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AMERICAS
Asset manager Energy Income Partners, one of the top shareholders in Magellan Midstream Partners said it intends to vote against pipeline operator ONEOK's deal to buy Magellan, Reuters reported.
Energy Income said that the taxes paid by its funds and investors will exceed the premium offered by ONEOK and any potential benefits from the merger.
Adobe's chief executive has argued that a regulatory environment that prevents tech acquisitions will lead to less investment in start-ups, in a stark warning to competition authorities investigating the company's proposed $20bn takeover of design software company Figma, FT reported.
"I'm a big believer that if companies don't have exit strategies — and sometimes the exit strategy is within a larger company, and sometimes it is the IPO market — that will be a significant disincentive for people to invest in new start-ups," Shantanu Narayen, Adobe CEO.
Gurnet Point Capital, a private equity firm, and Novo Holdings, a pharmaceutical holding company, agreed to acquire Paratek Pharmaceuticals, a commercial-stage biopharmaceutical company, for $462m.
“This transaction will deliver immediate value to our shareholders at a substantial premium while allowing them to also benefit from the future value created by NUZYRA through the CVR. Today’s announcement is a testament to all we’ve accomplished at Paratek over the past several years. Both our Board of Directors and our management team are proud of Paratek’s accomplishments with NUZYRA and look forward to Gurnet Point and Novo Holdings continuing to deliver upon our goal of providing life-saving, transformative therapies to patients," Evan Loh, Paratek CEO.
Paratek Pharmaceuticals is advised by Moelis & Co and Ropes & Gray. Novo Holdings is advised by Goodwin Procter. Gurnet Point Capital is advised by Lazard, Latham & Watkins and H/Advisors Abernathy. Debt financiang is provided by Oaktree Capital Management. Oaktree is advised by Sullivan & Cromwell.
GrowthCurve Capital, a private equity firm, completed the acquisition of Netchex, a payroll software maker, from Primus Capital, a private equity firm. Financial terms were not disclosed.
“GrowthCurve is the ideal partner to support the next phase of Netchex’s growth, and their expertise in AI, human capital, and scaling data-centric companies will provide a strong foundation for our vision to make HCM easy, intuitive, and a core value driver for the SME market. We also thank Primus Capital for their partnership and support while they were investors in Netchex," Will Boudreaux, Netchex Founder and CEO.
Netchex was advised by Lincoln International and Goodwin Procter. GrowthCurve was advised by Jefferies & Company, Davis Polk & Wardwell and Gagnier Communications.
SymphonyAI, an AI SaaS company, completed the acquisition of 1010data, a decision science and data management solutions provider. Financial terms were not disclosed.
"This strategic acquisition accelerates and strengthens SymphonyAI's mission to become the leading enterprise AI SaaS company delivering value to the most critical and resilient industries. 1010data's customers will benefit from additional depth and velocity of technology innovation as the organizations unite. We welcome 1010data customers and are excited about the 1010data team becoming members of SymphonyAI with the opportunity to excel, building on 1010data's proven strengths and leveraging SymphonyAI's predictive and generative AI technology," Sanjay Dhawan, SymphonyAI CEO.
1010data was advised by Evercore and Hughes Hubbard & Reed. SymphonyAI was advised by Bryan Cave Leighton Paisner.
PSG, a growth equity firm, completed the investment in Loopback Analytics, a provider of analytics and data-enabled services for health systems and life sciences organizations. Financial terms were not disclosed.
"We are thrilled to be partnering with Neil and the Loopback team to continue supporting their growth trajectory within the health system and life sciences markets. We believe Neil and his team have a differentiated set of solutions and capabilities that will be complemented by the expansion into payor access services and the further development of therapy-specific outcomes," Reid McCann, PSG Principal.
Loopback was advised by William Blair & Co. PSG was advised by Weil Gotshal and Manges and Prosek Partners.
Enavate Sciences, a platform dedicated to supporting therapeutic companies advancing medicines and enabling technologies, and Venrock Healthcare, a fund dedicated to investing in publicly-held and privately-held healthcare companies, led a $200m Series B funding round in Upstream Bio, an operator of a biotech company intended to address allergic and inflammatory diseases, with participation from Bain Capital Life Sciences, Wellington Management, OrbiMed, Access Biotechnology, Decheng Capital, Altshuler Shaham Provident Funds, TCG X, HBM Healthcare Investments, Omega Funds and Samsara BioCapital.
"Enavate is thrilled to be co-leading this important investment in Upstream Bio to advance the clinical development of UPB-101. We are excited to partner with Upstream to help improve the lives of patients with inflammatory diseases," Edd Fleming, Enavate Sciences Managing Director and Executive Vice President.
SunMed, a medical device manufacturer, agreed to acquire the respiratory health business of Avanos Medical, a medical technology company making clinical medical devices. Financial terms were not disclosed.
"Adding these complementary brands into our growing portfolio solidifies SunMed's leadership as the premier manufacturer of the anesthesia and respiratory consumables that define product excellence and serve patients across the continuum of care. These products are the standard bearers of closed suction and endotracheal consumables and we deeply admire the clinical results that these exceptional products provide for patients in critical care and the trust they have built with practitioners. Leveraging the expertise behind these successful brands, this transaction also supports our ability to drive growth and innovation, not just for the respiratory brands we are acquiring, but for our comprehensive breathing care platform. Combined with our expansive anesthesia and respiratory consumables business, we are further strengthening SunMed's ability to serve more clinicians around the world so they can provide the best patient outcomes," Hank Struik, SunMed CEO.
SunMed is advised by FGS Global.
Inovia Capital, a venture capital firm, led a $270m Series C funding round in Cohere, an AI platform for enterprise, with participation from NVIDIA, Oracle, Salesforce Ventures, DTCP, Mirae Asset, Schroders Capital, SentinelOne, Thomvest Ventures and Index Ventures.
"AI will be the heart that powers the next decade of business success. As the early excitement about generative AI shifts toward ways to accelerate businesses, companies are looking to Cohere to position them for success in a new era of technology. The next phase of AI products and services will revolutionize business, and we are ready to lead the way," Aidan Gomez, Cohere CEO and Co-Founder.
SoftServe, an IT consulting company, completed the acquisition of Hoverstate, a full-service digital agency specializing in web-based and mobile solutions. Financial terms were not disclosed.
"As a SoftServe company, Hoverstate expands our suite of innovation services to help our customers streamline processes and minimize costs in today's macroeconomic environment. Hoverstate takes a human-centric approach that results in an incredible user experience and strong business results, which will expand to all current and potential SoftServe customers," Chris Baker, SoftServe CEO.
TT Iron Steel, an iron and steel manufacturer, to acquire the Point Lisas Iron and Steel Plant from ArcelorMittal, an industrial group. Financial terms were not disclosed.
“The company is passionate about the development of the downstream manufacturing sector of higher value iron and steel products, this will further increase employment and wealth creation in the country. Our Environmental social and corporate governance principles are anchored in producing lower-carbon products," Joel Pemberton, TT Iron Steel Chairman.
Canada's Irving Oil starts strategic review that includes possible sale.
Irving Oil, owner of Canada's largest refinery, is launching a strategic review that includes the option of a full or partial sale, Reuters reported.
The New Brunswick-based company owns the 320k barrel per day Saint John refinery on Canada's east coast, and the 75k barrel per day Whitegate refinery in Ireland, the only one in the country. It also operates more than 900 fuelling stations across eastern Canada and the northeastern United States.
BlackRock eyes $7bn for new Global Renewable Power Fund. (FS)
The world's biggest asset manager BlackRock said it hopes to raise up to $7bn for its fourth Global Renewable Power Fund as clients ramp up climate-friendly investments, Reuters reported.
The fund, focused on projects in Organisation for Economic Co-operation and Development countries, could invest across wind and solar as well as other clean technologies such as batteries and grid infrastructure.
Antler raises $285m to support growth-stage startups. (FS)
Antler Elevate will participate in Series A funding and beyond to provide scale-up capital for companies having a good product-market fit and demonstrating compounding growth. Some of these companies were supported in Antler’s early-stage funds, which cover 20+ ecosystems.
"Antler Elevate is a natural progression for Antler as our portfolio expands. It enables us to offer continued support throughout the growth journey of exciting companies globally, extending our support beyond the Seed stage up to Series C. Fast-growing businesses require significant capital, and having a committed partner like Antler is instrumental in financing their ongoing growth," Martell Hardenberg, Antler Partner.
Wells taps former Goldman banker to run pipeline, refinery group. (People)
Veteran energy deal maker Michael Casey is joining Wells Fargo from Goldman Sachs to run its advisory group for pipeline operators and refiners, Bloomberg reported.
Casey will join Wells Fargo as head of midstream and downstream in the San Francisco-based lender’s energy and power group.
EMEA
Investment companies Advent and Centerbridge completed the acquisition of Aareal Bank, a German credit institution specializing in structured property financing, for $2.2bn.
“Aareal Bank Group has demonstrated that its strategy is viable even under very challenging conditions. We can achieve sustained profitable growth, even in a difficult environment. This is evident not least in our strong figures posted for 2022 and the first quarter of this year. We will continue to implement our strategy with the investors’ support, realising further potential across all segments of the Group over the next years, whilst maintaining our conservative risk policy," Jochen Klösges, Aareal Bank CEO.
Aareal Bank was advised by Deutsche Bank, Perella Weinberg Partners and Freshfields Bruckhaus Deringer (led by Christoph Heiner Werner Seibt). Centerbridge Partners were advised by Morgan Stanley and Linklaters. Advent was advised by Morgan Stanley, Gibson Dunn & Crutcher (led by Wilhelm Reinhardt), Sullivan & Cromwell (led by Carsten Berrar) and FGS Global.
BlackRock, a multi-national investment company, agreed to acquire Kreos Capital, a venture and growth debt provider. Financial terms were not disclosed.
Over the past 20 years, BlackRock has built leading private debt capabilities to help clients achieve a variety of investment goals by aligning proven investment excellence with long term market opportunities. The Kreos team has built a world class investment process and delivered for clients through multiple cycles. Coupled with our expectation that growth and venture lending will figure prominently in the expansion of the global direct lending opportunity set going forward, we believe this is an opportune time to welcome the Kreos team to BlackRock," James Keenan, BlackRock CIO and Global Head of Private Credit.
Kreos is advised by Moelis & Co and Goodwin Procter. BlackRock is advised by Skadden Arps Slate Meagher & Flom.
Nordic Nanovector, a biotechnology company, agreed to acquire Thor Medical, a manufacturer of radionuclides. Financial terms were not disclosed.
"Given the complementary focus and expertise in our two companies, the Nordic Nanovector Board and I believe the proposed acquisition of Thor Medical represents a compelling option for Nordic Nanovector and its shareholders. There is increasing interest in the development of radionuclide-based anti-cancer therapies, and the combined company will have a significant opportunity to address this growing market," Ludvik Sandnes, Nordic Nanovector Interim CEO & CFO.
Thor Medical is advised by Advokatfirmaet Selmer. Nordic Nanovector is advised by Carnegie Investment Bank and Advokatfirmaet CLP.
FBC Holdings, a financial services group, agreed to acquire the Zimbabwean business of Standard Chartered, a diversified financial services provider. Financial terms were not disclosed.
“We are pleased to sign this agreement today and to have been selected by Standard Chartered Bank as the preferred buyer. Standard Chartered is a leading regional and international bank with more than 150 years of experience globally. The bank has been present in Zimbabwe for more than 130 years. Equally, FBCH is a leading financial services group in Zimbabwe and the region, with interests in commercial banking, insurance, re-insurance, micro-finance, stock-broking and mortgage finance. The combined strengths of the two institutions will enable us to better respond to the everchanging requirements of our clients," John Mushayavanhu, FBC Holdings CEO.
Egypt’s asset-sale plan may get a $2bn boost as suitors eye power plant. (FS)
Actis and Edra Power revived their interests in buying a major Egyptian power plant, in a deal that may be worth about $2bn and would boost the North African nation’s troubled economy, Bloomberg reported.
Both companies intend to enter offers to purchase as much as full ownership and operate the facility that’s located in Beni Suef, south of Cairo, according to people familiar with the matter, who asked not to be identified as the deliberations are private. The firms expressed interest in 2019 for a mooted sale that didn’t materialize.
Telegraph faces sale after UK lender takes control of owners.
The Telegraph group of newspapers could be sold after the Bank of Scotland appointed receivers for shares of the publisher's owners who failed to repay loans by the bank, Reuters reported.
Receivers Alastair Beveridge and Ben Browne of AlixPartners will explore ways to recover the debts for the bank, a member of the Lloyds Banking Group, after talks failed to resolve the issue.
Billionaire Niel’s investor group seeks to oust GAM board in takeover fight.
An investor group in troubled Swiss asset manager GAM Holding, including French telecoms billionaire Xavier Niel, is seeking to oust the board as part of its opposition to the sale to Liontrust Asset Management, Bloomberg reported.
The NewGAMe SA and Bruellan investor group, which controls about 9.2% of GAM’s shares, is calling for an extraordinary general meeting of shareholders to elect a new board to turn around the business. It said that Liontrust’s all-share offer for GAM significantly undervalues the company.
Telecom Italia nearing crossroads decision on network sale. (FS)
Telecom Italia is nearing a crossroads for its future, at the same time it’s coming under intense pressure to cut €30bn ($32bn) in gross debt. The carrier will in the coming days need to decide whether to go ahead with the sale of its most valuable asset, the landline network, or halt the deal due to opposition from Vivendi, Bloomberg reported.
The company earlier this year rejected bids by both US-based KKR and Italy’s state lender Cassa Depositi e Prestiti with ally Macquarie Asset Management. Both offers were in the €19.3bn ($20.6bn) to €21bn ($22.5bn) range. Vivendi has repeatedly said it values the grid at around €30bn ($32.1bn).
Just Climate raises $1.5bn with help from Microsoft fund. (FS)
Asset manager Just Climate said it had raised $1.5bn for its inaugural fund after strong demand from institutional clients including Microsoft’s Climate Innovation Fund helped it beat the original target of $1bn, Reuters reported.
Established by Generation Investment Management, Just Climate aims to focus investment on the sectors where cutting greenhouse gas emissions is hardest to do, such as cement, shipping, industrials and land use.
Kim Kardashian draws crowds with private equity pitch in Berlin. (FS)
Kim Kardashian presented her debut private equity fund to a sea of curious investors in Berlin at the SuperReturn conference, Bloomberg reported.
The reality TV star turned entrepreneur, who last year announced that she would partner with Carlyle Group veteran Jay Sammons to start Skky Partners, hosted the most popular panel at the three-day event, with an overflow room filled to capacity at the conference center.
APAC
Toshiba said its board has decided to recommend shareholders take up a tender offer from a group led by Japan Industrial Partners, helping pave the way for a $15.2bn buyout to take the Japanese conglomerate private.
Toshiba believes the buyout would help build a stable management base to implement a consistent business strategy to reform and grow the company over the medium to long term, Reuters reported.
Toshiba is advised by JP Morgan, Mizuho Securities, Nomura, UBS, Morrison & Foerster, Nagashima Ohno & Tsunematsu, Nishimura & Asahi, White & Case and Kekst CNC. JIP is advised by Crosspoint Advisors, Davis Polk & Wardwell (led by Ken Lebrun), Hengeler Mueller (led by Thomas Meurer), Shearman & Sterling, Slaughter & May (led by Richard Hilton) and TMI Associates.
Private equity firms KKR and Global Atlantic completed an investment in Japan Post Insurance, a Japanese life insurance services provider. Financial terms were not disclosed.
“We believe this partnership has great potential for Japan Post Insurance to pursue new growth opportunities and diversify revenue sources. It also enhances our reinsurance strategy and asset-liability management capabilities and we will proceed in a gradual and prudent manner as this is the first international partnership for Japan Post Insurance, which currently does not have any overseas offices. We are very excited to expand our business collaboration with KKR, a leading global investment firm, and Global Atlantic, a leading global life and annuity reinsurance firm, as they are both committed to the Japanese market and trusted partners with whom Japan Post Insurance can develop a mutually beneficial relationship," Tetsuya Senda, Japan Post Insurance President and CEO.
Japan Post Insurance was advised by Bank of America, Nishimura & Asahi and Willkie Farr & Gallagher (led by Alexander Dye and Sean Ewen). KKR was advised by SMBC Nikko Securities and Debevoise & Plimpton. Global Atlantic was advised by ICR.
PAG, a global investment firm, completed a $200m investment in RK Pharma, a vertically integrated pharmaceutical company.
"We are pleased to be partnering with PAG, an established investment firm with a successful track record of supporting leading companies in the pharmaceutical space. This transformative investment by PAG would help ensure that RK Pharma can accelerate its growth plans, partnerships, and develop/ launch further innovative medicines for the benefit of patients; and strengthen RK Pharma's position as a leading fully vertically integrated specialty injectable and ophthalmic pharmaceutical company," Ravishanker Kovi, RK Pharm Founder and Executive Chairman.
RK Pharma was advised by Citadel Management Consulting, Sheppard Mullin Richter & Hampton and Adfactors PR.
Tokio Marine taps Goldman and Jefferies to sell a $1bn Southeast Asia life insurance unit.
Japanese insurer Tokio Marine has picked Goldman Sachs and Jefferies to work on the sale of its Southeast Asia life insurance business worth $1bn, Reuters reported.
Tycoon Peter Lim’s Thomson Medical eyes Vietnam FV Hospital deal.
Thomson Medical Group, a Singapore-based health-care company backed by tycoon Peter Lim, is in advanced talks to buy a controlling stake in Vietnam’s FV Hospital, Bloomberg reported.
Lim’s firm beat out the other interested candidates to remain in the bidding, the people said, asking not to be identified as the process is private. Thomson Medical is working with a financial adviser on the potential acquisition.
Chinese energy storage, battery firms mull big investments in Vietnam.
Two Chinese makers of energy storage systems and batteries are weighing investments worth hundreds of millions of dollars in Vietnam, DealStreetAsia reported.
The combined value of the investments could exceed $1bn.
Patrick Walujo to become new CEO of GoTo Group, Andre Soeslityo steps down. (People)
In a significant leadership shakeup, Indonesian tech giant GoTo has announced that Andre Soelistyo will step down from his role as GoTo Group’s chief executive officer. GoTo Group commissioner Patrick Walujo, who is the founder of private equity firm NorthStar Group, will take over as the new CEO, DealStreetAsia reported.
Soelistyo, who will join the GoTo board of commissioners, will supervise and advise the company on its strategic direction as it progresses towards becoming adjusted EBITDA positive by the end of the year.
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