AMERICAS
Payoneer, an online payment startup, went public via a merger with FTAC Olympus Acquisition, a blank-check firm backed by banking entrepreneur Betsy Cohen, in a $3.3bn deal.
"The Payoneer team has positioned the company incredibly well to capitalize on the expansion of global commerce, and we are proud to be their partner during this next phase of growth. Payoneer has a strong balance sheet with ample capital to expand its already broad suite of services, both organically, by deepening existing merchant relationships and continuing to build new ones, and through strategic acquisitions," Betsy Cohen, FTAC Olympus Acquisition Chairman of the Board of Directors.
Payoneer was advised by PricewaterhouseCoopers, Financial Technology Partners, Davis Polk & Wardwell, Paul Hastings, and ICR. FTAC Olympus Acquisition was advised by Cantor Fitzgerald, Citigroup, Goldman Sachs and Morgan Lewis & Bockius. Financial Advisors were advised by White & Case. TCV was advised by Weil Gotshal and Manges.
The Oncology Institute, a provider of value-based oncology care, agreed to go public via a merger with DFP Healthcare Acquisitions, a special purpose acquisition company sponsored by Deerfield Management Company and Richard Barasch, a veteran healthcare public company executive and investor, in an $842m deal.
"The Oncology Institute is disrupting the status quo in cancer care, and we are pleased to assist them in continuing their mission of broadening access to high quality, value-based care. Brad and his team have created a scalable, replicable model with difficult-to-duplicate capabilities that facilitate rapid expansion. We believe that their high-touch, data-driven approach to cancer care represents the model of the future. This business combination will create a well-capitalized company that is poised to expand organically, through accretive M&A activity, and via strategic payor relationships," Richard Barasch.
The Oncology Institute is advised by Guggenheim Partners, Jefferies & Company and Latham & Watkins. DFP Healthcare Acquisitions is advised by Deutsche Bank, UBS, Polsinelli PC, White & Case and The Equity Group. Financial advisors are advised by Sidley Austin.
An investor group led by private equity firm Warburg Pincus agreed to acquire Exeter Finance, an indirect auto finance company, from The Blackstone Group. Financial terms were not disclosed.
"We are thrilled to partner with the Warburg Pincus-led investor group as we enter this next phase of growth for Exeter. We have made tremendous progress under Blackstone's ownership establishing Exeter as an industry leader, and I'm proud of the team's solid execution," Jason Grubb, Exeter CEO.
Exeter and Blackstone are advised by Barclays, Citigroup, Deutsche Bank, Wells Fargo Securities and Skadden Arps Slate Meagher & Flom. Warburg Pincus is advised by JP Morgan and Wachtell Lipton Rosen & Katz.
Thoma Bravo agreed to acquire QAD, a provider of next-generation manufacturing and supply chain solutions in the cloud, for $2bn.
"As a private company owned by Thoma Bravo, we will have enhanced flexibility, focus and resources to invest in – and capitalize on – our expanding growth opportunities, and help our customers thrive in an increasingly dynamic manufacturing environment," Anton Chilton, QAD CEO.
QAD is advised by Moelis & Co, Morgan Stanley, Paul Hastings, Paul Weiss Rifkind Wharton & Garrison and Joele Frank. Thoma Bravo is advised by Barclays, Kirkland & Ellis and Finsbury Glover Hering.
CAE, a high technology company, received all the required regulatory approvals for its $1.05bn acquisition of L3Harris Technologies' military training business and expects closing to be complete on July 2, 2021.
"Following the closing, we are pleased to welcome L3Harris Military Training customers and employees to CAE. This represents the largest acquisition in our history and clearly demonstrates our strategy to strengthen and expand our position in all the markets CAE serves. We will be emerging from the pandemic much stronger and more ready to meet the growing demands of our customers," Marc Parent, CAE President and CEO.
CAE is advised by Goldman Sachs, RBC Capital Markets, DLA Piper, Norton Rose Fulbright and Sard Verbinnen & Co. L3Harris is advised by Morgan Stanley and Sullivan & Cromwell.
CPPIB and AIMCo-backed BAI Communications, a global communications infrastructure provider, agreed to acquire Mobilitie, the largest privately held telecommunications infrastructure company in the United States, from private equity firm Shamrock Capital. Financial terms were not disclosed.
"BAI's acquisition of Mobilitie establishes us as a leading telecommunications infrastructure provider in the United States and the most relevant provider of public transit wireless connectivity solutions in North America. This reflects our ambitions for the US as well as the other markets in which we operate globally and puts us in the perfect position to capitalise on the growing prioritisation of connected infrastructure in regions such as the UK and Europe. The scale and strong relationships with large venue operators and mobile network operators that Mobilitie brings fits perfectly with BAI's existing leadership in connected transit and infrastructure," Igor Leprince, BAI Communications CEO.
Mobilitie is advised by Morgan Stanley and Goodwin Procter. BAI Communications is advised by JP Morgan and Latham & Watkins. Shamrock Capital is advised by Cooley.
Etsy, an online marketplace operator, agreed to acquire Elo7, a privately-held marketplace for handmade items, for $217m.
"This transaction will establish a foothold for us in Latin America, an underpenetrated ecommerce region where Etsy currently does not have a meaningful customer base. We look forward to welcoming Elo7's talented leadership team and employees to the Etsy family," Josh Silverman, Etsy CEO.
Elo7 is advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian and Koury Lopes Advogados. Etsy is advised by Deloitte, JP Morgan, Bronstein Zilberberg Chueiri & Potenza Advogados and Fenwick & West.
Ventas, a real estate investment trust specializing in the ownership and management of health care facilities, agreed to acquire New Senior Investment Group, a publicly-traded real estate investment trust with a diversified portfolio of senior housing properties, for $3.8bn.
"Building on the strong momentum we are experiencing in our business, we are delighted to announce this strategic and accretive acquisition with New Senior that expands Ventas's position in senior housing at an important inflection point in the cycle as the senior housing industry rebounds," Debra A. Cafaro, Ventas Chairman and CEO.
New Senior is advised by Morgan Stanley and Cravath Swaine & Moore. Ventas is advised by Centerview Partners and Wachtell Lipton Rosen & Katz.
Virtus Investment Partners, a multi-boutique asset management business, agreed to acquire Stone Harbor Investment Partners, a premier manager of emerging markets debt, multi-asset credit, global corporates, and other strategies. Financial terms were not disclosed.
"We are pleased to add Stone Harbor as an affiliated manager. Their culture and approach is strongly aligned with our core beliefs of providing high-quality, attractive investment strategies and exceptional service to clients," George R. Aylward, Virtus President and CEO.
Stone Harbor is advised by RBC Capital Markets and Morgan Lewis & Bockius. Virtus is advised by Broadhaven Capital Partners and Goodwin Procter.
Audax Private Equity, an alternative investment manager, completed the acquisition of S.J. Electro Systems, a controls technology company. Financial terms were not disclosed.
"We believe that positive industry tailwinds coupled with the current fragmentation of the wastewater control solutions manufacturing market strategically positions SJE to continue to scale through both organic and inorganic growth opportunities. We look forward to working closely with Dave and the entire team as SJE enters its next phase of growth," Jay Mitchell, Audax Private Equity Managing Director.
SJE was advised by Chartwell Agency. Audax was advised by Raymond James, Fredrikson & Byron, Greenberg Traurig, Ropes & Gray and Sard Verbinnen & Co.
Ingersoll Rand, a global provider of mission-critical flow creation and industrial solutions, agreed to acquire Maximus, a provider of digital controls and Industrial Internet of Things production management systems for the agritech market, for $110m.
"Leveraging Ingersoll Rand Execution Excellence will help drive additional innovation and significant synergies with Dosatron and other PST brands. This acquisition is expected to generate significant value for our stockholders," Vicente Reynal, Ingersoll Rand CEO.
Maximus is advised by Societe d'avocats DEXAR and Varnum. Ingersoll is advised by Godfrey & Kahn.
CI Financial, a global asset management firm, agreed to acquire Radnor Financial Advisors, a wealth and investment management firm serving primarily high-net-worth families in the Greater Philadelphia region. Emigrant Partners, a minority shareholder in Radnor, will exit its investment. Financial terms were not disclosed.
"As a firm with a close-knit, family-like atmosphere and an eye toward multigenerational service and stability, we feel that partnering with CI builds on our over 30-year history and will provide a strong path forward for our clients, team and business partners. We look forward to leveraging the resources, infrastructure and deep expertise that will come from being part of the CI family while continuing to offer the exceptional client experience that we have become known for," Michael Mattise, Radnor Managing Partner, President and Chief Investment Officer.
Radnor is advised by Alston & Bird. CI Financial is advised by Hogan Lovells and Gregory FCA.
TTV Capital led a $110m Series D round in SmartAsset, the web's go-to resource for financial advice connecting consumers with financial advisors, with participation from Javelin Venture Partners, Contour Venture Partners, Citi Ventures, New York Life Ventures, North Bridge Venture Partners, and CMFG Ventures.
"Our mission is to help people get better financial advice. With this additional capital we are going to make further investments in building the web's best personal finance resource and enhancing our ability to connect consumers to financial advisors across the US," Michael Carvin, SmartAsset Founder and CEO.
SmartAsset was advised by Moelis & Co and Cooley.
Acosta, a global integrated sales and marketing services provider, agreed to acquire Impact Group, a dynamic sales and marketing agency. Financial terms were not disclosed.
"We are excited to join forces with Impact Group, as their expertise adds dimension to Acosta's long history of growing brands and will create significant benefit for our clients. Over the past few months, we have identified numerous parallels between our organizations in terms of the channels we support and how we work with clients, and our services complement each other well. We look forward to sharing our expertise and working together to strengthen our offerings and provide even greater value to clients. We look forward to this new chapter ahead," Brian Wynne, Acosta CEO.
Acosta is advised by Rothschild & Co.
Glencore, a global diversified natural resource company, agreed to acquire a 66.66% stake in Correjon mine joint venture from BHP, a mining company, and Anglo American, a mining company, for $588m.
"Glencore has been involved with Cerrejón for more than 20 years. We know the asset well and believe that we are the most responsible steward for Cerrejón at this stage of its lifecycle," Ivan Glasenberg, Glencore CEO.
Dorman Products, a firm in the automotive aftermarket, agreed to acquire Dayton Parts, an independent heavy-duty undercarriage aftermarket component supplier, for $338m.
"The combination of Dorman and Dayton is extremely exciting. Our two companies are highly complementary and when you add Dorman's new product capabilities, the combination gives Dayton a significant opportunity to deliver new solutions to its customers and drive outsized sales growth. We look forward to a successful completion of the transaction and becoming a part of the Dorman family," Paul Anderson, Dayton President and CEO.
JBT, a global technology solutions provider to high-value segments of the food and beverage industry, agreed to acquire Prevenio, a provider of innovative food safety solutions primarily for the poultry industry, for $170m.
"JBT's investment in Prevenio furthers our support in the protection of our customers' brands and reputation by focusing on the prevention of foodborne illness. Prevenio's solutions ensure anti-microbial dosing precision and effectiveness with automated process controls, allowing it to provide a tailored approach to protect food and flavor profile. Prevenio further broadens JBT's non-equipment offering while helping customers protect against pathogen threats in their daily plant operations," Brian Deck, JBT President and CEO.
Eurofins Scientific, a global scientific firm, agreed to acquire DNA Diagnostics Center, a provider of consumer genetic testing. Financial terms were not disclosed.
"Eurofins believes that consumer genetic testing, to support personalised lifestyle and health awareness is a significant growth opportunity, and this acquisition will support and significantly accelerate Eurofins' strategy to expand further into this market. DDC has a highly successful and growing test and product menu and will benefit from Eurofins access to additional markets. We also expect leverage from DDC distribution and sales of existing Eurofins testing capabilities into the consumer market for both genetic and other health and wellness related tests," Eurofins Scientific.
Allbirds to pick Morgan Stanley for IPO.
Allbirds, the wool trainers favored by technology workers, tapped banks, including Morgan Stanley, for its IPO. The direct-to-consumer shoe brand confidentially submitted its listing documents to the US SEC and is seeking to go public as soon as September,
Bloomberg reported.
Allbirds is also working with JP Morgan and Bank of America. The company is seeking to be valued at $2bn or more in the listing. The San Francisco-based company's plans, including the timing, could still change.
EMEA
Brookfield Business Partners agreed to acquire Modulaire Group, an infrastructure services company specializing in modular services, from TDR Capital, a UK-based private equity firm for $5bn.
"I am delighted to welcome Brookfield as a new investor in the business and look forward to benefitting from their sector experience as we continue to drive Modulaire's growth. The significant transformation of our business in recent years is down to the hard work of my colleagues. We are all hugely excited about driving Modulaire's continued growth in the future and we look forward to the opportunities ahead," Mark Higson, Modulaire CEO.
Modulaire is advised by Goldman Sachs, JP Morgan, Morgan Stanley, STJ Advisors, Linklaters and Tulchan Communications.
Belgian media companies DPG Media and Rossel agreed to acquire RTL Belgium, the Belgian unit of RTL Group, an international media company based in Luxembourg, for €250m ($298m).
"DPG Media and Groupe Rossel are strong cross-media companies that are well equipped to accelerate RTL Belgium's digital transformation. The sale is in line with our strategy and the best strategic option for RTL Belgium, its dedicated employees and our shareholders," Elmar Heggen, RTL Group COO and Deputy CEO.
RTL Group is advised by KPMG, JP Morgan and Linklaters.
Allied Irish Banks, a commercial bank in Ireland, agreed to acquire the majority of the commercial lending business from NatWest-backed Ulster Bank, a retail bank in Ireland, for $5bn.
"In line with our strategy of a phased withdrawal from the Republic of Ireland, I am pleased that we have now reached agreement with AIB on the sale of the majority of Ulster Bank's performing commercial lending portfolio. Our priority remains to support our customers and colleagues through this period," Alison Rose, NatWest Group CEO.
AIB is adivsed by JP Morgan.
The Invus Group, the global equity investor, completed a $200m investment in ClearScore, a British financial technology business.
"We welcome Invus Opportunities to the board and look forward to working with their team as we continue to grow ClearScore in the UK and internationally. As one of the only profitable UK fintech business operating at real scale, we didn't need to raise money, but rather we chose to partner with Invus. We made this decision as a team because of Invus' track record of working strategically over the long term with their businesses to recognise global opportunities, whilst delivering superior services to consumers. I have been incredibly impressed with Invus' insight and I'm looking forward to working closely with them to deliver our vision, that ClearScore will become an indispensable financial partner to millions more users around the world," Justin Basini, ClearScore CEO.
ClearScore was advised by Clarity.
JD Sports Fashion, a retailer of sports, fashion and outdoor brands, agreed to acquire an 80% stake in Deporvillage, a retailer focusing on selling specialist sports equipment principally for cycling, running and outdoor, for $168m. $48m from the total consideration is contingent upon revenue milestones.
"Deporvillage has a strong consumer-centric approach and is the market leader in its categories in Spain with significant potential for further international development. We look forward to closing the transaction and welcoming the Deporvillage team to the group," Peter Cowgill, JD Sports Fashion Executive Chairman.
Deporvillage is advised by MHP Communications.
Marubeni, a sōgō shōsha headquartered in Nihonbashi, agreed to acquire Euroma, a provider of herbs and spices, from private equity firm Parcom Capital. Financial terms were not disclosed.
"The global market for food functional ingredients, including spices and seasonings, is estimated to be approximately $52bn, and is expanding steadily, due to population growth and growing health consciousness, with an estimated annual growth rate of over 5%," Marubani.
Parcom Capital is advised by Rothschild & Co.
Zvoove, a software development firm, agreed to acquire Leviy Group, a mobile workforce SaaS provider. Financial terms were not disclosed.
"The innovative software-as-a-service solution, made for companies in cleaning and facility management sectors, enables communication, quality management, planning, analysis and reporting of room status, working hours and cleaning activities in real time thanks to its mobile app," Leviy.
Zvoove is advised by King & Wood Mallesons.
Five Arrows and TA Associates-backed RLDatix, a global provider of patient safety and risk management software, agreed to acquire Allocate Software, a provider of healthcare workforce deployment software, from private equity firms Vista Equity and Hg Capital. Financial terms were not disclosed.
"We are very excited to join forces with RLDatix. The link between patient safety, the welfare of staff and workforce technology is absolute. Over the coming years, providers of healthcare face ongoing workforce shortages alongside increasing demand for care. Together, we will positively impact how the workforce is planned, supported and deployed in a way that for the first time means it will be truly underpinned by patient safety and quality," Nick Wilson, Allocate Software CEO.
Tamer Group, one of the largest regional healthcare distributors with its consumer and nutrition divisions and logistics services, agreed to invest in Mumzworld, a UAE-based mother, baby & child e-commerce platform. Financial terms were not disclosed.
"We are delighted to join the Tamer Group, having created the Middle East's largest female-led E-commerce business. We have recorded 10x growth over the last five years, and this is just the beginning for us. We are better positioned than ever to accelerate growth, drive wider geographic expansion and continue to build a tech footprint serving customers better than ever. We will continue to own the supply chain for mother and child; both our customers and suppliers are at the forefront of this next exciting phase for Mumzworld," Mona Ataya, Mumzworld CEO.
NN Group, an insurance and asset management company, offered to acquire European businesses of MetLife, a global provider of insurance, annuities, and employee benefit programs. Financial terms were not disclosed.
"In line with our strategy, this is considered an opportunity to consolidate our leading positions in attractive growth markets in which NN is already active," NN Group.
Coca-Cola HBC, a Coca-Cola bottler, agreed to acquire a 30% stake in Casa Del Caffè Vergnano, a premium Italian coffee company. Financial terms were not disclosed.
With Caffè Vergnano, we are well-positioned to build a total coffee portfolio that caters for a diverse range of consumer preferences. We are respectful of the company's 140-year history and the dedication and passion of the four generations that created such a rich and renowned coffee brand, synonymous with the authentic Italian coffee experience. Our investment in Caffè Vergnano is aligned with The Coca-Cola Company as we have worked together on this opportunity," Zoran Bogdanovic, Coca-Cola HBC CEO.
Patrick Drahi backs BT. (FS)
BT's new billionaire investor is backing the British telecoms group, seeing no need to sell a stake in network arm Openreach or perhaps even to find a partner for its fiber roll-out,
Reuters reported.
Patrick Drahi, a Franco-Israeli telecoms entrepreneur, surprised investors earlier this month when he announced that he controlled 12.1% of BT, making him the biggest shareholder and driving the company's stock to a 17-month high.
The stake purchase sparked speculation that Drahi might pressure BT to sell a stake in Openreach or spin it off, and it came less than a month after the group set out a plan to find a partner to help build part of its new fiber network.
Alpha Bank launches combined share offering to raise $954m.
Alpha Bank, the third largest lender in Greece, launched a combined share offering to raise $954m. The bank noted that starting on Monday and ending on June 30, a public offering in Greece and an international placement with institutional investors via bookbuilding would run simultaneously. Moreover, existing shareholders will be in priority for allocation of new shares.
"The capital increase would help the bank to achieve double-digit profitability growth rates and its ability to pay out dividends," Vassilis Psaltis, Alpha Bank CEO.
Alpha Bank is advised by JP Morgan, Goldman Sachs, Citigroup, Barclays and Axia Ventures.
Stada buys Sanofi's portfolio of regional consumer brands. (FS)
Sanofi, a French drugmaker, agreed to sell 16 mainly European consumer healthcare brands to private equity-owned Stada, a pharmaceutical company based in Bad Vilbel, to streamline its product portfolio. The buyout of the brands, including Mitosyl ointment, Silomat cough remedies, Frubiase nutritional supplements, will increase the German company's regional sales network in Europe, following a similar deal with GlaxoSmithKline last year. Financial terms were not disclosed, but an insider said the price tag was in a range of $144m-$168m.
"Simplifying the CHC product portfolio is an important part of our strategy to focus our resources and efforts where we can bring the most value," Julie Van Ongevalle, Sanofi Head of Consumer Healthcare Unit.
Qatar Petroleum looks for banks to sell four-tranche jumbo bonds.
Qatar Petroleum, a state-owned petroleum company of Qatar, found a group of banks to provide a four-tranche issuance of $-denominated bonds. The document from one of the banks participating in the deal showed that the bond sale would include standard tranches of 5, 10, 20 and a 30-year Formosa portion. The proposed debt sale could rise up to $10bn.
Qatar Petroleum is advised by Citigroup, JP Morgan, Bank of America, Deutsche Bank, Goldman Sachs, QNB Capital, Credit Suisse, HSBC and Mitsubishi UFJ Financial Group.
APAC
Private equity firm NewQuest Capital Partners completed the acquisition of a majority stake in Cosmos-Maya, one of the fastest-growing animation companies in Asia, from Emerald Media, a pan-Asian platform established by KKR to invest in the fast-growing media and entertainment industries across Asia. Financial terms were not disclosed.
"Cosmos-Maya has been one of the most dynamic companies in this segment with a remarkable growth trajectory. With a portfolio of over 20 IPs and a highly talented team, we strongly believe that Cosmos-Maya is exceptionally well placed to consolidate its leadership position in the segment," Amit Gupta, NewQuest Partner and Head of India and Southeast Asia.
Cosmos-Maya was advised by Ernst & Young, GCA Advisors, Cyril Amarchand Mangaldas, SNG & Partners and BDO.
So-Young International, which operates online platform providing medical aesthetic information, agreed to invest $122m in Wuhan Miracle Laser Systems, which manufactures medical equipment.
"We believe that China's medical aesthetics industry possesses huge growth potential and we are especially optimistic about non-surgical medical aesthetics. We hope our strategic investment in Wuhan Miracle will enable us to continue to seize the opportunities of the industry and bring greater returns to our shareholders," Xing Jin, So-Young Chairman and CEO.
So-Young International is advised by Christiansen IR.
PLDT, a telecommunications company, KKR, Tencent and IFC Asset Management, an asset manager, completed the $167m investment round in Voyager Innovations, a technology company in the Philippines. IFC Asset Management comes as a new investor in the company.
"We have seen a quantum leap for digital payments adoption in the Philippines over the past year, and PayMaya has served as the nexus connecting consumers and enterprises with enriching digital finance experiences. This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service," Orlando B. Vea, Voyager CEO and Founder.
Sumitomo Mitsui Financial Group agreed to invest around $90m in Rizal Commercial Banking, Philippine bank, taking a 5% stake, as it looks for growth outside a slow-growing domestic market.
SMFG, Japan's second-biggest lender by assets, said it saw the Philippines as a key market, and cited RCBC's strength in digital banking services.
Singapore's Carousell explores US listing via SPAC.
Carousell, a Singapore-based online classifieds marketplace operator, is considering a US listing via a merger with a blank-check company,
Bloomberg reported. Carousell could be valued at $1.5bn on the potential transaction and completed by the end of a year.
Details of the company's listing plans could change since discussions are initial.
China Tourism aims to raise up to $7bn in HK secondary listing.
China Tourism Group Duty-Free, a company principally engaged in the travel agency businesses company, intends to raise up to $7bn in Hong Kong secondary listing,
Reuters reported.
The firm has sent a filing for the listing with Hong Kong's stock exchange. At $7bn, it would be the city's most extensive listing in nearly two years.
Krafton's $5bn IPO to be delayed by up to a fortnight.
Krafton, a South Korean game developer, will resubmit an application for a $5bn domestic listing after the financial regulator raised some questions on the application,
Reuters reported.
Krafton plans to revise our IPO registration statement in response to the Financial Supervisory Service's request. The delay of the IPO, set to be South Korea's biggest ever, could be for up to a fortnight due to the regulatory review. The developer of smash hit game PlayerUnknown's Battlegrounds was due to list on the Korean stock exchange in mid-July.
Kakao Bank seeks as much as $2.3bn in IPO.
Kakao Bank, the internet-only lender in South Korea, plans to raise as much as $2.3bn in a primary public offering, joining a rush by the nation's companies to sell shares.
According to a filing Monday, 65.45m new shares between $29 and $34.6 for each are to be sold. The company would raise $2.2bn and have a market capitalization of more than $16bn, making Kakao Bank the third most valuable lender in Korea, after KB Shinhan Financial Group and Shinhan Financial Group.
