AMERICAS
Twitter sued Elon Musk over the billionaire's attempt to walk away from his $44bn takeover bid, seeking to force him to honor the terms of the deal, WSJ reported.
The suit, filed in Delaware Chancery Court, comes days after Mr. Musk moved to terminate the acquisition, saying the company hadn't provided the necessary data and information he needed to assess the prevalence of fake or spam accounts and was "in material breach of multiple provisions" of the merger agreement.
"Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he - unlike every other party subject to Delaware contract law - is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away," Twitter.
Twitter is advised by Wachtell Lipton Rosen & Katz. Elon Musk is advised by Quinn Emanuel.
Spirit Airlines, an ultra-low-cost carrier, agreed to push back its shareholder vote on its merger with Frontier Group, an American ultra low-cost carrier, as the two sides try to win more support from skeptical investors.
Spirit said it would delay the vote until July 27 and reiterated its preference for being bought by fellow discount airline Frontier instead of JetBlue Airways, a deal which Spirit has said faces significant regulatory risks, WSJ reported.
The vote, most recently scheduled for July 15, has now been pushed back four times. Spirit said it would continue discussions with both Frontier and JetBlue, which has been bidding against Frontier to buy Spirit.
Spirit Airlines is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. Frontier is advised by Citigroup, Latham & Watkins and Joele Frank. Citigroup is advised by Fried Frank Harris Shriver & Jacobson. JetBlue is advised by Goldman Sachs and Shearman & Sterling. Goldman Sachs is advised by Cravath Swaine & Moore. Debt financing for JetBlue is provided by Bank of America and Goldman Sachs.
Illumina, a US-based life sciences company, lost its challenge against European Union scrutiny of its $8bn cash-and-stock takeover of Grail, a multi-cancer early detection company, as a top European court agreed the EU antitrust watchdog had the right to do so.
The case is important for EU antitrust chief Margrethe Vestager who wants to expand the European Commission's power to examine acquisitions of startups by big companies that could seek to shut nascent rivals, particularly in tech and pharmaceuticals deals, Reuters reported.
Her critics see it as a power grab that has triggered alarm bells at some national competition agencies. Illumina said it would appeal the ruling to the Court of Justice of the European Union, Europe's highest.
"The Commission has the competence to examine that concentration which did not have a European dimension or fall within the scope of the national merger control rules of member states of the European Union or states party to the agreement on the European Economic Area," General Court.
Illumina was advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Debt financing was provided by Goldman Sachs. Goldman Sachs was provided by Freshfields Bruckhaus Deringer. Grail was advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co.
Madison Dearborn Partners, a private equity investment firm, agreed to acquire a majority stake in Unison, a provider of procurement, supply chain, and contract management software, from Carlyle. Financial terms were not disclosed.
“We are thrilled to welcome our new partners from MDP and look forward to their support as we continue to execute our strategy to provide innovative and reliable software solutions for federal organizations and government contractors. MDP brings a wealth of experience and additional financial resources that will allow Unison to accelerate our growth and deliver world-class software products to meet the evolving needs of our customers. MDP’s track record of successful partnerships with vertical enterprise software, procurement and supply chain, and government services and technology companies will greatly benefit Unison as we enter this pivotal new chapter in Unison’s history," Reid Jackson, Unison CEO.
MDP is advised by Lincoln International, Crowell & Moring, Kirkland & Ellis and Abernathy MacGregor Group. Debt financing is provided by Antares Capital. Unison is advised by PricewaterhouseCoopers, Robert W Baird and Latham & Watkins.
Bioceres Crop Solutions, a provider of crop productivity technologies, completed the acquisition of Marrone Bio Innovations, a provider of bio-based pest management and plant health products, for $236m.
“We are very excited about the value creation that will result from this combination for customers, employees and investors. By combining our current commercialized products and pipelines, we will be in a position to serve all major agriculture input categories with low environmental impact, highly efficacious, biological based solutions,” Federico Trucco, Bioceres CEO.
Marrone Bio was advised by Houlihan Lokey, ROTH Capital Partners and Morrison & Foerster. Financial advisors were advised by Alston & Bird. Bioceres was advised by Linklaters and MZ Group North America.
Clearhaven Partners, a middle-market private equity investment company, completed the acquisition of a majority stake in SundaySky, a software-as-a-service platform for efficient video creation and personalization at scale, for $100m.
"This partnership marks the start of an exciting new chapter at SundaySky. Since launching our next generation platform in 2021, the market's response has exceeded even our most ambitious forecasts and underscored the need to have the right partner on board to fully realize our potential. With Clearhaven's investment thesis in the video space and proven track record of profitably scaling SaaS companies, we will accelerate our growth trajectory, reach new levels of scale, and better execute on our mission to empower organizations to unleash the power of video. In these economically challenging times, business leaders need a more efficient way to use video when compared to legacy methods which are traditionally slow, difficult, and costly," Jim Dicso, SundaySky CEO.
Clearhaven Partners was advised by Herzog Fox & Neeman and Kirkland & Ellis. SundaySky was advised by Jefferies & Company and Meitar Law Offices.
Rosedale Federal Savings & Loan Association, a banking firm, completed the acquisition of CBM Bancorp, a bank holding company, for $64m.
"This is a very exciting time for Rosedale Federal as this transaction will provide immediate additional size and scale, along with a larger footprint for additional growth opportunities. The acquisition of CBM Bancorp truly makes sense when we look at how our businesses align on mortgage lending and deposits, along with branch locations that allow us to provide a strong financial benefit to our customers," Kevin Benson, Rosedale Federal President and CEO.
Rosedale was advised by Performance Trust Capital Partners and Luse Gorman. CBM Bancorp was advised by Piper Sandler and Jones Walker.
Nexus Capital, an investment management services provider, led an investment in Lamps Plus, an omnichannel retailer of lighting, ceiling fans and other home furnishing products. Financial terms were not disclosed.
"Lamps Plus has built a leading position in the lighting category over the past several decades. I want to thank our employees, customers and vendor partners for helping us reach this milestone in the company's history. I look forward to working closely with the Nexus team to facilitate the continued success and expansion of the company's leading market position," Dennis Swanson, Lamps Plus Co-Founder.
Nexus Capital was advised by Deutsche Bank and Munger Tolles & Olson. Lamps Plus was advised by JP Morgan and Buchalter.
Capital Power, a North American power producer, and Manulife Investment, a wealth and asset management firm, agreed to acquire Midland Cogeneration Venture, an operator of natural gas-fired combined electrical energy and steam energy generating plant, from OMERS Infrastructure, an investor and asset manager, for $894m.
"We think MCV's importance to Michigan's power supply will increase as the substantial remaining coal-fired generation continues to be retired. We are proud of the transformation MCV has achieved, including the successful completion of multiple programs that improved operational efficiency and enhanced customer confidence in its energy offering, leading to the extension of key contracts which we believe positions MCV well for many years to come," Tom Frazier, OMERS Infrastructure Managing Director.
OMERS is advised by Barclays and Torys.
Computacenter, an independent technology partner, completed the acquisition of Business IT Source, a provider for corporations with IT Products and Services from all major product manufacturers. Financial terms were not disclosed.
"Our US business continues to grow organically but we will take additional opportunities to improve our positioning. BITS gives us a much stronger presence in the Midwest of the United States and brings some great people, customers and leadership to our business. The Buffalo Grove Integration Center will allow us to serve more of our Midwest regional customers locally over time, helping us to meet our sustainability goals. I am confident that the BITS leadership will seize the opportunity to continue their current growth momentum," Mike Norris, Computacenter CEO.
Business IT Source was advised by Martinwolf.
TA Associates and Genstar Capital-backed Compusoft, a global provider of end-to-end software and content solutions to the spaces for living industry, completed the acquisition of Resource and Financial Management Systems, a business management software provider serving the flooring market. Financial terms were not disclosed.
"Our vision is to make spaces for living amazing. RFMS is exactly the type of strategic M&A opportunity that we look for. It expands our offering to new customers in the flooring space and will also allow us to better address the needs of our existing customers. I was delighted when the RFMS team agreed to become part of our fast-growing group. RFMS's strong history, dedication to customers and core values align with our own. We are excited to unlock the potential of this combination and achieve our joint goal of creating the leading global offering in flooring," Joerg Jung, Compusoft CEO.
RFMS was advised by Raymond James.
Tellurian, a firm that engages in producing natural gas and investing in natural gas projects, agreed to acquire the natural gas assets from EnSight, an oil and gas company, for $133m.
“We have been diligently growing our natural gas production and reserves in the Haynesville. These assets provide Tellurian with both cash flow and a physical hedge for Driftwood LNG. The EnSight asset is a great fit with Tellurian’s existing position in the Haynesville Shale and allows us to step into an ongoing development program and bring on-line significant additional natural gas volumes in the fourth quarter of 2022," John Howie, Tellurian President.
Goldman Sachs Asset Management, an investment manager, led a $116m funding round in SingleStore, a developer of a real-time analytics platform, with participation from Sanabil Investments, Dell Technologies Capital, GV, Hewlett Packard Enterprise, IBM ventures and Insight Partners.
“By unifying different types of workloads in a single database, SingleStore supports modern applications, which frequently run real-time analytics on transactional data. The company aims to help organizations overcome the challenges of data intensity across multi-cloud, hybrid and on-prem environments, and we are excited to support SingleStore as it enters a new phase of growth," Holger Staude, Goldman Sachs Managing Director.
SPARX, an asset management firm, led a $111m Series C round in May Mobility, a development and deployment of autonomous vehicle technology company, with participation from Tokio Marine, Toyota Tsusho, Bridgestone, Toyota Ventures, LG Technology Ventures, SoftBank, State Farm Ventures, Next Century Ventures, SAIC, Wanxiang, Karma, 10x Group, Millennium Technology, Cyrus Capital Partners, 1843 Capital, BMW I Ventures, Maven Ventures, and Bay Lake Ventures.
“With the close of this latest investment round, May Mobility will continue to accelerate growth in our technology, business development and platforms, all with a global reach. Our additional investors, as well as our continued strategic collaboration with Toyota and others, will enable us to march toward driver-out commercial operations in 2023 and enable our expansion into new markets as we roll out more Toyota Sienna Autono-MaaS vehicles now and look to next generation platforms, such as the e-Palette," Edwin Olson, May Mobility CEO.
Forescout, an automated cybersecurity provider, completed the acquisition of Cysiv, a cybersecurity innovator that uses its cloud platform to improve detection and response for true threats. Financial terms were not disclosed.
“Security companies are guilty of adding one more agent, one more tool, when in reality, our customers don’t want more, they want less. Less agents, less noise, less applications to manage. Forescout is in the unique position of helping our customers achieve this with closed-loop threat protection on unmanaged and managed assets. We now take our unparalleled, agentless visibility and automated cybersecurity and combine this with Cysiv’s threat analytics and detection capabilities to assist our customers to respond more quickly," Wael Mohamed, Forescout CEO.
Wind Point-backed Corbett Technology Solutions, a technology and communications solutions provider, completed the acquisition of Firecom, a fire alarm company that manufactures a fire life safety system. Financial terms were not disclosed.
"We are very pleased to add Firecom and their best-in-class customer service to the CTSI family. Firecom is a fantastic addition to our Fire Business Unit, enhancing our ability to service large and complex fire alarm and life safety systems, while enabling Firecom existing customers to take advantage of our world-class central station, security, audiovisual, cybersecurity, and other low voltage solutions," Joe Oliveri, CTSI President and CEO.
Discovery Life Sciences, a biospecimen and biomarker specialists, completed the acquisition of AllCells, a provider of primary cell products. Financial terms were not disclosed.
"We are very excited to welcome the AllCells team to the Discovery family. Bringing these two great companies together creates a scalable, end-to-end solution that gives our clients unprecedented access to reliable human cellular starting materials with integrated multi-omic analytic services to support cell and gene therapies," Glenn Bilawsky, Discovery CEO.
BC Partners is looking at a $4bn deal to divest Presidio. (FS)
BC Partners, a buyout firm, is looking to exit Presidio, an IT company, in a deal of more than $4bn, including debt.
New York-based Presidio has benefited from a surge in demand for IT services during the Covid-19 pandemic. It generated $3.1bn in revenue and had earnings before interest, taxes, depreciation, and amortization of more than $350m last year.
The company has been in several private equity hands since its formation in 2003. American Securities acquired it in 2011 and sold it to Apollo Global Management after three years for about $1.3bn.
Largest players drop out of Enel's Brazilian power distributor sale process.
Major international players have dropped out of the bidding process for a Brazilian power distributor owned by Enel, leaving two local firms competing head-to-head for the asset.
Equatorial Energia, a company engaged in the energy sector, and Energisa, an electric utility, were the only companies still interested in Celg-D, which distributes power to the center-west state of Goias in Brazil, after analyzing the firm's operational details, Reuters reported.
Gap CEO exit opens the door for spin-off talks again.
The abrupt exit of Gap CEO on the back of falling sales and shrinking margins will likely push the struggling apparel retailer to sell one or more of its brands.
“The potential for Gap to announce that it is either exploring strategic alternatives (potentially including an Athleta spin-off) or a large scale SG&A cut is significantly rising upon news of the CEO departure,” Michael Binetti, Credit Suisse analyst.
However, fashion missteps at its Old Navy brand, that accounts for more than half of the company’s sales, supply chain snarls, and decades-high inflation derailed any recovery in sales after the pandemic.
Bill Ackman to wind up SPAC and return $4bn to investors.
The US billionaire Bill Ackman has told investors he will return the $4bn he raised for the biggest-ever special purpose acquisition company, after failing to find a suitable target firm to take public through a merger, FT reported.
Ackman highlighted numerous factors, including adverse market conditions and strong competition from traditional initial public offerings, that thwarted his efforts to find a suitable company to merge his SPAC with.
“High quality and profitable durable growth companies can generally postpone their timing to go public until market conditions are more favorable, which limited the universe of high-quality possible deals for PSTH, particularly during the last 12 months,” Bill Ackman.
Francisco Partners closes $17bn in capital commitments. (FS)
Francisco Partners announced the closing on nearly $17bn in capital commitments between its $13.5bn flagship fund, Francisco Partners, and its $3.3bn Francisco Partners Agility III, fund. The two funds were substantially oversubscribed and exceeded target fund sizes. When combined with previously raised private equity and opportunistic credit funds, Francisco Partners has approximately $23bn in capital available for investment.
“Francisco Partners is a firm which focuses on constantly challenging ourselves to be better – better partners for our LP’s by providing transparency and superior returns, better at supporting our portfolio companies and better at understanding trends and opportunities as investors in the technology sector,” said Dipanjan “DJ” Deb, Francisco Partners Co-Founder & CEO.
Francisco Partners was advised by Kirkland & Ellis.
Motive Partners raises $2.5bn. (FS)
Motive Partners, a specialized private equity firm focused on financial technology, announced the successful final close of its second flagship fund, Motive Capital Fund 2, with total capital commitments of $2.54bn for the fund and its affiliated co-investment vehicles.
The fund employs the same investment strategy executed in Motive Partners' inaugural flagship fund. The fund focuses on growth and buyout investments in software, investment and information services businesses located in North America and Europe.
"We are deeply grateful for the support from our existing investors and are delighted to welcome a roster of new partners to the Motive family - thank you for your trust. We will continue to be laser-focused on partnering transformational capital with world-class management teams," Rob Heyvaert, Motive Partners Founder & Managing Partner.
KKR closes a $2.1bn asset-based finance fund. (FS)
KKR, a global investment firm, announced the final close of KKR asset-based Finance Partners, KKR’s first fund dedicated to asset-based finance investments “ABF.”
The approximately $2.1bn fund will commit capital globally to privately originated and negotiated credit investments backed by large and diversified pools of financial and hard assets, with attractive risk-adjusted returns.
“The $4.5tn ABF market is one of the most compelling and fastest-growing opportunities within our private credit business today,” Dan Pietrzak and Matthieu Boulanger, KKR Partners and Co-Heads of Private Credit.
Cathay Innovation launches a $1bn global venture capital fund.
Cathay Innovation, a global venture capital partnership, announced the launch of its third venture capital fund, a $1bn global fund investing in startups accelerating the sustainable transformation of industries and society.
“We’re committed to helping create the economy of tomorrow while having a positive impact on society,” Mingpo Cai, Cathay Innovation Founder and Chairman.
From eight offices across five continents, Cathay Innovation now has around $2.01bn in assets under management across three marquee funds along with specialized vehicles.
Valor Siren Ventures II closes a $595m fund.
Valor Equity Partners, an operational growth investment firm, announced the completion of its oversubscribed fundraise on April 1, 2022 for Valor Siren Ventures II, building upon the success of Valor Siren Ventures I. VSV II continues VSV I’s strategy of investing in and serving exceptional early stage companies, entrepreneurs. VSV II closed on $595m, surpassing its $400m target.
“We are incredibly grateful to be trusted and backed again by Starbucks and Nestlé, two iconic companies in the food, beverage and retail industry,” Jon Shulkin, Valor Siren Ventures Fund Manager.
Valor Equity Partners was advised by Kirkland & Ellis.
Hamilton Lane raises $590m for the first infra co-investment, secondaries fund. (FS)
Hamilton Lane, an independent financial institution, has closed its inaugural fund focused on secondaries and co-investments within the infrastructure space. Hamilton Lane Infrastructure Opportunities Fund surpassed its $500m target to reach a $590m close at the end of June.
When Hamilton Lane launched the fund, it had generated a gross money multiple of 1.7x and a gross IRR of 19% from its previous discretionary infrastructure co-investments and secondary deals, as in September 2020.
“This is very consistent with how we’ve approached other areas of investment. Hamilton Lane has a direct equity fund on the private equity side. Hamilton Lane has a large secondary fund on the private equity side. So this is the latest offering in Hamilton Lane’s fund platform, and it’s in a new asset class – infrastructure," Brent Burnett, Hamilton Lane Head of Real Assets.
Booz Allen launches a $100m venture capital fund. (FS)
Booz Allen Hamilton, a provider of technology and management consulting services, announced the formation of Booz Allen Ventures, a $100m corporate venture capital arm that furthers the firm’s commitment to invest in strategic dual-use, commercial technologies will provide federal clients with disruptive technology for critical missions.
Aligned with client demand and the firm’s VoLT growth strategy, Booz Allen Ventures will invest in early-stage companies and technologies within four core areas of demand: defense, artificial intelligence/machine learning, cybersecurity, and deep technology.
"We are proud and excited to continue our work with the best startups to support our US government clients. The ability to navigate bigger, faster technology waves and identify the right emerging technologies for their mission needs, as well as our own, is vital to enabling growth and mission speed,” Susan Penfield, Booz Allen CTO.
Dollar General CEO to retire, COO named as successor. (People)
Todd Vasos, Dollar General CEO, has decided to retire from the role he has held since June 2015, effective November 1, 2022. Current COO Jeffery Owen, a 30-year Dollar General veteran, has been named as Vasos’ successor.
Vasos joined Dollar General in 2008 as the company’s EVP, Division President, and CMO. In 2013, prior to his appointment as CEO, Vasos served as COO. Following his retirement, Vasos will stay on as a senior advisor until April 1, 2023 to aid with the transition. He will also serve as a consultant to the company under a two-year agreement and continue to serve as a board member.
“I am deeply honored to have the opportunity to build on Todd’s incredible tenure as CEO. For the past three decades, I’ve grown and developed within our company, and I couldn’t be prouder to serve as CEO alongside an amazing team in our stores, distribution centers, private fleet, and Store Support Center," Jeffery Owen.
Rahul Dhir, CEO of Tullow Oil, an independent oil & gas, exploration and production group, said no tweaks to the $827m planned merger with Capricorn Energy, an independent, UK-based oil and gas exploration and production company, were necessary, when asked about criticism about the deal as it stands from some Capricorn shareholders.
Dhir said Tullow was talking to shareholders of both companies, some of whom have overlapping holdings, ahead of the publication of a merger prospectus in the fourth quarter and shareholder voting towards the end of the year, Reuters reported.
The boards of both companies have recommended shareholders approve the deal. Still, some analysts and Capricorn investors, including Legal & General Investment Management, have said the deal gives an advantage to Tullow shareholders.
Tullow is advised by Barclays, KPMG, PJT Partners, Herbert Smith Freehills and Camarco. Capricorn Energy is advised by Morgan Stanley, Rothschild & Co, Cravath Swaine & Moore, Shepherd & Wedderburn, Slaughter & May and Brunswick Group.
KKR completed the acquisition of a majority stake in Refresco, an independent beverage contract manufacturer. PAI Partners and British Columbia Investment Management maintain a significant minority position. Financial terms were not disclosed.
“To support further growth, we have explored the various alternatives available to us and believe that the investment by KKR is an incredibly positive development for the Company. Like our existing shareholders, KKR is supportive of our strategy and will bring operational expertise, access to capital and a well-established network to support us in our growth, innovation and M&A strategy. Our focus of growing alongside our customers, combined with expanding into new categories and geographies, remains unchanged,” Hans Roelofs, Refresco CEO.
Refresco was advised by JP Morgan, Skadden Arps Slate Meagher & Flom and Citigate Dewe Rogerson. KKR was advised by Credit Suisse, Finsbury Glover Hering, Meines Holla and Sard Verbinnen & Co. PAI Partners was advised by Centerview Partners, Greenbrook and ICR. British Columbia Investment Management was advised by Latham & Watkins.
Serica Energy, an upstream oil and gas company, rejected a merger proposal from Kistos, an energy investment firm, that valued the oil and gas firm at $1.23bn.
Silver Lake and Sequoia-backed Unity, a platform for creating and operating interactive, real-time 3D content, agreed to merge with ironSource, a business platform that empowers mobile content creators, in a $4.4bn deal. Once closed, current Unity stockholders will own approximately 73.5% and current ironSource shareholders will own approximately 26.5% of the combined company.
“We believe the world is a better place with more successful creators in it. The combination of Unity and ironSource better supports creators of all sizes by giving them all the tools they need to create and grow successful apps in gaming and other consumer-facing verticals like e-commerce. This is a step further toward realizing our vision of a fully integrated platform that helps creators in every step of their RT3D journey. We look forward to welcoming Tomer Bar-Zeev, the CEO of ironSource, and the rest of ironSource’s talented team into the Unity family," John Riccitiello, Unity CEO.
Unity is advised by Goldman Sachs, Morgan Stanley, Herzog Fox & Neeman and Morrison & Foerster. ironSource is advised by Jefferies & Company, Latham & Watkins and Meitar Law Offices.
3i, a multinational investor, agreed to invest in Otravo-backed VakantieDiscounter, a technology-enabled online travel agency. Financial terms were not disclosed.
"VakantieDiscounter offers the widest selection of affordable package holidays in the market through a focused, online-only offering. The scalable tech platform will allow VakantieDiscounter to continue its long term track record of growth and its recovery from the pandemic. We have the opportunity to partner with a high-quality, ambitious management team and we believe there is significant potential ahead to accelerate VakantieDiscounter's success," Boris Kawohl, 3i Partner.
3i is advised by Raymond James, Loyens & Loeff and Alvarez & Marsal. Otravo is advised by Clifford Chance and Allen & Overy.
Beka Finance, an investment bank, agreed to acquire Trea Asset Management, an operator of an asset management firm, from Lovell Minnick Partners, a private equity firm. Financial terms were not disclosed.
“We are very pleased to have reached this agreement with Trea AM, which places us at the forefront of asset management in Spain, both liquid and alternative, and allows us to register a notable increase in Beka Finance's assets. In addition, we strengthened ourselves in a segment, retail distribution, in which until now we had a limited presence, which marks a clear roadmap for the coming years," Carlos Stilianopoulos, Beka Finance CEO.
Beka Finance is advised by Evercom. Lovell Minnick is advised by Mediobanca.
Groupe BPCE-backed Bimpli, a provider of employee services and benefits in France, agreed to merge with Swile, a worktech company. On completion of the transaction, Swile would own 100% of Bimpli and Groupe BPCE would become Swile’s leading shareholder with a 22% stake. Financial terms were not disclosed.
"After creating Bimpli by grouping together all of its activities in the employee benefits sector, Groupe BPCE is now moving ahead with an important new stage of its strategy by joining forces with Swile, a go-to French worktech player. Combining the capabilities of a unicorn like Swile and the payments & digital expertise of Groupe BPCE should enable us to create a powerful and innovative industrial group that aims to become a major global player in worktech," Yves Tyrode, BPCE Chief Digital & Payments Officer.
Swile is advised by JP Morgan and Image Sept.
team.blue, an operator of a digital transformation company, completed the acquisition of a majority stake in Leadinfo, a developer of software. Financial terms were not disclosed.
"I am truly proud to be joining team.blue and scale our winning software across their territory. I look forward to rolling out our product and partner program across 15 countries and offering it to 2.5M+ customers. As entrepreneurs, Jonas and I share the same winner mentality and it was great to notice that this mindset is also strongly embedded in the company culture of team.blue," Han Kleppe, Leadinfo Founder & CEO.
team.blue was advised by DLA Piper. Leadinfo was advised by JB Law.
SymphonyAI, an AI SaaS provider, agreed to acquire NetReveal, a financial crime detection company, from BAE Systems, an aerospace and security solutions provider. Financial terms were not disclosed.
"NetReveal is a global leader in regulatory compliance and financial crime detection and prevention with a 20-year heritage, operating in a fast-growing market. We are well-positioned for growth. As part of SymphonyAI, NetReveal can pursue all avenues for that growth, including an innovative product roadmap, new partnerships, and expanded go-to-market opportunities," Mike Foster, NetReveal Managing Director.
SymphonyAI is advised by Gale Strategies.
Asterion, a pan European long term infrastructure investment manager, agreed to acquire an 80% stake in Granahan McCourt-backed National Broadband Ireland, a firm engaged in the development of high-speed fibre broadband network for rural Ireland, from investment firms Oak Hill and Twin Point Capital. Financial terms were not disclosed.
"We are delighted to partner with Granahan McCourt and continue to invest in the development of rural fibre infrastructure with NBI, in one of the most ambitious fibre rollouts in the world, providing access to rural, long term and futureproofed connectivity in Ireland. We are also excited and committed to the opportunity of creating a centre of excellence in Ireland in partnership with Granahan McCourt to open up tremendous long-term opportunities in the Irish market and further cement its leadership position in the provision of a gigabit society," Winnie Wutte, Asterion Founding Partner.
Granahan McCourt is advised by PJT Partners.
Britain's antitrust watchdog said it has started investigating if supermarket group Morrisons' acquisition of certain assets of convenience store chain McColl's would lead to lesser competition.
Morrisons in May bought 1.16k McColl's stores in a so-called pre-pack administration. The Competition and Markets Authority has set a September 8, 2022, deadline for its initial decision.
Morrisons is advised by Houlihan Lokey.
Marcegaglia, a metal processing company, agreed to acquire an 84% stake in Long Products business operations from Outokumpu, a stainless steel manufacturer, for $229m.
“This divestment marks the accomplishment of the turnaround program for the Long Products business in the past two years. With Marcegaglia, we have found a responsible and committed owner to develop Long Products business even further. The sale is a natural step for Outokumpu in line with our strategy to focus on our core business, stainless steel flat products,” Heikki Malinen, Outokumpu President and CEO.
Cellnex withdraws offer for an $18bn Deutsche Telekom's towers unit. (FS)
Cellnex, a Spanish provider of telecommunication services, withdrawn its offer for a stake in Deutsche Telekom's towers business, paving the way for a competing bid from a consortium led by KKR to secure the estimated $18.02bn deal.
The sale process, which kicked off in March, has seen strategic bidders and infrastructure funds compete for a stake in the masts unit known as Deutsche Funkturm, Reuters reported.
In an analyst note, Spain's Banco Sabadell said Cellnex could withstand not entering the German market as its business would still benefit from its ambitious expansion in Europe in recent years.
Global Ports terminates sale talks with shipping firm MSC. (M/A)
Global Ports, an independent cruise port operator, had terminated talks with Swiss-based MSC Mediterranean Shipping Company, which had approached the world's largest cruise port operator to acquire it, adding it was confident about its strategic direction.
SAS Shipping, a unit of MSC confirmed that it does not intend to make an offer for Global Ports, which is owned by Turkish businessman Mehmet Kutman, Reuters reported.
Gieves & Hawkes’ sale process kicks off.
Liquidators for the owner of Gieves & Hawkes, a tailor and menswear retailer, are kicking off a sale process for the British retailer.
Advisers started formally soliciting bids for the 250-year-old brand this week. The sale will include Gieves & Hawkes’ business in the UK, as well as its operations and licensing agreements in Greater China, Bloomberg reported.
DAZN is in talks to buy rival Eleven Sports.
Billionaire Len Blavatnik’s sport streaming company DAZN is in talks to acquire smaller rival Eleven Sports.
The negotiations show DAZN’s determination to acquire content and move into new markets at a time of stiff competition between streaming groups to broadcast live sports that will attract and retain subscribers.
DAZN is aiming to pick up sports rights in an increasingly competitive market where tech groups Amazon and Apple and broadcasters such as NBC, Sky, and Disney-owned ESPN are also looking to buy.
Apera closes its second private debt fundraising at €1.27bn. (FS)
Apera Asset Management, a pan-European mid-market private debt investor, is announcing the successful completion of the fundraising of Apera Private Debt Fund II and associated vehicles, raising total investible capital of €1.27bn.
Apera’s Private Debt strategy focuses on senior secured unitranche financings across Europe. The raised capital exceeds the initial target of $808m and reflects the quality of Apera’s investment platform and performance in the provision of private credit across its core European geographies.
“We are pleased to announce a very successful outcome to the fundraising for our second Private Debt fund. We thank our existing investors for their continued trust in our investment strategy and team, and we welcome our new investors," Klaus Petersen, Apera Founding Partner.
Siparex ETI 5 holds final closing at $451m and makes the fourth investment. (FS)
Siparex, a private equity investment group, has held the final closing of the Siparex ETI 5 fund, which is dedicated to mid-market companies, at €450m, 60% higher than its previous fund.
At the same time, the fund has completed its fourth investment in the family-owned mid-market company aldes, a European specialist in indoor air quality and thermal comfort.
FORAS to form $485m investment fund for onshore wind equity financing. (FS)
Bonheur-backed Fred. Olsen Renewables, a developer, owner, and operator in renewable energy, has entered into agreements providing $485m equity financing for three existing windfarms in Norway and Sweden and future onshore windfarms in the UK and Sweden.
FORAS will remain the 51% shareholder in such windfarms, while the other 49% will be acquired by an investment fund. The fund’s size will be $485m, with Kommunal Landspensjonskasse, MEAG Munich ERGO AssetManagement acting on behalf of various entities of Munich Re Group.
“This investment with Fred Olsen Renewables is a good way for KLP and the other institutional investors to access a strong portfolio of diversified land-based wind power investments. A long-term partnership with a developer and operator such as FOR provides an attractive and predictable return while also helping to reduce CO2 emissions and meet the ambitions in the Paris agreement," Sverre Thornes, KLP CEO.
StepStone Conversus launches investment company and private markets fund. (FS)
StepStone Conversus, an investment platform designed to expand access to the private markets for individual investors, has launched StepStone Conversus SCA SICAV-RAIF, a Luxembourg umbrella fund, and its inaugural sub-fund, Conversus StepStone Private Markets.
CPRIM intends to hold its first closing in the fall of 2022 and will be available to professional investors in the several EU Member States and the UK, and also to well-informed investors in Luxembourg, with a minimum investment of $50k.
APAC
Ontario Teachers' Pension Plan Board, a pension plan manager, agreed to acquire a 70% stake in TowerCo, a New Zealand towers business, from Spark, a telecommunications service provider, for $550m.
"The acquisition of a 70% stake in TowerCo is an ideal fit for our growing global portfolio of high-quality infrastructure assets. This investment builds on our long track record of investing in superior businesses in New Zealand and will draw on our deep experience investing in digital infrastructure businesses globally. We look forward to working with the Spark New Zealand team to build and grow a leading business that will enable New Zealanders’ continued access to critical telecommunications services to meet their growing mobile demand needs over the long-term," Bruce Crane, OTPPB Senior Managing Director and Head of Asia Pacific Infrastructure & Natural Resources.
DG Capital, an investment firm, led a $100m Series A round in XPENG Robotics, a robotics maker.
"Development of the robotics sector is propelled by breakneck progress in science and technology. XPENG Robotics is committed to establishing a holistic ecosystem for intelligent robots. The completion of our Series A fundraising reflects the capital market's expectations, and is a vote of confidence in the prospects for this sector. It also represents the full recognition of our strength in R&D as well as our capability for future commercialization,” Xu Zhigen, XPENG Robotics CEO.
CBC Group is considering taking South Korea’s Hugel private. (FS)
CBC Group, a healthcare-dedicated private equity firm, is considering taking cosmetic, pharmaceutical company Hugel private, less than a year after a consortium it led agreed to buy a controlling stake in the firm.
CBC is in preliminary discussions with advisers to seek financing for a potential transaction. The Singapore-based buyout firm could relist Hugel in Hong Kong, but no final decision has been made, Bloomberg reported.
LianLian DigiTech seeks pre-IPO funding at a $3bn valuation.
LianLian DigiTech, a provider of payment and clearing services and rival to Jack Ma-backed Ant Group, is in talks to raise as much as $223m ahead of an initial public offering in Hong Kong as soon as next year, Bloomberg reported.
The Hangzhou-based startup is working with China International Capital on the financing round. Investment vehicles under the Zhejiang provincial government and a venture arm of China Mobile Ltd. have expressed interest in participating. The fundraising will likely take LianLian’s valuation to about $2.97bn.
Alibaba-backed Freshippo seeks funds at a much lowered $6bn valuation.
Alibaba's supermarket chain Freshippo is seeking to raise funds at a valuation of about $6bn, much lower than a hoped-for valuation of up to $10bn earlier this year, Reuters reported.
The company had to cut its valuation expectations after China's Covid-19 restrictions, in particular a draconian lockdown in the economic hub of Shanghai, badly dented business.
Freshippo's lowered ambitions for its first independent private fundraising round come amid a drop-off in investor interest globally in tech ventures that have yet to turn a profit.
Thai Life raised $1bn from Thailand’s largest IPO this year.
Thai Life Insurance, an insurance company based in Bangkok, raised $1bn from an IPO, the largest share sale by a Thai firm in more than a year, Bloomberg reported.
The Bangkok-based life insurer and two of its major shareholders sold a combined 2.32bn shares, including a green-shoe option, at $0.44 each to domestic and international investors, the company said in a statement.
Thai Life said it would spend $376m from new share sales for digital transformation, online distribution channels, and other investments to maintain its leading position in Thailand’s insurance market.
Vietnam's VinFast to raise $4bn financing for EV plant from Credit Suisse and Citigroup.
Vinfast, an automotive brand of Vietnamese conglomerate, VinGroup, considers raising at least $4bn to develop an electric vehicle factory in North Carolina and already has signed framework agreements with Credit Suisse and Citigroup to raise capital, DealStreetAsia reported.
VinFast, which launched operations in 2019, is betting big on the US market, where it hopes to compete with legacy automakers and startups with two all-electric SUVs and a battery leasing model that will reduce the purchase price.
SV Investment is raising around $100m for first SE Asia fund. (FS)
SV Investment, a Seoul-based venture capital and private equity firm, is raising its first Southeast Asia focused fund, with a corpus of around $100m or even more, DealStreetAsia reported.
Founded in 2006, invested in more than 220 companies, and made 48 successful IPOs. It invests in sectors with high growth potentials, mainly TMT, consumer & entertainment, healthcare, and advanced manufacturing.
The fund is set to make its first close soon. The company said it would make an announcement soon but declined to divulge details about the fundraising.
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