AMERICAS
Siemens Healthineers, a medical equipments manufacturer, completed the acquisition of Varian Medical Systems, a radiation oncology treatments and software manufacturer, for $16.4bn.
"With the completion of this transaction, we are now best-positioned to take two leaps together: a leap in cancer care and a leap in our impact on healthcare overall. Together, we are establishing a strong and trusted partner capable of supporting customers and patients along the entire cancer care continuum as well as through all major clinical pathways," Bernd Montag, Siemens Healthineers CEO.
Varian was advised by Goldman Sachs, Wachtell Lipton Rosen & Katz and Joele Frank. Siemens Healthineers was advised by JP Morgan, UBS, Latham & Watkins, Brunswick Group and FTI Consulting. Debt financing was provided by JP Morgan and UBS. Debt providers were advised by Clifford Chance, Freshfields Bruckhaus Deringer and Hengeler Mueller.
Aphria, a global cannabis lifestyle consumer packaged goods company, announced that its shareholders approved the $3.9bn merger with Tilray, a pharmaceutical company that develops cannabis-based medicines, drugs, drops, and oil products. Under the agreement, Tilray will acquire all of the issued and outstanding Aphria's shares.
“I realized that Aphria needed to expand out of Canada, and merging with Tilray was a great answer because it’s a US-domiciled business with great international assets,” Irwin Simon, Aphria CEO.
Aphria is advised by Jefferies & Company, DLA Piper, and Fasken. Jefferies & Company is advised by Davies Ward Phillips & Vineberg. Tilray is advised by Cowen & Company, Blake Cassels & Graydon, Cooley and ICR. Cowen is advised by Osler Hoskin & Harcourt.
Surrozen, a biotechnology company, agreed to go public via SPAC merger with Consonance-HFW Acquisition in a $212m deal. Investors in the PIPE include Consonance Capital Management and The Column Group.
"This financing supports that mission with experienced life sciences investors and capital. We believe that modulation of the Wnt pathway, the body’s own mechanism for tissue repair, has the potential to provide clinical benefit in a broad range of acute and chronic diseases. In 2022, we expect to initiate Phase 1 clinical trials for our lead programs in inflammatory bowel disease and severe alcoholic hepatitis and to advance our ophthalmology programs towards IND. Today’s announcement ensures that we have the capital to advance our clinical programs to key clinical proof-of-concept milestones," Craig Parker, Surrozen President and CEO.
Surrozen is advised by Guggenheim Partners, Stifel, and Cooley. Consonance-HFW is advised by Bank of America, JP Morgan, Goodwin Procter, and Canale Communications. Financial advisors are advised by Wilson Sonsini Goodrich & Rosati.
Thermo Fisher Scientific, an American provisioner of scientific instrumentation, reagents and consumables, agreed to acquire PPD, a global provider of clinical research services, for $20.9bn.
"Pharma and Biotech is our largest and fastest growing end market, and our customers value us as a strategic partner and an industry leader. The acquisition of PPD is a natural extension for Thermo Fisher and will enable us to provide these customers with important clinical research services and partner with them in new and exciting ways as they move a scientific idea to an approved medicine quickly, reliably and cost effectively," Marc N. Casper, Thermo Fisher Scientific Chairman, President and CEO.
PPD is advised by JP Morgan and Simpson Thacher & Bartlett. Thermo Fisher Scientific is advised by Barclays, Morgan Stanley, Arnold & Porter Kaye Scholer, Cravath Swaine & Moore, and Joele Frank.
New Mountain Capital, an alternative investment manager, and Aegion, a provider of technologies and services, entered into a second amendment to their definitive merger agreement, increasing the consideration payable for Aegion from $995m to $1.1bn.
Pursuant to the amendment, as consideration for the increased purchase price, the break-up fee payable by Aegion in certain circumstances has increased from $40m to $50m. The termination fee payable by the buyer to Aegion in certain circumstances has also increased from $70m to $90m.
Aegion is advised by Centerview Partners, Shearman & Sterling and Joele Frank. New Mountain Capital is advised by Houlihan Lokey, Jefferies & Company, Ropes & Gray and Abernathy MacGregor Group.
Kimco Realty, a real estate investment trust that invests in shopping centers, agreed to merge with Weingarten Realty Investors, a publicly-traded real estate investment trust that invests in shopping centers, in a $4bn deal. The combined company is expected to have a pro forma equity market capitalization of approximately $12bn and a pro forma total enterprise value of approximately $20bn.
"Combining these highly complementary platforms is a win-win for shareholders of both companies. After examining the deal from every angle, it became increasingly clear that the potential of the integrated business is much greater than the sum of its parts. The combined company's increased size and scale, together with its financial strength, should drive an advantageous cost of capital, allowing the combined company to more readily pursue value creation opportunities. We are excited to deliver this transaction to our shareholders, who will realize compelling and immediate value while also benefiting from the upside potential associated with owning the industry's preeminent open-air shopping center and mixed-use REIT," Andrew Alexander, Weingarten Chairman, President and CEO.
Weingarten Realty Investors is advised by JP Morgan and Dentons. Kimco Realty is advised by Barclays, Lazard and Wachtell Lipton Rosen & Katz.
Vicarious Surgical, a robotics startup, agreed to go public via SPAC merger with D8 Holdings in a $1.1bn deal. Investors in the PIPE include Becton Dickinson, Bill Gates, Khosla Ventures, Innovation Endeavors, and E15 VC.
"D8 was blown away by Vicarious’s technology. After doing due diligence, we were floored by what’s possible in terms of stabilizing surgical procedures. D8 will seek to leverage its relationships in Asia and elsewhere to help Vicarious expand outside the US," Donald Tang, D8 President.
Vicarious Surgical is advised by Credit Suisse and Mintz Levin. D8 is advised by UBS, White & Case, and Westwicke.
Reservoir Holdings, an independent music company, agreed to go public via a merger with Roth CH Acquisition II, a publicly traded special purpose acquisition company, in a $788m deal. The transaction includes a fully committed PIPE of $150m from institutional investors, including Caledonia.
"From day one, our mission has always been to be the best independent music company in the industry. Today we have taken an important step forward in Reservoir's evolution to fully realize that vision through our partnership with Roth CH II. Our dedication to our songwriters and artists and their music is at the heart of everything that we do, and this path to growth supports our promise to service our clients, enhance value, and build a quality catalog," Golnar Khosrowshahi, Reservoir Holdings Founder and CEO.
Reservoir Holdings is advised by Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison. Roth CH Acquisition II is advised by Craig-Hallum Capital Group, ROTH Capital Partners and Loeb & Loeb.
WindRose Health Investors, a healthcare-focused private equity firm, completed the investment in Bluestone Physician Services, which provides an integrated care delivery model. Financial terms were not disclosed.
"WindRose is excited to partner with Dr. Stivland and Bluestone's talented leadership team. Bluestone is a differentiated platform that has proven its ability to provide high quality, integrated care to an extremely fragile population in the residential setting and successfully bend the cost of care curve. We believe Bluestone has significant growth potential as it captures an increasing share of the value and cost savings it generates, and as the market continues to shift toward value-based care solutions. This new investment for WindRose addresses two long-standing investment initiatives we have proactively pursued in the complex population and value-based primary care sectors," Alex Buzik, WindRose Partner.
Bluestone Physician Services was advised by Houlihan Lokey and Faegre Drinker Biddle & Reath. WindRose was advised by TripleTree, McDermott Will & Emery and Lambert & Co.
Pamlico Capital, a private equity firm, completed the investment in Canadian Orthodontic Partners, the largest orthodontics-focused specialty dental support organization in Canada. Financial terms were not disclosed.
"We are excited to partner with Pamlico as we look to enter our next phase of rapid growth. We value Pamlico's commitment to our mission of delivering the highest quality of care centered around outstanding doctors, superior technology, and unsurpassed patient satisfaction. This collaboration with Pamlico gives us the opportunity to accelerate our strategic growth," Anthony Milonas, COP CEO.
Canadian Orthodontic Partners was advised by Houlihan Lokey and Blake Cassels & Graydon. Pamlico Capital was advised by McDermott Will & Emery and Osler Hoskin & Harcourt.
Aludyne, a global lightweight solutions and components supplier, completed the acquisition of CastLight, a lightweight company, from Shiloh Industries, a lightweight solutions provider. Financial terms were not disclosed.
"We welcome the CastLight employees in North America, Europe and Asia to the Aludyne team. Together we are a stronger company delivering innovative solutions to the mobility industry and meeting the needs of our customers globally," Andreas S. Weller, Aludyne President and CEO.
Aludyne was advised by Current Capital, KPMG and Honigman Miller Schwartz & Cohn. Shiloh Industries was advised by Houlihan Lokey.
Golden Gate Capital, an American private equity firm, agreed to acquire Waterfield Midstream, a provider of midstream infrastructure solutions in the Permian Basin. Financial terms were not disclosed.
“We have an outstanding relationship with Jay and the highly-respected Stonehill team, and are delighted to work with them again. Jay and his team have a tremendous track record of building water infrastructure solutions for the oil and gas industry, and with Waterfield Midstream as Stonehill’s flagship investment, we look forward to helping develop this environmentally-minded platform to meet E&P companies’ evolving needs," Dave Thomas, Golden Gate Capital Managing Director.
Golden Gate is advised by Tudor Pickering Holt, Weil Gotshal and Manges, and Sard Verbinnen & Co.
Exeter Capital, a Boston-based private equity firm with extensive experience investing in consumer-facing companies, agreed to invest in NOBULL, an athletic footwear, apparel and accessory brand. Financial terms were not disclosed.
"Exeter proactively pursued an investment in NOBULL because of its authentic and differentiated brand. We are excited to partner with Marcus and Michael to help them further accelerate NOBULL's growth as the brand continues to expand beyond footwear and push into additional sports," Steven J. Collins, Exeter Capital Managing Director.
NOBULL is advised by Mintz Levin. Exeter Capital is advised by Houlihan Lokey and Ropes & Gray.
United Rentals, the world's largest equipment rental company, completed the acquisition of Franklin Equipment, a regional provider of equipment rentals, sales and related services in the Midwest and Southeast United States. Financial terms were not disclosed.
"Today, we welcomed over 300 new members to Team United with our acquisition of Franklin Equipment. This transaction expands our presence in key markets for our general rentals business, with an experienced team that shares our pride in delivering superior customer service," Matthew Flannery, United Rentals President and CEO.
Franklin Equipment was advised by Lape Mansfield Nakasian & Gibson. United Rentals was advised by Sullivan & Cromwell.
Dell Technologies, an American multinational technology company, is set to spin-off its 81% stake in VMware, an American cloud computing and virtualization technology company, in a $9.7bn deal.
"By spinning off VMware, we expect to drive additional growth opportunities for Dell Technologies as well as VMware, and unlock significant value for stakeholders. Both companies will remain important partners, providing Dell Technologies with a differentiated advantage in how we bring solutions to customers. At the same time, Dell Technologies will continue to modernize its core infrastructure and PC businesses and embrace new opportunities through an open ecosystem to grow in hybrid and private cloud, edge and telecom," Michael Dell, Dell Technologies Chairman and CEO.
VMware is advised by JP Morgan. Dell Technologies is advised by Simpson Thacher & Bartlett.
MRI Software, a real estate software provider, completed the acquisition of Manhattan Real Estate and Workplace Solutions, the real estate and workplace solutions division of Trimble, a hardware, software and services technology company. Financial terms were not disclosed.
"The world of work has changed fundamentally over the past year, and companies require innovative solutions that enable flexibility for their workplaces and leases. The acquisition of Manhattan will bring a well-respected industry leader with a strong heritage into the MRI fold, and our combined workplace management capabilities uniquely position us to serve the needs of owners, operators and tenants across the real estate spectrum," Patrick Ghilani, MRI Software CEO.
MRI Software was advised by Platform Communications and Saygency.
Ascential, the specialist information, analytics and e-commerce optimization company, agreed to acquire Perpetua Labs, an e-commerce media optimization business, for up to $250m.
"Perpetua's expertise serving third party vendors, through data-driven solutions, opens the door for Ascential to this large and fast-growing market segment. Combined with the global reach of our existing Digital Commerce businesses, that provide a full service offering to larger, First party, brands, we have the exciting opportunity, with Perpetua, to expand our offerings across further platforms and geographies," Duncan Painter, Ascential CEO.
Ascential is advised by FTI Consulting.
Sentinel Capital-backed Holley, a designer, marketer, and manufacturer of high-performance products for car and truck enthusiasts, completed the acquisition AEM Performance Electronics, a developer and supplier of electronic control and monitoring systems, for $52m.
“The acquisition of AEM is strategic and accretive and we’re excited to welcome even more aficionados of import and other sport compact cars into our growing community of gearheads. We’re also very excited about the work AEM is doing to bring cost effective and easy to use electronic control systems to enthusiasts that are passionate about EV Conversions. The AEM brand is iconic in its space and represents a great addition to our already large family of legendary brands that resonate deeply with our customers," Tom Tomlinson, Holley President and CEO.
Empower was advised by ICR.
TrillerNet, a company consolidating technology and content platforms to lead the move to Internet 3.0, agreed to acquire FITE, a streaming platform for sports and entertainment, and Amplify.ai, a global provider of conversational AI and brand amplification. Financial terms were not disclosed.
"Triller has an exceptionally visionary executive team that is revolutionizing the world of sports and entertainment. We are very excited to be a part of and play a role in this process. As part of the TrillerNet, FITE will become the exclusive global digital distributor of all Triller Fight Club events going forward, and this content relationship is planned to expand in exciting new ways. We will continue to work with and serve all our content partners, and we look forward to bringing Triller's significant user base and promotional clout to all the major events we carry on the FITE platform," Kosta Jordanov, FITE Co-Founder and CEO.
FITE is advised by Alantra.
Berkshire Partners, a Boston-based investment firm, completed the investment in UPSTACK, a provider of cloud and internet infrastructure solutions. Financial terms were not disclosed.
"UPSTACK was founded to bring enterprise-grade advisory services to businesses of all sizes. Berkshire's expertise in the data center, connectivity and managed services sectors aligns well with our commitment to enabling and empowering a world-class ecosystem of technology solutions advisors with a platform that delivers higher value to their customers," Christopher Trapp, UPSTACK Founder and CEO.
Berkshire Partners was advised by Ropes & Gray.
Waud Capital Partners, a growth-oriented middle market private equity firm, agreed to invest in TeamSnap, a provider of sports management and communication software. Financial terms were not disclosed.
"This is an exciting new phase for TeamSnap that will greatly benefit our team, our customers and our partners. Waud Capital is a well-capitalized partner and will help us solidify our position as the premier software platform for team sports management and communication. Peter and Andrew have extensive experience successfully scaling software companies. Their addition to the team, along with the additional resources Waud Capital provides, allows us to accelerate our current plans and sets us up for our next phase of growth," Dave DuPont, TeamSnap Founder.
Waud Capital Partners is advised by Prosek Partners.
Noritsu Koki, a photo processing machine manufacturer, agreed to acquire JLab, a personal audio company, for $370m.
"We're incredibly excited to have found a partner such as Noritsu Koki. They have a proven track record of being one of the best equity partners for growing brands. If you look at their previous investments, it's easy to see how their approach has helped brands continue to see success by providing the extra capital needed for expansion while at the same time allowing the brands to focus on the core competencies that brought them success in the first place," Win Cramer, JLab CEO.
Omnicom Health Group, the largest healthcare marketing and communications group in the world, completed the acquisition of Archbow Consulting, a pharma and biotech consultancy. Financial terms were not disclosed.
"Healthcare clients are actively prioritizing market access, and more and more, they're looking for integrated solutions. Archbow's market access operations expertise strongly complements our current value and access capabilities. I want to welcome their entire team to our group," Ed Wise, Omnicom Health Group CEO.
ByNext, a tech-based, omni-channel clothing and premise cleaning and care provider, completed the acquisition of Madame Paulette, a provider of premier luxury cleaning and restoration specialist for bridal wear, designer apparel and couture fashion. Financial terms were not disclosed.
"Madame Paulette has been differentiated in the cleaning industry by client trust, their expertise and exceptional customer focus. They have over the years developed superb garment care, dry cleaning and interior cleaning know-how and best practices that can be leveraged to reach a larger market once integrated onto the ByNext tech platform. We will utilize Madame Paulette's prestigious identity to grow and strengthen ByNext's luxury home services line," Kam Saifi, ByNext CEO.
Hub International, an insurance brokerage, completed the acquisition of IBG Financial Partners, a provider of fiduciary and retirement plan consulting services to plan sponsor clients. Financial terms were not disclosed.
This move continues to strengthen Hub's retirement and wealth management services with the addition of talent and resources to develop more comprehensive strategies for clients. Hub RPW works to help plan sponsors create an offering that aligns with their business strategy, navigates fiduciary risk and helps employees pursue their financial goals.
Bregal Sagemount, a growth-focused private capital firm, completed the $100m investment in Scorpion, a provider of technology and services helping local businesses thrive.
"The pandemic has cemented the need for businesses of all sizes to undergo a digital transformation in order to effectively reach and communicate with their customers. Many local providers recognize the need to adopt digital tools and services for local market insights, but simply don't know where to begin. I am thrilled to lead Scorpion, as we continue to bring local businesses enterprise-grade technology to drive informed market decisions and enable them to focus on what they do best," Daniel Street, Scorpion CEO.
Dragoneer Investment Group, Greenoaks Capital and Tiger Global led a $325m Series E round in Scale AI, a startup that labels datasets for AI training, with participation from Wellington Management, Durable Capital, Coatue Management, Founders Fund, Index Ventures and Y Combinator.
"The AI industry is at an inflection point where every business is looking to implement an AI strategy and we are starting to see a real-world impact. We believe Alex and his team at Scale have been critical to enabling businesses across industries reap the full benefits of AI and are taking the industry from proof of concept to reality," Neil Mehta, Greenoaks Capital Founder and Managing Partner.
Tiger Global Management and D1 Capital led a $300m Series C round in Groq, an innovator in compute accelerators for artificial intelligence, machine learning and high performance computing, with participation from The Spruce House Partnership, Addition, GCM Grosvenor, Xⁿ, Firebolt Ventures, General Global Capital, Tru Arrow Partners, TDK Ventures, XTX Ventures, Boardman Bay Capital Management, and Infinitum Partners.
"AI is limited by existing systems, many of which are being followed or incrementally improved upon by new entrants. No matter how much money you throw at the problem, legacy architectures like GPUs and CPUs struggle to keep up with the growing demands of artificial intelligence and machine learning. Our mission is more disruptive: Groq seeks to unleash the potential of AI by driving the cost of compute to zero," Jonathan Ross, Groq Founder and CEO.
Investment firm Sequoia Capital led a $200m Series E round in Benchling, a life sciences R&D cloud, with participation from Altimeter Capital, Byers Capital, Elad Gil, Thrive Capital, Benchmark, Menlo Ventures, Alkeon Capital, ICONIQ, Lux Capital, Spark Capital and Lead Edge Capital.
"Recent breakthroughs in biology have the potential to transform the world in the same way that computing and the internet did. We are relying on scientists to rewrite the medicines we take, the food we eat, and the fuels that power our lives. We are excited to partner with Benchling as they build the foundational software infrastructure for the scientists redefining the world," Patrick Fu, Sequoia Capital Managing Partner.
SpaceX discloses $1.16bn in equity financing.
Elon Musk's SpaceX, an American aerospace manufacturer and space transportation services company, raised about $1.16bn in equity financing over the last two months.
The filing comes after SpaceX, whose investors include Alphabet and Fidelity Investments, in February disclosed that it raised about $850m, which had reportedly lifted its valuation to about $74bn.
Dell explores the sale of its Boomi cloud business.
Dell Technologies is exploring options, including a potential sale of cloud business Boomi, in the latest effort by Chief Executive Officer Michael Dell to trim down the personal computer maker, Bloomberg reported.
Dell is working with a financial adviser on a divestiture of Boomi, which could be valued at up to $3bn. Dell has been cleaning up its balance sheet in recent years and hiving off a variety of businesses. The company announced its intention to spin off its stake in infrastructure software provider VMware, its most valuable asset.
Discussions are at an early stage and there is no guarantee Dell will end up selling the unit. Boomi could appeal to private equity firms or public companies looking to expand their cloud businesses.
Cathie Wood-owned Ark to acquire $246m worth shares of Coinbase and sell Tesla shares.
Cathie Wood-owned Ark funds completed the acquisition of $246m worth shares of Coinbase, a provider of data and transaction processing services, on the cryptocurrency exchange's Nasdaq debut, Reuters reported.
Ark also sold shares of Tesla, a manufacturer and distributor of electric vehicles, worth about $178m. The bet on Coinbase gives Ark more indirect exposure to bitcoin on top of their bets on Tesla, which recently invested in cryptocurrency and would accept it as a payment for its cars.
KKR-backed AppLovin raised $2bn in US IPO at over $28.64bn valuation. (FS)
KKR-backed AppLovin, a mobile application and gaming company, priced its initial public offering at $80 per share, the mid-point of its previously set range, placing the company’s valuation at $28.64bn. AppLovin raised $2bn through the IPO.
The company sold 22.5m Class A common shares, and the selling stockholders offered the remaining 2.5m shares. The company’s shares were listed on the Nasdaq Global Select Market on Thursday under the ticker symbol “APP”.
AppLovin was advised by Morgan Stanley, JP Morgan, KKR Capital, Bank of America, and Citigroup.
TuSimple to raise $1.35bn in an IPO.
TuSimple Holdings, a global self-driving technology company, announced the pricing of its initial public offering of 33m shares of its Class A common stock at a price to the public of $40 per share, with 27m shares being offered by TuSimple and 6m shares being offered by a selling stockholder, for gross proceeds to TuSimple of $1bn.
TuSimple's Class A common stock is expected to begin trading on the Nasdaq Global Select Market on April 15, 2021 under the ticker symbol "TSP." The offering is expected to close on April 19, 2021, subject to the satisfaction of customary closing conditions.
Morgan Stanley, Citigroup and JP Morgan are acting as lead book-running managers for the proposed offering. Bank of America, Cowen, Credit Suisse, Nomura and RBC Capital Markets are acting as book-running managers for the offering. Baird, Needham & Company, Oppenheimer & Co, Piper Sandler, and Valuable Capital are acting as co-managers for the offering.
General Atlantic-backed Alkami raises $180m in an IPO at a $3.43bn valuation. (FS)
General Atlantic-backed Alkami, a cloud-based digital banking solutions provider for US-based financial institutions, announced the pricing of its initial public offering of 6m shares of its common stock at a public offering price of $30 per share. All of the shares of common stock were offered by Alkami. Alkami's common stock began trading on The Nasdaq Global Select Market on April 14, 2021, under the ticker symbol "ALKT."
Alkami’s listing comes amid a surge in valuations of technology companies that enable secure, remote-working solutions for businesses.
Alkami is advised by Goldman Sachs, JP Morgan and Barclays, Citigroup and William Blair, JMP Securities, KeyBanc Capital Markets and Needham & Company.
IPI Partners closes its second data center fund at $3.8bn. (FS)
IPI Partners, a private equity firm, announced the final closing of IPI Partners II at $3.8bn. IPI’s second fund attracted demand well in excess of its target, reflecting strong support from a global institutional investor base. With the closing of IPI II, IPI has raised more than $5.25bn in total equity capital commitments since its inception. IPI is co-sponsored by ICONIQ Capital, and an affiliate of Iron Point Partners.
“Fundraising for IPI II has been a resounding success, and we are extremely grateful that our recent achievements and established market presence have earned the trust and confidence of a wide range of high quality, sophisticated investors. The fund’s close comes at a truly ideal time, aligning with the large and growing opportunity we see at the core of our investment strategy," Matt A’Hearn, IPI Partner.
Brightstar Capital Partners closes Fund II at $1.27bn hard cap. (FS)
Brightstar Capital Partners, a private equity firm focused on partnering with families, founders, entrepreneurs, and management teams, successfully closed its second flagship fund at its hard cap, with total commitments of approximately $1.27bn, inclusive of approximately $60m from the general partner.
Brightstar Capital Partners Fund II marks the firm’s largest fund to date, having surpassed its $1bn target. The firm additionally raised approximately $190m from limited partners for co-investments alongside Fund II.
Brightstar was advised by Eaton Partners and Simpson Thacher & Bartlett.
EMEA
Schweitzer-Mauduit International, a diversified producer of engineered solutions and materials for a variety of industries, completed the acquisition of Scapa Group, a diversified healthcare and industrial company, for £413m ($569m).
"We are very excited to announce our proposed acquisition of Scapa, which significantly enhances our position as a leading provider of performance materials for attractive specialty applications. Scapa advances our successful valued-added solutions strategy and enhances our ability to solve our customers' toughest innovation challenges by adding a fully integrated model with complementary capabilities. These offerings range from adhesive formulations and product design through converting finished products. This transaction also enhances our growth profile, with nearly 65% of our combined revenues generated from growing end-markets," Jeffrey Kramer, SWM CEO.
Scapa Group was advised by Berenberg, Jefferies & Company, Numis Securities, DLA Piper and FTI Consulting. SWM was advised by JP Morgan and King & Spalding. JP Morgan was advised by Cravath Swaine & Moore and Norton Rose Fulbright.
Credit Agricole, a bank holding company, raised its bid for Credito Valtellinese, an Italian bank based in Sondrio, by about $144m, indicating that the French bank is determined to win over investors.
Credit Agricole boosted its offer to $14.6 a share. The new bid values Creval at about $1.02bn. If Credit Agricole wins over investors holding 90% of the shares, it will pay an additional $0.36 a share.
Credito Valtellinese is advised by Intermonte and Mediobanca. Credit Agricole is advised by Credit Agricole, JP Morgan, BonelliErede, and Cleary Gottlieb Steen & Hamilton.
Insight Partners-backed Keyfactor, a provider of secure digital identity management solutions, agreed to merge with PrimeKey, a network security company. Financial terms were not disclosed.
"The market is recognizing that securing machine identities is a fundamental pillar of a modern identity governance program. The IAM market is shifting its focus from human to machine identities, and this merger positions Keyfactor to stay on the leading edge of this evolution. Independently, Keyfactor and PrimeKey offer a forward-thinking approach to conventional IAM. Combined, the companies deliver a future-proof management solution for every machine identity," Thomas Krane, Insight Partners Principal.
PrimeKey is advised by Akima Media. Keyfactor is advised by MRB Public Relations.
Northland Power, a power generation company, agreed to acquire a portfolio of operating onshore renewable assets in Spain from Plenium Partners and Bankinter-backed Helia Renovables, a provider of investment services, for $1.27bn. Closing of the acquisition is expected to occur in the third quarter of 2021 subject to regulatory approvals and customary closing conditions.
"Today's announcement further demonstrates Northland's continued growth and leadership in renewable energy and establishes Northland as a top player in one of Europe's most attractive markets over the next decade for renewables, storage and hydrogen. Through this acquisition we will also establish a European asset management platform that can support entry into other attractive European onshore renewables markets. This transaction is consistent with our strategy and positions Northland for further growth and diversification, while providing us with near-term cash flow," Mike Crawley, Northland President and Chief Executive Officer.
Helia Renovables is advised by Citigroup.
Private equity firm Silver Lake Partners agreed to invest $800m in Group 42, an artificial intelligence and cloud computing company based in Abu Dhabi.
"G42 has not only experienced tremendous growth in recent years, but has done so by partnering with large-scale clients to address the most complex technology challenges. We are excited to have this opportunity to work with them," Egon Durban, Silver Lake Co-CEO and Managing Partner.
Silver Lake is advised by Edelman.
Etihad in talks to divest Air Seychelles stake.
Etihad Airways is in talks to divest its 40% stake in Air Seychelles, the flagship carrier of the Republic of Seychelles. The move would leave the Seychelles government as the sole shareholder of Air Seychelles as the Abu Dhabi carrier further unwinds its failed strategy of investing in other airlines. The Seychelles government plans to buy the stake at a nominal value.
“Etihad has been a very supportive shareholder in Air Seychelles for about nine years now. The shareholders are having conversation about basically the way forward, and it could very well mean that Air Seychelles will divest their shareholding, and then that the government of Seychelles will become 100% shareholder of the company," Remco Althuis, Etihad CEO.
Elliott Management discloses a stake in GSK. (FS)
Hedge fund Elliott Management disclosed a significant stake in GlaxoSmithKline, a British multinational pharmaceutical company headquartered in Brentford.
Shares in GSK rose more than 7% on the report.
Apollo in talks to sell Slovenian bank Nova to Hungary's OTP. (FS)
Hungary's biggest lender OTP is in talks to buy Slovenian bank Nova KBM from private equity group Apollo in a deal worth roughly €1bn ($1.2bn). OTP has bought large banks in Croatia, Serbia and several other countries. It owns a small bank in Slovenia, and the purchase of Nova KBM could make it the country's number one, Reuters reported.
Acciona hires banks for the $9.6bn IPO of Nordex.
Spanish conglomerate Acciona is stepping up preparations for a stock market listing of its renewable energy unit Nordex, and has hired banks to lead the deal expected to value the business at more than $9.6bn.
The company would retain a 70% stake and free float would be at least 25% after the listing. But Acciona added that the size and structure of the placement had not yet been decided, Reuters reported.
Citibank, JP Morgan, Goldman Sachs, Morgan Stanley and Bestinver Securities have been asked to organize the listing.
Peel Hunt seeks $482m in London IPO.
Peel Hunt, the independent investment bank, is looking to tap into the resurgent London stock market hoping to raise around $482m in an initial public offering.
If it goes ahead, Peel Hunt would join the likes of Deliveroo, Moonpig, Wickes, Darktrace and Airbnb to seek London market listings this year.
Inflexion Partners targets a $2.74bn sixth buyout fund. (FS)
Inflexion Partners, a private equity firm, is pitching its latest buyout fund to investors with a $2.74bn target. Should Inflexion Buyout Fund VI reach the firm’s goal, it would be 60% larger than a predecessor fund that closed in 2018 with $1.7bn, WSJ reported.
The London-based mid-market firm has three groups of funds with different strategies to invest in business and financial services as well as the consumer, healthcare, education, industrial and technology sectors. The firm invests as much as $413m from its buyout funds to acquire majority stakes in companies.
ReSolve launches a £100m SME-focussed investment fund. (FS)
ReSolve partnered with investment firm RoundShield to launch a new £100m ($138m) SME-focussed investment fund that will invest in Covid-hit businesses, City AM reported. The extra cash will allow the company to work with more businesses, including those that may be struggling since the onset of the coronavirus pandemic.
“The substantial increase in firepower which we have just achieved means we can bring strength and resources to good but, due to the circumstances, financially challenged businesses. We welcome all opportunities and look forward to helping the country’s SMEs, which are the backbone of the UK economy," Cameron Gunn, ReSolve Senior Partner.
APAC
Anthony Tan, Grab CEO, will receive a majority voting control at Grab Holdings, a Singaporean multinational ride-hailing company, as it merges with Altimeter Growth, a SPAC, a corporate governance decision that will tighten his grip over the startup.
Anthony Tan will end up with 60.4% of the voting power while owning a stake of 2.2%. Conversely, Grab's other shareholders will see their voting control diluted. After the merger, SoftBank Vision Fund will have the voting power of just 7.6% with an 18.6% stake.
Grab is advised by Evercore, JP Morgan, Morgan Stanley, Hughes Hubbard & Reed, Skadden Arps Slate Meagher & Flom, and Blueshirt Group. Financial advisors are advised by Sullivan & Cromwell. Altimeter Growth is advised by Evercore, JP Morgan, Morgan Stanley, UBS, Ropes & Gray, and WilmerHale. Financial advisors are advised by Cooley.
Coca-Cola European Partners, a British multinational bottling company dedicated to the marketing, production, and distribution of Coca-Cola products, received the approval of New Zealand's Overseas Investment Office for its $7.7bn deal for Coca-Cola Amatil, a bottler and distributor of ready-to-drink non-alcoholic and alcoholic beverages and coffee in the Asia Pacific region.
The proposed transaction will create a broader and more balanced footprint for CCEP whilst almost doubling CCEP's consumer reach, with the aim of ultimately driving sustainable and faster growth, through geographic diversification and scale.
Coca-Cola Amatil is advised by Credit Suisse, Rothschild & Co, Corrs Chambers Westgarth, Slaughter & May, Citadel Magnus and Portland Communications. Coca-Cola European Partners is advised by Goldman Sachs, UBS and Herbert Smith Freehills. Coca-Cola Company is advised by Skadden Arps Slate Meagher & Flom.
China's Ansteel Group plans 'strategic restructuring' of regional rival Ben Gang.
China's state-owned Ansteel Group is planning a "strategic restructuring" of regional rival Ben Gang Group. Ansteel, a Chinese steel maker, and Ben Gang, which ranks No.9, are both based in the northeast province of Liaoning and have reportedly been in talks about a merger since 2005.
The restructuring is still at the planning stage and is subject to the approval of related government departments, Reuters reported.
ByteDance kicks off IPO prep for Chinese apps Douyin, Toutiao and Xigua.
ByteDance, a developer of video-sharing social networking services, is gearing up for the IPO of its popular Chinese applications Douyin, Toutiao and Xigua.
The Beijing-based startup is working with advisers on the offering and is choosing between Hong Kong and US as the listing venue. The company is considering including its flagship domestic assets such as Douyin, news aggregator Toutiao and video platform Xigua in the offering. TikTok will likely be part of a separate listing that involves overseas assets, Bloomberg reported.
ByteDance could raise at least several billion dollars from a listing of the Chinese assets, although the size could still change as deliberations are at an early stage.
Bamboo Airways plans to raise $200m in a US IPO.
Bamboo Airways, a Vietnamese leisure airline, plans to raise up to $200m in an initial public offering in the United States, potentially securing a market capitalization of up to $4bn, Reuters reported.
Bamboo Airways, owned by property and leisure company FLC Group, plans to offer a 5% to 7% stake in the IPO, which it expects in the third quarter of this year.
“The IPO will be part of our efforts to expand our services globally. Bamboo Airways has been working with an international auditing firm for the potential offering on the New York Stock Exchange," Trinh Van Quyet, Bamboo Airways Chirman.
Tencent joins China tech firms in pledging antitrust compliance.
Tencent Holdings and Alibaba’s supermarket arm joined their fellow Chinese tech giants in vowing to eradicate monopolistic practices, as the country’s largest corporations rush to publicly align themselves with Beijing, Bloomberg reported.
The WeChat operator, Alibaba’s Freshippo and ride-hailing giant Didi Chuxing were among 11 Chinese tech giants that issued pledges Thursday to obey antitrust laws, two days after Beijing gave companies a month to conduct internal reviews and comply with government guidelines. Twenty-three companies have now issued vaguely worded statements promising everything from consumer rights protection to loosening controls over their platform, stopping short of outlining specific actions.
In its statement, Tencent promised to refrain from anti-competitive practices including exclusive arrangements. Bilibili, Kuaishou Technology and Trip.com Group, which is set to debut next week in Hong Kong, were among 10 other firms that issued brief statements.
Amazon launches a $250m fund targeted at Indian startups and SMEs. (FS)
Amazon launched a $250m Amazon Smbhav Venture Fund to accelerate the vision of a digitally self-reliant India. The fund will focus on startups and entrepreneurs using technology to digitize SMBs, agriculture and healthcare.
The venture fund will invest in technology led startups that are passionate about unlocking possibilities of a digital India. The venture fund will specifically focus on encouraging the best ideas to digitize SMBs (Small & Medium Businesses), drive technology led innovation in agriculture to improve farmer productivity and enable them to bring the best of India’s farms to consumers, and enable universal and quality healthcare access for all using technology.
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