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AMERICAS
ANI Pharmaceuticals, a diversified biopharmaceutical company, agreed to acquire Alimera Sciences, a global pharmaceutical company, for $453m.
"We are pleased to have reached this agreement with ANI, which we believe recognizes the value we have created at Alimera and creates compelling value for our shareholders. ANI and Alimera share a common mission of putting patients first, and this complementary transaction creates a bigger platform to leverage our global infrastructure and outstanding team. I would like to thank Alimera employees, past and present, for always finding a way to help patients maintain better vision longer. We look forward to working with ANI to complete this transaction and help grow its presence in the ophthalmology segment," Rick Eiswirth, Alimera President and CEO.
Alimera Sciences is advised by Centerview Partners, Perella Weinberg Partners, DLA Piper and Core IR (led by Scott Gordon). ANI Pharmaceuticals is advised by Guggenheim Partners, Raymond James, Hughes Hubbard & Reed and In-Site Communications (led by Lisa Wilson).
Riot Platforms, a Bitcoin mining and digital infrastructure company, terminated the acquisition of Bitfarms, a global Bitcoin mining company, for $950m.
"Bitfarms has made unwarranted and highly negative attacks against Riot and sought to falsely call into question Riot's intentions and objectives. Even after the adoption of the off-market poison pill, Riot offered the Bitfarms Board an opportunity to avoid the Special Meeting by jointly refreshing the Bitfarms Board. Bitfarms rejected this olive branch. This pattern of behavior reinforces the entrenched mentality of the current Bitfarms Board and its unwillingness to act in the best interests of all Bitfarms shareholders," Riot.
Paladin Energy, a Western Australia-based uranium production company, agreed to acquire Fission Uranium, a mineral exploration company focused on the exploration and development of uranium assets, for CAD1.14bn ($832m).
"The combination of Fission and Paladin will create a world class diverse uranium producer, adding a class leading development project in a Tier 1 jurisdiction with the ability to expand production and cash flow profiles in the near term. With commercial production at Langer Heinrich and further development milestones at PLS, this opportunity will create a diverse pureplay uranium company with current production and a deep pipeline of near and mid-term assets available to investors," Ross McElroy, Fission President and CEO.
Fission Uranium is advised by Cantor Fitzgerald, SCP Resource Finance and Blake Cassels & Graydon. Paladin Energy is advised by Macquarie Group, Corrs Chambers Westgarth and Fasken.
RXO, a provider of full truckload freight transportation brokering services, agreed to acquire Coyote Logistics, a global 3PL firm, from UPS, an American multinational shipping & receiving and supply chain management company, for $1bn.
“As UPS positions itself to become the premium small package provider and logistics partner in the world, the decision to sell our Coyote Logistics business allows an even greater focus on our core business,” Carol B. Tomé, UPS CEO.
Gresham Worldwide, a global provider of high-quality electronic solutions for defense, commercial and industrial applications, agreed to merge with Ault Disruptive Technologies, a special purpose acquisition company, in a $83m deal.
“We are excited to partner with Gresham, a leader in high-performance electronic solutions for mission-critical applications across various industries. The increasing global demand for defense-related technologies, driven by ongoing conflicts and tensions, underscores the value of Gresham’s offerings. This merger will not only bolster Gresham’s growth but also deliver significant value to our stockholders. We look forward to working closely with Jonathan and his team as Gresham continues its impressive growth journey,” Willliam Horne, Ault Disruptive CEO.
Ault Disruptive Technologies is advised by Alliance Global Partners and Olshan Frome Wolosky. Gresham Worldwide is advised by Nason, Yeager, Gerson, Harris & Fumero.
FalconPoint-backed JENNMAR, a global provider of infrastructure products and specialized services to the civil, solar, mining, and construction industries, completed the acquisition of Dumotech Industrial Products, a provider of products and hardware for the hardrock mining industry. Financial terms were not disclosed.
"We are thrilled to welcome Dumotech to the JENNMAR family of companies as we continue to build JENNMAR's presence in Canada," Tony Calandra, JENNMAR CEO.
FalconPoint was advised by Joele Frank (led by Ed Trissel).
Conversion Interactive Agency, an advertising agency in Brentwood, Tennessee, completed the investment in SR Consulting Agency, a digital marketing agency. Financial terms were not disclosed.
"SR Consulting folds seamlessly into our organization, and we are privileged to work with the brands they represent in helping them reach their marketing and branding goals. I am confident our technology and marketing strategy can help continue to build the brands for the companies SR Consulting represents today," Kelley Walkup, Conversion Interactive Agency President and CEO.
Arthur J. Gallagher & Co, an American global insurance brokerage and risk management services firm, completed the acquisition of Implement Compliance Solutions & Resources, a provider of consulting and support services on compliance, governance, risk and operations. Financial terms were not disclosed.
"ICSR represents an excellent strategic fit for Artex and will strengthen our capabilities in serving clients undergoing regulatory and transformational change. I am excited to welcome Kenneth and his associates to our growing, global team," J. Patrick Gallagher, Jr., Arthur J. Gallagher Chairman and CEO.
Coatue Management, a global investment manager, agreed to invest $150m in Hut 8, an energy infrastructure operator and Bitcoin miner.
“We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the AI ecosystem. We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth.” Asher Genoot, Hut 8 CEO.
CPL, a full-service design firm, completed the acquisition of JPT Architects, a fully integrated architectural and engineering firm. Financial terms were not disclosed.
The acquisition further strengthens CPL's legacy of innovative design and deep sector knowledge in healthcare and enhances client experience while building on future acquisition strategy.
Hueman People Solutions, a provider of recruitment process outsourcing, completed the acquisition of PrincetonOne, a RPO provider. Financial terms were not disclosed.
The acquisition significantly expands Hueman's service offerings and industry expertise. PrincetonOne's specialized RPO models for pharmaceutical drug launches and manufacturing complement Hueman's established flat-fee RPO services in healthcare and commercial sectors. This integration enables Hueman to offer a broader range of tailored solutions, including integrated and enterprise-scope RPO for hard-to-fill and high-volume positions, scalable pricing models, direct hire solutions, and specialized recruitment programs.
Jain raises $5.3bn in biggest hedge fund debut since 2018. (FS)
Bobby Jain has gathered $5.3bn in commitments for his new multistrategy hedge fund, marking the biggest fundraising haul since ExodusPoint Capital Management's record debut, Bloomberg reported.
Jain Global will start trading July 1. Investors include endowments, foundations, family offices, bank wealth platforms and sovereign wealth funds.
Apple and Meta have discussed AI partnership.
Facebook parent Meta Platforms has discussed integrating its generative AI model into Apple's recently announced AI system for iPhones, WSJ reported.
The move comes as Apple plans to add technology from other AI companies on its devices amid reports that it was discussing a potential tie-up with long-time search partner Alphabet's Google.
The iPhone maker is also expected to discuss partnerships with other AI companies in different regions like China, where Microsoft-backed OpenAI chatbot ChatGPT is banned.
SmartFit confirms talks for stake in Velocity.
Smartfit Escola de Ginástica e Dança, one of the largest fitness chains in Latin America, said it's in talks to acquire shares in closely held Velocity Academia de Ginástica, Bloomberg reported.
The potential transaction is subject to further contractual negotiations. No monetary value was confirmed.
Mitsui buys shale gas asset in Texas.
Japanese trading house Mitsui bought a shale gas asset in Texas that it seeks to bring to full-scale development after 2026, Bloomberg reported.
Mitsui's US-based subsidiary purchased the 46.5k acre asset named Tatonka in Texas from Sabana and Vanna, without disclosing a price. It will drill wells to evaluate the site, which has access to liquefied natural gas export terminals and ammonia plants on the Gulf Coast.
KKR seeks $20bn for new North America buyout fund. (FS)
KKR is seeking about $20bn from investors for its latest flagship North America private equity fund, three years after it launched its predecessor fund of similar size, Reuters reported.
The New York-based firm, which had $578bn in assets under management as of the end of March, is returning to a tougher fundraising market for buyout funds.
EMEA
EQT Partners, a Swedish global investment organization, agreed to acquire Constellation Cold Logistics, a provider of temperature-controlled storage capacity and complementary services, from Arcus Infrastructure Partners, a private equity firm. Financial terms were not disclosed.
"In four short years, Constellation, with support from Arcus, has expanded into one of the largest cold storage players in Europe, enabling our clients to benefit from enhanced accessibility and efficiency in their supply chains. We will maintain an absolute focus on responsiveness and customer service together with our commitment to sustainability on our path to net-zero. We’re excited to continue implementing our 2030 strategic plan with the support of EQT, which brings strong infrastructure experience, global scale, and deep expertise in areas like sustainability and digitalization. I'd like to thank the Arcus team for its dedication to this point but, most of all, I’d like to thank all Constellation’s employees for their hard work and continuous support as the company evolves," Carlos Rodriguez, Constellation CEO.
EQT Partners is advised by Roland Berger, PricewaterhouseCoopers, UBS and Milbank. Arcus is advised by Aon, OC&C Strategy Consultants, ERM Group, Ernst & Young, Marquarie Group, Seven Lakes Partners, DLA Piper, Kirkland & Ellis and CBRE Group.
TPG, an American private equity firm, and CDPQ, an institutional investor, agreed to acquire Aareon, an IT service management company, from Aareal Bank, an international property specialist, and Advent International, one of the largest and most experienced global private equity investors, for €3.9bn ($4.2bn).
"This transaction marks a milestone in the development of Aareon. Thanks to the strong support of our owners Aareal Bank and Advent International, the company has made excellent progress in recent years. Now, we have reached a point where we can take the next step in our development. We are in an ideal position to capture further growth opportunities and welcome TPG and CDPQ as experienced and strong new partners," Harry Thomsen, Aareon CEO.
TPG is advised by Morgan Stanley, Kirkland & Ellis (led by Adrian Maguire and Vincent Bergin), Greenbrook (led by James Madsen). Aareal Bank and Advent International are advised by Arma Partners, Goldman Sachs, CMS, Weil Gotshal and Manges and FGS Global (led by Olaf Zapke).
Sun Pharma, an Indian multinational pharmaceutical company, completed the merger with Taro Pharmaceutical Industries, an Israeli research-based pharmaceutical manufacturer, in a $347m deal.
"Over the years, with Sun Pharma's strategic interventions, Taro has remained a key player in the generic dermatology market in a challenging environment. Post completion of the merger, the combined entity will firmly move forward, leveraging its global strengths and capabilities to better serve the needs of patients and healthcare professionals," Dilip Shanghvi, Sun Pharma Managing Director.
Taro Pharmaceutical was advised by Bank of America, Goldfarb Seligman & Co, Meitar Law Offices, Shearman & Sterling (led by Richard Alsop and George Karafotias) and Skadden Arps Slate Meagher & Flom (led by Maxim Mayer-Cesiano). Sun Pharma was advised by Davis Polk & Wardwell (led by Michael Davis) and Herzog Fox & Neeman.
Vista Outdoor on Monday agreed to sell its sporting products and ammunition business to Czechoslovak Group for about $2bn, after the Prague-based defense firm raised its offer for a second time, Reuters reported.
CSG in May had raised its offer to acquire the unit, called Kinetic Group, for $1.96bn as it has been looking to widen its portfolio amid increasing demand for military equipment and ammunition after Russia's invasion of Ukraine.
Sonoco Products Company, a provider of high-value sustainable packaging, agreed to acquire Eviosys, a global supplier of metal packaging, producing food cans and ends, aerosol cans, metal closures and promotional packaging, from KPS Capital Partners, a private equity firm, for $3.9bn.
"Eviosys is another demonstration of KPS' investment strategy of seeing value where others do not, buying right and making businesses better, across economic cycles, geographies and industries over decades," Michael Psaros, KPS Co-Founder and Co-Managing Partner.
Sonoco Products Company is advised by Rothschild & Co and Paul Weiss Rifkind Wharton & Garrison. KPS and Eviosys are advised by JP Morgan, Morgan Stanley, Freshfields Bruckhaus Deringer and FGS Global.
Slättö, a private equity real estate investor with a Nordic focus, agreed to acquire two residential portfolios in Finland for €130m ($139m).
The residential portfolios comprise approximately 800 residential units in the Helsinki Metropolitan Area and Tampere, with some 70% of the value concentrated in the HMA. The assets have strong locations in their respective submarkets and are of high standards, with the majority being newly built properties.
Slättö is advised by PricewaterhouseCoopers, Nordano, Avance, Roschier Attorneys and Naava Partners.
Covestro opens books to ADNOC over $12.5bn takeover offer.
German chemicals firm Covestro is giving ADNOC access to its books and stepping up talks based on an improved $12.5bn takeover offer, after more than a year of courtship by the Emirati energy company, Reuters reported.
Covestro, which makes plastics and chemicals for construction and engineering, said it believed the two sides could "generally reach a common understanding regarding core aspects of a possible transaction including support for Covestro's further growth strategy".
Private equity suitors aim to wrap up £2bn Evri. (FS)
A pack of trade and private equity suitors are circling Evri, one of Britain's biggest parcel delivery companies, SkyNews reported
Apollo Global Management and Platinum Equity are among the parties which have lodged initial offers for Evri, which is reportedly worth around £2bn ($2.5bn).
Prudential plans $2bn share buyback.
Insurance group Prudential plans a $2bn share buyback programme which will be completed no later than mid-2026, Reuters reported.
The life and health insurer will commence the first $700m tranche of the buyback, for which it has entered into an arrangement with Goldman Sachs.
Klarna to offload checkout business in $520m deal.
Klarna Bank is looking to get out of one of its key payments businesses after the Swedish financial technology giant found the unit created a conflict of interest with peers like Adyen or Stripe, Bloomberg reported.
An investor consortium led by the serial entrepreneur Kamjar Hajabdolahi is set to acquire the checkout business in a deal that values the unit at $520m.
Getir shareholders back break-up of the group.
Investors in Getir, the food delivery group which is abandoning its UK operations, have approved a break-up of the company that will trigger a fresh capital injection of up to $250m, SkyNews reported.
Getir, which is based in Turkey, held an extraordinary general meeting on June 23 at which shareholders backed plans to split it into two independent companies.
OQ Chemicals to start sales process, agrees lender deal.
The Omani owner of OQ Chemicals is set to kick off a sales process for the business after the company reached a short-term financing deal with lenders, Bloomberg reported.
The Germany-based chemicals manufacturer confirmed an earlier Bloomberg report that some of its main lenders have agreed to provide €75m ($80m) in bridge financing. A group of lenders have also signed an agreement with the company to extend the maturities of €1.1bn ($1.18bn) equivalent of debt due later this year, although the details are still yet to be finalized.
Mike Ashley's Frasers buys THG's portfolio of luxury goods websites.
British e-commerce firm THG has agreed to sell its portfolio of luxury goods websites to Mike Ashley's Frasers Group. THG and Frasers have also agreed on a partnership across several areas including with THG Ingenuity, Reuters reported.
THG's Ingenuity arm helps other brands such as Coca-Cola and Elemis sell online. The company's other major divisions include beauty, through websites such as Lookfantastic, and nutrition, which centres around its Myprotein brand.
Engine Capital calls for sale of C&C. (FS)
Activist investor Engine Capital has amassed a stake in C&C Group, the maker of Magners Irish Cider, Bloomberg reported.
The hedge fund, which owns just under 5% of C&C, believes the company is undervalued and is pushing for C&C's board to initiate a strategic review process aimed at a sale.
Abu Dhabi's Masdar seeks European acquisitions.
Abu Dhabi's state-backed green energy group Masdar is on the hunt for more European acquisitions after buying Greece's biggest renewables company, as financial strains in the sector drive down valuations and create room for deals, FT reported.
Mohamed Jameel Al Ramahi, chief executive, said the deal for Terna Energy at a €3.2bn ($3.4bn) valuation was just the start of a further expansion into central and eastern Europe.
APAC
Venture capital firms Glade Brook, Nexus and StepStone Group led a $665m Series F round in Zepto, a Quick commerce company, with participation from Avenir, Lightspeed, Avra, Goodwater, Lachy Groom and Contrary.
The funding will be used to compete with other two deep-pocketed players, BlinkIt and Swiggy Instamart.
CICC Capital, a Chinese partially state-owned multinational investment management and financial services company, led a $100m Series C round in METiS Pharmaceuticals, a biotechnology company that aims to address unmet clinical needs.
The firm will use the proceeds to advance its AI-driven drug delivery and discovery platform.
Sajo Industries, a deep-sea fishing company, agreed to acquire Foodist, a food ingredient and catering services provider, from VIG Partners, a Seoul-based private equity firm, for $205m.
With the acquisition of Foodist, Sajo Group is expected to overtake its immediate rival Daesang to become Korea's third-largest food conglomerate after CJ CheilJedang and Dongwon F&B.
HKIC, a Hong Kong government-owned fund, agreed to invest in BioMap, a startup biotech company. Financial terms were not disclosed.
"We intend to leverage Hong Kong's international status, favourable financial policies, globally aligned IP and data regulations to garner trust from multinational clients, and maintain our competitive edge amid international competition. In addition, Hong Kong has a rich pool of interdisciplinary AI and biotechnology talent, and an innovative academic environment," Wei Liu, BioMap Co-Founder and CEO.
SK Group looks to exit Vingroup and Masan.
South Korean chaebol SK Group is in the process of exiting its investments in two of Vietnam's biggest companies, Vingroup and Masan Group, DealStreetAsia reported.
SK is looking to secure more than $720m from the share disposals. The company had injected $470m for a 9.5% stake in Masan in 2018 and led a consortium to invest $1bn in Vingroup a year later.
Vedanta mulls first dollar bond sale of $500m.
The Indian mining company controlled by billionaire Anil Agarwalis considering tapping bond markets for at least $500m in a debut overseas issuance, Bloomberg reported.
Vedanta is discussing the plan with lenders and seeking legal opinions about the potential sale.
Prosus writes off its 9.6% stake in India's Byju's.
Tech investor Prosus said it has written off the fair value of its 9.6% stake in Indian edtech firm Byju's during the financial year 2024, making the Dutch firm the first to fully write-off its investment in the troubled startup. Prosus cites the write off to "the significant decrease in value for equity investors", Reuters reported.
Byju's was once India's most promising startup, valued at $22bn in 2022. However, financial, legal and operational problems has eroded almost all of its valuation.
Shein confidentially filed papers for a potential London IPO.
Online fashion retailer Shein confidentially filed papers with the UK authorities for a potential listing in London, Bloomberg reported.
The timing of an initial public offering, which would likely be London's biggest in more than a decade, wasn't immediately clear as Shein is still awaiting approval from the Chinese securities regulator. An IPO could value the fast fashion giant at about £50bn ($63.3bn).
ESR Group gets nod to list logistics REIT in China.
Real estate asset manager ESR Group said it received the Chinese securities regulator's approval to list its logistics real estate firm in the country and expected to raise around $336m from the listing, DealStreetAsia reported.
In December 2022, the Hong Kong-based company that has sponsored multiple Singapore-listed REITs including ESR-LOGOS REIT and Sabana Industrial REIT, had proposed a spin off and separate listing of its logistics assets through a publicly offered infrastructure securities investment fund, or C-REIT, on the Shanghai Stock Exchange.
Urban Revivo is said to weigh Hong Kong IPO.
Urban Revivo Fashion, a fast fashion company, is considering an initial public offering in Hong Kong, possibly injecting some life into the city's market after the slowest start to a year for listings since 2008, Bloomberg reported.
The Guangzhou-based company is working with advisers on a potential share sale to raise at least $100m.
Citi hires HSBC's Matthew Hung as Head of HK Corporate Bank. (People)
Citigroup hired former HSBC banker Matthew Hung to be its head of corporate banking for Hong Kong, Bloomberg reported.
Hung replaces Joy Cheng, who was appointed head of Citi Commercial Bank for Hong Kong in February. Hung was HSBC's head of corporate coverage for Hong Kong.
JP Morgan India Bank CEO Singh quits before end of term. (People)
Prabdev Singh, chief executive officer of JP Morgan's bank in India, has stepped down before the end of his term, Bloomberg reported.
Pranav Chawda, head of commercial banking for India, will expand his current responsibilities to become the head of India corporate banking.
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