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AMERICAS
The US Justice Department has opened an extended antitrust investigation into Nippon Steel's $14.1bn takeover bid for United States Steel, creating additional legal hurdles to completing the deal, Bloomberg reported.
Department regulators are seeking more information on antitrust grounds. The move signals further delays for a deal the companies had hoped would be approved in the second or third quarter and now may not get resolved until after the US presidential election in November.
Nuvation Bio, a biopharmaceutical company, completed the acquisition of Decheng Capital-backed AnHeart Therapeutics, a clinical-stage global biopharmaceutical company developing a pipeline of novel precision oncology therapeutics, for $145m.
“The closing of the acquisition transforms Nuvation Bio into a late-stage, global oncology company that is well-capitalized and positioned to develop our newly expanded pipeline as we move toward becoming a commercial organization. We welcome the AnHeart team and look forward to leveraging our combined expertise to bring new cancer therapies to patients who need them most," David Hung, Nuvation Bio Founder, President, and CEO.
AnHeart Therapeutics was advised by Davis Polk & Wardwell (led by Lee Hochbaum), Fangda Partners and Walkers (led by Hugh Anderson). Nuvation Bio was advised by Evercore, Conyers Dill & Pearman, Cooley (led by Kenneth Guernsey and Phil Mitchell), Haiwen & Partners and Morrison & Foerster.
American Industrial Partners, a private equity firm, completed the acquisition of Boart Longyear Group, an international mineral exploration company, for $371m.
"The closing of this acquisition marks a new chapter in Boart Longyear's 134-year history. Boart Longyear has been an industry leader for more than a century, and we aspire to further strengthen that position in partnership with company management by deploying AIP skills across areas including product engineering, aftermarket, procurement, quality systems, logistics, LEAN, IT, and finance. We look forward to partnering with the Boart Longyear team to capitalize on the large growth opportunities we mutually envision for the Company," Zac Carson, AIP Partner.
Dai-ichi Life-backed Protective Life, a financial service holding company, agreed to acquire ShelterPoint, a life Insurance company. Financial terms were not disclosed.
"This transaction will ring in and accelerate an inspiring new chapter for our company. At the same time, this transaction is expected to empower ShelterPoint to even further enhance its longstanding DBL/PFL capabilities2 that customers have come to trust and rely on when needing to take leave," Leston Welsh, ShelterPoint CEO.
Protective Life is advised by Fenchurch Advisory Partners, Kirkland & Ellis (led by Rajab S. Abbassi and Kimberly Meng Han) and Maynard Nexsen. ShelterPoint is advised by Goldman Sachs, Katten Muchin Rosenman and Winston & Strawn.
Vertex Pharmaceuticals, a global biotechnology company, agreed to acquire Alpine Immune Sciences, a clinical-stage biopharmaceutical company, for $4.9bn.
“Alpine is a compelling strategic fit for Vertex and furthers our ambition of using scientific innovation to create transformative medicines targeting serious diseases with high unmet need in specialty markets. We look forward to welcoming the talented Alpine team to Vertex and believe that together we can bring povetacicept, a potential best-in-class treatment for IgAN to patients faster. We also look forward to fully exploring povetacicept’s potential as a ‘pipeline-in-a-product' and adding Alpine’s protein engineering and immunotherapy capabilities to Vertex’s toolbox,” Reshma Kewalraman, Vertex CEO and President.
Alpine Immune Sciences is advised by Centerview Partners and Fenwick & West (led by Doug Cogen, Effie Toshav, Victoria Lupu, Matthew Cantor, Tom Ensign, Larissa Neumann, Robert Freedman, Amanda Rose, Stefano Quintini and Jennifer Yoo). Centerview Partners is advised by Goodwin Procter (led by James Matarese, Blake Liggio, James Ding and Stuart Cable). Vertex Pharmaceuticals is advised by Lazard and Skadden Arps Slate Meagher & Flom (led by Graham Robinson, Faiz Ahmad, Timothy F. Nelson, Resa Schlossberg, Maria Raptis, Maya Florence and Moshe Spinowitz).
Endava, a technology services company combining world-class engineering, industry expertise and a people-centric mindset, completed the acquisition of GalaxE, a global IT and business solutions provider, for $405m.
“We are delighted for the GalaxE team to join Endava. This acquisition fits with our vision and strategy of providing our clients with a global delivery platform. As our first footprint in India, it gives us access to a deep and sophisticated talent pool and positions us well for meeting increasingly complex customer needs. Additionally, we believe that GalaxE’s deep expertise in Healthcare will help us scale to one of our most desirable and fast-growing industry verticals,” John Cotterell, Endava CEO.
GalaxE Group was advised by JP Morgan and White & Case. Endava was advised by Bank of America and Akin Gump Strauss Hauer & Feld (led by Dan Walsh).
Washington Harbour Partners, a private investment firm, completed the $60m investment in Raft, a modern technology and data-focused, advanced software engineering firm.
“Our partnership with Washington Harbour will accelerate Raft’s mission of ushering in a new paradigm for the modern warfighter, across all domains of air, land, sea, space and cyber. Next generation, advanced technologies are transforming how wars are initiated, fought, resolved, won, and deterred. Washington Harbour’s deep knowledge of our industry, shared vision, and expansive strategic relationships all give me great confidence and excitement in continuing to serve our customers and our country, especially at the mission’s edge," Shubhi Mishra, Raft Founder & CEO.
Raft was advised by Holland & Knight. Washington Harbour Partners was advised by PricewaterhouseCoopers, Morrison & Foerster and Edelman (led by Katherine Colquitt).
Peak Rock Capital, a private equity firm, agreed to acquire HuFriedyGroup, a dental instrument manufacturing company, from STERIS, a medical equipment company, for $800m.
“Since acquiring our Dental segment through the Cantel acquisition, we have focused on deploying lean manufacturing methods to drive operating efficiencies. We have been impressed with the strength of the team, their willingness to adopt lean philosophies, and the leadership position the business has with Customers. After a thorough review of strategic alternatives, we have decided to divest our Dental segment to allow us to focus on our Customers within our core markets in healthcare, pharma and MedTech who can most benefit from our full portfolio of products and services. We are confident this business will do well with the investment and support of Peak Rock Capital,” Dan Carestio, STERIS President and CEO.
Huron Capital-backed Criticore, a full-service, engineering-led, non-union electrical services provider, completed the acquisition of Jenco, a specialty contractor. Financial terms were not disclosed.
“We are excited to partner with the Jenco team to continue our path towards becoming the leading provider of comprehensive electrical services, specializing in electrical and data systems that are critical for technically advanced facilities and that meet the needs of customers throughout the entire facility lifecycle. Jenco has developed a strong brand presence through its service-oriented culture, deep technical talent base, and unwavering commitment to safety that offers strong alignment with RK Electric’s capabilities and market leading position,” Tom Bartolomei, Criticore CEO.
Huron Capital was advised by Moss Adams, Honigman Miller Schwartz & Cohn and Prosek Partners (led by Jonathan Marino). Criticore was advised by Moss Adams and Honigman Miller Schwartz & Cohn.
General Atlantic, a global growth equity firm, completed the minority investment in PeakEquity Partners-backed HighLevel, a provider of sales and marketing automation software for marketing agencies, entrepreneurs, and small businesses. Financial terms were not disclosed.
“Our commitment to empowering businesses to connect with their customers in more meaningful ways remains central to our mission here at HighLevel. We’re not just about growth for the sake of growth – we’re about making a real difference in the lives of our users. General Atlantic’s four-decade track record of strategically supporting and scaling mission-driven technology companies aligns closely with our own growth trajectory and ambitions. This investment allows us to stay true to that goal while we continue to innovate and set ourselves apart in the industry," Shaun Clark, HighLevel Co-Founder and CEO.
HighLevel was advised by JP Morgan and O'Melveny & Myers. General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison.
Eliem Therapeutics, a biotechnology company focused on developing novel therapies for neuronal excitability disorders to address unmet needs in psychiatry, epilepsy, chronic pain, and other disorders of the peripheral and central nervous systems, agreed to acquire Tenet Medicines, a development-stage private biotechnology company. Financial terms were not disclosed.
“The Eliem board of directors has conducted a thorough review of strategic alternatives, and we believe the transaction we are announcing today with Tenet presents a compelling opportunity for our stockholders. We believe TNT119 represents a promising clinical asset across multiple autoimmune diseases targeting markets where there is a need for improved treatment options,” Andrew Levin, Eliem Therapeutics Executive Chairman.
Tenet Medicines is advised by Cooley. Eliem Therapeutics is advised by Leerink Partners, WilmerHale and Westwicke (led by Chris Brinzey).
RTC Partners-backed Verdantas, a firm specializing in environmental consulting, sustainable engineering, modeling, and digital technology,, completed the acquisition of CT Consultants, a company, operating in the government, water, and transportation markets. Financial terms were not disclosed.
“We are thrilled to welcome CT to the Verdantas team. Their expertise, steadfast commitment to clients, and support of their people align deeply with our core values. Together, we will continue to drive innovation while supporting our people and the environment," Jesse Kropelnicki, Verdantas CEO.
Verdantas was advised by Environmental Financial Consulting Group. CT Consultants was advised by AEC Advisors.
Certares, an investment management company, and Belcourt Capital Partners to acquire Hilton Boston Back Bay, an investment company, for $171m.
"Boston is one of the only true 'seven-day-a-week' lodging markets in the US, with demand driven by a diverse set of corporate and leisure travelers. The city is home to major corporate tenants, world-class colleges and universities, numerous leading medical centers, state-of-the-art life science facilities and a wealth of after-work and weekend leisure activities, making this an incredibly attractive investment," Nolan Hecht, Certares Senior Managing Director and Head of Real Estate.
Certares is advised by Prosek Partners.
Basis Vectors Capital, a private equity and technology investment firm, completed the acquisition of Cadient, a provider of talent acquisition solutions in the hourly hiring sector. Financial terms were not disclosed.
"At Cadient, we're thrilled to embark on this new chapter with a partner who shares our vision for transforming talent acquisition. By joining forces with Basis Vectors Capital, we're gaining access to their invaluable expertise in empowering and scaling SaaS businesses. This collaboration will fuel our ability to deliver exceptional value to our customers and achieve our ambitious market expansion goals. We'll leverage this partnership to propel Cadient's innovation and shape the future of hiring excellence," Jon Puckett, Cadient CEO.
KKR weighs sale or IPO for $15bn BMC Software. (FS)
KKR is again reviewing options to exit IT solutions firm BMC Software, which could be worth about $15bn including debt in a sale or initial public offering, Bloomberg reported.
The buyout firm has received inbound interest from other private equity firms interested in potentially acquiring Houston-based BMC.
Cancer-drug maker Janux Therapeutics weighs possible sale.
Drugmaker Janux Therapeutics is exploring options, including a potential sale, after receiving takeover interest from larger pharmaceutical companies, Bloomberg reported.
The company, which develops tumour-activated immunotherapies to treat cancer, is working with a financial adviser to evaluate possibilities, including a sale.
Four Paramount board members to step down amid merger talks.
Four members of Paramount Global's board are expected to step down soon as the entertainment giant controlled by Shari Redstone discusses a merger with Skydance Media, Reuters reported.
Former Spotify executive Dawn Ostroff, Sony Entertainment ex-president Nicole Seligman, Redstone attorney Rob Klieger and investment banker Frederick Terrell are expected to leave the board in the next few weeks.
Nursing home firm PACS Group raises $450m in IPO.
PACS Group raised $450m in an initial public offering, pricing its stock at the mid-point of a marketed range and increasing the number of shares sold, Bloomberg reported.
The Farmington, Utah-based post-acute care facility operator sold 21m shares Wednesday for $21 each. PACS Group had marketed 19.05m shares for $20 to $22 each.
Leerink taps Rothschild's Hotchandani for healthcare dealmaking. (People)
Leerink Partners hired Rothschild managing director Timothy Hotchandani to focus on healthcare dealmaking involving life-science tools and diagnostics companies, Bloomberg reported.
Hotchandani will come aboard as a senior managing director and will be based in Los Angeles. He'll report to Barry Blake, Leerink's global co-head of healthcare investment banking. Blake is also global co-head of overall investment banking at Leerink.
EMEA
Shurgard Self-Storage, a self-storage company, agreed to acquire Lok'n Store Group, a self-storage space provider, for £378m ($447m).
"Following several successful acquisitions over the past year, I am excited to disclose this new acquisition in the UK, which doubles our presence in the country, and accelerates our growth and expansion strategy. This milestone event for Shurgard adds an additional 171k sqm MLA, representing two full years of Shurgard's targeted annual expansion, with new ramp-up and development opportunities to accelerate our growth in existing and new UK markets. The acquisition brings with it a strong pipeline and development team, which can be leveraged to accelerate new opportunities in London, the South East and Manchester," Marc Oursin, Shurgard Self-Storage CEO.
Keyloop to acquire Automotive Transformation Group.
Keyloop, a global automotive technology company, agreed to acquire Automotive Transformation Group, a provider of automotive technology focused on omnichannel retail solutions. Financial terms were not disclosed.
“The acquisition of ATG will mark an important step forward in making Experience-First a tangible reality for our customers. ATG has created an exciting offering with the Fusion omnichannel auto retailing platform. By combining this with Keyloop’s complementary platform offerings and broad range of capabilities, we can make a meaningful positive impact on the digital transformation of the automotive retail experience. We’re looking forward to welcoming the talented team at ATG as colleagues," Tom Kilroy, Keyloop CEO.
Automotive Transformation Group is advised by Houlihan Lokey, Momentum Corporate Finance, Paul Hastings and Taylor Wessing. Keyloop is advised by King & Spalding and LAW Creative (led by Antonia Phillips and Rachel Perry).
NRDC Equity Partners, a New York-based investment firm, and BB Kapital, Bernd Beetz’s family office, agreed to acquire Galeria Karstadt Kaufhof, a department store group in Europe. Financial terms were not disclosed.
“BB Kapital’s experience in supporting organizational development and managing and developing brands makes us very complementary with NRDC Equity Partners’ track record of improving retail infrastructure and systems. This will be a very strong combination for Galeria going forward,” Michèle d’Ancona, BB Kapital CEO.
Domino's Pizza Group, a United Kingdom-based master franchise of international fast food pizza delivery chain Domino's, completed the acquisition of the remaining stake in Shorecal, a Domino’s franchise business operating in the Republic of Ireland and Northern Ireland, from Charles Caldwell, Anne Caldwell and Adrian Caldwell, the owners, and Radcliff Management-backed SC Holdings I, an investment vehicle, for €72m ($78m).
“I’m delighted that we have been able to move quickly on the first part of the growth plan we set out in December and agree terms to acquire the remaining shares in Shorecal. We believe there is a significant opportunity for us in Ireland and we are now in an even stronger position to accelerate our growth, open new stores, and provide great service and great tasting products to our customers," Andrew Rennie, Domino's Pizza Group CEO.
Investment firm 777 Partners has pushed back its target date for buying Everton FC to the end of next month and is asking for more time to repay a £158m ($198m) loan related to the club's new stadium, Bloomberg reported.
The Miami-based firm had aimed to close the purchase of the Premier League football club at the end of this week. Everton and 777 face a deadline due April 15, when MSP Sports Capital, a rival American investor, is due to claim repayment of the loan it made to help it build a new state-of-the-art stadium in Liverpool's Bramley Docks.
Blackstone, CVC consider bids for Superstruct festivals firm. (FS)
Blackstone and CVC are among the potential bidders for European festival organizers Superstruct Entertainment. Superstruct, which runs events including electronic music festival Sonar in Spain and Mysteryland in the Netherlands, could be valued at as much as £1.5bn ($1.9bn) in a sale, Reuters reported.
Private equity owner Providence is working with advisers at Liontree and HSBC to gauge interest and is set to launch a formal auction process over the next month. Providence has been planning the sale since last summer as live music festivals rebounded after the end of COVID-19 lockdowns, which has encouraged investment.
Boehly's Eldridge said a finalist to buy private lender Hayfin. (FS)
Todd Boehly's Eldridge Industries is among final bidders in talks to acquire European private credit firm Hayfin Capital Management, Bloomberg reported.
A deal could value London-based Hayfin, which manages about €31bn ($33bn) of assets, at over €1.2bn ($1.3bn). Talks with multiple parties are ongoing and may not ultimately lead to a deal.
Focus Group founders dial up £800m sale to private equity firm Hg. (FS)
The founders of a business telecoms and IT services provider are on the brink of toasting a nine-figure windfall after entering advanced talks to sell it to one of Britain's leading private equity firms.
Focus Group is close to signing a deal to sell a majority stake to Hg Capital, the investor known for its successful bets on software and technology companies. The transaction would value Focus Group at just under £800m ($1bn), including debt, making it the latest addition to the ranks of Britain's private company unicorns.
Clarins skincare heir is looking for her next big acquisition. (FS)
The heirs to France's Clarin's skincare fortune went up against industry giant L'Oreal in a battle for popular Australian brand Aesop and lost. But the contest drew dealmakers' attention to Famille C Participations, the investment arm created by the Courtin family to invest the dividends from closely held Clarins, Bloomberg reported.
Now, the clan is looking to capitalize on that recognition in its hunt for new investments, with a goal to double the value of its holdings by 2030.
Alpha Intelligence Capital raises $150m for second AI fund, targets $250m. (FS)
Alpha Intelligence Capital, a Luxembourg-based venture capital firm, has hit a $150m close for its second artificial intelligence fund which is targeting a corpus of at least $250m amid a boom in the sector, DealStreetAsia reported.
The firm is gearing towards a final close in September this year, after reaching the majority close earlier this week. AIC has roped in Taiwan's CDIB Capital Group, French sovereign wealth fund BpiFrance, and a Singapore sovereign wealth fund whose name was not disclosed as new limited partners. The fund writes cheques ranging from $500k to $15m to deep AI and machine learning technology-based companies from seed to Series B rounds.
Quantonation hits first close of $215m Fund II to double down on Asia's quantum startups. (FS)
Paris-based, quantum technologies-focused venture capital firm Quantonation Ventures has hit a €70m ($75.3m) first close for its €200m ($215m) Fund II, DealStreetAsia reported.
It is one of the earliest known venture capital funds dedicated to quantum technology and deep physics and remains one of the very few dedicated investors in the world investing in this rapidly emerging space. The VC has raised funds from a range of limited partners across sovereign wealth funds, fund-of-funds, corporates, and high-networth individuals globally.
APAC
China's CGN New Energy's parent said to revive the take-private plan.
CGN New Energy parent is considering taking the Hong Kong-listed power producer private after abandoning a previous plan more than three years ago, Bloomberg reported.
China General Nuclear Power recently started initial discussions about potentially delisting the unit. Deliberations are at an early stage and may not result in a deal.
Chinese investment bank CICC's President & CFO Wu Bo to step down. (People)
China International Capital (CICC) said on April 10 that President and CFO Wu Bo would step down from his positions, effective immediately, DealStreetAsia reported.
CICC, one of the country's top investment banks, also said it had cancelled the nomination of Wu Bo as a candidate for executive director without citing a reason. "Wu Bo has confirmed that he has no disagreement with the board during his term of office and there is no other matter relating to his retirement that needs to be brought to the attention of the shareholders, creditors of the company," CICC.
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