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AMERICAS
Gordon Pointe Acquisition Corp, a publicly traded special purpose acquisition company, agreed to acquire HOF Village, a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus in Canton, Ohio, for $390m.
“The Hall of Fame Resort & Entertainment Company represents an unprecedented opportunity to create an experiential destination resort and entertainment enterprise that is the equivalent of the ‘Disneyland’ of professional football,” said Mike Crawford, current Chief Executive Officer of HOFV, who will serve in the same capacity at the combined company. “We are leveraging a multi-dimensional approach to engage consumers by providing authentic storytelling through our media arm while bringing those stories to life in an immersive 3D environment unlike any other. Importantly, the implementation of our integrated business model towards diversified future revenue streams and strong growth prospects positions us to drive creativity, efficiency and profitability as we work to connect with consumers in meaningful ways.”
Ladenburg Thalmann and Hunton Andrews Kurth advised HOF Village. B. Riley FBR and Pillsbury Winthrop Shaw Pittman advised Gordon Pointe Acquisition Corp.
MCNA Dental, a leading full-risk Medicaid and Children’s Health Insurance Program dental benefits manager, acquires Healthplex, a provider of software for advertisement, data processing, and administrative services. Financial terms were not disclosed.
“The addition of Healthplex to our family of companies allows us to take the next step in our strategy for growth, complementing our national platform and expanding our commercial dental insurance products and other offerings. Healthplex shares in our mission of promoting accessible dental care for all. Our entire organization is enthusiastic about this opportunity to further transform oral health care," Glen Feingold, MCNA Dental COO.
DLA Piper and Windels Marx Lane & Mittendorf are advising Healthplex. Akerman and Greenberg Traurig are advising MCNA Dental.
BlackRock has reached an agreement with Greenbacker for the sale of its controlling interest in the 42.5 MW Elk and 37.5 MW Bethel operating wind energy facilities in Iowa. Financial terms were not disclosed.
The transaction marks another exit for the GRP platform and is its second bilateral transaction with Greenbacker.
“Our second transaction with Greenbacker demonstrates our commitment to delivering value for our clients and to building strong, lasting, relationships with partners in our industry. As one of the early movers in the renewables investment sector, BlackRock is well positioned to source attractive projects that allow our clients to invest capital in the transition towards low carbon energy. The growing demand for clean renewable power, along with the need to replace aging power generation infrastructure in developed markets, presents significant opportunities for investors.” David Giordano, Global Head of Renewable Power, BlackRock.
Skadden, Arps, Slate, Meagher & Flom advised BlackRock. Stoel Rives and Haven Tower Group advised Greenbacker.
Rockefeller Capital Management announced it has reached a definitive agreement to acquire Financial Clarity, a multi-family office based in Mountain View, California. Financial terms were not disclosed.
The acquisition represents the expansion of the Rockefeller Global Family Office into Northern California.
“Since our founding, we have advised wealthy families on multi-generational planning,
trust and estates structuring, investment advisory and areas of philanthropy that are most important to them. I greatly look forward to becoming a part of the Rockefeller team to continue this tradition.” Stan Young, Founder, Financial Clarity.
Wachtell Lipton Rosen & Katz and Teneo Strategy advised Rockefeller Capital Management.
Aqua Pennsylvania Wastewater, a subsidiary of Aqua America acquires Delaware municipal authority’s wastewater assets from Delaware County Regional Water Quality Control Authority (DELCORA) for $277m.
The pending transaction is subject to Pennsylvania Public Utility Commission approval. Following closing, Aqua will hire all 136 current DELCORA employees, honor all DELCORA union contracts, and offer expanded professional opportunities in water and wastewater to these employees.
“We are proud to announce that DELCORA will become the largest municipal transaction in our 133-year company history. I’m looking forward to welcoming DELCORA’s employees and customers into our company.” Christopher Franklin, Aqua Chairman and CEO.
GitLab, a software developer, raises $268m in a Series E funding round led by Goldman Sachs and ICONIQ Capital. The round also included new investors Adage Capital Management, Alkeon Capital, Altimeter Capital, Coatue, D1 Capital Partners, Franklin Templeton, Light Street Capital, Tiger Global Management, Two Sigma Ventures.
With plans to go public next year, GitLab is using the Series E funding to develop its platform further, adding key features in areas like monitoring, planning, and security.
“To be competitive today, companies need to be 10x faster to market. We made an early bet that enterprises would benefit from a single application experience for DevOps teams to accelerate getting software products to market faster and more securely. I love hearing how our customers are innovating faster with a single DevOps application that enables Dev, Ops, and Security to collaborate, and this funding will help more organizations experience the benefits of this unified DevOps experience.” Sid Sijbrandij, CEO, GitLab.
Fastcase, a provider of online legal research services, acquires NextChapter, a provider of online bankruptcy software for lawyers. Financial terms were not disclosed.
"This acquisition is a dream come true and a natural progression of everything NextChapter has built so far. Fastcase and NextChapter share the same core beliefs on customer-focused products I know this opportunity will allow us to continue serving our mission of 'Helping people get to the next chapter of their lives'." Janine Sickmeyer, NextChapter CEO.
Heinz's shares plummet after 3G capital trims stake. (FS)
Entities affiliated with 3G Capital, a Brazilian private equity firm, trimmed down their stake by 9% in the struggling food manufacturer Kraft Heinz.
Shares of Kraft Heinz fell almost 4% on Tuesday morning trading. They have fallen 34% so far this year, driven lower by weak sales, asset write-downs, and accounting errors.
Sandals Resorts restarts the effort to sell itself, could fetch $4.5bn.
Sandals Resorts International, which operates all-inclusive resorts throughout the Caribbean, has restarted an effort to sell itself. The Jamaica-based company could fetch as much as $4.5bn.
Window closing fast for WeWork parent to launch IPO.
WeWork owner, The We Company, faces strong headwinds in achieving its goal of launching an initial public offering by the end of the year after postponing it this month, Reuters reported.
The US office-sharing startup was getting ready to start an investor roadshow for its IPO before making the last-minute decision to stand down following a lackluster reception from investors. The derailment of the IPO has got the investors concerned and the valuation of WeWork has dropped from $47bn to inbetween $12bn-20bn.
Advent raises $2bn debut technology private equity fund. (FS)
US private equity firm Advent International has completed fundraising for its first technology fund after six months, with total investor commitments reaching its cap of $2bn.
The buyout firm said the fund, Advent Global Technology, will invest in companies in the software and data sectors, primarily in North America and Europe, Reuters reported.
Juul’s sales, halted in China days after launch.
US e-cigarette maker Juul Labs' products were not available on e-commerce web sites in China, days after it entered the world’s single-largest market for tobacco consumption with over 300m smokers.
“While JUUL products are not currently available on e-commerce Web sites in China, we look forward to continued dialogue with stakeholders so that we can make our products available again,” Juul Labs spokesperson.
Juul, in which tobacco giant Altria group owns a 35% stake, is facing a regulatory crackdown and increased government scrutiny in the domestic market.
AES Gener acquired Los Cururos wind farm for $138m.
AES Gener, a producer and distributor of electricity based in Santiago, Chile, entered into a sales contract for the acquisition of the 110 MW "Los Cururos" Wind Farm, located in the Coquimbo Region, for a total consideration of $138m. The acquired asset is one of the largest wind farms in Chile, in operation since July 2014.
"AES Gener is advancing steadily in the incorporation of renewable energy into its portfolio to make its customers' electricity supply more green and competitive. The incorporation of the Cururos, 110 MW of renewable energy 330km north of Santiago, will be added to the 847 MW that are currently under construction in Chile and that highlight the leadership of our company in the decarbonization process of the country," Ricardo Manuel Falú, General Manager.
Avangrid to sell stakes in Arizona-based wind and solar projects.
Avangrid, an energy services and delivery company, sold a 50% ownership of the Dry Lake II Wind Farm and 50% of the Copper Crossing Solar Project to Axium Infrastructure, an independent portfolio management firm.
"An experienced asset manager like Axium Infrastructure is a natural partner as we continually work to optimize our renewables assets and pipeline through strategic sales, alliances, or partnerships, and create value and new opportunities for the business," Avangrid Renewables' President and CEO Laura Beane.
EMEA
The Treasury department of UK is prepared to block HKEX's proposed takeover of LSEG. The Government can wade in to potential takeovers and even block them – if they threaten the national interest.
HKEX is 6% owned by Hong Kong government. MPs and LSE shareholders have raised fears that selling the LSE could let China exert influence over Britain's financial system. In the case of the LSE, the Government is concerned about national security and the UK's financial stability.
Barclays, RBC Capital Markets, Goldman Sachs, Morgan Stanley, Robey Warshaw, JP Morgan, and Teneo are advising LSEG. Moelis & Co and Headland Consultancy are advising HKEX.
The UK government has made a rare intervention in the $4.8bn takeover of Cobham by US-based private equity firm Advent International. The UK government said the reason for the intervention are the concerns raised over the national security impact of the purchase of defense company Cobham, which may ultimately lead to a further delaying or even blocking the deal.
Andrea Leadsom, UK Business Secretary, has issued a European intervention notice, calling for a report from the Competition and Markets Authority by Oct 29 to determine whether Cobham should be sold.
Bank of America Merrill Lynch, JP Morgan, Rothschild & Co, Allen & Overy, MHP Communications are advising Cobham. GSO Capital Partners, Citigroup, Credit Suisse, Goldman Sachs, Linklaters, Weil Gotshal and Manges, White & Case and Finsbury are advising Advent International.
Gray Dawes Group, a leading travel management firm, acquires Amber Road Travel, a UK based travel management firm, from private equity company Endless. Financial terms were not disclosed.
The acquisition of Amber Road Travel and their Manchester and Leeds offices reinforces Gray Dawes Group’s presence in the North West of the country.
“We hope that joining forces with Gray Dawes is an exciting outcome for the loyal workforce at Amber Road. We would like to thank all the Amber Road team for their hard work and dedication" James Wolley, Endless Partner.
Ellisons Solicitors and Elman Wall are advising Gray Dawes. Park Place Corporate Finance and DWF are avising Amber Road and Endless.
Specialist Components, a private limited company incorporated in England and Wales, which was recently established at the direction of Harwood Capital, offered to acquire APC Technology Group, a United Kingdom-based company, which provides design, specification and distribution of electronic equipment, for $26m, including debt.
"The Offer provides all APC Shareholders with the opportunity of a cash exit at an attractive premium to the Company's prevailing share price and we believe the Offer recognizes the Company's underlying value. Whilst the business has recently performed well on the public market, we firmly believe that APC will be better placed to deliver on the next phase of its strategic objectives and the longer-term growth of its specialist electronics businesses in the private arena and, subject to shareholders approving the Scheme, look forward to the Company's ownership by Specialist Components and the opportunities that will present for all of our stakeholders." Tony Lochery, Non-Executive Chairman of APC.
Shore Capital & Corporate is advising APC Technology. Strand Hanson is advising Specialist Components.
Anacapa Partners, a leading private equity firm focused on acquisitions in the lower middle market, has completed a growth investment in Israel-based Dooblo, a leader in mobile survey software, data collection, and analysis solutions. Trail Mark Partners participated in the investment alongside Anacapa. Financial terms were not disclosed.
“The backing of Anacapa and Trail Mark will help Dooblo continue meeting the sophisticated needs of our clients while expanding awareness of our SurveyToGo platform in the market research space. The experience of Jeff and his team will be critical as we enter the next phase of Dooblo’s journey,” said Guy Solomon, Founder and Managing Director, Trail Mark Partners and newly appointed CEO, Dooblo.
BackBay Communications advised Anacapa Partners.
Norconsult, a leading engineering consultancy firm acquires ECT, a rival engineering consultancy firm. Financial terms were not disclosed.
The acquisition reinforces Norconsult’s position as Norway’s largest and strongest multi-disciplinary consulting company. The transaction is scheduled to be completed during the autumn, subject to approval by the Norwegian Competition Authority.
“We are delighted that ECT is becoming part of Norconsult, and we wish a warm welcome to all our new colleagues. The two businesses are a perfect fit, both professionally and culturally,” Bård Sverre Hernes, Norconsult EVP.
Materials manufacturer Covestro has signed an agreement with Serafin Group, a private equity firm, for the sale of Covestro’s European polycarbonate sheets business, which comprises manufacturing units in Belgium and Italy, central management operations and sales support in Europe. Financial terms were not disclosed.
The completion of the transaction is subject to the approval of the relevant antitrust authorities. Covestro has decided that the sheets business no longer fits in the strategy of its Polycarbonates segment in the long-run.
Silke and Holger Friedrich acquired Berliner Zeitung, a daily newspaper based in Berlin, from DuMont, one of Germany's oldest and largest publishing houses. Financial terms were not disclosed.
"Over the past ten years, the team in Berlin has developed innovative solutions for the capital city's media market and, in particular, anchored the Berliner Zeitung as a fixed journalistic entity in the city. We are delighted to hand over the publishing house to Berliners who wish to continue this work with the team and to invest further in the future of the publishing house. " Christian DuMont Schütte, Chairman of the Supervisory Board of DuMont.
Saudi Finance Minister still considering secondary options for Aramco IPO.
Saudi Arabia is still considering secondary locations for the flotation of oil giant Aramco after primary location Riyadh.
“Saudi Arabia has weathered significantly worse situations than what we have seen now. The interruption, in terms of the economy, in terms of revenue, is zero.” Finance Minister of Saudi Arabia, Mohammed al-Jadaan.
Vincent Bollore’s $33bn valuation of Universal Music Group is higher than SOTP of the entire Vivendi Group.
French billionaire Vincent Bollore is valuing his Universal Music Group at €30bn ($33bn). Investors appear to disagree, Bloomberg reported.
They’re ascribing approximately the same amount to Vivendi, of which Universal Music is only one part. Vivendi also houses one of the world’s most prominent advertising groups, Havas, dominant French pay-TV company Canal+ Group, a video game maker and almost a quarter of Italy’s biggest telecommunications company.
E.ON hires BNP Paribas to sell $1.1bn Czech retail business.
E.ON has hired BNP Paribas to explore the sale of its energy unit in the Czech Republic, an asset which E.ON is due to sell as part of its pending takeover of Innogy, Bloomberg reported.
E.ON plans to kick off a formal sale process for Innogy’s Czech electricity and gas retail business in the coming weeks. The assets, which EON is selling to win antitrust approval for the Innogy acquisition, could fetch as much as €1bn ($1.1bn).
ADM Capital acquired 230k hectares of farmland from Hall Hunter Partnership. (FS)
London-based private equity firm ADM Capital acquired a 230-hectare berry farming plot of land from Hall Hunter Partnership, one of the leading soft fruit growers in the UK. With these assets, the fund will create a new holding company, The Summer Berry Co.
ADM aims to capitalize upon the significant investment opportunities generated by the ongoing evolution occurring in global demographics and trade patterns, and the inability to meet growing regional demand for high-value foods by some of the world’s fastest-growing economies.
AnaCap hits the hard cap on fourth credit fund with €1bn final close. (FS)
AnaCap Financial Partners, an European dedicated financial services specialist investor, has held the final close of its fourth Credit Opportunities fund, raising a total of €1bn ($1.1bn).
The fund was oversubscribed following keen interest from both existing and new investors and is approximately 70% larger than its predecessor. Combined with the firm’s Private Equity funds, AnaCap has now raised funds totaling over €5bn ($5.5bn), including credit funds totaling €2.6bn ($2.9bn) since the Credit Opportunities strategy inception in 2009. This includes AnaCap Financial Europe, an investment vehicle established by AnaCap in 2017 with the issuance of a senior secured bond. AFE invests in predominantly non-performing loans across Europe alongside AnaCap’s Credit Opportunities funds and holds strategic stakes in servicing affiliates in core geographies of Italy, Spain, and Portugal.
Pantai Holdings (a wholly-owned indirect subsidiary of IHH Healthcare) acquires Prince Court Medical Centre, a multispeciality healthcare facility from Khazanah Nasional Berhad, a leading private equity firm, for $144m.
The proposed acquisition will enable PCMC to fully benefit from being integrated into IHH’s Malaysian operations and its broader global network. It would also strengthen IHH’s overall position in the domestic healthcare services market, with Khazanah’s continued contributions through its involvement in IHH.
“This transaction is in line with our refreshed mandate and provides Khazanah with the liquidity for our future investment capital requirements. In addition, Khazanah is confident that PCMC will further benefit from IHH’s wealth of experience in providing premium healthcare" Datuk Shahril Ridza Ridzuan, Khazanah Managing Director.
Nissan seeks sale of trading unit in $1bn deal. (FS)
Nissan Motor is seeking to sell a wholly-owned subsidiary that distributes vehicle parts and materials in a deal that may be valued at about $1bn, as the struggling Japanese automaker aims to slim down.
The company has invited private equity and trading firms to bid for 100% of Nissan Trading. The buyer may be selected by as early as October. The target valuation includes assumed debt.
China's Henlius raises $410m in Hong Kong IPO. (FS)
Shanghai Henlius Biotech has raised $410m after pricing its Hong Kong initial public offering at the bottom end of the indicative pricing range, Reuters reported.
Henlius, backed by Chinese conglomerate Fosun International priced shares at HK$49.6 ($6.34) apiece, having indicated a price range of between HK$49.6 and HK$57.8 ($7.3) each share for the public offering.
General Motors and Tata Consultancy Services announced a strategic partnership.
General Motors and Tata Consultancy Services, a leading global IT services, consulting and business solutions organization, announced a new partnership in future global vehicle engineering. This builds on the 16-year long relationship between the two companies. Under the terms of the agreement, TCS will acquire certain assets at the GM Technical Center – India, in Bengaluru, and will partner with GM, supporting its global vehicle programs with engineering design services over the next five years.
“We are delighted to elevate our long-standing relationship with GM to a strategic partnership. TCS is excited to be part of GM’s efforts in next-generation mobility, helping them design and engineer world-class vehicles that set new benchmarks in driving experience, safety and emissions,” Regu Ayyaswamy, Global Head, Engineering and Industrial Services Practice, TCS.
Exxon Mobil puts Australian Bass Strait oil, gas assets up for sale.
Exxon Mobil is looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia’s Bass Strait as part of a broader review of its global portfolio of assets. The sale could fetch up to $3bn, however decommissioning costs for the aging fields could dent the price tag.
The Gippsland Basin joint venture, off the state of Victoria, has long been the mainstay oil and gas supplier for southeastern Australia, but output is in decline.
Warburg-backed Singapore real estate fund manager ARA eyes listing. (FS)
Warburg Pincus-backed ARA Asset Management, one of the largest Asian real estate fund managers, is exploring a dual stock market listing, including one in Singapore, in the next two to three years, DealStreetAsia reported.
“A dual listing is a likely scenario. Singapore definitely will be one venue,” ARA, group CEO and co-founder, John Lim.
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