AMERICAS
Great Canadian Gaming stated that its shareholders voted in favor of a sweetened deal that would see Apollo Global Management acquire the Canadian casino operator for $2.8bn.
About 79% of Great Canadian Gaming shareholders approved the deal, which is expected to close in the second quarter of 2021.
Great Canadian Gaming is advised by CIBC World Markets, Scotiabank, Blake Cassels & Graydon and McMillan. Apollo is advised by Barclays, Deutsche Bank, Macquarie Group, Akin Gump Strauss Hauer & Feld, Osler Hoskin & Harcourt, Paul Weiss Rifkind Wharton & Garrison and Crestview Partners.
PropTech Acquisition, a special purpose acquisition company, completed the acquisition with Porch, a software and services platform for the home inspection and home service industries, from private equity firms Battery Ventures, Valor Equity Partners, Panorama Point Partners, FJ Labs, Moderne Ventures and The Founders Fund Growth Management, in a $523m deal.
With the closing, the combined company has been renamed “Porch Group" and its common stock and warrants will begin trading on The Nasdaq under the ticker symbols "PRCH" and “PRCHW”.
“Today is a momentous day for our company, our employees and our shareholders. We set out to build a truly great company that makes the home simple, from moving to maintenance and everything in between. It has been an amazing journey building Porch to where it is today, but we truly believe we are just now getting started," Matt Ehrlichman, Porch Founder and CEO.
Porch was advised by Financial Technology Partners and Sidley Austin. PropTech Acquisition was advised by Cantor Fitzgerald, Morrow Sodali Global, Financial Technology Partners, Northland Capital Partners, Kirkland & Ellis, and Gateway Investor Relations. Financial advisors to PropTech were advised by DLA Piper.
Barings BDC, a publicly traded, externally managed investment company, completed the acquisition of MVC Capital, a business development company traded on the New York Stock Exchange, for $178m.
"We are pleased to merge with Barings BDC as we believe that the combination of the complementary portfolios together forming a larger-scale BDC with increased investment capacity and portfolio diversification will offer all shareholders a strong platform for long-term growth. MVC has made significant progress in transitioning to a yield-focused BDC, building its net operating income over the past few years. Our success makes this an opportune time to enjoy greater scale, cost synergies and continued shareholder alignment," Michael T. Tokarz, MVC Capital Chairman and Portfolio Manager.
MVC Capital was advised by JMP Securities, Kramer Levin Naftalis & Frankel and KCSA Strategic Communications. Barings BDC was advised by JP Morgan, B2RLaw, Cobalt, Dechert and Morgan Lewis & Bockius. JP Morgan was advised by Simpson Thacher & Bartlett.
Clearlake Capital and SkyKnight Capital-backed symplr, a global healthcare governance, risk management, and compliance software-as-a-service platform, completed the acquisition of TractManager, a provider of healthcare technology services, from private equity firm Arsenal Capital Partners. Financial terms were not disclosed.
"TractManager's cloud solutions bring powerful new capabilities to our customers' connected GRC enterprise, enabling additional insights to drive improved quality of care and financial performance. Our expanding, end-to-end SaaS platform is a one-of-a-kind single source of truth for GRC-related data for providers, payers, and health systems," Rick Pleczko and Tres Thompson, symplr CEO and COO.
TractManager was advised by Harris Williams & Co, Morgan Lewis & Bockius and Prosek Partners. symplr was advised by Evercore, Sidley Austin and Lambert & Co. Debt financing was provided by Antares Capital, Ares Management, Credit Suisse, Deutsche Bank, Goldman Sachs, Golub Capital and Jefferies & Company.
The Merchant Banking division of Goldman Sachs, together with co-investors ClearSky Security and NightDragon, agreed to acquire White Ops, an ad verification, bot detection, and cybersecurity firm. Financial terms were not disclosed.
"Goldman Sachs, ClearSky, and NightDragon are ideal partners to support the next phase of the company's evolution and growth across multiple markets, use cases and geographies. Their continued support of our mission to disrupt the economics of cybercrime, global network of relationships, and market expertise provides a very strong foundation to execute on our vision to enable collective protection for the internet," Tamer Hassan, White Ops CEO and Co-Founder.
White Ops is advised by Morgan Stanley, Cooley and PAN Communications. Goldman Sachs is advised by Momentum Cyber, Sullivan & Cromwell and Wilson Sonsini Goodrich & Rosati.
Proteostasis Therapeutics, a clinical stage biopharmaceutical company developing small molecule therapeutics, completed the merger with Yumanity Therapeutics, a clinical-stage biopharmaceutical company, in an all-stock deal. Financial terms were not disclosed.
“Our joining the NASDAQ stock exchange through this merger marks a transformative moment in the history of the company as we look to deliver disease-modifying treatments to patients suffering from neurodegenerative diseases. Our accelerating momentum will continue into 2021 as we look to deliver clinical data from our lead program for Parkinson’s disease as well as advance several other programs from our diverse portfolio of assets," Richard Peters, Yumanity President, Chief Executive Officer and Director.
Yumanity Therapeutics was advised by Goodwin Procter and Burns McClellan. Proteostasis Therapeutics was advised by MTS Health Partners, Cooley, and Argot Partners. MTS Health Partners was advised by Gibson Dunn & Crutcher.
The Home Depot, a home improvement retailer, completed the acquisition of HD Supply Holdings, a national distributor of maintenance, repair and operations products in the multifamily and hospitality end markets, for $8bn.
"We're thrilled to welcome HD Supply associates to The Home Depot. The combination of the two businesses will enable us to better serve both existing and new MRO customers, and I look forward to the value this acquisition will bring to our associates, customers and shareholders," Craig Menear, The Home Depot Chairman and CEO.
HD Supply was advised by Goldman Sachs and Jones Day. Goldman Sachs was advised by Sullivan & Cromwell. The Home Depot was advised by JP Morgan and Wachtell Lipton Rosen & Katz.
Arsenal Capital-backed Seal For Life Industries, a provider of corrosion prevention, waterproofing, fire and heat protection, and insulation products, agreed to acquire Canusa, a provider of mission-critical corrosion protection solutions, from Shawcor, a Canadian oilfield services company. Financial terms were not disclosed.
"We are delighted to welcome the Canusa team to the Seal For Life family, and look forward to working with them to accomplish our vision of being the leading global provider of protective coating and sealing solutions for infrastructure markets. The incorporation of Canusa into the Seal For Life platform increases our global scale and the ability to meet the needs of our many global customers," Jeff Oravitz, Seal For Life CEO.
Seal For Life is advised by Fasken, Jones Day and Prosek Partners. Shawcor is advised by JP Morgan and Stikeman Elliott.
Eastern Band of Cherokee Indians, a federally recognized Indian Tribe, agreed to acquire Caesars Southern Indiana, a casino facility, from Caesars Entertainment, an operator of casino and hotel chains, for $250m.
"Expanding our relationship with the Eastern Band of Cherokee Indians is an exciting event for Caesars Entertainment. Since our partnership began back in 1996, we have admired their growth and the success of their properties. We look forward to increasing our relationship by extending the Caesars brand and Caesars Rewards loyalty program to them at Caesars Southern Indiana," Tom Reeg, Caesars CEO.
EBCI is advised by Innovation Capital and Brownstein Hyatt Farber Schreck. Caesars is dvised by JP Morgan and Latham & Watkins.
Clearlake Capital and Aurora Capital-backed Zywave, a software company headquartered in Milwaukee, completed the acquisition of Insurance Technologies, a provider of marketing, rating and agency management software solutions to the insurance industry, from private equity firm Accel-KKR. Financial terms were not disclosed.
"Zywave's acquisition of ITC is a significant move forward towards delivering the most comprehensive suite of software solutions to the insurance industry. ITC's robust comparative rating solution accompanied by agency management and sales enablement tools will drive tremendous value for current and future Zywave customers. We are excited to partner with Laird and the broader ITC team during this next phase of growth," Jason Liu, Zywave CEO.
Insurance Technologies was advised by Raymond James. Clearlake was advised by Lambert & Co. Aurora was advised by ASC Advisors. Accel-KKR was advised by Kekst CNC.
Investment firms Nordic Capital and Astorg Partners agreed to acquire Cytel, one of the largest providers of statistical software and advanced analytics for clinical trial design and biometrics execution, from private equity firm New Mountain Capital. Financial terms were not disclosed.
"Together, we will fuel Cytel's growth, with a shared vision of building a leading provider of advanced analytics and software for the life sciences industry," Daniel Berglund, Nordic Capital Advisors Partner.
New Mountain Capital is advised by Barclays, Rothschild & Co and Ropes & Gray.
Infogain, a provider of a human-centered digital platform and software engineering services, completed the acquisition of Absolutdata, a provider of AI-powered solutions, advanced analytics and data science services. Financial terms were not disclosed.
"I, along with my co-founders, Sudeshna Datta and Suhale Kapoor, are incredibly excited to join the Infogain team, which shares our drive to create value through innovation. This acquisition opens up career growth possibilities for our employees and being part of a larger company with an expanded skillset will enable us to deliver innovative, end-to-end solutions to both companies' clients as a unified team," Anil Kaul, Absolutdata CEO and Co-Founder.
Absolutdata was advised by Ernst & Young and SSPR. Infogain was advised by Wilson Sonsini Goodrich & Rosati.
Kohlberg & Company, a New York-based private equity firm, completed the acquisition of Area Wide Protective, a utility services firm. Financial terms were not disclosed.
"We are delighted to partner with Ron and the AWP management team, as the company has established itself as the leading traffic control platform in North America. Paired with Kohlberg's utility services background, we believe AWP is well-positioned to accelerate growth and to bolster a national footprint," Benjamin Mao, Kohlberg Partner.
Kohlberg was advised by Houlihan Lokey, KeyBanc Capital Markets and Ropes & Gray.
SDCL Energy Efficiency Income Trust, an investment company, agreed to acquire a 50% stake in Onyx Renewable Partners, a project development and asset management company, from The Blackstone Group for $150m.
"We are delighted to further diversify the SEEIT portfolio through the acquisition of these on-site solar and storage projects and to partner with Blackstone in one of the largest sustainable energy initiatives of its kind in the United States. The projects will make a meaningful impact to reduce the carbon footprint of commercial and industrial clients across the United States by providing cheaper, cleaner and more reliable energy directly at the point of use and is strongly aligned with SEEIT's investment policy and objectives, as well as the global climate policy agenda," Jonathan Maxwell, Sustainable Development Capital CEO.
SEEIT is advised by Jefferies & Company and TB Cardew.
SK Capital, a private investment firm, completed the acquisition of a 40% stake in Venator Materials, a global manufacturer and marketer of chemical products, from Huntsman, an American multinational manufacturer and marketer of chemical products, for $100m.
"We have had a long-term focus on the pigments industry and are delighted to have reached an agreement to purchase Huntsman's remaining interest in Venator. We are also pleased to continue strengthening the relationship we've developed with Huntsman Corporation and its President, Chairman and CEO, Peter Huntsman. Huntsman is a clear leader in the global chemical industry, and we feel privileged to acquire their ownership position in Venator, which we view as a world-class functional and specialty pigments business with a leadership position in titanium dioxide. We look forward to working with Simon Turner, CEO and President of Venator, and its board to support its growth and improvement," Barry Siadat, SK Capital Partners Co-Founder.
Venator Materials was advised by Bank of America Merrill Lynch. SK Capital Partners was advised by BackBay Communications.
Calera Capital, a middle-market private equity firm, completed the investment in FitzMark, which provides service in brokerage and logistics across truckload, flatbed, refrigerated and less-than-truckload freight markets. Financial terms were not disclosed.
"FitzMark has a long and successful track record of providing high levels of service to shippers and carriers alike with a talented and dedicated employee base, deep network capacity, and robust fit-for-purpose technology. We are excited to be partnering with Scott and his team to leverage those capabilities as FitzMark builds the business both organically and through targeted acquisitions that fit the model and culture," James Halow, Calera Capital Managing Director.
Calera Capital was advised by Simpson Thacher & Bartlett and Prosek Partners.
Ayr Strategies, a vertically integrated cannabis multi-state operator, completed the merger with CannTech, a medical cannabis consulting firm, in a $57m deal. The total purchase consideration of $57m consisted of $27m in cash, $15m in exchangeable shares, each of which would be exchangeable for a subordinate voting share, and $15m in seller's notes.
"We are thrilled to have completed our second acquisition and solidified our entry into Pennsylvania. It is a rapidly growing, but under-supplied medical market, and we look forward to bringing our cultivation, processing and retail expertise to the Commonwealth to improve patients' access to quality cannabis. With adult-use possible in the foreseeable future, we are well-positioned with large-scale cultivation and processing capabilities to lead in both the retail and wholesale markets, as we have done in Nevada and Massachusetts. We are looking forward to welcoming the Pennsylvania team to the Ayr family and to the exciting opportunities ahead in 2021 and beyondm," Jonathan Sandelman, Ayr CEO.
Ayr was advised by Gateway Investor Relations.
A private equity consortium led by Apollo Global Management agreed to acquire a 49.9% stake in the US-based metal container plants from Anheuser-Busch InBev, a multinational drink and brewing company, for $3bn.
"Executing an institutional investment of this nature showcases Apollo's unique ability to cut through complexity and use the strength of our platform to provide world-class companies with scaled, strategic solutions. We are pleased to invest alongside AB InBev in its leading US metal container business, supporting AB InBev's strategic plans and its employees," Robert V. Seminara, Apollo Senior Partner and Head of Europe.
Investcorp, a global manager of alternative investment products, agreed to acquire a stake in Centre Lane Partners, a private equity firm. Financial terms were not disclosed.
"This transaction is a notable milestone for Centre Lane and we believe it will position us to even better serve our investors by further investing in our business as we continue to grow our existing strategies. Investcorp is a global leader in the middle market, shares our vision for providing best-in-class investment services, and we are delighted to have them as a supportive long-term partner," Quinn Morgan and Ken Lau, Centre Lane Co-Founders and Managing Directors.
Spinning Eagle Acquisition files for $1.5bn IPO.
Spinning Eagle Acquisition, a blank-check company founded by Hollywood executive Jeff Sagansky, seeks to raise $1.5bn in a Nasdaq IPO, under the ticker "SPNGU".
Sagansky, a former president of CBS Entertainment, and Harry Sloan, an ex-chief executive officer of Metro-Goldwyn-Mayer, have taken companies like gaming firm Skillz and sports betting platform Draftkings public through special purpose acquisition vehicles, Reuters reported.
MPE Partners closed its third fund at $420m hard cap. (FS)
Morgenthaler Private Equity, a lower middle-market private equity firm, announced the closing of its oversubscribed third fund, MPE Partners III, at the hard cap of $420m. MPE expects to invest MPE Partners III in business-to-business manufacturing and services companies similar to those in MPE's prior funds.
"Similar to our two prior funds, MPE Partners III was oversubscribed at its hard cap. We are honored to partner once again with our outstanding base of returning limited partners. We are also pleased to welcome a select number of new limited partners into the fund," Peter Taft, MPE Partner.
MPE was advised by Jones Day.
Mizuho hires Moelis technology banker Zach Righellis. (FS, People)
Mizuho Financial Group, a bank holding company, hired Zach Righellis, from Moelis, a financial services company. Zich Righellis would cover hardware and semiconductor investment banking in San Francisco. Righellis joins as Mizuho has been looking to its bolster US investment banking franchise through hiring.
In addition to chip companies, he will advise clients in automotive technology, communications hardware, and the Internet of Things, Bloomberg reported.
Neha Champaneria Markle to lead Morgan Stanley's Alternative Investment Partners unit. (FS, People)
Morgan Stanley hired Neha Champaneria Markle as the head of its Alternative Investment Partners private markets solutions unit in January.
She will retain her role as portfolio manager on the AIP private markets team, which manages primary fund investing, co-investment, and impact-oriented strategies.
EMEA
The Blackstone Group's $1.2bn offer for NIBC, a Dutch bank, was declared unconditional. Approximately 96.25% of NIBC's issued and outstanding share capital was tendered for acceptance under the offer.
"NIBC's experienced management team, led by Paulus de Wilt, has shown strong leadership and continued ability to consistently deliver excellent results, even in a fast-changing challenging environment. We look forward to working together going forward and drawing on the deep expertise of the Blackstone team," Qasim Abbas, Blackstone Senior Managing Director.
NIBC is advised by Bank of America Merrill Lynch, Lazard and Allen & Overy. The Blackstone Group is advised by Morgan Stanley, Clifford Chance and Bickerton. JC Flowers is advised by NautaDutilh.
Phoenix Tower International, an owner and operator of wireless infrastructure sites, agreed to acquire TowerTel, an owner and operator of telecommunications towers, from EI Towers, a tower company operating in the communication infrastructure sector, and F2i, an independent infrastructure fund manager. As part of the agreement F2i has elected to retain a minority ownership stake in TowerTel. Financial terms were not disclosed. Completion is subject to customary regulatory approval.
"PTI is excited to enter into Italy's vibrant wireless market and serve its premier wireless operators. We look forward to expanding the revenue on this portfolio, developing new towers and investing in next generation solutions on behalf of our customers. This exciting transaction further expands our growing global footprint and allows us to continue to serve the wireless infrastructure needs of our clients," Dagan Kasavana, Phoenix Tower International Chief Executive Officer.
EI Towers is advised by Nomura and Chiomenti. F2i is advised by Escaplon. PTI is advised by Natixis Partners and Freshfields Bruckhaus Deringer.
Sandvik, a Swedish multinational engineering company, agreed to acquire DSI Underground, a provider of ground support and reinforcement products, systems and solutions for the underground mining and tunneling industries, for €943m ($1.1bn). The transaction is expected to close by mid-2021 and is subject to relevant regulatory approvals.
"This acquisition is an important step in our growth ambition. DSI Underground's track record of driving progress and safety in underground operations and its global reach will further strengthen our world-leading market position within mining and rock solutions," Stefan Widing, Sandvik President and CEO.
Square in advanced talks to acquire Tidal.
Square, a digital payment company, is in advanced talks to acquire Tidal, a music-streaming service. The negotiations may not result in a transaction.
Square CEO Jack Dorsey, has ambitions to build Square into a much broader company made up of stand-alone, complementary services. Square's two core products, Square Seller and Cash App, already operate somewhat separately within Square.
Dorsey has discussed a potential deal with Jay-Z, the rapper and music mogul who acquired Tidal for $56m in early 2015.
Italy's court revokes watchdog ruling capping Vivendi's Mediaset stake.
An Italian administrative court canceled a watchdog ruling capping French media giant Vivendi's stake in Mediaset, Reuters reported. Vivendi was forced to transfer two-thirds of its voting rights in Mediaset into a trust after Italy's communications regulator AGCOM ruled in 2017 that its stakes in Mediaset and Telecom Italia ran counter to laws protecting media plurality.
Vivendi has been seeking to regain voting rights for its full stake in Mediaset, asking the Italian administrative court TAR del Lazio to annul restrictions ordered by broadcasting authority AGCOM. The Italian administrative court discussed the case at a hearing on December 16 and ruled in favor of the French group.
Daimler prepares a listing of Handelsblatt.
German luxury carmaker Daimler is preparing a stock market listing of its truck division, Reuters reported.
The unit could be floated at the end of 2021. A possible listing of Daimler's truck division would come after rival Volkswagen last year floated its trucks unit Traton to put the business on an independent footing.
APAC
Shandong Gold Company, a state-owned Chinese gold mining company, announced that it acquired control over Cardinal Resources, a West Africa‐focused gold exploration and development company, winning the bidding war against NordGold and recent bidder Dongshan Investments with a $221m offer.
The news came day after Dongshan Investments, an Emirati-Russian joint venture that has been established by a common effort of Emirati and Russian business circles to develop high potential mining projects in different countries, announced its intention to launch an offer to acquire Cardinal Resources.
Cardinal Resources is advised by BMO Capital Markets, Canaccord Genuity, Hartleys, Maxit Capital, Bennett Jones, HopgoodGanim Lawyers and Cannings Purple. Shandong Gold Company is advised by King & Wood Mallesons. Gold Fields is advised by Standard Bank and Gilbert + Tobin.
SINA, an online media company serving China and the global Chinese communities, announced that the company's shareholders voted in favor of the merger between New Wave and SINA.
Completion of the merger is subject to the satisfaction or waiver of the closing conditions and SINA will work with the other parties towards meeting the closing conditions and completing the merger promptly. When the merger is completed, the SINA will become a private company and its shares will no longer be listed or traded on any stock exchange.
SINA is advised by Morgan Stanley, Gibson Dunn & Crutcher and Harneys. Financial advisors of SINA are advised by Kirkland & Ellis. New Wave is advised by Skadden Arps Slate Meagher & Flom. Debt financing is provided by China Minsheng Banking.
Prime Technology Group, a global technology services provider, completed the merger with Synerzip, an Agile software product development partner. Financial terms were not disclosed.
"We are excited to combine the Prime family with the Synerzip family, consistent with our strategy to add complementary software development capabilities which strengthen our vertical market domain expertise," Sudhakar Goverdhanam, Prime Founder and CEO.
TPG's The Rise Fund, a global investment fund, led a $210m Series D funding round in Tencent-backed Meishubao Education, an online arts education platform. The round was joined by Fortune Capital, Winsdom Capital, SAIF Partners, Bojia Capital and Chuangzhi Capital.
"Capital raised through this round of financing will be mainly used for curriculum development, channel and market development, product and service upgrades, branding, and online and offline business integration in the industrial internet area," Gan Ling, Meishubao Education Founder and CEO.
China launches a probe into Alibaba for suspected monopolistic behavior.
China launched an investigation into Alibaba Group for suspected monopolistic behavior. The State Administration for Market Regulation said it was investigating complaints of potentially monopolistic behavior—like making merchants sell exclusively on Alibaba platforms—while China's central bank said it and other regulators had summoned Ant officials for a meeting.
Chinese regulators said they were taking actions against Alibaba and Ant Group, weeks after China stopped an expected $34bn listing by Ant in Hong Kong and Shanghai, WSJ reported.
Sequoia Capital looks for a partial exit from Stovekraft and Indigo Paints via IPO. (FS)
Venture capital firm Sequoia Capital, is looking to sell parts of its two non-tech, consumer-facing companies in India, paints manufacturer Indigo Paints and Stovekraft, a cooking appliances manufacturer.
The Indigo Paints IPO is expected to be worth $136m, while Stovekraft is looking at a $68m public share sale.
The IPO of these companies follow the recent success of consumer companies Burger King India and Mrs Bector Food Specialities, which witnesses massive investor demand, with offers being subscribed 157 and 199 times, respectively.
Ascendent Capital-backed Silver Crest Acquisition files for a $250m IPO.
Private equity firm Ascendent Capital Partners-backed Silver Crest Acquisition, a blank check company, filed to raise up to $250m in an IPO.
The Hong Kong-based company plans to raise $250m by offering 25m units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Silver Crest Acquisition would command a market value of $313m.
Provident Acquisition looks to raise $200m in US IPO.
Provident Acquisition, a blank check company, targeting technology businesses in southeast Asia, filed to raise $200m in an initial public offering.
Provident Acquisition plans on offering 20m units at $10 each. The company may raise an additional $55m at the close of the fundraising pursuant to forward purchase agreements. At the proposed deal size, Provident Acquisition will command a market value of $250m.
Hashed raises $120m for its blockchain venture fund. (FS)
Hashed, a South Korean blockchain investment group, raised $120m for its first VC fund. The fund was raised in just three months, attesting to the demand for exposure to blockchain.
The launch of the firm's first blockchain-focused fund arrives at a time when interest in digital assets is at an all-time high. The venture fund is believed to have identified emerging projects that are ripe for investment and nurturing, to accelerate their growth and ultimately earn investors in its maiden fund an outsized return.
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