A federal judge Monday ruled against a Justice Department antitrust challenge to UnitedHealth Group's $13bn acquisition of health-technology firm Change Healthcare, rejecting government claims that the deal would unlawfully suppress competition and limit innovation in health-insurance markets, WSJreported.
US District Judge Carl Nichols ruled for the companies in an opinion that he kept under seal for now because he said it “may contain competitively sensitive information.” The judge said he would release a redacted public version of the ruling in the coming days. He denied the Justice Department’s request to block the companies from completing the deal in a one-page public order.
Change Healthcare is advised by Morrow Sodali Global, Barclays, Goldman Sachs, Simpson Thacher & Bartlett (led by Eric Swedenburg) and Brunswick Group (led by Jonathan Doorley). Optum is advised by Bank of America (led by Ivan Farman) and Hogan Lovells (led by Leigh Oliver). UnitedHealth Group is advised by Cleary Gottlieb Steen & Hamilton and Sullivan & Cromwell (led by Melissa Sawyer and Keith A. Pagnani). Blackstone is advised by Ropes & Gray.
TSG Consumer Partners, a private equity firm, and Leon Capital, a diversified holding company for a privately-owned group of entities based in Dallas, Texas, completed the investment in Specialty Dental Brands, a dental support organization. Financial terms were not disclosed.
"We are proud to have launched Specialty Dental Brands alongside its outstanding management team and supported the company's significant growth over the years. We are excited about the partnership with TSG and for the next phase of growth as we work together to continue to support doctor-led innovation and expand access to high-quality care," Hunter Dallas, Leon Capital Group Partner.
Specialty Dental Brands was advised by Jefferies & Company (led by Rich Agabs), McGuireWoods and Sidley Austin. TSG was advised by SVB Securities, William Blair & Co, Ropes & Gray (led by Elizabeth Gallucci and Paul Van Houten) and FGS Global.
Walgreens Boots Alliance, an integrated healthcare, pharmacy and retail firm, agreed to acquire the remaining 30% stake in Shields Health Solutions, a specialty pharmacy company, for $1.4bn.
"Our full acquisition of Shields will complete another major milestone as part of our consumer-centric healthcare strategy to drive sustainable long-term growth, and we are very pleased with our partnership and integration with Shields. We can now make further progress on our strategy through Shields' integrated model, increasing our value to health systems, expanding access to payor partners and supporting improved outcomes and lower costs," Roz Brewer, WBA CEO.
Shields Health Solutions is advised by Goodwin Procter, K&L Gates and Ropes & Gray. Walgreens Boots Alliance is advised by Sidley Austin.
Rocket Pharmaceuticals, a late-stage, clinical biotechnology company, agreed to acquire Renovacor, a biotechnology company focused on delivering innovative precision therapies to improve the lives of patients and families battling genetically-driven cardiovascular and mechanistically-related diseases, for $53m.
"The acquisition of Renovacor aligns with our strategy to expand our leadership position in AAV-based gene therapy for cardiac disease and gives us a perfect opportunity to continue on our mission to transform the lives of heart failure patients through the power of gene therapy," Gaurav Shah, Rocket CEO.
Renovacor is advised by Wells Fargo Securities and Troutman Pepper. Rocket is advised by SVB Securities and Goodwin Procter.
TSG Consumer Partners-backed Super Star Car Wash, a car wash operator, agreed to acquire Wave Wash, an express conveyor car wash operator serving the Dallas Fort-Worth Metroplex. Financial terms were not disclosed.
"Frank and the Wave Wash team have done an excellent job developing and operating top-tier car wash locations that offer an exceptional customer experience. As we continue to execute on our growth plans, we are excited to welcome their talented team, and to bring our membership program sales and incentive model to even more customers across the attractive DFW Metroplex," Reza Amirrezvani, Super Star Car Wash Founder and CEO.
Wave Wash is advised by Ardent Advisory Group and Quarles & Brady. Super Star Car Wash is advised by Ropes & Gray. TSG Consumer Partners is advised by FGS Global (led by Julie Rudnick).
Bregal Sagemount, a growth-focused private capital firm, completed an investment in Solo, a software company. Financial terms were not disclosed.
“Our vision shapes everything we do, even our very name. Solo stands for Speed Of Light Operations. It is as much our obsession as it is our vision. Relentlessly pursuing our vision has enabled significant market acquisition and led us to the right strategic and capital partner in Sagemount,” Dan Larkin, Solo Co-Founder and CEO.
Solo was advised by Mayer Brown and BackBay Communications. Bregal Sagemount was advised by Goodwin Procter.
NTT DATA, a digital business and IT services company, agreed to acquire Apisero, a global MuleSoft consulting firm. Financial terms were not disclosed.
"Since inception, Apisero has been deeply rooted in its commitment to the success of our clients, independent software vendors, partners, and employees. Combining this commitment with NTT DATA's global platform provides an incredible opportunity to drive enhanced capability and digital transformation to a broader portfolio of enterprise clients. We are excited to join NTT DATA and look forward to this new phase of our growth journey," Vijay Rao, Apisero CEO.
Apisero is advised by Guggenheim Partners. NTT DATA is advised by Pillsbury Winthrop Shaw Pittman.
MiddleGround Capital, a private equity firm, completed the acquisition of HLC, a distributor of bicycle parts and accessories. Financial terms were not disclosed.
“We’re thrilled to invest in and support the growth of a clear North American market leader within the bicycle parts and accessories distribution industry, which has proven to be a promising space given recent tailwinds. As the mobility industry develops, bicycles will play an important role in the transformation of the industry. HLC is uniquely positioned serving a broad and fragmented customer base with value added distribution capabilities,” John Stewart, MiddleGround Founding Partner.
HLC was advised by Lazard. MiddleGround Capital was advised by Dukas Linden Public Relations (led by Zach Kouwe and Doug Allen).
HIG Capital, a private equity and alternative assets investment firm, completed the acquisition of a majority stake in Northern Biogas, a full service renewable natural gas producer, designer, constructor, and service provider. Financial terms were not disclosed.
“We appreciate HIG’s confidence in our business plan and are excited to partner with HIG as we continue to execute on our development pipeline of dairy, landfill, and food waste RNG projects. We are solidly positioned to provide rapid, best-in-class service to our customers and partners, given our unique combination of development experience, in-house technical knowledge, and full scale, proven construction and operation expertise, all of which are now supported by HIG, an outstanding financial partner,” Chris Akers, Northern Biogas CEO.
Northern Biogas was advised by Vinson & Elkins. HIG Capital was advised by Sidley Austin.
Tiger Global, an investment firm that focuses on private and public companies in the global Internet, software, consumer, and payments industries, led a $145m Series A funding round in Opto Investments, a service provider of independent investment advisors with a total solution for accessing private market investments, with participation from 8VC, MSD Capital, Clocktower Ventures, FinVC, HOF Capital.
“The world is staring down daunting challenges in this decade and beyond. Our experience in Silicon Valley and the United States innovation ecosystem is that well-funded entrepreneurs can solve these problems and create prosperity. I co-founded Opto with top talent from the technology and financial world to open up private markets to top investment advisors and their global clients like never before—and unlock new capital for the world’s greatest innovators building for the future,” Joe Lonsdale, Opto Chairman and 8VC Managing Partner.
Viral Nation, an influencer marketing and technology company, completed the acquisition of MediaKits, an online platform. Financial terms were not disclosed.
“MediaKits acquisition by Viral Nation demonstrates the continued viability and strength of the creator economy as well as both the vision and leadership of Kieran and Casey in building the MediaKits platform. The move joins other deal flow in the market that bolsters the potential for business in the category and the demand for big data,” Aristotle Loumis, MediaKits Chairman.
Mississippi Lime, a producer of calcium products, completed the acquisition of Valley Minerals, a mine operator. Financial terms were not disclosed.
"We have been working on plans for a modern dolomitic production facility to support our steel market business for several years. Valley Minerals has products, production processes and applications we're familiar with, which should make its transition to Mississippi Lime smooth and seamless," Paul Hogan, Mississippi Lime President and CEO.
Mississippi Lime was advised by Lambert & Co (led by Bill Raack).
Gem Global Yield, a direct lending fund managed by Global Emerging Markets, led a $200m funding round in LootMogul, a sports Metaverse company.
"LootMogul is super excited about this investment commitment from GEM as it empowers athletes, fans and brands to provide an immersive engagement and tools to bridge experiences between web three metaverses and real world," Raj Rajkotia, LootMogul CEO.
BRV Capital Management, a tech-focused growth equity arm of BlueRun Ventures, led a $100m Series C round in Swiftly Systems, a provider of technology and retail media solutions for retailers worldwide.
"Our mission is to empower brick-and-mortar retailers to move from analog to algorithms, as winners in this new era of commerce will be determined by how fast they can reinvent their business to capture shoppers digitally and monetize those digital relationships. We are grateful to BRV Capital for their support that will enable us to turn today's brick-and-mortar retailers into tomorrow's omnichannel leaders," Henry Kim, Swiftly CEO.
Meta antitrust suit should be reinstated on appeal.
New York and the Justice Department urged a federal appeals court to reinstate an antitrust suit that dozens of states brought against Meta Platforms, saying a lower court was wrong to find they waited too long to sue, Bloombergreported.
New York Solicitor General Barbara D. Underwood said Facebook-parent Meta doesn’t face any additional harm from the suit brought by state attorneys general since it faces a parallel one brought by the Federal Trade Commission.
Struggling EV startup Mullen Auto bids for bankrupt Electric Last Mile.
Troubled EV startup Mullen Automotive has emerged as the leading bidder for the assets of bankrupt competitor Electric Last Mile Solutions, including a now-idle former Hummer SUV factory in Indiana, Bloombergreported.
Mullen agreed to a stalking horse bid of “almost $100m in total consideration,” according to a September 16 filing by the trustee in Electric Last Mile’s Chapter 7 case.
Neuberger Berman raises $4.9bn for global PE secondary fund. (FS)
Neuberger Berman, a private, independent, employee-owned investment manager, has held the final close of NB Secondary Opportunities Fund V, the firm's fifth global private equity secondary fund at $4.9bn, surpassing its target of $3bn.
SOF V's diverse investor base includes corporate and public pension plans, sovereign wealth funds, endowments, foundations, insurance companies, family offices, and high net worth individuals. Investors are global, including from North America, Europe, Asia and Latin America.
Digital Transformation Capital Partners holds first close of Growth Equity III Fund at $300m. (FS)
Digital Transformation Capital Partners successfully completed the first closing of its Growth Equity III Fund at $300m. The fund was launched in March 2022 and has raised capital from new and existing investors including Deutsche Telekom and SoftBank Group International, alongside other institutional, pension fund, corporate, and family office investors. DTCP plans to continue to raise significant capital for the Fund and aims to close fundraising in 2023.
Following the proven proprietary data-driven investment strategy of DTCP, GE III invests in cloud-based enterprise software and business Software-as-a-Service companies in the fields of cybersecurity, web3, AI, fintech, vertical SaaS solutions as well as IT applications and cloud infrastructure software. The Fund is targeting about 25 equity investments in the range of $20 to $25m for businesses in early growth or growth stage, typically as part of a Series B to D or late-stage funding round. The fund focuses on category leaders in Europe, Israel, and the US with a defensible market position and technological advantage.
PSG Equity, a growth equity firm partnering with software and technology-enabled services companies, agreed to invest €50m ($50m) in Zenchef, a French restaurant tech company that develops technology solutions for the restaurant industry.
"We believe this partnership with PSG marks the beginning of a new chapter of growth and reaffirms both the relevance of our solutions and our strategic position within the restaurant industry. In PSG, we have found an ideal partner with a strong track record in accelerating growth for software companies. With their strategic, operational and financial support, we are solidifying our ambition to become Europe's champion. In our view, PSG will enable us to identify the relevant synergies to better serve restaurant owners and their customers, and help us pursue our ambitious recruitment plan. With the upcoming launch of our first consumer mobile app, we are closer to fulfilling our mission to an industry that has been severely tested in recent years and to which we want to bring the best technological solutions," Xavier Zeitoun, Zenchef CEO.
Zenchef is advised by Agence Melchior (led by Magali Bluzat). PSG is advised by Prosek Partners (led by Ryan Smith).
ITS Technology Group, a telecommunications service provider in England, completed the acquisition of NextGenAccess, a neutral host, managed fibre infrastructure service provider, from International Public Partnerships, a large British publicly listed investment company dedicated to infrastructure investments. Financial terms were not disclosed.
NGA owns and operates a network of ultrafast wholesale fibre broadband infrastructure across England and Wales. NDIF has financed a major expansion of its network across the UK, deploying high-capacity fibre routes supporting enterprise and business customers across Bristol, Newport, Essex and London. NGA will continue to operate as a standalone business as part of ITS.
First Sentier plans a $1.5bn sale of Coriance. (FS)
First Sentier Investors, a global asset management business, is considering a sale of French district-heating operator Coriance in a deal that could value the company at as much as $1.5bn, Bloomberg reported.
The investment firm is working with an adviser and may start the sale process by the end of the year. Coriance is expected to mostly attract interest from private equity investors with funds specialized in infrastructure.
Tufton Oceanic acquires two tankers for $73m.
Tufton Oceanic, a diversified portfolio of secondhand commercial sea-going vessels, agreed to acquire two product tankers for $73m. They are being acquired below depreciated replacement cost. These acquisitions will take the company's fleet to twenty-three vessels.
Both vessels have fixed rate time charters for three to five years to a major commodity trading and logistics company. The yield during the charters exceeds the targets expressed in the company's prospectus dated September 25, 2018.
Bridgepoint reviews options for Diaverum advised by Citi.
Bridgepoint has appointed Citi to review strategic options for Swedish dialysis company Diaverum, Unquotereported.
The sponsor is yet to make a decision on any next steps, said one of the sources, although another added that a process could launch in Q4 2022. In November 2020, Diaverum announced an intention to IPO.
Porsche investor demand exceeds $9.4bn offering in hours.
Volkswagen garnered more than enough investor orders to cover the €9.4bn ($9.4bn) initial public offering of its sports-car maker Porsche just hours after it started taking requests for the share sale, Bloombergreported.
The order book, which opened only Tuesday morning, has been covered multiple times throughout the price range on the full deal size, the terms showed. Indicated investor demand exceeds the total offering, according to the terms.
Mirova completes record fundraising for fifth energy transition infrastructure fund at €1.6bn. (FS)
Mirova, an asset managerment company, has raised $1.6bn for the Mirova Energy Transition 5, its fifth energy transition infrastructure equity fund.
This historic fundraising round, which lasted 18 months, is testament to the hard work of Mirova's teams, who have been active in the energy transition infrastructure sector for 20 years. The team launched their first fund of $46m in 2002 alongside ADEME to kick-start the wind energy sector in France. It then raised two further funds of $94m in 2008 and $354m in 2014 to open up to new geographies and technologies. Finally, the fourth fund raised $859m in 2018 and extended its scope of activity to low-carbon mobility. Over the years, Mirova has financed more than 330 projects for a total of over 6.5 GW of potential generation capacity across Europe and Asia.
KKR, an American global investment company, agreed to invest $450m in Hero Future Energies, an independent power producer.
“Hero Future Energies is a pioneer in India’s renewables sector, and has a strong track record of delivering innovative clean energy solutions to support India’s renewable energy ambitions. HFE’s clean energy solutions play an important role in helping companies decarbonize as energy demands continue to grow. We look forward to working closely with HFE’s management team and existing investors, including the Hero Group and IFC, to help HFE achieve its next phase of growth and contribute to the energy transition efforts in India and globally,” Hardik Shah, KKR Partner.
BorgWarner, an American automotive supplier, agreed to acquire charging business of Hubei Surpass Sun Electric, an electric vehicle charging solutions company, for $58m.
"This transaction makes good business sense as we continue to bolster our fast-charging capabilities globally. SSE will bring enhanced offerings while supporting Charging Forward, our strategy to accelerate our growth in electrification. We look forward to welcoming their talented team to BorgWarner," Frédéric Lissalde, BorgWarner President and CEO.
Adani pledges stake worth $13bn in new Indian cement units.
Billionaire Gautam Adani's group pledged shares valued at about $13bn in two Indian cement firms just days after it completed the acquisition from Holcim, reflecting the world's second-richest person's hunger for capital as his ports-to-power conglomerate expands rapidly, Bloomberg reported.
Stakes in two of those companies, about 57% of ACC and 63% in Ambuja Cements, have been encumbered "for the benefit of certain lenders and other finance parties," according to separate filings made to Indian stock exchanges by Deutsche Bank's Hong Kong branch.
Kirin in talks to triple investment in Bira.
Japanese beverages firm Kirin is in talks to invest $70m in Indian craft beer maker Bira, Reutersreported, doubling down on the fast-expanding South Asian market at a time when it is facing pressure on growth at home.
Kirin, which first invested $30m in Bira for an under 10% stake last year, is set to pump in the additional funds at an equity valuation of $450m. Negotiations between the Japanese company and Bira's owners are in the final stage.
Temasek said to be in talks to invest in Motilal Oswal PE-backed VVDN Technologies. (FS)
Singapore-based investment firm Temasek Holdings, a backer of Indian unicorns including Open, ShareChat, upGrad, and Shiprocket, is in talks to invest in VVDN Technologies, a global provider of engineering, manufacturing, and digital services and solutions, DealStreetAsiareported.
While the amount Temasek is looking to inject into the Gurugram-headquartered company is not known, the total financing VVDN is eyeing in the current round could be in the range of $125-150m.
Chubb in talks for tie-up with Hong Kong’s Hang Seng Bank.
Chubb is in advanced talks to form an insurance partnership with Hang Seng Bank, a Hong Kong-based lender majority owned by HSBC, Bloombergreported.
The parties are hammering out the details of a transaction that could be agreed over the coming week. Chubb, based in Zurich, is poised to become Hang Seng Bank’s insurance partner after outbidding other insurers that had shown interest in the tie-up.
Singapore allocates $1bn to global credit fund managers in a bid to become private markets hub. (FS)
Singapore’s central bank will be allocating $1bn to top global private credit fund managers as part of the nation’s efforts to develop itself as a full-service private markets hub, DealStreetAsia reported.
The move is part of an expansion of the private markets programme, which allocates investment mandates to private equity and infrastructure fund managers who commit to establishing or deepening their presence in Singapore, Ravi Menon, managing director of the Monetary Authority of Singapore, said at the SuperReturn Asia conference.
Tencent denies report it will sell down Didi, Meituan stakes.
Tencent Holdings denied a report it was considering selling down investments in companies from Meituan to KE Holdings to bankroll share buybacks and new businesses, Bloombergreported.
The company has no need to raise funds nor a timeline for such divestments. Dow Jones had reported earlier on Tuesday that the WeChat operator recently completed a review of its worldwide portfolio, and identified companies such as Didi Global that it may sell down.
China EV maker Leapmotor seeks up to $1bn in HK IPO.
Chinese electric-vehicle maker Zhejiang Leapmotor Technology is looking to raise as much as $1bn in an initial public offering in Hong Kong, Bloombergreported.
Leapmotor, founded in 2015, is offering about 131m shares. Five cornerstone investors, including Zhejiang Industrial Fund and Jinhua Industrial Fund, agreed to purchase around $308m of stock.
Qualcomm-backed drone maker weighs $125m India IPO.
IdeaForge Technology, India’s largest drone maker backed by Qualcomm, is considering an initial public offering in Mumbai that could raise about $125m, Bloombergreported.
The company is working with financial advisers on the potential listing, which could happen in the first quarter of 2023. The Mumbai-based firm is seeking a valuation of about $700m in the share sale, which could mostly consist of new shares.
Smart car firm backed by Geely billionaire explores Hong Kong listing after US SPAC deal.
The firm, backed by Chinese billionaire Li Shufu and his Zhejiang Geely Holding Group, hasn’t decided whether it will raise funds via the Hong Kong listing as considerations are at an early stage. A listing outside the US could help ECARX hedge any potential delisting risk.
Investment bank ABCI, PE investor Hony Partners file to list HKEX's next SPAC. (FS)
A special purpose acquisition company backed by the investing arm of Chinese investment bank ABC and Hony Partners Group has filed to list in Hong Kong.
The blank cheque firm, called Everest Acquisition, will seek merger targets from sectors including healthcare, consumer, and green industries in Greater China, according to a filing to the Hong Kong stock exchange on Monday.
TPG to reach first-close of new Asia fund at over $3bn. (FS)
US private equity firm TPG is set to reach first-close of its new Asia-focused fund at more than $3bn, Reutersreported.
TPG kicked off fundraising of its eighth private equity fund for the region in January, targeting $6bn, the company said during its March earnings call. If successful, the fund will be its largest Asia fund to date.
Arbor Ventures draws $193m so far for third venture fund. (FS)
Arbor Ventures, one of Asia’s oldest fintech-focused venture capital firms, has so far raised $193m for its third venture capital fund, according to a filing with the US Securities and Exchange Commission.
The US SEC filing typically only represents capital raised from US investors, DealStreetAsiareported.
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