Deals in Brief

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Aveva to acquire OSIsoft for $5bn

Aveva Group has entered into an agreement to acquire OSIsoft, a US-based provider of data infrastructure software for the management of real-time data and events for process-intensive industries, for a purchase consideration of $5bn.

OSIsoft is currently owned by Estudillo Holdings Corp. (50.3% stake); SB/OSI (44.7% stake), which is in turn owned by SoftBank Group, and MDT Holdings (5% stake). Mitsui Group owns MDT Holdings.

OSIsoft sells software into sectors including oil and gas, utilities and pharmaceutical development.

The transaction will enable Aveva to grow and diversify the industries it serves as well as continue to expand its footprint in existing and new markets and geographies.

The transaction is expected to close by the year end 2020, subject to satisfaction of conditions.

Ape Coaching secures $1.2bn funding

Ape Coaching, a China-based online tutoring platform for courses also known as Yuandao Online School, has secured $1.2bn in a Series F funding round.

Investment comes from Tencent Investment, the funding arm of Chinese internet giant Tencent, as well as Chinese investment firms Hillhouse Capital and Boyu Capital.

The round brings the total raised by Ape Coaching to $13bn.

SpaceX secures $1.9bn in venture funding

US-based advanced rockets and spacecraft designer, manufacturer and launcher, has secured $1.9bn in funding. SpaceX attracted the participation of 75 investors in the Series N funding round, which was reportedly oversubscribed. The company is believed to have an equity value of $46bn following the round.

Led by CEO Elon Musk, SpaceX is a space aviation company that manufactures and launches  spacecraft. It handles crew and cargo resupply missions to the International Space Station on behalf of NASA.

Teladoc Health to merge with Livongo Health

Teladoc Health, a provider of virtual healthcare services, has entered into a definitive merger agreement with Livongo Health, a consumer digital health company that provides tools and coaching to manage diabetes, and to improve the delivery, access and experience of healthcare for consumers. Both the companies are based in the US.

Under the terms of the agreement, which has been unanimously approved by the board of directors of each company, each share of Livongo will be exchanged for 0.5920 times shares of Teladoc Health plus a cash consideration of $11.33 for each Livongo share, representing a value of $18.5bn based on the closing price of Teladoc Health shares as of August 4, 2020.

Upon completion of the merger, existing Teladoc Health shareholders will own approximately 58% and existing Livongo shareholders will own approximately 42% of the combined company. The newly combined company will be called Teladoc Health and will be headquartered in Purchase, New York, the US.

The transaction is expected to close by the quarter end of 2020, subject to regulatory and Teladoc Health and Livongo shareholder approvals and other customary closing conditions.

SoftBank Group to sell 22% stake in SoftBank Corp for $14bn

SoftBank Group, a Japan based provider of integrated telecommunications services, has announced to sell its stake in SoftBank Corp, a Japan based telecommunication and networking company for JPY1.47 trillion ($14bn).

The offering would reduce SoftBank Group's stake in SoftBank Corp from 62% to 40%.

SoftBank Corp's portfolio comprises mobile communications services, fixed-line telecommunication services, sale of mobile devices and ISP services.

It also offers network and VPN services, cloud services, voice call and landline telephone services, digital marketing and datacenter services. The company additionally supplies 5G, RPA and robotics solutions for public offices and local governments.

General Atlantic to invest $1.18bn in Gymshark

General Atlantic, a US-based financial service provider that offers investment services, has entered into partnership to invest approximately €1bn ($1.18bn) in Gymshark, a UK-based manufacturer and online retailer of fitness apparel and accessories.

As part of transaction, General Atlantic will acquire a 21% stake in Gymshark, and Melis Kahya Akar, head of consumer for EMEA at General Atlantic, will take a seat on the board.