AMERICAS
WSJ reported that Tiffany agreed to accept a lower price in its takeover by LVMH, ending a dispute between the luxury-goods companies that erupted after the coronavirus pandemic upended the industry.
The companies came to an agreement on new deal terms with LVMH paying $131.50 a share for the US jewellery maker, coming to a total of $15.8bn. That's down from an original price of $135 a share, equating to savings of roughly $430m for LVMH. Tiffany and LVMH also agreed to settle their pending litigation in Delaware.
Tiffany is advised by Centerview Partners, Goldman Sachs, Sullivan & Cromwell and Sard Verbinnen & Co. Financial advisors of Tiffany are advised by Weil Gotshal and Manges. LVMH is advised by Citigroup, JP Morgan, Cleary Gottlieb Steen & Hamilton, Skadden Arps Slate Meagher & Flom, White & Case, Brunswick Group, DGM Conseil, Deluxewords, Kekst CNC, Montfort Communications, Publicis Consultants and SEC and Partners. Debt providers are advised by Allen & Overy.
BC Partners-backed Portman Ridge Finance, a publicly traded, externally managed investment company, completed the merger with Garrison Capital, a publicly-traded business development company, in a $64m deal.
"After a robust and thorough strategic alternatives process conducted by the Board of Directors, we believe this transaction is an excellent result for the GARS stockholders, along with continuing the growth objective and value creation for PTMN stockholders. In addition to a significant cash consideration component, we believe the continued ownership of PTMN stock and their affiliation with the BCP Credit team and the overall BC Partners platform will provide stockholders with enhanced value and significant future upside," Joseph Tansey, Garrison Capital Chairman and CEO.
Garrison Capital was advised by Keefe Bruyette & Woods, Eversheds Sutherland and Proskauer Rose. Portman Ridge Finance was advised by Simpson Thacher & Bartlett. BC Partners was advised by Prosek Partners.
Marvell Technology Group, a provider of infrastructure semiconductor solutions, agreed to acquire Inphi, a provider of semiconductor components and optical subsystems, for $10bn. Under the terms of the definitive agreement, the transaction consideration will consist of $66 in cash and 2.323 shares of stock of the combined company for each Inphi share. Upon closing of the transaction, Marvell shareholders will own approximately 83% of the combined company.
"Our acquisition of Inphi will fuel Marvell's leadership in the cloud and extend our 5G position over the next decade. Inphi's technologies are at the heart of cloud data center networks and they continue to extend their leadership with innovative new products, including 400G data center interconnect optical modules, which leverage their unique silicon photonics and DSP technologies. We believe that Inphi's growing presence with cloud customers will also lead to additional opportunities for Marvell's DPU and ASIC products," Matt Murphy, Marvell President and CEO.
Inphi is advised by Qatalyst Partners and Pillsbury Winthrop Shaw Pittman. Marvell Technology is advised by JP Morgan and Hogan Lovells.
Alliance Data Systems, a provider of data-driven marketing, loyalty and payment solutions, agreed to acquire Bread, a technology-driven digital payments company, from Bessemer Venture Partners, Menlo Ventures, Kinnevik, and RRE Ventures, four venture capital firms, for $450m, of which approximately $100m is Alliance Data common stock. Subject to regulatory approval and customary closing conditions, the transaction is anticipated to close in Q4 2020 and expected to be accretive by no later than year three.
"As part of our broader transformation efforts, the acquisition of Bread significantly expands our digital capabilities and payment options for our brand partners and their customers, while providing another reason for retailers and brands to choose Alliance Data to help them grow their businesses. Bread's pay-over-time solutions, together with our robust existing private label, general purpose and commercial products, will further expand our breadth of payment options and capabilities, giving our brand partners across all verticals another way to capitalize on the rapidly growing e-commerce channel," Ralph Andretta, Alliance Data President and CEO.
Bread is advised by Centerview Partners and Simpson Thacher & Bartlett. Alliance Data is advised by JP Morgan and Davis Polk & Wardwell.
Parsons, an American technology-focused defence, intelligence, security, and infrastructure engineering firm, agreed to acquire Braxton Science & Technology Group, a satellite ground system company, for $300m.
"The addition of BSTG complements our space portfolio, increases our product offerings in high-growth markets, and adds critical intellectual property that complements and expands our capabilities for the US Air Force, Space Force, and research laboratories. We look forward to welcoming BSTG's employees into the Parsons' family, driving synergistic solutions that leverage our expanded set of space solutions, growing our technology, and furthering our customer's critical missions including joint all-domain operations," Chuck Harrington, Parsons Chairman and CEO.
Braxton Science & Technology Group is advised by KippsDeSanto & Co and Sparks Wilson. Parsons is advised by Goldman Sachs and Latham & Watkins. Goldman Sachs is advised by Sullivan & Cromwell.
Syneos Health, a fully integrated biopharmaceutical solutions organization, agreed to acquire Synteract, a full-service CRO focused on the rapidly growing emerging biopharma segment. Financial terms were not disclosed.
"Synteract is one of the leading mid-sized, late-stage-focused CRO platforms with global reach and an attractive focus on the highest growth customer segment in the CRO space fueled by near-record funding levels. With Synteract, we will strengthen our leadership across the entire SMID category while we continue to drive growth among large biopharma customers. Importantly, we share operating and cultural philosophies built around finding the best combination of product, process and technology to fuel innovation. I look forward to welcoming Synteract to the Syneos Health family, as we collectively work to change patients' lives," Alistair Macdonald, Syneos Health CEO.
Synteract is advised by Jefferies & Company and Skadden Arps Slate Meagher & Flom. Syneos Health is advised by Latham & Watkins and Joele Frank.
Tiger Global Management led a $350m funding round in DoubleVerify, a software platform for digital media measurement and analytics. Fidelity Management & Research Company also participated in the round, together with funds and accounts managed by BlackRock and Neuberger Berman. Providence Equity Partners remains the majority investor.
"The support of these high caliber investors speaks to DoubleVerify's momentum, including new customer growth, product innovation and global expansion," Mark Zagorski, DoubleVerify CEO.
DoubleVerify is advised by Goldman Sachs, JP Morgan and Crenshaw Communications. Providence Equity Partners is advised by Sard Verbinnen & Co.
Alberton Acquisition, a British Virgin Islands blank check company, agreed to merge with SolarMax Technology, an integrated solar energy company, in a $300m deal.
"We are very pleased to announce the signing of our merger agreement with SolarMax and our entry into the solar and renewable energy sectors, both extremely attractive and rapidly growing market segments, with great potential for many years to come," Guan Wang, Alberton CEO.
SolarMax Technology is advised by Ellenoff Grossman & Schole. Alberton Acquisition is advised by Hunter Taubman Fischer & Li and Ogier.
Keralty Health Enterprise, an international health enterprise, completed the acquisition of Westchester General Hospital, a provider of healthcare services. Financial terms were not disclosed.
"On behalf of the nearly 20k Keralty employees worldwide, we welcome Westchester to our family of companies. This addition provides a new opportunity to expand our presence in the US and to advance our journey to establish a better model of care and support for our patients and health plan partners," Sergio Martinez, Keralty Global CEO.
Westchester General Hospital was advised by Cassel Salpeter & Co and McDermott Will & Emery. Keralty was advised by Greenberg Traurig.
Investment firms Highland Capital Management and Coatue led a $235m funding round in Caris Life Sciences, an innovator in molecular science, with participation from T. Rowe Price Associates, OrbiMed, Millennium Management, Neuberger Berman, ClearBridge Investments, First Light Asset Management and other undisclosed investors.
"This financing represents the first significant external equity investment in Caris. We are tremendously proud to partner with a diverse and high-quality syndicate of leading investors with deep domain knowledge in healthcare and technology," Brian J. Brille, Caris Vice Chairman.
Caris Life Sciences was advised by Argot Partners and GCI Health.
Apax Partners-backed Lexitas, a provider of services to the legal market, agreed to acquire Registered Agent Solutions, a corporate compliance services provider. Financial terms were not disclosed.
The acquisition will significantly enhance Lexitas' service line, offering existing and potential customers access to Registered Agent representation, a requirement for businesses under nearly all US state laws, as well as corporate compliance services, such as annual report filing, on a subscription basis.
Registered Agent Solutions is advised by Houlihan Lokey.
Infosys, an Indian multinational corporation that provides business consulting, information technology and outsourcing services, completed the acquisition of Blue Acorn iCi, a provider of digital customer experience, commerce and analytics. Financial terms were not disclosed.
"We are focused on partnering with global brands and CMOs to help them navigate their digital experience and commerce challenges. The Blue Acorn iCi acquisition is another important milestone in Infosys' journey to build capabilities relevant to the digital priorities of our clients and reaffirms our commitment to the Adobe ecosystem. We are excited to welcome Blue Acorn iCi and its leadership team into the Infosys family," Ravi Kumar S, Infosys President.
Blue Acorn iCi was advised by CG Petsky Prunier.
Assurant, a global provider of lifestyle and housing solutions, agreed to acquire HYLA Mobile, a provider of smartphone software. Financial terms were not disclosed.
"We are excited to join Assurant, a global leader in device lifecycle management, with a proven track record and ongoing commitment of innovation to support the evolving needs of its clients and their end consumers. We share the same philosophy of continuously finding ways to make the mobile device experience better for consumers and more efficient for our partners. We look forward to working together to bring more customer-centric innovations to the market, especially as our customers are deploying 5G," Biju Nair, HYLA Mobile President and CEO.
Assurant is advised by Davis Polk & Wardwell.
SoftBank Vision Fund 2 led a $120m Series C round in Ordermark, a provider of online ordering management solutions for restaurants and virtual restaurant concepts, with participation from returning investor Act One Ventures.
"2020 has been a tough year for restaurants and that's why we're focused on providing products and services to help keep their doors open. With 92% of restaurant traffic now off-premise, this funding gives us the opportunity to provide more restaurants with innovative ways to reach more consumers. The restaurant industry is in the midst of the e-commerce phase, where restaurants must get creative by embracing technology and new sources of revenue generation to reach customers outside of their four walls," Alex Canter, Ordermark CEO.
Ordermark was advised by Lede Company.
Ryan Smith, co-founder of Utah-based Qualtrics, agreed to acquire a majority stake in Utah Jazz, an American professional basketball team based in Salt Lake City, for $1.6bn.
"The Miller family has had an unbelievable impact on countless people through the Utah Jazz and the other organizations they run. We all owe a great debt to the Miller family for the amazing stewardship they have had over this asset for the past 35 years. My wife and I are absolutely humbled," Ryan Smith.
A consortium of investors led a $340m Series E funding round in Scopely, a mobile games company. The consortium consisted of Wellington Management, NewView Capital, TSG Consumer Partners, Canada Pension Plan Investment Board, BlackRock, D1, Battery Ventures, Eldridge, Declaration Partners, Moore Strategic Ventures, Greycroft, Baillie Gifford, Sands Capital, Revolution Growth and Highland Capital Partners.
"The companies that have built the deepest relationships with their customers are the ones that are going to win. We're proud to have built Scopely to be a significantly profitable business with a strong balance sheet driven by the success of each game in our diverse portfolio. With this new capital from strategic investors who deeply understand the potential of our business within the fast-growing interactive entertainment space, we're armed to make transformative moves that will further accelerate our growth trajectory and drive the industry forward," Walter Driver, Scopely Co-CEO.
Novartis, a Swiss multinational pharmaceutical company, completed the acquisition of Vedere Bio, a developer of cutting-edge gene therapy products, for $280m, of which $150m Vedere Bio received upfront and will be eligible for up to $130m in milestone payments.
"The medical need for new therapies to treat blindness is unambiguous. Vedere Bio's innovative technologies expand the potential for gene therapy to improve the lives of patients facing vision loss due to photoreceptor death attributable to a number of prevalent eye diseases," Jay Bradner, Novartis President of Institutes for BioMedical Research.
Arlington Capital-backed AEgis Technologies, a provider of advanced engineering solutions, Applied Technology Associates, a precision measurement, sensing and controls company, and Brilligent Solutions, a provider of sensor solutions, agreed to form BlueHalo, a provider of advanced engineering solutions and technology. Financial terms were not disclosed.
"We are proud to bring together these exceptional companies to form BlueHalo. BlueHalo will have the capabilities, infrastructure, and resources to rival the largest companies combined with the innovation, responsiveness, and world-class talent to provide superior solutions for our customers' most challenging and complex missions," David Wodlinger, Arlington Capital Partner.
One80 Intermediaries, a wholesale insurance broker and program manager, completed the acquisition of The Marcus Insurance Agency, a life insurance broker. Financial terms were not disclosed.
"At One80 Intermediaries we excel in highly specialized, niche areas of the insurance industry. With the acquisition of The Marcus Agency, we are gaining market-leading access and expertise designed to serve impaired risk clients. I was truly impressed with the expansive resources offered by The Marcus Agency, created to meet the needs of their clients," Matthew F. Power, One80 Intermediaries President.
Investment firms Baillie Gifford and T. Rowe Price led a $140m Series D round in Honor, a San Francisco-based home-care technology company, with participation from Rock Springs and existing investors Prosus Ventures, Andreessen Horowitz, Thrive Capital, and 8VC.
"This exciting capital raise is a tremendous show of confidence in our team, the Honor Care Network partnership model, and our growing number of exceptional HCN Partners. With this additional funding, Honor is positioned to expand nationally with greater speed and strength," Honor.
Northrop Grumman weighs $3bn sale of technology unit.
Northrop Grumman, an American global aerospace and defense technology company, weighs the sale of its technology services unit, which could be worth at least $3bn, Bloomberg reported.
Northrop Grumman is reportedly working with advisors to explore strategic options for the unit.
TorQuest nears deal to acquire VersaCold. (FS)
TorQuest, a Canadian private equity firm, nears the deal to acquire VersaCold, a provider of cold storage, Bloomberg reported.
In March the firm's sellers were planning to raise $500m from the deal, although current financial terms were not disclosed.
VoiceComm to acquire assets of Tessco's retail division.
VoiceComm, a mobile accessory distributor for the North American market, agreed to acquire assets of retail division of Tessco, a supplier of wireless communications products for site support, broadband networks, and infrastructure. Financial terms were not disclosed.
"VoiceComm's acquisition of Tessco's Retail Division will consolidate two leading companies' best practices to create more value for our customers and vendors. We've identified significant synergies which will allow us to deliver upon our principles of innovation, partnerships and service in an even more powerful way, including integration of the high-quality Ventev brand into our product offering," Derek Weiss, VoiceComm CEO.
Mallard Capital raises $110m in SPAC IPO. (FS)
Mallard Capital, a private equity firm targeting industrial businesses, raised $110m in the IPO of its SPAC Mallard Acquisition. The company sold 11m units for $10 apiece.
Each unit holds one common stock share and a warrant to purchase 50% of a share exercisable at $11.5.
Caliber Home Loans delays IPO.
Caliber Home Loans, a mortgage lender, postponed its IPO due to unfavorable market conditions related to long-lasting pandemic and surge in new cases in the US. Lack of imminent stimulus is among factors behind the decision to delay. Previously, Caliber filed for IPO in October to sell shares from $14 to $16 apeice.
"We will continue to evaluate the timing for the proposed offering as market conditions develop," Caliber Home Loans.
Investment Management Corporation of Ontario commits $750m to private equity. (FS)
Investment Management Corporation of Ontario, a money manager for pension funds, committed $750 to three funds in an attempt to boost its private equity.
IMCO invested in Kohlberg Investors IX from Kohlberg & Co, Nordic Capital X from Stockholm-based Nordic Capital and North Haven Capital Partners VII from Morgan Stanley Capital Partners.
Veritas Capital closes $400m Credit Opportunities Fund. (FS)
Veritas Capital, an investor in companies operating at the intersection of technology and government, announced the closure of its Credit Opportunities Fund with $400m in commitments.
"We launched the Credit Opportunities Fund to expand on that strategy and take advantage of additional opportunities to leverage our strong sector knowledge and experience. The Fund will benefit significantly from our integrated platform and intellectual property, creating a differentiated financing partner with the ability to find highly-customized solutions for the companies in which we invest," Ramzi Musallam, Veritas Capital Chief Executive Officer and Managing Partner.
The Engine raises $230m for its second fund. (FS)
The Engine, a venture capital firm founded by Massachusets Institute of Technology, raised $230m for its second fund. The company will begin investing in technology startups. Harvard joined as a limited partner in this round.
"We launched The Engine to help young companies focused on tough tech challenges that have the potential for enormous societal impact. Our aim was to provide them with a new model of sustained assistance and an ecosystem of talent, expertise, and support to speed their progress, so we are truly thrilled that Harvard has joined us in this mission," Rafael Reif, The Engine President.
EMEA
G4S, a British multinational security services company, advised its shareholders to reject BC Partners-backed GardaWorld's $3.8bn offer, claiming it undervalued the company.
"GardaWorld's offer significantly undervalues your company – it is nowhere near a full and fair price. The timing of GardaWorld's proposal is highly opportunistic and significantly undervalues your company," G4S.
G4S is advised by Citigroup, JP Morgan, Goldman Sachs, Lazard, Linklaters and Brunswick Group. GardaWorld and BC Partners are advised by Barclays, Kirkland & Ellis, Simpson Thacher & Bartlett and Montfort Communications.
A consortium of investors consisting of Allied Cigar and Gemstone Investment completed the acquisition of the premium cigars unit of Imperial Brands, a British multinational tobacco company, for €1.2bn ($1.3bn).
"We are delighted to be able to announce the sale of Premium Cigars in the current challenging global environment. It has been a complex transaction involving joint venture partners and assets across multiple geographies and we would like to thank everyone involved for working so hard to get the deal agreed. This disposal reinforces our strategic ambition of becoming a leaner and more agile organization and the proceeds will realize value for shareholders by reducing debt as part of our ongoing focus on active capital management," Dominic Brisby and Joerg Biebernick, Imperial Brands Joint Interim CEOs.
Allied Cigar and Gemstone Investment were advised by Dentons. Imperial Brands was advised by Ernst & Young, AZ Capital, Allen & Overy and Andersen Tax & Legal.
OMV Group, an Austrian oil and gas group, completed the acquisition of a 39% stake in Borealis, a global polymer producer, from Mubadala, a sovereign investor managing a global portfolio, for $4.7bn. OMV now holds a 75% interest in Borealis and Mubadala retains a 25% interest in the company.
"This transaction is another milestone in the implementation of our strategy. We are thus establishing an integrated and sustainable business model extending OMV's value chain towards higher-value chemical products and recycling, thereby repositioning the Group for a lower carbon future," Rainer Seele, OMV Chairman and CEO.
OMV Group was advised by Cerha Hempel Spiegelfeld Hlawati and Schoenherr. Mubadala was advised by Allen & Overy.
The Carlyle Group agreed to acquire Flender, a supplier of mechanical and electrical drive systems, from Siemens for $2.38bn. The transaction is expected to close in the first half of 2021 and is subject to foreign-investment and antitrust approvals.
"By selling Flender, we're successfully and rigorously continuing our strategy to become a new, focused Siemens. Our plan of fixing the businesses ourselves by introducing the structures used in small and midsized companies has proven effective. Now it's time to position Flender as an independent company and give it the chance to realize future growth opportunities. This fast decision gives customers and employees clarity and a solid foundation for planning," Joe Kaeser, Siemens President and CEO.
Kartesia, a provider of capital solutions for small and mid-sized companies, completed a €75m ($88m) investment in HeadFirst Group, an external hiring firm.
"The investment of a strong financial partner like Kartesia helps to accelerate our growth strategy, both within the Netherlands and elsewhere in Europe. The focus is on continuing to expand HeadFirst's role as a full-service HR services provider, innovating with smart online solutions and adding value for our clients with rich data," Han Kolff, HeadFirst Group CEO.
Worldline selects banks for $3.5bn terminal unit sale.
Worldline, a French payment and transactional services company, picked banks for the potential sale of its payments terminal operations after the $8.7bn takeover of Ingenico, Bloomberg reported.
The company reportedly selected UBS and BNP Paribas as its advisors on options for the business, seeking at least $3.5bn in any sale.
Elite Model World in talks to go public via SPAC merger.
Elite World Model, a model management network, is in talks to go public through merger with SPAC Galileo Acquisition, Bloomberg reported. Galileo reportedly held talks with possible investors to raise equity to support the deal.
Galileo raised $138m in an IPO last year and had initially focused on Italian family-owned businesses with a clearly defined strategy to grow in North America.
Bridgepoint-backed Diaverum eyes IPO in November. (FS)
Bridgepoint-backed Diaverum, a dialysis clinic operator in Stockholm, is targeting an IPO in November, Reuters reported.
The floatation could reportedly value the business at $2.4bn, and JP Morgan together with Carnegie and SEB work on putting the deal together.
Aliko Dangote delays his cement maker IPO.
Aliko Dangote, Africa's richest man, delayed the IPO of his Dangote Cemente, a producer of the building material, once again to shift focus on exports and boosting foreign exchange reserves of Nigeria. The UK IPO was shelved until at least 2023.
"The London listing is not something which will happen in the short to medium term. We are focused on our export strategy and increasing our foreign-currency revenue," Temilade Aduroja, Dangote Cemente Head of Investors Relations.
Castik Capital raises $1.5bn for second fund. (FS)
Castik Capital, a European private equity firm, raised $1.5bn for its second buyout fund named EPIC II at a hard cap. First fund was closed at a $1.2bn mark.
The current fund will target seven investments in continental Europe with checks ranging from $235m to $822m and with $117m-$352m of equity per deal.
APAC
Wellington Management, an investment management firm, led a $100m Series C funding round in Gracell Biotechnology, a biopharmaceutical company. The round was also joined by OrbiMed, Morningside Ventures, Vivo Capital, Temasek Holdings, Lilly Asia Ventures and King Star Med.
"We are very pleased to expand our investor base with support from a high caliber consortium. Our passion is to bring transformative CAR-T cell therapies to a broader group of patients by developing products that are efficacious and can be made widely available," William Wei Cao, Gracell Founder, Chairman and CEO.
Gracell was advised by Jefferies & Company and Cooley.
Mitsubishi Materials, a manufacturer of cement products, copper and aluminium products, cemented carbide tools, and electronic materials, agreed to acquire a 10% stake in Masan High-Tech Materials, a Vietnamese materials company, for $90m.
Makoto Shibata, Director and Chief Financial Officer of Mitsubishi Materials, said the tungsten business including the cemented carbide tool business is viewed as one of the major pillars of its growth strategy, adding that new investment in Masan High-Tech Material will have a significant impact on the firm's development.
Wipro, a global information technology, consulting and business process services company, agreed to acquire Encore Theme Technologies, a specialist in providing SaaS and Cloud solutions in financial services. Financial terms were not disclosed. The acquisition is subject to customary closing conditions and is expected to close in the quarter ending December 31, 2020.
"We are excited to have the team at Encore Theme join us. They bring a wealth of trade finance product expertise coupled with significant delivery experience of Finastra solutions for both Trade Finance and Cash Management implementations. Together with Wipro's reach across the region and proven system integration capabilities, this will help strengthen our position as a dominant player across the globe implementing Finastra solutions," Angan Guha, Wipro Senior Vice President and Global Head, Banking, Financial Services & Insurance.
Ant Group IPO oversubscribed 872 times.
The IPO of Ant Group, a fintech company, that is expected to raise $34.4bn got oversubscribed 872 times as Chinese investors attempt to capitalize on an opportunity.
Ant Group decided to exercise a greenshoe option for a 15% overallotment of shares, which brings the number of shares to be sold to 1.9bn, its filing showed. Post-greenshoe retail investment interest increased to $2.83tn.
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