EQT said the US antitrust regulator asked for additional information and documentary materials in connection with a $5.2bn acquisition announced in September, a move that raises questions on the largest US natural gas producer's ability to keep its acquisition spree, Bloomberg reported.
Pittsburgh-based EQT plans to buy the upstream assets of Tug Hill. The cash-and-stock transaction also includes XcL Midstream, which owns about 95 mi (153 km) of gas pipelines.
Summit Midstream Partners, a growth-oriented master limited partnership, completed the acquisition of Outrigger DJ and Sterling DJ, which own natural gas gathering and processing systems, a crude oil gathering system, freshwater rights, and a subsurface freshwater delivery system in the DJ Basin, for $305m.
"The robust midstream system we developed in the DJ Basin proved attractive to potential purchasers and this transaction with Summit delivers a positive outcome for our customers, employees, and investors. Further, the system's extensive high-pressure gas gathering footprint provides an excellent platform for interconnectivity with multiple midstream systems in the DJ Basin, including Summit's system. We have confidence that Summit's experienced team will provide excellent service to the producer community and continued efficient consolidation and operation of midstream assets in the basin," Dave Keanini, Outrigger President and CEO.
Lakeshore Acquisition I, a special purpose acquisition company, announced that its shareholders approved all proposals related to the business combination with ProSomnus Holdings, a producer of patientpreferred medical devices for the treatment of obstructive sleep apnea.
Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore's outstanding shares, voted to approve the business combination. The closing of the business combination is anticipated to occur on or about December 6, 2022
ProSomnus is advised by Gordon Pointe Capital, Solomon Partners, Mintz Levin and Westwicke (led by Mike Cavanaugh). Lakeshore is advised by Craig-Hallum Capital Group and Loeb & Loeb.
Rocket Pharmaceuticals, a late-stage, clinical biotechnology company, completed the acquisition of 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.
Northern Oil and Gas, an independent energy company, completed the acquisition of the Delaware Basin non-operated interests of Alpha Energy Partners, an oil and natural gas company, for $155m.
“These assets are poised to deliver substantial growth over the coming years, with some of the lowest cost inventory we have acquired, tied to our top operators in the Permian. We remain focused on our mission to allocate capital efficiently, grow our enterprise to bolster long-term returns on capital employed, and increase shareholder returns in kind," Adam Dirlam, NOG President.
Northern Oil was advised by Citigroup and Kirkland & Ellis (led by David Castro and Rahul D. Vashi). Alpha Energy was advised by Perella Weinberg Partners and Holland & Knight.
Francisco Partners, a private equity firm, completed the acquisition of Litmos, a developer of saas-based learning management platform from SAP, a firm that develops, markets and sells enterprise application software products for corporations, government agencies and educational institutions. Financial terms were not disclosed.
"We are delighted to partner with Litmos and support its re-emergence as an independent company. We are investing in Litmos to accelerate growth by investing in and expanding the Litmos team, advancing product development and marketing, and expanding customer success." Jason Brein and Christine Wang, Francisco Partners.
JERA, a firm focused on development of new energy upstream investments, completed the acquisition of a 1.63 GW thermal power plants from Stonepeak, a North America-focused private equity firm. Financial terms were not disclosed.
“The transition to net zero CO2 emissions energy is a multi-step process demanding emission reductions on many fronts with several different technologies. Securing these assets will allow us to reduce CO2 emissions from the existing facilities, and use these locations as a foothold for supporting largescale renewable energy facilities and technologies,” Steven Winn, JERA CEO.
JERA was advised by White & Case (led by Michael Shenberg). Stonepeak was advised by JP Morgan.
WestRock, a corrugated packaging company, completed the acquisition of the remaining 67.7% stake in Grupo Gondi, a manufacturer of recycled paper and cardboard packaging, for $970m.
"We are pleased to welcome the Grupo Gondi team to WestRock. "The addition of Grupo Gondi's operations in Mexico enables us to better serve the Latin American market with our broad portfolio of paper and packaging solutions. The capability and expertise that this team brings to WestRock will help us continue to provide complete packaging solutions for our customers." David B. Sewell, WestRock CEO.
Investcorp, a global alternative investment firm, agreed to acquire Marble Point Credit Management, a collateralized loan obligations manager. Financial terms were not disclosed.
"The proposed acquisition of Marble Point is a significant milestone in Investcorp's 40-year journey of growth through diversification, geographic expansion and building scale. With $50bn in total firm assets under management after completion of this acquisition, Investcorp is well-poised for the next phase of its evolution and development," Mohammed Alardhi, Investcorp Executive Chairman.
Marble Point is advised by ICR (led by Brian Ruby).
Guild Mortgage, an independent mortgage lender, completed the acquisition of Inlanta Mortgage, a Wisconsin-based independent lender. Financial terms were not disclosed.
"Inlanta is a natural fit because of its almost 30-year history, strong management team, employee-oriented culture and dedication to customer service. Its culture and values mirror what we've been building at Guild for more than 60 years. Together we will use our combined strengths to drive further growth throughout the Midwest," Mary Ann McGarry, Guild CEO.
Guild Mortgage was advised by Nuffer Smith Tucker.
Golden Door, a San Diego resort, completed the acquisition of Newland Sierra, a 1.9k acre property. Financial terms were not disclosed.
"We are excited to finally secure this remarkable benefit for climate action initiatives. Protecting this property reflects our deep commitment to sustainability, which we believe is part of our responsibility to our community and beyond. Caring for the incredible resources on this site is a way we can truly contribute to our shared climate action goals," Kathy Van Ness, Golden Door General Manager and COO.
Daikin Comfort Technologies North America, a heating and cooling systems manufacturer, completed the acquisition of Venstar, a thermostat and energy management system manufacturer.
"Venstar's advanced smart thermostats, controls technology and outstanding energy management systems will help support Daikin's leadership role in connected solutions, ensuring safe, environmentally friendly, peak performance operations of HVAC systems through cloud-connected monitoring and control. We are committed to facilitating North America wide adoption of energy-efficient inverter, heat pump and R-32-based systems. These Daikin systems provide superior environmental benefits, energy savings and indoor comfort performance over traditional HVAC systems that currently cool and heat most North American homes and businesses," Takayuki Inoue, Daikin Executive Vice President and Chief Sales and Marketing Officer.
Fortune Brands, an industry-leading home and security products company, agreed to acquire Emtek and Smart Residential business in the US and Canada of ASSA ABLOY, a Swedish conglomerate, for $700m.
"This Acquisition is perfectly aligned to our strategy as a brand, innovation and channel leader. Yale and August will bring two great brands and significant engineering expertise into our already powerful security portfolio. Emtek and Schaub allow us to enter a branded, growing and highly profitable category in a leadership position, where we can accelerate innovation and leverage our channel and consumer insights to create significant value over time. This transaction is consistent with Fortune Brands' disciplined approach to value-creating acquisitions," Nicholas Fink Fortune Brands CEO.
Braemar Hotels & Resorts, a real estate investment trust, completed the acquisition of Four Seasons Resort Scottsdale at Troon North, a luxury hotel, for $268m.
"The acquisition of the Four Seasons Resort Scottsdale is an exciting opportunity for us to acquire a timeless, luxury resort ideally located in picturesque North Scottsdale. This exquisite property fits perfectly with our strategy of owning high RevPAR luxury hotels and resorts and further diversifies our portfolio," Richard J. Stockton, Braemar President and CEO.
Ferguson, a HVAC services provider, completed the acquisition of Airefco, a distributor of HVAC equipment, parts and supplies in the Pacific Northwest. Financial terms were not disclosed.
"Airefco has a strong market reputation for quality associates, products and customer relationships. Airefco joining Ferguson will support our dual trade strategy for the plumbing and HVAC contractor and will help us accelerate the geographic expansion of our HVAC business in the Pacific Northwest. It will also provide us with a larger multi-brand footprint and an opportunity to expand the Carrier network in the region's growing residential and commercial markets," Kevin Murphy, Ferguson CEO.
Carson Group, an investment advisory services provider, completed the acquisition of Northface Capital Holdings, a financial planning and wealth management firm. Financial terms were not disclosed.
"Carson's business model accommodates many advisors' growth and operational needs, but providing a smooth transition plan where one advisor can pass the reins to the next generation and know that their clients will be taken care of is one of the most powerful. In many cases, that may mean partnering with Carson to leverage our practice management support, in other scenarios that could be transitioning into a partly owned or wholly owned office," Nick Engelbart, Carson Group CFO.
VantEdge Partners, a family investment office, completed the acquisition of ServiceMaster by Century and ServiceMaster by Disaster Recon, two residential and commercial services provider of ServiceMaster, a franchise provider of essential residential and commercial services. Financial terms were not disclosed.
"We are very excited to be part of ServiceMaster, a clear leader in the restoration industry, and have been extremely impressed with the brand's leadership team and their vision for the future. We are similarly thrilled to be partners with Blake, Jillian, and Greg, who have demonstrated operational excellence and share our excitement about growth and the future of CDR and ServiceMaster," Trevor Lott, and Jay Matlack, VantEdge Partners.
The Ensign Group, a nursing and rehabilitative care services facilities operator, completed the acquisition of Brighton Care Center and Malley Transitional Care Center, the nursing facilities. Financial terms were not disclosed.
"We are excited about growing in Colorado. These facilities are a great fit to our existing portfolio and we look forward to the contribution each will have in our operational market and clusters in Colorado," Barry Port, Ensign CEO.
TC Energy prepares for a $3.7bn asset sale in 2024.
TC Energy, an energy company, prepares to unload $3.7bn in assets next year, investors and analysts say the North American pipeline operator has plenty of options without touching its core gas business.
TC is widely known for its Keystone oil pipeline, a critical artery for moving Canadian oil to U.S. refiners that dominated headlines over the past decade for an expansion that ultimately failed. Keystone could fetch TC $9.5bn.
"Our highest priority in 2023 is to accelerate our deleveraging because we do see over the ensuing years some opportunities for us potentially to be opportunistic in M&A," Francois Poirier, TC Energy CEO.
CVC weighs options for Razer after a $3.2bn buyout. (FS)
CVC Capital Partners, a private equity firm, is exploring options for Razer, less than a year after taking the gaming peripherals maker private in a $3.2bn deal.
The buyout firm is conducting a strategic review of Razer and has held initial discussions with potential advisers. Options include a sale, introducing a strategic investor and acquiring assets to grow the company, Bloomberg reported.
Cineworld creditors mull sale of east European theatres.
Cineworld Group's lenders have held talks on breaking up the bankrupt cinema chain and selling its eastern Europe operations.
Bids of around $1bn were more likely to meet the lender group's threshold for a sale of the movie theatre chain's Cinema City and Yes Planet theatres in eastern Europe, and Rav-Chen operations in Israel. No formal process had started yet.
The cinema chain operator announced a bankruptcy settlement with its landlords and lenders on October 31, and also agreed to explore a potential sale of its business and allow creditor input on its business plan. Cineworld filed for Chapter 11 bankruptcy protection in Texas on September 7. It cited difficult conditions for movie theaters, as well as high debt stemming from its $3.6bn purchase of Regal as reasons for its bankruptcy, Reuters reported.
Blank Street Coffee in talks of a $200m funding round.
Blank Street Coffee, the fast-growing, Brooklyn-based coffee chain, is in talks to raise a new funding round.
The company is in talks with investors to be valued at around $200m, which is about the same valuation it fetched in its last round. Blank Street is aiming to top its last round valuation but there’s no guarantee that will happen.
The round could raise tens of millions of dollars and has attracted participation from existing investors. Deliberations are ongoing and details of the deal could change, Bloomberg reported.
K2 Global closes latest funding round at $300m. (FS)
K2 Global, a venture capital firm focused on early-stage companies, closed $300m of committed capital to invest in promising technology start-ups.
"We are excited to play a substantial role in scaling up the economic growth in our focused regions. While large venture funds have raised and deployed capital at increasing higher levels of velocity K2’s relatively smaller scale and personal relationships allow us flexibility and patience to invest in special opportunities,” Ozi Amanat, K2 Global Co-Founder.
Eni-backed Plenitude, a renewable energy company, agreed to acquire PLT Energia, a renewable energy holding company. Financial terms were not disclosed.
“This agreement marks a significant step forward in achieving our goals. We are acquiring platform with a highly valuable projects and expertise, which fits into Plenitude's business model and will enable us to strengthen the company's growth in Italy and abroad. This acquisition will allow us to exceed 2 GW of net installed capacity and, in line with the targets announced to the market, we expect to reach more than 6 GW in 2025. Such growth supported by a pipeline of 13 GW of solar and wind projects and by strategic and synergic agreements such as the one we are announcing today," Stefano Goberti, Plenitude CEO.
PLT is advised by Ernst & Young, Rothschild & Co, BonelliErede, Orsingher Ortu - Avvocati Associati and Fichtner. Plenitude is advised by Citigroup.
Borromin Capital Managament, an asset management company, completed the acquisition of Eberle Controls, a provider of innovative heating and air conditioning solutions. Financial terms were not disclosed.
“EBERLE’s business development has been impressive. We were convinced by its management’s passion for high-quality, innovative, and sustainably produced products. Due to the increasing importance of energy-saving solutions in the field of heating and air-conditioning technology and with its more than 90 years of expertise in temperature control, we believe that the company is very well positioned. We are convinced that EBERLE will have excellent growth opportunities in the future, both organically and through acquisitions," Marco Bernecker, Borromin Managing Partner.
Borromin was advised by Mayer Brown (led by Jan Streer and Julian Lemor) and Taylor Wessing. Debt financing was provided by Norddeutsche Landesbank.
Galaxy Digital Holdings, a financial services and investment management company, agreed to acquire GK8, a digital asset custody solutions company, from Celsius Network, a cryptocurrency platform. Financial terms were not disclosed.
"The acquisition of GK8 is a crucial cornerstone in our effort to create a truly full-service financial platform for digital assets, ensuring our clients will have the option to store their digital assets at or separate from Galaxy without compromising versatility and functionality. Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner," Mike Novogratz, Galaxy Digital Founder and CEO.
Celsius Network is advised by Centerview Partners.
Orienta Capital Partners, a private equity firm, completed the acquisition of a majority stake in Plyform Composites, a manufacturer of structural elements. Financial terms were not disclosed.
“The investment in Plyform is an important step for Orienta and for the development of the FA R Evolution project. Plyform is a company that operates in an area with a high technological and innovative content, capable of generating important synergies with LMA, a company already in its portfolio since 2020. The goal is to establish a reference group in the aerospace sector and beyond," Mario Gardini, Orienta Capital Founding Partner.
Orienta Capital was advised by Shearman & Sterling (led by Fabio Fauceglia).
Private equity firms SK Capital Partners and Edgewater Capital Partners, completed the acquisition of the crystals and detectors business of Saint-Gobain, a business conglomerate, for $214m.
This transaction aims at focusing the Group's High Performance Solutions activities on markets where Saint-Gobain, thanks to its leadership positions and its innovation capabilities, enables its customers to accelerate towards carbon neutrality and circularity. It is part of Saint-Gobain's continued business profile optimization strategy, in line with the "Grow & Impact" plan objectives.
Lars Windhorst is poised to receive a stake in a subsidiary of 777 Partners LLC in return for his majority stake in Hertha BSC Berlin, a twist that will keep him indirectly involved at the German football club.
US private equity firm 777 is thrashing out details of a deal to buy Windhorst’s majority interest in Hertha BSC, including a fresh capital injection, the people said, asking not to be identified discussing confidential information, Bloomberg reported.
Octopus Energy, a renewable energy group, completed the acquisition of Zestec Renewable Energy, a solar developer and asset manager. Financial terms were not disclosed.
"There's a significant untapped opportunity in the UK to generate more cheap green power from businesses' rooftops. This space is fast-growing and it'll help bring more energy security and lower energy bills, all while allowing companies to reduce their carbon emissions," Zoisa North-Bond, Octopus Energy Generation CEO.
Renault, Nissan could announce outcome of talks about future of alliance in coming days.
Renault and Nissan could announce the outcome of talks about the future of their alliance in coming days. It said that an announcement could be made on December 7, but added that so far nothing has been signed.
Nissan Motor Chief Executive Mak oto Uchida said he was "very confident" the Japanese automaker could strengthen its partnership with Renault but declined to comment on the likelihood the automakers would announce a restructured alliance this month, Reuters reported.
Berlusconi family in talks to sell Il Giornale daily.
Italy's Berlusconi family is in talks to sell the loss-making conservative newspaper Il Giornale to healthcare entrepreneur and politician Antonio Angelucci, Paolo Berlusconi was quoted as saying.
When asked about news reports that a sale was near, the brother of former Prime Minister Silvio Berlusconi and majority owner of Il Giornale said talks with Angelucci had been going on for a year, Reuters reported.
Geregu Power in talks with Afreximbank unit for equity stake.
Geregu Power, a Nigerian electricity generation company, is in talks with the Fund for Export Development in Africa, an arm of the Africa Export and Import Bank, for the acquisition of a portion of shares in the power firm.
“The discussions are currently on going and where these talks progress to a more advanced stage, the Company will notify the Exchange and the investing public in line with the rules of the Exchange,” Geregu Power.
Scania launches new $190m VC fund. (FS)
Swedish truck maker Scania is launching a new $190m venture capital fund, Scania Growth Capital II which, like the firm's first VC fund, will be managed by East Hill Equity.
The new fund will continue its predecessor's focus on companies and entrepreneurs in the B2B tech space. With Scania Growth Capital I now fully deployed, Fund II will invest broadly in B2B tech including software, products, solutions and services within the mobility, connectivity, autonomous, electrification, smart factory and sustainability sectors.
SQN Investors, an equity investment adviser, agreed to acquire the remaining 86.4% stake in Bigtincan, a sales performance software company, for $442m.
"SQN has indicated that it aims to fund the Indicative Proposal by a combination of equity by SQN and its affiliates, and possibly debt financing, although it does not currently have binding commitments in that regard. SQN have not been provided due diligence access at this time," Bigtincan.
Nusantara Sejahtera Raya weighs a $1.1bn Jakarta IPO.
Nusantara Sejahtera Raya, the operator of Indonesia’s largest movie theater chain Cinema XXI, is considering an initial public offering in Jakarta that could raise as much as $1.1bn.
The company, also known as 21Cineplex, is working with advisers on the potential offering, which could take place as soon as next year. The share sale could raise between $500m and $1.1bn.
Deliberations are at an early stage and details of the IPO including size and timeline could change, Bloomberg reported.
Hidden Hill Capital closes $465m fund targeting logistics investments. (FS)
Hidden Hill Capital, the private equity arm of global logistics giant GLP, has closed its Hidden Hill Foundation Fund at $465m. The vehicle will target investments in cost- and energy-conscious logistics and supply chain investments across China and the rest of Asia.
The company added that the fund has exceeded its initial target. The fund received commitments from TPG’s Hong Kong-based PE firm NewQuest Capital Partners and other limited partners in North America, Asia and Europe, DealStreetAsia reported.
BEENEXT said to be raising a $280m fund. (FS)
Singapore-based venture capital firm BEENEXT is learnt to be raising one of its largest Asia-focused funds, as it prepares to write larger cheques for startups in India and Southeast Asia.
The fund could be targeting a corpus of around $280m and may rope in a Japanese bank as one of the leading limited partners. The fund has already raised a few double-digit million dollars, DealStreetAsia reported.
Maybank promotes Saurabh Gupta as head of Singapore investment banking team. (People)
Malaysia’s biggest bank, Malayan Banking (Maybank) has appointed Saurabh Gupta as the head of its investment banking and advisory business for Singapore.
Gupta has been with Maybank for a decade and his latest appointment is in addition to his current role as head of the consumer, retail and healthcare sectors. Singapore-based Gupta, who was previously with Bank of America Merrill Lynch and HSBC, will report to Aditya Laroia, the Singapore CEO of Maybank Securities, and Rajiv Vijendran, regional head of Maybank‘s investment banking and advisory business, DealSreetAsia reported.
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