AMERICAS
OpenText, a provider of Enterprise Information Management software and solutions, completed the acquisition of Carbonite, a provider of data protection and cybersecurity, for $1.4bn.
"I am delighted to announce today the completion of the Carbonite acquisition and warmly welcome Carbonite customers, partners, and employees to OpenText. Carbonite brings a world-class channel organization and partners, allowing OpenText to bring EIM to all size customers, including SMB to prosumers," Mark J. Barrenechea, OpenText CEO & CTO.
Carbonite was advised by American Stock Transfer & Trust, D.F. King & Co, JP Morgan, Skadden Arps Slate Meagher & Flom, and Sard Verbinnen & Co. OpenText was advised by Lazard, and Cleary Gottlieb Steen & Hamilton.
WESCO International, a provider of electrical, industrial, and communications MRO and OEM products, is seeking to acquire Anixter International, a supplier of communications and security products. WESCO is bidding against private equity firm Clayton, Dubilier & Rice, and is offering a $90 per share for Anixter's shares, as opposed to the all-cash offer of $82.50 per share by CD&R.
"Our proposal to acquire Anixter represents a compelling opportunity to deliver significant and immediate value to Anixter's stockholders and to afford Anixter stockholders the ability to participate in the long-term growth and value creation of the combined company," John J. Engel, WESCO Chairman, President and CEO.
Anixter is advised by Centerview Partners, Wells Fargo Securities, and Sidley Austin. WESCO is advised by Barclays and Wachtell Lipton Rosen & Katz. Clayton, Dubilier & Rice is advised by Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, JP Morgan, and Debevoise & Plimpton. Debt financing to Clayton, Dubilier & Rice is provided by Bank of America Merrill Lynch, Credit Suisse, Deutsche, and JP Morgan.
Bodycote, a provider of heat treatment and specialist thermal processing services, is set to acquire Ellison Surface Technologies, a provider of metal coating and allied services, for $170m.
The gross consideration for the acquisition will be $200m. When adjusted for tax benefits worth at least $30m, net consideration for the transaction is approximately $170m. The consideration will be settled using Bodycote's existing committed credit facilities.
"Ellison's business is one that we have long respected and is a perfect strategic fit for Bodycote's aerospace and Specialist Technologies' businesses. Ellison has been successful in winning new business in recent years, and it will be very complementary to Bodycote's existing Surface Technology business," Stephen Harris, Bodycote CEO.
Ellison is advised by Lazard. Bodycot is advised by Credit Suisse and FTI Consulting.
Sentinel Capital Partners, a private investment firm, is set to acquire ECM Industries, a manufacturer and supplier of electrical products, from private equity firm Genstar Capital. Financial terms were not disclosed.
"My team and I are very excited to work with Sentinel again, who understands our industry and has a proven track record with us as investment partners," Mike Masino, ECM CEO.
Genstar is advised by Robert W Baird, Weil Gotshal and Manges, and Chris Tofalli.
Russian steel pipe maker TMK plans to complete the disposal of its US subsidiary IPSCO Tubular in January. TMK agreed in March to sell IPSCO to Tenaris, a manufacturer and supplier of steel pipes and related services, for $1.2bn.
Tenaris is advised by Sullivan & Cromwell. TMK is advised by BTIG and Latham & Watkins.
Dell considers the acquisition of the rest of the Secureworks.
Dell Technologies is considering buying the remaining outstanding shares in cybersecurity services operator Secureworks, Bloomberg reported.
The Round Rock, Texas-based company is exploring making an offer for the remaining 13.8% of shares it doesn’t own in Secureworks and fully consolidating the business.
Les Schwab in talks regarding $3bn sale.
Les Schwab Tire Centers, a tire retailer is exploring options including an outright sale, which could fetch at least $3bn, Bloomberg reported.
The independent retailer is working with an adviser as it weighs alternatives, including divesting its real estate portfolio, which is worth at least $2bn.
Graycliff raised $350m for its buyout fund. (FS)
Graycliff Partners held the final closing of the firm’s fourth private equity fund, Graycliff Private Equity Partners IV. The oversubscribed fund closed at its hard cap of $350m in limited partner commitments.
“We are extremely pleased with the outcome of this fundraise and appreciate the overwhelming support from our new and existing limited partners. Limited partners in the new fund include pension funds, insurance companies, university endowments, fund-of-funds, family offices, and high-net-worth individuals," Andrew Trigg, Graycliff Managing Partner.
Uber Co-Founder Travis Kalanick departs from the board and divests all his shares.
Travis Kalanick is parting ways with Uber Technologies, the company he co-founded and turned into an icon of startup ambition before his tumultuous ouster as CEO in 2017.
Mr. Kalanick would leave the board of directors at the end of the year. The decision comes as Mr. Kalanick has sold out his entire position in Uber over the past two months, netting over $2.7bn.
Future CEO of Boeing David Calhoun to resign from Blackstone. (FS, People)
Incoming Boeing chief David Calhoun plans to leave his post at Blackstone Group, as the private equity giant expects to name a replacement in the coming months, Bloomberg reported.
“Putting in place a world-class leader like Dave at the helm of Boeing is good for the company and important to the country. His experience driving growth across Blackstone’s diverse portfolio speaks to his unusual capabilities as a CEO, which will serve him well in this complex situation," Steve Schwarzman, Blackstone Chairman.
EMEA
Russian government considers using a rainy day fund to buy Sberbank from the central bank.
The Russian government plans to use the country’s National Wealth Fund to buy the central bank’s stake in Sberbank, Reuters reported.
Finance Minister Anton Siluanov said that Russia was discussing whether the central bank should continue to hold a controlling stake in the country’s largest lender Sberbank. The central bank currently owns 50% plus one share in Sberbank, which is worth RUB2.8tn ($45.45bn) based on its market capitalization.
APAC
J.Front Retailing agreed to acquire the remaining 35% shares in Parco, a fashion-focused chain, for JPY65.7bn ($600m). J.Front offered a 35.6% premium to Parco’s closing price.
The main aim of transaction is for further promotion of the joint development of stores, including large-scale multi-purpose facilities that would be difficult to handle alone.
General Atlantic and GGV Capital, with participation from existing backers EV Growth, UOB Venture Management, and a number of new investors, agreed to invest $150m in a Series C funding round of Ruangguru, an ed-tech startup.
“We look forward to leveraging experiences from our global portfolio, particularly in technology-enabled education in emerging markets, to help fuel Ruangguru’s continued expansion,” Ashish Saboo, General Atlantic managing director and General Atlantic Indonesia director.
JDcom-backed QianDama, a fresh produce retailer, completed raising $143m in the Series D round of financing. The latest round was led by Costone Capital, with the participation of existing investors Genbridge Capital, Taikang Insurance Group, JD Investment, Immensus Capital and Lighthouse Capital.
Proceeds from the latest financing will be used for business development, online sales growth, industrial chain integration, logistics and distribution operation improvement, and technology center innovation.
Fang Holdings, a real estate Internet portal in China, is set to acquire a minority stake in China Index Holdings, a developer of online real estate information platform, for $90m.
According to the agreement, Fang will have the absolute and sole discretion to determine the number of shares to purchase, the timing of the purchase, and whether a single or a series of transactions.
Navigos Group, an HR service provider, is set to acquire a majority stake in Kyna.vn, an online learning platform for adults, and Kynabiz.vn, a one-stop e-learning solution for business, from Dream Viet Education. Financial terms were not disclosed.
"We are confident to develop the stronger Kyna.vn and Kynabiz.vn service segment, aiming to help people achieve dreams of success in their career, thereby contributing more value to businesses and Vietnam society," Gaku Echizenya, Navigos Group CEO.
High-Speed Railway launches the $4.3bn IPO.
The operator of China’s high-speed rail line between Beijing and Shanghai kicked off its $4.3bn IPO, which will, for the first time, allow investors to buy shares in what is the world’s largest such network.
Beijing-Shanghai High-Speed Railway, a unit of state-owned China Railway, plans to sell as many as 6.3bn new shares, or 12.8% of enlarged capital, through the listing in Shanghai. Book building for the IPO will begin on January 6.
Ambani’s retail unit valued at $34bn in a share swap.
A stock swap offer to help shareholders of billionaire Mukesh Ambani’s unlisted retail business monetize their investment valued the unit at $34bn.
Shareowners in Reliance Retail can exchange four shares for one of its listed parent Reliance Industries, according to a so-called scheme of arrangement. With Reliance’s market capitalization at $135bn, the share swap values the subsidiary at $34bn, Bloomberg reported.
Central Retail considers raising up to $2.7bn in Thailand's biggest IPO.
Thailand’s largest retailer, Central Retail, plans to raise up to $2.7bn in an IPO, in what would be the country’s largest listing.
Central Retail, part of the billionaire Chirativat family’s Central Group, set an IPO price range at between $1.32 and $1.58 per share and will sell up to 22.1% of the company’s stock or 1.69bn shares with an overallotment option of 169m shares.
China Southern Air Holding to set up a $143m cargo company.
China Southern Air Holding, the parent of China Southern Airlines, has set up a cargo company with a registered capital of CNY1bn ($143m), as it looks to consolidate its air cargo assets through state-led reforms.
China Southern is among 96 centrally owned companies supervised by the state assets regulator, the State-owned Assets Supervision and Administration Commission.
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