AMERICAS
Sixth Street Partners, an investment firm, sued to block Dyal Capital Partners' merger with Owl Rock Capital Partners, arguing the deal would trample on its earlier pact with Dyal, Bloomberg reported.
Sixth Street asked a judge to put the combination on hold until she can determine whether a 2017 agreement gives the New York-based investment firm the power to kill the deal. In court filings, Dyal said Sixth Street is misinterpreting the pact and seeking to create leverage "for its own financial gain."
Altimar Acquisition is advised by JP Morgan, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners. Neuberger Berman is advised by Ardea Partners, Citigroup, UBS and Skadden Arps Slate Meagher & Flom. Dyal Capital is advised by Ardea Partners, Evercore, Fried Frank Harris Shriver & Jacobson and Prosek Partners. Owl Rock Capital is advised by Bank of America Merrill Lynch, Goldman Sachs, Perella Weinberg Partners and Prosek Partners.
The US Justice Department’s Antitrust Division has asked Salesforce and Slack for more information ahead of Salesforce’s plan to buy the smaller software company for $27bn.
The development could indicate greater scrutiny into prominent technology transactions under the Biden Administration. Even with the additional layer of evaluation, Salesforce still expects to close its deal for Slack in the quarter that ends on July 31.
Slack is advised by Goldman Sachs, Qatalyst Partners, Goodwin Procter, Latham & Watkins and Sard Verbinnen & Co. Goldman Sachs and Qatalyst Partners are advised by Sullivan & Cromwell. Salesforce is advised by Bank of America Merrill Lynch, Cleary Gottlieb Steen & Hamilton, Morrison & Foerster, Wachtell Lipton Rosen & Katz and Joele Frank. Debt financing is provided by Bank of America Merrill Lynch, Citigroup and JP Morgan.
The EU antitrust regulators have cleared Siemens Healthineers' $16.4bn acquisition of its US peer Varian, paving the way for the German health group to become a leader in cancer care therapy.
The European Commission said Siemens Healthineers pledged to ensure that its medical imaging and radiotherapy equipment will work with rivals in return for its approval. The pledge is valid for 10 years.
"High quality medical imaging and radiotherapy solutions are crucial to diagnose and treat cancer. The efficiency and safety of treatment relies on the ability of these products to work together," Margrethe Vestager, uropean Competition Commissioner.
Varian is advised by Goldman Sachs, Wachtell Lipton Rosen & Katz and Joele Frank. Siemens Healthineers is advised by JP Morgan, UBS, Latham & Watkins, Brunswick Group and FTI Consulting. Debt financing is provided by JP Morgan and UBS. The debt providers are advised by Clifford Chance, Freshfields Bruckhaus Deringer and Hengeler Mueller.
Morgan Stanley expects to complete its $7bn acquisition of Eaton Vance, on March 1. The completion of the transaction remains subject to customary closing conditions.
In connection with the anticipated completion of the proposed transaction, the deadline for Eaton Vance shareholders to elect the form of merger consideration they desire to receive in the transaction has been set for February 24, 2021.
Eaton Vance is advised by Centerview Partners, Houlihan Lokey, DLA Piper and WilmerHale. Financial advisors are advised by Covington & Burling and Simpson Thacher & Bartlett. Morgan Stanley is advised by Davis Polk & Wardwell and Morgan Stanley.
Platinum Equity-backed Nesco Holdings's shareholders have approved the $1.47bn acquisition of Custom Truck One Source, a provider of specialized truck and heavy equipment solutions.
"Looking ahead, as a combined company, we will be very well positioned to capitalize on a broad range of growth opportunities and better serve our customers' specialty rental equipment needs on a national basis. We look forward to working together with the Nesco team to realize substantial synergies that will create meaningful value for all our stakeholders," Fred Ross, CTOS Chief Executive Officer.
Custom Truck One Source is advised by Citigroup and Kirkland & Ellis. Platinum Equity is advised by Hughes Hubbard & Reed. Nesco Holdings is advised by JP Morgan, Latham & Watkins and Joele Frank. Debt financing is provided by Bank of America Merrill Lynch. JP Morgan is advised Davis Polk & Wardwell.
Waterous Energy Fund, a private equity firm, has increased its bid for Osum Oil Sands, an oil and natural gas exploration firm. Under the new agreement, Waterous Energy would acquire the gas company for $136m, which represents a 25% increase to the original offer price.
Concurrent with the announcement of the improved offer, Waterous Energy has entered into additional support agreements with all three independent directors of the special committee and all five executive officers of Osum, whereby such directors and officers have agreed to tender their Osum Shares to the improved offer.
Waterous Energy Fund is advised by CIBC World Markets, Scotiabank, Blake Cassels & Graydon, Stikeman Elliott and Kingsdale Advisors. Debt financing is provided by CIBC World Markets and Scotiabank.
Kaleyra, a cloud communications software provider, agreed to acquire mGage, a mobile messaging provider, for $215m.
"This transaction makes Kaleyra one of the most prominent and geographically diverse CPaaS companies in the world, combining the Omnichannel Kaleyra platform with the complementary mGage footprint and top class customer portfolio," Dario Calogero, Kaleyra Founder and CEO.
mGage is advised by Guggenheim Partners, Akin Gump Strauss Hauer & Feld and Weil Gotshal and Manges. Kaleyra is advised by Oppenheimer & Co, DLA Piper and ICR.
Independent proxy advisory firms Institutional Shareholder Services and Glass Lewis have recommended the shareholders of TC PipeLines, to vote in favor of the $1.68bn merger with energy company TC Energy.
“We are pleased that both ISS and Glass Lewis share our belief that the merger with TC Energy is in the best interests of our unitholders and we strongly urge all holders to follow these recommendations by voting “FOR” the merger at the upcoming special meeting," TC PipeLines.
TC PipeLines is advised by Evercore and Kirkland & Ellis. TC Energy is advised by JP Morgan and Vinson & Elkins.
ZMC Advisors, a private equity firm, completed the acquisition of The Second City, a premier brand in improvisation and sketch-based comedy entertainment and education. Financial terms were not disclosed.
"We are thrilled to work with ZMC as we continue to transform the company into an equitable and thriving environment while delivering world-class comedy to our audiences. I want to thank the talent, staff, alumni and audiences of The Second City for supporting us on our journey," Steve Johnston, The Second City President.
The Second City was advised by Houlihan Lokey and Mayer Brown. ZMC Advisors was advised by Sidley Austin and Gladstone Place Partners.
PowerSchool, a provider of K-12 education technology solutions, and EAB, a US-based education company, agreed to acquire Hobsons, an EdTech firm, from Daily Mail and General Trust, a British multinational media company, for $410m.
PowerSchool will acquire the Naviance and Intersect businesses of Hobsons for about $320m. Meanwhile, Hobsons' Starfish platform will be spun out of the company and will be sold to education company EAB for about $90m.
"These two transactions mark another major milestone in DMGT's transformation and are a clear demonstration of the benefits of our strategy. Consistent with our strategy, the divestitures will increase the focus of the DMGT portfolio, resulting in the Group operating in four sectors, compared to ten in 2016. The proceeds will strengthen DMGT's existing net cash position, further enhancing DMGT's significant financial flexibility," Paul Zwillenberg, Daily Mail CEO.
Daily Mail is advised by Centerview Partners, Baker McKenzie and Teneo.
3i Group, a private equity firm, agreed to acquire a minority stake in WilsonHCG, a global talent solutions provider, for $120m.
"We have known the 3i team for a number of years and they have demonstrated a clear commitment to investing in our space. There is a strong cultural fit between our organisations and a shared ambition to continue building WilsonHCG into the global talent solutions leader. Further, 3i's international network will enable us to continue expanding our already global footprint so we can serve our customers in even more international locations," John Wilson, WilsonHCG Founder and CEO.
WilsonHCG is advised by Trenam-Kemker and Willkie Farr & Gallagher. 3i Group is advised by Kirkland & Ellis.
CrowdStrike Holdings, a provider of cloud-delivered endpoint and cloud workload protection, agreed to acquire Humio, a provider of high-performance cloud log management and observability technology, for $400m.
"CrowdStrike’s Security Cloud is the ideal platform to extend Humio’s technology and reach while continuing our mission to empower customers to make data-rich decisions,” Geeta Schmidt, Humio Co-Founder and CEO.
CrowdStrike is advised by Davis Polk & Wardwell. Humio is advised by Horten.
Redfin, a real estate brokerage firm, agreed to acquire RentPath, a digital marketing services provider, for $608m. The Boards of Directors of both companies have approved the transaction, which is subject to customary closing conditions, including antitrust approval and approval from a bankruptcy court.
"By acquiring RentPath, Redfin will be as committed as we are to the rental market. As part of the Redfin family, our platform will be well-positioned to lead the market in the quality and value of our products, while giving our current and future customers access to many more high-intent renters through Redfin's extensive network," Dhiren Fonseca, RentPath CEO.
Battery Ventures-backed Newforma, a software company, agreed to acquire BIM One, a firm specializing in the optimization of digital processes for the AEC industry. Financial terms were not disclosed.
"Though we've focused on different areas of the collaboration problem, we have a shared mission of helping the industry solve interoperability issues. Joining forces with Newforma is sure to accelerate our growth as we continue to fulfill our missions as world-class technological leaders in the AECO industry," Jimmy Plante, BIM One Co-Founder and CEO.
Danone, a food and beverage company, agreed to acquire Earth Island, a plant-based foods producer. Financial terms were not disclosed.
"Our mission has always been to produce the best plant-based food products and to make them available to as many people as possible. We're very pleased to be joining the Danone family of plant-based companies in a collective effort to bring positive change in the world through the creation of sustainably and responsibly-made foods," Bob Goldberg, Earth Island Co-Founder and CEO.
Private equity firms The Rise Fund and Generation Investment Management completed an investment in Benevity, a provider of corporate purpose cloud software. Financial terms were not disclosed.
"The potential for business to transform the world has never been greater, and with the power of our new partners, Benevity is better positioned than ever to lead a new era of purpose-driven business," Bryan de Lottinville, Benevity Founder and Executive Chairperson.
Fabcon Precast, a provider of structural precast wall panels, completed the acquisition of building services division of Oldcastle Infrastructure, a building materials provider. Financial terms were not disclosed.
"This acquisition represents our continued investment in the Fabcon business and growth strategy. The addition of the BSD's product line and its strategically located facility will expand our capacity for wall panels and our portfolio, which brings value to our customers," Mike Rafi, Fabcon CEO.
Thomas H. Lee to mull $3bn Material Handling Systems sale. (FS)
Buyout firm Thomas H. Lee Partners is considering a sale of Material Handling Systems that could value the logistics company at about $3bn, Bloomberg reported.
The Boston-based private equity firm is working with advisers to examine strategic options for the company, known as MHS. MHS, which generated about $200m in earnings before interest, taxes, depreciation and amortization in 2020, is expected to attract interest from other private equity firms and peers.
Inter Pipeline starts review of options after rejecting Brookfield bid. (FS)
Canada’s Inter Pipeline said it has launched a review of options, including a possible strategic option just a week after it rejected an unsolicited bid from its largest shareholder Brookfield Infrastructure Partners, Reuters reported.
Brookfield, which acquires and manages infrastructure assets, had offered $13 per share for Inter and said it was willing to raise it to as much as $14.5 if the pipeline operator gave it access to due diligence.
IBM is said to consider a sale of Watson Health.
International Business Machines is considering a sale of its IBM Watson Health business, a move that would help newly appointed Chief Executive Officer Arvind Krishna focus on faster-growing cloud computing operations, Bloomberg reported.
IBM is exploring a range of alternatives, from a sale to a private equity firm or a merger with a blank-check company.
IBM has been trying to boost its share of revenue from hybrid-cloud software and services, which lets customers store data in private servers and on multiple public clouds, including those of rivals Amazon and Microsoft. IBM bought RedHat for $34bn in 2018 to boost this effort.
Greensill and Apollo in talks about a financing deal. (FS)
A specialist finance provider advised by David Cameron, the former prime minister, is in talks with the giant American investment firm Apollo Global Management about a multibillion-dollar deal, Sky News reported.
Apollo is among a number of parties in discussions with Greensill Capital, a London-based firm set up by Lex Greensill a decade ago.
This weekend that the talks with Apollo primarily related to the acquisition of assets created by Greensill, a move that would provide the London-based fintech group with greater financial headroom.
Carl Icahn plans to take a stake in FirstEnergy.
FirstEnergy climbed after the company said activist investor Carl Icahn is planning to acquire a stake in the company, Bloomberg reported.
Icahn notified the company in a February 16 letter that he intends to acquire a stake in the company valued at between $184m and $920m. FirstEnergy said it doesn’t know whether the billionaire investor has already acquired any shares or derivatives, or what his intentions may be.
Shares in Akron, Ohio-based utility FirstEnergy jumped 7.4% to $34.31. in New York, giving the utility a market value of roughly $18.6bn.
Lucid Motors is said to near deal to go public via Michael Klein’s SPAC.
Lucid Motors Inc. is nearing a deal to go public through a merger with a blank-check company started by investment banker Michael Klein that could be announced early next week, Bloomberg reported.
The combined entity will be valued at as much as $15bn. The special purpose acquisition company has been in talks to raise between $1bn and $1.5bn in funding from institutional investors to support the transaction.
Dell, Singer, Saverin latest to join SPAC bandwagon. (FS)
Michael Dell, activist investor Paul Singer, Facebook co-founder Eduardo Saverin and former Xerox chief Ursula Burns have all joined the blank-check parade on a single day, Bloomberg reported.
Singer’s Elliott Management, doubling down, filed for two new special purpose acquisition companies, or SPACs. In all, at least 13 of the blank-check companies filed Friday for US initial public offerings, seeking to raise a combined total of more than $4.5bn.
SPACs have come to dominate IPOs this year, accounting for 63% of the almost $77bn raised on US exchanges. Including Friday’s newcomers, 146 SPACs that have filed since January 1 are waiting for IPOs to add $40bn to that total.
The vehicles, which hold an IPO and then merge with a private company seeking to go public, have become so numerous that serial filers are putting in for two or even three on the same day. On Friday, that included two SPACs backed by Cantor Fitzgerald - its seventh and eighth - in addition to Elliott’s double play.
Athene expressed an interest in L&R unit.
Athene Holding said that it is not in discussions with insurer American International Group about an acquisition, a day after Athene’s chief said the company had expressed interest to AIG about a deal.
“As of February 17, 2021, Athene Holding and American International Group are not in discussions regarding a transaction involving an AIG business unit,” Athene.
Athene Chief Executive Jim Belardi told Reuters that his company had expressed interest in a 19.9% stake AIG said last October that it plans to sell its life and retirement business.
Silicon Labs to explore a possible sale of its analog business.
Silicon Laboratories is exploring a potential breakup and considering a sale of its analog chip business, Bloomberg reported. The stock rose as much as 10%.
The unit could fetch $2bn to $3bn and perhaps more. Silicon Labs is working with a financial adviser on selling the unit, which could attract interest from other semiconductor companies.
Citigroup is considering the divestiture of some foreign consumer units.
Citigroup is considering divesting some international consumer units, Reuters reported.
“As our incoming CEO Jane Fraser said in January, we are undertaking a dispassionate and thorough review of our strategy, Many different options are being considered and we will take the right amount of time before making any decisions,” Citigroup.
The move, part of Fraser’s attempt to simplify the bank, can see units in South Korea, Thailand, the Philippines and Australia being divested.
LA Times owner disputes report of plans to sell.
The Los Angeles Times said its billionaire owner, Patrick Soon-Shiong, is not looking to sell the business, countering a report in the WSJ that he was considering unloading the struggling newspaper, Bloomberg reported.
“Dr. Soon-Shiong and his family continue to invest in and plan for the future of the Los Angeles Times, and do not plan to sell,” Hillary Manning representative.
Soon-Shiong himself went on Twitter to describe the story as inaccurate, saying he was committed to the Times.
A stake in Vista may soon be for sale.
Billionaire Robert Smith’s Vista Equity Partners is discussing a stake sale to reduce Dyal Capital’s lucrative ownership slice in the buyout shop, Bloomberg reported.
Smith has kicked off discussions with executives at Dyal in recent weeks seeking a partial sale of their stake in his firm. For Dyal, its holding in Vista is one of its most valuable investments, with the tech-focused private equity firm’s assets having grown five-fold since its initial purchase in 2015.
Vista could seek to offer the piece to one or more of its existing investors in its funds.
Apple in talks to buy self-driving sensors.
Apple is in discussions with multiple suppliers of self-driving car sensors known as lidar, a key milestone toward development of its first passenger vehicle, Bloomberg reported.
The Cupertino, California-based technology giant is in active talks with a number of potential suppliers for these laser-based sensors that allow a car’s computer to “see” its surroundings. The company has been working on a driverless vehicle project for several years and has developed on its own most of the necessary software, underlying processors and artificial intelligence algorithms needed for such a sophisticated system.
Cantor Fitzgerald SPAC announces pricing of $300m IPO.
CF Acquisition VI announced today that it priced its initial public offering of 30m units at $10 per unit. The units are expected to be listed on the Nasdaq Capital Market and trade under the symbol "CFVIU". Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the NASDAQ under the symbols "CFVI" and "CFVIW," respectively.
The offering is expected to close on February 23, 2021, subject to customary closing conditions. Cantor Fitzgerald is acting as the sole book running manager for the offering.
The former SEC chairman will join Apollo’s board. (FS, People)
Jay Clayton, the former Securities and Exchange Commission chairman, will serve as the lead independent director of Apollo Global Management, NY Times reported.
The move is intended to improve the Wall Street firm’s governance in the wake of the revelation that Leon Black, one of the firm’s co-founders, had paid $158m in fees to the registered sex offender Jeffrey Epstein.
The appointment of Mr. Clayton is part of a series of steps Apollo announced last month to expand its board and promote greater independence. Mr. Clayton’s post as lead director may help alleviate concerns about Mr. Black’s decision to remain as chairman even after he steps down as chief executive by this summer.
EMEA
The Antimonopoly Committee of Ukraine has approved the $1.9bn acquisition of Calisen by a consortium of private equity firms including BlackRock, Goldman Sachs (Merchant Banking Division) and Mubadala.
In early February, the deal was approved by Chinese regulators, which followed EU, UK and Australian regulators giving the deal the green light in mid-January.
The acquisition remains subject to other conditions and terms, including court sanction of the deal. The scheme sanction hearing to approve the acquisition is scheduled for March 16. Calisen's shares are expected to be delisted from London on March 18.
Calisen is advised by Citigroup, HSBC, Allen & Overy and Finsbury Glover Hering. West Street is advised by Sullivan & Cromwell. Debt financing is provided by Credit Agricole. Mubadala is advised by Goldman Sachs, Clifford Chance and Freshfields Bruckhaus Deringer. Goldman Sachs is advised by Norton Rose Fulbright. Blackrock is advised by Goldman Sachs, Clifford Chance and Freshfields Bruckhaus Deringer. Debt financing is provided by BNP Paribas, Goldman Sachs and NatWest Markets.
Cisco, a multinational technology conglomerate, completed the acquisition of IMImobile, a provider of cloud communications software and services, for $730m. Cisco paid $0.77 per share in exchange for each share of IMImobile.
"We believe there will be a world of dynamic, always-on connections between global businesses and their customers and the combination of our respective technologies will enable to us make every interaction matter more for our clients," Jay Patel, IMImobile CEO.
IMImobile was advised by N+1 Singer, Investec, Addleshaw Goddard, Bracher Rawlins and Alma PR. Cisco was advised by Barclays, Citigroup, Allen & Overy and Fenwick & West. Barclays and Citigroup were advised by Norton Rose Fulbright.
Carlyle, a private equity firm said it would not make an offer for private jet services provider Signature Aviation, a day after the private equity firm's unit bought the British firm's engine repairs business, Reuters reported.
Signature Aviation earlier this month backed a joint offer from former Gatwick owner GIP, Blackstone Group Inc and Bill Gates' investment vehicle Cascade valuing it at $4.73bn.
Signature Aviation is advised by JP Morgan, Jefferies & Company, Slaughter & May and Tulchan Communications. Blackstone is advised by Kirkland & Ellis. GIP is advised by UBS, Linklaters and FTI Consulting.
Seven Italian Serie A soccer clubs no longer see the sale of a stake in the league’s media business to a private equity consortium as a viable option, effectively blocking the $2bn, Reuters reported.
Serie A agreed in October to enter exclusive talks with a consortium including CVC Capital Partners, Advent International and Italian fund FSI, which offered $2bn for a 10% stake in a newly-created unit managing the Italian league’s media business. Under pressure to cope with a sharp decline in revenues caused by empty stadiums during the pandemic, Serie A clubs had been looking to the deal as a way to raise fresh funds.
The deal needs the approval of at least 14 of the 20 top flight clubs to proceed so a rejection by seven of the teams, who include champions Juventus, would be enough to halt it.
Serie A is advised by Lazard. CVC Capital is advised by Ernst & Young, Barclays, Credit Suisse and Rothschild & Co. Advent is advised by Community Group.
Dye & Durham, a cloud-based software solutions provider, agreed to acquire Idox, a specialist software solutions provider, for $480m.
Dye & Durham's vision is to be the world's leading provider of public records registry data and the workflows this information powers. Idox is a natural strategic vertical asset for Dye & Durham to own as the company provides the specialist software solutions to over 90% of local government authorities in the United Kingdom, which supports the complex operations and management of public record information.
Idox is advised by Peel Hunt, Rothschild & Co and MHP Communications. Dye & Durham is advised by Canaccord Genuity.
Stratasys, a polymer 3D printing solutions provider, completed the acquisition of RP Support, a provider of industrial stereolithography 3D printers and solutions. Financial terms were not disclosed.
“We believe the Neo products are superior relative to other solutions currently available in the market due to an open choice in resins, low service requirements, and reliable and accurate builds with simple day-to-day operation. With access to our strong global channels and our innovative GrabCAD software, we will bring RPS’ innovative products to many more manufacturing organizations," Yoav Zeif, Stratasys CEO.
Stratasys was advised by Incus Media and Joele Frank.
Assura, a primary care property investor, completed the acquisition of Apollo Capital Projects Development, a primary care developer, for $70m.
"The acquisition of Apollo will further enhance our sector-leading in-house development capabilities and substantially expand our pipeline. Following our acquisition of primary care developer GPI in 2019, this is another important step in our growth story that further deepens our understanding of the future trends shaping the sector, from building design to sustainability," Jonathan Murphy, Assura CEO.
Assura was advised by Finsbury Glover Hering.
Starwood’s $4.1bn CA Immo takeover offer to open. (FS)
Barry Sternlicht’s Starwood Capital Group, one of the world’s largest real estate investors, will formally open its buyout offer to shareholders of CA Immobilien at a price that’s now 3.7% below the market level and facing a potential counter-bid, Bloomberg reported.
Starwood announced in January an offer of a 12% premium that valued the Austrian commercial property group at $4.1bn.
Further complicating the offer and possibly encouraging holders to wait for a better deal, a potential rival bidder entered the scene. Luxembourg-based investor Aggregate Holdings said last month that it may be considering a bid. It has not come forward with one yet.
Dow seeks buyers for German chemical parks infrastructure.
US chemicals maker Dow has put German infrastructure assets up for sale in a potential $966m deal as it seeks cash for investment elsewhere, Reuters reported.
Chief Executive James Fitterling last month said that Dow would continue to offload infrastructure companies from its balance sheet and make use of the funds for capex, smaller acquisitions or share buybacks.
While Dow would sell the infrastructure at petrochemicals sites in Stade, Schkopau und Boehlen, it would continue to produce plastics and intermediates there, paying usage fees to the new owner. Dow is the main user but not the only one operating in the three chemical parks.
Panini explores a sale.
Panini, the maker of the iconic soccer stickers collected and traded by fans young and old around the world, is weighing a possible sale, Bloomberg reported.
The Italian publishing house has drawn interest from suitors including private equity firms. Deliberations are in the early stages and there’s no certainty they will lead to a formal sales process.
Panini became famous for its collections of stickers and trading cards depicting the stars of world soccer. The company has sold stickers for every FIFA World Cup since the 1970 tournament in Mexico. Huddles of collectors trading cards are a familiar sight ahead of major competitions.
Bain hires banks to revive IPO of French car parts group Autodis. (FS)
The private equity owner of French car parts group Autodis has hired banks to resume plans for a share sale in Paris in a bid to take advantage of strong investor demand in the busiest-ever start to a year for stock listings, Reuters reported.
US buyout firm Bain Capital, which took control of Autodis in 2015, has hired Goldman Sachs, BNP Paribas and Barclays as global coordinators to pursue an IPO this year.
The planned share sale comes amid buoyant market conditions with a record $63bn of global IPO fundraising in January and follows an aborted listing attempt in 2018 due to lower-than-expected investors demand.
BlackRock-backed Cazoo weighs London IPO. (FS)
Cazoo, the British online used car platform backed by some of the world’s best-known investors, is weighing plans for an IPO in London, Bloomberg reported.
Cazoo is speaking with potential advisers about a possible listing as soon as this year.
The UK firm is reviewing the merits of an IPO this year after the successful listing of German online used-car dealer Auto1 Group, which surged in trading after raising $2.2bn earlier this month.
APAC
A consortium of private equity firms and individual investors including Bizuo Tony Liu, CEO of Cellular Biomedicine Group, completed the acquisition of Cellular Biomedicine Group, a biopharmaceutical firm engaged in the drug development of immunotherapies, for $384m.
The consortium of investors includes Bizuo Liu (CEO of CBMG) and certain other members of CBMG management (Yihong Yao, Li Zhang and Chengxiang Dai), Dangdai International Group, Mission Right, Wealth Map Holdings, Earls Mill, OPEA, Maplebrook, Full Moon Resources, Viktor Pan and Zheng Zhou and Yunfeng Fund III, TF Capital, Velvet Investment.
Under the terms of the merger agreement, CBMG's stockholders received $19.75 in cash for each outstanding share of common stock held immediately prior to the effective time of the merger.
Cellular Biomedicine Group was advised by Jefferies & Company, Gibson Dunn & Crutcher and White & Case. Jefferies & Company is advised by Covington & Burling. Tony Bizuo is advised by Kirkland & Ellis, Morgan Lewis & Bockius and O'Melveny & Myers.
DLF Cyber City Developers, a material subsidiary of DLF, holds 48.2% stake in Fairleaf Real Estate Private, a joint venture company, with funds managed by Hines, which owns and operates One Horizon Center, Gurugram. DCCDL has entered into a Securities Purchase Agreement with Hines to acquire its 51.8% stake in Fairleaf for a purchase consideration of $107m.
"We are delighted to acquire complete ownership of this marquee asset. This acquisition adds another trophy asset to our strong rental platform. We believe that this acquisition will be a highly value accretive for us and will add approximately Rs 150-160 crore of rental revenues annually. Post completion of this acquisition, the DCCDL platform will have approximately 34 msf of operational rental portfolio," Mr. Sriram Khattar, DLF MD-Rental Business.
DLF was advised by AZB & Partners.
Xingsheng Youxuan raises $2bn in a new funding round. (FS)
Chinese community grocery shopping app Xingsheng Youxuan has raised about $2bn in a new funding round that values the company at $6bn prior to the fresh capital injection, Reuters reported.
Private equity firms FountainVest Partners, Primavera Capital Group and KKR are among investors in this round. Internet and gaming giant Tencent, which is an early backer of Xingsheng Youxuan, also invested in this round.
Unilever’s Pakistan delivery partner plans an IPO.
Universal Network System, a Pakistan courier service that counts the local units of Unilever and Nestle as clients, is planning an initial public offering to expand its network and bolster its technology backbone, Bloomberg reported.
The Karachi-based company, which operates the blueEX courier service, plans to sell new shares equal to 25% of the company within the next two months.
The initial share sale will make it the first logistics company to list in Pakistan and lure investors to a business that’s crucial for the nation’s booming e-commerce industry, according to Topline Securities Pakistan, financial adviser for the IPO.
Creador readies to raise $600m for its fifth fund. (FS)
Malaysia-based private-equity firm Creador, which primarily invests in South and Southeast Asia, plans to pitch its latest fund to investors starting next month, WSJ reported.
The move is less than two years after Creador collected $565m for its fourth fund. Creador is aiming to raise $600m for its fifth fund and plans to invest in Thailand, a new region for the firm.
Carlyle-backed software firm WingArc1st launches $172m IPO. (FS)
Japan’s software company WingArc1st, which is backed by US buyout firm Carlyle Group, launched an IPO worth up to $172m, Reuters reported.
The Tokyo-based WingArc1st, which develops and sells business software, will list on the Tokyo Stock Exchange on March 16.
That is the third attempt by Carlyle to float the company, and a successful listing would be the first time an IPO that had failed twice in Tokyo was eventually completed.
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