|
AMERICAS
Vestar Capital and New Mountain Capital-backed Information Resources, a provider of innovative solutions and services for consumer, retail and media companies, completed the merger with Hellman & Friedman-backed The NPD Group, a global provider of market information and advisory services, in a $5bn deal.
"We are excited about the prospect of combining our companies to give clients the tools and information they need to succeed amid changing consumer behavior. Both NPD and IRI share similar client-focused, innovative and collaborative cultures, making this combination a natural fit," Karyn Schoenbart, NPD CEO.
The NPD Group was advised by Jefferies & Company, Kramer Levin Naftalis & Frankel and Simpson Thacher & Bartlett. Information Resources was advised by Evercore, Goldman Sachs, Guggenheim Partners, Kirkland & Ellis and Sard Verbinnen & Co. Hellman & Friedman was advised by Finsbury Glover Hering. Vestar Capital was advised by Lambert & Co. New Mountain Capital was advised by Abernathy MacGregor Group.
New Mountain Capital, a growth-oriented investment firm, agreed to acquire the Applied, Food and Enterprise Services businesses of PerkinElmer, an American global corporation focused in the business areas of diagnostics, life science research, food, environmental and industrial testing, for $2.45bn.
"PerkinElmer has a long history of market-leading innovation, and we are excited to partner with this dedicated team to support the next phase of growth. The business we are acquiring provides mission-critical solutions that enable scientists and researchers to perform their important work, including developing and manufacturing biopharmaceuticals, ensuring a cleaner and safer environment and food supply, and helping to provide high-quality products to demanding customers. New Mountain intends to continue to invest behind the business as we pursue a dynamic growth strategy," Andre Moura, New Mountain Capital Managing Director.
New Mountain Capital is advised by Jefferies & Company, Simpson Thacher & Bartlett and Abernathy MacGregor Group. Debt financing is provided by Owl Rock Capital. PerkinElmer is advised by Goldman Sachs, Hogan Lovells, McDermott Will & Emery and WilmerHale.
FiscalNote Holding, an AI-driven enterprise SaaS company, went public via a SPAC merger with Duddell Street Acquisition, a special purpose acquisition company, in a $1.3bn deal.
"FiscalNote is a category creator led by a visionary and experienced leadership team poised to scale with multiple organic and inorganic growth vectors. We believe this merger is highly compelling and asymmetric, driven by a clear path to profitability with an anticipated 15-20% organic revenue growth rate, 80% gross margins, and 90% recurring revenue model. With a strong track record of value creation through acquisitions and M&A integration, we are confident FiscalNote will be further positioned to disrupt, consolidate, and provide transformative technology applications to the LegalTech sector," Manoj Jain, Duddell Street Acquisition CEO.
FiscalNote was advised by JP Morgan, Paul Hastings and ICR. Duddell Street Acquisition was advised by BTIG, Citigroup, JP Morgan and Davis Polk & Wardwell. Financial advisors were advised by Shearman & Sterling.
Stonepeak, an alternative investment firm, completed the acquisition of the Latin American business of Lumen Technologies, a telecommunications company, for $2.7bn. AustralianSuper, Australia's pension fund, invested alongside Stonepeak in the transaction.
"This transaction unlocks value for our shareholders while allowing us to maintain our global presence through our strategic relationship with the New LATAM Company. This transaction allows Lumen to focus investments in key areas of the business to drive future growth while providing flexibility for our capital allocation strategy," Jeff Storey, Lumen President and CEO.
Lumen Technologies was advised by Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Jones Walker. Stonepeak was advised by JP Morgan, Lazard, Simpson Thacher & Bartlett and Sard Verbinnen & Co. AustralianSuper was advised by Skadden Arps Slate Meagher & Flom.
TD Bank Group, a Canadian multinational banking and financial services corporation, agreed to acquire Cowen, a diversified financial services firm that provides investment banking, research, sales and trading, prime brokerage, outsourced trading, global clearing, and commission management services, for $1.3bn.
"Cowen is a leading independent dealer with a premier US equities business and a strong, diversified investment bank that, when combined with TD Securities, will allow us to accelerate our strategic US growth plans. Most importantly, the acquisition will provide new capabilities and increased depth in key business lines to meet our clients' needs and will allow us to leverage our combined expertise, talent, and integrated offerings across a much larger client base," Bharat Masrani, TD Bank Group President and CEO.
Cowen is advised by Ardea Partners, Perkins Advisors and Cravath Swaine & Moore. TD Bank is advised by Perella Weinberg Partners, Simpson Thacher & Bartlett and Torys.
PepsiCo, an American multinational food, snack, and beverage corporation, agreed to invest $550m in Celsius Holdings, a global fitness energy drink brand.
"I would first like to thank our employees and partners who have helped facilitate our rapid growth. We believe the opportunity to partner with a global best-in-class distributor provides Celsius with significant near-term additional shelf space in both existing retailers as well as new expansion within the independent retailers that represent a significant portion of the US convenience and gas channel where approximately 70% of energy drinks are sold. It also provides a strategic partnership that is expected to accelerate growth for both companies globally. In addition, this partnership will drive efficiencies allowing our teams to consolidate sales, marketing, and distribution efforts with associated cost benefits, which we expect to recognize once the initial transition is completed. We look forward to partnering with PepsiCo and maximizing the opportunities we see ahead for Celsius and our shareholders," John Fieldly, Celsius President, Chairman and CEO.
Celsius Holdings is advised by Stifel, UBS and Holland & Knight. PepsiCo is advised by Centerview Partners, Davis Polk & Wardwell and Gibson Dunn & Crutcher.
Penguin Random House’s proposed $2.18bn acquisition of Simon & Schuster will result in lower advances to authors because there will be fewer auction rounds, the chief executive of Penguin’s rival Hachette Book Group told a judge at the start of an antitrust trial aimed at blocking the combination, Bloomberg reported.
Michael Pietsch said the size of an advance is usually the “deciding factor” for authors and that his company rarely loses auctions to publishing houses outside of the biggest five players. He admitted Hachette has an interest in acquiring Simon & Schuster if the Penguin deal is blocked.
Bertelsman is advised by JP Morgan, Arnold & Porter Kaye Scholer and Davis Polk & Wardwell. Viacomcbs is advised by LionTree Advisors, Shearman & Sterling and Finsbury Glover Hering.
Hidden Harbor Capital Partners, a private equity firm that helps create business success stories by building teams focused on execution, agreed to acquire Dayco, an engine products and drive systems supplier for the automotive and aftermarket industries. Financial terms were not disclosed.
"This is an important milestone for our business, and we are excited as we enter our next phase of growth with our new partners at Hidden Harbor. We look forward to teaming up with Hidden Harbor and drawing upon the expertise of their operating partners to build on Dayco's success. Our partnership with Hidden Harbor will enable Dayco to have greater flexibility to deliver for our customers, supply chain partners, and employees and move forward together toward a successful future," Joel Wiegert, Dayco CEO.
Dayco is advised by Rothschild & Co, Skadden Arps Slate Meagher & Flom and FTI Consulting. Hidden Harbor is advised by Cowen & Company and McDermott Will & Emery. Debt financing is provided by Configure Partners.
MEAG, the asset management arm for entities of Munich Re, NZ Super Fund, a sovereign wealth fund in New Zealand, and Infratil, a New Zealand-based infrastructure investment company, agreed to invest $500m in Longroad Energy, a renewable energy developer.
"Infratil is extremely happy with this outcome. We remain very optimistic about the opportunities and outlook for Longroad. It is well-positioned in a key geography, with high-quality operating assets, built-in growth through its development portfolio, and a proven team. The new investment from a leading global infrastructure investor in MEAG is a strong endorsement of the business and the sector," Jason Boyes, Infratil CEO.
Longroad Energy is advised by Goldman Sachs, KeyBanc Capital Markets, Lazard and Morgan Lewis & Bockius. MEAG is advised by Barclays and Holland & Knight.
Carlyle, a private equity firm, completed the acquisition of NSM Insurance, a provider of insurance broking and risk management services, from White Mountains Insurance, a diversified insurance and related financial services holding company, for $1.8bn.
"The NSM team has done a tremendous job building a market-leading specialty insurance distribution platform. It has been our pleasure to partner with them along the way. This transaction is a win for both White Mountains shareholders and NSM management and employees. We want to thank Geof, Bill, Marc, Jonathan and the entire NSM team for all of their hard work. NSM is well positioned going forward, and we wish them continued success," Manning Rountree, White Mountains CEO.
NSM was advised by Holland & Knight. Carlyle was advised by Morgan Stanley and Wachtell Lipton Rosen & Katz. White Mountains was advised by JP Morgan and Cravath Swaine & Moore.
SES, a Luxembourgish satellite and terrestrial telecommunications network provider, completed the acquisition of DRS Global Enterprise Solutions, a satellite services provider, from Leonardo DRS, a US-based defense contractor, for $450m.
"This investment reinforces our commitment to provide industry-leading solutions and services for government customers while delivering sustained growth for SES in a high-value segment in which we have a track record of partnership and success. I have long admired GES and its culture of long-standing relationships built on the delivery of high-performance, reliable, and mission-critical connectivity solutions across the US Government. They are a best-in-class solutions provider and the combination with our own SES Government Solutions business will allow SES to serve the US Government with an expanded and enhanced set of advanced connectivity and network solutions leveraging the world's largest multi-orbit satellite fleet," Steve Collar, SES CEO.
SES was advised by Gibson Dunn & Crutcher, Hogan Lovells and SatCom Law. Leonardo was advised by Morgan Stanley and Curtis Mallet-Prevost Colt & Mosle.
Permira, the global private equity firm, agreed to acquire a majority stake in Reorg, a global provider of data, analytics and intelligence for the credit markets, from Warburg Pincus, a global private equity firm, headquartered in New York. Financial terms were not disclosed.
"Through the hard work and innovation of Reorg's global team, we've grown from distressed debt and bankruptcy expertise into covering all aspects of the global credit markets, while maintaining our standards of best-in-class coverage. I couldn't be more appreciative of the Reorg team and the support of Warburg Pincus the last four years. We are relentless in solving our customers' most pressing problems and, with the investment from Permira, will push forward in finding ever smarter solutions in the years ahead," Kent Collier, Reorg Founder and CEO.
Reorg is advised by Evercore and Kirkland & Ellis. Permira is advised by Morgan Stanley, UBS and Weil Gotshal and Manges.
Nikola, a provider of zero-emissions transportation and energy infrastructure solutions, agreed to acquire Romeo Power, an energy technology firm delivering advanced electrification solutions for complex commercial vehicle applications, for $144m.
"Romeo has been a valued supplier to Nikola, and we are excited to further leverage their technological capabilities as the landscape for vehicle electrification grows more sophisticated. With control over the essential battery pack technologies and manufacturing process, we believe we will be able to accelerate the development of our electrification platform and better serve our customers. Given our strong relationship with Romeo and ongoing collaboration, we are confident in our ability to successfully integrate and deliver the many expected strategic and financial benefits of this acquisition. We look forward to creating a zero-emissions future together," Mark Russell, Nikola CEO.
Romeo Power is advised by Morgan Stanley and Latham & Watkins. Nikola is advised by Citigroup and Pillsbury Winthrop Shaw Pittman.
Pacific Woodtech, one of the world's top producers of engineered wood products, completed the acquisition the engineered wood products business of Louisiana-Pacific, an American building materials manufacturer, for $210m.
"We believe that Pacific Woodtech is well positioned to invest in and grow the SolidStart brand, and its acquisition of LP’s EWP business marks another important step in LP’s ongoing strategic transformation. We will work with Pacific Woodtech to ensure a smooth transition for our EWP employees, customers, and suppliers. I want to express my sincere thanks to the entire EWP team for their patience and professionalism throughout this process. I wish them all the best moving forward," Brad Southern, LP Chair and CEO.
LP was advised by UBS, Cleary Gottlieb Steen & Hamilton, Fasken and Troutman Pepper.
Mondelez, a multinational confectionery, food, holding, completed the acquisition of Clif Bar, an energy bar maker, for $2.9bn.
"Mondelez International is the right partner at the right time to support Clif in our next chapter of growth. Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth," Sally Grimes, Clif Bar & Company CEO.
Clif Bar was advised by Morgan Stanley and Fenwick & West. Mondelez was advised by Gibson Dunn & Crutcher.
Barri Financial Group, a provider of non-banking financial services, agreed to merge with DolEx Dollar Express, a multinational company with 26 years of experience in the financial services Industry. Financial terms were not disclosed.
"This merger has made sense for a number of years, we are excited to finally have the opportunity to combine two of the strongest brands in the Hispanic community to expand their reach and use our complementary footprints to serve existing and new customers better," Mario Trujillo Chairman, DolEx President and CEO.
DolEx is advised by Goodwin Procter. Barri Financial Group is advised by Jefferies & Company and Vinson & Elkins.
Trelleborg, an engineered polymer solutions provider, agreed to acquire Minnesota Rubber and Plastic, a provider of materials science-based elastomer and thermoplastic solutions, from KKR, a private equity firm, for $950m.
“I am proud to have worked alongside MRP colleagues who have contributed in so many ways to the Company’s performance. Together we have been able to deliver the fantastic results that made this sale possible. This is a great outcome for all employee owners and our limited partners in KKR’s Americas XII Fund,” Josh Weisenbeck, KKR Partner.
KKR is advised by Houlihan Lokey and Kirkland & Ellis.
Andreessen Horowitz, a private equity firm, and Casdin Capital, an investment company, led a $122 Series A round in IDRx, a clinical-stage biopharmaceutical company dedicated to transforming cancer treatment with purpose-built precision combination therapies, with participation from Nextech Invest and Forge Life Science Partners.
“Although precision medicines have revolutionized the treatment of some cancers, tumors can evolve multiple escape mutations. At IDRx, we are leveraging deep scientific insights in tumor biology with now available drug engineering capabilities to pioneer novel, selective, intelligently designed combination therapies that aim to hit driver mutations hard, cover escape pathways and provide sufficient therapeutic index and safety profiles for use in early lines of treatment where there is the best potential to provide patients with durable clinical benefits,” Alexis Borisy, IDRx Co-Founder.
IDRx was advised by 1AB.
Converge Technology, a computer data storage services company, completed the acquisition of Technology Integration Group, a provider IT consulting services, for $74m.
“TIG is elated to be joining forces with Converge. We are extremely proud of our 40+ year history and have no doubt that our track record of success as a multi-national service and solutions integrator will continue as part of Converge. We are excited for the strategic direction and vision of the Company and look forward to a bright future for our employees, clients, and business partners," Tom Janecek, Technology Integration Group CEO and CFO.
Technology Integration Group was advised by Morrison & Foerster.
Medical Mutual of Ohio, an American mutual health insurance company, agreed to acquire Reserve National, a provider of accident and health insurance, from Kemper, an American insurance provider, for $90m.
"This transaction aligns with Kemper's strategic intent and is a great fit for Medical Mutual of Ohio. It will allow Kemper to increase our focus and invest additional resources in the P&C and life insurance businesses that are providing sustainable, competitive advantages to better deliver value to all our stakeholders. Kemper expects to record a gain upon completion of the transaction," Joseph P. Lacher, Jr., Kemper President, CEO and Chairman.
Kemper is advised by Skadden Arps Slate Meagher & Flom.
Sverica Capital Management, a private equity investment firm, completed the investment in Omeda, a SaaS marketing platform. Financial terms were not disclosed.
"We are very excited to partner with Aaron, James and team. Through our work we concluded Omeda has the strongest product-market fit and highest NPS score in the category. We believe Omeda is uniquely positioned to continue to gain share with its robust, yet intuitive, technology suite while providing meaningful value to its expanding customer base," Jordan Richards, Sverica Managing Partner.
Citi’s Mexico unit seen selling above $7bn as Slim Eyes Bank.
Citigroup’s Mexican unit, Banamex, is likely to attract offers of about $7bn to $8bn as the field of bidders narrows, Bloomberg reported.
Grupo Financiero Banorte, Carlos Slim’s Grupo Financiero Inbursa, mining tycoon German Larrea and Grupo Financiero Mifel are still in the running.
Estee Lauder in talks to acquire Tom Ford brand.
Cosmetics maker Estee Lauder is in talks to acquire luxury brand Tom Ford in what could be a $3bn deal, Reuters reported.
The move could help Estee beef up its luxury offerings at a time when demand for high-end apparel and accessories remains resilient, as luxury consumers continue to splurge on goods despite record inflation in the United States.
Terra Worldwide explores a $1bn sale.
Terra Worldwide Logistics, a closely-held provider of logistics services, is exploring a sale amid consolidation in the industry, Bloomberg reported.
The Atlanta-based company is working with a financial adviser on the potential sale. A transaction could value the business at about $1bn.
Greenlight takes a stake in Twitter. (FS)
Hedge fund Greenlight Capital said it took a new stake in Twitter last month as the social media company sued to force Elon Musk to buy the company even as the billionaire entrepreneur said he has changed his mind about the deal.
Greenlight founder David Einhorn wrote to investors on Monday that his hedge fund had taken the position, paying an average of $37.24 for the stock, according to the letter seen by Reuters.
JLL secures $585m financing for mixed-use development in Boston. (FS)
JLL’s Capital Markets announced that it has arranged $585m in construction financing for a mixed-use project consisting of 581k square feet of life sciences, retail and multi-housing space in Boston, Massachusetts.
JLL worked on behalf of the borrower, a joint venture between King Street Properties, Brookfield and Mugar Enterprises, to secure the four-year, floating-rate loan through an institutional debt fund.
Adalvo acquires Onsolis.
Global pharmaceutical company Adalvo announced the acquisition of its first branded product, Onsolis® after concluding a deal with a reputable US-based specialty pharmaceutical company, that originally owned the product.
The brand is an opioid analgesic, indicated for the management of persistent breakthrough pain in cancer patients who have already received and are tolerant to opioid therapy for their underlying cancer pain. Adalvo will be the sole and exclusive owner of the brand and will obtain full rights to the product, taking over all existing business and all market authorizations globally, including in the US.
Semtech is in advanced talks to buy Canadian peer Sierra Wireless.
Semiconductor maker Semtech is in advanced talks to buy Canadian peer Sierra Wireless, Bloomberg reported.
A deal could be announced within days, but no final decision has been made, and discussions could fall through.
Brazil's Petrobras begins giving Portugal's Petrogal access to its gas processing units.
Brazil state-run oil company Petrobras said it started the operation that gives Portuguese unit Petrogal Brasil access to its natural gas processing units, Reuters reported.
"The contract provides for Petrogal's access to the gas processing units, owned by Petrobras located in the states of Rio de Janeiro and Sao Paulo, linked to the Integrated Drainage System," the company said in a securities filing.
Assured Healthcare Partners closes second fund with over $750m of capital commitments. (FS)
Assured Healthcare Partners announced the closing of its latest fund, AHP Fund II, which exceeded both its target size and initial cap with aggregate commitments in excess of $750m. Fund II will allow AHP to continue to pursue its strategy of investing in North American healthcare service companies at inflection points in their lifecycle.
"We continue to appreciate the thoughtful engagement and support from our investors who seek a differentiated, non-commoditized approach to investing in the healthcare markets," Jim Pieri, AHP Managing Partner and Founder.
RBC taps Citi’s Borisoff and Bott for private equity and retail deals. (FS, People)
Royal Bank of Canada’s investment-banking arm hired a pair of Citigroup bankers, tapping Shawn Borisoff for private equity dealmaking and Ryan Bott for retail, Bloomberg reported.
Borisoff is set to join RBC Capital Markets later this year, reporting to the firm’s co-heads of financial sponsors, Harold Varah and Mark Goldstein. Bott will be part of RBC’s consumer and retail investment-banking group. Earlier this year, that group hired a trio of Citigroup bankers, including global head Doug Trauber.
EMEA
Partners Group-backed Parmaco, a Finnish rental school and day care provider, completed the acquisition of Fixcel, an innovative Finnish modular builder specialized in advanced steel cell structures. Financial terms were not disclosed.
"I'm very happy to welcome Fixcel as part of the Parmaco family. Together we can broaden our offering to our clients in the social and healthcare sector. Fixcel's steel cell technology opens new opportunities for international expansion as steel is a more common building material in central Europe than wood," Ari Lehtoranta, Parmaco Group CEO.
Parmaco is advised by Carnegie Investment Bank and Dittmar & Indrenius.
Alfa Laval, a provider of heat transfer, centrifugal separation and fluid handling, completed the acquisition of Desmet, a provider of processing plants and proprietary equipment, from Kartesia, an independent and privately-owned European specialist financing small and middle-market companies, and Farallon Capital Management, an investment management firm. Financial terms were not disclosed.
"The acquisition will be an excellent fit for our offering of specialized processing equipment designed to increase both yield and quality of customers' end products. It will add know-how and expertise to accelerate future innovations within food, feed and biofuels – and strengthen our ability to support the transformation towards renewable fuels," Tom Erixon, Alfa Laval President and CEO.
Alfa Laval was advised by Bredin Prat. Kartesia was advised by Rothschild & Co.
Fortune Brands, a home and security products company, agreed to acquire Aqualisa, a manufacturer of shower products known for premium, innovative, smart digital shower systems and exceptional customer care, for $160m.
"Fortune Brands has long been a brand and innovation leader. As we continue to evolve, we are proactively positioning our Company for a future of increased brand and innovation strength and accelerated growth," Nicholas Fink, Fortune Brands CEO.
Aqualisa is advised by Rothschild & Co.
WSP, a provider of management and consultancy services, agreed to acquire the real estate and infrastructure consultancy businesses of Capita, an international business process outsourcing and professional services company, for $60m.
"We are pleased to have agreed the sale of these two businesses to WSP following a competitive sale process. It marks another significant step, as we continue to simplify and strengthen Capita, and become a more successful business for the long term," Jon Lewis, Capita CEO.
Capita is advised by Deloitte.
Macquarie, an Australian global financial services group, agreed to acquire a minority stake in VIRTUS Data Centres, a data center provider, from ST Telemedia, a Singapore-headquartered strategic investor. Financial terms were not disclosed.
"We are pleased to have propelled VIRTUS' growth journey over the past seven years which has seen their platform grow into the UK's leading hyperscale data centre provider today. Our commitment has demonstrated the value of developing high-quality data centres in strategic locations. With Macquarie's partnership, we look forward to building on this strong momentum, accelerating VIRTUS' growth strategy and expanding our services to customers across Europe," Bruno Lopez, ST Telemedia Global Data Centres CEO.
ST Telemedia is advised by Citigroup.
The management of Oilfield Services business in Russia agreed to acquire the unit from Baker Hughes, an American international industrial service company. Financial terms were not disclosed.
The new business will operate independently of Baker Hughes – including an independent brand – and it will assume all current OFS Russia assets, liabilities and commercial obligations.
Avatel nears $1bn deal for Spain fiber firm Lyntia. (FS)
Avatel Telecom is close to agreeing an acquisition of a local fiber-optic broadband operator in Spain from Antin Infrastructure Partners, Bloomberg reported.
The Spanish carrier is putting the final touches on a $1bn takeover of Lyntia Access. A deal is expected to be completed in the fourth quarter.
Barclays hunts for private banking deals amid Singapore rebuild.
Barclays is on the prowl for deals that will expand its business catering to Asia’s wealthy six years after largely retreating from the space, Bloomberg reported.
The British lender is looking to buy assets and hire bankers to the super-rich, with a focus on Asia and Africa, Jean-Christophe Gerard, the Geneva-based chief executive of Barclays Private Bank said in an interview. The French national is fresh off a February deal in which Credit Suisse Group agreed to refer its private banking clients to Barclays across nine African markets.
Cerulean Winds and Ping Petroleum plan UK wind-powered offshore oil rig.
Renewables developer Cerluean Winds and Ping Petroleum UK have signed an agreement to create an offshore oil facility powered by wind energy in Britain, Reuters reported.
Under the agreement, the production unit at Ping Petroleum’s Avalon site in the UK's North Sea will be powered by a floating offshore wind turbine that will be connected via a cable to a floating production and storage vessel.
Gail's investors raised a $512m fund backed by Abu Dhabi. (FS)
Food industry entrepreneurs Henry McGovern and Steven Winegar, who've backed brands including craft bakery Gail's and pasta chain Vapiano, have raised $512m to invest in restaurants, Bloomberg reported.
McGovern and Winegar have launched their McWin Restaurant Fund with primary backing from the Abu Dhabi Investment Authority. It brings total capital managed by McWin, which also runs smaller food tech and ecosystem funds, to more than $1bn.
Slate Asset Management announced a €178m capital commitment for Slate European Essential Real Estate Income Fund. (FS)
Slate Asset Management, a global alternative investment platform targeting real assets, announced the close of another €178m ($182m) in capital commitment for Slate European Essential Real Estate Income Fund.
"We are very appreciative of the support we've received from our institutional partners. Since 2010, we have believed in owning the critical real estate, near roof-tops, that facilitates the distribution of goods and services to the consumer. Whether visiting in store, click and collect or delivery; food, healthcare and other non-discretionary goods need to get to consumers in good times and in bad. We are very pleased with our pipeline of opportunities and believe this strategy offers a tremendous opportunity for growth," Jerry Cain, Slate Managing Director of Investor Relations.
APAC
Carrier, a provider of building and cold chain solutions, completed the acquisition of a 55% stake in Toshiba Carrier, a provider of air conditioning solutions, from Toshiba, a Japanese multinational conglomerate, for $868m.
"Carrier sees significant growth potential in the global VRF, light commercial and heat pump segments and is excited by the opportunity to expand our business through this strategic acquisition. TCC's proven R&D expertise, strong global brand and talented employees will be tremendous additions to Carrier's multi-brand channel strategy. We look forward to offering complementary, high-performance and sustainable solutions to our customers that will help them achieve their environmental goals," Dave Gitlin, Carrier Chairman and CEO.
Toshiba Carrier was advised by Deloitte. Carrier was advised by Morgan Stanley and Linklaters. Toshiba was advised by Nomura, UBS, Nishimura & Asahi, Kekst CNC and Sard Verbinnen & Co.
UnionBank of the Philippines, one of the universal banks in the Philippines, completed the acquisition of the Philippines consumer banking unit of Citigroup, an American multinational investment bank and financial services corporation, for $1.1bn.
"This transaction represents a positive outcome for our clients, our colleagues and our firm. We are delivering on our renewed strategy, focusing resources in areas where our global network positions us to deliver optimal growth and returns. Citi will continue to serve institutional clients in the Philippines and across Asia Pacific as we have for over a century. We are very pleased with today's announcement, and we will use the capital generated to invest in our strategic priorities," Peter Babej, Citigroup Asia Pacific CEO.
UnionBank of the Philippines was advised by Morgan Stanley, Milbank and Romulo Mabanta Buenaventura Sayoc & de los Angeles. Citigroup was advised by Ernst & Young, Citigroup, Linklaters and Sycip Salazar Hernandez & Gatmaitan.
Sovereign wealth funds Abu Dhabi Investment Authority and GIC led a $300m funding round in Taibang Biologic, a biopharmaceutical firm.
The proceeds will be used to finance its expansion of plasma stations and its research and development of new products.
Venture capital firms Qiming Venture Partners and Quan Capital led a $120m Series B round in OriCell Therapeutics, a biotechnology company.
"We are grateful to our new and existing investors for their continued support in OriCell. We have achieved a number of significant milestones in terms of clinical development of our CAR-T and partnered bispecific antibody programs, as well as continued to strengthen our senior management team. We look forward to delivering more innovative discoveries and clinical milestones in the next three years. In today's open, inclusive, and dynamic innovative pharmaceutical ecosystem in China, we endeavor to become a world-leading cell therapy company with a broad vision that can integrate seamlessly into the global market," Helen Yang, OriCell Chairman and CEO.
Uber likely seller of 7.8% stake in India's Zomato.
Uber Technologies is the likely seller of a 7.8% stake in Indian food delivery firm Zomato being disposed of via a $373m block deal on Wednesday, Reuters reported.
The offer size of 612m shares worth $373m is based on the lower end of a $0.6-$0.68 price range set for the block deal.
Abu Dhabi's ADIA awards $490m mandate to Australian real estate investor Qualitas. (FS)
ADIA, the biggest sovereign wealth fund in the United Arab Emirates, has awarded a $490m mandate to real estate investment manager Qualitas to invest in Australia.
In a statement, Qualitas said the mandate is to invest in Australian commercial real estate private credit opportunities on behalf of a new investment vehicle.
Baidu-backed carmaker Jidu seeking $400m in funding.
Autonomous electric vehicle startup backed by Chinese tech giant Baidu is considering raising about $300m to $400m in fresh funds, Bloomberg reported.
Jidu Auto, a joint venture set up by Baidu with China automaker Zhejiang Geely Holding, is sounding out potential investors and could seek a valuation of about $3.5bn in the round.
India's LIC Housing Finance accepts bids on bond issue.
India's LIC Housing Finance has accepted bids worth $254m on its bonds maturing in one year, three-month and 13 days, Reuters reported.
The non-banking finance company will pay an annual coupon of 6.8975%, and had invited bids from bankers and investors earlier in the day.
Singtel to invest an additional $100m into innovative technology start-ups through Singtel Innov8. (FS)
Singtel, a Singaporean telecommunications conglomerate, announced its plan to invest a further $100m into Singtel Innov8, its corporate venture arm, raising its total capital commitment to $350m. One of the earliest corporate venture capital firms in Southeast Asia, Innov8 invests in start-ups that align with Singtel Group businesses in the areas of 5G, Artificial Intelligence, the digital economy, sustainability, cyber security and emerging technologies. It operates on an evergreen fund model, re-investing returns from portfolio exits into new investments.
With the capital injection, Innov8 will further expand its portfolio of investments in Southeast Asia, United States, China, Israel and Australia.
Stanford alum’s 26-year-old winemaker braves India IPO market.
While recession fears have seen new listings grind to a halt this year, one of the few companies currently seeking to go public in Mumbai is testing investor appetite for India’s growing wine market, Bloomberg reported.
Sula Vineyards, which last month filed for an initial public offering, says it has over a 50% share of India’s small but rapidly growing wine market. The 26-year-old company has opened tasting rooms and hosted an annual music festival as part of its effort to make the drink fashionable in a young country with an expanding middle class.
Insignia Ventures raises $516m for its new set of funds. (FS)
Insignia Ventures Partners announced the close of its latest funds totalling $516m. This includes $388m for the main fund IVPF III, $28m for an Entrepreneurs' pool that invests alongside the main fund and Annex Fund I at $100m. These funds will focus on early-stage technology investments in Southeast Asia and comes as the firm celebrates five years of "building great companies."
Like the prior funds raised by the Southeast Asia-focused early-stage technology venture capital firm, Fund III was oversubscribed and reached its hard cap for limited partner commitments. Investors in the new fund span premier institutional investors including sovereign wealth funds, foundations, university endowments, and renowned family offices from Asia, Europe, and North America.
India's HPCL to issue October-end CP.
India’s Hindustan Petroleum, an Indian oil and gas refining company headquartered in Mumbai, plans to raise funds selling commercial paper maturing at the end of October, Reuters reported.
The state-run company will pay a yield of 5.73% on this issue and it has received commitments worth around $127m so far.
|
