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M&A and IPOs

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
Down Arrow Button Icon
July 8, 2013, 1:31 PM ET

Mervyn Davies, former CEO of Standard Chartered and a current partner with Corsair Capital, is forming a consortium of sovereign wealth funds and financial institutions to buy up to half of the British government’s £20 billion stake in Lloyds Banking Group, according to Sky News. Corsair reportedly would be part of the investor group. www.corsair-capital.com

Panasonic Corp. has agreed to acquire up to a 13% stake in Gorenje, a listed Slovenian maker of household appliances, for €10 million. www.panasonic.com

Actis has sold the parent company of Vesta Catering Co., a maker of a Western kitchen equipment in China, to Illinois Tool Works Inc. (NYSE: ITW). No financial terms were disclosed. www.act.is

EMC Corp. has acquired Aveksa Inc., a Waltham, Mass.-based provider of enterprise access and identity management solutions. No financial terms were disclosed. Aveksa had raised over $30 million in VC funding from Charles River Ventures, FirstMark Capital and FTV Capital. www.emc.com

Samsung
 has acquired Boxee Inc., a New York-based developer of a social media center, at a reported price of around $30 million. The company previously raised around $28 million in VC funding – including a Series C round in 2011 at a valuation more than twice the sale price – from firms like General Catalyst Partners, Spark Capital, Union Square Ventures, Softbank Capital and Pitango Venture Capital. www.boxee.tv

MiX Telematics Ltd., a South African provider of fleet and mobile asset management SaaS solutions, has filed for a $125 million flotation on the NYSE. Raymond James and William Blair are serving as lead underwriters. The company already trades on the Johannesburg Stock Exchange under ticker symbol MIX. www.mixtelematics.co.za

RetailMeNot
, an Austin, Texas-based digital coupon marketplace, has set its IPO terms to nearly 9.1 million shares being offered at between $20 and $22 per share. It would have an initial market cap of approximately $1.05 billion, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol SALE, with Morgan Stanley, Goldman Sachs and Credit Suisse serving as lead underwriters. It reports $26 million of net income on around $145 million of revenue in 2012, compared to $17 million of net income on $80 million in revenue for 2011. Shareholders include Austin Ventures (31.8% pre-IPO stake), Norwest Venture Partners (20.5%), J.P. Morgan (13.7%), Institutional Venture Partners (7%), Adams Street Partners (6.1%) and Google Ventures (5.1%).www.retailmenot.com

UCP LLC, a homebuilder and land developer focused on the U.S. West Coast, has set its IPO terms to 7.75 million shares being offered at between $15 and $17 per share. It plans to trade on the NYSE under ticker symbol UCP, with Citigroup, Deutsche Bank Securities and Zelman Partners serving as lead underwriters. The company reports $58 million in 2012 sales, which is around 2x the 2011 figure. The company is being spun off by PICO Holdings (Nasdaq: PICO). www.picoholdings.com

Mobileye, a Dutch developer of vision-based driver assistance systems for the automotive industry, has secured $400 million in private equity funding at a $1.5 billion pre-money valuation from “five unaffiliated” financial investors. The investment is expected to close next month, and was placed by Goldman Sachs and Morgan Stanley. The NY Times reports that the investors are BlackRock, Fidelity Management, Wellington Management, Enterprise Rent-A-Car and China’s Sailing Capital. www.mobileye.com

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