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AMERICAS
NioCorp Developments, a mineral exploration company, became listed on Nasdaq via merger with GX Acquisition II, a special purpose acquisition company, in a $313m deal.
"This business combination with GXII, and the two additional financing packages, have the potential to significantly accelerate our efforts to obtain the required project financing and to ultimately bring the Elk Creek Project to construction and eventual commercial operation. Our goal is to rapidly build secure and reliable US supply chains of the critical minerals that multiple industries need to help us build a more sustainable and less carbon-intensive future and for other critical domestic uses. Once completed, these transactions have the potential to put NioCorp on the fast track to obtain the required project financing to deliver on that promise, and to do so in an environmentally smart manner," Mark A. Smith, NioCorp CEO and Executive Chairman.
NioCorp Developments was advised by Gencap Mining Advisory, SWI Partners, Blake Cassels & Graydon and Jones Day (led by Joel May and Ann M. Bomberger). GXII was advised by BTIG, Cantor Fitzgerald, Scalar, Skadden Arps Slate Meagher & Flom (led by C. Michael Chitwood), Stikeman Elliott and Lambert & Co (led by Lisa Baker). Financial advisors were advised by DLA Piper (led by Stephen P. Alicanti).
CF Industries, a global manufacturer of hydrogen and nitrogen products, agreed to acquire the Waggaman ammonia production facility of Incitec Pivot, an Australian multinational corporation that manufactures fertilizer, explosives chemicals, and mining service, for $1.7bn.
"We are pleased to reach this agreement with Incitec Pivot that benefits from our industry-leading ammonia production capabilities, deploys our capital efficiently and provides long-term value for both companies' shareholders. We believe the Waggaman facility will fit seamlessly into our network, as well as our strategic focus on ammonia as a clean energy source, given its proximity and pipeline connection to our Donaldsonville, Louisiana, Complex, its distribution and logistics flexibility, and its favorable characteristics for the addition of carbon capture and sequestration technologies to enable low-carbon ammonia production," Tony Will, CF Industries Holdings President and CEO.
CF Industries is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom. Incitec Pivot is advised by JP Morgan and Latham & Watkins (led by Ryan Maierson and Lauren A. Anderson).
Quest Diagnostics, a provider of diagnostic information services, completed the acquisition of Northern Light Laboratory, an outreach laboratory services business of Northern Light Health, a large integrated healthcare system in Maine. Financial terms were not disclosed.
"Diagnostic testing is a highly specialized and rapidly evolving area of medicine. By collaborating with Quest Diagnostics, the industry leader, Northern Light Health positions itself to deliver the highest level of diagnostic innovation, service and affordability while energizing our core focus on patient care," Timothy J. Dentry, Northern Light President and CEO.
AAR, a provider of aviation services to commercial and government operators, completed the acquisition of Trax, an independent provider of aircraft MRO and fleet management software. Financial terms were not disclosed.
“We believe we can support Trax’s continued growth by investing in its platforms and by leveraging our global relationships to help Trax reach additional customers. We also believe that over time this combination will allow more customers to better access AAR’s parts and services offerings as Trax is the materials management system used by thousands of buyers and planners at airlines around the world,” John M. Holmes, AAR Chairman, President, and CEO.
Lincoln Road, a private equity firm, completed the acquisition of Zodega, a provider of high-quality, full-service landscaping, and lawn care services. Financial terms were not disclosed.
“We are excited to partner with Zodega’s talented management team and provide it with the capital and resources to support its strong trajectory, while continuing to identify growth opportunities that bolster its ability to better serve customers throughout Texas. This transaction is another example of Lincoln Road’s ability to identify an attractive investment opportunity involving a business that provides local and regional communities with essential services that support overall quality of life and well-being,” Jeff Magny, Lincoln Road Founder and Managing Partner.
Lincoln Road was advised by Stanton PRM.
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of Stewart Brimner Peters & Company, an insurance company. Financial terms were not disclosed.
"SBP's strong client relationships and focus on growth will expand our capabilities in the region. I am excited to welcome Jason, John, Jeff, Mick and their associates to our growing, global team," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
Hewlett Packard Enterprise, an American multinational information technology company, agreed to acquire OpsRamp, an IT operations management company. Financial terms were not disclosed.
“The integration of OpsRamp’s hybrid digital operations management solution with the HPE GreenLake platform will provide an unmatched offering for organizations seeking to innovate and thrive in a complex, multi-cloud world. Partners and the channel will also play a pivotal role to advance their as-a-service offerings, as enterprises look for a unified approach to better manage their operations from the edge to the cloud. We look forward to leveraging the scale and reach of HPE’s global go-to-market engine to deliver our unique offering and are excited for this journey ahead as part of HPE,” Varma Kunaparaju, OpsRamp CEO.
Commercial Metals Company, a steel and metal manufacturer, completed the acquisition of Tendon Systems, a concrete construction company that provides barrier cables, post-tensioning systems, engineered services and concrete restoration. Financial terms were not disclosed.
"This acquisition further advances our leadership position in construction reinforcement, complements our existing position in post-tensioning cable, and provides CMC with additional capabilities to serve our customers. Tendon adds valuable expertise, innovative products, and a trusted reputation to the CMC portfolio," Barbara R. Smith, Chairman of the Board, President, and CEO.
Magna Legal Services, a litigation consulting and support provider, completed the acquisition of TrialGraphix, a visual communications company. Financial terms were not disclosed.
"We are overjoyed to welcome the TrialGraphix team to the Magna family. TrialGraphix built one of the most respected brands in litigation consulting. I am delighted that the entire management team and partners will continue with us at Magna LS," Mark Williams. Magna Legal Services CEO.
Right Away Home Services, an independent heating, ventilation, air-conditioning, plumbing & appliance repair contractor, completed the acquisition of Air Strike Cooling and Heating Services, a provider of residential HVAC repairs, service, and replacements. Financial terms were not disclosed.
"The Air Strike team, under Rich Towsley's leadership, gives us a solid platform to expand in the Tampa market. We welcome them to the Right Away family of equally fantastic brands. They have a first-class operation, and I can't wait to see what we will accomplish together," George McPherson, Right Away President.
Frontier Waste Solutions, a solid waste and recycling company, completed the acquisition of Absolute Waste Services, a provider of residential, commercial, and roll-off waste collection services based in Corpus Christi, Texas. Financial terms were not disclosed.
"We are thrilled to complete the acquisition of AWS. The addition of AWS increases our presence and density in the Corpus Christi market, allowing us to serve our customers better. We look forward to continuing to build on AWS's success and providing our new customers and employees the excellent service and support that Frontier is known for," John Gustafson, Frontier CEO.
New York Community Bancorp acquires assets of Signature Bridge Bank.
New York Community Bancorp, the parent company of Flagstar Bank, one of the largest regional banks in the country, acquired certain assets and assumed certain liabilities of Signature Bridge Bank from Federal Deposit Insurance Corporation.
NYCB purchased assets of approximately $38bn, including cash totaling approximately $25bn and approximately $13bn in loans. Included in the $25bn of cash is $2.7bn arising from a discounted bid to net asset value.
NYCB was advised by Jefferies & Company, Morgan Stanley and Sullivan & Cromwell.
Fed, other central banks set joint liquidity operation.
The US Federal Reserve said it had joined with the Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank in a coordinated action to enhance the provision of liquidity through the standing US dollar swap line arrangements.
The move came on the heels of a deal brokered by Swiss authorities to have UBS buy rival Swiss bank Credit Suisse to prevent its disorderly collapse and signals the depth of concern central bankers have over the recent turmoil in the financial system on both sides of the Atlantic, Reuters reported.
Tiger Global cut VC fund valuations by a third last year. (FS)
Tiger Global Management slashed the value of its investments in venture funds by about 33% last year, which equates to around $23bn.
Around $9bn of that markdown by the firm's venture unit, which is led by Scott Shleifer, came in the second half of 2022.
Deerpath closes sixth credit fund. (FS)
Deerpath Capital Management attracted more than than $2.8bn in capital commitments for its sixth private credit fund. The fund will finance healthcare, IT and business services companies with enterprise values between $50m and $150m.
Fundraising for the fund began in September 2021 with final close being held on February 1. Backers include asset managers, private insurance companies and both public and private pension funds from around the world.
JMI Equity closes eleventh growth equity fund with commitments of $2.4bn. (FS)
JMI Equity, a growth equity firm focused on investing in software companies, announced the closing of JMI Equity Fund XI and JMI XI Executive Fund, with total commitments of $2.4bn.
“We are grateful for the support of our long-standing investors and excited to welcome an array of new limited partners from around the globe,” said Mr. Arrowsmith. “We look forward to continuing to partner with the next generation of software company founders, entrepreneurs, and management teams to help them navigate this evolving landscape and create businesses of enduring value,” Harry Gruner and Peter Arrowsmith, JMI Co-led Managing General Partners.
EMEA
Infinity Group, an energy investor, and Africa Finance Corporation, an investment grade multilateral finance instiution, completed the acquisition of Lekela Poer, a renewable energy generation equipment company, from green energy companies Actis and Mainstream. Financial terms were not disclosed.
"It’s a testament to the work we have done in partnership with Lekela’s management team that Lekela was rated one of the highest performing companies globally by Sustainalytics, under its ESG Risk Rating assessment process in November 2021. In particular, Sustainalytics noted Lekela’s strong management of land use and biodiversity issues, business ethics, occupational health and safety and community relations," Shami Nissan, Actis Partner and Head of Sustainability.
Lekela was advised by Jones Day (led by Julian Runnicles). Masdar was advised by Edelman. Infinity Group was advised by Absa Bank, Afry, Cantor Fitzgerald, Ernst & Young, Al Kamel Law Office and Norton Rose Fulbright. Mainstream was advised by FTI Consulting. Actis was advised by Citigroup (led by Anthony Diamandakis) and Clifford Chance (led by Nicholas Hughes).
First Sentier Investors, a global investment management group, agreed to invest in AlbaCore Capital Group, a European credit specialist. Financial terms were not disclosed.
"We are focused on the continued buildout of our credit investment platform and providing investors with nimble solutions that generate alpha through market cycles. We are delighted to partner with FSI to capitalize on the scale of market opportunities ahead," David Allen, AlbaCore Managing Partner and CIO.
AlbaCore Capital Group is advised by Fenchurch Advisory Partners, Macfarlanes and Lansons Intermarket. FSI is advised by Ernst & Young, Berkshire Global Advisors, Simmons & Simmons and Newton Park PR (led by Rich Chimberg and Margaret Kirch Cohen).
UBS, a multinational investment bank and financial services company, agreed to acquire Credit Suisse, a global investment bank and financial services firm founded and based in Switzerland, for $3.2bn.
"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.
Shawbrook, a specialist savings and lending bank, agreed to acquire Bluestone Mortgages, a specialist mortgage lender focused primarily on owner-occupied mortgages. Financial terms were not disclosed.
"We are delighted to have strengthened our long-standing and successful partnership with Bluestone Mortgages through this acquisition. Bluestone Mortgages is a well-established brand in the UK specialist residential mortgage market, and by bringing the two organizations together, we can use our combined capabilities and scale to offer an even stronger proposition to UK homeowners," Marcelino Castrillo, Shawbrook CEO.
Shawbrook is advised by Tulchan Communications.
Maersk sells last major energy asset as it focuses on logistics.
AP Moller-Maersk has finally found a buyer for its last major energy-division asset after putting it up for sale seven years ago, allowing it to complete a historic transformation into a pure transport operator.
It’s selling Maersk Supply Service for $685m, based on enterprise value, to AP Moller Holding, the investment firm owned by the billionaire Maersk family and a closely related entity of Maersk, Bloomberg reported.
EQT in talks over data centre operator deal. (FS)
Private equity firm EQT has entered into talks over a deal to acquire UK-based data centre operator Global Switch, which is controlled by Chinese steelmaker Jiangsu Shagang Group.
The sales process for Global Switch first for underway in mid-2022, but a discrepancy over valuation between potential acquirers and the company's shareholders have prevented progress being made.
Blackstone to open new Frankfurt office. (FS)
Blackstone, the alternative asset manager, is to open a new office in Frankfurt, Germany. The new flagship location will occupy 1.3k square meters in the OMNITURM in Frankfurt’s financial district and serve as a hub for Blackstone in Germany.
The new office will host professionals across Blackstone’s private equity, real estate, and credit businesses, in addition to providing a hub for the firm's private wealth solutions business, which serves investment professionals and individual investors across Europe. Juergen Pinker, Senior Managing Director, will lead on private equity, with Jurij Puth, Senior Managing Director, leading on credit.
APAC
Alliance Aviation Services, an Australian-based operator, said the country's competition regulator had delayed a review until April 20 of the proposed acquisition of the charter operator by Qantas Airways.
This marked the fourth delay so far by the Australian Competition & Consumer Commission on the carrier's acquisition offer, Reuters reported.
"Due to recent announcements by Qantas and Alliance about key developments regarding their existing wet-lease agreement, and fleet expansions by Alliance, the ACCC requires more time to gather and consider further information from the parties," ACCC spokesperson.
China's DCP Capital eyes sale of Singapore tech firm. (FS)
DCP Capital, a China-based private equity firm, is looking to sell Singapore-based portfolio company MFS Technology, a manufacturer of flexible printed circuit boards, for at least $550m.
Marketing for the sale targeting both financial sponsors and strategic buyers began, and the firm, which was founded by former KKR & Co dealmakers David Liu and Julian Wolhardt, is planning to issue confidential information memoranda next month.
DTGO said to weigh Singapore REIT IPO for $609m UK assets.
Thai conglomerate DTGO is weighing listing its UK hospitality assets via a real estate investment trust in Singapore as soon as next year, Bloomberg reported.
The Bangkok-based company is in talks with potential advisers on the initial public offering of the REIT, which could raise about $244m. The UK hospitality assets involved could be worth about $608m.
Sri Lanka bondholders eye GDP-linked debt restructuring.
Sri Lanka’s private creditors are considering a proposal to swap defaulted bonds with new securities that would have cash flow linked to the nation’s future growth, Bloomberg reported.
Under the plan, the security being mulled by Sri Lanka’s bondholders will pay less if growth falls to levels projected by the International Monetary Fund. Creditors view the multilateral fund’s economic forecast of about 3% for the next few years as pessimistic.
China investigates former high-profile chip leader in latest graft probe.
China’s top anti-graft watchdog has begun an investigation of former Tsinghua Unigroup Chairman Zhao Weiguo, who becomes the latest high-profile figure ensnared in an industry-wide corruption dragnet.
The former executive’s case has been handed to prosecutors, who will file charges, the Central Commission for Discipline Inspection said in a statement, Bloomberg reported.
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