AMERICAS
Ritchie Bros. Auctioneers, an operator of marketplace for heavy equipment, agreed to acquire SmartEquip, a provider of a web-based parts procurement system, for $175m.
"This acquisition furthers our goal of providing the best experience for our customers as we continue our transition from a traditional auctioneer to a marketplace for insights, services, and transaction solutions for commercial assets. SmartEquip will enable us to offer asset-specific, full-lifecycle parts and service support on behalf of our dealer and OEM partners to our buyers," Ann Fandozzi, Ritchie CEO.
Ritchie is advised by Goldman Sachs, Dechert and Dorsey & Whitney. SmartEquip is advised by Houlihan Lokey and Robinson+Cole.
Daelim Industrial-backed DL Chemical, a petrochemical company, agreed to acquire Kraton, a specialty chemicals company that primarily manufactures elastomers and synthetic replacements for rubber, for $2.5bn.
"Following an extensive review of a wide-range of strategic alternatives focused on maximizing value for the benefit of our stockholders, Kraton's Board has determined that the sale of Kraton to DL Chemical is in the best interest of Kraton stockholders. We believe the transaction provides immediate and certain value for Kraton stockholders, and represents an attractive premium of approximately 50% over Kraton's unaffected market valuation as of early July. Moreover, we believe DL Chemical has the industry presence and resources to continue to support the growth of Kraton's business on a global scale," Kevin M. Fogarty, Kraton President and CEO.
DL Chemical is advised by Goldman Sachs and O'Melveny & Myers. Kraton is advised by JP Morgan and King & Spalding.
American Securities, a private equity firm, agreed to acquire Trace3, a provider of information technology and consulting services, from H.I.G. Capital. Financial terms were not disclosed.
"Trace3's deep engineering expertise, extensive suite of capabilities, and differentiated focus on emerging technology uniquely positions the Company to address evolving technology challenges for its clients. We are excited to partner with Rich and team to further fuel Trace3's industry leading platform. We believe that our experience in the industry allows us to deliver value that will enhance the Company's great growth trajectory," Kevin Penn, American Securities Managing Director.
American Securities is advised by Kirkland & Ellis. Trace3 is advised by Guggenheim Partners, Akerman and Latham & Watkins.
Amulet Capital, a middle-market private equity investment firm, completed the acquisition of Remedy Health, an operator of a digital health platform intended to provide health-related information, from Topspin Consumer, a private equity firm. Financial terms were not disclosed.
"As we reflect on our success and growth over the last four years, we are grateful to have had the Topspin team as our partners. From the very beginning, they shared our view for the potential of our business and provided invaluable support and guidance as we executed on both our organic and acquisition-driven growth strategies," Michael Cunnion, Remedy CEO.
Amulet Capital was advised by Houlihan Lokey and Lowenstein Sandler. Remedy was advised by Latham & Watkins and Kent Place Communications.
MGM Resorts International, a hospitality and entertainment company, agreed to acquire The Cosmopolitan of Las Vegas, a resort and casino, from Blackstone, an alternative investment management company, for $1.63bn.
"We are proud to add The Cosmopolitan, a luxury resort and casino on the Las Vegas Strip, to our portfolio. The Cosmopolitan brand is recognized around the world for its unique customer base and high-quality product and experiences, making it an ideal fit with our portfolio and furthering our vision to be the world's premier gaming entertainment company. We look forward to welcoming The Cosmopolitan's guests and employees to the MGM Resorts family," Bill Hornbuckle, MGM Resorts CEO & President.
MGM Resorts is advised by Weil Gotshal and Manges. Blackstone is advised by Deutsche Bank, PJT Partners and Simpson Thacher & Bartlett.
Hikma to acquire Custopharm from Water Street Healthcare Partners for $425m. (FS)
Hikma, a pharmaceutical company, agreed to acquire Custopharm, a developer of complex sterile injectable generic products, from Water Street Healthcare Partners, a strategic partner and investor, for $425m.
"This acquisition provides Hikma with an attractive opportunity to further strengthen our US injectables business, by adding an attractive and profitable portfolio of marketed products and an exciting pipeline of future opportunities. Custopharm is an accomplished operator in the US injectables market with a first-class scientific team and a strong regulatory track record. This acquisition is highly complementary to our existing business and adds high-quality and differentiated growth potential," Siggi Olafsson, Hikma CEO.
Hikma is advised by Teneo.
PPL, a utility holding company, completed the acquisition of a majority stake in transmission project from SOO Green HVDC Link, an underground high-voltage direct current transmission line. Financial terms were not disclosed.
"PPL is pleased to support a project focused on transforming how major transmission line projects are built in the US. SOO Green's innovative approach aims to remove key barriers to interregional transmission line construction that will be essential to connecting more largescale renewable energy to the grid. As PPL seeks to advance a clean energy transition, we look forward to gaining insight from SOO Green's innovative approach, and we are excited to lend our capabilities to support the project's success," Gregory N. Dudkin, PPL Executive Vice President and COO.
SOO Green was advised by LS2group.
DST, an Internet investment firm, CE Innovation, a venture fund, and B Capital, an investment firm, led a $158m Series B funding round in Aspire, a neobank. Other investors include MassMutual Ventures, Picus Capital, AFG, Hummingbird Ventures and Fasanara Capital.
The company plans to build an end-to-end ecosystem. Aspire is currently working on building out its payroll system, because many of its clients have employees in different countries. It is also adding more features to its invoice management tool to make reconciling payments with account balances easier.
MFG Partners, a private equity firm, and PNC Mezzanine, a private equity firm, completed the acquisition of Mellott Company, a provider of a full spectrum of integrated aggregates processing services and equipment. Financial terms were not disclosed.
“MFG’s investment in Mellott reflects our philosophy of acquiring founder and family-owned businesses to support their growth over the long-term. The former owners of Mellott and its senior leadership team have built an incredibly strong foundation and we look forward to supporting the Company’s continued expansion," Jonathan Schilowitz, MFG Partner.
Acceleron considers an $11bn sale.
Acceleron Pharma, a US drugmaker, is in advanced discussions to be acquired by a large pharmaceutical company for c. $11bn. The acquisition price per share would be around $180 in cash, Bloomberg reported.
The details of the potential buyer are not known. However, several global drugmakers, including Bristol-Myers Squibb, which owns 11.5% of Acceleron's stock, are seen as prominent potential suitors.
Goodwater Capital raises $1bn to invest in tech startups. (FS)
Goodwater Capital, a US-based venture capital firm, raised $1bn in new funds to invest in early and growth-stage consumer tech startups.
Eric Kim, Goodwater Co-Founder and Managing Partner, said the firm also gets access to an additional $500m to support late-stage hypergrowth businesses.
While based in the US, the venture capital firm has also been looking at investment potentials in Southeast Asia. The firm has also backed many of the world's tech giants, including Facebook, Coupang and Kakao.
EMEA
Wm Morrison Supermarkets set an October 19 deadline for shareholders to vote on the £7bn ($9.6bn) takeover proposal by US private equity firm Clayton Dubilier & Rice.
Britain’s fourth-largest grocer published documents saying when shareholders will decide the outcome of what could be the country’s largest take-private deal in a decade. A vote of 75% or more is required for CD&R’s deal to go through.
Morrisons is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. CD&R is advised by BNP Paribas, Goldman Sachs, JP Morgan, Clifford Chance and Teneo. Debt providers are advised by Debevoise & Plimpton. Fortress Investment is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew. Financial advisors are advised by Herbert Smith Freehills. Debt financing is provided by HSBC and RBC Capital Markets.
German real estate company Vonovia said it had reached the 50% threshold needed to buy smaller rival Deutsche Wohnen after a sweetened bid valuing the company at €19.1bn($22.37bn).
Vonovia said it had secured around 50.49% of Deutsche Wohnen shares.
Deutsche Wohnen is advised by Deutsche Bank, Goldman Sachs, JP Morgan, Perella Weinberg Partners, UBS, Hengeler Mueller and Sullivan & Cromwell. Financial advisors are advised by Gleiss Lutz and Skadden Arps Slate Meagher & Flom. Vonovia is advisd by Freshfields Bruckhaus Deringer. Debt financing is provided by Bank of America, Morgan Stanley and Societe Generale. Debt providers are advised by Hengeler Mueller.
Volvo-backed Polestar to go public via a SPAC merger with Gores Guggenheim in a $20bn deal. (FS)
Volvo-backed Polestar, a global electric performance car company, agreed to go public via a SPAC merger with Gores Guggenheim in a $20bn deal.
"In Alec and the Gores Guggenheim team, we have found a partner with an impressive track record of bringing leading companies to the public markets. The proposed business combination and listing position Polestar as a financially strong, future proof, global electric car company. It will enable us to accelerate our growth, strategy and most importantly, our mission towards sustainable mobility," Thomas Ingenlath, Polestar CEO.
Polestar is advised by Citigroup, Kirkland & Ellis and Tulchan Communications. The Gores Group is advised by Sard Verbinnen & Co. Gores Guggenheim is advised by Barclays, Citigroup, Deutsche Bank, Guggenheim Partners, Morgan Stanley, Hannes Snellman and Weil Gotshal and Manges. Guggenheim Partners is advised by Davis Polk & Wardwell. Financial advisors are advised by Latham & Watkins.
EQT offered to acquire zooplus, a European online pet platform, for $3.94bn.
“EQT has monitored zooplus’ development for a long time, and we are impressed by its stellar customer base and the market leading positions in many markets, complemented by a strong offering. We have a long history in the pet care sector and can also offer zooplus unique experience and know-how of technology and platform development, both from within the EQT platform – which includes our inhouse digitalization and sustainability specialist teams – and via EQT’s global network of industry experts,” Johannes Reichel, EQT Partner and Head of Private Equity’s Advisory Team in Germany.
EQT is advised by Deutsche Bank, Milbank and Kekst CNC. zooplus is advised by Goldman Sachs, GLNS Rechtsanwalte Steuerberater and Finsbury Glover Hering. Goldman Sachs is advised by Sullivan & Cromwell.
CBRE to acquire Torghatten Land. (FS)
CBRE, a commercial real estate service and investment firm, agreed to acquire Torghatten Land, a bus division of Torghatten, a provider of shipping and transportation services. The acquisition of Torghatten Land is subject to customary closing conditions and regulatory approvals and is expected to close in Q4. Financial terms were not disclosed.
"We are acquiring a leading bus operator with a strong performance track record in a market that demonstrates non-cyclical characteristics due to the critical need for public transport. Our continued investment into sustainable transport is also of significant importance to us as a business. With the fleet continuing to transition to electric within the next few years, we expect that we will be operating a transport business with a significantly reduced carbon footprint, which aligns with our ambitions to achieve carbon net zero performance by 2040," Andreas Köttering, CBRE Head of Europe Private Infrastructure.
CBRE is advised by PricewaterhouseCoopers and Thommessen. Torghatten is advised by Nordea Bank and Advokatfirmaet Selmer.
Bain Capital, a private equity firm, agreed to acquire ITP Aero, a Spanish aero engine and gas turbine manufacturer, from Rolls-Royce, a luxury automobile maker, for $2.3bn. SAPA, a provider of aluminium solutions, and JB Capital, a retirement planning firm, also participated in the acqusition.
“ITP Aero has a great track record in an industry which is vital to the global economy, with attractive long-term growth potential. We see significant potential in further accelerating ITP Aero’s growth trajectory and investments in new technologies. Together with our partners SAPA and JB Capital we think we bring a unique understanding and ability to support ITP Aero. We look forward to working with ITP Aero’s management, employees and other stakeholders including the Spanish and Basque governments to realise the significant growth potential that ITP Aero has as an independent company,” Ivano Sessa, Bain Capital Managing Director.
ASSA ABLOY, a firm that develops, designs, and manufactures a complete range of door opening solutions, agreed to acquire Arran Isle, a designer, manufacturer and distributor of door and window hardware. Financial terms were not disclosed.
"Arran Isle is an excellent addition to our business and in particular EMEIA's UK and Ireland market region. The acquisition brings well-known architectural and fenestration hardware brands to our portfolio. Arran Isle have built a reputation developing innovative products and a market leading approach to customer service with a passionate and experienced team," Neil Vann, ASSA ABLOY Executive Vice President and Head of EMEIA Division.
Majorel lists on Euronext Amsterdam.
Majorel, an international service company, specializing in customer experience and business process outsourcing, has been listed on Euronext Amsterdam.
The admission and issue price of Majorel shares was set at €33($42.4) per share. Market capitalization was €3.3bn($4.24bn) on the day of listing. The total offer size was €660m($848m).
"Our key focus is on developing deep, long-term partnerships with our clients in delivering next-generation end-to-end CX solutions. Every day we are driven by the unique entrepreneurial spirit and excellence of our more than 63k team members worldwide. This has allowed us to continuously grow Majorel. Our listing on Euronext is the next logical step in Majorel's development and will further enhance our position as a leading player in the global CX industry," Thomas Mackenbrock, Majorel Group CEO.
Majorel was advised by JP Morgan, BNP Paribas, Citigroup and Stibbe.
ADNOC completes bookbuilding for ADNOC Drilling's IPO raising over $1.1bn.
Abu Dhabi National Oil, a state-owned oil company, completed the bookbuilding for an IPO of ADNOC Drilling, raising more than $1.1bn. The offering was oversubscribed, with total gross demand amounting to more than $34bn, Reuters reported.
"Upon settlement, ADNOC Drilling's IPO will be the largest ever ADX listing, further bolstering the UAE and Abu Dhabi's equity capital markets," ADNOC.
Renaissance Insurance plans an IPO on Moscow Exchange.
Renaissance Insurance Group, a provider of insurance products and services, intends to list its shares on the Moscow Exchange and raise up to $290m in an IPO, making it Russia's first listed insurance company, Reuters reported.
The IPO proceeds will be used to accelerate organic growth, investments in digital initiatives, potential acquisitions and the possible repurchase of the listed shares.
Renaissance Insurance is advised by Credit Suisse, JP Morgan, VTB Capital, BCS Global Markets, Renaissance Capital, Sberbank and Tinkoff.
Credit Agricole offers to acquire Olinn $129m.
Credit Agricole, a French bank, has offered €100m($129m) to acquire Olinn, an auto leasing and computer equipment company, Reuters reported.
Olinn has annual revenues of €175m($225m) and serves 5.3k clients in Europe, helping them finance their computer equipment, mobile phones, medical equipment and manage their fleet.
APAC
Sigma Healthcare, a company engaged in the distribution and wholesaling of prescription, over-the-counter and generic pharmaceutical products, offered to acquire Australian Pharmaceutical Industries, a pharmacy chain, for $561m. API shareholders also would own about 48.8% of the combined entity.
Sigma believes that the rationale for a combination of API and Sigma is highly compelling, with significant benefits accruing to both sets of shareholders, the industry and other stakeholders. Sigma believes a merged Sigma and API would result in revenue stream, product and customer diversification and stronger platform to operate in a changing industry landscape.
Sigma is advised by Goldman Sachs, MinterEllison and BlueDot Media.
According to DealStreetAsia, Shinsei Bank reiterated its request that SBI Holdings extend the period of its unsolicited $1.1bn tender offer bid to 60 business days, rejecting SBI‘s offer to extend it to 50 business days.
Shinsei‘s board determined that the 60 days are “necessary to confirm the shareholders’ general opinion and is in the common interests of shareholders as a whole.”
Shinsei Bank is advised by Morgan Stanley. SBI Holdings is advised by Citigroup.
IDG Capital, an investment and asset management firm, and Meituan, a consumer products and retail services company, led a $155m Series C funding round in Mech-Mind, a provider of complete and cost-effective solutions. Other investors include Sequoia Capital China and Source Code Capital.
Mech-Mind is an industrial robot developer, that uses new generation technologies such as deep learning, and 3D vision to cater to its clients. It currently caters to sectors such as automobiles, home appliances, food and beverage, logistics, pharmacy, and banking, among others.
Mech-Mind was advised by Taihecap.
JERA ,a power generation company, agreed to acquire a 27% stake in Aboitiz Power, a holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services, for $1.58bn.
“We have had a very good relationship with the Aboitiz family for many years, since Tokyo Electric Power Company joined the power business in the Philippines through Team Energy in 2007. In cooperation with Aboitiz Power, JERA will contribute to further development in the Philippines by both supporting the stable supply of energy in the country and contributing to an expeditious, cost-competitive roll-out of clean and renewable energy while taking into consideration the unique circumstances of the country,” Satoshi Onoda, JERA President.
GeoPost, a parcel delivery holding company, B Capital Group, an investment firm, Monk's Hill Ventures, a venture capital firm, and Alibaba Group, a technology company, led a $578m Series E funding round in Ninja Van, a logistics startup.
“The quality of investors joining us in this round of investment is a clear signal that the market recognizes the emerging opportunities for e-commerce logistics in Southeast Asia and how as an entrenched player in the region, Ninja Van is positioned to take a central role in meeting the shifting demands of both businesses and consumers. We remain committed to the success of all our business partners as we move towards the next stages of sustainable growth and continued innovation. The support from our investors will enable us to continue to build upon the business momentum we have achieved,” Lai Chang Wen, Ninja Van Group Co-Founder and CEO.
GM to invest $300m in Momenta.
General Motors, a multinational firm that designs, manufactures, markets, and distributes vehicles and vehicle parts, agreed to invest $300m in Momenta, a developer of autonomous driving technology designed to improve efficiency.
“Customers in China are embracing electrification and advanced self-driving technology faster than anywhere else in the world, and the agreement between GM and Momenta will accelerate our deployment of next-generation solutions tailor-made for our consumers in China,” Julian Blissett, General Motors Executive Vice President and President of GM China.
CR Capital Management, a private equity real estate firm, led a $232m investment in Peak Sport Products, a firm engaged in manufacturing and distributing sports products including footwear, apparel and accessories. China Construction Bank, a commercial bank in China, also participated.
Peak is expected to accelerate its expansion into first- and second-tier cities at home and abroad, targeting young consumers. The company also plans to further optimize its equity structure, upgrade distribution channels, and increase investment in product research and development.
Charoen Pokphand, a holding company, led a $150m Series C funding round in Ascend Money, a fintech company. Bow Wave Capital, an investment firm, and Ant Group, a digital payment platform, also participated.
Ascend Money will use the proceeds to grow its e-wallet application – TrueMoney Wallet – and expand its digital financial services ranging from digital lending and digital investment to cross border remittances in Southeast Asia.
MINISO Group, a retailer offering a variety of design-led lifestyle products, agreed to acquire an 80% stake in YGF Investment from YGF MC, a joint venture YGF MC and MINISO, for $108m.
After closing of the proposed purchase, MINISO will hold 100% equity interests in YGF Investment and will start to consolidate the financial results of YGF Investment into the company's financial statements. This new headquarters building, with about 104 thousand square meters in gross floor area, is estimated to be completed by 2025. This investment positions the company well for its future developments in terms of securing office space to accommodate future business expansion, saving long-term operating expenses and providing benefits in potential property appreciation.
PAG, an alternative investment management firm, led a $100m funding round in DataYes, a Chinese artificial intelligence-enabled data and investment management solutions provider.
DataYes plans to leverage the investment experience and industry know-how of PAG to help it advance its one-stop solutions in investment and asset management for enterprise and individual clients.
HNA Group to receive $5.9bn in a strategic investment.
HNA Group, a Chinese conglomerate, will receive a strategic investment of $5.88bn after its restructuring, which will go to eleven of its entities, including its flagship carrier Hainan Airlines.
Gu Gang, the group's party secretary and leader of the government-led working group addressing HNA's liquidity issues, disclosed the investment at a meeting of its creditors, DealStreetAsia reported.
Prudential plans to raise $2.41bn in Hong Kong share sale.
Prudential, a diversified insurance company, seeks to raise $2.41bn by pricing its stock at $18.4 each in its Hong Kong share sale.
Prudential sold 130.8m shares, or 5% of its issued share capital in the deal, which was the first follow-on share placement to be open to Hong Kong retail investors. Most of the funds will be used to pay down high-coupon debt within six months.
Advent considers divesting The Learning Lab's Southeast Asian unit for $500m. (FS)
Advent International is considering divesting the Southeast Asian operations of The Learning Lab, a Singapore-based chain of tutorial centers, Bloomberg reported.
The fund is working with Rothschild & Co on the sale process and is seeking to raise at least $500m from the deal. Discussions are at an early stage and Advent might opt not to proceed with a sale.
Reliance considers investing in Google-backed Glance InMobi.
Reliance Industries, an Indian multinational conglomerate company, considers acquiring a stake in Glance InMobi, an Indian mobile content provider.
The conglomerate is thinking of investing about $300m in the unicorn backed by Google. The transaction could be completed as soon as in the next few weeks.
Cnooc plans a $5.4bn Shanghai listing after US sanctions.
Cnooc, China's biggest offshore oil driller, considers raising money by listing new shares on the mainland after the New York Stock Exchange stated that it would delist the firm following US sanctions, Bloomberg reported.
Cnooc plans to raise $5.4bn by listing on the Shanghai Stock Exchange. The driller will issue up to 2.6bn new shares and will use the proceeds for project development, with excess funds to be used for working capital.
ChrysCapital to launch a $1.2bn PE fund. (FS)
ChrysCapital, a private equity firm, is set to launch a fund targeting c.$1.2bn, looking to take advantage of a flow of institutional investment to benefit from an expected post-pandemic economic spurt in the country.
The new fund will be the largest by an India-specific private equity fund manager. It would be targeting large institutional investors and high-net worth family offices mainly from North America and Europe, besides sovereign and pension money managers from Asia and the Middle East.
Bosch launches Boyuan Capital, hits first close of China-focused RMB fund. (FS)
Boyuan Capital, set up by technology company Bosch for technology bets in China, has launched its RMB-denominated fund seeking to raise as much as $155m, DealStreetAsia reported.
The vehicle, named Bosch China Growth Fund I, has reached the first close from limited partners, including Bosch, Wuxi Weifu High-Technology Group, a Chinese automotive component manufacturer, and others.
Boyuan Capital will focus on sustainable transportation, smart manufacturing, internets of things, artificial intelligence and semiconductors.
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