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AMERICAS
Tokyo Century, a leasing and installment sale business, acquired remaining interests in Aviation Capital, an aircraft leasing firm, from Pacific Life Insurance, an American insurance company, for $3bn.
“Tokyo Century has been a valuable partner since 2017 and this acquisition of the remainder of ACG demonstrates a commitment to the growth and success of the ACG platform and the aircraft leasing industry,” said Khanh T. Tran, ACG’s president & CEO. “The ACG team is enthusiastic and looking forward to being part of the Tokyo Century family as we expand and continue to provide best-in-class global aircraft leasing, financing, and trading services.”
Deloitte, MUFG, Mizuho and Davis Polk & Wardwell are advising Tokyo Century Group. Goldman Sachs and Debevoise & Plimpton are advising Pacific Life.
Silver Lake Partners invested $1bn in Motorola Solutions, a global leader in mission-critical communications, command center software and video security and analytics.
“The Silver Lake partnership has been outstanding, and I’m very pleased that we’re continuing it,” said Greg Brown, chairman and CEO of Motorola Solutions. “Our relentless focus on people, platforms, growth and shareholder return has proven to be very successful, and I’m excited about the opportunities we have in front of us.”
Goldman Sachs and Wachtell Lipton Rosen & Katz advised Motorola Solutions. Simpson Thacher & Bartlett advised Silver Lake.
First Defiance Financial, the holding company for First Federal Bank of the Midwest and First Insurance Group, acquired and merged with United Community Financial, the holding company for Home Savings Bank and HSB Insurance, for $473m. Upon closing, First Defiance shareholders will own approximately 52.5% of the combined company and United Community shareholders will own approximately 47.5%.
“After a long relationship between the two companies, we are thrilled to bring together these two great Ohio community bank franchises. These organizations are a perfect strategic fit, balancing the strengths of each. With enhanced scale, we will have the opportunity to continue to grow and compete more effectively in all the markets we serve for the foreseeable future,” said Donald P. Hileman, President and Chief Executive Officer of First Defiance.
Sandler O'Neill + Partners and Wachtell Lipton Rosen & Katz are advising United Community Financial. Keefe Bruyette & Woods and Barack Ferrazzano Kirschbaum & Nagelberg are advising First Defiance Financial.
TPG Capital acquired Convey Health Solutions, a leading provider of technology-enabled and advisory solutions for health plans, from New Mountain Capital. Financial terms of the transaction were not disclosed.
“Our proprietary technology and highly-skilled team are creating and driving compliant, innovative, and comprehensive approaches to serving our clients,” said Stephen Farrell, CEO of Convey. “Partnering with TPG will help fuel our next stage of growth. Their industry expertise, ability to identify acquisition targets, and deep understanding of how to build and operate leading healthcare platforms make TPG a great fit for Convey. We want to thank New Mountain for their strong support throughout our partnership and the important role they played in helping us transform the company into a technology-based market leader.”
Barclays, Goldman Sachs and Ropes & Gray advised Convey. Davis Polk & Wardwell advised TPG.
The US Federal Trade Commission is looking to block the $1.2bn merger between Stewart Information Services, a global real estate services company, and Fidelity National Financial, an international provider of financial services technology and outsourcing services. The deal was announced in March 2018.
In response, Stewart issued the following statement: “While we are disappointed with this outcome and disagree with the FTC’s decision, we are reviewing the lawsuit with FNF in the context of the parties’ rights and obligations under our merger agreement. We will communicate our next steps to our stakeholders in the near future as soon as this review is complete.”
Citigroup, Blake Cassels & Graydon, Davis Polk & Wardwell and Sard Verbinen are advising Stewart Information Services. Nader Hayaux y Goebel and Weil Gotshal and Manges are advising Fidelity National Financial. Sullivan & Cromwell is advising Citi.
Cisco, an American multinational technology conglomerate, completed the acquisition of Voicea, the creator of a market-leading real-time solution that provides meeting transcription, voice search, and meeting highlights/action items, with robust data privacy. Financial terms were not disclosed.
This acquisition reflects Cisco’s vision of Cognitive Collaboration, interoperability, and workplace transformation through combining the power of AI, ML, software, hardware, and the network to remove friction and get work done faster and smarter.
LTN Global, a world-leading provider of broadcast-quality IP video transport solutions, agreed to acquire Make TV, a developer of an innovative cloud-based service that enables content creators to access, curate, and publish live video streams to affiliates, social media, and OTT platforms. Financial terms were not disclosed.
“The integration of Make.TV’s cloud-based services into our managed IP production and transmission workflows gives customers even greater control and agility in executing live video creation, distribution, and monetization,” said Malik Khan, co-founder and executive chairman at LTN Global. “With a highly scalable, cloud-based live video platform, our customers can quickly and easily gain visibility into an unlimited number of real-time sources and turn this content into a revenue-generating asset, backed by the assurance of a fully managed service.”
Allison Transmission, the largest global manufacturer of medium- and heavy-duty fully automatic transmissions, acquired Walker Die Casting, a for-profit Tennessee corporation that produces high-quality aluminum die castings, and C&R Tool and Engineering, which produces die cast dies and tooling using the latest technology and processes, for $103m.
“We are delighted to announce the acquisitions of Walker Die Casting and C&R Tool and Engineering. Walker’s products are a critical component in the manufacture and quality of our on-highway transmissions. We plan to grow the business and continue the heritage established by Robert Walker in 1958.” David S. Graziosi, Allison Transmission, President and CEO.
CenterGate Capital, private equity investment firm, has made an investment in Naumann/Hobbs Material Handling, a material handling equipment platform with a comprehensive suite of products and services. Financial terms were not disclosed.
“We are excited about our partnership with CenterGate, and it will allow us to continue to provide exceptional service to our customer base. CenterGate’s investment will provide us the capital and strategic resources to continue to grow our market presence and geographic reach.” Tom Hobbs, CEO, Naumann/Hobbs.
Clarivate Analytics, a global leader in providing trusted insights and analytics, agreed to acquire SequenceBase, a leader in providing patent sequence information and search technology to the biotech, pharmaceutical, and chemical industries. Financial terms were not disclosed.
"The acquisition confirms our commitment to the IP life science community and will allow us to serve our customers' growing needs for high quality better, intuitive solutions for sequence-oriented patent research," Dan Videtto, President, Clarivate Analytics.
Integra LifeSciences, a leading global medical technology company, acquired Rebound Therapeutics, a developer of single-use medical devices that enable minimally invasive access, using optics and illumination, for visualization, diagnostic and therapeutic use in neurosurgery. Financial terms were not disclosed.
“The acquisition of Rebound Therapeutics reflects Integra’s ongoing commitment to developing innovative products to address unmet needs in neurosurgery. Rebound’s MIS technological platform is a natural addition to our portfolio of neurosurgical products and will expand our therapeutic-focused offerings. We are eager to develop further Rebound’s cutting-edge MIS technologies to help surgeons improve the standard of care for neurosurgery patients." Dan Reuvers, Corporate Vice President and President of Integra LifeSciences’ Codman Specialty Surgical division.
Elliott disclosed a $3.2bn stake in AT&T. (FS)
Activist investor Elliott Management disclosed a $3.2bn stake in AT&T, criticized the company’s strategy and called on the telecommunications giant to shed unnecessary assets.
The New York hedge fund wrote in a letter to the company that it would seek seats on the company’s board and challenged AT&T to sharpen its focus on its core assets, including its relatively healthy wireless business.
San Francisco looking to buy PG&E's electric system for $2.5bn.
The city of San Francisco offered to buy the power lines and other electrical system infrastructure serving the city from PG&E, an American investor-owned utility with publicly traded stock. PG&E is expected to file a reorganization plan in a US bankruptcy court in San Francisco this week that addresses its estimated $30bn in liabilities from wildfires in California in 2017 and 2018, including November’s Camp Fire.
“PG&E has been a part of San Francisco since the company’s founding more than a century ago, and while we don’t believe municipalization is in the best interests of our customers and stakeholders, we are committed to working with the City and will remain open to communication on this issue,” PG&E said in a statement.
Bunge looking to enter the booming fake-meat market.
Bunge, one the world’s biggest grain traders, recently disclosed the 1.6% stake it had purchased in the fast-growing fake-meat startup Beyond Meat. The play looked smart after the stock surged more than 250% since the faux burger and sausage maker’s initial public offering.
Bunge’s investment is just one example of how grain traders and seed companies are trying to capitalize on a market that now accounts for 5% of US meat purchases - a share expected to triple over a decade.
EMEA
Providence Strategic Growth, the growth equity affiliate of Providence Equity Partners, invested in Spain-based MAPAL Software, a leading developer and supplier of management and business analytics software for the restaurant and retail sectors. Financial terms were not disclosed.
Jorge Lurueña, Founder and CEO of MAPAL, said: “We are a valued company in the restaurant sector due to our deep understanding of clients’ needs, the quality of service that our consultants provide and the profitability that our clients see once they implement GIRnet, our software solution. The whole team at MAPAL is excited for this new chapter in conjunction with PSG – a leading investment partner with broad experience in the software industry and a history of supporting companies in their international growth and development – as we consolidate our positioning in the restaurant market and provide clients with solutions that will help them fully automate the management of back-office functions.”
Deloitte and Baker McKenzie advised MAPAL Software.
Port operator DP World’s planned merger of its P&O Maritime and recently acquired Topaz Energy and Marine businesses is expected to be completed by the end of the year, Reuters reported. DP World bought Dubai-based oil services company Topaz in July with the intention of combining it with P&O Maritime as part of efforts to diversify beyond its core port operations to other marine-related sectors.
Rothschild & Co is advising Topaz. Linklaters is advising the sellers.
Essentra, a leading global provider of essential components and solutions, acquired Nekicesa Packaging, one of the leading converters of folding cartons supplying the pharmaceutical end-market in Spain, from GED Iberian and EBN Vaccaria. Financial terms were not disclosed.
Commenting on the deal, Paul Forman, Essentra Chief Executive said: "The acquisition of Nekicesa is indicative of the value-creating acquisition opportunities which are available to us now that our Packaging division has successfully been established. With a proven track record of profitable growth under an experienced management team, Nekicesa is a great fit with our own business in Barcelona as we continue to focus on our strategic objective of being the leading dedicated supplier of specialist secondary packaging and value-added services to the global pharmaceutical, personal care and beauty industry. I would like to welcome all at Nekicesa to Essentra and wish them every success."
Tulchan Communications advised Essentra.
Adevinta, a global online classifieds company with generalist, real estate, cars, jobs and other internet marketplaces, agreed to acquire Argus Group, the leading player in digital marketing services to the automotive industry in France. Financial terms were not disclosed.
“We have said we will engage in M&A activity to strengthen our positions in markets where we are already leading, and we are following through on that commitment,” said Rolv Erik Ryssdal, CEO of Adevinta. “We have also seen strong growth in our key sectors in cars, jobs and property, and acquiring the Argus Group enhances our strong position in the French car market segment.”
TMF Group, a multinational professional services firm headquartered in Amsterdam, completed the acquisition of fund administration business in Channel Islands from State Street, an American financial services and bank holding company. Financial terms were not disclosed.
Mark Weil, CEO of TMF Group said: “The funds sector is one of our global specialties where we see a great opportunity for a firm with our geographic reach and technical capabilities. The combination of State Street and TMF funds platforms will create a tremendous offering to take to funds around the world, whether for the funds themselves, their SPVs or the operating entities they have invested in.”
Private equity firm The Riverside Company invested in TOOLPORT, the leading European online provider of professional tents and spare parts for the consumer and industrial markets. Financial terms were not disclosed.
“We are very excited to partner with TOOLPORT’s founder Stephan Weiß and his team to support the company during the next years of growth,” said Riverside Partner Peter Schaberger. “During our partnership, we plan to further strengthen TOOLPORT’s international presence.”
MSCI, a leading provider of critical decision support tools and services for the global investment community, agreed to acquire Carbon Delta, a Zurich-based environmental fintech and data analytics firm. Financial terms were not disclosed.
“Carbon Delta has aimed to create the best climate change scenario analytics for financial institutions,” said Dr. Oliver Marchand, CEO of Carbon Delta. “We are very excited to join forces with MSCI to mature and grow our products. Combining Carbon Delta’s scenario analysis and MSCI’s products is what institutional investors have been asking for.”
Weinberg Capital Partners, a Cleveland, Ohio-based private equity group, agreed to acquire the French unit of ISS Group, a facility services company founded in Copenhagen, Denmark. Financial terms were not disclosed.
Philippe Klocanas, Partner at Weinberg Capital Partners, comments: "This transaction illustrates perfectly our strategy to invest in French SMEs recognized for their solid know-how. We will bring financial and human resources to carry out the sustainable development of ISS Hygiène et Prévention in the long term."
Fidelium Partners, an internationally oriented private equity firm backed by a number of German business families, acquired Mühlhoff Umformtechnik, which manufacturers complex formed parts and components for the automotive industry. Financial terms were not disclosed.
“We look forward to joining the management and workforce on the initiated growth path, and sustainably developing the company further,” commented Dominik Beck, Managing Partner at Fidelium.
Active Capital, an independent hands-on private equity fund, agreed to invest in Technobis Group, an industrial holding based in Alkmaar, Netherlands. Financial terms were not disclosed.
Active Capital Company invests in Technobis to scale-up the group and to enable the accelerated roll-out of its integrated photonics solutions.
“Together with the team at Technobis, we look forward to partnering with Active Capital Company and Daan Koppen de Neve and welcome their active support in realizing our strategic plan at an accelerated pace.” Pim Kat, Founder, Technobis Group.
Saudi Aramco lines up banks for local listing.
Saudi Aramco is expected to give lead roles to JPMorgan, Morgan Stanley and National Commercial Bank for its planned initial public offering, Reuters reported.
It will also likely add Citi, Goldman Sachs, HSBC and Samba Financial Bank to the list of banks managing the transaction, a first phase of which could take place locally.
Qatar shortlists partners for North Field expansion.
Qatar has shortlisted international oil firms Total, Exxon Mobil, Shell, and Italy’s Eni in the bidding process for a stake in its expanded North Field megaproject. The expansion of tiny but gas-rich Qatar’s liquefied natural gas facilities, already the world’s largest, is one of the energy sector’s most lucrative projects, and the world’s top oil and gas majors have been racing to secure a stake.
Austria's Verbund confirms bid for EDP's hydro assets.
Verbund is bidding for the hydro assets of Portuguese utility EDP and made it on the shortlist of final bidders, Reuters reported.
The sale is part of a broader portfolio clean-up as EDP wants to plow more cash into its renewable energy business with the assets being valued at more than €2bn ($2.2bn).
Dutch government to decide on new capital for TenneT.
The Dutch government is preparing a decision on how to raise fresh capital for TenneT, the German-Dutch electric high voltage grid operating company it owns, Reuters reported.
Choices range from a cash injection funded by Dutch taxpayers to bringing in long-term infrastructure investors such as pension funds to buy a stake in TenneT, the largest grid operator in Germany and the Netherlands.
Enel to sell $1.1bn worth of Romania assets.
Europe’s biggest utility Enel kicked off the sale of its operations in Romania for $1.1bn. Enel is the biggest private investor in energy in Romania where it has been active since 2005 with operations in power distribution and supply as well as renewable energy production.
BNP Paribas is advising Enel.
Orion Capital Managers looking to bid for Intu Properties. (FS)
Private equity firm Orion Capital Managers, founded by Aref Lahham, is in the early stages of finding partners for a buyout of Intu Properties, a British real estate investment trust, largely focused on shopping center management and development. The company is currently valued at $665m.
Equity Group in talks to acquire a controlling stake in DRC bank.
Reuters reported that Kenyan lender Equity Group entered talks with some shareholders of Banqué Commerciale du Congo to buy a controlling stake in the Congolese bank, stepping up its Africa expansion.
Equity, which already runs another subsidiary in the DRC, said the talks were likely to result in a cash transaction. It did not identify the BCDC shareholders who are selling.
Sainsbury’s weighs options for its financial unit.
Telegraph reported that Sainsbury's, the second-largest chain of supermarkets in the United Kingdom, is preparing a major overhaul of its bank as it pursues a “back to basics” approach following its failed attempt to merge with Asda. The grocer is understood to be examining options for its loss-making financial services arm as it prepares to lay out a new strategy to City analysts and investors later this month.
Alizeti Capital close to buying Totesport. (FS)
Hedge fund Alizeti Capital is close to buying Totesport, a British bookmaker with head offices in Wigan, in a £100m ($123m) deal. The deal could be completed next month. The takeover’s backers include Peter Davies, of Mayfair hedge fund Lansdowne Partners.
Premier Foods considers selling its brands.
Premier Foods, a British food manufacturer headquartered in St Albans, Hertfordshire, is looking to divest some of its flagship brands, which include Mr. Kipling cakes. Premier Foods looked at selling its Ambrosia rice pudding brand but abandoned the sale in February after failing to get a good price from bidders.
Morgan Stanley is advising Premier Foods.
VTB in talks to invest in EN+.
Russian bank VTB is in talks with Chinese companies to invest in EN+, a leading vertically integrated aluminum and power producer listed on the London Stock Exchange. VTB, the Kremlin-controlled bank that owns 21.68% of EN+, has been approached by two Chinese state-related industrial groups about a potential share sale.
Mid Europa Partners opens Bucharest office. (FS)
Mid Europa Partners, a private equity investor in Central and Eastern Europe, opened an office in Bucharest, Romania, further deepening its local presence in the country.
“The opening of the Bucharest office represents a natural progression of our commitment to Romania, following our increased activity in response to the long-term re-rating of the investment climate in Romania." Matthew Strassberg, Co-Managing Partner of Mid Europa.
APAC
TKK Symphony, a special purpose acquisition company, acquired Glory Star New Media Group, a leading mobile and online digital media and entertainment company in China, for $525m.
Sing Wang, Chairman and CEO of TKK Symphony Acquisition Corporation, commented: “We are delighted to partner with Glory Star. Mr. Bing Zhang is a reputable media veteran with over 30 years of experience in the sector, most notably with Trends Group. Moreover, Glory Star is a prolific generator of video content, producing over 150 minutes of original, premium content on a daily basis. As a young company, Glory Star achieved profitability in its debut year of 2017, generating over $30m in revenue for its first year. Running at full steam in its third year of operations in 2019, the company expects to reach an estimated net profit of $25m for the full year, despite the sharp depreciation of RMB as of late. Going forward, we are confident that Glory Star will leverage its public company status to further expand its leadership across China's booming consumer media sector upon the completion of its business combination with TKK Symphony.”
Grandall Law and Lewis Brisbois Bisgaard & Smith are advising Glory Star. EarlyBirdCapital, Ellenoff Grossman & Schole and Goodwin Procter are advising TKK Symphony.
Axiata Group, a Malaysian telecommunications conglomerate with extensive operations in Asia, is discussing deals with other parties and considering an IPO of its tower business after announcing the collapse of a planned Asian telecoms deal with Norway’s Telenor. The Telenor deal fell through four months after the firms said they planned to create a joint venture with nearly 300m customers across South Asia and Southeast Asia, and a potential valuation of about $40bn including debt.
Citigroup advised Telenor. Morgan Stanley advised Axiata.
GIC-led consortium invested $500m in Vingroup, a Vietnamese conglomerate focusing on real estate development, retail, and services ranging from healthcare to hospitality.
Vingroup and VCM have established themselves as reputable retail companies with attractive brands in Vietnam’s fast-growing consumer market. As a long-term investor, GIC is confident in the growth outlook for disposable incomes and household consumption in Vietnam.
TA Associates, a leading global growth private equity firm, made a minority investment in MISA, a leading software provider in Vietnam. Financial terms of the transaction were not disclosed.
“MISA is among the software industry leaders for both the public and private sectors in Vietnam, with a high-quality business model and an impressive history of generating meaningful growth,” said Edward Sippel, a Managing Director at TA Associates and Co-head of Asia operations of TA Associates Asia Pacific who will join the MISA Board of Directors. “With its innovative product offerings, talented management team and commitment to customer service, we believe that MISA is well-positioned to capitalize on both organic and inorganic growth opportunities. We are excited about this partnership, and are looking forward to working collaboratively with the MISA team.”
Canada Pension Plan Investment Board invested $115m in Delhivery, one of India's leading third-party logistics providers.
"The continued strong growth of e-commerce has generated significant opportunities in India's express logistics space for long-term investors such as CPPIB, and we are pleased to partner with a market leader. This investment in Delhivery builds on our Fundamental Equities Asia group's strategy to provide strategic capital to high-quality companies in the region," Deborah Orida, Senior Managing Director and Global Head of Active Equities.
HRS, the leading global hotel solutions technology provider in business travel, acquired and merged with The Lido Group, a prominent provider of automated hotel and hospitality technology in Australia and New Zealand. Financial terms were not disclosed.
“This merger is good news for a marketplace that is increasingly aggressive in implementing automation and technology that minimizes hotel costs while maximizing business traveler satisfaction,” said Ana Pedersen, Managing Director of HRS Australia/New Zealand. “What makes this stand out is the unsurpassed combination of leading technology - like HRS’ proprietary ‘Recommendation Engine’ and Hotel Rate Filtering Solution - with the expertise of our 60+ staff located in Australia.”
Private equity firm Partners Group acquired BCR Group, a leading retail display solution provider in China. Financial terms were not disclosed.
Hong Li, CEO, BCR, notes: "I am convinced that welcoming Partners Group as a strategic investment partner is the right decision to ensure the continued growth and development of BCR. Over the past eleven years, BCR has grown independently from an original equipment manufacturer to the full-service company it is today, servicing some of the market's top blue-chip customers. Partners Group is well-positioned to build on this momentum and lead BCR into its next stage of growth."
Singapore's oCap Management, a technology-driven provider of financing solutions, acquired a 25% stake in GoCapital, an India-based short-term loans provider, in a bid to enter the Indian market. Financial terms were not disclosed.
Carlos Haeuser, Chief Executive Officer of oCap, said, “In line with our overseas expansion plans, we are pleased to have identified an ideal platform and partner in GoCapital, which complements oCap’s value proposition in addressing the needs of a market largely underserved by traditional lending systems. As we scale our operations in the region, we continue to be the go-to business partner that provides capital responsibly to enable growth and unlock potential for businesses.”
Sika, a specialty chemical company, acquired China-based Crevo-Hengxin, a manufacturer of silicone sealants and adhesives used in both industry and construction applications. Financial terms were not disclosed.
"The outlook for the silicone sealants and adhesive market – and indeed for our business in China – is promising. With the acquisition of Crevo-Hengxin, we will increase our know-how in this key technology, and expand our local production capabilities. We can immediately leverage the business potential of the new product lines by exploiting the cross-selling synergies offered by Sika’s extended distribution channels. We look forward to a successful joint future, and would like to extend a very warm welcome to all Crevo-Hengxin employees as they join the Sika team." Mike Campion, Sika Regional Manager Asia/Pacific.
China’s Alibaba chairman Jack Ma set to depart. (People)
Alibaba Group chairman Jack Ma will step down from his position, leaving his handpicked successor, Daniel Zhang, a daunting task of steering the $460bn juggernaut at a time when the market for its core e-commerce business has slowed sharply.
“He has the logic and critical thinking skills of a supercomputer, a commitment to his vision, the courage to wholeheartedly dare to take on innovative business models and industries of the future.” Jack Ma said of Zhang in 2018 in a message announcing his appointment.
Air China has no plans to take over Cathay Pacific.
Air China no plans to take over Hong Kong’s Cathay Pacific Airways, according to a Reuters report. The Hong Kong airline has become the biggest corporate casualty of anti-government protests after China demanded it suspend staff involved in, or who support, demonstrations that have plunged the former British colony into a political crisis.
“Based on what I know, I wouldn’t think that is anywhere on the agenda, no way,” Stanley Hui, Air China non-executive director.
Brookfield and Temasek eye GAIL’s gas pipeline assets. (FS)
Canada’s Brookfield Asset Management and Singapore’s Temasek Holdings are looking to make a bid for gas pipeline assets of GAIL, the largest state-owned natural gas processing and distribution company in India. Indian Oil Corp and Bharat Petroleum are also interested in buying the assets. Brookfield and Temasek have yet to make an official offer to GAIL.
Byron's Beach Hotel put for sale for $100m.
Byron Bay's Beach Hotel is back on the market for the second time in three years with its owners targeting a price above $100m. In a statement, selling agents JLL said IIG had decided to sell after fielding "a number of unsolicited approaches" for the asset.
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