PolySign, an operator of an institutional-grade asset custody platform, agreed to acquire MG Stover, a full-service fund administration firm. Financial terms were not disclosed.
“MG Stover is the ‘go-to’ administration partner for many of the most sophisticated and successful investors in digital assets. Matt Stover, MG Stover’s Founder and CEO, is widely regarded as a visionary in our sector, and we are excited to gain his expertise as a shareholder and a core member of our leadership team. I am proud to welcome the entire MG Stover organization to PolySign," Jack McDonald, PolySign CEO.
PolySign is advised by Cowen & Company, Macquarie Group, K&L Gates, Perkins Coie and Wachsman. MG Stover is advised by Houlihan Lokey and Bryan Cave Leighton Paisner.
Southwest Gas, a utility company primarily engaged in the purchasing, distributing, and transporting of natural gas, announced that as a result of the receipt of an indication of interest well in excess of $82.5 per share offer by Icahn Enterprises, an American conglomerate, the Southwest Gas Board has authorized the review of a full range of strategic alternatives to maximize stockholder value.
The company will evaluate a sale of the company, as well as a range of alternatives, including, but not limited to, a separate sale of its business units and/or pursuing the previously disclosed spin-off of Centuri.
"As a Board, we determined that the best path forward is to explore a range of strategic alternatives, including a sale of the company, to maximize the value of the company on behalf of all of our stockholders. We plan to move forward expeditiously," Michael J. Melarkey, Southwest Gas Chair of the Board.
Southwest is advised by Lazard, Cravath Swaine & Moore, Morrison & Foerster and Joele Frank. Icahn is advised by Harkins Kovler.
Parag Agrawal, Twitter CEO, sought to reassure employees that the company was not being “held hostage” by news of Elon Musk’s offer to buy the company, Reuters reported.
Elon Musk, a second-largest shareholder with a 9.1% stake in Twitter, posted a tweet on April 16, 2022, saying “Love Me Tender”, days after he aimed Twitter, an American microblogging and social networking service, with a $43bn takeover offer. Musk tweeted Twitter board’s “economic interests are simply not aligned with shareholders.”
Twitter is advised by Goldman Sachs and JP Morgan. Elon Musk is advised by Morgan Stanley and McDermott Will & Emery.
Flexible Solutions International, a firm that develops, manufactures, and markets specialty chemicals, agreed to merge with Lygos, a developer of a full-stack biological engineering platform. Financial terms were not disclosed.
“This merger provides the opportunity to unlock new high-growth opportunities for our business, our investors, and our customers by connecting our ingredients to existing downstream products. Together, we intend to use our collective resources to expand domestic manufacturing and revive industrial innovation by providing more environmentally friendly ingredients that enable better supply chains for common, everyday downstream products," Eric Steen, Lygos CEO.
Flexible Solutions International is advised by BTIG and Hart & Hart. Lygos is advised by Orrick Herrington & Sutcliffe and Argot Partners.
Metrie, a manufacturer and distributor of millwork solutions, completed the acquisition of EL & EL Wood Products, a distributor of moulding, millwork, and door products across the Southwest US. Financial terms were not disclosed.
“We are excited to complete the acquisition and formally welcome the EL & EL team into the Metrie family. We are better, together. We share the same close-knit, people-first culture, and laser focus on customer experience. This, combined with our strong operational capabilities in manufacturing and distribution, positions us well for continued growth in the millwork industry," Kent Bowie, Metrie President & CEO.
Metrie was advised by Fort Capital Partners and Stoel Rives. EL & EL was advised by Fifth Third Bancorp and Best Best & Krieger.
ArchiMed, an investment firm focused exclusively on the healthcare industry, agreed to acquire Natus Medical, a provider of newborn care, neurology, and hearing and balance assessment healthcare products and services, for $1.2bn.
“The sale of Natus to ArchiMed will provide our shareholders with immediate and substantial cash value, as well as a compelling premium, and the Board has unanimously agreed that this transaction is in the best interests of our shareholders,” Joshua H. Levine, Natus Chairman.
Natus Medical is advised by Stifel and Davis Polk & Wardwell. ArchiMed is advised by Jefferies & Company.
Great Hill Partners-backed Versapay, a financial technology company, completed the acquisition of DadeSystems, an automated AR software provider, from Ten Coves Capital, a private equity firm. Financial terms were not disclosed.
"We are very excited to welcome DadeSystems' employees, customers, and partners to Versapay. Versapay and DadeSystems have enjoyed a successful partnership for some time, and most importantly we share a common vision for the digitization of the AR process. Together, we can accomplish even more to close the digital transformation gap in AR, optimizing our clients' cash flow and driving operational efficiencies," Craig O'Neill, Versapay CEO.
DadeSystems was advised by William Blair & Co and Morris Manning & Martin. Versapay was advised by Alston & Bird.
ARCH Venture, a provider of seed and early stage venture capital, led a $130m Series B funding round in Be Bio, a deverloper of B cells medicines designed to unleash the potential of cell therapies in applications beyond cytotoxicity, with participation from Bristol Myers Squibb, Atlas Venture, RA Capital Management, Alta Partners, Longwood Fund and Takeda Ventures.
The proceeds will advance Be Bio’s proprietary autologous and allogeneic BeCM platforms across multiple therapeutic areas and progress pipeline candidates toward the clinic.
“Our pipeline spans multiple therapeutic areas, and we are inspired and humbled by the potential to transform patients’ lives. With the support of highly regarded investors and the addition of Dr. Gillis to our Board of Directors, Be Bio is in a strong position to advance novel programs across our rare disease and oncology portfolios, further develop our platform and manufacturing capabilities and expand our team," Joanne Smith-Farrell, Be Bio CEO.
Be Bio was advised by Solebury Trout and Ten Bridge Communications.
Harvest Partners-backed Fortis Solutions Group, a provider of high impact printed packaging solutions, completed the acquisition of Profecta Labels, a digital manufacturer of labels. Financial terms were not disclosed.
"We are excited to extend our footprint to Canada and partner with Pierre Roberge and his talented team to deliver additional solutions and capabilities to our customers. Pierre and I share similar business philosophies and we look forward to working together to build upon Profecta's success," John O. Wynne, Fortis President and CEO.
Profecta Labels was advised by Capital Image. Fortis Solutions was advised by Lambert & Co.
CSX, an international freight transportation company, announced that the Surface Transportation Board approved CSX’s application to acquire Pan Am Railways, a holding company that owns and operates regional railroads. CSX will move forward with the acquisition with a planned closing date of June 1, 2022.
“CSX is pleased that the STB approved the proposed acquisition of Pan Am and has recognized the significant benefits this transaction will bring to shippers and other New England stakeholders. We look forward to integrating Pan Am, their employees and the rail-served industries of the Northeast into CSX and to working in partnership with connecting railroads to provide exceptional supply chain solutions to New England and beyond," James M. Foote, Pan Am Railways President and CEO.
CSX is advised by Goldman Sachs and Davis Polk & Wardwell.
AOI Capital, an investment firm, completed the acquisition of RK Logistics, an operator of a full-spectrum supply chain firm. Financial terms were not disclosed.
“RK Logistics Group has a stellar reputation as a high-performance supply chain operator supporting some of the most demanding, complex and mission-driven businesses in Silicon Valley. We welcome RK Logistics to our portfolio and we are confident that with RK’s skilled workforce, collaborative employee culture and a proven, agile approach to customer solutions, together we will build on its track record of sustained, profitable growth," Joe MacLean, AOI Capital CEO.
Activision is cooperating with federal insider trading probes.
Activision Blizzard, an American video game holding company, is cooperating with federal investigations into trading by friends of its CEO shortly before the gaming company disclosed its $68.7bn sale to Microsoft, an American multinational technology corporation.
It received requests for information from the US Securities and Exchange Commission and received a subpoena from a Department of Justice grand jury, Reuters reported.
A court battle that has raised concerns about SPACs.
After 613 SPACs came to market in 2021, just 57 have arrived in 2022. The private companies that SPACs had previously merged with and brought to the public markets have largely cratered, doomed by excessively rosy financial projections, Financial Times reported.
Michael Klein has in recent years taken 4 companies public through mergers with SPACs that he has sponsored. Two of his deals are successes, trading above the base SPAC share price of $10. But one disappointment, the 2020 acquisition of Multiplan, a health insurance company, by his third SPAC, has attracted a shareholder lawsuit that several industry observers believe may shake up the SPAC industry.
CPI Property, a real estate company, agreed to acquire S IMMO, a real estate investment company. CPI offers to pay $23.78 per share.
“CPIPG is committed to Central and Eastern European real estate and to our conservative financial policy. The strategy announced today is another logical step forward in the Group’s evolution from a regional leader into a European real estate champion," Martin Nemecek, CPIPG CEO.
CPI Property is advised by Barclays, Goldman Sachs, Santander, UniCredit, Dentons and Wolf Theiss. Debt financing is provided by Bank of China, Barclays, Credit Suisse, Goldman Sachs, Raiffeisen, Santander, Societe Generale and UniCredit.
Net1, a financial technology company, completed the acquisition of Connect Group, a provider of financial technology solutions, for $288m.
“We welcome this landmark acquisition, which officially kickstarts our transformational journey of building a unique fintech platform, that will offer payment processing and financial services to both consumers and merchants, across the formal and informal sector. This ground-breaking deal strongly supports our shared mission to serve a burgeoning informal sector by providing financial inclusion, while simultaneously positioning the Company to benefit from secular tailwinds and multiple growth opportunities. Now that the acquisition is completed, we are looking forward to integrating the two companies and unlocking value for all our stakeholders,” Chris Meyer, Net1 CEO.
Net1 was advised by Proton Partners, Rand Merchant Bank, Cliffe Dekker Hofmeyr, Burson Cohn & Wolfe and ICR. Connect Group was advised by Investec and Edward Nathan Sonnenbergs.
CVC to acquire Neolith Group from Investindustrial. (FS)
CVC, a private equity firm, agreed to acquire Neolith Group, a company that specialises in sintered stone surfaces, from Investindustrial, an investment group. Financial terms are not disclosed.
"It is a privilege to welcome CVC into the great Neolith project and its arrival will no doubt represent a new turning point in the group's history, accelerating our ambitious strategic objectives. Its extensive experience and global presence will be a great help to us in developing our enormous potential. We are grateful for the confidence and constant support of Investindustrial and the Esteve Family in making Neolith a unique platform that has enabled us to consistently expand the business with a firm commitment based on innovation, branding, sustainability and a straightforward approach based on open collaboration," Jose Luis Ramón, Neolith Group CEO.
Investindustrial is advised by Bain & Co, Evercore, KPMG, Uria Menendez and Maitland. CVC is advised by Grupo Albion.
Otonomo, a mobility intelligence company, completed the acquisition of The Floow, a SaaS provider of connected insurance technology, for $69m.
“We are pleased to announce the successful closing of the acquisition and we look forward to benefiting from the complementary set of insurance data solutions, customers and markets that The Floow brings. By combining The Floow’s established portfolio of connected insurance clients and strategic partnerships with Otonomo’s connected car platform, we believe that we are now even better positioned to offer superior intelligent and connected solutions to the global data mobility market," Ben Volkow, Otonomo CEO.
Textron, a multi-industry company, completed the acquisition of Pipistrel, an electrically powered aircraft, for $240m.
“Pipistrel has already achieved what many other companies only aspire to – certifying and delivering highly regarded electric aircraft to customers around the world. We are excited to accelerate Pipistrel’s development and to welcome its talented people into our organization, where we will pool expertise to make Textron a world leader in sustainable aircraft for a wide range of missions," Scott Donnelly, Textron Chairman and CEO.
George Osborne advising Todd Boehly on Chelsea bid.
George Osborne, a British politician and newspaper editor, is advising Todd Boehly, an American businessman, investor, and philanthropist, on the bid to acquire Chelsea Football Club from Roman Abramovich, Financial Times reported.
Boehly is competing against private equity tycoons Josh Harris and David Blitzer, and a separate bid led by Stephen Pagliuca. A consortium consisting of Ricketts family, hedge fund billionaire Ken Griffin and Dan Gilbert dropped out of the auction on April 15, 2022, after failing to agree on the terms of their bid.
The proposed $40bn merger between HDFC Bank, an Indian banking and financial services company, and HDFC, a mortgage provider, has been driven by tighter regulation of the country’s shadow banking sector, FT reported.
The combined company would have an asset base of $340bn. Deepak Parekh, HDFC Chairman, said the deal was partly motivated by regulations that will come into force in October for large non-bank financial companies after a series of collapses in the sector wiped out the savings of millions of depositors.
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. 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. Financial advisors are advised by Sullivan & Cromwell.
Swiggy, a provider of food delivery platform, led a $180m Series D funding round in Rapido, an operator of a bike taxi booking platform, with participation from TVS Motor Company, Westbridge, Shell Ventures and Nexus Ventures.
Rapido said the funds would be used to strengthen its technology, amplify and boost teams across diverse sets of capabilities, and increase overall supply to create an enhanced consumer experience across a larger audience base in metros, tier I, II and III cities.
Ant Group, an operator of a cloud-based financial platform, agreed to acquire a majority stake in 2C2P, a provider of online payment processing services. Financial terms were not disclosed.
“Digital payment adoption has accelerated rapidly in recent years, spurred by the pandemic, with mobile wallet payments widely gaining momentum across Asia. Through this complementary partnership with Ant Group, 2C2P will be connected to a much larger merchant base and be well-positioned to advance our international expansion strategy. I am confident that 2C2P will be able to scale new heights, and build an unparalleled and robust range of payment solutions that will deliver maximum value and impact to our merchants and partners," Aung Kyaw Moe, 2C2P Founder and CEO.
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