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AMERICAS
Twitter shares will be suspended from trading on Friday, the New York Stock Exchange's website showed, as billionaire Elon Musk faces a court-ordered October 28 deadline to close his $44bn deal to buy the social media company, Reuters reported.
The deal's completion would mark an end to a lawsuit by Twitter, which, along with investors, now expects the deal to be completed on its original terms of $54.20 per share.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett (led by Katherine Krause, Alan Klein and Anthony Vernace), Wachtell Lipton Rosen & Katz, Wilson Sonsini Goodrich & Rosati (led by Katharine A. Martin) and Joele Frank (led by Jamie Moser). Financial advisors are advised by Sullivan & Cromwell (led by Alison S. Ressler). Elon Musk is advised by Bank of America, Barclays, Morgan Stanley (led by Michael Grimes), McDermott Will & Emery (led by Heidi Steele), Quinn Emanuel, Skadden Arps Slate Meagher & Flom (led by Mike Ringler) and Sard Verbinnen & Co (led by Paul Kranhold). Debt financing was provided by BNP Paribas (led by David Berger), Bank of America (led by Scott Tolchin), Barclays (led by Jeremy Hazan), Mitsubishi UFJ Financial Group (led by Timothy Dilworth), Mizuho Securities (led by Raymond Ventura), Morgan Stanley (led by Andrew Earls), Societe Generale (led by Richard Knowlton). Debt providers are advised by Davis Polk & Wardwell.
D.C.’s Office of the Attorney General will investigate the proposed $24.6bn merger between grocery chains Albertsons and Kroger, and attorneys general in the District and five states want Albertsons, the owner of Safeway, to postpone a nearly $4bn special dividend to shareholders.
“We’re deeply concerned about the level of concentration in essential industries, such as grocery stores. And we’re asking Albertsons to not proceed with the payout while we thoroughly assess whether this merger is anti-competitive, anti-consumer, or anti-work,” Karl A. Racine, D.C. Attorney General.
Audax-backed Aspen Surgical, a surgical products provider, completed the acquisition of Symmetry Surgical, a provider of high-quality surgical and specialty instrumentation, from RoundTable Healthcare Partners, a private equity firm. Financial terms were not disclosed.
“Symmetry has a longstanding history of providing high-quality surgical devices and value-added services to the health care community, including iconic brands such as Bovie, Bookwalter, and Greenberg. The portfolio is synergistic with Aspen and supports our mission to deliver essential products that improve safety and efficiency in the surgical environment," Jason Krieser, Aspen CEO.
Aspen and Audax were advised by Piper Sandler and Kirkland & Ellis. Debt financing was provided by Antares Capital, Golub Capital, BMO, Apogem Capital, Churchill Asset Management, MetLife Investment Management, Northwestern Mutual Capital and Linden Structured Capital.
Aristotle, an investment management organization, agreed to acquire Pacific Asset Management, an asset manager, from Pacific Life, an insurance company. Financial terms are not disclosed.
“We are pleased to welcome the PAM team to the Aristotle family. We have a proven history of identifying the right partners, who share our client-focused investment approach. In all our discussions with the PAM team, we have found their culture and principles to be complementary to ours. We look forward to joining forces to continue to meet our clients’ needs," Richard S. Hollander, Aristotle Chairman.
Aristotle is advised by Ballard Spahr, Ropes & Gray, TJC Law Group and Financial Profiles (led by Tricia Ross). Pacific Life is advised by RBC Capital Markets and Stradley Ronon Stevens & Young.
Thoma Bravo, a software investment firm, and Sunstone Partners, a private equity firm, agreed to acquire UserTesting, a video-based human insight company, for $1.3bn.
“We believe the combination of UserTesting and UserZoom will unlock tremendous value for our customers by further integrating and expanding the suite of research methods, testing types, and measurement options available—all while making the voice of the customer and human insight more accessible across an organization and easily integrated into their processes and workflows,” Andy MacMillan, UserTesting CEO.
UserTesting is advised by Morgan Stanley, Fenwick & West, FGS Global and Sapphire Investor Relations. Thoma Bravo is advised by Kirkland & Ellis and Goodwin Procter.
RidgeLake Partners, a strategic partnership between PA Capital and Ottawa Avenue Private Capital, and Bonaccord Capital, a private equity firm, completed the acquisition of a minority stake in Shamrock Capital, an investor in media, entertainment, communications and related sectors. Financial terms were not disclosed.
“RidgeLake and Bonaccord’s strategic investment in Shamrock is an important milestone in the continued development of our business. RidgeLake and its affiliates have been investing with Shamrock since 2005 and have been trusted partners for us through the course of our firm’s growth. We are excited about the opportunity to expand our relationship with RidgeLake, and look forward to a fruitful partnership with Bonaccord, as we believe that these firms are well-aligned with our long-term vision
Shamrock was advised by Evercore, Kirkland & Ellis and Prosek Partners. Bonaccord was advised by Fried Frank Harris Shriver & Jacobson. RidgeLake Partners was advised by Gibson Dunn & Crutcher.
Regal Rexnord, an engineering and manufacturing company, agreed to acquire Altra Industrial Motion, a manufacturer and supplier of motion control, power transmission and automation products, for $4.95bn.
“The sale of Altra to Regal Rexnord will provide our shareholders with immediate and substantial cash value, as well as a compelling premium, and the Board of Directors has agreed that this transaction is in the best interests of our shareholders. I am extremely proud of the company we have built and I am excited to announce this new chapter for Altra, knowing that the company will have a great home within the Regal Rexnord
organization," Carl Christenson, Altra Chairman and CEO.
Altra Industrial Motion is advised by Goldman Sachs and Cravath Swaine & Moore. Regal Rexnord is advised by Incentrum Group, JP Morgan and Sidley Austin.
Webster Equity-backed Medrina, a physiatry services provider, completed the acquisition of Radial Health, a physiatry practice. Financial terms were not disclosed.
"I have known members of Radial's physician leadership team for over a decade and there's certainly a lot of excitement to get this deal done by both groups. I've always said the sum of our parts on any deal is always greater than the individual entities involved, and that holds true here as well. While Radial has a significant presence in two of Medrina's largest geographic markets, FL and IL, they actually have their strongest relationships in acute inpatient rehab units as well as long term acute care hospitals, which complements Medrina's traditional strength in the post-acute space. Being in the same geographic areas but concentrating on different parts of the continuum should help Medrina connect more dots in the ever-evolving world of healthcare," Amish Patel, Medrina CEO.
Medrina was advised by Goodwin Procter, Reed Smith and CohnReznick.
Sony Pictures Entertainment, a media company, agreed to acquire Pixomondo, a visual effects company, from Mayfair Equity Partners, a private equity firm. Financial terms were not disclosed.
“Sony’s legacy, and creativity-driven technology strategy, mean that our company has found a home where it can truly thrive. We look forward to continuing to innovate in the virtual production and VFX space with our clients over many years to come," Jonny Slow, Pixomondo CEO.
Pixomondo is advised by The Raine Group and Goodwin Procter. Sony Pictures is advised by Hogan Lovells.
Long Ridge Equity Partners, a private equity firm, completed the acquisition of a majority stake in Acqueon Technologies, a customer engagement software developer, from Everstone Capital, a private equity firm. Financial terms were not disclosed.
"We are thrilled to partner with Long Ridge as we enter our next phase of growth. We are incredibly proud of the world-class business Acqueon has become over the past several years and see tremendous opportunity ahead. With a focus on innovation, customer service, and partnership, we have been able to respond to evolving consumer demands and rapidly scale our client base. We look forward to working with Long Ridge and continuing to be the leader in proactive, trusted, and intelligent customer engagement technology," Ashish Koul, Acqueon CEO.
Acqueon was advised by DC Advisory (led by Christopher Hieb and Klaas Oskam) and Lazare Potter & Giacovas. Long Ridge Equity was advised by Choate Hall & Stewart.
Paine Schwartz Partners-backed Suja Life, a manufacturer of cold-pressed organic juices and juice shots, completed the acquisition of Vive Organic, a manufacturer of immunity-supporting juice shots. Financial terms were not disclosed.
"Suja has made substantial progress executing its growth strategies since our initial investment, and the addition of Vive Organic is an important next step in the Company's evolution. We continue to believe in the significant value creation opportunities in the better-for-you space, and with this transaction, Suja is even better positioned to capture them. We look forward to supporting the Company in this next phase of growth as it expands its product offerings, widens its distribution, and brings Suja and Vive Organic to even more consumers," Kevin Schwartz, Paine Schwartz CEO.
Tobacco manufacturers Japan Tobacco Group and Altria Group to form a joint venture to market and commercialize heated tobacco sticks in the US. Financial terms were not disclosed.
"As part of our strategic focus on HTS, we're very enthusiastic to launch our Ploom brand in the US, the world's largest RRP market in value, through our partnership with the market leader, Altria. We also look forward to entering into a long-term strategic collaboration with Altria to further explore global commercial opportunities in the RRP category. I strongly believe that this cooperation will increase the global harm reduction possibilities for adult consumers and drive incremental value for the JT Group and Altria," Masamichi Terabatake, JT Group CEO and President.
Suncor Energy, an integrated energy company, agreed to acquire a 21.3% stake in Fort Hills Energy, a sand mining company, from Teck Resources, a diversified natural resources company, for $1bn.
"This transaction advances our strategy of pursuing industry leading copper growth and rebalancing our portfolio of high-quality assets to low carbon metals,” Jonathan Price, Teck Resources CEO.
Teck Resources is advised by JP Morgan and RBC Capital Markets.
KKR to acquire Ness Digital Engineering, a full-lifecycle digital services transformation company, from The Rohatyn Group, a private equity firm. Financial terms are not disclosed.
“Digital transformation and adoption is a critical strategy for businesses of all sizes worldwide. Against this backdrop, KKR believes that Ness is well-positioned for growth, supported by its exceptional, experience-led product engineering heritage. KKR is pleased to invest in Ness’ capabilities and looks forward to working alongside its talented team to further scale Ness’ digital-first platform, achieve its global ambitions, and better enable its customers to compete in the digital economy," Gaurav Trehan, KKR Partner and CEO.
KKR is advised by Simpson Thacher & Bartlett (led by Ian Ho) and Adfactors PR.
BlackRock, an investment company, led a $120m round in Versa Networks, a networking platform, with participation from Silicon Valley Bank, a commercial bank.
“As the leader in SASE, the fastest growing security and networking category, and executing on SASE services for years, Versa is the only solution proven to deliver the industry’s leading and differentiated architecture for high performance and security. This funding will allow us to expand our go-to-market and accelerate new innovations that will further expand the market opportunity for us as a company," Kelly Ahuja, Versa Networks CEO.
Versa Networks was advised by Citigroup and Code Red.
Exponential Power, a provider of stored power solutions, completed the acquisition of Power Product Services, a provider of DC power solutions. Financial terms were not disclosed.
"We’re excited to join forces with Exponential Power. We believe Exponential Power is a great fit for our customers, and together our employees and customers will benefit and grow," Tom Broschinsky, Power Product Services Principal.
TELUS International, a digital customer experience innovator, agreed to acquire WillowTree, a full-service digital product provider, for $1.2bn.
“We are excited to announce a strategic next step in our ambition to continue building TELUS International – an important and differentiated growth driver for TELUS – into a global asset of consequence, while significantly enhancing the end-to-end digital experiences of our customers around the world,” Darren Entwistle, TELUS President and CEO.
Financial institutions Intesa Sanpaolo and Banco BPM led a $182m funding round in the US business of JSW Steel, a steel maker.
"Out of the $182 million financing, $70m is covered under SACE guarantee and the balance $112m is a term loan," JSW Steel.
Ara Partners, a private equity firm, completed a $65m investment in BioVeritas, a bio-based ingredients company.
"Petrochemicals are part of nearly every aspect of our lives, including our global food supply. Our mission at BioVeritas is to decarbonize the global human & animal food, feed, and gut health industries by replacing petrochemical ingredients with highly efficacious plant-based natural equivalents, thereby contributing to a healthier population and a more sustainable planet," David Austgen, BioVeritas CEO.
Tyler Technologies, a digital government solutions and payments provider, agreed to acquire Rapid Financial Solutions, a provider of reliable, scalable, and secure payments, for $68m.
“As a leader in the payments solutions market for 20 years, we understand our clients’ challenges when it comes to disbursing payments. This includes required paperwork, processing paper checks, and the ability to provide immediate access of funds to recipients. The acquisition of Rapid allows us to offer our public sector clients a proven and trusted payments platform which makes disbursing these payments easy, quick, and secure," Elizabeth Proudfit, Tyler President.
SLB, a technology company, agreed to acquire Gyrodata Incorporated, a company specializing in gyroscopic wellbore positioning and survey technology. Financial terms were not disclosed.
“The integration of Gyrodata’s innovative sensors and proprietary technologies within SLB’s drilling and logging suites will result in the most accurate and highly optimized well placement services in the industry. This will transform drilling technology designs while advancing SLB’s autonomous, self-steering capabilities. I am excited about welcoming the Gyrodata team into SLB’s Well Construction division," Jesus Lamas, SLB President.
Teledyne, a provider of sophisticated digital imaging products and software, agreed to acquire ETM-Electromatic, a designer and manufacturer of high-power microwave and high-energy X-ray subsystems. Financial terms were not disclosed.
“ETM is uniquely complementary to our healthcare imaging and defense electronics businesses. For many years, Teledyne MEC and Teledyne e2v have supplied critical vacuum electron device components to ETM. The combination with ETM will now accelerate Teledyne’s ability to provide greater content and subsystem-level solutions to cancer radiotherapy, defense and security customers. In addition, ETM strengthens our capabilities in microwave combining technologies and high-power gallium nitride (GaN) based solid state power amplifiers," Robert Mehrabian, Teledyne Chairman, President and CEO.
Siemens Gamesa weighs sale of Gearbox, electric units.
Siemens Gamesa Renewable Energy, the embattled Spanish wind turbine maker, is mulling the sale of two manufacturing subsidiaries as it seeks to turn its business around, Bloomberg reported.
Zamudio, Spain-based Siemens Gamesa is considering the sale of its Gearbox and Gamesa Electric plants, which manufacture components used by the firm.
DOJ antitrust losses in court are seen as setback for Biden’s merger crackdown.
In the span of just a month, federal judges rejected the US Justice Department’s attempts to block three mergers in the health technology, agriculture and defense contracting industries, Bloomberg reported.
The agency is considering appeals and points out it’s racked up wins in its aggressive antitrust enforcement push when companies abandoned deals following its lawsuits.
Ridgemont Equity Partners closes fourth fund at hard cap with $2.35bn in commitments. (FS)
Ridgemont Equity Partners, a private investment firm specializing in buyout and growth investments in industry-leading middle market companies, today announced the close of Ridgemont Equity Partners IV, at its hard cap with $2.35bn in commitments.
The fund significantly exceeded its initial target of $2bn and brings the Firm’s total assets under management to over $8.5bn.
EMEA
Capricorn investor Palliser Capital said it opposed Capricorn's planned merger with Israel's NewMed Energy, echoing its criticism of a previous failed merger plan with Tullow, as undervaluing the company, Reuters reported.
“The board has engaged in a robust and dynamic process to evaluate options for Capricorn and considered a broad range of external factors and market conditions. The combination with NewMed and a cash special dividend represent the delivery of significant value for Capricorn shareholders. We believe this is a compelling transaction which combines near term value realisation with ongoing participation and value creation in a world class gas company," Nicoletta Giadrossi, Capricorn Chairman.
NewMed Energy is advised by JP Morgan, Agmon & Co. Rosenberg Hacohen & Co, Davis Polk & Wardwell and Celicourt. Capricorn Energy is advised by Goldman Sachs (led by Bertie Whitehead), Morgan Stanley (led by Matthew Ball), Rothschild & Co (led by Alice Squires), Gornitzky & Co, Shepherd & Wedderburn, Slaughter & May (led by Paul Dickson) and Brunswick Group (led by Patrick Handley).
ASR Netherlands, an insurance services provider, agreed to acquire the Dutch operations of Aegon, an insurance brokerage firm, in a $5bn deal. Aegon to receive a 29.99% strategic shareholding in ASR with associated governance rights along with $2.5bn in cash proceeds.
“Today’s announcement marks a major milestone in the history of our company and in our long-term ambition to create leaders in our chosen markets. Both Aegon and ASR are deeply rooted in Dutch society and share a long and rich history. Thanks to the hard work and dedication of our employees, Aegon the Netherlands has been able to improve its performance in recent years. We’re now building on that success by creating a Dutch insurance leader. I’m convinced that the combination of our companies is in the best long-term interest of all stakeholders and Dutch society at large. Customers of both companies will benefit from a more diversified product offering and strong distribution," Lard Friese, Aegon CEO.
Aegon is advised by JP Morgan, NautaDutilh, Stibbe (led by Heleen Kersten) and De Brauw Blackstone Westbroek (led by Arne Grimme). ASR is advised by Rothschild & Co and UBS.
Eiffage, a construction engineering company, agreed to acquire a 13.71% stake in Getlink, a railway equipment company, from TCI Fund Management, a private equity firm, for $1.19bn.
“This strengthening of the Eiffage position is the logical continuation of the interest they have shown in the very high quality Getlink asset since 2018. I am delighted to welcome Eiffage as a major shareholder and would like to thank TCI for having supported our strategic objectives and, in particular, for having provided such significant support for our positioning as an environmental investment,” Jacques Gounon, Getlink Chairman.
Ingersoll Rand, a provider of mission-critical flow creation and industrial solutions, agreed to acquire Everest Group, a blower and vacuum pump solutions provider, and Airmax Groupe, an air specialist, for $86m.
“Everest Group is the leading domestic manufacturer of blowers and vacuum systems in India and significantly expands our presence in this key growth market. Additionally, it expands our vacuum product line with opportunities to grow both domestically and globally," Enrique Minarro Viseras, Ingersoll Rand Senior Vice President and General Manager.
EU antitrust regulators have paused investigations into French telecoms provider Orange's bid for a majority stake in Belgian peer VOO while awaiting the data.
The European Commission suspended the Orange investigation on Wednesday.
Orange is advised by Rothschild & Co and Linklaters.
Churchill Capital-backed Nuveen, an investment manager, agreed to acquire Arcmont Asset Management, a private debt investment manager. Financial terms are not disclosed.
"Arcmont provides Nuveen with a transformational opportunity to significantly expand our position in one of the world's most dynamic investment markets and strengthen our focus on meeting the increasingly complex capital needs of clients globally. We are thrilled to welcome Arcmont's professionals, who share with Nuveen deep experience and skills, consistent flexibility and innovative thinking in delivering private capital – as well as a culture of investment excellence rigorously focused on creating long-term value for stakeholders," Jose Minaya, Nuveen CEO.
Arcmont Asset Management is advised by Prosek Partners.
Apollo, Pimco in talks to buy Credit Suisse SPG assets. (FS)
Credit Suisse Group, lining up the pieces of a sweeping overhaul, is in advanced talks with a group of investing giants including Apollo Global Management to sell at least part of its securitized products business, Bloomberg reported.
The coalition of potential buyers also includes fund manager Pacific Investment Management. Selling the profitable though capital-intensive business would be a key step for the Swiss lender looking to downsize its investment bank and help pay for other restructuring moves being unveiled on Thursday.
Germany plans to approve Chinese takeover of Elmos' chip production - Handelsblatt.
The German government plans to approve a Chinese takeover of the chip production of Dortmund-based company Elmos, Reuters reported.
The economy ministry is examining the sale of Elmos' chip factory to competitor Silex, a Swedish company that is a subsidiary of Chinese group Sai Microelectronics, Handelsblatt reported, adding approval is expected in the coming weeks.
Waterland targets almost $500m for fund to retain top assets. (FS)
Waterland Private Equity is targeting roughly $500m for its first vehicle dedicated to reinvesting in assets sold by its own funds, according to documents prepared for a New Mexico State Investment Council investment committee meeting.
The Netherlands-based private-equity firm, which invests in smaller and midsize businesses across Europe, is raising its first Partnership fund to take follow-on stakes in its “best performing investments,” which are likely to continue expanding after Waterland’s older funds exit their.
Unigestion reaches first close on €200m for third direct private equity fund. (FS)
Unigestion, an independent, specialist asset manager, has held the first close of its third direct private equity fund on €200m ($200m). This vehicle comes just one year after its predecessor, which closed in 2021 on €600m ($600m).
The fund, Unigestion Direct III, targets global mid-market companies. It claims to give investors exposure to hard-to-access companies in areas uncorrelated to GDP. These include healthcare, service efficiency, future of work and sustainable cities.
APAC
K1 Investment Management, a private equity firm, agreed to acquire ELMO Software, a software developer, for $319m.
“The ELMO Independent Board Committee has carefully considered the proposal and believes the offer price of $4.85 cash per share represents compelling value for ELMO shareholders. Whilst ELMO has achieved considerable success to date in Australia/New Zealand and the United Kingdom, the IBC has balanced this against the macroeconomic and execution risks in achieving future plans and has unanimously concluded that the Scheme is a compelling option which relates attractive value for our shareholders," Barry Lewin, ELMO Chairman.
ELMO Software is advised by UBS, Arnold Bloch Leibler and Citadel Magnus (led by Peter Brookes). K1 Investment Management is advised by Morgan Stanley and Gilbert + Tobin.
Asset management firms APG Asset Management and CapitaLand Investment, agreed to acquire Extra Space Asia, a self-storage operator, for $404m.
“Self-storage is one of the alternative asset classes that has remained impressively resilient during the pandemic and looks set to continue benefitting from strong growth tailwinds supported by favourable demographics and lifestyle trends in Asia. This is an opportune time to enter the emerging sector with a new platform that will augment CLI’s funds under management and fee-related earnings. We view the self-storage platform as an extension of CLI’s logistics platform, well-positioned to capture the increasing demand for flexible storage and last-mile delivery requirements in tandem with the growth of e-commerce," Patrick Boocock, CLI CEO.
China's Alwin Capital closes second dual-currency fund this month at over $300m. (FS)
Chinese venture capital firm Alwin Capital has secured the final close of a dual-currency fund at $300m to invest in life and interdisciplinary sciences, DealStreetAsia reported.
The RMB investors of the dual-currency fund include large fund of funds, Chinese government guidance funds, medical industry and insurance companies, banks, and other financial institutions in China, the company said without divulging names.
Altair Capital looks to raise $160m-$200m second fund next year. (FS)
Altair Capital, the Southeast Asia investment affiliate of Japanese buyout firm Polaris Capital Group, plans to hit the road next year to raise its second fund.
The firm might look at raising $160m-$200m for the second vehicle, DealStreetAsia reported.
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