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AMERICAS
Global Payments, a provider of payment technology and software solutions, completed the acquisition of EVO Payments, a global provider of payment technology integrations and acquiring solutions, from Madison Dearborn, a private equity investment firm, for $4bn.
"The acquisition of EVO is highly complementary to our technology-enabled strategy and provides meaningful opportunities to increase scale in our business globally. Together with EVO, we are positioned to deliver an unparalleled suite of distinctive software and payment solutions to our combined 4.5m merchant locations and more than 1.5k financial institutions worldwide," Cameron Bready, Global Payments President and COO.
EVO Payments was advised by Citigroup (led by Rick Diamond), Freshfields Bruckhaus Deringer (led by Gunnar Schuster) and King & Spalding (led by Keith Townsend). Citigroup was advised by Fried Frank Harris Shriver & Jacobson. Global Payments was advised by Bank of America (led by Kevin Brunner), Barclays, JP Morgan, Wachtell Lipton Rosen & Katz (led by Jacob A. Kling) and Abernathy MacGregor Group (led by Dan Scorpio). Financial advisors were advised by Cravath Swaine & Moore and Sullivan & Cromwell. Debt financing was provided by Bank of America, Barclays, Evercore, Goldman Sachs, Greenhill & Co and JP Morgan. Madison Dearborn was advised by Kirkland & Ellis (led by Jon-Micheal A. Wheat).
Standard General had filed a lawsuit against the US Federal Communications Commission over its decision to hold hearings on the hedge fund's $8.6bn plan to buy television station operator Tegna, Reuters reported.
The third-largest shareholder of Tegna alleged the FCC Media Bureau's decision to hold was "an unprecedented and legally improper maneuver", as in its nearly year-long review it had not expressed any concerns with the transaction.
Standard General is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, Cooley (led by Michael Basile), Fried Frank Harris Shriver & Jacobson (led by Warren S. de Wied and Roy Tannenbaum), Pillsbury Winthrop Shaw Pittman, and Joele Frank (led by Andrew Brimmer and Jamie Moser). Debt financing is provided by RBC Capital Markets. TEGNA is advised by Evercore, Greenhill & Co, JP Morgan (led by Marco Caggiano), Covington & Burling, Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Igor Kirman, Victor Goldfeld, and Andrew Brownstein), and FGS Global (led by George Sard). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg).
Vista Equity Partners, an investment firm, completed the acquisition of Duck Creek, an intelligent solutions provider, from Apax Partners, a private equity advisory firm, and Accenture, a professional services company, for $2.6bn.
“This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium. Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud," Michael Jackowski, Duck Creek CEO.
CVS Health, a health solutions company, completed the acquisition of Signify Health, a health care platform that leverages advanced analytics, technology, and nationwide healthcare provider networks to create and power value-based payment programs, from New Mountain Capital, a private equity firm, for $8bn.
"This transaction advances our value-based care strategy by enhancing our presence in the home. Our expanded capabilities will bring us closer to the consumer as we continue to redefine how people access and experience care that is more affordable, convenient and connected," Karen S. Lynch, CVS Health President and CEO.
EQT, a global investment organization, agreed to acquire Lazer Logistics, a provider of outsourced yard management and trailer spotting services, from Harvest Partners, a private equity investment firm. Financial terms were not disclosed.
"We have followed the progress of the company for several years and have been impressed by management's track record of exceptional customer service, year-over-year growth, and leadership in areas like electrification and data analytics. We are excited to support management and the company through its next phase of growth and believe EQT's significant experience in the sector and expertise in electrification and digitalization will be highly complementary to what is already an exceptional platform," Crosby Cook, EQT Partner.
Lazer Logistics is advised by Harris Williams & Co, William Blair & Co and Ropes & Gray. EQT is advised by Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison (led by Sarah Stasny, Megan Spelman and Suhan Shim). Harvest Partners is advised by Lambert & Co (led by Lisa Baker).
Energy Transfer, a company engaged in natural gas and propane pipeline transport, agreed to acquire Lotus Midstream, an energy company focused on the development of midstream infrastructure and services, from EnCap Flatrock Midstream, a venture capital firm, for $1.45bn.
Energy Transfer's acquisition of Lotus Midstream's Centurion Pipeline assets will increase the Partnership's footprint in the Permian Basin and provide increased connectivity for its crude oil transportation and storage businesses.
Lotus Midstream is adviseed by Jefferies & Company and Vinson & Elkins (led by Matt Falcone). Energy Transfer is advised by JP Morgan, TD Securities and Sidley Austin.
Garnett Station Partners, a principal investment firm, completed the acquisition of Firebirds Wood Fired Grill, a polished-casual dining chain. Financial terms were not disclosed.
"Firebirds has found tremendous success over the past 20 years through the power of its concept, the passion of its team and the loyalty of its guests, contributing to its consistent industry outperformance from both an average unit volume and same store traffic perspective. We look forward to working closely with Steve and the entire management team to support and accelerate the brand's long-term growth," Matt Perelman, Garnett Station Co-Founder and Managing Partner.
Firebirds was advised by NorthPoint Advisors. Garnett was advised by Netrex Capital Markets, TD Cowen, Kirkland & Ellis and Gagnier Communications (led by Dan Gagnier).
Macquarie Group, a private equity firm, completed an investment in Pavlov Media, a fiber-based Internet connectivity services provider. Financial terms were not disclosed.
"We believe that the combination of Pavlov Media's highly contracted base business and its significant growth potential represents a unique opportunity to invest in the rapidly growing consumer fiber sector. We look forward to partnering with the Pavlov Media management team to support the future growth of the business," Karl Kuchel, Macquarie Infrastructure Partners CEO.
Pavlov Media was advised by Lazard and Hogan Lovells. Macquarie was advised by Morgan Stanley and Kirkland & Ellis.
Actis, a private equity firm, agreed to acquire 11 data centres from Nabiax, a data center operator, for $500m.
“We are delighted to deepen our footprint in the digital infrastructure sector with the acquisition of these anchor assets for our pan-Latam Data Centre platform. We are also excited to partner with Telefonica in the region as a key customer of the platform, while also positioning the data centres as carrier neutral facilities. Data centres are crucial in connecting communities, enabling economic growth, and in providing access to information and education,” Mauricio Giusti, Actis Partner.
Actis is advised by Banco Bilbao Vizcaya Argentaria, Linklaters and Pinheiro Neto.
The new Concentra deal also involves a workforce reduction of about 84% of Jounce's employees, compared to about 57% as part of the Redx deal, Jounce said in a statement, Reuters reported.
Jounce is advised by Cowen & Company (led by Giles Roshier, Erik Schuchard and Tanya Joseph), Longacre Square Partners (led by Dan Zacchei) and Stern IR (led by Julie Seidel).
Blackbaud rejected a buyout offer from its largest shareholder Clearlake Capital that valued the software firm at $3.8bn, Reuters reported.
"Our Board is committed to driving value for all stockholders and regularly reviews our strategy and evaluates opportunities to achieve that goal. Clearlake's unambiguous statement that the firm itself does not need to be an acquirer is an overt attempt to put the Company in play opportunistically. Most importantly, the proposal disregards the tangible momentum in Blackbaud's business that we are confident will drive enhanced value for stockholders," Andrew M. Leitch, Blackbaud Chairman.
Providence Strategic Growth, a private equity firm, completed a $65m investment in Adeptia, a software services provider.
"We believe Adeptia sits near the epicenter of the massive shift underway in the B2B integration space. In our view, the Adeptia team has built an incredible business, and now with Vance at the helm, we believe the company is uniquely positioned to own the intersection of AI, self-service and B2B data integration. We are looking forward to partnering with Vance and the team in this new chapter," Bill Skarinka, PSG Managing Director.
Adeptia was advised by Raymond James (led by Bob Flanagan). PSG was advised by Prosek Partners.
AEA Investors, an American middle market private equity firm, completed the acquisition of TileBar, a building materials producer, from LongueVue Capital, a New Orleans-based private equity firm. Financial terms were not disclosed.
"Eli and the TileBar management team have been extraordinary partners. TileBar has realized transformative growth in a short period of time as a direct result of the team's ability to execute Eli's vision. The Company is a true disruptor in its respective categories, and we are excited to watch the Company's continued success," Ryan Nagim, LongueVue Capital Managing Partner.
TileBar was advised by William Blair & Co and Norton Rose Fulbright.
Accel-KKR, a private equity firm, completed an investment in Riverside-backed Loftware, a technology company. Financial terms were not disclosed.
"Riverside Partners has been an invaluable advisor and supporter as we pursued growth in the past several years, and we are delighted that they will remain a significant investor in our business. We are equally excited to welcome Accel-KKR to Loftware. Now backed by not just one but two leading technology investors, we are poised to do even more for our customers, partners, and employees as we accelerate our global growth plans," Robert O'Connor, Loftware President and CEO.
Loftware was advised by DC Advisory and Robert W Baird.
Kinderhook Industries, a private equity firm, completed the acquisition of A Waste and Recycling, a roll-off waste collection company. Financial terms were not disclosed.
"We remain eager to pursue new opportunities throughout Florida and further build out this platform. EcoSouth Florida continues to look for acquisitions across the solid waste value chain including hauling, transfer and landfill assets. We will continue to deploy capital behind Joe and his team who have demonstrated an ability to quickly and efficiently integrate as well as grow these acquired businesses," Corwynne Carruthers, Kinderhook Managing Director.
Private equity firms MacKinnon Bennett and Idealist Capital completed the acquisition of a minority stake in XNRGY Climate Systems, a manufacturer of commercial HVAC systems.
"XNRGY is at the forefront of climate technology and this latest substantial investment by prominent institutional investors backed by leading Canadian sovereign and financial institutions, is a testament to how XNRGY will continue to deliver on our client's net zero and energy savings goals. We're pleased to work closely together with investors MKB and Idealist Capital on this exciting road ahead," Wais Jalali, XNRGY Founder, Chairman and CEO.
Sverica Capital Management, a private equity firm, completed an investment in Hirebotics, an automation machinery manufacturer. Financial terms were not disclosed.
"We are pleased to partner with Rob, Matt and Zach to help them develop and execute a growth strategy into an exciting and evolving area of manufacturing. Hirebotics' impressive performance has them literally leading the development of a new market and is a testament to their collective business acumen, corporate culture and customer-focused model," Dave Finley, Sverica Managing Partner.
ICU Medical to compete against GE Healthcare for Medtronic units.
ICU Medical has teamed up with a private equity firm to challenge GE Healthcare Technologies in its pursuit of two medical technology businesses that Medtronic is seeking to sell for between $8bn and $9bn, Reuters reported.
ICU Medical, a US medical device maker, has submitted an offer for the assets in partnership with buyout firm Linden Capital Partners and is through to the second round of bidding in the auction process.
GE Healthcare and private equity firms Carlyle Group and Clayton Dubilier & Rice, which have been pursuing rival offers separately, are also through to the second round. Carlyle is bidding through its newly formed healthcare investment platform Atmas Health.
Ares considers a new $400m SPAC.
Ares Management is discussing raising $400m for a new special purpose acquisition company, even as dealmaking by blank-check firms has lagged, Bloomberg reported.
The alternative asset manager is in discussions with underwriters and has held meetings with prospective investors. Terms aren't finalized and Ares could decide against raising a new SPAC.
Berkshire Hathaway stake in Occidental Petroleum rises to 23.6%.
Warren Buffett's Berkshire Hathaway boosted its ownership stake in Occidental Petroleum to about 23.6% after buying nearly 4m additional shares at about $216m, Reuters reported.
Buffett's company began buying large quantities of Occidental stock just over one year ago, around when Russia invaded Ukraine, and has spent more than $1bn on the stock this month.
Blackstone fund said to acquire a stake in FTV Capital.
A fund managed by Blackstone is in advanced negotiations to acquire a minority stake in growth-equity investment firm FTV Capital, Bloomberg reported.
FTV raised its seventh and largest fund at $2.3bn in capital commitments with plans to invest in high-growth companies across the enterprise technology, financial services, and payments industries during last year.
Clearlake Capital Co-Founders eye Los Angeles Chargers' stake.
Clearlake Capital Co-Founders Behdad Eghbali and Jose Feliciano are considering a bid for a minority stake in the National Football League's Los Angeles Chargers, Bloomberg reported.
They are mulling making a personal investment in the team. Dea Spanos Berberian is looking to sell a 24% stake in the team.
Roark is among potential buyers for Subway sandwich chain.
Roark Capital Group, an American private equity firm, is among potential buyers vying for sandwich chain Subway, Bloomberg reported.
Other private equity firms are also considering bidding on the Milford, Connecticut-based company. Subway is seeking a valuation of more than $10bn. Some suitors may value the business at as much as $8bn.
NFL’s billionaire owners want to let private equity buy stakes in teams.
A group of National Football League owners is pushing to allow private equity firms and institutional investors to buy stakes in clubs, a move that could create more bidders at a time of already skyrocketing values for professional teams.
The owners are planning to lobby for potential changes at the NFL’s annual meeting underway in Phoenix, Bloomberg reported.
JAB to split NVA veterinary business into two units.
JAB's National Veterinary Associates is splitting into two separately-managed pet hospital businesses, Bloomberg reported.
NVA will separate out its Ethos Veterinary Health business, which operates 145 specialty vet hospitals. That will leave NVA with about 1.4k locations consisting mostly of general practice vet hospitals.
Parthenon lands $4.5bn for 7th fund.
Parthenon Capital, a growth-oriented private equity firm with offices in Boston, San Francisco and Austin, announced the closing of Parthenon Investors VII with more than $4.5bn in commitments, which exceeded its initial fund target of $3.5bn.
"We appreciate the swift, significant support we received from existing limited partners and are excited to welcome an outstanding group of new investors to the Parthenon family. We feel well positioned for the opportunities ahead," Brian Golson, Parthenon Capital Managing Partner and Co-CEO.
Parthenon was advised by Ropes & Gray and Kirkland & Ellis.
SR One raises $600m for second venture fund.
SR One, a transatlantic life sciences investment firm, closed its second fund at over $600m, substantially exceeding its target of $500m.
The diverse investor base of existing and new limited partners includes endowments, foundations, pharmaceutical companies, pension funds, sovereign wealth funds, and family offices.
SR One was advised by Kirkland & Ellis.
Tribeca is raising new $200m growth fund.
Tribeca Venture Partners, a New York-focused early-stage firm, is raising its second growth-stage fund with a target of $200m.
The vehicle is a downcycle modification of a strategy that Tribeca developed for its first Access fund, which launched in 2018 with $45m.
Apollo-backed Sofinnova launches digital medicine venture fund.
European life sciences venture capital firm Sofinnova Partners has launched a new investment strategy focused on digital medicine, Bloomberg reported.
The strategy follows the minority equity investment by Apollo in May 2022. The alternative asset manager committed to invest as much as €1bn ($1.1bn).
JP Morgan adds partner in sustainable investment team. (People)
JP Morgan has appointed Alex Bell as a partner on the sustainable investment team within the JP Morgan Private Capital group. Bell, who joins from Tikehau Capital, has nearly two decades of private equity experience.
Bell spent about a year at Tikehau as head of the firm’s North American private equity climate practice, and prior to that more than four years at Caisse de Dépôt et Placement du Québec, where he helped start a $368m platform that invests in late-stage venture and early-growth private equity opportunities in energy transition, sustainable food and agriculture and industrial decarbonisation.
EMEA
The UK competition regulator said US chipmaker Broadcom's $69bn takeover of cloud software company VMware could make computer servers more expensive, warning it may launch an in-depth probe if its concerns are not addressed, FT reported.
The Competition and Markets Authority said that the acquisition, which if approved would be the biggest in Broadcom's history, could "lead to less innovation and drive up the cost of computer parts and software" used by government, banks and telecoms.
The UK regulator said it was considering an in-depth investigation into the tie-up after finding it could hurt competition, in a potential roadblock to the blockbuster deal announced last year. The tie-up is also being examined by competition enforcers in the US and Europe.
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 and Andrew Kaplan) 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 and John L. Savva). Broadcom is advised by Bank of America (led by Kevin Brunner and Ron Eliasek), Barclays (led by Laurence Braham, Richard Hardegree and Gary Posternack), Citigroup (led by Tyler Dickson and 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).
KKR and Global Infrastructure Partners completed the acquisition of an 81.7% stake in Vantage Towers, a telecommunication infrastructure provider, from Vodafone, a telecommunications group, in a $16.3bn deal.
"We're delighted to join forces with Vodafone and KKR to invest in Vantage Towers, a high-quality European tower portfolio with strong upside potential. We are looking forward to capturing the exciting value-creating opportunities in the European telecoms infrastructure sector by advancing Vantage Towers' strategy and supporting its capacity to build new sites. As strategic partners with Vodafone and KKR, we will bring our deep infrastructure expertise and resources to help the company deliver the best data connectivity for individuals and businesses and contribute to enabling Europe's digital future in the interest of all stakeholders," Will Brilliant, GIP Partner and Head of Digital Infrastructure.
Concentrix, a provider of customer experience services and technologies, agreed to merge with Webhelp, a company specializing in CX, sales, marketing, and payment services with a strong client and delivery footprint, in a $4.8bn.
“We are honored and excited to join forces with Webhelp, a recognized and game-changing leader in Europe, Latin America, and Africa that shares our culture, values and fanatical focus on people and the success of our valued clients. As we embark on this new journey together, we will have the most impressive toolkit of high-value services and digital capabilities, and a complementary portfolio of approximately 2k amazing clients with a diversified and robust revenue stream. With our combined strengths, we will be uniquely positioned to redefine the industry and design, build and run the future of CX,” Chris Caldwell, Concentrix President and CEO.
Webhelp is advised by Altamoda, Goldman Sachs, Alvarez & Marsal, Sycomore Corporate Finance, Gide Loyrette Nouel, Kirkland & Ellis, Latham & Watkins (led by Alexander Crosthwaite and Christopher Drewry) and Primatice (led by Olivier Labesse). Concentrix is advised by JP Morgan. Debt financing is provided by JP Morgan.
LDC, a private equity firm, completed the investment in Idwal Marine Services, a provider of tech-enabled inspection services for the global commercial shipping sector. Financial terms were not disclosed.
"This is the ideal outcome for both Idwal and Graig, as well as our customers and colleagues. As an independent company with the support of LDC, Idwal is strongly positioned to increase investment in its services and its international presence," Nick Owens, Idwal CEO.
Idwal Marine Services was advised by Lexington Corporate Advisors and Capital Law. LDC was advised by BDO, OC&C Strategy Consultants, KPMG, Blake Morgan and Ernst & Young. Graig Shipping was advised by Stout Capital and Taylor Wessing.
EQT, an investment organization, agreed to acquire a 82.1% stake in Tion Renewables, a renewable energy producer, from Pelion Green Future, a clean energy company, for $133m.
“Tion Renewables plays an important role in Europe’s energy market by producing over 300 GWh of green electricity every year. This acquisition, which is EQT Active Infrastructure’s second investment, is a prime example of the Fund’s purpose-driven and active investment strategy directly contributing to the energy transition and decarbonization targets. We believe it offers a distinct risk-return proposition with strong downside protection, stable cash yield generation and low volatility. We are convinced that Tion Renewables is on track to becoming a key contributor to the energy transition and look forward to supporting the Company on its next phase of growth," Fabian Gröne, EQT Partner.
EQT is advised by BNP Paribas and Milbank. Tion Renewables is advised by Linklaters and Sullivan & Cromwell (led by Carsten Berrar).
Cinven, a private equity firm, agreed to acquire the Admixtures business of MBCC, a chemicals manufacturer, from Sika, a specialty chemical company. Financial terms were not disclosed.
"Cinven is delighted to make this investment in MBCC Admixtures, a business we have long admired and whose progress we have followed closely. MBCC brings together a number of attractive qualities – it is a global leader in its sector, has great potential for further growth and innovation, and plays a key role in helping cement and concrete producers to reduce carbon emissions. We are very much looking forward to helping the business to realise its full potential through a long-term growth strategy," Pontus Pettersson, Cinven Partner.
Mubadala eyes Bridgepoint’s $2.5bn dialysis firm Diaverum.
Mubadala Investment is exploring an acquisition of Bridgepoint Group’s European dialysis clinic chain Diaverum, in a deal that could value the business at about $2.5b, Bloomberg reported.
The Abu Dhabi sovereign wealth fund is among final bidders competing to acquire Sweden-based Diaverum. Bridgepoint is making a fresh attempt to find a buyer for the business after an earlier process to list or sell it failed in 2020. Other bidders could also emerge, and there’s no certainty the deliberations will lead to a transaction.
Kuwait wealth fund sells €1.4bn of Mercedes shares.
The Kuwait Investment Authority sold shares worth about €1.4bn ($1.5bn) in Mercedes-Benz Group roughly a quarter of its stake after the carmaker's stock almost quadrupled over the last three years, Bloomberg reported.
The KIA will own around 53m shares after the share placement of about 20m shares, which is part of an effort to diversify its portfolio.
L Catterton, OTPP sell 6% stake in Italian cosmetics firm Intercos.
Private equity fund L Catterton and the Ontario Teachers' Pension Plan said they had completed the sale of an around 5.7% stake in Italian cosmetics manufacturer Intercos.
The price was at €13.25 ($14.36) per share. The price represents a 6.8% discount to closing value of €14.15 ($15.32), DealStreetAsia reported. The sale took place through an accelerated bookbuilding procedure managed by Jefferies and UBS, while Rothschild & Co acted as financial adviser to the sellers.
Infrastructure firms in talks to acquire UK Trooli.
Paris-headquartered Vauban Infrastructure Partners and Axione, a Vauban-backed company, are in discussions to acquire Trooli, a full fibre broadband services provider.
Virgin Media O2, owned by Spain's Telefónica and Liberty Global, had also considered buying the company but dropped out this month because of the price and the estimated cost of repair work required on the network, FT reported.
CVC Capital Partners plans bid for parts of embattled Cineworld.
Private equity firm CVC Capital Partners has proposed a takeover of parts of British cinema operator Cineworld Group, within days of a similar offer from activist investor Elliott Management, Reuters reported.
Cineworld, which has so far failed to find a buyer for the whole of the world's second biggest cinema chain, had proposed an April 10 deadline for final bids, with an auction, if necessary, to follow on April 17.
OCI plans strategic review as activist Ubben urges shake up.
OCI said it will conduct a strategic review after one of its largest shareholders, activist investor Jeff Ubben, urged it to consider asset sales to unlock value.
The Dutch chemical producer will "examine all potential suggestions" put forward by Ubben, Chief Executive Officer Ahmed El-Hoshy said in a phone interview. Ubben, whose firm Inclusive Capital Partners owns 5% of OCI, said the company is worth about 90% more than its current stock price, Bloomberg reported.
EQT delays $3.3bn Galderma IPO.
Credit Suisse's role in a $3.3bn initial public offering of private equity-backed skincare group Galderma is under review following the bank's rescue takeover, Bloomberg reported.
EQT, the Swedish investment firm that owns Galderma, is considering whether to keep Credit Suisse in a lead position on the deal after a government-orchestrated takeover by UBS.
Apollo-backed OLB hits pause on IPO amid banking crisis.
Apollo Global-backed Oldenburgische Landesbank, the private equity-backed German lender, has paused work on a planned initial public offering that was expected to take place as early as in May, Bloomberg reported.
The decision to put the planned German listing on hold comes amid investors' concerns over the health of the global banking system. The lender remains keen to pursue a listing and is ready to move ahead when market conditions improve, though the final decision will be up to its shareholders.
OLB earlier this year added a large roster of banks to its IPO line-up in anticipation of the first-half listing that was expected to value the bank at well over €1bn ($1.1bn).
The bank had picked Barclays, Berenberg, BNP Paribas, HSBC, KBW and Societe Generale as joint bookrunners. Deutsche Bank, Goldman Sachs and UBS were leading the share sale.
Al Ansari owners raise $210m in Dubai’s first IPO of 2023.
The owners of remittance and money exchange firm Al Ansari Financial Services raised $210m after pricing shares at the top of the range, Bloomberg reported.
Al Ansari Holding sold 750m shares for $0.28 each, valuing the company at $2.1bn. Its shares will start trading on April 6.
CBC Group seeks Mubadala and PIF backing for Middle East health fund.
CBC Group is setting up a fund to target healthcare assets in the Middle East, with potential backing from two of the region’s biggest wealth funds, Bloomberg reported.
The Singapore-based money manager is seeking to get commitments from entities including Abu Dhabi’s Mubadala Investment and Saudi Arabia’s Public Investment Fund. Discussions are ongoing and may not result in funding from the sovereign funds.
APAC
Australian electricity and natural gas retailer Origin Energy agreed the $10.2bn takeover offer from renewable power platform Brookfield Renewable and EIG-backed LNG company MidOcean Energy.
"The Board is unanimous in its view that this transaction is in the best interests of shareholders. The transaction represents a significant premium to the share price prior to the original indicative proposal, and reflects the strategic nature of Origin's platform, its growth prospects and anticipated earnings recovery. We believe the Consortium will be responsible owners of Origin's businesses. Our discussions with the Consortium confirm a high degree of alignment with Origin's strategy and a desire to accelerate initiatives consistent with Origin's critical role in Australia's energy transition. This alignment validates the vision and hard work of Origin's management team and employees," Scott Perkins, Origin Chairman.
D Capital, a private equity firm, agreed to acquire Catalina Marketing Japan from Catalina, a global target marketing service company. Financial terms were not disclosed.
"For Catalina, these actions will allow us to move forward with significantly reduced debt and an infusion of cash to continue advancements in strategic growth areas powered by our AI-enabled data science capabilities, including advanced personalization, measurement as a service, and a portfolio of full funnel marketing solutions that are connected across channels to deliver 1:1 targeted value to consumers whether they are digitally or non-digitally engaged. These are the areas where we plan to grow our business over the next three to five years," Wayne Powers, Catalina President and CEO.
Catalina is advised by FTI Consulting, Houlihan Lokey, Weil Gotshal and Manges, Joele Frank (led by Andrew B. Siegel) and WRP Communications.
InvoCare, a funeral homes and funeral services company, said it had rejected a $1.22bn offer from private equity fund TPG Global, but noted it would be willing to provide the bidder with due diligence access if approached with a revised offer.
The board of InvoCare has carefully considered the indicative proposal and taken advice from its financial and legal advisers. The board has unanimously concluded that the offer does not provide compelling value for InvoCare shareholders.
InvoCare is advised by Gresham, Clayton Utz and Cato & Clive (led by Clive Mathieson).
Mizuho Bank, a subsidiary of Mizuho Financial Group, led a $270m Series D round in Kredivo Holdings, a FinTech company, with participation from Square Peg Capital, Jungle Ventures, Naver Financial, GMO Venture Partners and Openspace Ventures.
"Despite challenging market conditions, investors continue to recognize the scale and strength of our business, and our innovation potential. The upcoming expansion into digital banking is deeply synergistic with the existing Kredivo product and also opens up a very promising channel for us to become the digital financial services platform of choice for tens of millions of consumers in Southeast Asia. Finally, we are delighted to have Mizuho join us as a valuable investor and strategic partner," Akshay Garg, Kredivo CEO.
Kredivo was advised by Evercore and Cooley.
Recognize, a technology investment platform, completed a significant strategic investment in 2X, a B2B-focused marketing as a service firm. Financial terms were not disclosed.
"2X is the kind of company we were looking for when we created Recognize. We see hundreds of service companies every year and found a truly differentiated business in 2X. 2X's innovative MaaS model packages the new-age revenue marketer with global delivery economics to allow increased impact at a fraction of current costs," Mike Grady, Recognize Partner.
2X was advised by Canaccord Genuity and Morgan Lewis & Bockius.
KKR and Gaw Capital, two private equity fims, agreed to acquire Hyatt Regency Tokyo, a luxury hotel, from Odakyu Electric, a railway company. Financial terms were not disclosed.
"This investment is a rare opportunity to acquire an iconic hotel in one of the most energetic districts in the world. As Japan emerges strongly from the pandemic as a leading travel destination, and domestic and international business travel bounce back, we see great potential to refurbish and to enhance the Hotel’s offerings to both corporate and leisure guests while retaining its unique heritage. We are pleased to welcome Gaw Capital, with their hospitality expertise, as strategic partners here, which will enable us to tap into our collective strengths for the Hotel’s transformation,” Kensuke Kudo, KKR Director.
Gaw Capital is advised by Citigate Dewe Rogerson (led by Yas Fukuda). KKR is advised by FGS Global (led by Samuel Brustad).
Bain Capital, a private investment firm, offered to acquire Estia Health, an aged-care provider, for $518m.
The Board of Estia Health, together with its financial and legal advisers, is considering the indicative proposal to assess whether it is in the best interests of shareholders to engage with Bain Capital. There is no certainty that the indicative proposal will result in a binding offer or that any transaction will eventuate.
Estia Health is advised by John Connolly & Partners (led by Julie Connolly).
Altos Ventures, a technology investment firm, led a $168m Series C funding round in Kream, a reselling platform, with participation from Naver, SoftBank Ventures Asia, Mirae Asset Capital, Samsung Securities and Axiom Asia.
"Kream has tried to resolve the reliability of products and inconvenient transaction processes that customers felt most uncomfortable about while using C2C reselling platforms. Kream has secured the most data in South Korea to guarantee genuine products," Mingook Kim, Kream Chief Business Officer.
City Developments, a real estate operating organization, agreed to acquire Sofitel Brisbane Central hotel, a 5-star luxury hotel, from Brookfield Asset Management, a global alternative asset manager, for $119m.
"The proposed acquisition marks the group's entry into Brisbane's hospitality sector. Brisbane is amongst the key hospitality markets in Australia that have enjoyed the strongest RevPAR recovery in 2022, significantly exceeding prepandemic levels. Brisbane's pipeline of over $12.3bn in infrastructure projects will further enhance the city's position as a world-class sporting, tourism and business events destination. With Brisbane being the host city for the 2032 Olympic and Paralympic Games and the Rugby World Cup in Australia in 2027 and 2029, the acquisition presents an attractive opportunity for the group to enlarge our presence in Australia and enhance our recurring income stream. The group remains focused on optimizing our hospitality portfolio," Kwek Leng Beng, CDL Chairman.
Shandong Weiqiao Pioneering Group, a company active in the textiles industry, and SBCVC, a venture capital and private equity firm, led a $111m Series A+ round in DeepWay, a smart commercial vehicle developer and manufacturer, with participation from Qiming Venture Partners.
"DeepWay, the first smart electric logistics vehicle developer and manufacturer in China to take a distinctly forward-looking approach to vehicle design and development, offers strong competence in resource integration by combining truck logistics, the manufacturing of heavy-duty trucks and autonomous driving technologies. The two companies both have multiple advantages in the R&D capacity of intelligent electric heavy-duty trucks, as well as in premium lightweight aluminum material and components," Zhang Bo, Weiqiao Pioneering Chairman.
InnoVen Capital, a venture debt and lending platform, and Trifecta Capital, an alternate financing platform, led a $100m funding in Stashfin, a fintech firm.
"It is promising to see how our efforts and unique product offering have helped us scale swiftly and benefited all of our partners and stakeholders. The new collaborations will add more velocity to our growth given our robust business model and extensive market demand," Tushar Aggarwal, Stashfin CEO and Founder.
TA Associates, a global private equity firm, agreed to acquire a minority stake in MRH Trowe, one of the largest owner-managed commercial lines insurance brokers in Germany, from AnaCap, a partner for founders and entrepreneurial management teams.
"Our partnership with AnaCap has already been one of significant support in the development of our business and brand. With the additional expertise of our new growth partner TA Associates and improved capital structure, we will be able to reach a new level of potential, both across DACH and internationally. This is an exciting time for both MRHT customers and employees," Ralph Rockel, MRH Trowe Co-Founder and CEO.
Axiata set for strategic review to revamp $18bn portfolio.
Axiata Group, Malaysia’s biggest wireless company by revenue, is exploring a strategic review of its businesses with total assets of about MYR81.6bn ($18.4bn).
The company, backed by Malaysian sovereign wealth fund Khazanah Nasional, is talking to advisers to come up with a plan to streamline its operations and raise funds to pare debt. Options include spinning off or selling assets outside of Malaysia, Bloomberg reported.
Brookfield favors wind in $13bn Australian renewables plan.
Brookfield Asset Management will prioritize wind power projects over solar farms as it begins a $13.4bn renewables investment blitz in Australia following the takeover of utility Origin Energy, Bloomberg reported.
The Canadian firm plans to construct about 10 to 11 gigawatts of wind generation plus 4 gigawatts of batteries to replace the coal plants Origin currently relies on. Brookfield inked a deal alongside energy investor EIG Global Energy Partners worth $12.4bn, including debt, to acquire the utility after months of talks.
Singapore's GIC to jointly buy Japanese HR software developer for $2.6bn.
Singapore's GIC will jointly acquire Works Human Intelligence, a human-resources software provider in Japan, for $2.6bn.
Sovereign wealth fund GIC will acquire about half of Works Human's shares, with the rest held by Works Human executives and a new fund to be established by Bain Capital, Reuters reported.
Tycoon Piramal, TPG weighing exit from Shriram General.
Billionaire Ajay Piramal and TPG are considering selling their stakes in Shriram General Insurance, Bloomberg reported.
Piramal and TPG are jointly working with an adviser on divesting a combined 30% stake in the holding company of Shriram General Insurance. Shriram General Insurance could be valued at more than $2bn in a transaction.
TPG weighs sale of TE Asia Healthcare at $1bn valuation.
Private equity firm TPG is considering selling its Singapore-based healthcare company TE Healthcare Partners and is seeking a valuation of almost $1bn for the business.
Several investment funds and other hospital operators have shown preliminary interest in acquiring the company, which was co-founded by group chief executive officer Eng Aik Meng and TPG in 2014, and focuses on oncology, cardiology, orthopaedics and aesthetics.
Effissimo Capital may reap $768m from Toshiba buyout.
Effissimo Capital Management, a hedge fund may make close to $768m from Toshiba's buyout, with the value of the activist fund's shares roughly doubling since it disclosed a stake in 2017.
Toshiba accepted a $15.2bn offer from a Japanese consortium led by JIP, a move that may end a troubled chapter in the firm's history. Effissimo is the company's largest stock holder with a 9.9% stake. Exactly how much it paid for the shares isn't known, but the average cost is estimated to be about $17.8 a share. That suggests Effissimo will book a capital gain of $768m if it sells its shares into the tender offer expected to start in late July, Bloomberg reported.
Axiata’s tower arm shortlists bidders for $750m stake sale.
CVC Capital Partners and I Squared Capital are among bidders shortlisted for a stake in Edotco Group, the wireless tower business of Malaysian telecommunications group Axiata Group.
Stonepeak Partners and a consortium led by Japanese trading house Mitsui & Co were also picked to proceed to the next round of bidding. The Mitsui-led group includes Japanese telecom operator KDDI and Jtower, Bloomberg reported.
Falcon House picks Deutsche Bank for Brawijaya Hospital & Clinic sale.
Private equity firm Falcon House Partners chose Deutsche Bank to work on the sale of a majority stake in an Indonesian healthcare group, Bloomberg reported.
The buyout firm has started a process to gauge interest in the Brawijaya Hospital & Clinic stake. A deal could value the hospital at about $150m to $200m and has attracted interest from financial firms as well as other companies in the industry.
3D Investment Partners cuts Toshiba stake to 4.9%.
Major Toshiba shareholder 3D Investment Partners scaled back its stake the day before the Japanese conglomerate announced it had accepted a higher-priced takeover bid, DealStreetAsia reported.
Singapore-based fund 3D Investment Partners cut its stake in Toshiba to 4.90% from 7.20% in an off-market transaction.
CPPIB exploring buying out ReNew Energy shareholders, making the firm private.
Canada Pension Plan Investment Board is exploring buying the shares of ReNew Energy Global that it doesn't already own and taking the Nasdaq-listed firm private. The asset manager is in talks with advisers to weigh a tender offer. CPPIB holds a majority stake in ReNew Energy.
Delisting of the Gurugram, India-based power producer, with a market capitalization of more than $2bn as of Friday, will give CPPIB greater control over the firm that competes with deep-pocketed rivals. India presents a massive opportunity for clean energy developers as it aims to almost triple non-fossil fuel power capacity to 500 gigawatts by 2030, Business Standard reported.
Bajaj Finance, Cathay Financial weigh bids for CBA Indonesia.
Bajaj Finance and Cathay Financial Holding are among the firms considering bids for Commonwealth Bank of Australia's business in Indonesia.
The Indian and Taiwanese companies have had talks with advisers about potential offers for PT Bank Commonwealth. Other companies in the industry could bid for the business. A sale could value the business at several hundred million dollars, Bloomberg reported.
Temasek's Advanced MedTech mulls US IPO.
Singapore's state-owned investment firm Temasek is considering a US initial public offering of medical device company Advanced MedTech after a planned sale of the medical device maker stalled, Bloomberg reported.
The firm is working with advisers to explore a potential share sale that could raise $200m to $300m. A listing may take place as soon as next year.
Kotak Investment first closes at $1.25bn.
Kotak Investment Advisors, the alternative assets arm of Kotak Mahindra Group backed by one of Asia's richest bankers Uday Kotak, said its Strategic Situations Fund II has raised $1.25bn in its first close, DealStreetAsia reported.
With a target of $1.6bn, the sector-agnostic fund comes a month after the $1bn Kotak Special Situations Fund completely deployed its corpus.
Portfolio Advisors raises over $1bn for its 11th global PE fund.
Portfolio Advisors, a global private market specialist that has backed pan-Asia funds, has secured over $1 billion in the final close of its 11th global multi-strategy fund-of-funds. The global private equity fund, Portfolio Advisors Private Equity Fund XI was oversubscribed and exceeded its original target of $750m.
The latest fund secured commitments from investors who had previously committed to one or more of the firm's vehicles. This includes private and public pension plans, university endowments, private foundations, insurance companies, family offices, and high-net-worth individuals.
Warburg-backed DNE sets up $871m RMB fund for new-economy assets in China.
Warburg Pincus-backed DNE Group has launched an RMB-denominated fund to invest RMB6bn ($871m) in new-economy infrastructure assets across key economic hubs in the country.
Shanghai-based DNE, a merger between D&J China and New Ease China, set up the new RMB fund in partnership with several institutional investors in China, DealStreetAsia reported.
Animoca Brands cuts target for new metaverse fund by 20%.
Hong Kong-based blockchain gaming developer Animoca Brands has cut its target for its so-called metaverse fund by 20% to $800m, further scaling back of its ambitions following volatility in the crypto sector.
Animoca Brands said in November that it was working on a new Animoca Capital fund with a target of $2bn, but then halved that target in January to $1bn. Recently, it has trimmed the target by another 20% to $800m.
Animoca's cut to its fund raising target and declining valuation reflect a change in sentiment on the crypto industry as excitement around such technologies has lost steam following scandals stemming from the collapse of the FTX exchange to the bankruptcy of several crypto lenders, DealStreetAsia reported.
Ola Electric in talks to raise up to $300m in fresh funding.
Indian ride-hailing firm Ola Electric is in talks to close a fresh funding round in the range of $250m to $300m, led by Goldman Sachs. Ola may make an announcement about the fundraising in about a month.
Ola aims to launch an IPO in the second half of this year, Bhavish Aggarwal said in December, with the company maintaining that it expects to achieve profitability "soon". At a time when Ola has been facing intense competition from Uber, Rapido, and other local players in the Indian market, it is slowly pivoting its focus to new initiatives such as electric vehicles and food delivery, which has put pressure on its financials, DealStreetAsia reported.
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