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AMERICAS
The US Federal Trade Commission and eight states said they are suing to block supermarket chain Kroger's $24.6bn deal to buy smaller rival Albertsons saying it would boost grocery prices for millions of Americans, Reuters reported.
The deal, which would create a grocery empire with more than 4k stores, has drawn tough scrutiny from lawmakers and consumer groups worried about higher grocery prices, job losses, store closures and diminishing choice for consumers.
Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer and Weil Gotshal and Manges (led by Michael J. Aiello) and Joele Frank (led by Greg Klassen). Cerberus Capital is advised by Dechert (led by Eric Siegel and Mark Thierfelder) and FGS Global (led by Andrew Cole). Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block (led by Kevin T. Collins, Alexander May and Edward L. Prokop), Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), White & Case (led by George Paul) and Brunswick Group. Financial advisers are advised by Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Robert I. Townsend and Sanjay Murti) and Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan).
The United Steelworkers signed a non-disclosure agreement with Nippon Steel, as the Japanese company remains on track to finalize its planned $15bn acquisition of US Steel, Reuters reported.
However, the union said even with the agreement, Nippon has not provided it with all of the information requested. The world's fourth-largest steelmaker's planned deal has drawn criticism from Democratic and Republican lawmakers and the powerful USW union.
Mexico Infrastructure Partners, an investment fund manager specialized in infrastructure and energy sectors, completed the acquisition of a portfolio of natural gas plants and a wind farm from Iberdrola, a company that generates, distributes, trades, and markets electricity, for $6bn.
The operation has the financial support of the National Infrastructure Fund of Mexico and other public financial entities associated with the Government of Mexico. The Iberdrola Group, through the new investments it will carry out in Mexico, will reaffirm its leadership in the development of renewable energy in the country.
Iberdrola was advised by Citigroup, JP Morgan and Santander. Mexico Infrastructure was advised by Barclays (led by Raul Martinez-Ostos).
Lightyear Capital, a private equity firm, completed the investment in Prime Pensions, an independent provider of retirement plan compliance and administration services. Financial terms were not disclosed.
“We are excited to welcome Prime Pensions to our portfolio. Our investment in Prime Pensions reflects the intersection of two long-term Lightyear investment themes: the growing need for independent retirement advice and increasing reliance on compliance solutions. We look forward to partnering with Scott and the team at Prime Pensions to continue to scale the business," Mark Vassallo, Lightyear Managing Partner.
Lightyear was advised by William Blair & Co, Davis Polk & Wardwell (led by Michael Davis) and ThroughCo Communications (led by Elliot Sloane).
Invesco, an investment management company, completed the investment in Franklin Energy, a provider of tech-enabled sustainable energy management solutions and products. Financial terms were not disclosed.
“This investment is a tremendous validation of the company’s long-term growth potential and the key role our company plays in the energy transition. Through this investment, we will continue to build on our 30-year legacy, transforming the capabilities we have cultivated into resources that can be fully leveraged by the entire ecosystem of energy solution providers. I look forward to working together with our new partners at Invesco as well as our longtime sponsor, Abry Partners, to further grow the company and accelerate value creation for our employees, our shareholders, and the communities in which we live and serve," Terry Sobolewski, Franklin Energy CEO.
Franklin Energy was advised by Jefferies & Company and Kirkland & Ellis. Invesco was advised by Akin Gump.
Kleiner Perkins and Lightspeed Venture, two venture capital companies, led a $200m Series D round in Glean, an AI-powered work assistant, with participation from Sequoia Capital, Coatue, ICONIQ Growth, IVP, Latitude Capital, Adams Street, Capital One Ventures, Citigroup, Databricks Ventures, Workday Ventures and General Catalyst.
“We are at the beginning of one of the biggest transformations in technology; generative AI is an incredibly powerful technology that will unleash productivity and new efficiencies, but it must be applied in the right ways to be useful and safe in the enterprise. Our approach to bringing generative AI into the enterprise has centered around the powerful search and RAG technology that’s critical for making LLMs useful in the enterprise, and the customer success we’ve seen in the last year validates our approach,” Arvind Jain, Glean Co-Founder and CEO.
Chevron, Exxon in dispute over Hess stake in Guyana oil block.
Exxon Mobil said it may preempt Chevronp's acquisition of a 30% stake in a giant Guyana oil block, the centerpiece of its deal for Hess, Reuters reported.
The companies are in talks on Exxon's claim it has a right to first refusal of any sale of the Stabroek block, a giant field off the coast of Guyana that contains at least 11bn barrels of oil.
Barclays to sell $1.1bn of US credit card debt to Blackstone. (FS)
Barclays has agreed to sell about $1.1bn of credit card debt in the United States to alternative asset manager Blackstone, in a deal the British bank said would free up capacity to expand lending and reduce balance sheet risk, Reuters reported.
Barclays said the agreement reflected its recently-announced strategy to prioritize growing lending to consumers, and would reduce the bank's risk weighted assets by around £1bn ($1.27bn).
R1 RCM majority shareholders consider taking company private. (FS)
A group of R1 RCM's investors is considering taking the healthcare services provider private, sending shares of the company up as much as 31%, Reuters reported.
The investor group, led by equity firm New Mountain Capital, said it had submitted a draft proposal to acquire all of the Utah-based company's outstanding shares not currently owned by the investors for a proposed price of $13.75 per share in cash.
JP Morgan CEO Dimon says market sentiment improving, maintains caution.
JP Morgan CEO Jamie Dimon said market sentiment is improving for equities, mergers and acquisitions even as he maintained caution about the economic outlook, Reuters reported.
"Confidence is up, there is more M&A chatter, equity markets are strengthening and high-yield markets are open. Markets are high, people feel it, so far so good. There are things out there which are concerning," Jamie Dimon, JP Morgan CEO.
BMO misses on capital markets, higher loan-loss provisions.
Bank of Montreal missed analysts' estimates as it grappled with weak capital-markets revenue and reported an increase in loan-loss provisions, Bloomberg reported.
The Toronto-based bank earned $1.89 per share on an adjusted basis in the fiscal first quarter, falling short of the $2.23 average estimate of analysts.
Renovus Capital closes continuation fund at $325m. (FS)
Renovus Capital Partners, a Philadelphia-area buyout firm focused on founder-owned businesses in the knowledge & talent industries, has closed its first multi-asset continuation fund of approximately $325m.
"The successful establishment of the Renovus continuation fund marks another significant milestone for Renovus as a firm. The commitments that the CV received from top-tier investors validate our investment strategy and the strength of our portfolio. At the same time, the CV was approved unanimously by existing LPs, a strong vote of confidence in our work for them to date," Atif Gilani, Renovus Founding Partner.
Renovus was advised by Jefferies & Company and DLA Piper.
Synaptics CFO Dean Butler resigns. (People)
San Jose-based developer of human interface semiconductor Synaptics's chief financial officer, Dean Butler, has resigned to pursue a new opportunity, WSJ reported.
Synaptics said it plans a search to identify a new chief financial officer, adding that Butler will remain with the company in an advisory role through April 5.
EMEA
Currys said it rejected an improved $951m bid from US investor Elliott Advisors, in the latest twist in a potential takeover battle with a rival Chinese suitor for the electricals retailer.
The UK company on, February 27 confirmed earlier reports that Elliott had raised its offer from 62 pence a share to 67 pence a share, which values the chain at about $951m.
Gilde Healthcare, a specialized European healthcare investor, and Viking Global, an investment firm, led a $125m investment in Mainstay Medical, a medical device company, with participation from Ally Bridge Group, Sofinnova Partners, Fountain Healthcare Partners, and Perceptive Advisors.
“We are excited to lead this financing and to work with Mainstay to continue to unlock the potential of ReActiv8 therapy. Patients with mechanical chronic low back pain have had very limited treatment options, and the restorative mechanism of action offered by ReActiv8 is both unique and very promising," Geoff Pardo, Gilde Healthcare Partner.
Qualcomm's purchase of Israeli semiconductor firm Autotalks faces a formal probe from the UK’s antitrust watchdog over concerns the deal could hamper competition, Bloomberg reported.
The Competition and Markets Authority set an April 25 deadline to decide on whether to approve the transaction or refer it to an in-depth investigation.
Duravant, a global automation equipment company, completed the acquisition of Henneken, a manufacturer of protein processing solutions. Financial terms were not disclosed.
“We are excited to broaden our equipment and technology offering to protein processors by welcoming Henneken to the Duravant family. Henneken’s unwavering commitment to excellence and passion for innovation has been core to their success, and we look forward to strengthening that legacy of delivering customer-centric solutions,” Mike Kachmer, Duravant Chairman and CEO.
QIA to invest over $1bn in venture capital funds. (FS)
Qatar's sovereign wealth fund said it would invest over $1bn in international and regional capital funds as part of a strategy to develop the venture capital and startup sector in the gas-rich Gulf state and neighbouring states, Reuters reported.
Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani announced the launch of the fund, which Qatar Investment Authority said it would only invest in venture capital funds. It would not invest in private equity or debt.
Dubai to list public parking business as population surges.
The Dubai government plans to sell a 25% stake in the city's public parking business in an initial public offering, as it seeks to capitalize on the emirate's expanding population, Bloomberg reported.
The Dubai Investment Fund will sell 749.7m shares in Parkin. The subscription period will open on March 5 and is expected to close on March 12. The bookbuilding period for institutional investors will close on March 13.
Douglas plans to launch IPO in coming days. (FS)
German perfume retailer Douglas plans to announce it is proceeding with an initial public offering in the coming days, in a test for Europe's equity markets, Reuters reported.
The group, majority-owned by CVC Capital Partners, is preparing to issue an intention to float on the Frankfurt bourse as soon as this week if markets hold up.
EQT raises $24bn private equity fund. (FS)
EQT had raised €22bn ($23.9bn) for its latest buyout fund, bucking a challenging environment for private equity fundraisings, Reuters reported.
The Swedish investment giant said it had exceeded the fundraising target for its EQT X fund by €2bn ($2.17bn), making it its largest-ever fundraise. The fund, which is almost 40% bigger than its predecessor, saw bumper support from private wealth investors, a pool of capital that alternative asset managers are increasingly looking to tap.
APAC
CRH, an international group of diversified building materials businesses, and Barro, a ready mix concrete supplier, agreed to acquire the remaining 53% stake in Adbri, a manufacturer of cement, lime and dry blended products, for $700m.
“We are pleased to reach this important milestone in the potential acquisition of Adbri in partnership with the Barro family. Adbri is an attractive business with high-quality assets and leading market positions that complement our core competencies in cement, concrete and aggregates while creating additional opportunities for growth and development for our existing Australian business. We look forward to working with the Barro family over the coming years to enhance the long-term growth and performance of Adbri,” Albert Manifold, CRH CEO.
Metro Pacific, San Miguel weighing $10bn toll merger. (FS)
Philippine conglomerates Metro Pacific Investments and San Miguel have started talks to explore combining their toll road businesses, which would form a group worth as much as $10bn, making it the country's biggest-ever merger, Bloomberg reported.
If a deal is reached, it could also lead to the merged entity being listed on the stock exchange in Manila. The companies are also exploring other possible business combinations, including of their power and energy divisions.
Adani Green Energy to raise $409m via dollar bonds.
India's Adani Green Energy is looking to raise $409m via US dollar-denominated bonds with a door-to-door tenor of 18 years, Reuters reported.
In March, it is reported that Adani Green Energy was looking to raise around $500m by issuing dollar bonds, making it the first Adani group company to return to the overseas bond market in a year.
Samsonite considers options after takeover interest.
Hong Kong-listed luggage maker Samsonite International is considering options after receiving takeover interest from suitors including buyout firms, Bloomberg reported.
The company is working with advisers as it studies possibilities including going private. It has held preliminary discussions with a select group of suitors.
CM Venture plans to debut an evergreen fund. (FS)
CM Venture Capital, a Chinese venture capital firm that invests in both domestic and international technology startups, is looking to set up an evergreen private markets fund, DealStreetAsia reported.
Shanghai-headquartered CM Venture Capital will seek an initial $100m for the Carbon Mitigation Evergreen Fund, which targets a first close by the end of Q2 2024 with capital from existing limited partners.
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