership is in line with Amundi’s strategy in Europe to deliver its capabilities and resources to serve customers through retail networks,” Yves Perrier, Amundi CEO.
Amundi was advised by Cleary Gottlieb Steen & Hamilton.
Liontrust, a specialist fund management company, agreed to acquire Architas UK investment business from AXA for $92m.
"The Architas UK investment business is an important strategic acquisition for us to meet the growing demand for investment solutions from advisers and their clients over the next few years. It builds on and complements our existing investment solutions of Multi-Asset portfolios, Sustainable Managed and equity income funds," John Ions, Liontrust Chief Executive.
Interparfums, a French-based company engaged in the design, manufacturing and marketing of fragrances, agreed to acquire a 25% stake in Divabox, an owner of the Origines-parfums e-commerce platform for beauty products. Financial terms were not disclosed.
“With online sales for perfumes and cosmetics growing every year, a trend that has been accelerated by the health crisis, IPSA has been on the lookout for an opportunity to integrate an e-retail dimension since 2019. This partnership fits perfectly with this strategy,” Jean Madar, Inter Parfums Chairman & CEO.
Algeco Group, a modular space leasing business in Europe and Asia Pacific, completed the acquisition of Wexus Group, a provider of modular building solutions in the Nordic region from Norvestor Equity, a private equity firm focusing on lower mid-market control investments in the Nordic region. Financial terms were not disclosed.
"I am delighted to bring Wexus into the Algeco Group. This transaction further builds on Algeco's leading position in the highly attractive Nordic modular space market. We look forward to working closely with the highly experienced Wexus management team as they continue to lead this business and build Wexus' established track record of sustained revenue growth," Mark Higson, Algeco's Chief Executive Officer.
The Swiss engineering group said it planned to start the buyback after its second quarter results on July 22 and that it would ask shareholders at next year’s annual meeting to approve cancelling the repurchased shares.
ABB received an estimated $7.6-7.8bn from the sale of an 80.1% stake in Power Grids, which it completed as planned by the end of June.
InVivo Wine in talks to take control of Vinadeis.
InVivo Wine has entered into exclusive talks with shareholders of Vinadeis to take control of the wine group based in southern France, in a bid to increase its international reach, Reuters reported.
The takeover will be a new step in InVivo’s expansion into wine, which started in 2015. InVivo Wine, part of French cooperative group InVivo, also an large operator in the grains market, already had a 10% stake in Vinadeis.
“A majority stake would give birth to a leading wine operator in France and abroad, making it possible to aggregate production tools and commercial distribution channels and further increase the strength of ... the two group’s brands,” InVivo Wine.
Aareal Bank lists private equity firms in sale of tech unit. (FS)
German real estate lender Aareal Bank has shortlisted several private equity groups interested in a stake in its software business Aareon, Reutersreported.
EQT, Blackstone and Bain are among those to have advanced to the final round of bidding for a minority stake in Aareon, which is expected to be valued at $560-$672m as a whole, including debt, in a sale.
Monte Paschi eyes BPM merger as Italy's treasury prepares exit.
Banca Monte dei Paschi di Siena is exploring merger options, including with Banco BPM, while Italy’s Treasury Ministry has drafted a decree to sell its controlling stake in the bailed-out bank,Reuters reported.
Rome owns 68% of the Tuscan bank following an $8.96bn rescue in 2017 and has promised the European Commission it will re-privatise the bank next year.
The Treasury has drafted a decree, which requires the backing of Prime Minister Giuseppe Conte, authorising it “to proceed with the extraordinary operations” to shed its Monte dei Paschi stake.
ECB lowers bar for bank mergers.
The European Central Bank is lowering the bar for bank mergers in the euro zone, hoping to encourage an elusive wave of consolidation in a sector plagued by low profits and unresolved issues inherited from the last financial crisis, Reuters reported.
In a guide, the ECB clarified that merged entities will not necessarily be asked for extra capital and will be allowed to use their own accounting models as well as any “badwill” - a paper profit that occurs when an asset is bought below its book value.
These were some of the concerns flagged by bankers in recent years when evaluating mergers and acquisitions in the euro zone.
Auster Capital holds first closes of Fund I in excess of $500m. (FS)
Auster Capital, an independent private equity firm with a global mandate to pursue cross-border acquisitions, has held the first close of Auster Fund I in excess of $500m.
Support has been received from a variety of investors, including sovereign wealth funds, prominent financial institutions, industrial corporations and family offices. The Fund has a target size of $1bn.
MVI completes the first closing of MVI Fund II. (FS)
MVI Advisors has held the first closing of its second private equity fund, MVI Fund II with commitments of SEK688m ($74m). The Fund has a target of SEK1bn ($107m).
The Fund will continue to execute the successful strategy implemented by MVI since 2011, through buyout investments in high-quality, small companies in the Nordic region.
Unigestion closes its secondary fund. (FS)
Unigestion, an independent specialist asset manager, has completed the third closing of its direct investment vehicle, Unigestion Direct II, taking the total size of the programme to €375m ($431m), with €600m ($673m) being the final target size. The fund has also finalised its second investment.
In addition,the firm completed the first closing of its secondary investment vehicle, Unigestion Secondary V, with total commitments of €228m ($256m).
The success of these closings reflects the investor appetite for exposure to direct and secondary deals at the small end of the private equity market in the current economic environment.
Former Goldman Sachs executive joins Santander board. (People)
Marty Chavez, the former Goldman Sachs executive at the heart of its move to digitise its investment bank, is joining the board of Spanish bank Santander as it embarks on its own technological transformation.
Chavez, who retired from Goldman Sachs in September, will become an independent director at Santander as the bank looks to digitise its operations. He will replace Esther Gimenez-Salinas, who is stepping down after eight years on the board, and his appointment comes alongside that of Sebastian Gunningham.
Ex-Citi banker to be Standard Life Aberdeen’s new CEO. (People)
Stephen Bird has been appointed as chief executive of asset manager Standard Life Aberdeen, replacing Keith Skeoch who steps down after five years in the job and 14 years on the board, FN reported.
In a 30 June statement, the firm said that Skeoch will step down by the end of the third quarter.
Abu Dhabi’s Taqa plans to sell more shares after completing an asset-transfer deal with its parent, government-owned ADPower, that creates a utility giant in the Gulf Arab region.
Moody’s Investors Service upgraded Taqa’s credit rating by three levels to Aa3, the fourth-highest investment grade, following the transfer. Jasim Husain Thabet was CEO of ADPower, which owns 98.6% of Taqa’s issued shares. The share offering will increase the free float.
The asset-transfer deal makes Taqa the third-largest listed company in the United Arab Emirates in terms of market capitalization. It acquired most of ADPower’s assets for generating, transmitting and distributing power and water, in exchange for 106bn new shares.
Chevron completed the acquisition of Puma Energy (Australia) Holdings, a domestic commercial and retail fuel business of Puma Energy for $291m.
"This strategic acquisition further integrates our value chain in the Asia Pacific region by providing a well-developed infrastructure for products from our Asian refining joint ventures in an attractive market," Mark Nelson, Chevron's Executive Vice President for Downstream & Chemicals.
Puma Energy was advised by Bank of America Merrill Lynch, Allens and FTI Consulting.
BNP Paribas Arbitrage, a financial services provider, MK Ventures, the family office of prominent Indian investor Madhusudan Kela, and Norway Government Pension Fund Global, the asset management unit of the Norwegian central bank, completed the acquisition of an 11.68% stake in Laurus Labs, a developer of active pharmaceutical ingredients, from Warburg Pincus for $83m.
BNP Paribas Arbitrage acquired 1.5m shares of the Indian drugmaker at $6.7 apiece on the same day, Government Pension Fund Global lapped up 941k shares at $6.69 apiece and MK Ventures acquired 758k shares at $6.75 apiece.
Premji Invest, the investment arm of Azim Premji's endowment and philanthropic initiatives, completed the acquisition of a majority stake in Best Value Chem, a manufacturer of speciality chemicals. Financial terms were not disclosed.
"With Premji Invest backing us, we look forward to expanding our capacity and meeting the increasing demand from our global customers. We intend to move up the value chain and consolidate our position in the Indian Aroma Chemical market," Sanju C.O., BVC CEO.
ZEDRA, which provides management consulting and administration services, completed the acquisition of BNP Paribas Singapore Trust, which provides securities services. Financial terms were not disclosed.
"Singapore is a core jurisdiction for ZEDRA given the country's reputation for its high quality financial services sector, prudent supervision and resilient infrastructure. This latest deal will bring additional scale and expertise to our already fast growing Singapore office," Ivo Hemelraad, ZEDRA CEO.
Schroders, a British multinational asset management company, agreed to acquire a majority stake in Pamfleet, an Asian real estate manager which has $1.1bn of assets under management across four funds. Financial terms were not disclosed.
"Pamfleet is a high-quality business with a clear investment thesis and an experienced team of investment professionals. Since it was founded in 2k, it has had an excellent performance track record in some of the highest value and most dynamic real estate markets in the world. These markets are attractive to many of our partners and clients," Duncan Owen, Schroder Global Head of Real Estate.
Carlyle Group plans to acquire a 25% stake in Airtel’s data-centre business. (FS)
US private-equity firm Carlyle Group plans to acquire a 25% stake in Bharti Airtel’s data-centre business, valuing it at $1.2bn.
Entities affiliated to Carlyle will invest $235m for the stake in Nxtra Data, a wholly-owned unit of Bharti Airtel, the Indian telecommunications company said on July 1. Bharti Airtel will hold the remaining 75% stake.
“The transaction is subject to the necessary regulatory approvals, including approval from the Competition Commission of India,” Bharti Airtel.
TPG's Rise fund completed the acquisition of solar projects from Trina Solar.
The Rise Fund, a global impact investing fund managed by alternative asset firm TPG, completed the acquisition of approximately 1 gigawatt of solar PV projects from Changzhou, China-based Trina Solar. Financial terms were not disclosed.
The solar PV projects included in the transaction are currently operational, under construction or in late stage development nearing ready-to-build status across Spain, Chile, Colombia, and Mexico, and will serve as the first solar PV projects within the portfolio of newly created, Madrid-based Matrix Renewables.
“We are excited to launch Matrix Renewables with such a geographically diverse set of high-quality solar PV projects. Trina is one of the leading manufacturers of solar PVs, with a history of developing world-class solar PV projects in key markets. With the establishment of Matrix Renewables and the leadership of a seasoned management team, we are actively looking for additional strategic opportunities to grow our global portfolio and build out the platform," Ed Beckley, TPG Partner.