AMERICAS
Kirkland Lake Gold's $3bn all-stock offer to acquire rival Detour Gold won backing from two influential proxy advisory firms on grounds the target's shareholders would reap benefits from a larger company, bolstering chances of the deal going ahead, Reuters reported.
Detour Gold stated that Glass Lewis and Institutional Shareholder Services recommended shareholders vote for in favor of the takeover, which Kirkland said will generate up to $100m in annual savings and add 600k ounces to its annual capacity.
Detour Gold is advised by BMO Capital Markets, Citigroup, Jones Day, Squire Patton Boggs, Stikeman Elliott, and White & Case. Kirkland is advised by RBC Capital Markets, Cassels Brock & Blackwell, and Dorsey & Whitney.
Clarivate Analytics, an information services and analytics company, agreed to acquire Decision Resources Group, a provider of high-value data, analytics and insights products and services to the healthcare industry, from Piramal Enterprises for $950m. The transaction is expected to close within the first quarter of 2020.
"We are pleased to have grown DRG’s market leadership over the last few years and believe that through this combination, Clarivate, with its size and scale, is well-positioned to further accelerate DRG’s growth potential. This transaction demonstrates our continued commitment to create sustained long-term value for all stakeholders," Ajay Piramal, Piramal Group Chairman.
Piramal is advised by Covington & Burling. Clarivate is advised by Evercore and Davis Polk & Wardwell. Debt financing is provided by Citigroup and Goldman Sachs.
The Carlyle Group and Cannae Holdings, a diversified holding company, completed the acquisition of Trust Healthcare Consulting Services, a provider of coding and advisory services for the healthcare sector, from private equity firm WindRose Health Investors. Financial terms were not disclosed.
"WindRose was a dedicated partner, and we are grateful for their commitment to improving and growing our business. With this new partnership, we will have even greater resources and infrastructure to continue to provide significant value and unmatched service to our clients," Torrey Barnhouse, TrustHCS CEO.
TrustHCS was advised by McDermott Will & Emery. Carlyle Group was advised by Latham & Watkins. WindRose was advised by Houlihan Lokey and Lambert & Co.
Goldman Sachs Asset Management is set to acquire a minority stake in Kayne Anderson Real Estate, an investment firm focused on alternative real estate asset classes. Financial terms were not disclosed.
"We are excited to partner with KA Real Estate - a leading alternative real estate player in North America – and to support them on the next phase of their development," Robert Hamilton Kelly, Goldman Sachs Managing Director.
Kayne is advised by Evercore, Joele Frank, and Kirkland & Ellis.
AUA-backed Gourmet Culinary, a holding company for premium specialty food manufactures, completed the acquisition of Van-Lang Enterprises, a family-owned manufacturer and distributor of appetizers and hors d’oeuvres. Financial terms were not disclosed.
"We are thrilled to continue to expand the GCP platform through the acquisition of Van-Lang and the ability to offer a true national presence," Steven Flyer, AUA Partner.
AUA was advised by CohnReznick, LEK Consulting, and Foley & Lardner.
New Mountain Capital, a private equity firm, completed the investment in Classic Collision, an Atlanta-based multi-site operator of 34 collision repair facilities. Financial terms were not disclosed.
“The investment by New Mountain sets the stage for the acceleration of organic and acquisition-based growth at Classic. We are confident that New Mountain's proven track record of building businesses and supporting management teams through close strategic engagement will help us accelerate the execution of our core strategies. We look forward to our partnership and the benefits it will yield for our customers, employees and industry partners,” Toan Nguyen, Classic CEO.
New Mountain Capital was advised by Kirkland & Ellis and Abernathy MacGregor Group.
Veritas Capital, a private investment firm, is set to acquire Campus Management Acquisition, an educational software solutions provider, and Edcentric Holdings, a provider of institutional effectiveness software, from private equity firm Leeds Equity Partners. Financial terms were not disclosed.
"With differentiated platforms providing mission-critical software solutions, Campus Management and Edcentric are uniquely positioned to help higher education institutions increase operational efficiency, promote student success, and improve overall institutional effectiveness. We look forward to working in partnership with Leeds Equity and the management teams at Campus Management and Edcentric to support their long-term growth and continued development," Ramzi Musallam, Veritas CEO and Managing Partner.
Edcentric and Campus Management are advised by Raymond James. Veritas Capital is advised by Sard Verbinnen & Co.
Skyview Capital, a private equity firm, completed the acquisition of Fidelis Cybersecurity, a cybersecurity services software provider. Financial terms were not disclosed.
"This is another exciting addition to our portfolio, and we are excited to be partnering with the Fidelis team in further fueling its trajectory. This transaction aligns well with our investment philosophy of targeting and investing in mission-critical technology businesses across a wide spectrum of verticals, from telecommunications to cybersecurity," Alex Soltani, Skyview Chairman, and CEO.
Sotheby's International Realty Affiliates, a real estate brokerage service provider, completed the acquisition of Benoit Mizner Simon, a real estate service provider. Financial terms were not disclosed.
"Over the past 14 years, Larry, Paul, and their team have achieved notable success and have provided unparalleled client service to the Boston area. We are proud to support the continued growth of Gibson Sotheby's International Realty," Philip White, Sotheby's International Realty President, and CEO.
Madison Dearborn-backed Alcami, a provider of fully-integrated custom end-to-end solutions for the pharmaceutical and biologics industries, completed the acquisition of TriPharm Services, a drug manufacturer, from Ampersand Capital, a private equity firm. Financial terms were not disclosed.
"TriPharm represents a compelling opportunity for Alcami to capitalize on building an industry-leading position in attractive and growing end-markets. I look forward to working closely with the Alcami and TriPharm teams to ensure sustained growth in sterile fill-finish for Alcami," Harry Kraemer, Alcami Chairman.
Facebook competitors sue to force Zuckerberg to divest majority stake.
Facebook was sued by four potential competitors who accuse it of anticompetitive behavior and who asked a judge to order CEO Mark Zuckerberg to give up control of the social media behemoth, Bloomberg reported.
The lawsuit was filed Thursday in San Francisco by Reveal Chat, a successor to the dating site LikeBright; USA Technology and Management Services, better known as the credit and financial service provider Lenddol; former peer-to-peer site Cir.cl; and former identity verification provider Beehive Biometric.
State Street is exploring the sale of Currenex.
US bank State Street held informal discussions aimed at finding a buyer for Currenex, a currencies trading platform, FT reported.
State Street has been looking for a buyer for some time, with no success so far, after the bank bought Currenex in 2007 for $564m.
2U considers a potential sale under activist pressure. (FS)
2U hired advisers for a strategic review after activist investor Sachem Head Capital Management pressured the educational software company to explore a sale, Bloomberg reported.
The Lanham, Maryland-based company is working with financial advisers to explore ways to improve its performance, including a sale. A final decision has not been made, and 2U could opt to remain independent.
DuPont considers selling its electronics unit.
DuPont, an industrial materials maker, is working with advisers to review strategic options, including a sale, for its electronics business, Reuters reported.
The Electronics and Imaging unit, whose customers include semiconductor and LED makers, was the smallest of DuPont’s core business by revenue at the end of the third quarter.
StepStone hires banks for IPO. (FS)
StepStone Group, one of the world's most prominent investors in alternative assets such as private equity and real estate, hired investment banks for an IPO that could take place as early as the first quarter of this year, Reuters reported.
StepStone hired Goldman Sachs, Morgan Stanley and JPMorgan as lead underwriters of its IPO in New York. It has also registered its IPO confidentially with the US Securities and Exchange Commission.
Gap scraps its Old Navy spinoff plan.
Gap scrapped its plan to spin-off Old Navy and stated it would instead work to stem dropping sales, while fewer discounts during the holiday season helped full-year earnings, sending its shares up about 4%, Reuters reported.
Stanley Black & Decker considers acquiring CAM.
Stanley Black & Decker, a US toolmaker, held talks to acquire Consolidated Aerospace Manufacturing, to expand its offerings to the aerospace sector, Reuters reported.
The attempted deal illustrates how Stanley Black & Decker is seeking to diversify its business beyond tools and storage, which account for about two-thirds of its revenue. CAM makes fasteners and other components for the aerospace industry.
Petrobras makes progress in divesting the remaining stake in TAG.
Petroleo Brasileiro, Brazil’s state-run oil company, launched the “non-binding phase” of the process of divesting its remaining 10% stake in its former pipeline subsidiary Transportadora Associada de Gás, Reuters reported.
In the so-called “non-binding phase” of the transaction, prospective buyers will receive a memorandum with detailed information about the pipeline company and divestment instructions, including tender guidelines.
EMEA
Ardian is set to acquire a majority stake in Sante Cie, a specialist in-home medical assistance service provider. Financial terms were not disclosed. Ardian is investing alongside the existing shareholder private equity firms HLD and UI Gestion. This transaction remains subject to antitrust approval and the opinion of the work council.
"We’re proud to enter Santé Cie’s share capital alongside existing shareholders and are confident that home medical assistance providers, by assisting patients and ensuring they are monitored by practitioners, have a role to play in the French healthcare value chain," Yann Bak, Ardian Managing Director.
Sante Cie is advised by Accuracy, Rothschild & Co, and Weil Gotshal and Manges. Ardian is advised by Indefi, LEK Consulting, BNP Paribas, Eight Advisory, Latham & Watkins, Image Sept, and Singulier.
Automobile manufacturers Hyundai Motor and Kia Motors, are set to invest $111m in Arrival, a smart electric van manufacturer. Arrival will work with Hyundai and Kia to develop a variety of electric vehicles, initially for the commercial market.
“The eco-friendly vehicle market in Europe is expected to grow rapidly due to reinforcement of environmental regulations. Through the joint development of commercial electric vehicles with Arrival, we will be able to gain a competitive advantage and progressively establish our leadership in the global eco-friendly vehicle market,” Albert Biermann, Hyundai Motor Group President and Head of Research and Development Division.
Arrival is advised by JP Morgan.
Ardian completed the acquisition of Frulact, a producer of natural fruit-based and plant-based specialty ingredients for the food & beverage industry. Financial terms were not disclosed.
"I join all Frulacteans to welcome Ardian and begin this new chapter in Frulact. We’re very pleased with this agreement and partnership, considering that Ardian will bring considerable financial and strategical resources to boost Frulact to become a strong platform," Joao Miranda, Frulact Non-Executive President.
Ardian was advised by LLYC.
Access Bank, a Nigerian multinational commercial bank, agreed to acquire Transnational Bank, a commercial bank in Kenya. Financial terms were not disclosed.
"This acquisition aligns with our strategy to become Africa's Gateway to the World, and we are excited about the potentials that reside in the East African Market," Herbert Wigwe, Access Bank Managing Director.
KLM, an airline carrier, agreed to acquire Jet Airways’ Netherlands business. Financial terms were not disclosed. The transaction is subject to the completion of several conditions including statutory and regulatory clearances, both under Indian law and Dutch laws.
The deal will only involve a sale of part of the company’s business and not impact the shareholding pattern. With this acquisition, KLM tries to continue and repair India with Europe and North America route network as much as possible.
Telecom Italia's efforts to recruit investor stalls.
Telecom Italia's efforts to recruit investors to help it to create a national broadband champion with Open Fiber have hindered, as it is proving hard to hammer out a deal structure, Reuters reported.
The former Italian telecoms monopoly has been talking since last June with utility Enel and state lender Cassa Depositi e Prestiti on ways of combining their fiber broadband operations. But with Enel reluctant to part with its business and regulatory and funding issues clouding the horizon, talks have so far been unprofitable.
Lawrence Stroll becomes a frontrunner for Aston Martin's stake.
Canadian billionaire Lawrence Stroll is emerging as the frontrunner to acquire a stake in Aston Martin. The British car manufacturer could decide on its plan of action as early as this month, Bloomberg reported.
Stroll has been discussing a potential investment of about $260m. Aston Martin spoke to several investors about a possible capital increase as it makes a final effort to bring in fresh funding.
Apollo, Greybull, LOT to bid for Condor. (FS)
Condor, the airline that used to belong to Thomas Cook, attracted interest from buyout groups Apollo and Greybull as well as Polish carrier LOT, which are expected to submit final bids next week, Reuters reported.
Each of the bidders could tie-up with some of Germany’s leading tour operators in a potential deal to buy Condor.
Sainsbury's distributor NFT is seeking a buyer.
NFT Distribution, a chilled food distributor which counts J Sainsbury as its biggest retail customer, is seeking new owners after recording multi-million-pound losses, Sky News reported.
"Over the last few months, NFT has undertaken a strategic review of its business with a view to addressing some operational challenges and repositioning for the future," NFT spokesman.
H.I.G. Capital invests in Portopiccolo. (FS, RE)
H.I.G. Capital, a private equity firm, invested in Portopiccolo, a self-contained luxury complex near Venice, which includes 203 high-end residential apartments, a five-star hotel with a spa and 110 marina berths. Financial terms were not disclosed.
"This marks our 10th real estate investment in Italy. The Italian real estate markets represent a key part of our European value-add strategy, and we continue to actively look at opportunities in the small/midcap sector across the capital structure," Riccardo Dallolio, H.I.G. Realty Partners Europe Head and Managing Director.
APAC
Toshiba succeeded with its $1.4bn takeover bid for chip equipment unit NuFlare Technology, staving off a higher counteroffer by Hoya. Toshiba, which initially held 52.4% of NuFlare, acquired a further 32.3% through a tender offer, achieving its target of securing more than a two-thirds stake.
Toshiba is advised by Skadden Arps Slate Meagher & Flom. Hoya is advised by Daiwa Securities and Kekst CNC.
GMR Infrastructure, an infrastructure company decided to divest a 49% stake in GMR Airports to TATA Group, a business conglomerate, GIC, the sovereign wealth fund of Singapore, and SSG Capital, an investment manager.
The transaction will take place in one or more tranches, GMR Infrastructure said in a regulatory filing. The raising of stake by the company for divestment is subject to regulatory approvals, DealStreetAsia reported. Pursuant to certain clauses, the bidders may further increase their equity stake in GMR to 55.2%.
GMR is advised by Morgan Stanley.
Khazanah and Telenor renew talks for Axiata deal.
Khazanah Nasional and Telenor are in the early stages of exploring various possible scenarios, including Telenor buying part of the wealth fund's stake in Axiata, DealStreetAsia reported.
A stake purchase could pave the way for more deals, such as a merger of Axiata and Telenor's phone tower assets or consolidation in specific markets. Another option could include a combination and eventual listing of the two carriers' frontier-market operations.
Temasek and Trustbridge eye majority stake in WeWork China at $1bn valuation. (FS)
Temasek and Trustbridge Partners held talks with WeWork China over increasing their stake in the China branch of the troubled co-working startup to take majority ownership, DealStreetAsia reported.
The plan values WeWork China at c. $1bn. The proposal was submitted to WeWork's major stakeholder, Japanese technology conglomerate SoftBank Group, at the end of last year.
Ant Financial aims for a $200bn price tag in private share sales.
Ant Financial shares are being offered privately at levels which value the Chinese financial giant at $200bn, Reuters reported.
Alibaba affiliate Ant, which had an implied valuation of $150bn during a 2018 fundraising, is preparing to step up plans for eventually going public in Hong Kong and mainland China.
HNA set to divest Pactera to CEC for $750m.
Embattled Chinese conglomerate HNA Group is reportedly set to divest control of Pactera, its tech outsourcing unit to China Electronics in a deal valued at about $750m, Bloomberg reported.
State-owned China Electronics signed an agreement with HNA this week on the purchase of Pactera Technology International. The sale of Pactera attracted interest from other suitors, including Digital China Group and Tech Mahindra.
Yoshiaki Murakami considers a takeover of Toshiba unit. (FS)
Japan's Toshiba Machine said a fund backed by veteran activist investor Yoshiaki Murakami prepared a takeover bid for the former Toshiba subsidiary, Reuters reported.
Office Support, backed by Japan’s most prominent activist shareholder, plans to launch a tender offer for Toshiba Machine on Tuesday.
Volkswagen looking to acquire a 20% stake in Guoxua.
Volkswagen is set to acquire a 20% stake in Guoxuan High-tech, a Chinese electric vehicle battery maker, as the German firm accelerates its electric push into the world’s largest auto market, Reuters reported.
The deal would mark Volkswagen’s first direct ownership in a Chinese battery maker and comes as the Wolfsburg-based automaker strives to meet the goal of selling 1.5m new energy vehicles a year in China by 2025, including plug-in hybrid cars.
Tianjin in talks to divest stakes in two state-owned units to TCL.
The government of Tianjin is in talks to divest stakes in two of its listed technology firms to TCL, a Chinese consumer electronics giant, Bloomberg reported.
The talks involve Tianjin Zhonghuan Semiconductor, a manufacturer and distributor of semiconductor devices and material, and Tianjin Printronics Circuit, a printed circuit board producer. Tianjin's government and TCL are still exploring options, including direct stake sales or having the electronics company acquire control in the major shareholder of the two listed firms.
Affinity Partners considers divesting Malaysia's Island Hospital. (FS)
Affinity Equity Partners is considering selling Island Hospital, a medical hospital in Malaysia, Bloomberg reported.
The buyout firm is working with an adviser on the possible sale of the facility in Penang state, north of Kuala Lumpur. A deal could fetch $500m to $1bn.
Carlyle considers divesting its stake in Visionary RCM. (FS)
The Carlyle Group is looking to divest its stake in Visionary RCM Infotech, a knowledge centric organization specializing in risk adjustment solutions, DealStreetAsia reported.
The fund bought a majority stake in the company in December 2017 with its fourth Asia-focused fund, Carlyle Growth Investments IV, for c. $65m.
"Carlyle is looking to sell its entire stake in Visionary RCM at a valuation of $200-300m. It is scouting for strategic and private equity buyers in the market and has appointed Credit Suisse to manage the sale process," Carlyle.
Macquarie considers offloading its entire stake in Soham Renewable. (FS)
Macquarie Group, an Australian Infrastructure investor, considers exiting Soham Renewable Energy India, a Bengaluru-based hydropower developer, DealStreetAsia reported.
In November 2011, Macquarie invested $53m in Soham Renewable through a fund managed jointly with India's largest lender State Bank of India. The flagship entity of the Soham group operates hydropower projects with a cumulative capacity of 53.5 megawatts in Karnataka.
Sinopharm considers a $524m share sale.
Sinopharm Group, China’s pharmaceutical products distributor, stated it plans to issue $524m worth of H shares to raise capital for the expansion of its distribution and retail network, Reuters reported.
Sinopharm plans to sell c. 149m new H shares, representing 4.8% of the total issued share capital on completion of the deal, to not less than six third-party investors.
AMP Capital raises $3.4bn for Global Infrastructure Fund II. (FS)
AMP Capital, an investment management firm owned AMP Group, raised $3.4bn for its second global infrastructure fund, DealStreetAsia reported. The corpus for Global Infrastructure Fund II has been raised from over 60 institutional investors, including pension funds, funds of funds, insurance groups, family offices, and sovereign wealth funds from across the world.
Global Infrastructure Fund II will help facilitate growth in four business areas, namely transport, communications, infrastructure health, and energy.
Winreal Investment reaches the first close of 5G industry fund at $146m. (FS)
Winreal Investment, a Chinese investment firm, reached the first close of a new fund at $146m from investors, including government-backed funds, as the company seeks to promote the development of the 5G industry much-highlighted by Beijing, DealStreetAsia reported.
The new fund, whose name can be translated into "Rongteng 5G Industry Fund," targets to raise $292m in total. The investment vehicle was initially launched in June 2019 and is expected to reach the final closing in the first half of 2020.
Capital Research, GIC invest in Central Retail IPO. (FS)
GIC, Singapore's sovereign wealth fund, and funds advised by US investor Capital Research Management are set to back the $2.4bn IPO of Central Retail, Thailand’s largest retailer, Reuters reported.
The IPO, first announced in July, comes after Thailand took the top IPO ranking in Southeast Asia in 2019 with $4bn in fundraisings. A slew of significant issues is in the pipeline for this year.
Central Retail, controlled by the billionaire Chirathivat family’s Central Group, will use the funds to repay debt partly and expand the business in Thailand and overseas.
Fiat Chrysler and Foxconn to push into the Chinese electric car market.
Automaker Fiat Chrysler intends to set up a joint venture with the parent of iPhone assembler Foxconn to manufacture electric cars and develop internet-connected vehicles in China, as it looks to make up ground in electric mobility, Reuters reported.
FCA confirmed it was in advanced talks with Hon Hai, the parent company of Foxconn on the potential creation of a 50-50 joint venture to develop new generation battery electric vehicles and engage in the Internet of Vehicles, business, with an initial focus on the Chinese market.
"The combination would enable the parties to bring together the capabilities of two established global leaders across the spectrum of automobile design, engineering and manufacturing and mobile software technology to focus on the growing battery electric vehicle market,” FCA.
Great Wall Motor to acquire General Motors' India plant.
Great Wall Motor agreed to acquire General Motors’ car plant in India, as the Chinese automaker expands overseas amid slowing domestic demand, Reuters reported.
The deal, which is expected to be completed by the second half of 2020, will jumpstart Great Wall’s plans to build and sell cars in India and bring to an end GM’s manufacturing operations in the country.
"The Indian market has great potential, rapid economic growth, and a good investment environment. Entering the Indian market is an important step for Great Wall Motors’ global strategy," Liu Xiangshang, Great Wall Motor, Vice President.
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