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AMERICAS
Assertio, a specialty pharmaceutical company, agreed to acquire Spectrum Pharmaceuticals, a commercial stage biopharmaceutical company, for $291m.
“We are excited to combine with Assertio in a transaction that will deliver significant value to our stockholders and the opportunity to share in the future upside of ROLVEDON. Our mission at Spectrum has always been to make a difference in the lives of patients and with Assertio, we have a partner that will enable us to deliver on this promise. Our combined assets and commercial infrastructure will position us to accelerate ROLVEDON’s launch for the benefit of patients, maximize its potential and drive further growth. We are proud of the launch trajectory our team has achieved with ROLVEDON and look forward to an exciting new chapter,” Tom Riga, Spectrum Pharmaceuticals President and CEO.
Spectrum Pharmaceuticals is advised by Guggenheim Partners, Gibson Dunn & Crutcher and In-Site Communications (led by Lisa Wilson). Assertio is advised by HC Wainwright, SVB Securities, Latham & Watkins and Darrow Associates (led by Matt Kreps).
DATA Communications Management, a provider of marketing and business communication solutions, completed the acquisition of the Canadian operations from R.R. Donnelley & Sons, an American integrated communications company, for $131m.
“The acquisition of RRD Canada is a significant milestone for DCM and provides an exciting opportunity for us to continue our momentum in building both a better and bigger business. We believe that this is a compelling strategic opportunity to accelerate our growth agenda by leveraging our expanded portfolio of best-in-class products and services, stronger execution capabilities, and enhanced speed to market for new innovations. As one company, we are now focused on driving growth and value creation by delivering consistent and seamless service to our customers and positioning DCM for sustainable and long-term success," Richard Kellam, DCM President & CEO.
DATA Communications was advised by Boston Consulting Group, Clarus Securities, PricewaterhouseCoopers and McCarthy Tetrault (led by Jonathan R. Grant). R.R. Donnelley & Sons was advised by BakerHostetler and Blake Cassels & Graydon.
Zinnia, a life and annuity insurance technology and digital services company, completed the acquisition of Policygenius, a digital insurance marketplace. Financial terms were not disclosed.
“At Zinnia, we want to provide solutions that simplify the process of buying insurance and deliver an exceptional experience for consumers from purchase to claim. Policygenius has always put consumer experience at the heart of their business, and their capabilities will accelerate our journey. We look forward to welcoming Policygenius clients, an experienced leadership team, and approximately 450 new team members to Zinnia, and are excited to power growth in our industry," Michele Trogni, Zinnia CEO.
Zinnia was advised by Sidley Austin, WilmerHale and Prosek Partners. Policygenius was advised by Latham & Watkins.
BPEA-backed Nord Anglia Education, an education company, agreed to acquire IMG Academy, a sports education company, from Endeavor, a global sports and entertainment company, for $1.25bn.
"Our purpose is to empower student-athletes to win their future, preparing them for college and for life. We are constantly trying to raise the bar in pursuit of that purpose through our on-campus and online experiences. Simultaneously, our staff is passionate about growing the impact we have on the world, reaching more families, and helping them on their journey. BPEA EQT and Nord Anglia are ideal partners to achieve and accelerate those goals, and we are excited for that future," Brent Richard, IMG Academy President.
BPEA is advised by Oliver Wyman, Deloitte and Ropes & Gray.
Berkshire Partners, an American private equity firm, completed the investment in Thompson Safety, a provider of onsite first aid, fire, and life safety services. Financial terms were not disclosed.
“We are thrilled to be working with Berkshire Partners for our next chapter of growth. The Berkshire team has an excellent reputation in the industrial services space, deep experience in helping companies reach scale, and a set of values that aligns with our own. We believe they have a unique ability to help us on our mission of becoming the first aid, fire, and life safety service provider of choice in North America. Their investment of time, know-how, and capital will be a valued asset during this expansion phase," Tommy Thompson, Thompson Safety Founder and CEO.
Berkshire Partners was advised by G2 Capital Advisors and Raymond James.
Global Healthcare Exchange, a business and data automation solutions provider, completed the acquisition of Prodigo Solutions, a supply chain and data enablement technology company. Financial terms were not disclosed.
"Our mission is to simplify the patient-centered business of healthcare to improve outcomes and completing this acquisition is a significant milestone toward that goal. By adding Prodigo's people and technology to GHX, we're strengthening our commitment to solving healthcare's toughest challenges. Moving forward, I believe we'll have a powerful combination of technology and data that will enable smarter supply chain decisions and ensure organizations can thrive in healthcare's value-based future," Tina Vatanka Murphy, GHX President and CEO.
Global Healthcare Exchange was advised by Tier One Partners.
Trillium Capital, an investment organization, offered to acquire Getty Images, a visual media company, for $3.95bn.
Getty shares still trade at a sharp discount to the Trillium bid, and the challenges to completing the proposed deal are substantial. Shares of Getty surged 40% on April 24 to $7.09, leaving them nearly 30% below the proposed offering price.
HDL Therapeutics, a privately held commercial stage biotech company, agreed to go public via a SPAC merger with Swiftmerge Acquisition, a special purpose acquisition company, in a $225m deal.
"We are thrilled to announce our entry into an LOI with HDL Therapeutics. Their innovative approach to atherosclerosis treatment and cutting-edge technology aligns perfectly with our mission to invest in companies that have the potential to transform healthcare and improve patient care," Leonard Makowka, Swiftmerge Director.
Globant, a digitally native technology services company, completed the acquisition of ExperienceIT, a US-based digital transformation consultancy company. Financial terms were not disclosed.
"We are excited to welcome ExperienceIT to our Globant family to continue scaling our services with clients across North America. Both organizations share the same passion and drive to support organizations to unleash innovation, reach new levels of success, and reinvent themselves and their industries through digital transformation. We are witnessing a huge paradigm shift driven by AI, and our expertise will allow us to keep surprising our clients with the best experiences as we grow our presence in the region," Martín Migoya, Globant Co-Founder and CEO.
First Republic shares plunge as deposit drop renews concern.
First Republic Bank's quarterly results — including a worse-than-expected drop in deposits — reignited investor concerns about prospects for its business, breaking with more than a week of industry earnings reports that had broadly reassured the market.
The company's shares fell 29% to $11.37, an all-time low in intraday trading. The stock is down more than 90% this year, Bloomberg reported.
South Korean and US's companies plan billions of cooperation.
Leading South Korean and US companies announced billions of dollars in investments, joint ventures and other plans, Reuters reported.
General Motors and Samsung will invest more than $3bn to build a joint venture electric vehicle battery manufacturing plant in the United States, as the automaker diversifies its component suppliers.
Ares Strategic Income Fund launches with $1.5bn. (FS)
Ares Management, a global alternative investment manager, has launched the Ares Strategic Income Fund, a perpetual capital, continuously offered, non-traded business development company, with around $1.5bn in initial investable capital.
The fund, which will look to invest primarily in directly originated, senior secured, floating-rate loans to US middle-market companies, raised more than $847m of equity commitments from certain existing institutional relationships in a private placement, and approximately $625m in credit facility commitments.
Solum Partners closes Fund II with $850m. (FS)
Solum Partners, an investment management firm focused on the food and agriculture industry, announced the closing of its second fund, Solum Partners Fund II and related vehicles. Fund II surpassed its initial target to close with $850m in capital commitments from a broad range of global institutional investors.
Fund II invests in production assets globally across a variety of crop-types, including coffee, almonds, apples and berries. In deploying capital and managing its investments, Solum remains committed to supporting the local communities it invests in and aims to drive sustainable impact through active portfolio management.
Ridge Ventures raises $180m fifth fund. (FS)
Ridge Ventures, a San Francisco, CA-based early-stage venture capital firm specializing in Seed and early Series A enterprise software investments, closed its fifth fund, Ridge Ventures V, and related entities, with $180m in total capital commitments.
The fund will continue to pursue Ridge's longstanding, specialized strategy of investing in Seed and early Series A financing rounds for post-product, pre-product-market fit enterprise software companies started by experienced founders.
Capria Ventures hits first close of new emerging markets fund. (FS)
Capria Ventures, a global venture capital investment firm, has announced the first close of its second $100m fund that will focus on investing in 20-25 tech startups in India, Southeast Asia, Latin America, the Middle East, and Africa, DealStreetAsia reported.
Limited partners in the new fund include OIP Investment Trust and Gates Ventures as well as numerous foundations, individuals, and family offices, including Crystal Springs Foundation, Sall Family Foundation, Brakeman Family Trust, and two founders of Pioneer Square Labs.
Ted Baker chief heads for exit in wake of Authentic Brands takeover. (People)
The chief executive of Ted Baker is close to leaving the company six months after it was taken over by a giant American brands and entertainment conglomerate.
Rachel Osborne, who took the helm at the British retailer in the midst of a governance and accounting crisis in 2020, is expected to leave in the coming months. Ted Baker's new owner, Authentic Brands Group, progresses its conversion into a brand licensing business , SkyNews reported.
EMEA
All Seas Capital, a pan-European private capital fund, agreed to invest in Nurture Landscapes, a ground maintenance and green services provider. Financial terms were not disclosed.
“We have built a successful business to date, and are excited for the next stage of growth. We’re delighted that All Seas Capital is backing our business to help us accelerate our growth. In taking this step, we were not just looking for capital investment, but also a partner that can add real value with their expertise to grow and strengthen the business. We have found that in All Seas and are looking forward to working with them,” Peter Fane, Nurture Founder and Executive Chairman.
Nurture Landscapes is advised by BDO, PricewaterhouseCoopers and Stephenson Harwood. All Seas Capital is advised by Deloitte, Crescent Capital Partners, RSM International, King & Spalding and Kepler Communications (led by Charlotte Balbirnie).
RFMW, a specialized distributor of RF and microwave products, completed the acquisition of MRC Gigacomp and MRC Components, two distributors of electronic components. Financial terms were not disclosed.
"We are excited about this agreement with RFMW. RFMW’s products directly align with our focus and customer base. We are particularly excited to become a part of the RFMW family and we look forward to working with our new global colleagues," Frank Lauber, MRC Gigacomp Managing Director.
10Pearls, a digital product innovation and software engineering company, completed the acquisition of Symbox, a boutique software development company. Financial terms were not disclosed.
“We are delighted to welcome Symbox to our team as we strategically expand our presence in the UK and greater EMEA. The combination of our teams allows us to strategically partner with enterprises to deliver their digital technology needs with agility and scale," Zeeshan Aftab, 10Pearls Managing Director.
Treasury and Lufthansa extend exclusive talks on ITA Airways sale.
Italy's Treasury and Germany's Lufthansa agreed to extend exclusive talks over the sale of ITA Airways until May 12 from the previous deadline of April 24, Reuters reported.
Treasury granted Lufthansa's request for extra time for the talks. Talks proceed in a "constructive manner".
UK Labour courts private equity investors while mulling tax hike. (FS)
Labour Party leader Keir Starmer and Shadow Chancellor of the Exchequer Rachel Reeves have held talks with private equity companies to discuss boosting investment in the UK, even as they plan to raise taxes on the same firms, Bloomberg reported.
Executives from Blackstone, Advent International and Brookfield Asset Management were among those to meet the Labour leadership team. Starmer praised the industry's role in boosting economic growth during the talks.
Vodafone's top backer E& discusses board changes and ups stake.
Vodafone Group's biggest shareholder, Emirates Telecommunications Group, has opened talks with the troubled British telecom group to push for changes on its board, Bloomberg reported.
The investor, also known as e&, began discussions with Vodafone on April 12 about the non-executive directors in order to engage "on a variety of topics". The Abu Dhabi-based company, which is majority owned by the United Arab Emirates's sovereign wealth fund, now owns 14.6% of Vodafone, up from 14%.
Energy firms in Germany join up for sea-to-inland hydrogen route.
Seven companies in Germany's energy sector said they had formed an alliance to bring clean hydrogen from the seashore to centers of industrial consumption, Reuters reported.
Germany wants to build 10 gigawatts of green hydrogen capacity, made from solar and wind power, by 2030 and import massive volumes from overseas to help industries such as steelmaking or cement replace millions of tonnes of heavily carbon polluting "grey" hydrogen made with gas.
LCM Partners closes Credit Opportunities 4 Strategy at €4.1bn. (FS)
LCM Partners held the final close of the Credit Opportunities 4 Strategy, with total capital commitments of €4.1bn ($4.5bn) across the commingled fund together with several separately managed accounts.
LCM says that commitments have been received from 23 limited partners with support from many of the largest institutional investors globally including pension plans, sovereign wealth funds and insurance companies from North America, Europe and Asia.
Convent Capital commits €100m to AgriFood Growth Fund (FS)
Convent Capital, an Amsterdam-based investment firm, announced the second closing of its AgriFood Growth Fund, which has now reached €100m ($110m). The Dutch insurance firm has committed €10m ($11m) to the closing.
Convent Capital, founded in 2011, is an independent asset manager. It has two funds that are primarily focused on growth and buyout opportunities in Europe.
APAC
Shares of Ipca Laboratories fell as much as 9.1% to a near three-year low on April 25, after it agreed to buy a 33.38% stake in Unichem Laboratories for up to $126m.
Ipca, which makes paracetamol tablets under the brand name Pacimol, will also launch an open offer to Unichem’s shareholders to buy an additional 26% stake for $98m, Reuters reported.
Unichem is advised by N.A. Shah Advisory Services (led by Jayendra Shah).
Tokio Marine considers a $1bn Southeast Asia life unit sale.
Tokio Marine is considering a sale of its life insurance business in Southeast Asia that could be valued at about $1bn in a deal, as the Japanese insurer looks to focus on its core operations, Bloomberg reported.
The Tokyo-listed firm is working with an adviser to gauge investor interest in its life insurance units in Indonesia, Malaysia, Singapore and Thailand. Tokio Marine prefers to find a buyer for all of the assets, though it's also considering a piecemeal deal.
Semiconductor Manufacturing Electronics Shaoxing set for top Asia IPO.
A chip foundry backed by China's top semiconductor firm is set to raise $1.4bn in Asia's biggest initial public offering so far this year, as Beijing ramps up efforts to finance its tech race against Washington, Bloomberg reported.
Targeting proceeds of $1.4bn, Semiconductor Manufacturing Electronics Shaoxing is selling 1.7bn shares at $0.8 apiece on Shanghai's Nasdaq-style STAR board, with subscriptions to begin on April 26, 2023.
South Korea preps $751m venture capital fund of funds. (FS)
South Korea's Ministry of SMEs and Startups has lined up a $751m fund of funds to support venture capital investments in the country, DealStreetAsia reported.
The Korean government's recent initiative aims to spur over $1.5bn in fundraisings by local general partners and encourage venture capitalists to execute an investment surplus of approximately $8.2bn by the end of 2022.
Carlyle raises $621m for latest Asia fund. (FS)
Private equity major Carlyle Group has raised about $621m for its latest Asia-focused buyout fund from US investors, DealStreetAsia reported.
Carlyle Asia Partners Growth II, launched in April 2021, has attracted commitments from 61 US investors. In total, the firm collected $950m for the Asia-Pacific growth fund, below its $1bn target.
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