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AMERICAS
Williams to acquire MountainWest Pipelines from Southwest Gas for $1.5bn.
Williams, a firm providing infrastructure that safely delivers natural gas products, agreed to acquire MountainWest Pipelines, an operator of natural gas pipeline systems, from Southwest Gas, a firm engaged in purchasing, distributing, and transporting natural gas, for $1.5bn.
"Our natural gas-focused strategy is anchored in having the right assets in the right places to serve our nation's growing demand for clean, affordable, and abundant natural gas. MountainWest is complementary to our current footprint, providing us with infrastructure for natural gas deliveries across key demand markets, including into Salt Lake City. We also see this acquisition as an opportunity to bring value to both Williams and MountainWest customers as we integrate business processes and systems, allowing us to potentially offer new flow paths for next generation natural gas that could create additional market optionality for our shippers," Alan Armstrong, Williams President and CEO.
Williams is advised by JP Morgan, TD Securities and Davis Polk & Wardwell (led by Hilary Smith). Southwest Gas is advised by Lazard, Moelis & Co, Morrison & Foerster, FTI Consulting and Joele Frank (led by Daniel Katcher, Tim Lynch and Tanner Kaufman).
LongRange Capital to acquire Batesville Casket Company from Hillenbrand for $762m. (FS)
LongRange Capital, a private equity firm, agreed to acquire Batesville Casket Company, a provider of quality deathcare products and services as well as innovative technology solutions, from Hillenbrand, a global industrial company, for $762m.
"As longer-term oriented investors with an operational focus and significant carve-out experience, we look forward to partnering with the Batesville management team and its dedicated associates in further supporting the business for many years to come. We are greatly appreciative of Batesville's long and successful operating history as part of Hillenbrand, and we look forward to working closely to execute a seamless transition," Bob Berlin, LongRange Managing Partner.
LongRange is advised by Credit Suisse, JP Morgan, KeyBanc Capital Markets, TD Securities, Greenberg Traurig and ICR (led by Brian Ruby). Hillenbrand is advised by Evercore and Skadden Arps Slate Meagher & Flom. Evercore is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Greenfire Resources, a Calgary-based energy company, agreed to go public via a SPAC merger with M3-Brigade Acquisition III, a New York Stock Exchange listed special purpose acquisition company, in a $950m deal.
"Greenfire has successfully assembled some of the highest quality oil sands assets in the industry and solidified our position as a leading intermediate oil sands developer. Supporting the safe, responsible, and efficient development of our world-class assets is an incredible team of dedicated and talented people. The investment by MBSC is a strong vote of confidence in our plan to deliver profitable growth as we focus on maximizing shareholder and stakeholder value," Robert Logan, Greenfire President and CEO.
Greenfire Resources is advised by Burnet Duckworth & Palmer, Carter Ledyard & Milburn and Felesky Flynn. M3-Brigade Acquisition III is advised by BDO, Osler Hoskin & Harcourt and Wachtell Lipton Rosen & Katz (led by John L. Robinson).
AEON Biopharma to go public via a SPAC merger with Priveterra Acquisition in a $475m deal.
AEON Biopharma, a clinical-stage biopharmaceutical company, agreed to go public via a SPAC merger with Priveterra Acquisition in a $475m deal.
"In addition to near-term clinical milestones in multiple indications and de-risked developmental pathways with well-established FDA regulatory endpoints, today's proposed merger will allow AEON to access capital markets and execute on its development strategy and bring ABP-450 closer to commercialization. Marc has made a great deal of progress since AEON was started in 2019 and assembled a highly experienced team in the neurotoxin space that has recently produced positive Phase 2 results in cervical dystonia while also having raised $112m. AEON is ready to be a public company, and we are excited about the considerable value that it will bring to all stakeholders - patients, providers, payers, and investors," Bob Palmisano, Priveterra Acquisition Chairman and CEO.
AEON Biopharma is advised by Latham & Watkins and LifeSci Public Relations (led by Corey Davis). Priveterra Acquisition is advised by Canaccord Genuity, Cohen & Company Capital Markets, HC Wainwright and Davis Polk & Wardwell (led by Lee Hochbaum).
DarkPulse to go public via a SPAC merger with Global System Dynamics in a $223m.
DarkPulse, an emerging company that utilizes advanced technologies, including their patented dark-pulse BOTDA laser-based critical infrastructure monitoring systems, agreed to go public via a SPAC merger with Global System Dynamics in a $223m.
"This business combination that results in a NASDAQ listing for our company positions us for continued growth in a rapidly expanding and highly-fragmented market. We believe being a NASDAQ-listed company will facilitate acceleration of our M&A strategy in a market with a healthy pipeline of acquisition candidates. This transaction will also contribute to organic growth as we continue providing advanced laser-based monitoring systems to provide rapid and accurate monitoring of temperatures, strains, and stresses, allowing for advanced structural monitoring of infrastructure in Smart Cities," Dennis O'Leary, DarkPulse Founder & CEO.
DarkPulse is advised by BLF Studio Legale, Business Legal Advisors and Blueshirt Group (led by Gregory McNiff). Global System Dynamics is advised by EF Hutton and Doney Crowley.
Shore Bancshares to acquire Community Financial for $254m.
Shore Bancshares, a bank holding company, agreed to acquire Community Financial, a holding company of Community Bank of the Chesapeake, for $254m.
"Shore and TCFC are both community-focused organizations with similar cultures and visions for the future. Our combined size and resources will significantly enhance our scale and ability to help customers through higher loan limits, greater investment in technology, and increased career opportunities for employees. This will allow the combined bank to continue to deepen its presence in our core markets and will also allow us to expand more effectively in the markets that we wish to serve," James M. Burke, TCFC President and CEO.
Shore Bancshares is advised by Keefe Bruyette & Woods and Holland & Knight. Keefe Bruyette & Woods is advised by FisherBroyles (led by H.H. Sean Wee). Community Financial is advised by Piper Sandler and Kilpatrick Townsend.
Comvest Partners, an operationally focused middle-market private investment firm, agreed to acquire Flash Global, a supply chain solutions provider. Financial terms were not disclosed.
“Flash Global is a world-class provider of service logistics solutions. Comvest is excited to partner with a strong leadership team and invest in the Company’s next phase of growth. Flash Global’s deep customer relationships, global footprint, and extensive experience in global trade compliance set the stage for the Company’s continued momentum in the growing outsourced supply chain sector,” Maneesh Chawla, Comvest Senior Partner.
Flash Global is advised by G2 Capital Advisors and Moore & Van Allen. Comvest Partners is advised by Configure Partners and Akerman.
The Halifax Group, a private investment firm, agreed to acquire a majority stake in Milestone Technologies, a global IT services firm, from H.I.G. Capital, a private equity and alternative assets investment firm. Two Sigma Impact, a private equity firm, made a minority investment as well. Financial terms were not disclosed.
"H.I.G. has been an outstanding partner, providing valuable operational and financial guidance, and they have played a significant role in our success. Halifax’s investment is a strong endorsement of our highly talented team, and we are very excited for our next phase of growth,” Sameer Kishore, Milestone President and CEO.
Milestone Technologies is advised by William Blair & Co and McDermott Will & Emery. The Halifax Group is advised by Goodwin Procter and Lambert & Co. H.I.G. Capital is advised by McDermott Will & Emery.
Motorola Solutions completed the acquisition of Rave Mobile Safety.
Motorola Solutions, a data communications and telecommunications equipment provider, completed the acquisition of Rave Mobile Safety, a mass notification and incident management service provider. Financial terms were not disclosed.
"Motorola Solutions' technologies strengthen the critical intersection of public safety and personal security. Our acquisition of Rave complements our portfolio with a platform specifically designed to help individuals, businesses, and public safety agencies work together in more powerful ways," Greg Brown, Motorola Solutions Chairman and CEO.
Rave Mobile Safety was advised by Shea & Co (led by Michael Barker and Jeffrey Cook). Motorola Solutions was advised by Centerview Partners.
Platinum Equity to acquire HarbisonWalker International. (FS)
Platinum Equity, an American private equity investment firm, agreed to acquire HarbisonWalker International, a supplier of refractory products and services in North America. Financial terms were not disclosed.
"This is excellent news for our employees, customers, and communities. Platinum Equity supports our intent to continue driving HWI forward into an unprecedented new era of growth. Over the past several years in North America and throughout our global operations, we've built operational excellence, differentiated ourselves through our supply reliability, and delivered the deepest and widest offerings of refractory products and expertise. Our new owner is wholly aligned with our leadership team's vision to aggressively accelerate investments in our business. We are poised to capitalize on the momentum that our team of employees has built together," Carol Jackson, HarbisonWalker Chairman and CEO.
Platinum Equity is advised by Kirkland & Ellis.
Amancio Ortega-owned Pontegadea to acquire Kiara skyscraper for $323m. (FS, RE)
Pontegadea, a family office of Amancio Ortega, agreed to acquire a 40-floor Kiara skyscraper for $323m.
This is Pontegadea's second acquisition of premium residential real estate in the US. Traditionally, the firm focused on high-end office buildings and retail sites. Ortega receives hundreds of millions of euros in dividends every year for his 59% stake in Inditex, Zara's parent company.
Microsoft completed the acquisition of Fungible for $190m.
Microsoft, an American multinational technology company, completed the acquisition of Fungible, a developer of a full-stack infrastructure software designed to leverage the standard components, protocols, and interfaces of data centers, for $190m.
Fungible was an early developer of data processing units — chips customized for cloud data centers. But it failed to capitalize on its head start in the face of competition from companies including Intel, Nvidia, Marvell Technology, and Pensando Systems. Fungible's sale to Microsoft comes four months after the former slashed its staff, including its entire software product team.
Updata Partners led a $117m Series B funding round in Nerdio. (FS)
Updata Partners, a private equity growth firm, led a $117m Series B funding round in Nerdio, an information technology services provider.
"Updata has a significant track record investing in and growing B2B SaaS companies over the past 20 years, and we are thrilled to be the newest addition to their portfolio. Their unique expertise will meaningfully accelerate our journey in becoming the leading cloud and DaaS management platform for service providers and enterprises," Vadim Vladimirskiy, Nerdio CEO and Co-Founder.
Highgate, a hotel management, investment, technology and development firm, agreed to acquire Viceroy Hotels & Resorts, a hotel company. Financial terms were not disclosed.
"We are excited for Viceroy's future and we believe that this acquisition will not only fuel the future expansion of our brand, but also give us a true partner, one who will offer incredible support, opportunity and collaboration. This deal will accelerate our momentum, and solidify our position as the leading modern luxury lifestyle brand in our space," Bill Walshe, Viceroy CEO.
United Federation of Esports Athletes League, a youth esports league, and North American Esports League, an operator of online gaming league, agreed to form Valhallan Esports League, a system for developing esports skills. Financial terms were not disclosed.
"Organized, live competition creates an engaging esports experience that gives kids the same social benefits traditional team sports provide. Launching the VHEL with this free Ragnarok series event gives young gamers a platform to expand communication, teamwork and good sportsmanship. These are all examples of essential social skills kids learn from practicing and playing traditional team sports," Christopher Baarstad, VHEL Vice President.
Musk cashes out another $3.6bn in Tesla stock.
Tesla boss Elon Musk disclosed another $3.6bn in stock sales, taking his total near $40bn this year and frustrating investors as the company’s shares wallow at two-year lows, DealStreetAsia reported.
A US securities filing showed he unloaded 22m shares in the world’s most valuable carmaker over three days from Monday to Wednesday. The sale is the second big chunk of stock he has cashed out since his $44bn purchase of Twitter in October. It isn’t clear if the sales are related to the Twitter acquisition, but they are annoying investors who are upset by a perception he is diverting his focus and resources to Twitter ahead of Tesla.
Blackstone weighing options for $1bn Ayumi Pharma. (FS)
Blackstone is considering strategic options for Japanese specialty drugmaker Ayumi Pharmaceutical, Bloomberg reported.
The firm is exploring alternatives with potential advisers including an initial public offering and a sale. A transaction could give Tokyo-based Ayumi a valuation of at least $1bn. The pharmaceutical firm has already drawn preliminary interest from companies in the industry and investment funds.
Cathie Wood boosts Tesla, Coinbase on dip-buying binge.
Cathie Wood scooped up more shares of Tesla and Coinbase Global, underscoring her faith in electric vehicles and cryptocurrency as key trends for the future.
A gamut of Ark Investment Management’s funds, including Wood’s flagship Ark Innovation ETF, bought nearly 75k shares of the EV maker and about 297k of the cryptocurrency exchange operator on Wednesday, continuing a dip-buying streak that started in October, Bloomberg reported.
Powell holds the keys to reopening the US IPO window in 2023.
The US IPO market needs more certainty on the outlook for interest rates to spark a reopening after a historically bad year for new listings, Bloomberg reported.
New York’s initial public offerings raised just $24bn in proceeds so far in 2022, putting it on pace for the worst performance since 1990, according to data compiled by Bloomberg. It’s a jarring 93% reversal from last year, when proceeds hit a record of more than $338bn as the broader equity market soared to all-time highs.
EMEA
Telemos Capital, a mid-market European private equity investment firm, agreed to acquire a majority stake in Vittoria, a manufacturer of performance bicycle tires. Telemos will invest alongside Vittoria's senior management team and Wise Equity. Financial terms were not disclosed.
"In Vittoria, we are committed to make the most advanced bicycle tyres on the planet to deliver the best riding experiences to cyclists of all kinds. The support of Wise Equity has been fantastic over the last years, and we are very pleased that Telemos - with all its relevant experience in growing global brands - is now joining us on the ride," Stijn Vriends, Vittoria Chairman & CEO.
Vittoria is advised by KPMG, OC&C Strategy Consultants, Robert W Baird (led by Nick Sealy, Joe Pellegrini, Robert Foster and Vinay Ghai), Fides Partners (led by Magda Picchetto), Fieldfisher, Simmons & Simmons and Studio Spada & Partners. Telemos Capital is advised by PricewaterhouseCoopers, Oliver Wyman, Lincoln International, Linklaters and Lemongrass Communication (led by Andreas Hildenbrand). Wise Equity is advised by Close to Media.
The Competition and Markets Authority has accepted a remedy from Sika, a Swiss multinational specialty chemical company, and Lone Star Funds-backed MBCC, a BASF construction chemicals unit, preventing their global $6bn merger from harming the UK construction industry.
Early in the Phase 2 investigation, the two businesses accepted that Sika's anticipated purchase of MBCC raised competition concerns in the supply of chemical admixtures in the UK. The parties asked the CMA to "fast-track" the case to the assessment of a remedy that could address those concerns, meaning that the case could be resolved more quickly. As a result, the CMA has today published its final decision, with a detailed assessment of a complex remedy, well ahead of the deadline of 24 January 2023.
The merging businesses proposed to sell MBCC's chemical admixtures business in the UK, across Europe, and several other countries, including its central research and development assets. The CMA assessed whether the parties' proposed remedy would fully restore the competition lost due to the merger. Following a detailed review of the remedy, consultation with stakeholders, and various modifications proposed by Sika and MBCC, the CMA has accepted that the proposed sale would resolve the competition concerns it identified, bringing the case to a close.
Goldman Sachs Asset Management completed the acquisition of a majority stake in Norgine, a European specialty pharmaceutical company, from Stein Family for $1.9bn.
"I am delighted to announce this transformative investment by Goldman Sachs Asset Management which ensures that Norgine can accelerate its growth plans and develop and launch further innovative medicines for the benefit of patients. Norgine has been delivering on this crucial mission for over a century. With Goldman Sachs Asset Management’s support, Chris and the entire Norgine team will be able to expand upon this proud heritage. I am particularly pleased that, in partnership with Goldman Sachs Asset Management, my family will be able to continue its long association with the Company and I look forward to supporting Norgine in this exciting next phase of development," Peter Stein, Norgine Chairman.
Norgine was advised by PricewaterhouseCoopers, Jamieson, Moelis & Co, Rothschild & Co (led by Julian Hudson and Skanda Surendra) and Latham & Watkins (led by Robbie Mclaren and Linzi Thomas). Goldman Sachs Asset Management was advised by Deloitte, Goldman Sachs, Jefferies & Company, Sullivan & Cromwell and White & Case (led by Ken Barry)
Lifezone Metals, a developer of cleaner battery metals, agreed to go public via a SPAC merger with GoGreen Investments in a $1bn deal.
"Lifezone is bringing to market an economic solution that aims to reduce the impact on the climate at a time when there is a clear imbalance between supply and demand for responsibly sourced battery materials. The company is developing what it believes will be one of the cleanest, most socially responsible nickel production facilities in the world. The propriety technology has the potential to significantly lower the cost, as well as the environmental and climate footprint, of mineral processing," John Dowd, GoGreen Investments CEO.
Lifezone Metals is advised by RBC Capital Markets, Cravath Swaine & Moore, Travers Smith and TAB Communications (led by Tom Batchelar). RBC Capital Markets is advised by Mayer Brown. GoGreen Investments is advised by BTIG, Sprott Capital Partners, Latham & Watkins (led by Ryan Maierson and Nick Dhesi) and Hill+Knowlton Strategies (led by Bronwyn Wallace). Financial advisors are advised by Skadden Arps Slate Meagher & Flom.
Blackstone agreed to acquire the property portfolio of Corem Property Group, a Sweden-based company engaged in the acquisition, management, development, and renewal of industrial, storage, logistical and commercial real estate in Sweden and Denmark. Financial terms were not disclosed.
The portfolio consists of properties situated in Gothenburg, Jönköping, Malmö, Stockholm, and Västerås. The total lettable area amounts to around 357k sq m, mainly premises for warehouse and logistics. The economic occupancy rate is 94%.
Blackstone is advised by PricewaterhouseCoopers, CBRE Group, Citigroup, Nordea Bank, Roschier Attorneys and Simpson Thacher & Bartlett.
Modulaire, a business services company specializing in modular services and infrastructure, agreed to acquire the UK storage segment of WillScot Mobile Mini, a North American company providing modular space and portable storage solutions, for £335m.
"Thank you to the Mobile Mini UK team for their dedication to WillScot Mobile Mini Holdings. This transaction and the previously completed divestiture of the tank & pump segment will complete the transition of our portfolio into a pure-play provider of modular space and storage solutions in North America, where our industry-leading platform enjoys unparalleled scale benefits and allows us to deliver greater value to our customers and shareholders. Upon close, our capital allocation strategy will remain unchanged, and our leverage will be reduced towards the bottom of our 3.0 to 3.5x target range," Brad Soultz, WillScot Mobile Mini CEO.
WillScot Mobile Mini is advised by Cleary Gottlieb Steen & Hamilton. Modulaire is advised by Tulchan Communications.
MetLife Investment Management, an investment advisory services provider, completed the acquisition of Affirmative Investment Management, an income investment manager. Financial terms were not disclosed.
"We are pleased to be able to join a world-class institutional investment firm in MIM and continue our mission of managing high-performing portfolios that consider positive environmental and social impact. Upon our planned integration with MIM's investment teams, we believe that we can deliver differentiated insights and analysis to MIM's growing roster of global clients," Stephen Fitzgerald, AIM Co-Founded AIM.
MetLife was advised by Dukas Linden Public Relations. AIM was advised by Macfarlanes (led by Tim Redman).
United Fintech, an end-to-end solution for banking technology, agreed to acquire Cobalt, a fintech company. Financial terms were not disclosed.
“It is incredibly exciting to welcome some of the financial industry’s accomplished leaders to the United Fintech family. Cobalt is at the forefront of critical institutional trade infrastructure for foreign exchange and digital assets, leading the field in innovation that empowers banks to keep pace with the ever-evolving capital markets," Christian Frahm, United Fintech Founder and CEO.
United Fintech is advised by Milk & Honey and Royal Park Partners (led by Aman
Behzad).
Albert Heijn, a food retailer in the Netherlands, agreed to merge with Jan Linders Supermarkets, a regional supermarket chain in the Netherlands. Financial terms were not disclosed.
"I am grateful to the Linders family for the trust they have placed in us, and I very much look forward to working together. For us, this step means a strengthening of our store base in the south of the Netherlands, which makes me very happy. That drive, combined with the passion for delicious foods and drinks, means we are a perfect match. As for those stores that will be transferred to Jan Linders' franchise organization, we will ensure a smooth guidance of our colleagues. Nothing will change as far as our customers are concerned, with familiar Albert Heijn stores and familiar Albert Heijn-faces," Marit van Egmond, Albert Heijn CEO.
Nordic Capital, a private equity fund, agreed to acquire Autocirc, a distributor of sustainable spare parts for cars, from Alder Fund, a Nordic investment fund. Financial terms were not disclosed.
"Autocirc is a green pioneer in the automotive aftermarket industry, offering sustainable aftermarket services that significantly reduces emissions and climate impact while providing exceptional value to its customers. We have followed Autocirc for a long time and are very impressed by the founders and the management team, who have built a very strong platform with great potential for further expansion in existing and new geographies. Autocirc fits perfectly into Nordic Capital's strategy to build sustainable, first-class companies with great growth potential, and we look forward to supporting Autocirc with expertise, resources, and broad external network," Joakim Andreasson, Nordic Capital Managing Director.
Alder Fund is advised by Carnegie Investment Bank.
Kinnevik, a Swedish investment company, and Goldman Sachs Asset Management led a $185m series C funding round in Mews, an innovative hospitality management software provider, with participation from Revaia, Derive Ventures. Orbit Capital, Battery Ventures, Notion Capital, Salesforce Ventures, Thayer Ventures, and henQ.
"Our mission is to transform the hospitality industry with cloud solutions that make hospitality more rewarding for everyone. This funding will enable the Mews team to accelerate some very ambitious plans in product & engineering, continue our international expansion and ensure we can serve the most forward-thinking hotel owners and operators in the world," Matthijs Welle, Mews CEO.
Aramco and TotalEnergies to build $11bn Saudi petrochemicals plant.
Saudi Arabian Oil Company and TotalEnergies will join forces to build a new petrochemicals complex in Saudi Arabia, the French energy group, Reuters reported.
The project involves investment of about $11bn, of which $4bn will be funded through equity by Aramco (62.5%) and TotalEnergies (37.5%). The investment decision is subject to closing conditions and approvals, with construction scheduled to begin in the first quarter of 2023 and commercial operation targeted for 2027.
Former outsourcing giant Interserve seals £735m Aviva pension deal.
A company that once ranked among Britain's biggest outsourcers has struck a deal with Aviva to protect payouts to thousands of pensioners years after it collapsed into insolvency , SkyNews reported.
Interserve Group has agreed a pension buy-in insurance deal that will cover liabilities to more than 2.7k deferred members and over 4k existing pensioners.
Deutsche Post eyes takeover of Deutsche Bahn's Schenker.
Deutsche Post subsidiary DHL is interested in buying Schenker, the logistics subsidiary of German rail operator Deutsche Bahn, Reuters reported.
Deutsche Bahn said made a statement earlier on Thursday that it supervisory board had instructed management to prepare for the possible sale of up to 100% of Schenker, adding details of the sale process would be decided at a later date.
Billionaire Drahi is said to gauge interest in French data centers.
Billionaire Patrick Drahi has started gauging interest from potential investors in a portfolio of French data centers.
The telecom mogul’s Altice France has sent preliminary information on the data centers to potential bidders as it prepares to kick off the sale of a stake in the assets. A deal could value the portfolio at about €1bn ($1.1bn), Bloomberg reported.
Siemens Healthineers, GE Healthcare eye Medtronic units.
Siemens Healthineers and General Electric's healthcare business are weighing a potential acquisition of two units being spun off by Medtronic, Reuters reported.
Medtronic, the world's largest standalone medical device maker, had announced plans in October to spin off the two units - patient monitoring and respiratory interventions - as it seeks to streamline its portfolio.
Athora completes third capital raise, securing approximately €2.75bn of additional common equity commitments.
Athora, an European savings and retirement services group, has completed its third capital raise, securing a total of approximately €2.75bn of additional permanent equity capital commitments from new and existing shareholders, including commitments of over €2bn announced on 2 November 2022. The capital raise has been conducted as a private placement of common equity securities.
“The completion of this capital raise will allow Athora to further enhance its position as a leading European savings and retirement services group, and demonstrates the strength of our business model and growth strategy. In each capital raise, Athora has added new leading investors to the shareholder base, a testament to Athora’s strong market positioning and attractive business model. As a long-term savings and retirement services group, the support of an investor base with a long-term focus positions Athora uniquely in the industry,” Mike Wells, Athora Group CEO.
Climate Asset Management raises $650m to invest in nature projects. (FS)
Climate Asset Management, the specialist “natural capital” investment manager formed by HSBC Asset Management and climate change advisory firm Pollination Group, said it has raised $650m for projects which aim to protect the environment.
The capital raised from institutional investors and corporates is one of the larger amounts to be raised in the nascent market which looks to twin improved environmental outcomes with financial or other returns by investing in nature. The funds raised will be invested through two strategies which target different investor bases, CAM Chief Executive Christof Kutscher said.
NewSpace Capital, first closing at over €100m announced. (FS)
NewSpace Capital announces the first closing of its space-focused growth fund at €105m and a €15m lead investment in Cailabs’ series C investment round.
“There are an increasing number of companies reaching the commercial stage in space, many of which are ready for growth stage capital. The NewSpace Capital team has an ideal mix of technical and commercial expertise to identify and select the best space companies, and help them achieve their growth plans,” Rob Lazaroff, Archean Capital Co-Portfolio Manager.
APAC
Thoma Bravo, an American private equity and growth capital firm, completed the acquisition of Nearmap, an Australian aerial imagery technology, and location data company, for $755m.
"We are incredibly impressed by Nearmap's thought leadership and momentum in aerial imagery, data, and analytics. We believe Nearmap's insights are increasingly mission-critical to enterprises, and the use cases rapidly evolving, as evidenced by the company's accelerating adoption with blue-chip customers in North America. We look forward to working closely with Rob Newman and the highly-innovative Nearmap team to continue scaling Nearmap in its next chapter as a private company," A.J. Rohde, Thoma Bravo Senior Partner.
Nearmap was advised by Citigroup (led by Philip Drury), DLA Piper (led by David Ryan) and Citadel Magnus (led by James Strong). Thoma Bravo was advised by Goldman Sachs, RBC Capital Markets, Gilbert + Tobin, Goodwin Procter and FGS Global (led by Liz Micci).
Copper Mountain Mining Corporation is pleased to announce that the Foreign Investment Review Board in Australia granted approval on December 13, 2022 for the previously announced sale of Copper Mountain's wholly-owned Eva Copper Project and its 2.1k km2 exploration land package in Queensland, Australia to Harmony Gold Mining Company.
The FIRB Approval was the final key condition to the closing of the Transaction. The Company expects the Transaction to be completed imminently upon the Company receiving the cash consideration for the Transaction from Harmony.
Harmony Gold is advised by Rothschild & Co (led by Alister McGee and Giles Douglas) and Ashurst. Copper Mountain Mining is advised by Macquarie Group, Corrs Chambers Westgarth (led by Philip Russell) and Davies Ward Phillips & Vineberg.
JAXA, a Japanese national air and space agency, agreed to invest in Tenchijin, a space big data company. Financial terms were not disclosed.
"We are deeply honored and motivated to receive investment from JAXA. With JAXA support, we will leverage Tenchijin COMPASS and continue to develop cutting-edge and scalable technologies to meet end-users’ needs world-wide," Yasuhito Sakuraba, Tenchijin CEO and Co-Founder.
Anchorage closing in on $89m David Jones deal. (FS)
Anchorage Capital Partners is closing in on a deal to acquire Australian department store chain David Jones for up to $89m, with chief executive Scott Fyfe expected to remain as head of the business post-acquisition.
Key executives including Woolworths Holdings boss Roy Bagattini reportedly flew to Australia over the weekend and left on Monday having approved a sale of the business in a transaction estimated to be worth between $82m and $89m.
Japanese banks agree to back Toshiba’s preferred bidder. (FS)
Four major Japanese banks have agreed to provide a loan totaling $8.8bn to the Japan Industrial Partners-led consortium for its buyout offer for Toshiba, Bloomberg reported.
Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Sumitomo Mitsui Trust have reached a consensus on the basic terms of loans for the JIP-led group. The banks are finalizing the details and could issue commitment letters as soon as the end of this month.
Malaysian tycoon Syed Mokhtar weighs options for DRB-Hicom.
Malaysian tycoon Syed Mokhtar Albukhary is conducting a strategic review of conglomerate DRB-Hicom, Bloomberg reported.
The businessman is in talks with potential advisers on options that could involve a buyout of the firm. Syed Mokhtar is also weighing a stake sale or other ways to further streamline DRB-Hicom’s businesses.
IPO pipeline in India seen active in 2023 on smaller deals.
India is expected to see a steady flow of small-to-mid-sized deals next year as investors grow wary about large listings after the disastrous performance of some major technology initial public offerings, Bloomberg reported.
Several of the country’s major startups shed billions of dollars in value since their listing as concerns over high valuations and rising interest rates globally dented demand for technology stocks. The selloff worsened as early investors pared stakes after the end of lock-up periods.
BRV Capital seeks $1bn to back electric vehicle industry suppliers. (FS)
BRV Capital Management aims to raise $1bn for a new fund to back businesses across the electric-vehicle supply chain, as industry players strive to reduce their reliance on Chinese companies for battery materials, computer chips and other components.
“Markets are sitting at a turning point as the fracturing supply chain is rippling across Asia, causing a spike in manufacturing in and beyond Korea, Taiwan, and Southeast Asia. BRV Capital is leveraging this momentum to expand our presence in the United States, London, Singapore, and Taiwan as a leader in EV investing. This expands our network within the EV ecosystem to help enable key component manufacturers and battery producers to accelerate and solidify new supply chain construction,” Kwan Yoon, BRV Capital CIO.
HEAL Partners closes $143m Fund I, seeks up to $500m for Fund II. (FS)
HEAL Partners, an Australia-based growth and follow-on investment firm specialising in the healthcare, education and lifestyle sectors, has closed its first fund at AUD200m ($143m) and already launched a $350–500m second fund, DealStreetAsia reported.
“All portfolio companies are performing strongly and are well positioned to take advantage of favourable demographics and increasing demand for quality, technology-led education, and healthcare solutions from the growing global middle classes,” Martin Robinson, HEAL Partners Managing Partner and Investment Committee Member.
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