AMERICAS
Twitter won its first legal fight against Elon Musk when a Delaware judge granted the company’s request to fast-track its lawsuit seeking to compel the world’s richest person to complete his $44bn purchase of the social-media site, WSJ reported.
Chancellor Kathaleen St. Jude McCormick, Delaware Chancery Court chief judge, ordered a five-day trial in October, over Mr. Musk’s objections. Chancellor McCormick said the case should be resolved quickly, agreeing with Twitter’s claim that it could be harmed by uncertainty about its future as a public company.
“Those concerns are on full display in the present case. Typically, the longer the merger transaction remains in limbo, the larger the cloud of uncertainty cast over the company and the greater the risk of irreparable harm to the sellers," Chancellor McCormick.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett, Wachtell Lipton Rosen & Katz, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery, Quinn Emanuel, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Financial advisors are advised by Davis Polk & Wardwell. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale.
Mondee, a group of leading travel technology, service, and content companies driving disruptive innovative change in the leisure, corporate, and retail travel markets, went public via a SPAC merger with ITHAX Acquisition, a blank check company, in a $1bn deal. PIPE investors in the deal include Morgan Stanley Capital Partners, ARCPE, Origami, Travco and Entertainment Benefits Group.
“Mondee developed industry-changing technology that transformed the existing antiquated travel infrastructure with a modern agile platform. Our platform and industry relationships provide the right marketplace with the right tools and the right content offerings to enable and accelerate our customers’ success. Today’s announcement marks the beginning of the next chapter of our growth as the travel market continues to normalize," Prasad Gundumogula, Mondee Founder and CEO.
Mondee was advised by Cantor Fitzgerald, Union Square Advisors, Kirkland & Ellis and ICR. ITHAX Acquisition is advised by AXIA Ventures, Cantor Fitzgerald, Deutsche Bank and Reed Smith.
OMERS Private Equity, a global investment company, agreed to acquire a majority stake in Bionic, a provider of essential energy, insurance, finance and connectivity services, from ECI Partners, a private equity firm. Financial terms were not disclosed.
“As a leading technology-enabled services platform, Bionic’s high-quality digital-hybrid model, one that pairs smart technology with world class human service, is at the forefront of helping UK SMEs source their business essentials: energy, insurance, finance and connectivity. We are excited by the opportunity to bring OMERS track record of international and acquisitive growth to Bionic as we support Paul and the Bionic management team in the continued growth of the business,” Jonathan Mussellwhite, OMERS Head of European Private Equity.
Omers is advised by DC Advisory, Weil Gotshal and Manges and FGS Global. ECI Partners is advised by PricewaterhouseCoopers, Ernst & Young, Houlihan Lokey, Addleshaw Goddard and WA Communications.
Jamieson Wellness, a manufacturer, distributor and marketer of high-quality natural health products, completed the acquisition of Nutrawise Health & Beauty, a manufacturer of health and wellness products, for $210m.
“This transaction is a major strategic milestone for Jamieson, accelerating our expansion in the world’s largest vitamin, mineral and supplement market. Youtheory’s co-founders Darren and Patty Rude have built a remarkable company and brand that is highly complementary to our existing portfolio and perfectly aligned with our commitment to providing consumers with high-quality products they can trust. The transaction is immediately accretive to Jamieson, and we see significant opportunities for future growth synergies as we leverage our broad product portfolio, best-in-class operational capabilities and global footprint to accelerate youtheory’s expansion across multiple categories and channels in the United States and around the world," Mike Pilato, Jamieson Wellness President and CEO.
Nutrawise Health & Beauty was advised by William Hood and Company, Greenberg Glusker and Bowen Tax Law. Jamieson Wellness was advised by BMO Capital Markets, RBC Capital Markets, McCarthy Tetrault, Paul Weiss Rifkind Wharton & Garrison and Ernst & Young.
I Squared, a global infrastructure investment manager, agreed to acquire VLS Environmental Solutions, a provider of waste processing solutions, from Aurora Capital Partners, a middle-market private equity firm. Financial terms were not disclosed.
VLS provides mission-critical, customized waste and specialty cleaning and repair services to a variety of highly regulated industries in North America. The company offers a comprehensive set of waste management solutions that process industrial non-hazardous waste to create alternative engineered fuels for industrial processes, fuel for waste-to-energy generation, treated wastewater, and landfill solidification.
I Squared is advised by Jefferies & Company, Kirkland & Ellis and Brunswick Group. Aurora Capital is advised by Houlihan Lokey, Robert W Baird, Gibson Dunn & Crutcher and ASC Advisors.
Fiume Capital, an investment company, and Juggernaut Capital Partners, a growth firm, completed the acquisition of Thrill One Sports & Entertainment, a next-generation content company, from The Raine Group, a global merchant bank, and Causeway Media Partners, a private equity firm. Financial terms were not disclosed.
"We formed Thrill One to create a centralized action sports platform for athletes, brands and fans. We have aggregated the largest audience and community in the space, and I am beyond excited to partner with this group of investors and individuals who have built businesses and entire sports from the ground up. The additional resources will fuel the growth and expansion of this platform," Joe Carr Thrill One CEO.
The Raine Group was advised by Sidley Austin. Fiume Capital was advised by Milbank. Juggernaut Capital was advised by Morgan Lewis & Bockius. Debt financing was provided by CION Investment, MGG Investment Group and Prudential Private Capital.
RedBird Capital Partners, a private equity firm, agreed to acquire Talent Systems, an industry’s premier tech-driven global casting marketplace. Financial terms were not disclosed.
“With Talent Systems, Rafi and Alex have created a platform that offers efficiencies to a media and entertainment ecosystem managing a massive increase in supply and demand of content creation. Drawing on RedBird’s investment experience and relationships in the industry, together we have an opportunity to continue to scale their business when it is needed most. We are also pleased that Rafi and Alex, along with their leadership team and existing financial partner Caltius, will continue to have a significant equity stake going forward,” Andy Gordon, RedBird Partner.
Talent Systems is advised by William Blair & Co and Morgan Lewis & Bockius. RedBird is advised by Fried Frank Harris Shriver & Jacobson, Gagnier Communications and Principal Communications Group.
BlackRock Real Assets, a global investment company, completed the acquisition of Vanguard Renewables, a company which engages in the development of organics-to-renewable energy projects, from Vision Ridge Partners, an investment firm. Financial terms were not disclosed.
“We are pleased to invest in Vanguard Renewables, a leading producer of renewable natural gas from agriculture and organic food waste in the US, supported by long-term contracts. Renewable natural gas is an attractive and fast-growing market that provides decarbonization solutions for both the provider of the waste, as well as the natural gas consumer. We look forward to partnering with Vanguard Renewables’ experienced management team to support the company’s strong growth momentum,” Mark Florian, BlackRock Real Assets Head of Diversified Infrastructure.
Vanguard Renewables was advised by Onpeak Capital. BlackRock Real Assets was advised by Evercore and Simpson Thacher & Bartlett. Vision Ridge Partners was advised by Ropes & Gray and Gasthalter & Co.
Gallatin Point Capital, a private investment firm, completed a $100m investment in Insurance Supermarket International, a digital life insurance companies in Canada.
"Our main objective when we started this process with RBC was to find the right partner. Gallatin Point's knowledge of the sector and the alignment of our vision for the future of the insurance industry allows us to touch and improve more lives and to help the life insurance industry transition to the digital age. We are working hard to ensure that the number of underinsured families is decreasing and our partnership with Gallatin Point allows us to quickly and seamlessly make a meaningful difference in the industry," Alex Dudarev, ISI Founder and CEO.
Gallatin Point Capital was advised by Goodwin Procter and Torys. ISI was advised by RBC Capital Markets, Kirkland & Ellis and Stikeman Elliott.
New Mountain Capital, a growth-oriented investment firm, completed the investment in Radancy, an enterprise software and services solutions provider. Gemspring Capital will remain a minority investor in the company. Financial terms were not disclosed.
"We are seeing tremendous demand from companies who are going through a fundamental shift from legacy talent acquisition operating models, involving manual processes and ad hoc tools, to a more integrated approach, leveraging Radancy's end-to-end talent sourcing platform. This is an exciting time in our evolution and we are confident that New Mountain's industry expertise and proven track record of business building will help us accelerate our roadmap and continue to deliver greater value for our clients," Michelle Abbey, Radancy CEO.
New Mountain Capital was advised by Jefferies & Company, Piper Sandler and Ropes & Gray. Radancy was advised by Lazard and McDermott Will & Emery.
Littelfuse, an American electronic manufacturing company, completed the acquisition of C&K Switches, manufacturer of high-quality electromechanical switches, from Sun Capital, a private equity firm, for $540m.
"We are excited to welcome C&K Switches employees to the Littelfuse team. With its strong brand reputation, a long history of design excellence and high-performing products, the addition of C&K Switches will enhance our presence and growth in our target markets. Our complementary go-to-market models — through a combination of direct sales and channel distribution — and expanded product portfolio will serve as a platform for future growth," Deepak Nayar, Littelfuse Senior Vice President and General Manager.
Littelfuse was advised by Macfarlanes and Wachtell Lipton Rosen & Katz. C&K Switches was advised by William Blair & Co. Sun Capital was advised by Weil Gotshal and Manges.
Thunderbird, a company which manufactures aluminum and steel impact extrusions, completed the acquisition of Bright Plastics, a custom injection molder of plastic parts, assemblies and components. Financial terms were not disclosed.
“Bright Plastics is a valuable addition to the Thunderbird family of companies. We will benefit from the broader reach of the diverse capabilities at Bright Plastic, as will our customers. We expect customers to realize their goals in new ways thanks to the unique equipment and depth of knowledge at Bright,” Kevin Prunsky, Thunderbird Chairman of the Board.
Bright Plastics was advised by MBS Advisors and Brooks Pierce McLendon Humphrey & Leonard. Thunderbird was advised by DLA Piper and Honigman.
EQT, a private equity firm, agreed to acquire a minority stake in United Talent Agency, a global talent, entertainment and sports company, from Investcorp, a provider of investment services, and PSP Investments, a pension investment manager. Financial terms were not disclosed.
"Since our original investment in 2018, PSP Investments and Investcorp have been working closely with Jeremy Zimmer and his management team to continue to strengthen UTA's exceptional market position. During this time, UTA has proven its abilities to perform, innovate and diversify as a leading entertainment company. We are excited to continue this journey with UTA and to welcome EQT. Together, we will be a driving force in supporting UTA's long-term growth," Martin Longchamps, PSP Investments Managing Director and Head of Origination and Execution.
EQT is advised by Bain & Co and Weil Gotshal and Manges. UTA is advised by Moelis & Co and Skadden Arps Slate Meagher & Flom.
Mariner Wealth Advisors, a financial planning firm, agreed to acquire The Financial Services Network, a national enterprise office that provides a variety of administrative, consulting, compliance and operational services. Financial terms were not disclosed.
“Today is a win for advisors who seek to spend more time advising their clients and growing their business and less time managing the day-to-day operations. The depth of experience among the professionals at The Network and the reach and expertise of LPL Financial will enable us to serve more advisors and enhance their access to some of the industry’s best back-office and consulting resources," Marty Bicknell, Mariner Wealth Advisors CEO and President.
Mariner Wealth Advisors is advised by Polsinelli PC. The Financial Services Network is advised by PJT Partners and Haynes and Boone.
MPE Partners-backed Hi-Tech Industries, a manufacturer of car care products, agreed to invest in 3D International, a provider of design and construction services. Financial terms were not disclosed.
"Tunch and his team have established 3D as an industry leader in product innovation and abrasive technology coupled with a go-to-market strategy that appeals directly to the most highly skilled paint, body, and equipment and detailing professionals as well as discriminating enthusiasts. Hi-Tech is excited to welcome 3D as a sister company in the MPE portfolio," Nathan Iverson, Hi-Tech CEO.
MPE Partners is advised by Jones Day. 3D is advised by Parcrest Advises. Debt financing is provided by Apogem Capital.
TA Associates, a private equity firm, agreed to acquire a majority stake in Green Street, a provider of commercial real estate intelligence and analytics, from Welsh, Carson, Anderson & Stowe, a private equity firm focused exclusively on the technology and healthcare industries. Financial terms were not disclosed.
“For more than three decades, Green Street has followed a consistent growth trajectory, driven by the Company’s distinguished products, talented team and commitment to customer success. Building on this strong foundation, we believe there is a sizable opportunity for continued organic and inorganic growth. We are thrilled to partner with Green Street and WCAS on the next phase of the Company’s journey,” Todd Crockett, TA Managing Director.
Green Street is advised by Evercore. TA Associates is advised by Prosek Partners. Welsh, Carson, Anderson & Stowe is advised by Lazard.
Informa, an international B2B markets, live and on-demand events and digital services group, agreed to acquire Industry Dive, a provider of audience development and high quality specialist digital content, from Falfurrias Capital, a private equity firm, for $389m.
“Joining Informa is an opportunity to more fully realize Industry Dive’s mission to reach the vast specialist audience in all its breadth and depth. This new phase will see us continue to level up our editorial excellence, deepen our insights, and find new ways to serve our clients and partners. As the news and information environment for professionals gets noisier, Industry Dive will stand out even more as a source of original, useful, and in-depth knowledge," Sean Griffey, Industry Dive CEO and Co-Founder.
Industry Dive is advised by BrightTower and K&L Gates.
KKR-backed Global Atlantic Financial Group, a company which offers a broad range of retirement, life and reinsurance products, completed the acquisition of Atlantic Yards, a class A trophy, two-building office asset located in Midtown Atlanta, from Hines, a global real estate firm. Financial terms were not disclosed.
“Atlanta is one of the fastest growing technology hubs in the Sunbelt, thanks to its great academic institutions, diverse talent and long history of serving as home to leading Fortune 500 companies. As one of the highest quality properties in the market, with strategic importance to a blue-chip tenant, Atlantic Yards provides a long-term, yield-oriented exposure that is a perfect match for our insurance capital. We are delighted to transact with the great teams at Hines and Invesco Real Estate and we look forward to adding this property to our portfolio in Atlanta,” Roger Morales, KKR Partner and Head of Real Estate Acquisitions in the Americas.
KKR was advised by Eastdil Secured. Hines was advised by Invesco Real Estate.
Momentum Midstream, a Texan midstream energy company, agreed to acquire the East Texas pipeline assets of ArcLight Capital-backed Midcoast Energy, a provider of midstream services, for $1.3bn.
The assets are part of the Haynesville shale. Momentum Midstream, on its website, claimed that since 2004 it has built or acquired over 3.2k km of pipeline, 12 processing facilities, three natural gas liquids fractionation facilities, and over one million barrels of storage, and more than 260k horsepower of compression.
Momentum Midstream is advised by Barclays.
Patient Square-backed Enavate Sciences, a firm committed to invest in and support the strategic growth of innovative therapeutic and enabling technology companies, led a $100m Series B funding round in CAMP4 Therapeutics, a biotechnology company, with participation from Gaingels, 5AM Ventures, Polaris Partners, Northpond Ventures, Andreessen Horowitz and The Kraft Group.
“We see immense opportunity and value in CAMP4’s truly unique approach of upregulating gene expression using antisense oligonucleotides, a proven modality for regulating gene expression. Groundbreaking insights into regRNAs, powered by internally-derived machine learning algorithms, and our ability to drug targets with ASOs have merged together in CAMP4’s proprietary platform to advance an entirely new class of medicines. We’re excited to lead this financing and partner with CAMP4 to help realize the full potential of RNA actuators for patients with genetic diseases," James Boylan, Enavate Sciences CEO.
CAMP4 was advised by ScientPR.
Bosch Rexroth, a provider of mobile and industrial hydraulics products, agreed to acquire HydraForce, a manufacturer of electronic-hydraulic systems and valves. Financial terms were not disclosed.
"With its diversified portfolio and international setup, Bosch Rexroth has a strong foundation. The acquisition of HydraForce expands our global market access through indirect sales channels: Sales partners and system integrators will become important target groups. In these challenging times, we are also helping to stabilize regional supply chains so that we can support our customers even better," Frank Hess, Bosch Rexroth Vice President Compact Hydraulics Business Unit.
Bosch is advised by Morgan Stanley.
Pattern Energy, an operator of an energy company, agreed to acquire SunZia Transmission Project, an operator of an electricity transmission line project, from MMR, a provider of instrumentation and electrical construction, maintenance and technical services. Financial terms were not disclosed.
“SunZia Transmission will create a clean power superhighway for millions of Americans by opening access to huge, largely-untapped wind energy resources in New Mexico. SunZia is an investment that will empower our clean energy future and generate millions of dollars in economic impact across Arizona and New Mexico. This revolutionary transmission line will be the conduit for the largest wind project in US history, our 3k+ MW SunZia Wind facility. We are creating and implementing the largest clean energy infrastructure project in American history, demonstrating the vast potential of New Mexico’s wind power and the regions’ ability to bring large interstate infrastructure to reality," Mike Garland, Pattern Energy CEO.
MMR is advised by JP Morgan.
DFJ Growth, a venture capital firm, led a $225m Series B funding round in Delfi Diagnostics, a developer of a blood test system designed for early detection of cancer, with participation from Eli Lilly and Company, Point72, Brown Advisory, Point Field Partners, Initiate Ventures, Open Field Capital, PTX Capital, Cowen Healthcare Investments, Foresite Capital, Menlo Ventures, OrbiMed, T. Rowe Price, Northpond Ventures, Samsara BioCapital, Rock Springs Capital, AV8 Ventures, Illumina Ventures, Osage University Partners, and Windham Venture Partners.
"Cancer is a global public health problem and addressing it requires a solution that is accessible around the world. We believe our approach is uniquely capable of delivering high performing, cost effective, and clinically relevant tests for multiple applications to meet the needs of patients and providers everywhere," Victor Velculescu, Delfi CEO and Founder.
Investment firms Boyu Capital, Sequoia China, OrbiMed and Creacion Ventures led a $160m Series B funding round in Frontera Therapeutics, a clinical-stage biotechnology company.
“We are very pleased by the strong support from leading international investment firms in the completion of this financing round as we strive to create value for both patients and shareholders. The recent clearance of the IND for FT-001 by the FDA, which took less than 2 years to accomplish from program inception, is a testament to our execution capabilities," Yong Dai, Frontera Founder and CEO.
Breakthrough Energy, a venture capital investment firm, and Drawdown Fund, an investment fund, led a $130m Series D funding round in SOURCE Global, a drinking water technology provider, with participation from Microsoft Climate Innovation Fund, Fifth Wall, Blackrock, WIND Ventures, Duke Energy, Harvard Management Company, Material Impact Partners, Monashee Capital, and The Lightsmith Group.
“We are thrilled to expand our partnership with this category-creating business. Over the last half-dozen years, SOURCE has been building a tightly interconnected set of global solutions that have the power to make potable water poverty a thing of the past. As SOURCE continues to execute and grow, we believe the company will have a generational impact," Carmichael Roberts, Breakthrough Energy Managing Partner at Material Impact and Co-Lead of Investment Committee.
Centerbridge weighs $3bn sale of cloud IT firm Ahead. (FS)
Private equity firm Centerbridge Partners is preparing a sale of Ahead in a deal that could value the enterprise cloud solutions provider at more than $3bn including debt.
Centerbridge has interviewed banks to hire a financial adviser for the sale and is expected to launch a process later this summer. Chicago-based Ahead is expected to generate $2.5bn in revenue this year, up from $2.2bn in 2021, with annual earnings before interest, taxes, depreciation and amortization of more than $230m.
Carlyle considers selling its $2bn Sequa aircraft-parts business. (FS)
Carlyle Group is exploring the sale of the remainder of Sequa, an aircraft-parts supplier and service provider that could fetch as much as $2bn including debt, Bloomberg reported.
The firm is working with advisers to solicit interest. Sequa owns Chromalloy, which repairs turbine airfoils and other engine parts. The business is expected to draw interest from other aerospace and defense companies.
Private equity firm Veritas in exclusive talks to buy NCR. (FS)
NCR, a provider of transaction management systems, is in exclusive talks to be sold to private equity firm Veritas Capital in what would be one of the biggest leveraged buyouts as the environment for such deals has become more perilous, WSJ reported.
A deal could still be weeks away and it’s far from guaranteed, given that a number of LBOs have been shelved lately because of choppy financing markets.
West Fraser pushes back at report of CVC-Kronospan takeover bid. (FS)
West Fraser Timber says it hasn’t received a proposal regarding a takeover bid, throwing cold water on a report that CVC Capital Partners has joined forces with a wood-products firm to make a bid for the Canadian lumber company, Bloomberg reported.
Vancouver-based West Fraser said it “has not received a proposal, and there are no ongoing discussions regarding the terms of any transaction.” CVC and wood-panel manufacturer Kronospan have submitted a joint expression of interest to acquire the company.
Fundamental Advisors closes fourth flagship fund above target at $1.43bn. (FS)
Fundamental Advisors, an alternative asset manager dedicated to municipal and public purpose investing, has held the final close of its fourth flagship private equity fund, Fundamental Partners IV, with $1.43bn in capital commitments.
Fund IV's total commitments significantly exceeded its original target of $1bn. The fund received support from a majority of existing investors along with a diverse group of new investors including state pension plans, insurance companies, university endowments and private wealth platforms.
Kayne Partners closes latest growth equity fund. (FS)
Kayne Partners, the growth private capital strategy of Kayne Anderson Capital Advisors, announced that it has closed on over $600m of new capital for its growth platform, bringing the strategy’s total assets under management to over $1.2bn. This includes the closing of its fifth equity fund, Kayne Partners Fund V, co-investment capital, and the newly launched Kayne Partners growth credit platform.
The new credit platform is a complementary credit strategy focused on providing stage-specific technology companies with a flexible debt solution to continue sustained growth.
McNally Capital completes final close of McNally Capital Fund II. (FS)
McNally Capital announced the final closing of its inaugural private equity fund, McNally Capital Fund II. McNally Capital has raised over $150m from limited partner fund commitments and related co-investments.
The firm has over $500m in total assets under management and now has 15 investment and operating professionals to support its growth.
EMEA
Apax, a long-term investor, agreed to acquire a majority stake in Opteven, an insurance broker, from Ardian, an assets manager, at €370m ($378m) valuation.
"We are delighted to have been able to work alongside Opteven’s teams. They have significantly developed the company by pushing forward the group' s global expansion and digitalization, while continuing to provide high quality services and prioritizing corporate social responsibility. We are pleased to pass the baton to a quality partner such as Apax Partners and we wish them great success," Marie Arnaud-Battandier, Ardian Managing Director.
Opteven is advised by Da Ros Associes, Fides Partners and Belle Nouvelle. Apax is advised by Eight Advisory, Milliman, Roland Berger, Lazard, Allen & Overy, Spitz Poulle Kannan and Verbatee. Lazard is advised by Jones Day. Ardian is advised by Ernst & Young, McKinsey & Company, PricewaterhouseCoopers, Joseph Aguera & Associes, Rothschild & Co, Weil Gotshal and Manges, Headland Consultancy and NetSystem.
Equistone Partners-backed Ligentia, a global supply chain technology and solution services provider, agreed to merge with VGL Solid Group, a Polish supply chain, freight and logistics solutions provider. Financial terms were not disclosed.
“We have enjoyed a fantastic relationship with VGL for many years and this is a very exciting milestone in our journey together. Both businesses thrive because of our aligned values and commitment to centre customers at the heart of our organisations which means we invest, develop and commit resources to make sure we achieve a great experience for our customers. The forward-looking business will be even better placed to enhance our combined technology offering, provide new services and connect a diverse team ready to deliver our next phase of growth," Nick Jones, Ligentia CEO.
VGL Solid Group is advised by KPMG, PricewaterhouseCoopers, Grabalski Kempinski i Wspolnicy and Skadden Arps Slate Meagher & Flom. Ligentia is advised by KPMG, Roland Berger, DC Advisory, Rothschild & Co, Addleshaw Goddard and Squire Patton Boggs. Debt financing is provided by Partners Group and Santander. Equistone Partners is advised by Clarke Associates, Hawthorn Advisors and MC2 Manchester.
Parker Hannifin, a provider of motion and control technologies, welcomes the announcement from the UK’s Secretary of State for Business, Energy and Industrial Strategy that, following public consultation, he accepts the competition and national security undertakings provided by Parker concerning the Meggitt acquisition.
As previously announced on August 2, 2021, the boards of Meggitt and Parker reached an agreement on the terms and conditions of an $8.8bn recommended all cash acquisition by Parker. Parker also confirms that it has signed legally binding economic commitments with the UK Government.
Parker is advised by Citigroup, Freshfields Bruckhaus Deringer, Jones Day and Brunswick Group. Debt financing is provided by Citigroup. Citigroup is advised by Weil Gotshal and Manges. Meggitt is advised by Bank of America, Morgan Stanley, Rothschild & Co, Slaughter & May and FTI Consulting.
Pharmaceutical companies GlaxoSmithKline and Pfizer, completed the demerger of its consumer healthcare unit into a publicly-traded company.
The new Consumer Healthcare company have a portfolio which generated annual sales of more than £10bn ($14bn) in 2020 and is well-positioned for further growth. Driven by brands, innovation, leading-edge science and human understanding to deliver better everyday health, the company will have nine global power brands holding category leadership positions and major sales presences in the US and China. Altogether the business offers strong prospects for sustainable sales and profit growth, high cash generation and delivery of attractive returns for shareholders.
GlaxoSmithKline was advised by Citigroup, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell and Slaughter & May. Haleon was advised by Freshfields Bruckhaus Deringer and Sullivan & Cromwell. Pfizer was advised by Guggenheim Partners, Clifford Chance, Skadden Arps Slate Meagher & Flom and Wachtell Lipton Rosen & Katz.
Oaktree, an American global asset management firm specializing in alternative investment strategies, completed an investment in 17Capital, a global private equity specialist. Financial terms were not disclosed.
"Our strategic partnership with Oaktree realizes the vision we had 15 years ago when we created 17Capital. It marks the start of an exciting new stage in our development. The market for NAV financing is growing at a double-digit rate, with increased adoption by private equity managers and investors alike. We look forward to strengthening our position as a leader in the fund finance market by working with Oaktree’s extensive network in North America and around the globe," Pierre-Antoine de Selancy, 17Capital Managing Partner.
17Capital was advised by Evercore, Kirkland & Ellis and Prosek Partners.
Oaktree was advised by Simpson Thacher & Bartlett and Sard Verbinnen & Co.
Hillenbrand, a global industrial company, agreed to acquire LINXIS Group, a global provider of mixing, ingredient automation, and portioning solutions for food and other higher growth end markets, from IK Partners, a private equity firm, for €572m.
"LINXIS Group will continue to build upon our profitable growth strategy by further strengthening and accelerating our position in the attractive food end market and enhancing the technical capabilities of our products and service offerings. By leveraging the combined capabilities of our Coperion brand and the LINXIS Group brands, we will be able to offer more comprehensive processing solutions, creating significant value for our customers. Through cross-selling opportunities in key geographies, the deployment of the Hillenbrand Operating Model, and utilization of our scalable foundation, we expect this acquisition to deliver compelling long-term shareholder value," Kim Ryan, Hillenbrand President and CEO.
Hillenbrand is advised by SMBC Nikko Securities and Linklaters. LINXIS Group is advised by Jefferies & Company. IK Partners is advised by Willkie Farr & Gallagher.
Hitachi Energy, a global technology company, agreed to invest in H2 Green Steel, a large-scale steel producer. Financial terms were not disclosed.
"The collaboration we have entered into with Hitachi Energy is further reinforced by them taking an equity investment in H2 Green Steel. The companies we choose to work with need to share our values, make a real commitment to live up to the Paris Agreement and to work tightly together to leverage each other’s strengths. In Hitachi Energy we have that, as well as their long history, broad experience and innovative offerings,” Henrik Henriksson, H2 Green Steel CEO.
France offers big premium in quest for swift EDF nationalization.
The French government offered a premium of more than 50% to minority investors in Electricite de France, seeking a swift nationalization of the troubled company that is the backbone of the country’s energy policy, Bloomberg reported.
The $9.9bn offer, which at $12.2 a share was at the upper end of expectations, is intended to bring the nuclear power generator back into full state ownership as soon as mid-October, allowing the government to push ahead with long-term investments in carbon-free energy.
Frazier SPAC is in talks to merge with NewAmsterdam Pharma. (FS)
NewAmsterdam Pharma, a biotechnology company that aims to treat metabolic diseases, is in talks to go public through a merger with blank-check firm Frazier Lifesciences Acquisition, Bloomberg reported.
Frazier, a Seattle-based special purpose acquisition company led by Chairman and Chief Executive Officer Jamie Topper, is in final discussions with investors for a private investment in public equity to support a transaction that’s set to value the combined entity at more than $700m.
Britain's Abrdn to offload private equity arm. (FS)
British asset manager Abrdn is preparing to sell its private equity business as part of a streamlining process under CEO Stephen Bird, Reuters reported.
Investment bankers at Rothschild & Co have been appointed to oversee the sale process and find a suitable buyer for the unit.
Polymetal plans to sell Russian assets to avert sanctions risk.
Polymetal International plans to sell its Russian assets in an effort to shield its remaining business from sanctions, Bloomberg reported.
The Cyprus-registered gold miner is evaluating a potential disposal and has appointed advisers, it said in a statement. If a deal is reached, Polymetal will focus primarily on assets it owns in Kazakhstan.
German government nears state-led bailout of Uniper.
Uniper is nearing a bailout deal that may see the German government inject billions of euros and take a direct stake in the energy giant, Bloomberg reported.
The government may end up with a stake of as much as 30%, which would give it effective veto power over major decisions at Uniper. Chancellor Olaf Scholz’s administration is discussing the purchase of equity-like hybrid securities in addition to buying common stock at a nominal value in a capital increase.
Activist Bluebell sets sights on Richemont. (FS)
Bluebell Capital Partners, the activist hedge fund that has taken aim at some of the world’s largest companies, is seeking a boardroom shakeup at luxury-goods conglomerate Richemont, Bloomberg reported.
The company, which owns Cartier and Vacheron Constantin, said Bluebell wants to appoint a board representative for A-class shareholders who have weaker voting rights than the company’s B-class shares controlled by chairman Johann Rupert.
Eurazeo raises over $1bn for Eurazeo PME IV Fund. (FS)
Eurazeo has exceeded its fundraising target for the Eurazeo PME IV Fund by attracting more than $1bn, 50% more than its previous fund.
Since 2006, the small-mid buyout strategy’s assets under management have grown from $50m to more than $1bn. In 2011, these investments were financed solely by Eurazeo’s balance sheet, but now more than 60% of assets come from institutional and private investors, as opposed to 38% for the predecessor fund.
AM Ventures closes oversubscribed $101m VC fund with a focus on industrial 3D printing. (FS)
AM Ventures has closed to oversubscribed seed and early-growth fund at its hard cap of $101m.
Besides multi-million investments from well-established family offices, asset managers, SMEs and multinational corporations, startup founders who have already been supported by AM Ventures also join the strong investor lineup.
Uni-President, a food conglomerate, agreed to acquire a 60% stake in Carrefour Taiwan, an operator of supermarkets, hypermarkets, cash and carries stores, and e-commerce websites, for $1.22bn.
The acquisition was approved by the boards of Uni-President Enterprises. The transaction is expected to be completed in mid-2023 should the deal gain the blessing of the FTC. Carrefour's 68 hypermarket stores, 272 supermarkets, and 129 Carrefour-owned stores will come under full ownership of the Uni-President Group, which will also retain the Carrefour brand rights in Taiwan.
Carrefour is advised by Morgan Stanley.
MiddleGround Capital, a private equity firm, completed the acquisition of PVI Holdings, a distributor that provides flow control solutions to various markets. Financial terms were not disclosed.
"It was a cultural fit from our first meeting, MiddleGround brings a unique style to private equity that has my team fired up about the future. We value their operational expertise, passion for continuous improvement, and believe they are the perfect owner for PVI’s next phase of growth," Brad Bergeron, PVI CEO.
MiddleGround Capital was advised by Moelis & Co.
Temasek, True Light, Softbank Vision Fund 2 and Prosperity 7 Ventures led a $148m Series D funding round in JAKA Robotics, a developer and manufacturer of collaborative robots.
With this financing, JAKA Robotics will accelerate the improvement of global marketing channels and service networks, and will be closer to global customers. At the same time, it will provide more flexible and intelligent robot products for customers in different regions and industries.
NPX Capital-backed Terapin Studios, a company which brings entertainment through multiple mediums including webtoons, games, music, streaming, completed the acquisition of Toomics, a Korean webtoon platform, for $160m.
“Toomics is a leading player that represents Korea’s growth in digital entertainment. Not only is it a platform that connects tens of millions of viewers, but also a digital content powerhouse that leverages its premier IP and production capabilities. The acquisition of Toomics will expedite our journey to establish and further strengthen the comprehensive content platform Terapin Studios is creating,” Samuel Hwang, NPX Capital Founder and CEO.
Qatar telecoms firm Ooredoo in talks to sell its Myanmar unit.
Qatari telecommunications firm Ooredoo is in talks to sell its Myanmar unit in what would mark the exit of the country's last foreign telecoms operator, Reuters reported.
Doha-based Ooredoo has informed Myanmar's Posts and Telecommunications Department, the country's regulator, of its intention to sell a unit that was Myanmar's third-biggest operator with nearly 15m users in 2020, before the industry was disrupted by February 2021's military coup.
KKR has no plans to lead Toshiba bid, but could join a deal. (FS)
KKR & Co does not plan to lead a bid for Japanese conglomerate Toshiba at this point, as the race for what could be the country's biggest buyout deal this year gathers pace. KKR could, however, still take part in a deal as an equity partner, Reuters reported.
The global buyout firm held informal discussions about a potential deal with Toshiba's special committee, some of the conglomerate's shareholders and other investors, but stopped short at submitting a bid due to the complexity of the transaction.
China courts foreign firms for cross-border listing drive.
Chinese authorities are courting European companies to raise funds on the country’s stock exchanges, as they seek to kickstart a program to attract foreign listings, Bloomberg reported.
Overseas firms backed by Chinese investors are among the first candidates being considered. German forklift maker Kion Group is one of several companies studying the possibility of selling depositary receipts on a Chinese exchange through the program.
AMTD Digital announces successful pricing of a $1.43bn IPO.
AMTD Digital, a one-stop digital solutions platforms in Asia, announced the pricing of its initial public offering of 16m American depositary shares, every five ADSs representing two Class A ordinary shares of the Company, at a price to the public of $7.8 per ADS, which is above the midpoint of the previously disclosed price range.
The offering is expected to close on or about July 19, 2022, subject to the satisfaction of customary closing conditions. The company has granted the underwriters a greenshoe option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 2.4m additional ADSs at the public offering price, less underwriting discounts and commissions.
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