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AMERICAS
Broadcom, a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions, is set to gain conditional EU antitrust approval for its $69bn proposed acquisition of cloud computing firm VMware, Reuters reported.
The European Commission's clearance is tied to Broadcom's interoperability remedies to rivals to address competition concerns. The EU antitrust watchdog, which is scheduled to decide on the deal by July 17, and Broadcom did not comment.
VMware is advised by Goldman Sachs (led by Sam Britton and Stephan Feldgoise), JP Morgan (led by Madhu Namburi), Axinn Veltrop & Harkrider (led by John Harkrider), Gibson Dunn & Crutcher (led by Barbara Becker), Sullivan & Cromwell (led by Michael Rosenthal), and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by Alison S. Ressler). Broadcom is advised by Bank of America (led by Ron Eliasek and Kevin Brunner), Barclays (led by Gary Posternack, Richard Hardegree, and Laurence Braham), Citigroup (led by Daniel Mallegni), Credit Suisse (led by David Wah), Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by David Karp, Ronald Chen, and Viktor Sapezhnikov), Brunswick Group (led by Simon Sporborg), and Joele Frank (led by Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Glencore International, a British–Swiss multinational commodity trading and mining company, agreed to acquire steelmaking coal business from Teck Resources, a diversified natural resources company headquartered in Vancouver, British Columbia. Financial terms were not disclosed.
Glencore, which mines and trades thermal coal, the fossil fuel used to produce electricity, as well as smaller amounts of coking coal to make steel, said it would demerge the coal units of both companies, Reuters reported.
Teck Resources is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott, and Sullivan & Cromwell.
"Call of Duty" maker Activision Blizzard has been given permission to intervene in Microsoft's legal battle with Britain's antitrust regulator over its decision to block the $69bn takeover.
Microsoft is appealing against the Competition and Markets Authority's decision to veto the deal, which it did in April on the grounds it could hurt competition in the nascent cloud gaming market.
X-energy Reactor, a developer of commercial nuclear energy reactors which laid out plans to go public by merging with a blank-check firm last year, lowered its deal value on Monday to $1.8bn from nearly $2.1bn, Reuters reported.
The amended deal establishes "a more attractive entry point for investors, the companies said on Monday. X-energy updated some costs for its advanced reactor demonstration program following higher costs for construction materials and labor, increasing interest rates and supply chain constraints for equipment.
Nasdaq, a technology company serving the global financial system, agreed to acquire Adenza, a provider of mission-critical risk management and regulatory software to the financial services industry, from Thoma Bravo, a software investment firm, for $10.5bn.
"This is an exceptional opportunity to acquire a leading software company that enhances Nasdaq's position at the heart of the global financial system. The acquisition of Adenza brings together two world-class franchises steeped in market infrastructure, regulatory, and risk management expertise at a time when financial institutions are navigating some of the most complex market dynamics in history. From fast-evolving global regulations to rapidly increasing pressures to modernize infrastructure, our clients are seeking trusted partners equipped to support them in this challenging environment. Nasdaq aspires to be that partner every day, and with Adenza we can offer an even broader range of mission-critical solutions that enhance the liquidity, transparency, and integrity of the world's financial system," Adena Friedman, Nasdaq Chair and CEO.
Nasdaq is advised by Goldman Sachs, JP Morgan and Wachtell Lipton Rosen & Katz (led by David K. Lam and Mark F. Veblen). Debt financing is provided by Goldman Sachs and JP Morgan. Thoma Bravo is advised by Barclays, Citigroup, HSBC, Jefferies & Company, Piper Sandler, Qatalyst Partners, Kirkland & Ellis (led by Peter Stach, Corey Fox, and Brett Nelson), and FGS Global (led by Liz Micci).
ACG, a company with a vision to consolidate the critical metals industry, agreed to acquire Atlantic Nickel and Mineração Vale Verde, two Brazilian battery metals-focused companies, from Appian Capital, the investment advisor to long-term value-focused private capital funds that invest in mining and mining-related companies, for $1bn.
"We are very proud to announce this transaction in strategic partnership with Glencore, Stellantis, La Mancha, PowerCo and Royal Gold, as well as senior debt providers Citigroup, ING and Societe Generale. It will establish ACG Electric Metals as a premier supplier of critical metals into the western EV value chain, with best-in-class ESG characteristics and minimal CO2 emissions," Artem Volynets, ACG CEO.
ACG is advised by Rothschild & Co, Cleary Gottlieb Steen & Hamilton, Harney Westwood & Riegels, Lefosse Advogados and Palatine Communications (led by Conal Walsh). Appian is advised by Citigroup, Standard Chartered Bank, Cescon Barrieu Flesch & Barreto, Norton Rose Fulbright and FGS Global (led by Charles O'Brien).
Novartis, a healthcare company that provides solutions to address the evolving needs of patients worldwide, agreed to acquire Chinook Therapeutics, a biotechnology company that specializes in the fields of therapeutics and life science, for $3.5bn.
"We are pleased that Novartis recognizes the significant value that the Chinook team has built with our pipeline of clinical and preclinical programs for patients with rare, severe chronic kidney diseases. We believe this transaction is great news for kidney disease patients and the programs we have built at Chinook. Through this merger, Novartis can apply its substantial resources to pursue broader development efforts and commercialization of atrasentan, zigakibart (BION-1301) and other programs in our pipeline to build its global renal therapeutic area,” Eric Dobmeier, Chinook Therapeutics CEO and President.
Ingersoll Rand, a global provider of mission-critical flow creation and industrial solutions, agreed to acquire Roots, a provider of low-pressure compression and vacuum technologies, from Chart Industries, a global manufacturer of highly engineered equipment, for $300m.
"We have long admired Roots and are thrilled to add this iconic brand to our portfolio. This complementary acquisition expands our low-pressure compression and vacuum product offerings and adds centrifugal compression capabilities. Additionally, Roots' focus on enabling critical applications to advance a more sustainable world aligns with Ingersoll Rand's commitment to Make Life Better. I am especially excited about Roots' differentiated expertise in green steel and the opportunities that creates for other parts of our business," Vicente Reynal, Ingersoll Rand Chairman and CEO.
Ingersoll Rand is advised by Citigroup and Simpson Thacher & Bartlett. Chart Industries is advised by Bank of America and Winston & Strawn.
The Blackstone Group completed the investment in New Tradition Media, an out-of-home media operator with assets across the nation's largest markets. Financial terms were not disclosed.
"We're thrilled to partner with Blackstone, whose track record of scaling founder-led businesses and significant real estate expertise, will enable New Tradition to accelerate the expansion of our footprint and continue to provide cutting-edge out-of-home advertising solutions to new and existing clients," Evan Richheimer, New Tradition CEO.
New Tradition Media is advised by Solomon Partners and Lowenstein Sandler. Blackstone is advised by Moelis & Co and Weil Gotshal and Manges.
Camping World, an American corporation specializing in selling recreational vehicles, recreational vehicle parts, and recreational vehicle service, agreed to acquire Funtime RV, an RV dealer in Tualatin, Oregon. Financial terms were not disclosed.
"Funtime RV has been proudly serving Oregon for over 30 years. This acquisition extends our leadership in one of America's largest RV markets and gives us the ability to supercharge our long-standing Wilsonville parts and accessories location with the addition of an excellent RV sales team," Marcus Lemonis, Camping World Chairman and CEO.
Royal Gold announces commitment to acquire royalties on producing Serrote and Santa Rita mines in Brazil.
Royal Gold, a precious metals stream and royalty company, entered into a binding commitment letter with ACG Acquisition Company to acquire new royalty interests on the producing Serrote and Santa Rita mines in Brazil for total cash consideration of $250m, subject to satisfaction of certain conditions, including negotiation and execution of definitive documentation.
The royalty interests consist of a gold royalty on the Serrote mine, a gold, platinum and palladium royalty on the Santa Rita mine, and a copper and nickel royalty on both the Serrote and Santa Rita mines.
Illumina CEO Francis deSouza resigns amid regulatory hurdles following pressure from Carl Icahn. (People)
Illumina board accepted the resignation of CEO Francis deSouza, handing a victory to activist investor Carl Icahn who had been seeking his removal.
Charles Dadswell, senior vice president and general counsel, has been named interim CEO, while the board conducts a search for a new CEO. Illumina said deSouza, who has been with the company since 2013 and was named CEO three years later, will stay on in an advisory capacity until July 31.
“Illumina’s technology remains at the forefront of DNA sequencing and has continued to set the pace for the industry. We are confident Illumina can continue to execute on its goals, while we conduct and complete a CEO search process,” Stephen P. MacMillan, Illumina Board Chair
EMEA
UBS, a multinational investment bank and financial services company, completed the acquisition of Credit Suisse, a global investment bank and financial services firm founded and based in Switzerland, for $3.3bn.
"This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. Acquiring Credit Suisse’s capabilities in wealth, asset management and Swiss universal banking will augment UBS’s strategy of growing its capital-light businesses. The transaction will bring benefits to clients and create long-term sustainable value for our investors," Colm Kelleher, UBS Chairman.
Credit Suisse was advised by Centerview Partners (led by Blair Effron), Rothschild & Co (led by Nick Bossart), Cleary Gottlieb Steen & Hamilton (led by David Lopez), Homburger (led by Daniel Daeniker, Benjamin Leisinger, and Claude Lambert), Sullivan & Cromwell (led by Mitchell S. Eitel), and Community Group (led by Auro Palomba). UBS was advised by JP Morgan, Morgan Stanley, UBS, Bar & Karrer (led by Rolf Watter), Davis Polk & Wardwell (led by Evan Rosen, Luigi L. De Ghenghi, Marc O. Williams), Freshfields Bruckhaus Deringer (led by Michael Raffan and Jennifer Bethlehem), Brunswick Group, and Community Group (led by Marco Rubino). Financial advisors were advised by Latham & Watkins (led by Edward Barnett, Bradley Faris and Sam Newhouse).
NielsenIQ has offered remedies in a bid to address EU antitrust concerns about its merger with German peer GfK. The US consumer market research company submitted its offer to the EU competition enforcer on June 7.
Advent-backed NielsenIQ, which is present in more than 90 markets covering more than 90% of the world's population, has offered to sell GfK's consumer panel business.
GfK's consumer panel business covers 122.5k households and 1.8k retailers, with its data showing patterns, trends and predictions. The Commission, which extended its decision on the deal to July 4, is expected to seek feedback from customers and rivals before deciding whether to accept NielsenIQ's offer, demand more or open a full-scale investigation.
Georg Fischer, an industrial group, agreed to acquire Uponor, a company that sells products for drinking water delivery, radiant heating and cooling, for €2.2bn ($2.35bn). Georg Fischer's offer was recommended over the €1.9bn ($2.05bn) offer by Aliaxis.
"By combining more than 100 years of expertise of Uponor with our know-how of over two centuries, we would have a great opportunity to build a global leader in the water and flow solutions industry. The two companies have complementary products and geographical footprints, similar cultures and a common ESG commitment. We respect very much the heritage of Uponor and look forward to a prosperous joint future of GF and Uponor," Yves Serra, GF Chair of the Board of Directors.
Uponor is advised by Goldman Sachs, Nordea Bank, Hannes Snellman and Hill+Knowlton Strategies. GF is advised by UBS, White & Case and Tekir (led by Niko Vartiainen).
Frasers Group, a retail company that serves consumers with sports, premium, and luxury brands, completed the acquisition of a 18.9% stake in AO World, a online retailer company, from Odey Asset Management for £75m ($94m).
"Frasers has long admired what John and the AO team have built, and we are delighted to have the opportunity to form a supportive, strategic partnership. AO is a fantastic business with a clear strategy which is leading the market in online-only electricals. Through this investment, Frasers will benefit from AO's valuable know-how in electricals and two-man delivery, helping us to drive growth in our bulk equipment and homeware ranges. In turn, AO will have the opportunity to benefit from Frasers' expertise and ecosystem," Michael Murray, Frasers Group CEO.
Frasers Group was advised by Brunswick Group. AO World was advised by Powerscourt (led by Rob Greening).
Antin Infrastructure Partners, a private equity firm focused on infrastructure, agreed to acquire Opdenergy, a vertically-integrated independent renewable energy developer and producer, for €866m ($931m).
"We are very excited to have the opportunity to support Opdenergy in the next stage of its already successful growth story and help accelerate its important contribution to Spain's energy transition and the decarbonisation of its economy. Antin has a strong track record in driving growth at energy companies, with support from our team of energy specialists and their extensive in-depth experience in the sector. Opdenergy is very complementary with our other platforms and further demonstrates our commitment to energy transition in Europe and North America," Stéphane Ifker, Antin Senior Partner.
Antin Infrastructure Partners is advised by Llorente Y Cuenca (LLYC).
One Equity Partners, a middle market private equity firm, completed the acquisition of MSQ Partners, a next-generation creative and technology agency group. Financial terms were not disclosed.
"We are pleased to partner with MSQ to support the Group in its goal of becoming an international digital transformation champion and a leading technology-based creative services and marketing solutions provider. MSQ is well-positioned to benefit from strong industry dynamics as customers engage more with businesses via digital channels and market dynamics reshape the advertising and marketing industry," Joerg Zirener, One Equity Partners Senior Managing Director.
One Equity was advised by Stanton PRM.
Morgan Stanley Infrastructure in lead to buy Sacyr waste management unit. (FS)
Morgan Stanley Infrastructure Partners is poised to buy Sacyr's Valoriza Servicios Medioambientales in a deal that could value the unit at close to €600m ($645m), including debt. Morgan Stanley Infrastructure has prevailed over other firms in an auction that Valoriza's owner, Spanish construction firm Sacyr, held for the company which started in February, Reuters reported.
Valoriza Servicios Medioambientales is specialized in managing a range of services in the waste recycling chain such as collection, treatment and management of waste. If negotiations and financing arrangements are concluded successfully, a deal could be announced as early as next week.
Saudi Arabia signs a $5.6bn deal with Human Horizons.
Saudi Arabia's Ministry of Investment signed a $5.6bn deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture and sale of vehicles, the Saudi state news agency said in a statement.
The agreement accounts for more than half of the more than $10bn in investments signed on the first day of an Arab-China business conference in Riyadh on Sunday, in sectors spanning technology, renewable energy, agriculture, real estate, metals, tourism and healthcare among others, Reuters reported.
Chip giant backed by France circles Newport Wafer Fab as bidding war looms.
A microchip company backed by France and Italy is among potential businesses eyeing Britain’s biggest semiconductor facility, The Telegraph reported.
STMicroelectronics, a Dutch semiconductor company that’s partly owned by the French and Italian governments, and Abu Dhabi-backed GlobalFoundries are believed to have expressed a potential interest in Newport Wafer Fab. The companies are among as many as 10 potential bidders.
Telkom South Africa shares surge on confirmation bid received.
Telkom jumped as much as 12% after the state-owned company confirmed it’s received a bid for a controlling stake by a group of investors that includes former CEO Sipho Maseko.
The consortium, which comprises Maseko’s Afrifund, Axian Telecom and the Government Employee Pension Fund managed by the Public Investment, sent Telkom an unsolicited, non-binding indicative letter for the acquisition of a controlling stake in the company that’s being assessed by the board. There is no guarantee that discussions will lead to a transaction.
“The company has requested the consortium to provide further clarity on several matters, including the proposed offer price and certainty of funding. As such, discussions remain of an exploratory and non-consensual nature,” Telkom.
Crop trader Bunge is said to near deal to buy Glencore’s Viterra.
US agribusiness Bunge is near a deal to acquire Glencore-backed Viterra, creating a giant capable of competing with the world’s biggest agricultural players.
Bunge, whose market value is about $14bn and carries debt net of cash of about $2.7bn, will pay for most of the deal with stock but will also use cash and has lined up debt financing from banks. Bunge’s management team, led by Chief Executive Greg Heckman, would oversee the combined company.
This is not the first attempt at this deal. In early 2017, Viterra, then known as Glencore Agriculture, attempted a takeover of Bunge, which was then valued at $11bn. In May 2017, Bunge rebuffed Glencore after the latter made an informal approach to discuss “a possible consensual business combination.”
Andreessen to open London office for crypto startups smid scrutiny in US. (FS)
Less than a week after US regulators made the most aggressive moves yet taken against the digital assets industry, the crypto investment arm of venture capital firm Andreessen Horowitz, a16z crypto, announced it is opening its first overseas office in London. The company said that crypto "can only succeed with a clear regulatory regime that provides an open pathway for startups while also protecting consumers from fraud and manipulation" and that such regime exists in the United Kingdom.
"We need regulatory frameworks that facilitate decentralization, not impede it. UK policymakers and regulators are taking an approach that is uniquely tailored to blockchain and digital asset regulation," a16z.
Its UK expansion will bring the company's first office outside of the US, to be located in London and led by Sriram Krishnan, a general partner of the investment arm, who will lead a team "to grow the crypto and startup ecosystem in the UK and Europe."
Credit Suisse loses three more investment bankers to Banco Santander. (People)
The flurry of departures from Credit Suisse this week showed no signs of stopping with three more managing directors leaving for Banco Santander.
The three include equity capital markets chairman Ernesto Cruz, who had been at the Swiss lender for almost four decades. Also joining the Spanish lender are Steven Winnert, head of equity-linked origination, and William Brett, head of corporate equity derivatives.
Santander has been building out its US investment banking business snapping up senior Credit Suisse bankers including head of M&A Steve Geller, co-head of energy and infrastructure Rob Santangelo, global head of equity and debt capital markets David Hermer and most recently Niron Stabinsky, who led its business involving special purpose acquisition companies, or SPACs.
APAC
Temasek, a Singaporean state-owned conglomerate, and HighLight Capital, a Chinese investment firm, agreed to acquire a 24% stake in a Shanghai unit of VIVA Biotech, a highly specialized contract research organization, for $149m.
VIVA Biotech said it will use the proceeds to redeem convertible bonds, which will help it to "settle its outstanding liabilities without occupying its internal resources."
Element Materials Technology, a provider of testing, inspection, and certification services, agreed to acquire NCT, one of the principal battery testing companies in South Korea. Financial terms were not disclosed.
"I am delighted that NCT will be joining Element's network of global laboratories and experts. We will add valuable battery testing expertise and large-scale destructive testing that is unique to the region and Element," Ju-Eok Seo, NCT CEO.
IndiGo co-founder's family likely to sell stake worth up to $910m.
The family of IndiGo's co-founder Rakesh Gangwal is likely to sell between 5%-8% stake in the Indian airline's parent InterGlobe Aviation, worth up to INR75bn ($910m). Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99% respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5% stake, Reuters reported.
The Gangwal family will likely sell stake in block deals when the lock in for shares open on July 15. Shobha Gangwal had cut her stake in the company by over 4% in February. Rakesh Gangwal resigned from the company's board in Feb. 2022 and had said that he would cut his stake in the airline over five years. Rakesh Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association. Shares of the company, which are up over 19% year to date, fell as much as 3.1% after the stake sale report.
Singapore bank DBS deepens focus on booming family office business. (FS)
Singapore lender DBS is stepping up its focus on the business of family offices, where its assets have surged in the last two years. Southeast Asia's largest bank by assets is introducing a new investment platform tailored towards the needs of family offices, which are one-stop firms that manage the portfolios of the wealthy.
There has been growing interest from ultra-high networth families globally to set up family offices in the city-state, and from funds seeking a safe haven from turmoil in the global banking system and uncertainty over the world economy and geopolitics. DBS is currently in talks with more than 20 clients and prospective clients across Asia to provide the new investment solution.
"It is also an attractive option for some families who are not looking to immediately relocate to Singapore, but would like to consolidate their assets here," Lee Woon Shiu, DBS Head of Wealth Planning, Family Office and Insurance Solutions.
Asian energy platform Athein seeks up to $300m for solar projects.
Asian renewable energy platform Athein is seeking to raise between $250m and $300m in equity from investors to fund its planned solar and wind projects in India, the Philippines, and Vietnam, the company's CEO told Reuters Monday.
Milan Koev, Athein's chief executive based in Singapore, said the company seeks $1bn in total over the next five years, to fund the 2.5 gigawatt-peak pipeline of projects.
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