AMERICAS
Optum, a diversified health services company, and Change Healthcare, a health care technology provider, agreed to extend their merger agreement to December 31, 2022.
"The extended agreement reflects our firm belief in the potential of our combination to improve health care, and in our commitment to contesting the meritless legal challenge to this merger," Change Healthcare and Optum.
Optum is advised by Bank of America and Hogan Lovells. Change Healthcare is advised by Morrow Sodali Global, Barclays, Goldman Sachs, Simpson Thacher & Bartlett and Brunswick Group.
FARFETCH, a global platform for the luxury fashion industry, agreed to invest $200m in Neiman Marcus Group, an omnichannel luxury retailer in the US.
“I believe the US luxury market is at a pivotal point. Whilst the US is proving to be a long-lasting source of growth for the luxury industry, fueled by younger generations who are highly engaged with the category, businesses will have to significantly upgrade their digital capabilities – powering both online and offline customer journeys – to meet these new customer expectations and stay ahead in what is going to be a competitive space in the coming years," José Neves, FARFETCH Founder, Chairman and CEO.
FARFETCH is advised by Bryan Cave Leighton Paisner, Taylor Wessing and Brunswick Group. Neiman is advised by JP Morgan, Kirkland & Ellis, Norton Rose Fulbright and Joele Frank.
MDH Acquisition, a SPAC, PayLink Direct, a payment services provider, and Olive.com, a digital vehicle protection plan platform, agreed to terminate a $960m deal. Investors in PIPE included Fortress Investment Group, Milestone Partners, Old Republic Insurance and Ally Financial.
“We have tremendous admiration for the entire olive.com team. The company’s impressive growth and disruption of the vehicle protection space is truly extraordinary, and we wish them continued success in the journey ahead. The MDH team will continue to explore opportunities to support companies that have unrecognized value, room to grow, world-class management, and leadership in a sector where MDH has deep expertise and relationships," Franklin McLarty, MDH Acquisition Executive Chairman.
Skillsoft, a provider of corporate digital learning, completed the acquisition of Codecademy, a provider of online learning platform for technical skills, for $525m.
“This is an exciting day for Skillsoft as we take another significant step to advance our growth strategy with the addition of one of the foremost learning platforms for Tech & Dev skills. We are delighted to welcome Codecademy’s founder and CEO Zach Sims to Skillsoft’s executive leadership team and our new Codecademy colleagues to Skillsoft. Our two strong teams together position us to fuel continuous growth for employees and their companies through learning experiences that are deeply absorbing and deliver exponential returns on time and effort while helping organizations address critical technical skills gaps," Jeffrey Tarr, Skillsoft CEO.
Skillsoft was advised by Barclays, Citigroup, Weil Gotshal and Manges, Sullivan & Cromwell and Joele Frank. Debt financing was provided by Barclays and Citigroup.
Private equity firms Casdin Capital and Viking Global completed a $250m investment in Fluidigm, a biotechnology company.
“This investment is the culmination of our Board’s comprehensive review of a wide range of options to maximize stockholder value. Casdin and Viking are leading investors with proven records of partnering with life sciences and biotechnology-focused companies to drive growth, scale, financial performance and value creation. This significant capital infusion and strategic initiative will not only strengthen our balance sheet but accelerate growth and innovation to create significant value for all stakeholders," Carlos V. Paya, Fluidigm Chairman.
Fluidigm was advised by Jefferies & Company, Wilson Sonsini Goodrich & Rosati and Joele Frank. Casdin Capital was advised by Centerview Partners and Paul Weiss Rifkind Wharton & Garrison. Viking Global was advised by Kirkland & Ellis.
Local Bounti, an indoor agriculture company, completed the acquisition of Pete's, an indoor farming company, for $123m.
"The combination of Pete's operational scale and retail distribution footprint with our market-leading unit-level economics creates immediate value for our employees, customers, partners, and shareholders. This acquisition is immediately accretive and opens the door for further margin expansion as we implement our proprietary Stack & Flow Technology into Pete's facilities and unlock additional operational synergies. Combined, this platform is well-positioned to take on the rapidly expanding controlled environment agriculture produce market, which is expected to reach $30bn in the US by 2025, and generate accelerated returns on invested capital," Craig Hurlbert, Local Bounti Co-CEO.
Local Bounti was advised by Barclays, Orrick Herrington & Sutcliffe and Shearman & Sterling. Pete's was advised by Lincoln International and McGuireWoods.
Bain Capital, Compass Partners and Pine Island-backed Precinmac, a manufacturer of machined components and assemblies, completed the acquisition of Petersen, a provider of industrial products and services. Financial terms were not disclosed.
“We are excited to continue our expansion by adding another best-in-class large format business which expertly serves the needs of the market. This business is complimentary to the recent acquisition of Major Tool and Machine which was added to our portfolio in September of 2021," Eric Wisnefsky, Precinmac CEO.
Precinmac was advised by Alantra, Weil Gotshal and Manges and Willkie Farr & Gallagher. Petersen was advised by Stout Risius Ross Advisors and Polsinelli PC.
Audax Private, a private equity firm, agreed to invest in Aspen Surgical, a manufacturer of surgical disposables focused on improving patient and healthcare provider safety and efficiency. Goldman Sachs Asset Management and Hamilton Lane also participate in the investment. Financial terms were not disclosed.
"Since our initial investment in 2019, Aspen has experienced a period of extraordinary transformation, tripling the scale of the company by expanding geographic coverage, accelerating the introduction of innovative new products, and acquiring five complementary businesses. Alongside Goldman Sachs and Hamilton Lane, this transaction allows us to amplify our support of this proven executive team and pursue imminent organic growth and acquisition opportunities," David Wong, Audax Private Equity Managing Director.
Audax is advised by Evercore, Houlihan Lokey, Piper Sandler, Kirkland & Ellis and Sard Verbinnen & Co.
Audax Private Equity, a private equity firm, completed the investment in Flow Control Holdings, a provider of sanitary flow components to producers of foods, beverages and pharmaceuticals. Financial terms were not disclosed.
“We are excited to work with Phil and the management team at FCH. Under their leadership, the Company has differentiated itself in a large and highly fragmented market by establishing a broad portfolio of comprehensive solutions. We look forward to leveraging our prior experience to drive growth both organically and through strategic M&A," Ryan Bruehlmann, Audax Private Equity Managing Director.
Audax was advised by Robert W Baird, Ropes & Gray and Sard Verbinnen & Co. Flow Control Holdings was advised by KPMG and Dentons.
Millennium Trust, a provider of retirement and financial services, to acquire PayFlex, a provider of health savings accounts, from CVS Health, a healthcare company. Financial terms are not disclosed.
“This acquisition extends Millennium Trust’s core business and complements our strong retirement solutions, enabling us to offer a uniquely differentiated platform to our shared partners and clients that spans retirement, consumer-directed benefits, financial wellness, and institutional investment services," Gary Anetsberger, Millennium Trust CEO.
CVS is advised by Wells Fargo Securities, Dechert and Fried Frank Harris Shriver & Jacobson. Millennium is advised by Kirkland & Ellis and BackBay Communications.
Riverside Partners-backed GrowthCurve Capital, a private equity firm, completed the acquisition of Revecore, a provider of revenue integrity and complex claims solutions. Financial terms were not disclosed.
“I am honored and excited to continue building on Revecore’s momentum as a best-in-class platform that combines robust technology with decades of accumulated domain expertise to address uncompensated care across payor types and provider settings. Our vision is to continue investing in current service areas while adding complementary adjacent service lines that will deliver additional value to existing and new customers. I have a long history working with the principals at GrowthCurve and look forward to partnering with them, Riverside, and the Revecore management team in its next phase of innovation and growth," Dave Wojczynski, Revecore CEO.
Revecore was advised by William Blair & Co and Choate Hall & Stewart. GrowthCurve was advised by Davis Polk & Wardwell and Gagnier Communications. Riverside Partners was advised by Prosek Partners.
Ariel Alternatives, a private equity firm, completed the acquisition of a 52.5% stake in Sorenson, a provider of communications services and products, from investment managers Blackstone Credit, Franklin Templeton and KKR for $683m.
“Their investment will enable us to optimize our capabilities, evolve our systems, platforms and approaches to improve the overall Deaf and hard-of-hearing communication experience, and accelerate R&D and next-generation technology investments to promote functional equivalency across the diverse communities we serve. I couldn’t be happier that we have closed such a monumental transaction, given our thesis of accessibility, inclusion and economic opportunities as underlying tenets of our mission to support underserved and underrepresented groups," Jorge Rodriguez, Sorenson CEO.
Ariel Alternatives was advised by Greenberg Traurig and Willkie Farr & Gallagher. Sorenson was advised by Credit Suisse and Akin Gump Strauss Hauer & Feld.
Grain Management, a private equity firm, completed the acquisition of LightRiver, a designer and supporter of data transport network services, from CVF Capital Partners and Plexus Capital. Financial terms were not disclosed.
"Grain's focus on connectivity makes them an ideal partner. Their support positions LightRiver to build on our market and technology leadership while enhancing the commitment to our customers and partners, and enabling teammates in those key markets. We look forward to leveraging Grain's market, management, and financial strengths to grow our platform and expand our solution portfolio and customer base," Glenn Johansen, LightRiver Founder and CEO.
Grain Management was advised by Morgan Lewis & Bockius. LightRiver was advised by Cowen & Company, Donahue Fitzgerald and Jaymie Scotto & Associates.
First Washington Realty, a commercial real estate agency, completed the acquisition of Donahue Schriber, a real estate investment trust company. Financial terms were not disclosed.
“We are thrilled to purchase these grocery-anchored centers and to hire terrific new colleagues, which, together with our existing portfolio and people, will create the leading private, open-air retail platform in the United States. Our combined portfolio will offer the highest quality real estate to retail tenants in the US open air sector," Alex Nyhan, First Washington Realty CEO.
Donahue Schriber was advised by Eastdil Secured and Goodwin Procter. First Washington Realty was advised by DLA Piper and Prosek Partners.
Advocate Aurora, an independent non-profit foundation, agreed to acquire MobileHelp, a provider of mobile-personal emergency response systems and personal health management technologies, from Abry, a private equity investment firm. Financial terms were not disclosed.
"The future of health care includes using innovative technology to help consumers take better control of their health. The addition of MobileHelp underscores our dedication to investing in solutions that are complementary to our clinical offerings, advancing whole person health and our purpose of helping people live well," Jim Skogsbergh, Advocate Aurora Health CEO.
Advocate Aurora is advised by TripleTree and Foley & Lardner. MobileHelp is advised by Raymond James.
Morningstar, a provider of independent investment research, agreed to acquire the leveraged commentary and data business of S&P Global,a provider of essential intelligence, for $650m.
"Leveraged Commentary and Data has been a market-leading and trusted brand in the global markets for over two decades. We are pleased that the people that built LCD will continue to contribute to the markets under new ownership," Douglas L. Peterson, S&P Global President and CEO.
S&P Global is advised by Wachtell Lipton Rosen & Katz.
Antara Capital, a private investment firm, agreed to invest $300m in ChargePoint, a fueling network to move people and goods on electricity.
Under the terms of the investment, Antara Capital will purchase a total aggregate principal amount of $300m in 3.5% / 5% convertible senior notes due 2027. The transaction is expected to close on April 12, 2022.
ChargePoint is advised by Evercore.
SoftBank Vision Fund 2, a venture capital fund, led a $150m in Series D round in Clarify Health, a cloud analytics and payments platform company, with participation from BlackRock, Memorial Hermann Health System, Insight Partners, Spark Capital, KKR, Aspenwood Ventures, Rivas Capital, and Sigmas Group.
“Our mission is to fundamentally improve the way healthcare is paid for and delivered. To date, siloed, disparate data and systems have made it extremely difficult to build the trust and transparency needed to accelerate the shift to value. We finally have the AI-driven intelligence that healthcare organizations need to optimize every patient journey and embrace value-based arrangements across providers, payers, and life sciences," Jean Drouin, Clarify Health CEO.
Clarify Health was advised by PAN Communications.
G Squared, a venture capital fund manager, led a $100m Series C round in LinkSquares, a computer software company, with participation from G2 Venture Partners and Xerox Ventures.
“LinkSquares has built a bespoke AI solution for an arcane industry problem. We believe the company has a fundamentally superior technology stack that makes its offering one of the preeminent solutions for modern legal teams. The company’s management team is customer- and product-obsessed, and it shows – not only in the product’s exceptional quality, but in its industry-high user satisfaction, best-in-class win rates, and robust unit economics. G Squared is thrilled to support LinkSquares’ vision for the future of legal technology," Spencer McLeod, G Squared Partner.`
LinkSquares was advised by Metis Communications.
Vimian Group, a Sweden-based veterinary company, completed the acquisition of Vertical Vet, a provider of procurement and support services to more than 1.1k member clinics in the United States. Financial terms were not disclosed.
“Through the acquisition of VerticalVet, VetFamily establishes presence in the US and gains more than 1.1k new members, significantly strengthening our position in the global veterinary market. VerticalVet has a strong service offering and proven ability to accelerate member clinics' operational performance, resulting in an impressive financial track record. We are excited to welcome VerticalVet to the Vimian family and see significant opportunities for continued growth in the US, where we also can leverage the vast network of clinics who collaborate with Vimian Group on a daily basis," Alireza Tajbakhsh, Vimian CEO.
Vimian was advised by Morrison & Foerster.
Trinity, a private real estate investment firm, and Oaktree, an asset management firm, agreed to acquire Hyatt Regency Indian Wells Resort & Spa. Financial terms are not disclosed.
“Hyatt Regency Indian Wells Resort & Spa is an exceptional property with significant embedded value that we plan to unlock with our transformational repositioning plan. We are excited to once again partner with Oaktree to own and improve one of California’s premier resort destinations, as well as further our relationship with Hyatt, one of the world’s leading hotel companies. We believe that this acquisition is reflective of our ability to source and close highly attractive hospitality investments," Sean Hehir, Trinity Managing Partner, President, and CEO.
Trinity is advised by ICR.
Blackstone agreed to acquire Flatiron Park, a 22-building complex, for $600m.
Flatiron Park devotes about 15% of its campus to life-science tenants, including biotech firms like KBI Biopharma and Enveda Biosciences. BioMed Realty said it believes that eventually half the campus could be filled with life-science businesses because of intense demand in Boulder for specialized lab and office space.
Castle Biosciences, a company improving health through innovative tests that guide patient care, agreed to acquire AltheaDx, a molecular diagnostics company, for $140m.
“As a company, we focus on transforming disease management through the personalized information our innovative tests provide. Similar to our acquisition of Cernostics in December 2021, the pending acquisition of AltheaDx enables us to offer a testing solution that we believe has the potential to accelerate our impact on patient care in an area of high unmet clinical need, significantly expand our in-market expected estimated US TAM to approximately $8bn and offer incremental value to patients and clinicians over standard of care. Further, this acquisition would enable us to potentially develop a mental health franchise, starting with a test that currently receives Medicare reimbursement for depression," Derek Maetzold, Castle CEO.
Keter Environmental Services, a waste managed services company, agreed to acquire Link International, a provider of environmental sustainability solutions. Financial terms are not disclosed.
“Link International’s unique digital platform for industrial end markets, its focus on ESG reporting, and its customer mix are highly complementary to Keter’s business. The team at Link has built strong relationships with heads of sustainability and operations at several large and growing companies across a variety of industries. Those customers continue to trust Link to provide top-quality sustainability solutions and detailed metrics that allow them to achieve their ESG goals. We are excited to welcome Link’s team and its customers to Keter Environmental Services," Santiago Perez, Keter CEO.
Avista Capital-backed Probo Medical, a global provider of medical imaging equipment, parts, repair and service, completed the acquisition of Canute Medical, a provider of medical engineering services. Financial terms were not disclosed.
"We're fortunate to have Ben and his team at Canute join the Probo family as they will add tremendous expertise to our team. With this expansion, we look forward to growing our presence in Canada with a recognized team in the industry," Michael Asmer, Probo Medical CEO.
Qualcomm, an American multinational semiconductor and telecommunications equipment company, completed its acquisition of Arriver, a software company, from SSW Partners, an investment firm. Financial terms were not disclosed.
"As we become a key technology partner to the automotive industry, Arriver's Driver Assistance assets will accelerate our efforts to deliver a leading, ADAS solution as part of our Snapdragon Digital Chassis platform. We remain committed to offering advanced solutions for all vehicle tiers and levels and with Arriver's Driver Assistance assets now part of the Snapdragon Ride™ Platform, we are better positioned to power the future of autonomous driving. We are thrilled to welcome the talented team from Arriver," Nakul Duggal, Qualcomm Senior Vice President and GM, Automotive.
IFF, a producer of flavors, fragrances, and cosmetic actives, completed the acquisition of Health Wright Products, a formulation and capsule manufacturer. Financial terms are not disclosed.
“Today’s announcement is driven by our commitment to enhance long-term value to our partners and customers. Producing thousands of unique and complex formulations for the industry’s most trusted brands, Health Wright Products formulation and finished format abilities will allow us to develop new and customized solutions and formats for a broad base of customers,” Simon Herriott, IFF Health & Biosciences President.
OneWater Marine, a recreational boat retailer, completed the acquisition of Denison Yachting, a provider of superyacht sales, yacht sales, and ancillary yacht services. Financial terms were not disclosed.
“We are thrilled to welcome Bob Denison and his team into the OneWater family, which expands and strengthens our presence in the superyacht and yacht categories. As we move through the second fiscal quarter, we continue to capitalize on record demand and a growing backlog. Orders at the Miami Boat show were off the charts for both OneWater and Denison, which underscore our combined position as the premier marine retailer of choice from superyachts and yachts to traditional boat sales, parts and service. We look forward to enhancing our leadership position in the market in the coming years," Austin Singleton, OneWater CEO.
Investors keep interested in LATAM despite political worries.
Latin American bankers expect investors to overlook political worries in the region this year and keep investing in local companies, buoyed by strong commodities prices and a comfortable distance from geopolitical risks in Eastern Europe, Reuters reported.
The volume of mergers and acquisitions in the region fell 30% in the first quarter from a year ago, while share offerings fell 69%, with rising interest rates and volatile markets hurting on both front.
Stonepeak completes Cologix $3bn equity recapitalization. (FS)
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, announced the successful closing of the equity recapitalization of Cologix, a private interconnection and hyperscale edge platform in North America.
At $3bn in equity value, the transaction represents the largest single asset continuation vehicle raised in digital infrastructure to date. Cologix also completed a $1.65bn asset-backed securitization earlier this year to support continued growth.
Citi paused SPAC listing before new rules were clarified.
Citigroup is among underwriters that have temporarily paused initial public offerings of new US special purpose acquisition companies until they get more clarity on the potential legal risks posed by recently proposed rules, Bloomberg reported.
The New York-based bank is awaiting feedback from legal advisers regarding underwriter liability among other topics. The firm has no plans to exit the business.
Apollo Hybrid Value Fund II closes at $4.6bn. (FS)
Apollo Hybrid Value business closed its second flagship fund, Apollo Hybrid Value Fund II at approximately $4.6bn.
"We are very excited to close fundraising for HVF II, the second vintage in our flagship fund series. We are grateful for the continued support from our existing Limited Partners on the back of a successful Fund I and are thrilled to welcome a number of new investors into the franchise. We believe that our funds offer attractive, downside-protected returns that are differentiated from traditional private credit and private equity exposures. We are proud to have delivered strong results in our inaugural fund and look forward to building upon our success with our second fund," Rob Ruberton, Apollo Partner and Co-Head of Hybrid Value.
Dunes Point Capital targets $775 for the lastest fund. (FS)
Dunes Point Capital, founded by ex-Blackstone executive Timothy White, targets $775m for its newest fund, WSJ reported.
The Rye, NY-based family office and private investment firm also have set an upper limit of $950m for the new fund, Dunes Point Capital Fund III. Dunes Point targets control stakes in small and midsize companies with enterprise values of up to $1bn in industrials and business services sectors.
5AM Ventures closes two funds in a total of $750m. (FS)
5AM Venture Management announced the closing of two new funds, totaling $750m in committed capital. 5AM Ventures VII is a $450m early-stage venture capital fund. 5AM Opportunities II is a $300m later-stage fund.
"We are proud of the transformational impact that our companies can have on patient lives as they drive novel solutions to unmet medical needs. We are also grateful for the support of our existing and new investors, with over $2.2bn raised for investments in innovative life science companies over our 20 years of continued growth," Andrew Schwab, 5AM Ventures Managing Partner.
Edison Partners closes 10th fund at $450m. (FS)
Edison Partners, a growth equity investing firm, announced the closing of its 10th fund, Edison Partners X, oversubscribed at $450m. Fund X is the firm's third consecutive fund dedicated to growth equity since 2015 and the largest in the firm's 36-year history.
"Fund X continues Edison Partners' successful track record, some would call an 'old-school,' disciplined approach to investing in and growing capital-efficient, high-growth businesses in fintech, healthcare IT, and enterprise SaaS outside Silicon Valley," Chris Sugden, Edison Partners Managing Partner.
Avoro Ventures closes inaugural fund at $186m. (FS)
Avoro Ventures, a global venture capital firm investing in life sciences, announced the final close of its inaugural fund, Avoro Ventures Fund, with $186m in total of capital commitments.
The launch of Avoro Ventures serves as an extension to the established life sciences business at Avoro Capital, creating a distinct, complimentary portfolio of private market investments. The Fund has completed three investments and will continue to pursue development-stage biotechnology opportunities to help deliver breakthrough therapies to patients.
MissionOG closes Fund III at $167m. (FS)
MissionOG, a US-based growth equity firm, announced the close of $167m for MissionOG Fund III, its fourth investment fund, exceeding its target of $150m.
"We are still in the early days for digital innovation and continue to identify standout teams building substantial businesses in our target markets. As with our prior funds, we look forward to partnering with and advocating for a new group of entrepreneurs as we help enable them to reach the highest possible level of success," Andy Newcomb, MissionOG Managing Partner.
Insurers plan to raise investments in private equity.
A survey by Goldman Sachs Asset Management of 328 executives overseeing more than $13tn in insurance assets showed insurers want to put more money into private equity this year as they contend with rising inflation and its effects on monetary policy.
More than 40% of insurers plan to increase their investments in private equity in the next 12 months to boost returns.
EMEA
CVC Capital Partners, a private equity and investment advisory firm, agreed to acquire a 13% stake in Ligue de Football Professionnel, a governing body that runs the professional football leagues in France, for $1.65bn.
"This project is a major step in the development of French football and a historic step forward for sport in France. We are delighted with this alliance with CVC, a partner that perfectly fits our project for Ligue 1 and for French professional football. Beyond having chosen the candidate with the best financial offer, we needed a partner who will help us grow our future projects and understands our DNA. CVC's unique expertise in media and sport was also a structuring point for us. In terms of governance and style, CVC will support the LFP, the commercial company and its leaders, who will benefit from its global network, to achieve the ambitious objectives we have set ourselves," Vincent Labrune, LFP President.
CVC is advised by White & Case and Freshfields Bruckhaus Deringer. LFP is advised by Centerview Partners.
Partners Group, a private markets investment manager, and GIC, a wealth fund, led a $650m round in Climeworks, a company specializing in carbon dioxide air capture technology, with participation from Baillie Gifford, Carbon Removal Partners, Global Founders Capital, John Doerr, M&G, Swiss Re and BigPoint.
“We are proud to partner with our new investors and thankful for the renewed trust of our existing ones, all committed to the long-term journey of Climeworks. It is thrilling to see the appetite and support of globally leading investors towards the scale up of our technology; this is a great milestone for our company as well as the entire industry," Christoph Gebald, Climeworks Co-Founder and Co-CEO.
Climeworks was advised by JP Morgan.
Equinix, a digital infrastructure company, completed the acquisition of MainOne, a West African data center and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d'Ivoire, for $320m.
"The acquisition of MainOne will represent a critical point of entry for Platform Equinix into the expansive and rapidly growing African market. MainOne's leading interconnection position and experienced management team represent critical assets in our aspirations to be the leading neutral provider of digital infrastructure in Africa. Growth of data consumption in Africa is amongst the fastest in the world, and our customers are looking for a trusted partner to pursue the opportunities presented by broad mobile adoption and greater connectivity across the region. MainOne's infrastructure, customer relationships, partner ecosystem and operating capability will extend the reach of Platform Equinix and bolster opportunities for customers in Africa and throughout the world," Charles Meyers, Equinix President and CEO.
Equinix was advised by Slaughter & May.
Ahli United Bank, a commercial banking firm, agreed to acquire the consumer banking business in Bahrain of Citigroup, a global commercial bank. Financial terms were not disclosed.
“This is a positive outcome for our colleagues and our clients in Bahrain, and our top priority is to manage and support them through a seamless transition to AUB. We are proceeding with the same consideration for our remaining consumer exit markets,” Titi Cole, Citi CEO of Legacy Franchises.
TIM starts open fiber deal discussion with CDP Equity. (FS)
Telecom Italia signed a non-disclosure agreement with Italian sovereign wealth fund CDP Equity to initiate preliminary discussions about the integration of TIM's network with the network of open fiber, in which CDP Equity holds a 60% stake.
The move comes as TIM boss Pietro Labriola presses ahead with a plan to revamp Italy's biggest phone company centred around a split of its wholesale network operations from its service business.
Morgan Stanley decides to stop financing Volkswagen's sports-car brand IPO.
Morgan Stanley's decision to stop financing Volkswagen during the height of the diesel emissions scandal cast a long shadow on its attempts to land a top role on the blockbuster Porsche listing, Bloomberg reported.
The Wall Street giant was among select banks that pitched to help lead the initial public offering of VW's sports-car brand, which could be valued at $99bn.
KKR's latest European buyout fund first closed at $6.6bn. (FS)
KKR has raised more than $6.6bn at the first close for its latest European buyout fund, Bloomberg reported.
The private equity has already topped the amount of committed capital from its last vehicle focused on the region. It's continuing to collect further commitments for the new pool.
APAC
HDFC Bank's $40bn merger with Housing Development Finance, a housing financier based in Mumbai, could face regulatory hurdles due to the stake it would give the bank in the insurance sector.
Reserve Bank of India, which acts as regulator for the financial industry, wants banks to limit ownership stakes in insurance companies. The deal will create an entity with a combined balance sheet worth $237bn and will include the target's insurance and other financial subsidiaries, Reuters reported.
HDFC is advised by Bansi S. Mehta & Co, Ambit, Arpwood Capital, Axis Capital, Bank of America, Credit Suisse, IIFL, JM Financial, Jefferies & Company, Kotak Mahindra Capital, Motilal, AZB & Partners, Argus Partners, Singhi Advisors and Nova Dhruva Capital. Bank of America is advised by Sullivan & Cromwell. HDFC Bank is advised by Deloitte, Harsh Chandrakant Ruparelia, BNP Paribas, Citigroup, Edelweiss Capital, Goldman Sachs, HSBC, ICICI Bank, JP Morgan, Morgan Stanley, Nomura, Cravath Swaine & Moore and Wadia Ghandy.
IGO, an ASX-listed diversified mining and exploration company, said that nickel producer Western Areas' board of directors plan to terminate a $701m acquisition deal by the nickel and lithium miner.
Shares of Western Areas are currently halted, pending an announcement related to their proposed acquisition by IGO. IGO said it is its understanding that Western Areas' independent expert concluded the offer was not in the best interests of Western Areas' shareholders, while noting that it had neither received nor reviewed the draft report from the independent expert, Reuters reported.
IGO is advised by Macquarie Group, Herbert Smith Freehills and Citadel Magnus. Western Areas is advised by Goldman Sachs, Rothschild & Co, Ashurst and FTI Consulting.
Gupshup, a conversational intelligence software, agreed to acquire Active.Ai, a developer of a conversational-based artificial intelligence platform. Financial terms were not disclosed.
“Using conversational AI, Gupshup is helping global businesses establish new and exciting ways to engage with consumers in a more natural and contextual manner. Active.Ai’s robust CBaaS platform adds more vertical depth to our product stack, giving BFSI customers the tools to create intelligent, frictionless micro conversations with consumers using voice, video and messaging channels. We are happy to welcome the Acitve.Ai team to the Gupshup family and look forward to driving the next phase of innovations in conversational engagement and commerce," Beerud Sheth, Gupshup Co-Founder and CEO.
PLDT picks Edgepoint Infrastructure and edotco Group to bid its local towers. (FS)
PLDT, the Philippines' biggest telecommunications and digital services provider by market value, has picked Edgepoint Infrastructure and edotco Group, as the preferred bidders for its local towers, Bloomberg reported.
Edgepoint, backed by Digital Bridge and Abu Dhabi Investment Authority, is in exclusive talks with PLDT for a portfolio of about 3k towers in the greater Manila area. Malaysia's telecommunications tower firm Edotco has entered into exclusive discussions for further 3k towers outside of Manila.
Indika Energy and Fourth Partner Energy's JV further invest $100m in solar projects.
Indonesia's listed energy company PT Indika Energy and Indian solar panel provider Fourth Partner Energy, which set up a joint venture in 2021, plan to invest $100m this year to further develop the renewable energy sector in the archipelago, DealStreetAsia reported.
To date, the JV company called PT Empat Mitra Indika Tenaga Surya has worked in areas of solar photovoltaic installation, green port building, and high-capacity solar power plant building in Indonesia.
CBC Group closes C-Bridge Healthcare Fund V at $1.67bn. (FS)
CBC Group, a healthcare-dedicated investment firm, closed its fifth healthcare fund, C-Bridge Healthcare Fund V. The fund held its final closing with aggregate commitments of approximately $1.67bn, significantly exceeding its target.
Fund V's close brings CBC's assets under management to roughly $5bn across buyouts, venture capital, healthcare royalties and, more recently, real estate.
CBC Group was advised by Kirkland & Ellis.
Alpha JWC deploys more than $100m in its $433m third fund. (FS)
Jakarta-based venture capital firm Alpha JWC deployed more than $100m in investments from its third fund in the first three months of 2022 with five more deals already in the pipeline, DealStreetAsia reported.
"There's a lot of global investor interest in Indonesia's digital economy across both Tier-1 and Tier-2 cities, however, Alpha JWC continues to be a trusted partner for more high-potential startups looking to make a legacy impact throughout the region," Jefrey Joe, Alpha JWC Co-Founder and Partner.
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