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FinanceTerm Sheet

Term Sheet — Tuesday, September 6

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
Down Arrow Button Icon
September 6, 2016, 9:31 AM ET

Abdicated Responsibility

No column this morning, due to a combination of the long weekend (read: no one was picking up phones on Friday) and my mistaken belief that I could adequately read and digest a ton of legal documents early this morning. But at least there was a lot of news to blurb, all below for your perusing pleasure. All will be back to normal tomorrow...

THE BIG DEAL

• Intel (Nasdaq: INTC) has agreed to acquire Movidius, a San Mateo, Calif.-based maker of computational image-processor chips and software for applications like drones and virtual reality. No financial terms were disclosed.

Movidius has raised over $90 million in VC funding, from firms like Summit Bridge Capital, Arch Venture Partners, Sunny Optical Technology Group, AIB Seed Capital Fund, Capital-E, DFJ Esprit and Robert Bosch Venture Capital. Read more.

VENTURE CAPITAL DEALS

• Saildrone Inc., an Alameda, Calif.-based provider of ocean data collected by a fleet of autonomous sailing drones, has raised $14 million in Series A funding. Social Capital led the round, and was joined by the Capricorn Investment Group and Lux Capital. Read more.

• Zlingo, an e-commerce fashion marketplace for Southeast Asia, has raised $8 million in Series A funding. Backers include Sequoia India, Venturra Capital, Susquehanna International Group, Wavemaker Partners, Beenext, Beenos and Digital Garage. Read more.

• OncoDNA SA, a Belgium-based developer of cancer diagnostics, has raised €7.7 million in new VC funding. Ackermans & van Haaren, SWIW, CPH and Inventures were joined by return backers IPG/bio.be, Invest4OncoDNA, Sambrinvest and Vinsovier. www.oncodna.com

• VizEat, a Paris-based social dining startup that lets travelers eat in locals’ homes, has raised €3.8 million in new VC funding from backers like Eurovestech. Read more.

• Divido, a British payment startup that lets consumers spread costs over a period of time (while merchants get paid in full immediately), has raised £2.5 million in seed funding co-led by Mangrove Capital and DN Capital. Read more.

• Zettabox, a London-based provider of cloud storage and big-file transfer services for the enterprise, has raised an undisclosed amount of VC funding from individuals like Henrik Kraft (ex-KKR). www.zettaboxcom

PRIVATE EQUITY DEALS

• CenterOak Partners has acquired a majority stake in Wetzel’s Pretzels LLC, a Pasadena, Calif.-based owner and franchisor of soft pretzel stores, from Levine Leichtman Capital Partners. No financial terms were disclosed. www.wetzels.com

• GI Partners has agreed to acquire Daxko Inc., a Birmingham, Ala.-based provider of software to member-based health and wellness organizations, from Pamlico Capital. No financial terms were disclosed. www.daxko.com

• Morgan Stanley Global Private Equity has acquired a stake in Cadence Education Inc., a Scottsdale, Ariz.-based early childhood education, from Audax Group. No financial terms were disclosed. www.cadence-education.com

• Oval Partners has acquired Laser Options Inc., a Phoenix-based provider of laser toner cartridge remanufacturing and other managed print services. No financial terms were disclosed. www.laseroptions.com

• Vista Equity Partners has acquired Regulatory DataCorp Inc., a King of Prussia, Penn.-based provider of governance, risk and compliance software, from shareholders that include Bain Capital Ventures. No financial terms were disclosed. www.rdc.com

IPOs

• Avista Healthcare Public Acquisition Co., a blank check acquisition company formed by private equity firm Avista Capital Partners, has filed for a $300 million IPO. It plans to trade on the Nasdaq under ticker symbol AHPAU, with Credit Suisse serving as underwriter. www.avistacap.com

• Fulgent Genetics Inc., a Temple City, Calif.-based provider of genetic testing services, has filed for a $50 million IPO. It plans to trade on the Nasdaq under ticker symbol FLGT, with Credit Suisse and Piper Jaffray serving as lead underwriters. The company reports a $5 million net loss on $7.4 million in revenue for the first six months of 2016. www.fulgentgenetics.com

• Mammoth Energy Services Inc., an Oklahoma City-based oilfield services company, has filed for a $100 million IPO. It plans to trade on the Nasdaq under ticker symbol TUSK. No banks are listed as underwriters. The company is a subsidiary of Mammoth Energy Partners LP, and reports a $29.5 million net loss on around $47 million in revenue for the first six months of 2016. www.mammothenergypartners.com

EXITS

• Fresenius SE & Co. (DB:FRE) has agreed to acquire IDC Salud, Spain’s largest private hospital company, for €5.76 billion. Sellers include CVC Capital Partners, which holds a 58% ownership stake. The remaining shares are held by company management. Read more.

• ProSiebenSat.1 (XTRA: PSM) has agreed to acquire a majority stake in German online dating company Parship Elite at an enterprise value of around €300 million. Sellers include Oakley Capital, which will retain a minority equity position. Read more.

• Symphony Technology Group has sold Evidera, a Bethesda, Md.-based provider of health information and research services, to Pharmaceutical Product Development LLC. No financial terms were disclosed. www.evidera.com

OTHER DEALS

• Altice (Amsterdam: ATC) has agreed to acquire the 22% stake it does not already hold in French broadband and telecom carrier SFR Group (Paris: SFR), for around €2.4 billion. Read more.

• Bayer AG said that it is willing to sweeten its $65 billion takeover bid for Monsanto (NYSE: MON). Read more.

• CareerBuilder, a unit of Tegna (NYSE: TGNA), has agreed to acquire Workterra, a Pleasanton, Calif.-based provider of human capital management software. No financial terms were disclosed. www.careerbuilder.com

• Danaher (NYSE: DHR) has agreed to acquire Sunnyvale, Calif.-based molecular diagnostics company Cepheid (Nasdaq: CPHD) for approximately $4 billion in cash, or $53 per share (54% premium, to Friday's closing price). Read more.

• Enbridge Inc. (NYSE:ENB) has agreed to acquire Spectra Energy Corp. (NYSE: SE) in an all-stock deal that values Spectra at around US$28 billion, or $40.33 per Spectra share (11.5% premium to Friday’s closing price). The combined North American energy infrastructure company would have a pro-forma enterprise value of approximately $127 billion. Read more.

• General Electric (NYSE: GE) has offered to buy two publicly-listed makers of machines for metals-based 3D printing – Arcam (Swiden) and SLM Solutions (Germany) – for a total of $1.4 billion. Read more.

• Twitter's (NYSE: TWTR) board of directors this week will meet to discuss, among other things, "its fate as a standalone company," according to Recode. Read more.

FIRMS & FUNDS

• Northzone, a Norway-based venture capital firm, has closed its eighth fund with €300 million in capital commitments. Read more.

MOVING IN, ON & UP

• Bain & Co. has named Weiwen Han as managing director of the consulting firm’s Greater China practice. He previously was a senior partner in Bain & Co.’s private equity group. Read more.

• David Delaney, former EVP and COO of Potash Corporation ofSaskatchewan (NYSE: POT), has joined Paine & Partners as a strategic advisor focused on “investment opportunities in the upstream segment of the food and agribusiness value chain.” www.painepartners.com

• Inflexion Private Equity, a UK-based middle-market private equity firm, has promoted Mark Williams from investment director to partner. The firm also has hired Andrew Veville (ex-Octopus Healthcare) as an assistant director. www.inflexion.com

• Vinay Shah has joined Leerink Transformation Partners as a vice president. He previously was a senior analyst with Longitude Capital. www.ltpequity.com

• Tim Throsby has agreed to join Barclays as head of its corporate and international divisions, which include its investment bank, international wealth and U.S. credit card units. He currently leads equities at J.P. Morgan Chase. Read more.

• Sébastien Veil has joined Advent International as a Paris-based director. He previously spent seven years with PAI Partners. www.adventinternational.com

• Brian Wilson has joined The Carlyle Group as a Sydney-based senior advisor to the firm’s Asia buyout team. He currently is chairman of Australia’s Foreign Investment Review Board, chancellor of the University of Technology Sydney, non-executive director of Bell Financial Group and a member of the Payments System Board for the Reserve Bank of Australia. www.carlyle.com

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