Nuvei, a Canadian fintech company, agreed to acquire Paya, a provider of integrated payment and commerce solutions in the US, for $1.3bn.
"The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and business-to-business. The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan," Philip Fayer, Nuvei Chair and CEO.
Paya is advised by JP Morgan, Raymond James and Kirkland & Ellis. JP Morgan is advised by Sullivan & Cromwell (led by Melissa Sawyer). Nuvei is advised by BMO Capital Markets, Barclays, Evercore, RBC Capital Markets, Davis Polk & Wardwell and Stikeman Elliott. Debt financing is provided by BMO Capital Markets and RBC Capital Markets.
Vista Equity Partners, an investment firm, agreed to acquire Duck Creek, an intelligent solutions provider, for $2.6bn.
“This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium. Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud," Michael Jackowski, Duck Creek CEO.
Ipsen, a biopharmaceutical company, agreed to acquire Albireo, a biotechnology company, for $952m.
“We are excited about the potential of Albireo’s assets and scientific expertise, which we gain through this acquisition, and we believe this is a compelling growth opportunity for Ipsen. Our Rare Disease franchise is strengthened with Bylvay, which, in addition to being the first-approved treatment in PFIC, has two further indications being investigated in rare liver conditions that are underserved. Additionally, Bylvay and the clinical and preclinical novel bile acid transport inhibitors in Albireo’s portfolio complement our own pipeline in liver disease," David Loew, Ipsen CEO.
Albireo is advised by Centerview Partners, Chestnut Corporate Finance, Mintz Levin, Paul Weiss Rifkind Wharton & Garrison (led by Krishna Veeraraghavan) and LifeSci Public Relations (led by Hans Vitzthum). Ipsen is advised by Goldman Sachs and Orrick Herrington & Sutcliffe.
VICI Properties, a real estate investment trust, completed the acquisition of a 49.9% stake in MGM Grand Las Vegas and Mandalay from Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $2.75bn.
“VICI Properties has been an outstanding partner on these assets and we are incredibly pleased to have delivered such exceptional returns for our BREIT investors. Las Vegas continues to be a high conviction market for Blackstone," Jon Gray, Blackstone President and COO.
VICI Properties was advised by Morgan Stanley and Hogan Lovells (led by Stacey McEvoy). Blackstone was advised by Barclays, PJT Partners and Simpson Thacher & Bartlett (led by Erik Quarfordt).
Lone View Capital, a growth-oriented private equity firm investing across the technology ecosystem, completed the investment in Trend Health Partners, a provider of credit balance management and payment accuracy solutions. Financial terms were not disclosed.
"We are thrilled to partner with Lone View Capital on our mission to deliver value to both payers and providers by reducing reimbursement and administrative costs. Lone View brings deep industry and operational expertise as well as an appreciation for the unique employee ownership culture we've created at Trend," Jeff Donnelly, Trend Founder and CEO.
Trend was advised by Cain Brothers and Gebhardt & Smith. Lone View Capital was advised by William Blair & Co, Paul Weiss Rifkind Wharton & Garrison (led by Jeremy M. Veit and Austin Pollet) and Edelman.
AstraZeneca, a British-Swedish multinational pharmaceutical and biotechnology company, agreed to acquire CinCor Pharma, a clinical-stage biopharmaceutical company, for $1.8bn.
"We are excited about the proposed acquisition of CinCor Pharma by AstraZeneca as we believe it offers the prospect of accelerating the development timeline and expanding the breadth of benefits patients with cardiorenal diseases might obtain from baxdrostat, if approved. CinCor is committed to ensuring a smooth transition of the development responsibilities to AstraZeneca once the acquisition is consummated. Thank you to all who have played, and will continue to play, essential roles in developing and evaluating baxdrostat as a potential novel treatment for cardiorenal diseases," Marc de Garidel, CinCor CEO.
CinCor Pharma is advised by Centerview Partners, Cooley and LifeSci Public Relations (led by Bob Yedid). Centerview is advised by Skadden Arps Slate Meagher & Flom (led by Graham Robinson and Laura Knoll). AstraZeneca is advised by Covington & Burling.
Nassau Financial Group, a growth-focused and digitally-enabled financial services company, completed the acquisition of Angel Island Capital, a specialty credit investment firm, from Golden Gate Capital, a San Francisco-based private equity investment firm. Financial terms were not disclosed.
"This transaction significantly strengthens Nassau's financial profile, adding an incremental $300m in capital and third-party fee earning AUM, in support of our growth plans. AIC has established itself as a differentiated credit manager with a strong performance track record and talented team. We are excited to welcome the AIC team to the Nassau family and appreciate Golden Gate Capital's continued support and long-term commitment to expanding the Nassau platform," Phil Gass, Nassau Chairman and CEO.
OceanSound Partners, a growth-oriented private equity firm, completed the investment in Gannett Fleming, an engineering and infrastructure solutions provider. Financial terms were not disclosed.
"The need for sustainable infrastructure optimizing total lifecycle cost of ownership is becoming more urgent as climate change accelerates and decades of underinvestment in critical infrastructure accumulates. Gannett Fleming has differentiated technology-enabled solutions spanning transportation, electrification, and water management that make them well-positioned to capitalize on growth of the infrastructure services market," Joe Benavides, OceanSound Managing Partner.
Gannett Fleming is advised by Houlihan Lokey and Holland & Knight. OceanSound is advised by Skadden Arps Slate Meagher & Flom (led by Kenneth Wolff and Brett Fleisher) and Stanton PRM (led by Charlyn Lusk).
HKW, a middle-market private equity firm, completed the acquisition of CMIT Solutions, an IT services firm. Financial terms were not disclosed.
“HKW shares our goal of accelerating our company’s growth while creating more value for our clients. Their expertise and support will be instrumental as we achieve the next phase of our maturity through new initiatives in marketing, sales, and operations, including adding centralized fulfillment capabilities," Roger Lewis, CMIT CEO.
CMIT Solutions was advised by Cowen & Company and Revenue Rocket. HKW was advised by Taft Stettinius & Hollister. Debt financing was provided by LBC Credit Partners.
Align Capital Partners, a growth-oriented private equity firm, completed the investment in Cleartelligence, a data engineering and analytics consulting firm. Financial terms were not disclosed.
"Cleartelligence has built a highly respected firm in its markets and ACP is excited to invest in the continued expansion of the Cleartelligence team and service offering. Together with management, we will also be pursuing strategic add-on acquisitions to expand the Company's reach and better serve its customers," Jack Parks, ACP Partner.
Cleartelligence is advised by Equiteq and Fox Rothschild. ACP is advised by McGuireWoods.
TMX Group, a Canadian financial services company, completed a $175m investment in VettaFi, a US-based, privately owned data, analytics, indexing, digital distribution, and thought leadership company.
"We are excited to announce a significant investment in VettaFi, which includes a commercial agreement that will accelerate TMX's global index strategy and increase the depth and value of data-driven insights we provide to clients around the world. VettaFi is a dynamic and growing index, ETF data and related digital distribution business, and we look forward to working together to explore ways to combine TMX Datalinx's data sets and capabilities with VettaFi's comprehensive services and expertise to further enhance our offerings," Jay Rajarathinam, TMX Group COO.
Carlyle and GTCR-backed Resonetics, an engineering, product development, prototyping, and manufacturing solutions provider, agreed to acquire the medical nitinol business from SAES, an electronic component manufacturing company, for $900m.
"We are excited to support the Resonetics management team as it executes on a high growth strategy to bolster its platform of differentiated capabilities to better serve customers. We believe Resonetics and the SAES Medical Nitinol business are highly complementary to each other and this combination, in our view, will result in an even stronger service offering to large medical technology companies across the world," Robert Schmidt, Carlyle Managing Director.
Fairfax-backed Amynta Group, a managing general underwriter, agreed to acquire Ambridge Group, an insurance solutions provider, from Brit, an insurance company, for $400m.
“We are very excited to welcome Jess, Jeff and the Ambridge team to Amynta. Ambridge is a high-quality company with an outstanding management team and a successful long term track record built around innovation, service and underwriting excellence. Ambridge significantly expands our MGA business, now writing over $2bn in premiums, and significantly increases our business in the E&S market. Ambridge will operate on a decentralized basis and we look forward to supporting Jess, Jeff and the Ambridge team in growing their business over the long term," Robert Giammarco, Amynta Chairman and CEO.
Pan-American Life Insurance, a provider of insurance and financial services, completed the merger with Mutual Trust Life Insurance, a stock company. Financial terms are not disclosed.
“This consolidation further strengthens our position as a premier life, accident and health insurance provider in the Americas. The full integration of Mutual Trust solidifies Louisiana-domiciled Pan-American Life Insurance Company’s market leadership position with increased scale, greater financial strength, a sterling ratings profile and enhanced growth opportunities," José S. Suquet, Pan-American Chairman of the Board and CEO.
Canada Pension Plan Investment Board, a global investment management organization, led a $175m Series B round in Asimov, the synthetic biology company building tools to design living systems, with participation from Fidelity Management & Research Company, KDT, Casdin Capital, Pillar, Andreessen Horowitz and Horizons Ventures.
"The field of engineered medicines is advancing rapidly. A wave of therapeutics that used to be the stuff of science fiction is now reaching patients. But the technology to design and manufacture these drugs hasn't kept up. At Asimov we're integrating synthetic biology and computer-aided design to address the challenges of high manufacturing costs, drug quality, and scalability. We're energized to partner with such an acclaimed set of investors that shares our vision," Alec Nielsen, Asimov CEO.
Novo, Catalio Capital Management and SymBiosis led a $100m Series B extension round in Metagenomi, a genetic medicines company with a versatile portfolio of wholly owned, next-generation gene editing systems.
"At Novo Holdings, our purpose is to improve people's health and the sustainability of society and the planet. Metagenomi continues to display an impressive track record of rapidly developing novel gene editing systems and advancing them through preclinical validation," Ray Camahort, Novo Partner.
QIAGEN, a provider of sample to insight solutions, completed the acquisition of Verogen, a biotechnology company, for $150m.
“Bringing together Verogen and QIAGEN creates a unique opportunity to better help investigators and researchers to advance forensic science and to find missing persons, accurately identify suspects and exonerate the innocent. The power of NGS has created so many applications that were not possible before, and its use in forensics is another opportunity for QIAGEN to provide the most complete workflow and help improve the lives of people around the world," Thierry Bernard, QIAGEN CEO.
Ionis and Royalty Pharma enter into royalty agreement for up to $1.1bn to further advance Ionis' genetic medicines and commercial readiness.
Ionis Pharmaceuticals and Royalty Pharma announced that Royalty Pharma has acquired an interest in Ionis' royalty in Biogen's SPINRAZA® (nusinersen) and Novartis' pelacarsen for up to $1.1bn, including an upfront payment of $500m and up to $625m in additional pelacarsen milestone payments.
"This transaction provides us with significant capital to reach our strategic objectives, the first of which is to achieve commercial readiness for our late-stage programs eplontersen, olezarsen and donidalorsen. It also enables us to further advance our deep and innovative pipeline so that we can continue to deliver a steady cadence of new genetic medicines to the market," Brett P. Monia, Ionis CEO.
Canaccordmanagers try to take firm private after stock drop.
Canaccord Genuity's management group is seeking to take the firm private in a $843m deal, taking advantage of a plunge in the share price after last year’s turmoil in capital markets.
The management group - which includes the firm’s chief executive officer, chairman and more than a dozen other senior executives - owns a combined 21% of the shares. Canaccord’s largest outside shareholder also supports the bid of $8.36 per share, Bloomberg reported.
Elliott snaps up risky 12% dividend debt in latest credit move. (FS)
Elliott Investment Management has scooped up several struggling buyout loans in the past few months, and now it’s also turning its eye to risky debt offerings that pay sponsors chunky payouts.
In late December, the investment firm bought significantly more than half of a $415m leveraged loan by McAfee Enterprise with a 12% coupon that paid private equity sponsor Symphony Technology Group a large dividend, Bloomberg reported.
US Trustee files objection to FTX's planned asset sales.
A US Trustee filed an objection on Saturday to plans by bankrupt crypto exchange FTX to sell its digital currency futures and clearinghouse LedgerX, as well as units in Japan and Europe, Reuters reported.
FTX filed for bankruptcy protection in November and said last month it planned to sell its LedgerX, Embed, FTX Japan and FTX Europe businesses. On Tuesday, FTX founder Sam Bankman-Fried pleaded not guilty to criminal charges that he cheated investors and caused billions of dollars in losses, in what prosecutors have called an "epic" fraud.
EU antitrust regulators will decide by February 13 whether to clear US company Viasat's $7.3bn takeover of satellite rival Inmarsat, a European Commission filing showed on Monday.
The deal is already the target of an in-depth investigation by the UK competition watchdog, concerned that it could block competition in the aviation connectivity market and potentially result in airlines facing higher prices for on-board Wi-Fi, Reuters reported.
Chiesi Farmaceutici, an international, research-focused biopharmaceuticals and healthcare group, agreed to acquire Amryt Pharma, a global, commercial-stage biopharmaceutical company, for $1.48bn.
"With this Transaction, we are further expanding our commitment to people living with rare diseases, the majority of which still have no cure or approved treatment. This addition of the Amryt portfolio, as well as their expertise, will help us on our journey to bring medicines to patients, no matter how rare their condition may be. We look forward to working with Amryt towards a successful closing of the transaction. Amryt has steadily brought innovative products to new markets and, by adding them to the Chiesi portfolio, we hope to make them available to even more patients who may require them," Marco Vecchia, Chiesi Group CEO.
Amryt Pharma is advised by Moelis & Co, Cooley, Gibson Dunn & Crutcher and LifeSci Public Relations (led by Tim McCarthy). Chiesi is advised by Centerview Partners, Dechert (led by Alain Decombe, Michael Darby and David Rosenthal) and Berry & Company Public Relations.
Apex Group, a global financial services provider, completed the acquisition of the fund services and third-party management company unit of Maitland, an independent international fund services provider. Financial terms were not disclosed.
"We have followed the long track record of the Maitland business for some time and are excited by the opportunity to add greater product depth and geographic reach to our business. By becoming part of Apex Group, Maitland's clients and employees will benefit from access to the Group's scalable single-source solution underpinned by leading technologies, and services delivered through our global reach and connectivity," Peter Hughes, Apex Group Founder and CEO.
4iG, a technology company that provides information technology solutions, and Corvinus, a Hungarian state holding, reached a binding agreement to acquire the Hungarian unit of Vodafone Group, a British multinational telecommunications company, for HUF660bn ($1.8bn).
"This combination establishes a scaled converged operator across mobile and fixed communications and supports the Hungarian government's goal of creating a national Information and Communications Technology champion. The combined entity will increase competition and accelerate investment in the ongoing digitalization of Hungary," Margherita Della Valle, Vodafone Group Interim CEO.
Marlin Equity Partners, a global investment firm, completed the investment in CTS, a software provider for Google Workspace and M365. Financial terms were not disclosed.
"We believe CTS is well-positioned to capitalize on the momentum behind Google Cloud Platform, one of the fastest-growing public cloud platforms. We see growing demand for our leading professional and managed services capabilities across the sectors and regions we serve. We are delighted to join Marlin, who brings a wealth of operational expertise and domain knowledge to our team, while continuing our relationship with NorthEdge. With their shared vision and support, we look forward to further strengthening CTS's position in the European market and continuing to invest in CloudM," Tom Ray, Cloud Technology Solutions Group CEO.
Huma Therapeutics, a digital health company, completed the acquisition of Alcedis, a clinical research and technology. Financial terms were not disclosed.
"We are excited to be joining the Huma family, bringing our clinical trials expertise and capabilities to combine with those of Huma's award-winning technology-platform. Together, we will offer substantially greater benefit to pharmaceutical, medtech, clinical research organisation, and academic partners for their research projects," Hanno Härtlein, Alcedis Managing Director.
Normet, a mining equipment provider, agreed to acquire Rambooms, a manufacturer and supplier of rock breaker boom systems, and Marakon, a supplier of hydraulic hammers. Financial terms were not disclosed.
“Rambooms and Marakon are known for their high performing quality products. With the acquisition Normet strengthens its position in scaling and breaking as well as supports advancing towards higher levels of automation and electrification for the mining and construction industries. We look forward to welcoming the Marakon Group employees to Normet and supporting them in their future growth and development," Ed Santamaria, Normet President and CEO.
UK competition watchdog said the potential joint venture between Dutch animal feed maker ForFarmers and 2Agriculture, a subsidiary of British firm Boparan, could lead to farmers paying higher prices to feed poultry, Reuters reported.
"With food prices already increasing and the wider cost of living crisis, it is vital that we don't allow a reduction in competition between poultry feed suppliers, which could make this situation worse - both for farmers and shoppers at the check-out," Sorcha O'Carroll, CMS Senior Director of Mergers.
The deal raised competition concerns in four local areas across East Anglia, north-western England and North Wales, the CMA said after Phase 1 probe, and warned these areas could see higher prices for poultry feed, lower quality feed or worse quality of service.
EU competition regulator opens whistleblower hotline for merger breach tips.
Individuals will now be able to alert EU competition regulators about merger breaches or illegal state aid, via an anonymous antitrust whistleblower tool previously reserved for cartels, Reuters reported.
The tool, introduced in 2017, results in some 100 messages received yearly, helping the EU competition watchdog detect unlawful practices more quickly and contributing to the success of competition investigations.
Alibaba said to plan a $1bn investment in Turkey.
Chinese e-commerce giant Alibaba Group Holding is planning a logistics hub at Istanbul Airport and a data centre near the Turkish capital Ankara with an investment of more than $1bn, DealStreetAsia reported.
The company is looking to invest in Europe and the Middle East and sees Turkey as a very strong production base.
General Atlantic doles out $1bn to maturing Israeli startups. (FS)
General Atlantic, an investment firm, will invest $1bn in maturing Israeli startups, looking for next Mobileye while dipping into Mideast climate tech.
General Atlantic does not divide its global investment budget by region. Funding for individual companies ranges from $25m to $1bn. A single investment committee
decides which companies will receive the money.
“We have a lot of confidence that a number of those will come from Israel,” Alex Crisses, General Atlantic Managing Director.
Ex-Citi banker Michael Klein expected to lead 9-figure payday in Credit Suisse deal.
Credit Suisse Group is close to an agreement to buy Michael Klein’s advisory boutique after several rounds of tense negotiations, Bloomberg reported.
As part of the expected agreement that’s been hashed out in recent days, the bank will value the firm founded by the incoming head of its First Boston spinout at around a few hundred million dollars. The Swiss firm engaged Deutsche Bank to provide a fairness opinion.
IT services firm MEEZA to be Qatar's first to use book building for IPO.
Qatari IT services firm MEEZA will be the first company in the country to use book-building to carry out an initial public offering, it said in a statement on Sunday, as Qatar aligns itself with international practices.
The company, part-owned by telecom operator Ooredoo, said it was selling 50% of its share capital in a public-share sale with a planned listing on the Qatar Stock Exchange, DealStreetAsia reported.
British PM Sunak revives talks with SoftBank for Arm's London IPO.
British Prime Minister Rishi Sunak has revived talks with Japan’s SoftBank Group regarding a London listing for chip designer Arm, DealStreetAsia reported.
Sunak met Arm’s Chief Executive Rene Haas last month in Downing Street and Masayoshi Son, the billionaire founder of SoftBank, joined via video.
IGO, a copper ores company, and Tianqi Lithium, a Chinese mining and manufacturing company, agreed to acquire Essential Metals, a mining exploration company focused on finding and producing lithium and gold, for $94m.
"We believe this transaction is a great outcome for Essential shareholders and for other stakeholders including employees, suppliers, the Ngadju people and the State of Western Australia, all of whom will benefit from the Pioneer Dome Lithium Project being developed by a large, well-financed and experienced lithium sector participant as is TLEA," Tim Spencer, Essential Managing Director.
Essential Metals is advised by Sternship Advisers, HopgoodGanim Lawyers and Read Corporate (led by Nicholas Read). IGO and Tianqi Lithium is advised by KPMG, Grant Samuel and Clayton Utz.
DigiAsia, a financial services information technology company located in Jakarta, agreed to go public via merger with StoneBridge Acquisition, an Asia-Pacific focussed publicly traded special purpose acquisition company, in a $500m deal.
"DigiAsia's vision is to be an active part of the digital revolution of Indonesia by enabling financial services - lending, payments, remittances and mass low cost banking - to all individuals and businesses, irrespective of their size or socioeconomic status. We are also very proud to be working with Mastercard to build on our existing offering in order to increase financial inclusion in Indonesia," Prashant Gokarn, DigiAsia Co-CEO.
DigiAsia is advised by Norton Rose Fulbright. StoneBridge is advised by Winston & Strawn and Intro-act (led by Peter Wright).
Berkshire Hathaway sells 1.1m H-shares in China's BYD. (FS)
Berkshire Hathaway, the investment company owned by Warren Buffett, sold 1.1m Hong Kong-listed shares of electric vehicle maker BYD at an average price of $24.52 per share, Reuters reported.
The sale lowered Berkshire's holdings in BYD's total issued H-shares to 13.97% on January 3 from 14.06%, a filing to the Hong Kong Stock Exchange showed on Monday.
South Korea's SK On undecided on battery venture with Ford and Koc.
South Korean electric vehicle battery maker SK On said on Monday it has not decided whether to pursue a battery cell venture in Turkey with Ford Motor and Koc Holding, after signing a memorandum of understanding in March, DealStreetAsia reported.
The Dong-A Ilbo daily newspaper earlier reported, that SK On plans to scrap the idea due to a weak macro economic environment.
Tencent-backed WeDoctor plans IPO filing by the end of April. (FS)
Tencent-backed WeDoctor plans to file for an initial public offering by the end of April, the latest sign of increased capital activity from China’s internet companies as regulators soften their stance, Bloomberg reported.
The Hangzhou-based firm is preparing to go public in either the US or Hong Kong. WeDoctor is aiming its float for the second half of this year.
China's Ant Group says no plan for IPO, focusing on business optimisation.
China’s fintech giant Ant Group has no plan to initiate an initial public offering, DealStreetAsia reported.
"Ant Group has been focusing on its business rectification and optimisation, and does not have a plan for an IPO," Ant Group Spokesperson.
Akulaku managed to raise $200m despite the tech winter. (FS)
Akulaku raised $200m in fresh funds from Mitsubishi UFJ, Japan’s largest bank. The latest fundraising could value the Indonesian fintech at $1.5bn, DealStreetAsia reported.
Akulaku had raised $100m in new funds in February 2022 in a funding round involving Siam Commercial Bank, which was, at the time, considered to be a pre-IPO round. Prior to this, it had raised funds from high-profile investors such as Silverhorn, Ant Financial, Sequoia Capital, and Qiming Venture Partners.
HESTA adds $200m to Stafford Capital private equity fund. (FS)
HESTA is committing a further $200m to the HESTA Sustainable Capital Investment Trust, a private equity program managed with Stafford Capital Partners.
The HESTA Sustainable Capital Investment Trust makes direct investments in lower-mid-market private equity businesses that contribute to one or more United Nations Sustainable Development Goals, including good health and wellbeing, gender equality, affordable and clear energy, climate action, clean water and sanitation, and decent work and economic growth.
IFC proposes to invest $40m in Quadria's third fund worth $800m. (FS)
The International Finance Corporation, a part of the World Bank Group, has proposed to invest up to $40m in Quadria Capital Fund III, the third investment vehicle of healthcare-focused private equity investor Quadria Capital, DealStreetAsia reported.
Quadria Capital Fund III is targeting to raise a total of $800m. IFC’s support with a $40m equity investment will help the fund reach its first close.
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