Clearhaven Partners, a technology-focused private equity firm based in Boston, completed the investment in TimeTrade Systems, a developer of online self-service appointment and calendar scheduling software solutions. Financial terms were not disclosed.
"In the current environment, sensitive to the major disruptions to everyday life faced by all, we have been extraordinarily impressed with the responsiveness and ingenuity of TimeTrade's people and the ability of TimeTrade's solutions to reduce the burden for businesses seeking to interact seamlessly with their customers and constituents, whether through virtual or physical channels," Michelle Noon, Clearhaven Managing Partner.
TimeTrade Systems was advised by DC Advisory. Clearhaven Partners was advised by Kirkland & Ellis and RSM.
CoStar Group, the provider of commercial real estate information, analytics and online marketplaces, agreed to acquire Ten-X, a commercial real estate marketplace, for $190m.
“Together, Ten-X and CoStar plan to create a new end-to-end commercial real estate platform, combining LoopNet and CoStar’s unmatched online audience of buyers with Ten-X’s clear leadership in online auctions for both performing and distressed assets. Combining our complementary capabilities is expected to create significant benefits for brokers and the institutions they represent by exposing their properties for sale to the biggest pool of potential bidders on the most trusted digital transaction platform and delivering fast and reliable trade execution. In the aftermath of the economic disruption which is being caused by the global pandemic, we believe that the volume of distressed properties coming to market will surge and that this combined platform will support the market’s recovery,” Andrew Florance, CoStar Group Chief Executive Officer.
CoStar Group is advised by Weil Gotshal And Manges.
Atlantic Street Capital, a private equity firm targeting entrepreneurial businesses, agreed to invest in Zips Express Wash, a car wash company. Financial terms were not disclosed.
"We could not be more excited to partner with Atlantic Street's investment and operations teams. Atlantic Street has considerable experience growing multi-unit, subscription-based retail platforms and driving well-run consolidations. This strategic capital will allow us to attract and retain the best talent in the industry, as well as offer leading express car wash operators a chance to be part of the Zips family," Brett Overman, Zips Express Wash Founder and CEO.
Zips Express Wash is advised by BlackArch Partners.
VMware, an innovator in enterprise software, agreed to acquire Octarine, a security platform developer. Financial terms were not disclosed.
“Acquiring Octarine will enable us to further expand VMware’s intrinsic security strategy to containers and Kubernetes environments by embedding the Octarine technology into the VMware Carbon Black Cloud. This, combined with native integrations with Tanzu, vSphere, NSX and VMware Cloud Foundation, will create what we believe is a unique and compelling solution for intrinsically securing workloads. And, with the addition of our AppDefense capabilities merged into the platform, we can fundamentally transform how workloads are better secured,” Patrick Morley, VMware, Security Business Unit, General Manager and Senior Vice President.
Twitter agreed to acquire CrossInstall, a creator of programmatic interactive mobile ads. Financial terms were not disclosed.
The combination of CrossInstall and Twitter will highlight Twitter’s commitment to performance advertising. Together, firms will be working to expand Twitter’s reach into all areas of app install and performance advertising while increasing the value that MoPub offers to mobile app developers.
Jaws Acquisition plans to raise $600m in IPO. (FS)
Jaws Acquisition, a special purpose acquisition company co-founded by billionaire real estate executive Barry Sternlicht, expanded its initial public offering again to raise $600m, Bloomberg reported.
Jaws Acquisition, a so-called blank-check company, aims to list on the New York Stock Exchange. The Miami Beach, the Florida-based company, filed a prospectus Monday to increase the offering to $500-400m. Jaws will target companies in growth-oriented industries and won't compete with Sternlicht's Starwood Capital Group, which focuses on real estate, lodging, oil and gas and energy infrastructure.
Facedrive to acquire certain assets of Foodora Canada.
Facedrive, the first Canadian peer-to-peer, eco-friendly and socially responsible ridesharing network, entered into a binding term sheet with Foodora to purchase certain assets of Foodora Canada, in the proposal proceedings commenced by Foodora Canada under the bankruptcy act.
According to the terms of the binding term sheet, Facedrive will gain access to Foodora Canada's customers, subject to customer consent, as well as 5.5k restaurant partners previously served by Foodora Canada.
"The term sheet with Foodora Canada comes at the perfect time for Facedrive. The launch of Facedrive Foods is rooted in Facedrive's vision of becoming the one-stop-shop platform for eco-conscious and socially responsible users. A full ecosystem with rideshare, delivery, entertainment, gamification and social components – all in a single platform – is the epitome of convenience with the huge added bonus of being green. This provides an incredible growth opportunity to broaden our geographic, user and technological base globally," Sayan Navaratnam, Facedrive Chairman and CEO.
GFL seeks acquisitions, sitting on $920m on cash.
GFL Environmental expects to see good acquisition opportunities arise from the wreckage of the coronavirus pandemic over the next three to six months.
"We will never let a good crisis go to waste. We closed our first major acquisition in September 2008, which sort of reminds me of where we are sitting today," Patrick Dovigi, Vaughan Founder and CEO.
Tutor Perini abandons deal talks. (FS)
Tutor Perini, a civil, building and specialty construction company, announced that, in light of continuing volatile market conditions, discussions regarding a potential transaction for the acquisition of Tutor Perini have been terminated. These discussions were referenced by Tutor Perini in a press release it issued on March 2, 2020 in light of media reports.
Tutor Perini did not specify the other party in the negotiations, but it was reported earlier this year that private equity firm Apollo Global Management had offered to buy the construction company for nearly $1bn.
Tikehau Capital plans to acquire Star America Infrastructure Partners. (FS)
Tikehau Capital, a Paris-based investment firm with roughly $27.5bn in assets, is in exclusive talks to acquire Star America Infrastructure Partners to expand its presence in the US infrastructure sector.
Mathieu Chabran, co-founder of Tikehau Capital, said an acquisition would provide the asset manager's investors with access to an experienced specialist in US infrastructure at a time of growing need for capital in the sector.
The boards of Fiat Chrysler Automobiles and PSA each decided not to distribute an ordinary dividend in 2020 related to the fiscal year 2019, due to the negative impact caused by the pandemic.
Both firms confirm that preparations for their 50/50 merger announced in December 2019 continue, including ones related to regulatory and antitrust filings. The merger is expected to close before the first quarter of 2021.
FCA is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Cleary Gottlieb Steen & Hamilton, Macfarlanes, Community Group, Image Sept, and Sard Verbinnen & Co. BPIFrance is advised by Willkie Farr & Gallagher. Peugeot family is advised by Zaoui & Co. PSA Group is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters, Stibbe. Exor is advised by Lazard.
Ecolab, a water, food safety and hygiene technology and services company, completed the acquisition of CID Lines, a global provider of livestock biosecurity and hygiene solutions, from IK Investment Partners, a European private equity firm, focusing on investments in the Nordic region, Benelux, France and Germany. Financial terms were not disclosed.
“CID Lines’ strong product portfolio, range of applications and regulatory expertise for farming environments give Ecolab a foothold in the growing livestock and poultry biosecurity segment as well as opportunities to leverage our global presence to drive expansion, particularly in Asia where this segment is rapidly developing,” Nick Alfano, Ecolab Executive Vice President, and General Manager of Global Food & Beverage.
IK Investment Partners was advised by Rothschild & Co.
Dedagroup Stealth, a provider of omnichannel solutions to fashion and luxury brands, completed the acquisition of Zedonk, an online-based fashion-tech management software for fashion designers. Financial terms were not disclosed.
"We join the Dedagroup Stealth family with great enthusiasm. For us, it is the ideal strategic partner to continue on our ambitious development path. We are truly satisfied with this global operation, which has the clear objective of bringing to the fashion sector an offer that can accompany any brand in every phase of its life, from the launch to the intermediate development phase up to maturity, supporting it in the definition of processes and strategies,” Marcia Lazar, Zedonk Co-Founder.
Dedagroup Stealth was advised by Fieldworks Marketing.
iCIMS, a cloud recruiting platform provider, agreed to acquire Opening.io, an Ireland-based data science company that powers artificial intelligence for talent. Financial terms were not disclosed.
"We’re thrilled to welcome the Opening.io team to iCIMS and launch iCIMS Talent Logic and, more broadly, are excited to demonstrate iCIMS’ position as an innovative leader in AI for talent,” Steve Lucas, iCIMS CEO.
SonarSource, a provider of code quality and code security solutions, agreed to acquire RIPS Technologies, a German startup providing code security analyzers. Financial terms were not disclosed.
"Merging with SonarSource is a perfect fit and enables us to unfold our unique technology to the worldwide developer community. We are thrilled to join forces with a fast-growing technology company that has an amazing culture and world-class products," Dr. Johannes Dahse, RIPS Technologies CEO & Co-Founder.
Thyssenkrupp, Fincantieri in talks to form warship unit.
Thyssenkrupp is exploring several strategic options for its warship unit, ranging from combining it with Italy’s Fincantieri to creating a national champion with German peers, Reutersreported.
The talks are aimed at creating economies of scale for the division, Thyssenkrupp Marine Systems, which builds submarines and surface ships and operates in a highly fragmented sector driven by political decisions.
As part of the deliberations, the steel-to-car parts conglomerate is in talks with shipbuilder Fincantieri about a 50-50 joint venture to create a European champion with combined sales of $3.7bn.
Eramet to sell plant in Norway for around $300m.
Miner Eramet agreed to sell its TiZir plant in Norway to Tronox for around $300m, the French mining and metals company said
The sale of the plant, which produces titanium products, would strengthen its balance sheet and help it lower its debt. The company in March suspended its financial targets for the year citing the impact of the coronavirus crisis.
Cathay Capital closed a $850m private equity fund. (FS)
Cathay Capital Private Equity raised $850m for its private equity fund, Midcap II, which will invest in 16-20 companies in the consumer products and services, business and digital services, healthcare and advanced manufacturing sectors. The new fund will also include an allocation to North America, which is in addition to the previous fund's allocation to Europe and China. The fund will invest equity tickets of $25-75m in control and minority investments.
"This significant increase in assets under management in the current environment reflects the renewed confidence of Cathay's existing investors, as well as the many new partners attracted by Cathay's reputation and track record, with a notable addition of international financial institutions. Midcap II is particularly timely given the current environment, as Cathay's considerable global resources and Midcap II's strong capital base can help our portfolio companies to identify and seize upcoming opportunities," Hervé Descazeaux, Cathay Capital Managing Partner.
ScottishPower to acquire two onshore wind projects in Scotland.
ScottishPower, a subsidiary of Spanish electric utility company Iberdrola, acquired two new onshore wind projects with a combined capacity of 165MW in Scotland. The developments have been purchased from local individual shareholders of 3R Energy and Mitchell Energy.
The company will be making an investment of more than £150m ($183m) for the acquisition. The wind facilities are located near Douglas in South Lanarkshire and Glasgow.
"As we begin to emerge from the coronavirus crisis, investment in green infrastructure can quickly be delivered, creating jobs and offering immediate economic and environmental benefits. This will help to support the UK's overall recovery at this critical time. Globally, it is essential that the financial recovery is aligned with climate goals," Ignacio Galán, ScottishPower chairman and Iberdrola CEO.
Deutsche Bank considers divestment of Norisbank.
Deutsche Bank is weighing the sale of its German online bank Norisbank, Reutersreported. Deutsche Bank is in the midst of an overhaul that includes streamlining operations, exiting some business lines and shedding 18k staff.
Norisbank is a 100% subsidiary based in the former German capital of Bonn with 550k customers. Deutsche Bank acquired it in 2006 for $453m from DZ Bank.
Public Investment Fund holds a 0.3% stake in Equinor. (FS)
Public Investment Fund, Saudi Arabia's sovereign wealth fund, holds a 0.3% stake in oil and gas firm Equinor, the Norwegian firm's public records showed ahead of Thursday's annual general meeting of shareholders.
The stake, worth $146m, makes PIF the 19th biggest owner. The Norwegian government owns 67% of Equinor.
BNP's Cardif considers acquiring PT Asuransi BRI Life. (FS)
BNP Paribas Cardif submitted the highest bid for a stake in PT Asuransi BRI Life, Bloomberg reported. Other bidders including FWD Group, backed by Hong Kong billionaire Richard Li, remain interested in acquiring the firm.
Bank Rakyat Indonesia, the country's oldest lender, had revived earlier this year its plan to sell a stake in its life insurance unit for about $500m. A transaction would involve a so-called bancassurance partnership, which allows an insurer to sell its products through the bank's branches.
Digicel Group denies divestment of Pacific unit to China Mobile.
Digicel Group, a Jamaica-based mobile phone carrier, denied the report and said there is "no basis whatsoever" that it would sell its Pacific unit to state-owned China Mobile. Earlier in the day, the Australian Financial Review had reported that the Chinese company has been conducting due diligence on Digicel's Pacific unit since the beginning of the year, in a deal that could be worth as much as $900m.
"We can categorically state there is no basis to this whatsoever and that no approach has been made to us," Antonia Graham, Digicel Group Head of communications.
Blackstone raises $1.9bn for Asian core-plus property funds. (FS)
Blackstone raised nearly $1.9bn for funds managed by its Asia core-plus real estate investment arm, Blackstone Property Partners Asia, DealStreetAsia reported. The world’s biggest manager of alternative assets scooped up the capital for five so-called core-plus real estate funds. It mobilised $1.4bn for Blackstone Property Partners Asia and the remaining for four feeder funds.
The fresh fundraising comes just months after Blackstone raised $20.5bn for the largest global real estate fund, Blackstone Real Estate Partners IX, in September last year.
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