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AMERICAS
Vista Equity Partners and Evergreen Coast Capital, two investment firms, agreed to acquire Citrix Systems, a cloud computing company, for $16.5bn.
"Citrix and TIBCO provide mission-critical software and services to many the world's most successful businesses, and we see tremendous value in combining their respective world-class offerings to help companies gather insight from the growing volumes of data generated by the hybrid work economy. Both businesses have now completed transitions to approximately 90% recurring revenue, poising the go-forward combined business to drive future growth. We look forward to partnering with Evergreen and the Citrix and TIBCO teams to ensure this is a seamless transition for all stakeholders," John Stalder, Vista Managing Director.
Citrix is advised by Qatalyst Partners and Goodwin Procter. Vista and Evergreen are advised by Bank of America, Barclays, Citigroup, Credit Suisse, Goldman Sachs, Lazard and Mizuho Securities. Vista is advised by Kirkland & Ellis. Evergreen is advised by Gibson Dunn & Crutcher and Debevoise & Plimpton.
Santander, a diverse retail and commercial bank, completed the acquisition of the remaining 19.76% stake in its US consumer unit for $2.5bn.
"Our proposal was subject to the approval of the Company's Board of Directors and the negotiation and execution of mutually acceptable definitive transaction documentation. We understand that a special committee of independent and disinterested directors of the Company's Board of Directors has considered our proposal and made a recommendation to the Board," Timothy Ryan, Santander Chairman.
Santander was advised by JP Morgan, Piper Sandler, Santander, Covington & Burling, Hughes Hubbard & Reed and Wachtell Lipton Rosen & Katz. JP Morgan was advised by Simpson Thacher & Bartlett.
Kalera, a vertical farming company, agreed to go public via a SPAC merger with Agrico Acquisition, a special purposes acquisition company, in a $375m deal.
“Kalera is already positioned as a leader in the vertical farming industry with its 10 facilities operating or construction nearly complete and Vindara, its seed business dedicated to controlled environments. The proposed merger with Agrico brings the necessary capital for Kalera to be the first leafy green vertical farm company to have a national footprint in the US and be able to reliably supply a national off-take contract while still being local. The Agrico team and its scaling experience will supplement an already strong Kalera management team and board of directors,” Brent De Jong, Agrico Chairman and CEO.
Kalera is advised by Bank of America, Milbank and Thommessen. Agrico Acquisition is advised by FTI Consulting, Loeb & Loeb and Maples Group.
Earthstone Energy, an energy company, agreed to acquire Midland Basin assets of Bighorn Permian Resources, an energy company, for $860m.
"The transformation of Earthstone continues with the announcement of the significant and highly-accretive Bighorn Acquisition. Combining the Bighorn Acquisition with the four acquisitions completed in 2021 and the pending Chisholm Acquisition, we will have more than quadrupled our daily production rate, greatly expanded our Permian Basin acreage footprint and increased our Free Cash Flow generating capacity by many multiples since year-end 2020," Robert J. Anderson, Earthstone President and CEO.
Earthstone is advised by Johnson Rice & Company, Haynes and Boone and Jones & Keller. Bighorn is advised by RBC Capital Markets and Simpson Thacher & Bartlett.
Northern Oil and Gas, an independent energy company, completed the acquisition of the non-operated Permian Basin assets from Veritas Energy, an independent, upstream oil and gas company, for $407m.
“The Veritas acquisition caps an incredible twelve months for NOG. We have grown significantly, diversified into multiple basins, substantially de-levered the balance sheet, and instituted a meaningful shareholder return program. The Veritas acquisition, which is the largest in NOG’s history, furthered all of these goals and represents a high-quality addition to our asset base. We remain dedicated to building a low-leverage, diversified company with growing cash returns for our shareholders," Nick O’Grady, Northern Oil and Gas CEO.
Northern Oil and Gas was advised by Bank of America, Morgan Stanley and Kirkland & Ellis. Veritas Energy was advised by Tudor Pickering Holt and Willkie Farr & Gallagher.
Comera Life Sciences, a bio-innovative biologic medicines developer, agreed to go public via a SPAC merger with OTR Acquisition, a special purpose acquisition company, in a $258m deal.
"There is tremendous opportunity in this multi-billion dollar market to transform the patient treatment experience. We are excited to welcome OTR as partners through this transaction and look forward to our evolution as a public company. This will play a key role in advancing our innovative platform, pipeline, and partnerships to provide essential biologic medicines in subcutaneous forms," Jeff Hackman, Comera President and CEO.
Comera is advised by Maxim Group, Loeb & Loeb and Westwicke. OTR is advised by Greenberg Traurig and Prosek Partners.
Brentwood Associates, a private equity firm, completed an investment in Pacifica Beauty, a vegan cosmetics manufacturer. Financial terms were not disclosed.
“We are thrilled to partner with Brook, Nathalie and the entire Pacifica team. We have been following Pacifica for nearly five years. Since its inception, Pacifica has been at the forefront of innovation in clean beauty, and we are excited to help them continue to build on this legacy," Steve Moore, Brentwood Partner.
Pacifica Beauty was advised by Jefferies & Company and Sidley Austin. Brentwood was advised by Latham & Watkins.
3R Petroleum, an oil and gas exploration company, agreed to acquire the Potiguar Cluster assets of Petrobras, a Brazilian state-run oil company, for $1.38bn.
Located in the Potiguar basin, in the state of Rio Grande do Norte, the assets under the sale include a total of 22 oil and gas fields, three offshore concessions, and 19 onshore concessions. The sale also includes the fields’ related infrastructure for processing, refining, logistics, storage, transportation, and outflow of natural gas and oil, as well as the Clara Camarão refinery, located in Guamaré.
Petrobras is advised by Rothschild & Co.
Arcapita Group Holdings, an alternative investment firm, completed the acquisition of a majority stake in Nationwide Property and Appraisal Services, an appraisal services provider, from Corridor Capital, a private equity firm. Financial terms were not disclosed.
"Nationwide is extremely pleased to be partnering with Arcapita, a leading alternative asset manager partner, that shares a mutual vision for the future and will support Nationwide in continuing to build on its core strengths of customer service, purposeful acquisitions and technology investment. Also we are thankful for Corridor Capital's continued partnership, which is a testament to their belief in Nationwide," Sri Velamati, Nationwide CEO.
Nationwide was advised by Robert W Baird.
Pearson, a publishing and education company, completed the acquisition of the remaining 80% stake of Credly, a digital workforce credentialing company, for $110m.
"The Credly acquisition is another important step in accelerating our strategy in the workforce skills market and in building connectivity across the entire Pearson portfolio. The growing skills gap is putting enormous pressure on the labor market, making verified credentials more essential than ever before," Andy Bird, Pearson CEO.
Deloitte completed the acquisition of Dextra Technologies, an engineering services and software firm. Financial terms were not disclosed.
"Dextra Technologies has created distinct long-term value for leading global technology, automotive, consumer and life sciences companies through embedded software. Joining Deloitte Consulting will enable us to further scale our product engineering services, empower and advance our talent and provide greater competitive advantage for our clients," Daniel Chavez, Dextra Technologies CEO.
Blackstone tees up to $11bn in fresh capital for Asia deals. (FS)
Blackstone, a private equity firm, amassed $11bn to buy companies in Asia after raising its second private-equity fund for the region, Bloomberg reported.
The firm had raised $6.4bn and would receive an additional $4.6bn from Blackstone global funds for the pool, said Amit Dixit, Blackstone Head of Asia Private Equity.
EMEA
Pritzker Private Capital-backed Vertellus, a manufacturer of specialty chemicals, completed the acquisition of Polyscope Polymers, a manufacturer of specialty additives for coatings, electronics applications and engineering polymers. Financial terms were not disclosed.
“Polyscope adds a complementary portfolio of high-quality solutions, a track record of innovation and a world-class global platform in attractive end markets to Vertellus. Together we will serve our customers with a unique product offering and our shared value-driven approach. I am pleased to welcome the Polyscope team to Vertellus," John Van Hulle, Vertellus CEO.
Polyscope Polymers was advised by Rothschild & Co. Vertellus was advised by Abernathy MacGregor Group.
M&G, a saving and investment business company, completed the acquisition of a majority stake in Greencore Construction, a construction services provider. Financial terms were not disclosed.
With this investment, Greencore can scale to have a transformational impact on sustainable housebuilding standards in this country. The built environment is one of the biggest emitters of carbon, both in construction and occupation, but we’ve shown it doesn’t have to be this way. Our homes are sustainable to build and sustainable to live in, which is becoming more important than ever as energy prices continue to spiral," Ian Pritchett, Greencore Construction Managing Director.
M&G was by Macfarlanes.
Private equity firms Turenne and BNP Paribas Développement, completed the acquisition of a minority stake in H.A.C. Pharma, a pharmaceutical company. Financial terms were not disclosed.
“BNP has been at our side since the creation of HACPharma and we share with the Turenne team a common vision of our business dedicated to serving healthcare professionals and patients. The arrival of BNP and Turenne is for all of our employees the opportunity to develop our organization while remaining faithful to our values and capitalizing on the talent of our teams, it is a new stage in the history of 'HACPharma with a strong desire to acquire new molecules and develop our portfolio by creating synergies with our current specialties," Philippe Bissay, H.A.C. Pharma Chairman and CEO.
H.A.C. Pharma was advised by Rothschild & Co.
Kistos Energy, a low carbon intensity energy producer, agreed to acquire a 20% stake of Greater Laggan Area fields of TotalEnergies, a multi-energy company, for $125m.
"We are delighted to announce this transaction with TotalEnergies and look forward to working with them and the other partners in the Greater Laggan Area. The deal increases our gas production and complements Kistos' strategy in the Netherlands. On completion, we will have a solid foothold in both the UK and the Netherlands from which we can continue to implement our growth strategy. We expect the acquisition to increase the company's 2P reserves by 6.2 MMboe and effectively double our end-2021 production rate to 13.5 kboe/d on a proforma basis," Andrew Austin, Kistos Executive Chairman.
Highland Europe, a private equity firm, led a $120m Series B round in Descartes Underwriting, an insur-tech firm, with participation from Eurazeo, BlackFin Capital Partners, Serena, Cathay Innovation, Seaya Ventures and Mundi Ventures.
"Our aim is to be the global leader in delivering truly revolutionary solutions to brokers, corporations and public entities for these evolving exposures. With the support of our partners, we will continue to develop and deploy a new generation of insurance products that are entirely tech-driven, simpler, more transparent and quicker to pay in the event of a loss – adapted for the new risks corporations and governments increasingly face," Tanguy Touffut, Descartes Underwriting Co-Founder and CEO.
CMA CGM Group, a shipping and logistics company, agreed to acquire a 51% stake in Colis Privé, a home and relay parcel delivery company, from HOPPS Group, a postal and parcel company. Financial terms are not disclosed.
"The acquisition of a majority stake in Colis Privé is an important step in the development strategy of our logistics activities. This operation will enable us to offer end-to-end logistics solutions to our e-commerce customers for whom the last mile is a critical stage. By leveraging the global presence of our subsidiary CEVA Logistics, our ambition is to develop Colis Privé internationally, starting with Europe where the company is already established," Rodolphe Saadé, CMA CGM Group Chairman and CEO.
Sibanye-Stillwater, a precious metals mining company, agreed to acquire a 50% stake in Rustenburg Platinum Mines, a platinum mining company, from Anglo American Platinum, a primary producer of platinum. Financial terms are not disclosed.
"We welcome this mutually beneficial transaction which, through the full consolidation of these operations under a single owner will unlock significant value for all stakeholders by extending the operating life of the Kroondal operation, which as a standalone operation, was constrained by the existing PSA agreement. We are unlocking the true potential of these adjacent mines by utilizing the mechanized and low cost Kroondal operation to mine across the boundary with the Rustenburg operation. This will accelerate the extraction of more remote parts of the Rustenburg operation orebody, sustain employment for more than 2,500 people until 2029 and ensure the creation of significant value for all stakeholders in the region," Neal Froneman, Sibanye-Stillwater CEO.
PIF-backed Elm set to raise $818m in IPO. (FS)
PIF-backed Elm, a Saudi Arabian digital security firm, is set to raise $818m after pricing its IPO, DealStreetAsia reported.
Elm priced the deal at $25.4 per share, against an indicative price of $22.4 to $25.4 riyals per share. It is selling 24m shares in the deal or 30% of its share capital.
Thyssenkrupp could decide on hydrogen unit IPO in first half.
Thyssenkrupp, a German multinational conglomerate with focus on industrial engineering and steel production, expected to decide on a possible IPO of Nucera, a development and deployment of specialty polymer solutions provider, in the first half of 2022.
"Our preferred solution is to go public with part of the business while remaining majority owner, in order to benefit from the growth prospects of the business," Martina Merz, Thyssenkrupp CEO.
BASF wants Wintershall Dea IPO. (FS)
BASF, a German multinational chemical company, remains committed to a sale of its stake in Wintershall Dea, crude oil and natural gas producer, Reuters reported.
IPO has already been postponed twice. In June, shareholders BASF and LetterOne, an international investment business, put the flotation on hold because of market conditions at the time and declared that an IPO would not be sought until after 2021.
NextEnergy Capital raises $896m for NextPower III ESG. (FS)
NextEnergy Capital, an investment management business, held the final close for NextPower III ESG. Total capital raised is $896m now.
Including co-investments closed to date, the total capital pool for its investment strategy exceeds $905m. The capital raised makes this company's largest private fund to date.
Norrsken22 holds first close of $200m fund. (FS)
The Norrsken Foundation, a non-profit, non-religious and non-partisan foundation dedicated to helping entrepreneurs solve the poverty, famine, mental health, pollution and climate change, launches Norrsken22 Africa Tech Growth Fund, which held its first close at $110m.
The fund is also backed by SEB Pension Foundation, an open-end investment fund incorporated in Luxembourg, and family offices, who share the Norrsken22 vision of scalable entrepreneurship as a driver of long-term and sustainable economic growth across Africa.
APAC
Charter Hall, a property investor and funds manager, and PGGM, a cooperative pension investor, agreed to acquire Irongate Group, a real estate investment trust company, for $901m.
The Charter Hall-PGGM partnership expects to fund the proposed transaction from existing financial resources and new debt facilities.
Irongate Group is advised by JP Morgan, Macquarie Group, Cliffe Dekker Hofmeyr and King & Wood Mallesons.
Tata Steel, a steel-making company, agreed to acquire a 93.71% stake in Neelachal Ispat Nigam, a steel and iron products manufacturer, for $1.6bn.
"The government of India does not hold any equity in the company. However, on the request of the Boards of selling shareholder PSEs and on concurrence by the Govt of Odisha, CCEA' in-principle' approved strategic disinvestment of NINL and authorized Department of Disinvestment & Public Asset Management to undertake the transaction," Indian Government.
ABB, a technology company, completed the acquisition of an additional 13% stake in Chargedot, an electric vehicle charging provider. Financial terms were not disclosed.
"Since ABB's acquisition in 2020 we have seen strong double-digit growth in the Chargedot business. ABB has helped deliver innovations in safe, smart and sustainable charging hardware and software solutions to the Chinese market, supporting leading companies such as SAIC, Xpeng and GAC Toyota. Looking ahead, Chinese demand for high-power charging solutions and export strategies for Chinese OEM's are both showing significant growth. With this we see strong opportunities to leverage our global experience to further support our Chinese customers and increase market share," Frank Muehlon, ABB E-mobility division President.
Grab, a technology company, completed the acquisition of a majority stake in Jaya Grocer, a supermarket chain. Financial terms were not disclosed.
"It is our vision to make on-demand groceries more accessible for everyone. Jaya Grocer is known for their wide selection of good-quality fresh produce and grocery products. By combining our extensive on-demand delivery fleet and capabilities, with Jaya Grocer's strong retail presence and supplier network, we can have these quality products delivered to more homes even faster. We believe this partnership will further accelerate the growth of our groceries delivery business, and we are excited by the immense opportunity ahead of us," Anthony Tan, Grab CEO and Co-Founder.
Avendus Capital, the investment banking arm of Avendus Group, agreed to acquire the institutional equities business of Spark Capital, a financial advisory firm. Financial terms are not disclosed.
"Spark has built one of the most respected Institutional Equities businesses in India, backed by a strong management team, led by Ganeshram. We always want to bring the best to our clients and after careful consideration we have partnered with Spark's management team. Their focus on knowledge, excellence, talent and doing the right thing resonates very much with our DNA. With this partnership, we will be significantly enhancing our service offerings to our Investment Banking and Wealth clients," Gaurav Deepak, Avendus Capital Co-founder and CEO.
Byju’s aims for SPAC merger agreement within a month. (FS)
Byju’s, an online education provider, is in negotiations with at least three SPAC and is aiming to disclose plans to go public via a merger with one of them in three to four weeks, Bloomberg reported.
The SPACs consist of Churchill Capital and MSD Acquisition. An additional contender is Harry Sloan, a long-time Hollywood executive who has since become a prolific SPAC investor.
Luca partners with Xen Capital to launch Japan platform. (FS)
Luca Japan, the alternative investment firm, partnered with Xen Capital, an alternative investment platform, to develop a digital platform that will invest in the Japanese market, DealStreetAsia reported.
Luca will also collaborate with Xen Capital to source alternative investment opportunities starting with a soft launch in February.
"The world is becoming more borderless with digital technology. We believe the latest innovation will enhance efficiency in alternative investment processes and scalability of capital raising," Keiko Sydenham, Luca CEO.
SoftBank-backed AInnovation raises $154m in IPO.
SoftBank-backed AInnovation Technology Group, a Chinese artificial intelligence firm, was trading below the listing price in the four days following its $154m IPO in Hong Kong.
The Qingdao-based company sold 45m shares at a price of $3.4 per share, the lower end of its proposed IPO pricing range of $3.4 to $3.5 at its market debut on the main board of the Hong Kong stock exchange on January 27, 2022.
Credit Suisse appoints Robert Huray as SE Asia investment banking Vice Chairman. (People)
Credit Suisse, a global investment bank and financial services firm, appointed Robert Huray as Vice Chairman of its Southeast Asia investment banking and capital markets business, DealStreetAsia reported.
Huray, a senior regional banker, operated the investment banking business of RHB, a financial services group, from 2016 till 2021, followed by the Southeast Asian investments of Kuok Group, a properties, logistics, hospitality, food, agribusiness and maritime company.
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