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AMERICAS
General Atlantic, a private equity firm, and Dragoneer Investment, a public and private investor, agreed to acquire Arco Platform, a developer of educational software, for $1.5bn.
The purchase price represents an about 55% premium over the closing price on November 30, 2022, when the company disclosed the bidders for its acquisition proposal. General Atlantic and Dragoneer had initially proposed a deal to take Arco private last year.
A substantial majority of PDC Energy's bondholders say they won't tender their bonds following the company's acquisition by Chevron because the compensation for the swap is too low.
The noteholders organized earlier this week with help of the Credit Roundtable, an investor advocacy group. Barclays, which is advising Chevron on the debt exchange, has been notified, Bloomberg reported.
PDC Energy is advised by JP Morgan, PJT Partners, Davis Graham & Stubbs, Wachtell Lipton Rosen & Katz (led by Elina Tetelbaum and Igor Kirman). Financial advisors are advised by Simpson Thacher & Bartlett. Chevron is advised by Evercore, Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison (led by Kyle Seifried and Scott Barshay), Shearman & Sterling and Joele Frank (led b y Andrew Brimmer).
TriSalus Life Sciences, an oncology therapeutics company, agreed to go public via a merger with MedTech Acquisition, a special purpose acquisition company, in a $244m deal.
"We are excited to complete this merger with TriSalus and support the growth of its innovative devices and treatments. We believe that TriSalus has significant near and long-term value creation opportunities through its commercialization strategy and the potential to deploy SD-101 into multiple indications across several lines of therapy. We have full confidence that Mary and the experienced TriSalus team will continue working to meet significant unmet medical needs and delivering value to shareholders," Chris Dewey, MedTech CEO.
Jio Platforms-backed Radisys, an open telecom solutions and services provider, completed the acquisition of Mimosa Networks, a communications equipment company, from Airspan, a provider of groundbreaking, disruptive software, for $60m.
“Over the years, our collaboration with Airspan has resulted in groundbreaking architectures for high-speed connectivity for both the end user and for backhaul applications. Acquisition of Mimosa will further accelerate Jio’s innovation and leadership in the production of telecom network products that deliver value to consumers and enterprises across the globe with cost-effective, rapidly deployable fixed and mobile broadband," Mathew Oommen, Jio President.
Radisys was advised by Ernst & Young, Covington & Burling and Nereus Worldwide. Airspan was advised by PJT Partners, Cravath Swaine & Moore (led by Minh Van Ngo and Bethany A. Pfalzgraf) and Dorsey & Whitney.
Cetera, a provider of wealth management support services and brokerage, completed the acquisition of the retail wealth business of Securian Financial, an insurance company. Financial terms were not disclosed.
"We are thrilled to welcome so many Securian Financial professionals to Cetera, where we know they will grow and thrive as an integral pillar of the Cetera Advisor Networks community. The close of this important partnership represents the beginning of a new phase of opportunity for the professionals who are joining us as well as everyone affiliated with Cetera. We look forward to a bright future for the managing partners, financial professionals and team members who now call Cetera home," Tom Taylor, Cetera Chief Sales and Growth Officer.
Cetera was advised by Morgan Stanley, UBS and Willkie Farr & Gallagher (led by Manuel Miranda, Thomas Sharkey and Jeffrey Poss). Debt financing was provided by UBS. Securian Financial was advised by Goldman Sachs and Eversheds Sutherland.
IBM, an American multinational technology corporation, completed the acquisition of Apptio, a provider of financial and operational IT management and optimization software, from Vista Equity Partners, a private equity firm, for $4.6bn.
"Our journey with Apptio is a testament to Vista's ability to create consistent outcomes that drive value for our stakeholders. We are proud of our continued momentum, even amidst these challenged market conditions, and look forward to seeing how Apptio's technology will bolster IBM's IT automation and AI capabilities in the years ahead. It's been an honor to partner with a visionary founder like Sunny and we wish the entire Apptio team the best in the next phase of their growth with IBM," Robert F. Smith, Vista Equity Founder, Chairman and CEO.
VinFast Auto and Black Spade Acquisition announced that their previously announced business combination was approved at an extraordinary general meeting of Black Spade's shareholders on August 10, 2023.
"We are thrilled to announce that our shareholders have overwhelmingly approved the Business Combination, demonstrating their continued confidence in the vision and potential of the partnership between Black Spade and VinFast. The proposals related to the Business Combination received resounding support from our shareholders, with approximately 99.99% of votes cast in favor of approving the Business Combination. Thanks to our shareholders' unwavering support, we are one step closer to the exciting milestone of taking VinFast public," Dennis Tam, Black Spade Acquisition Chairman and Co-CEO.
VinFast is advised by Chardan, Latham & Watkins (led by Noah Carr and Sharon Lau). Black Spade Acquisition is advised by Jones Trading and Davis Polk & Wardwell (led by James C. Lin).
HDL Therapeutics, a privately held commercial stage biotech company, agreed to go public via a SPAC merger with Swiftmerge Acquisition, a special purpose acquisition company, in a $480m deal.
“We are thrilled to partner with Swiftmerge and hope to bring our groundbreaking treatment to appropriate patients around the world. Our treatment has the potential to benefit countless lives with the hope of one day eradicating coronary atherosclerosis as we know it,” Michael Matin, HDL Therapeutics Chairman and CEO.
Versar, a project management company, completed the acquisition of Louis Berger Services, an engineering services provider, from WSP, a professional services firm. Financial terms were not disclosed.
"Acquired by WSP as part of the Louis Berger transaction in 2018, LBS has an impressive team and track record. We are pleased to have reached this agreement with Versar and are confident this transaction will ensure the long-term success of the LBS business. I would like to thank all LBS employees for their commitment, professionalism, and contributions to WSP, and I wish them continued success with Versar," Alexandre L'Heureux, WSP President and CEO.
WSP was advised by Houlihan Lokey.
WebMD Health Services, a well-being programs for employers and health plans designer, completed the acquisition of Limeade, an immersive employee well-being company. Financial terms were not disclosed.
"Today is an incredibly exciting day to be a WebMD and Limeade client. Through our combined solutions, services, and partners, we offer the market an unmatched competitive advantage to improve well-being, drive engagement, reduce risk, and support the evolution of a true culture of well-being. Combining Limeade's technical innovation with WebMD ONE, health coaching and dedicated well-being services, creates the next generation of well-being – one that delivers on our promise to empower well-being in everyone," John Harrison, WebMD General Manager.
Limeade was advised by Raymond James.
Ameresco, a cleantech integrator and renewable energy asset developer, owner and operator, completed the acquisition of the joint forces training base-Los Alamitos microgrid asset from Bright Canyon Energy, a developer, owner, and operator of electric infrastructure. Financial terms were not disclosed.
“We are grateful to our partners at JFTB Los Alamitos, the California National Guard, and Bright Canyon Energy and are honored to have this exciting work join our portfolio of comprehensive clean energy projects. Now more than ever, the combination of distributed generation and energy storage systems are playing a more critical role in enhancing clean backup power while bolstering security for our military partners. We appreciate the opportunity to work side by side with the California Military Department to help reach their mission” Nicole Bulgarino, Ameresco Executive Vice President and General Manager, Federal Solutions.
PSP and OTPP explore a $6bn sale of renewables firm Cubico. (FS)
Two of Canada's biggest pension funds are exploring options including a sale of Cubico Sustainable Investments that could value the renewable energy firm at about $6bn or more, including debt.
Montreal-based Public Sector Pension Investment Board and the Ontario Teachers' Pension Plan are looking to appoint a financial advisor in the coming weeks, the sale could take several months to complete.
The potential sale of Cubico comes at a time when renewable power developers and other service providers focused on energy transition have become attractive acquisition targets for infrastructure investors and corporate utilities, Reuters reported.
Madison Dearborn explores a $1bn sale of Intermedia's communications services firm. (FS)
The private equity owner of Intermedia Cloud Communications is exploring options including a sale that could value the communications services provider at more than $1bn.
Buyout firm Madison Dearborn Partners is working with investment bank Evercore on a sale process for Intermedia, which is expected to start in the coming weeks. Intermedia is aiming for a valuation of more than 20 times its 12-month earnings before interest, taxes, depreciation, and amortization of about $50m, Reuters reported.
Cyxtera Technologies draws interest from Brookfield, Digital Realty. (FS)
Cyxtera Technologies, the bankrupt data-center operator, has drawn interest for its assets from multiple parties including Brookfield Infrastructure Partners and Digital Realty Trust.
Cyxtera has been looking at a dual-track process as it seeks to wrap up its Chapter 11 case. That includes weighing a sale of its business or a debt recapitalization in which lenders would take control of the firm.
The company said earlier this week that it has received multiple qualified bids, and final offers are due August 18. Deliberations are fluid and there is no certainty that the parties will proceed with a final bid, Bloomberg reported.
Diamond Sports wants bankruptcy exit plan set before NHL and NBA seasons.
Diamond Sports Group, the bankrupt owner of local sports channels, is racing to formulate a Chapter 11 exit plan before professional basketball and hockey resumes so it can reassure the leagues, teams and fans that it's ready to broadcast upcoming games.
Diamond intends to broadcast the upcoming slate of National Basketball Association and National Hockey League games. But it needs to reach a resolution on its path through bankruptcy quickly to show the leagues that it's prepared to do so, Diamond lawyer Brian Hermann said during a court hearing, Bloomberg reported.
EMEA
UBS Group decided to end an agreement with the Swiss government to cover losses it could incur from the rescue of Credit Suisse, a sign that the mammoth integration is on track and the stricken lender's assets might be less troublesome than initially feared.
Switzerland's biggest bank said Friday it had voluntarily terminated the $10.3bn Loss Protection Agreement with the Swiss government after stress-testing a portfolio of Credit Suisse non-core assets. UBS also said it will terminate a liquidity backstop with the Swiss National Bank of up to $114bn adding that Credit Suisse has also fully repaid a $57bn emergency liquidity assistance loan.
The support had helped facilitate the takeover brokered by the government in March as Credit Suisse hurtled toward bankruptcy. UBS had pushed for protection from hard-to-predict losses from a set of its former rival's assets it plans to wind down or sell, Bloomberg reported.
Credit Suisse was advised by Alvarez & Marsal (led by Fernando De La Mora, David Edmonds and Alessandro Farsaci), Centerview Partners (led by Tadhg Flood and Blair Effron), Rothschild & Co (led by Nick Bossart and Jacques Deege), Chiomenti (led by Filippo Modulo), Cleary Gottlieb Steen & Hamilton (led by David Lopez), Cravath Swaine & Moore, Homburger (led by Benjamin Leisinger and Daniel Daeniker), Sullivan & Cromwell (led by Ken Li) and Community Group (led by Auro Palomba). UBS is advised by JP Morgan, Morgan Stanley, UBS, Bar & Karrer (led by Rolf Watter), Cyril Amarchand Mangaldas (led by Nivedita Rao and Cyril Shroff), Davis Polk & Wardwell (led by Evan Rosen and Marc O. Williams), Freshfields Bruckhaus Deringer (led by Michael Raffan and Jennifer Bethlehem), Brunswick Group and Community Group. Financial advisors were advised by Latham & Watkins.
Britain's competition regulator said it has provisionally cleared UnitedHealth Group's $1.5bn acquisition of healthcare technology firm EMIS.
The Competition and Markets Authority said it provisionally found no competition concerns in the deal between specialist health care tech and software companies, which provide services to Britain's National Health Service, Reuters reported.
Barça Media, the content creation platform of FC Barcelona, agreed to go public via a merger with Mountain & Co. I Acquisition, a publicly traded special purpose acquisition company, in a $1bn deal.
“We have made considerable progress in the digital and audiovisual spaces to ensure that Barça Media will grow into a multifaceted content creation hub that leverages the power and unique assets of the world-renowned FC Barcelona brand. The differentiated content that we have already produced has proven extremely valuable, resonating well and driving meaningful engagement with our growing global fanbase while generating new revenue streams. This step is a strategic decision that will give us additional resources to continue to grow the platform at a time when the demand for sports-themed digital content is expanding exponentially,” Joan Laporta, FC Barcelona President.
Mountain & Co is advised by Stifel and Sullivan & Cromwell. Stifel is advised by Kirkland & Ellis. FC Barcelona is advised by Key Capital Partners, Perez Llorca, Troutman Pepper and ICR (led by Jacques Cornet and Jason Chudoba).
Cinven-backed ETC Group, a distribution, logistics, technical engineering, and product design company, completed the acquisition of Amadys, a telecom passive equipment provider. Financial terms were not disclosed.
"We are excited to be working with ETC in the next stage of Amadys' development. Since 2016, we have grown almost exponentially, across revenue, employee count and product capabilities. We are looking forward to what we can achieve with ETC's investment in this new capacity as a combined organisation. As our customers know, the central priority of our business has been the commitment to providing the best end-to-end solutions in the market and that will only continue with ETC," Hein Wilderjans, Amadys CEO and Co-Founder.
Amadys was advised by Jefferies & Company. ETC Group was advised by Freshfields Bruckhaus Deringer. Cinven was advised by Nielen Schuman and FTI Consulting. Equistone was advised by Ernst & Young.
Cornell Capital-backed Lorom, a manufacturer of specialized cable manufacturing and assembly, completed the acquisition of In-Tech, an electronic manufacturing and development services company. Financial terms were not disclosed.
"Today's announcement marks the creation of a one-stop-shop solutions provider, delivering customized solutions and services to our long-standing customer base. We look forward to partnering with the talented In-Tech team to support our valued customers around the world and drive the next chapter of growth of the combined company," John X. Zhang, Lorom CEO.
Montagu-backed Wireless Logic, a provider of communication software solutions, completed the acquisition of Webbing, a connectivity services provider. Financial terms were not disclosed.
"Webbing exhibited remarkable foresight by recognising the constraints of existing eSIM standards for IoT devices and anticipating enterprise demand for efficient eSIM provisioning solutions. This acquisition will expand our technology capabilities and offering, particularly as the new GSMA IoT eSIM standard gains prominence. Furthermore, Webbing's local presence and partnerships in regions including the US and Asia, will further enhance our ability to deliver a future proof, flexible and fully redundant global connectivity through a single SIM," Oliver Tucker, Wireless Logic CEO.
Wireless Logic was advised by Rothschild & Co.
Macquarie Group, a private equity firm, agreed to invest £550m ($698m) in Southern Water, a private utility company.
"We would like to thank Macquarie for its continued support, which will enable us to increase investment per household to more than £1.5k this regulatory period and manage the impact of cost inflation and higher funding costs on our business. Macquarie's additional investment is a strong vote of confidence in our operational transformation. It will help us to deliver on our ambitions to customers and position Southern Water well for our upcoming regulatory determination," Lawrence Gosden, Southern Water CEO.
L'Occitane confirms owner contemplating possible deal to take it private.
Hong Kong-listed L'Occitane International confirmed that its controlling shareholder is contemplating a potential deal to take the skincare company private, but said no definitive agreement has gone through in this regard, Reuters reported.
The Luxembourg- and Geneva-headquartered firm, however, said the speculated price contained in the media reports of about $4.4 for each L'Occitane share is "false and without basis". The company said if a deal were to go through, the potential offer price would be no less than $3.3 per share.
"Nevertheless, the controlling shareholder is still considering its options, including the option of not pursing any transaction at all, depending on market conditions and pending a feasible financing and structure option," L'Occitane.
ABN Amro CFO says stake sale to proceed despite political crisis. (FS)
The collapse of the Dutch government is unlikely to derail plans for a partial sale of the state's stake in ABN Amro Bank, according to the lender's head of finance.
Dutch state-holding company NLFI said in February it was planning to reduce its stake in ABN Amro to under 50% through a sale of depositary receipts, ending a five-year hiatus in the disposal of the lender's shares.
NLFI held a 56.3% stake at the time of the publication of ABN Amro's 2022 annual report in March, Bloomberg reported.
Italy signs preliminary deal with KKR to take up to 20% of TIM's grid.
The Italian government could end up with a stake of as much as 20% in Telecom Italia's landline grid after signing a preliminary agreement with KKR, which is lining up a bid for the asset.
KKR is in exclusive discussions with debt-laden Telecom Italia over the acquisition of Netco, a venture comprising both TIM's fixed domestic access grid and submarine cable unit Sparkle.
A treasury statement said a Memorandum of Understanding signed late on Thursday provides for the Italian Treasury to take a stake of up to 20% as part of any binding offer, and for the government to play a key role in strategic decisions relating to TIM's network, Reuters reported.
GCP Infrastructure seeks tie-ups with rival listed funds.
GCP Infrastructure Investments said it had struck a deal to acquire the assets of GCP Asset Backed Income Fund and was in talks with RM Infrastructure Income about a potential combination.
The proposals aim to boost liquidity in the company's shares and expand GCP Infra's investment strategy. The GABI deal would see shareholders of the target company take a stake in GCP Infra. Both funds are managed by the same asset manager, Gravis Capital.
GCP Infra has committed to use $254m of cash to bring down debt and return capital to investors via share buy-backs as part of the GABI deal. The company said it was also in discussions with RM Infrastructure, managed by RM Funds, about a deal, Reuters reported.
Germany's TenneT purchase delayed due to Dutch political turmoil.
Germany's buyout of its biggest power grid operator from the Dutch state is likely to be postponed until next year following the collapse last month of the Netherlands government and with little prospect of a new administration anytime soon.
Germany made an initial non-binding offer for TenneT Holding in May and the Dutch responded in June. However, the implosion of Prime Minister Mark Rutte's ruling coalition in The Hague interrupted the decision-making process ahead of a national election scheduled for November 22, Bloomberg reported.
Blackstone-backed Esdec seeks US IPO at $5bn value. (FS)
Blackstone-backed Esdec, a solar firm, is contemplating a US initial public offering that could peg its valuation at over $5bn. This move comes in light of the growing appetite of investors for environmentally friendly assets. Esdec's decision aligns with an emerging trend among European firms that are seeking to list in the US.
The Netherlands-headquartered company has roped in JP Morgan and Morgan Stanley as lead banks and is on track to induct more banks into its IPO syndicate.
While the specifics regarding the size and timing of the listing remain undecided, this pursuit signifies the revitalization of the US IPO market, which experienced a lull for the past 18 months, Bloomberg reported.
CVC Capital bags $4.45bn so far for sixth Asia-focused fund. (FS)
CVC Capital Partners, a private equity firm, has raised over $4.45bn so far for its new Asia-focused fund, its latest regulatory disclosure showed.
CVC is targeting to raise $6bn for the fund, its sixth and largest to date for the region. The firm did not disclose when it will finalize the fundraising in the Tuesday filing to the US Securities and Exchange Commission. Investors in CVC's new Asia investment vehicle include the Canadian Pension Plan Investment Board and The Oregon Public Employees Retirement System, DealStreetAsia reported.
APAC
Bain Capital, a private investment firm, agreed to acquire the remaining 57.8% stake in Chindata, a carrier-neutral hyperscale data center solution provider, for $1.8bn.
Bain Capital will pay $4.30 per ordinary stock and $8.60 per American depositary share. The offer represents a 7.5% increase from the proposed purchase price when the firms first templated a takeover.
Chindata is advised by Citigroup, Gibson Dunn & Crutcher, Haiwen & Partners and Maples Group. Citigroup is advised by Weil Gotshal and Manges. Bain Capital is advised by Morgan Stanley, Conyers Dill & Pearman, King & Wood Mallesons and Kirkland & Ellis. Debt financing is provided by Industrial Bank and Shanghai Pudong Development Bank.
Neon to consider a $200m funding round. (FS)
Neon is considering raising about $200m in fresh capital as the immersive entertainment group looks to expand its business.
The Singapore-based company is working with advisers on the fundraising. A new round would follow an $115m investment last year by 65 Equity Partners, which is owned by Singapore state investment firm Temasek Holdings, Bloomberg reported.
Chinese bourses improve trading mechanism to revive stock market.
Shanghai and Shenzhen stock exchanges said they would study measures to lower investors' trading costs and improve liquidity to further stimulate the market.
The measures include allowing investors to place smaller orders in auction trading and improving trading mechanisms for exchange-traded funds. The exchanges also revised rules to allow faster development of index funds. They also came after China's securities regulators nudged mutual fund managers to cut fees to reduce trading costs, Reuters reported.
Biocon may list biosimilars business by 2025 first half.
Indian biopharmaceutical company Biocon is planning to list its biosimilars business, a significant contributor to the company's total revenue, by the first half of 2025.
"I would say it (listing of the biologics business) can happen any time after the second half of 2024 ... it is likely to happen in the first half of 2025. There are a couple of milestones (to meet) before we get to that stage ... we have to complete transition of all territories of Viatris to us and we are looking at reducing the debt which was taken to fund the acquisition," Siddharth Mittal, Biocon CEO and Managing Director.
Olam Group eyes agri unit's Singapore-Saudi dual IPO by first half of 2024.
Singapore's Olam Group said it is targeting the IPO of its agricultural unit by the first half of 2024, and the commodity trader reported an 88.8% fall in first-half profit on lower crop yield from its almond orchards in Australia.
The company said in May it did not expect the dual listing of Olam Agri in Singapore and Saudi Arabia to be completed in the first half of this year as initially planned. The company previously said it plans to list its Olam Food Ingredients unit as part of a business overhaul. The listing will take place after Olam Agri's IPO, the company reiterated, DealStreetAsia reported.
CapitaLand raises $950m from global investors for three private funds. (FS)
CapitaLand Investment Limited has raised an additional $950m from global institutional investors for three private funds.
The fresh capital will be distributed across the three funds as follows: $650m will go to CapitaLand China Opportunistic Partners Programme, $100m will be for CapitaLand Open End Real Estate Fund, which is CLI's flagship regional core-plus fund and $197m will be for its new India business park development fund, CapitaLand India Growth Fund 2, DealStreetAsia reported.
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