AMERICAS
The Competition and Markets Authority found that Adevinta's anticipated $9.2bn acquisition of classifieds business from eBay, a global commerce company, could lead to higher prices and less choice for consumers.
According to the transaction terms, eBay will acquire a 33.3% voting stake in Adevinta and positions on the Adevinta board. This means that eBay will be able to participate in the management of Adevinta and could enable it to influence the business strategy for Gumtree, a company urnishing advertising services, and Shpock.
The CMA is concerned the merger could lead to a loss of competition between Shpock, Gumtree and eBay's marketplace, with only Facebook marketplace remaining as a significant competitor.
Adevinta is advised by Ernst & Young, Barclays, Citigroup, Advokatfirmaet BA-HR, Cleary Gottlieb Steen & Hamilton, Moalem Weitemeyer Bendtsen, Skadden Arps Slate Meagher & Flom, Stibbe and Edelman. Financial advisors are advised by Shearman & Sterling. Debt financing is provided by Barclays, Citigroup and DNB Bank. EBay is advised by Goldman Sachs, LionTree Advisors, De Brauw Blackstone Westbroek, Quinn Emanuel, Thommessen, Wachtell Lipton Rosen & Katz, and Joele Frank. Financial advisors are advised by Sullivan & Cromwell.
Carnelian Energy-backed Peridot Acquisition to merge with Li-Cycle in a $1.7bn deal. (FS)
Carnelian Energy-backed Peridot Acquisition, a special purpose acquisition company, to merge with Li-Cycle, a provider of recycling services, in a $1.7bn deal.
“Li-Cycle’s patented technology is proven in the North American market as the leading way to recycle lithium-ion batteries and re-use recovered materials to make new batteries in a truly circular and sustainable manner. The capital raised in this transaction will fully fund our planned global growth. We are excited to partner with the Peridot team and enter the public markets, deliver on our mission and create long-term value for our customers, employees and shareholders," Ajay Kochhar, Li-Cycle Co-Founder, President and CEO.
Peridot Acquisition is advised by Barclays, UBS, Kirkland & Ellis and Stikeman Elliott. Li-Cycle is advised by INFOR Financial, Barclays, Citigroup, Cowen & Company, UBS, Freshfields Bruckhaus Deringer and McCarthy Tetrault.
Commercial property data vendor CoStar Group has made a $6.9bn all-stock offer for CoreLogic, gatecrashing a smaller buyout deal between the real estate data provider and two private equity firms, Reuters reported.
The offer, announced by CoStar, is higher than the $6bn deal CoreLogic and private equity firms Stone Point Capital and Insight Partners had agreed on earlier this month.
It consists of 0.1019 shares of CoStar’s common stock in exchange for each share of CoreLogic, implying a value of about $95.76 per share. That represents a premium of 16.8% to CoreLogic’s close on Friday.
CoStar is advised by Goldman Sachs and Latham & Watkins. CoreLogic is advised by Evercore, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Insight Partners is advised by Willkie Farr & Gallagher. Stone Point Capital is advised by JP Morgan, Wells Fargo Securities and Kirkland & Ellis.
Longview Acquisition, a SPAC, agreed to merge with Butterfly Network, a digital health company, in a $1.5bn deal.
"2020 was a milestone year for Butterfly as we made significant progress towards fulfilling our mission to deliver innovative ultrasound technology that is easy to use, integrates into clinical decision-making workflow, and ultimately lowers the cost of care," Dr. Jonathan Rothberg, Butterfly Founder and combined company Chairman.
Butterfly Network was advised by JP Morgan, Mintz Levin, ICR and Westwicke. Longview Acquisition was advised by Cowen & Company, UBS and Ropes & Gray. Debt financing was provided by UBS.
Rexnord, a process, motion control and water management operations company, is set to merge with Regal Beloit, a designer, manufacturer and seller of electric motors and controls, in a $3.7bn deal. Regal shareholders will own 61.4% and Rexnord shareholders will own 38.6% of the combined entity.
"This transaction provides clear and compelling value for Rexnord shareholders through ownership in a combined company with enhanced scale and significant growth opportunities. Regal is committed to investing in the continued growth of its power transmission business, and we are confident the PMC platform and team are a perfect fit to accelerate their strategy. Rexnord's Water Management business will be well-positioned to continue to drive differentiated growth as a standalone business aligned around its distinct competitive advantages and market dynamics," Todd Adams, Rexnord Chairman, President and CEO.
Rexnord is advised by Citigroup, Evercore, and Morgan Lewis & Bockius. Debt financing is provided by Credit Suisse. Regal Beloit is advised by Barclays, Incentrum Group, and Sidley Austin.
Eclipse Ventures-backed Owlet Baby Care, a manufacturer of healthcare products, is set to merge with Sandbridge Capital and PIMCO-backed Sandbridge Acquisition, a special purpose acquisition company, in a $1.1bn deal.
“Ken Suslow and Domenico De Sole are category-defining modern brand creators, and will help usher Owlet into our next phase of growth as we expand our product suite and work to support family needs through some of the most crucial years of raising children. We look forward to further serving our current loyal customers as well as addressing a sizable untapped market, spanning multiple consumer touchpoints, and building Owlet into a vital family platform that will serve parents for generations to come," Kurt Workman, Owlet CEO and Founder.
Owlet Baby Care is advised by Bank of America Merrill Lynch, Latham & Watkins and ICR. Sandbridge is advised by Bank of America Merrill Lynch, Citigroup, Ropes & Gray and Konnect Agency.
New Mountain Capital, an alternative investment manager, agreed to acquire Aegion, a provider of technologies and services, for $963m.
“As a private company, we will have the resources and long-term approach to build on our progress and further enhance our differentiated portfolio of technologies. We have met with the New Mountain team several times in recent years and are confident in their focus on supporting our business, our people and achieving our long-term goals. We look forward to working together with New Mountain as we continue to deliver transformational solutions to maintain, rehabilitate and protect critical infrastructure around the world," Charles R. Gordon, Aegion President and CEO.
New Mountain Capital is advised by Houlihan Lokey, Jefferies, Ropes & Gray and Abernathy MacGregor Group. Aegion is advised by Centerview Partners, Joele Frank and Shearman & Sterling.
Progressive, a provider of insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, agreed to acquire Protective Insurance, the publicly-traded holding company for several property-casualty insurance subsidiaries, for $338m. The acquisition is expected to close prior to the end of the third quarter of 2021, subject to customary closing conditions, including receipt of certain required regulatory approvals and approval of Protective’s Class A shareholders.
“With Progressive’s scale and resources, we expect to deliver greater value to our policyholders, while continuing to provide the exceptional service they have come to expect from us. Progressive shares our commitment to excellence in serving customers, and we are confident they are the ideal owner for Protective. Together, we will be able to deliver innovative offerings and superior customer service to even more customers across the country,” Jeremy Johnson, Protective Chief Executive Officer.
Protective Insurance is advised by Piper Sandler, Skadden Arps Slate Meagher & Flom and Joele Frank.
New Mountain Capital, an investment firm with over $30bn in assets under management, agreed to acquire a majority stake in Accolite Digital, a cloud and digital product engineering services provider, for $250m.
“Accolite is focused on helping our customers successfully deliver their most complex digital transformation initiatives. We are confident that New Mountain’s deep sector expertise and proven track record of building businesses will help us achieve our growth ambitions and yield significant benefits for our customers, employees and industry partners,” Leela Kaza, Accolite Digital Founder and CEO.
New Mountain Capital is advised by Abernathy MacGregor Group. Accolite Digital is advised by Ernst & Young and O3 Capital.
Clearlake and SkyKnight-backed symplr, a global healthcare governance, risk management, and compliance software-as-a-service platform, completed the acquisition of Phynd, an information management platform. Financial terms were not disclosed.
"Delivering new and significant ongoing value to our customers is integral to symplr's mission. Bringing Phynd into the symplr family helps us further deliver on that promise. Phynd will integrate with our existing provider software solutions to create an end-to-end provider data management platform for hospitals, health systems, and payers that is unmatched in the healthcare industry today. We're excited to continue leading the healthcare GRC industry with innovative solutions that drive meaningful change," BJ Schaknowski, symplr CEO.
symplr was advised by Harris Williams & Co, Healthcare Growth Partners and Lambert & Co.
Chart Industries to acquire Cryo Technologies for $55m.
Chart Industries, an independent global manufacturer of highly engineered equipment, agreed to acquire Cryogenic Gas Technologies, a provider or custom engineered process systems to separate, purify, refrigerate, liquefy and distribute high value industrial gases, for $55m.
“Cryo Technologies' differentiated cryogenic engineering expertise, global project experience in hydrogen and helium liquefaction coupled with our process technologies, brazed aluminum heat exchanger and cold box manufacturing capabilities creates the only multi-molecule full-solution liquefaction and equipment offering in the world,” Jill Evanko, Chart CEO and President.
Cryogenic Gas Technologies is advised by Saxton & Stump. Chart is advised by Winston & Strawn.
Bain Capital Specialty Finance, a business development company, and Pantheon, a private equity, infrastructure, real assets and debt investor, are set to form International Senior Loan Program, a company providing private direct lending solutions to middle market borrowers. Financial terms were not disclosed.
Bain Capital will hold a 70.5% equity stake in the venture, while Pantheon Ventures will own the remaining 29.5% stake.
“Bain Capital Credit has had a global lending presence for over 15 years. Our partnership with Pantheon is a natural extension of our middle market lending expertise and scale and will allow us to further expand BCSF’s reach and capabilities into Europe and Australia -- markets where we continue to see attractive growth opportunities - while driving long-term value to our shareholders,” Michael Ewald, BCSF CEO.
BCSF is advised by Stanton PRM.
Red Cat, which provides products, services and solutions to the drone industry, agreed to acquire Skypersonic, a provider of drone products and software solutions. Financial terms were not disclosed.
"The addition of Skypersonic will further strengthen our growing suite of highly specialized and unique drone services. We continue to build a strong platform of products and services in the drone industry which is forecast to reach $40bn by 2025." Jeff Thompson, Red Cat CEO.
Red Cat is advised by Redchip Companies.
Serco Group, a provider of public services, agreed to acquire Whitney, Bradley & Brown, a provider of advisory, engineering and technical services, from HIG Capital, a private equity and alternative assets investment firm, for $295m. The transaction is expected to complete in the second quarter of 2021, subject to regulatory approvals.
"Growing the scale, reach and capability of Serco in the largest defence market in the world is one of our strategic objectives, and the acquisition of WBB significantly advances that strategy. It creates a powerful platform for future growth and brings us impressive new capabilities in areas such as advanced data analytics, AI & machine learning and precision navigation and timing, along with a team of renowned subject matter experts covering a wide range of disciplines that can be deployed across our business," Rupert Soames, Serco Group CEO.
CloudMD, a telehealth company, agreed to acquire VisionPros, a vertically integrated digital eyewear platform, for $60m.
“VisionPros’ disruptive tele-optometry platform aligns with our vision of providing patient-focused, whole-person care and will allow us to leverage a number of our technologies and integrate our solutions into one seamless patient experience,” Dr. Essam Hamza, CloudMD CEO.
CEMEX, a building products company, completed the acquisition of Beck Readymix Concrete, a company producing readymix concrete, landfill, and providing dumpster rental services. Financial terms were not disclosed.
“Texas is experiencing explosive growth, and CEMEX has repeatedly shown it is ready to make moves to help fuel it. By acquiring these facilities, CEMEX will be able to deliver our high-quality products that many Texans are already familiar with to satisfy the high demand of customers of one of the state’s most dynamic markets. We welcome our new employees and look forward to a smooth transition for them," Scott Ducoff, CEMEX Regional President.
Clayton, Dubilier & Rice raised $16bn for its CD&R Fund XI. (FS)
Clayton Dubilier & Rice closed fundraising for its largest $16bn buyout fund to date. Like many of its buyout peers, the firm has enjoyed consistently strong support from investors, allowing it to raise larger funds. The firm raised $10bn for its 10th flagship fund in 2017, which exceeded the $6.25bn collected for the firm's ninth fund in 2014.
Investors that have disclosed commitments to the new vehicle include the California Public Employees’ Retirement System, which pledged $500m, and the South Carolina Retirement System Investment Commission, which committed $75m.
CD&R was advised by Debevoise & Plimpton.
Calypso Technology is up for sale.
Calypso Technology sale has begun, and the San Francisco fintech could fetch as much as $2bn. Calypso had hired bankers for the process, which was expected to start later in the first quarter, Private Equity News reported. Founded in 1997, Calypso provides software that supports trading, risk management, collateral, processing, accounting, and compliance for more than 180 financial institutions.
Calypso is generating up to $100m in EBITDA in fiscal 2020 and could trade for 20 times EBITDA or up to $2bn. The sales process is geared to private equity firms and some strategic buyers. Buyout shops that may be interested include Blackstone Group, Vista Equity Partners, GTCR and Cinven.
Evercore and Jefferies are advising on the process.
HelloFresh founder Richter plans to list US SPAC.
Dominik Richter, the founder and chief executive of German meal kit delivery firm HelloFresh, plans to list a SPAC in New York to tap into investor interest in new offerings. Tech entrepreneur Jan Beckers will join the SPAC's board.
The blank-cheque firm, which he is setting up with investor Roman Kirsch, plans to sell shares worth $200-$500m, Reuters reported adding that an official filing could take place in the coming days with a listing as early as March.
Nordic Entertainment Group conducted a $524m directed share issue.
Nordic Entertainment Group, the Nordic region's streaming company, on its SEK4.35bn ($524m) directed share issue to Swedish and international institutional investors.
Headquartered in Stockholm, Sweden, Nordic Entertainment Group is the Nordic region's streaming company, operating streaming services, TV channels, radio stations, and production companies. Its Viaplay streaming service is available in every Nordic country and is due to launch in Estonia, Latvia, Lithuania, Poland, and the US in 2021, followed by five additional markets by 2023.
Nordic Entertainment Group is advised by White & Case.
D.E. Shaw looks for $71m in Ledudu Education. (FS)
D.E. Shaw & Co, a hedge fund giant, is demanding more than $71m from a Chinese school operator it invested in that failed to sell shares to the public as promised, Bloomberg reported.
New York-based D.E. Shaw, which manages more than $55bn, said it spent $20m in 2013 to acquire preferred shares in Ledudu Education, a private company that operates schools and kindergartens in China.
The claim offers a rare glimpse into a private market deal gone wrong at one of the world's most profitable hedge funds. Closely held, D.E. Shaw had made several investments in Chinese education, including a bet on RYB Education, whose shares tumbled in 2020, according to exchange filings. The money manager last year raised capital for a debut onshore China fund.
HSBC seeks former CBI chief to join the board. (People)
Dame Carolyn Fairbairn, the former CBI director-general, is being lined up to join the board of HSBC Holdings, Europe's biggest lender. HSBC is seeking approval from banking regulators for Dame Carolyn's appointment as a non-executive director, Sky News reported.
An announcement about her appointment could be made at or before the bank's annual meeting in the spring. If confirmed, it would be the second FTSE-100 directorship for Dame Carolyn since she left the CBI late last year. Last week, BAE Systems, the defense contractor, said she would join its board in March.
EMEA
Britain’s competition regulator has set an April 20, 2021 deadline for a preliminary decision on the Issa brothers and TDR Capital’s acquisition of Asda, a supermarket group, from Walmart.
Reuters reported, the petrol forecourts deal, under which the stations will continue to be branded Asda, will be viewed by the CMA as part of its review of the Asda purchase. At the end of the Phase 1 stage, the CMA will either clear the deal or refer the deal to a Phase 2 probe.
TDR Capital is advised by Bank of America Merrill Lynch, Barclays, Lazard, Morgan Stanley, Kirkland & Ellis, Latham & Watkins, Ogier, Brunswick Group, and Tulchan Communications. Debt financing is provided by Barclays, ING Bank, Lloyds Bank and Morgan Stanley. Issa brothers are advised by Skadden Arps Slate Meagher & Flom. Walmart id avised by Rothschild & Co, Slaughter & May, and Finsbury Glover Hering.
Ambienta, a European private equity manager, agreed to acquire Collingwood Lighting, a manufacturer of lighting products, from Baird Capital, aventure capital, growth equity and private equity investor. Financial terms were not disclosed.
“We invested in Collingwood in 2018 because we saw an opportunity to back Steve and his team’s vision to take a business with a fantastic brand and an enviable customer reputation and grow it rapidly. During our hold period, the business gained market share in its traditional residential and landscape markets and also launched products into the adjacent commercial and industrial lighting segments. Collingwood is at the forefront of product innovation in the electrical wholesaler channel," James Benfield, Baird Capital Partner.
Ambienta is advised by PricewaterhouseCoopers, Willis Towers Watson, Alvarez & Marsal, DC Advisory, Osborne Clarke, and Finsbury Glover Hering. Baird Capital is advised by Raymond James and Taylor Wessing.
Bpifrance-backed TechnipFMC, a global leader in subsea, onshore/offshore, and surface projects, completed the demerger into two separate companies, Technip Energies and RemainCo. Financial terms were not disclosed.
“As the market leader and industry’s only fully integrated pure-play, we are uniquely positioned to transform our clients’ project economics, helping them to unlock traditional and new energy resources while reducing carbon intensity and supporting their energy transition ambitions,” Doug Pferdehirt, TechnipFMC Chairman and CEO.
TechnipFMC was advised by Rothschild & Co, Cleary Gottlieb Steen & Hamilton, Darrois Villey Maillot Brochier, Davis Polk & Wardwell, De Brauw Blackstone Westbroek and Latham & Watkins. Rothschild & Co was advised by Sullivan & Cromwell.
Corcentric, a provider of a wide range of electronic business solutions, agreed to acquire Vendorin, a B2B payments provider, from Juvo Technologies, a wireless engineering company, for $100m.
"The Vendorin team worked relentlessly over the last four years to build and innovate on a payments optimization solution that unlocks significant revenue opportunities for enterprises. The combined technology and managed services are a natural synergy for Corcentric and the work they're doing to help business optimize the way they purchase, pay, and get paid. With Vendorin, Corcentric creates an unrivaled offering that will help businesses globally modernize digital payment capabilities," Bryan Schroder, Juvo Technologies Founder.
Corcentric is advised by Bank of America Merrill Lynch, Kirkland & Ellis and The Plunkett Group. Vendorin is advised by Bancorp Investments and Morrison & Foerster.
General Atlantic, a global growth equity firm providing capital and strategic support for growth companies, led a $250m Series A financing round in Centessa Pharmaceuticals, a pharmaceutical company. Additional investors include Vida Ventures, Janus Henderson, Boxer Capital, Cormorant Asset Management, T. Rowe Price Associates, Venrock Healthcare Capital, Wellington Management, BVF Partners, EcoR1 Capital, Franklin Templeton, Logos Capital, Samsara BioCapital and LifeSci Venture.
“The vision of Centessa is to build a pharmaceutical company with a unique operational framework that aims to reduce some of the key R&D inefficiencies that classical pharmaceutical companies face because of structural constraints. Our operations will be driven by an asset-centric approach, whereby each Centessa Subsidiary is solely focused on the execution of its programs with oversight from the highly experienced Centessa management team. The ambition of applying asset centricity at scale is to be able to deliver life altering medicines to patients with improved efficiency by boosting R&D productivity," Francesco De Rubertis, Centessa Pharmaceuticals Chairman.
Centessa Pharmaceuticals was advised by Goodwin Procter, 1AB, Optimum Strategic Communications and VEITHing Spirit.
Ally Bridge Group and Sofinnova Partners led a $108m investment in Mainstay, an independent residential property asset management provider. Additional investors include KCK Group and Fountain Healthcare Partners.
“A financing of this magnitude, supported by such a quality global investor group, is testament to the confidence in the commercial opportunity for ReActiv8. We are now strongly capitalized to execute on our corporate objectives in 2021 and beyond, including the launch of ReActiv8 in the US market and acceleration of our commercialization efforts in Europe and Australia," Jason Hannon, Mainstay CEO.
Mainstay Medical ia advised by FTI Consulting, LifeSci Public Relations and The Ruth Group.
CVC Capital-backed Teneo, a provider of strategic communications, investment banking, business intelligence services, agreed to acquire restructuring services business from Deloitte, a multinational professional services network. Financial terms were not disclosed.
"The combination of the UK's best distressed restructuring specialists with our existing advisory expertise will reinforce and extend Teneo's position as the world's leading CEO advisory firm. Teneo intends to use this acquisition to build a global restructuring practice leveraging our existing capabilities in the United States as well as through further M&A and organic growth," Declan Kelly, Teneo Chairman and CEO.
Teneo is advised by Wachtell Lipton Rosen & Katz. Deloitte is advised by Liberty Corporate Finance and Macfarlanes.
BAWAG, a publicly listed holding company headquartered in Vienna, Austria, agreed to acquire DEPFA BANK, an Irish bank, from the German Financial Market Stabilisation Fund-backed FMS Wertmanagement, the German Federal government's winding-up institution. Financial terms were not disclosed.
“It was the interplay of efficiency improvements at DEPFA as well as some highly complex financial transactions between FMS-WM, DEPFA and third parties. The bottom line is that the sale marks what is a successful conclusion to the winding-up of DEPFA, also from the perspective of the German taxpayer,” Christoph Müller, FMS-WM Spokesman of the Executive Board.
FMS WM is advised by Barclays and Hengeler Mueller.
Suez asked French judges to impose a daily fine of $61m if Veolia Environnement doesn’t withdraw its hostile takeover offer, Bloomberg reported.
Suez lawyer Bruno Cavalié told a court outside Paris that Veolia deliberately ignored a ruling from last week that ordered the company to temporarily hold off on any takeover bid that didn’t have the approval of Suez’s board.
Cavalié said the withdrawal is needed as Veolia shouldn’t have been allowed to file the offer after repeatedly pledging not to make a hostile bid.
Suez is advised by Sullivan & Cromwell.
Warner Music Group agreed to acquire a stake in Rotana Music, a Saudi billionaire’s record label, from Rotana Group, the Saudi entertainment company. Financial terms were not disclosed.
“The Middle East and North Africa region is among the most culturally dynamic places in the world today, with burgeoning musical scenes and dramatic consumption growth. We’re thrilled to be joining with Rotana, whose significant presence in the market reflects its extraordinary roster of musical icons and outstanding talent,” Simon Robson, WMG International, Recorded Music President.
Rotana Music is advised by Kacy Grine & Co.
Canadian tour operator Transat said Air Canada had refused to extend the deadline for its $148.7m takeover deal beyond February 15, after European regulators failed to give their approval, Reuters reported.
Shares of Transat tumbled 8%, while those of Air Canada rose 3.5%. While the companies are discussing potential amendments, there can be no assurance that an agreement will be reached, or that Air Canada or the company will not terminate the deal if the relevant circumstances so warrant.
Air Canada is advised by Morgan Stanley.
TA Associates, a global growth private equity firm, is set to invest in IGEL, a provider of the next-gen edge OS for cloud workspaces. C. Melchers will maintain a significant equity interest in the company. Financial terms were not disclosed.
“IGEL is the market-leading edge operating system, delivering simplicity with manageability, security, and the flexibility that delivers a richness of experience at a time when customers need these capabilities more than ever before. I am pleased to be joining the IGEL Board at such a transformational time for the company and the industry, and to be supporting Jed and the team in accelerating IGEL’s growth," Bill Veghte, IGEL Executive Chairman.
Adidas launches the sale process for Reebok.
Adidas plans to divest its underperforming Reebok brand as the German sportswear maker moves on after trying to revive its performance for more than a decade.
Adidas is starting a formal process to exit the business, and it will present more details on its new strategy on March 10. The apparel maker said in December it was weighing options for Reebok.
Adidas is throwing in the towel 15 years after acquiring the brand for $3.8bn. While the pandemic could mute prospects for sale somewhat, soaring stock markets are driving asset prices higher. Reebok may fetch $1.2-1.8bn. He estimates the sale would be neutral for the German company's earnings.
Carlyle to divest Logoplaste. (FS)
Carlyle, a buyout group, has shortlisted BC Partners and Apax, private equity firms, in the sale of its majority stake in Logoplaste, a Portuguese plastic packaging maker, worth up to €1.4bn ($1.7bn), Reuters reported.
Ontario Teachers' Pension Plan and Stonepeak Infrastructure Partners also remain in the running and are expected to hand in final offers at the end of the month. Logoplaste, founded in 1976 by entrepreneur Marcel de Botton, makes plastic bottles and containers for water, milk, ketchup, shampoo, and lubricants, supplying Danone, Nestle, Arla, Kraft Heinz, P&G, and L'Oreal, among others.
The company manages 63 factories in 16 countries and has annual sales of more than €500m ($606). Carlyle bought a 60% stake in Logoplaste in 2016 at a valuation of €660m ($800m), with family owners Filipe de Botton and Alexandre Relvas retaining the rest.
Kerry Group considers selling the dairy business.
Kerry Group is exploring a potential sale of what was once its bedrock dairy business as it seeks to cement its position into a global ingredients player.
A strategic review of the UK and Ireland dairy business is underway, Tralee-based Kerry. Bloomberg reported that the company's consumer food business could be sold. There is no certainty that the review will lead to a transaction.
Chief Executive Officer Edmond Scanlon responds to rapid changes in the food-and-beverage industry, with many customers embracing healthier products with natural ingredients.
Enel agrees on the green hydrogen project with Saras.
Enel, an Italian utility, has agreed with Saras to develop a project to supply green hydrogen to the Italian refiner's Sarroch site in Sardinia, Reuters reported.
The project involves the construction of a 20MW electrolyzer powered by renewable energy generated onsite to provide green hydrogen to fuel the refinery at Sarroch.
"The production and use of green hydrogen (is) now considered one of the strategies with the greatest potential for the decarbonization of refining processes and the production of new generation fuels," Dario Scaffardi, Saras CEO.
PPF to pick banks for IPO of $5bn telecom arm. (FS)
Petr Kellner's PPF Group, a Czech billionaire, has picked banks to help it explore a potential listing of its Cetin unit, which operates the country's biggest telecommunications network, Bloomberg reported.
PPF is working with BNP Paribas, Morgan Stanley, and Societe Generale to study options for Cetin, including an IPO. A deal could value the business at about €4bn ($4.8bn).
APAC
Stantec, a provider of professional consulting services, agreed to acquire GTA Consultants, an Australia-based transportation planning and engineering firm. Financial terms were not disclosed.
“GTA adds immediate depth to our existing transportation service offerings in Australia and New Zealand, enhancing our transportation planning, advisory planning, and design capabilities in regions with significant infrastructure investment underway. GTA has been involved—and remains involved—in many of the most substantial transportation projects in Australia. Additionally, their culture of excellence and collaboration aligns very well with our core values, and we’re pleased to welcome them to our growing global community,” Gord Johnston, Stantec President and Chief Executive Officer.
Carlyle seeks the approval of Japan's WingArc1st IPO. (FS)
Carlyle Group, a US buyout firm, is set to win approval for an IPO of Japan's WingArc1st as early as Thursday, its third attempt to list the software firm, Reuters reported.
A successful listing of WingArc1st, which develops and sells business software, including cloud-based offerings, would be the first time an IPO that had failed twice in Tokyo was eventually completed. The Tokyo-based company is likely to list by mid-March with a market capitalization of around $475m.
Carlyle bought WingArc1st from Japan’s Orix for an undisclosed sum in 2016. It shelved IPO plans in 2019 because of market conditions and again last year because of the Covid-19 pandemic.
Idemitsu abandons bid for Toa.
Idemitsu Kosan, a Japanese refiner, has withdrawn its offer for a potential acquisition of a smaller rival, Toa Oil, in which Cornwall Capital Management, a US investment fund, has been building up a stake.
Idemitsu, which already owns 50.12% of Toa, said in a statement to the Tokyo Stock Exchange that it has withdrawn from the bid as it cannot obtain the shares required to complete the acquisition process. The company launched the tender offer in December to buy all the shares of Toa Oil at $23.3 each in a deal worth $143m.
The failure in the bid comes after US asset manager Cornwall Capital Management boosted its stake to about 23%.
Traveloka seeks US listing via SPAC in 2021.
Traveloka, Southeast Asia's biggest online travel startup, is planning to list in the US this year to raise funds using a SPAC. Traveloka adds to a list of Indonesian startups seeking similar US listings via the SPAC method, which allows them to use funds raised from the IPOs to buy a private company that then takes over the listing.
“SPAC is very efficient. If we can do it faster, we can then focus on execution and growing the company.” Ferry Unardi, Traveloka Chief Executive Offer.
Traveloka may consider listing in Indonesia at a later stage.
JDcom seeks to spin off shipping unit in Hong Kong listing.
JDcom, a Chinese e-commerce giant, plans to spin off its JD Logistics shipping business in a listing on the Hong Kong Stock Exchange.
The unit may be valued at about $40bn, Bloomberg reported. JDcom will remain a majority shareholder and will realize value from the business in the listing, the company said in a regulatory filing. Details of the proposed spinoff have not been finalized.
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