There were 292 deals recorded involving top technology and communications and communications companies in the three months to August with a number of high profile acquisition, private equity, asset transaction, merger and venture financing deals.
That’s according to GlobalData’s Financial Deals database, which tracks market activity across a variety of sectors and deal types.
The technology and communications deals below only include those that have been completed – so excludes rumours or those that have been agreed but not yet executed.
The deals, which cover the top technology and communications companies, show the market in the US to be the most active, with 127 deals taking place over the last three months. That was followed by China, which saw 23 deals.
Below are some of the largest completed deals to have taken place in the last quarter.
Altice UK Acquires 12.1% Stake in BT Group for USD3.11 Billion - 10 June ($3,112m)
Altice UK Sarl, a company owned by French telecommunications tycoon Patrick Drahi has acquired a 12.1% stake in BT Group plc (BT), a UK-based telecommunications services company that offers voice and data services.
As part of the transaction, Altice UK owns 1.2 billion shares in BT that are valued at GBP2.20 (USD3.11 billion) based on BT's closing price of GBP1.83 per share on June 9, 2021.
Taboola Acquires Connexity - 23 July ($800m)
Taboola Inc, a US- based advertising technology and communications company, has acquired Connexity, Inc, a retail marketing, digital advertising and sales technology company, for USD800 million.
Bill Glass, Connexity CEO, and the Connexity management team will lead a newly formed business unit at Taboola.
JPMorgan Chase Bank, N.A. And Credit Suisse AG acted as financial advisors to Taboola.
Davis Polk & Wardwell LLP and Meitar Law Offices provided legal counsel to Taboola.
Baird and BrightTower acted as financial advisors to Connexity. Paul Hastings LLP provided legal counsel to Connexity.
Capital International Investors Acquires 12.2% Stake In MicroStrategy - 09 July ($600m)
Capital International Investors, an investment company, has acquired 953,242 shares, representing a 12.2% stake in MicroStrategy Inc, a company that provides business intelligence, mobile software, and cloud-based services, for approximately USD600 million. Both the parties involved in the transaction are based in the US.
Capital International Investors is a subsidiary company of Capital Research and Management Company, a provider of financial services.
Bharti Global to Acquire Stake in OneWeb - 30 June ($500m)
Bharti Enterprises, a Indian-based provider of Telecommunications has agreed to acquire stake in Oneweb.world , a UK-based provider of Satellite internet.
OneWeb would rise to USD1 billion and it will hold 38.6% in the satellite company
The UK government, Eutelsat and SoftBank will each own 19.3% in OneWeb. The balance 3.5% will be with Hughes Network Systems.
Take-Two Interactive Software (2K) Acquires Nordeus - 02 June ($378m)
Take-Two Interactive Software, Inc (2K), a US-based provider of video game division, has acquired Nordeus, a Serbian mobile game developer, for USD378 million with the upfront price being comprised of cash around USD225 million and USD90 million in newly issued shares of Take-Two common stock.
Following the acquisition, Nordeus founding team of Branko Milutinovic (CEO), Milan Jovovic (CCO), Ivan Stojisavljevic (CTO), and Tomislav Mihajlovic (COO) will continue to oversee the studio and its approximately 180 employees.
Branko Milutinovic is a chief executive officer of Nordeus.
Mergers in technology and communications
ADTRAN to Merge with ADVA - 30 August ($1,010m)
ADTRAN, Inc., a provider of telecommunication services, has agreed to merge with ADVA Optical Networking SE (ADVA), a provider of telecommunication services. Both companies involved in the transaction are based in the US.
The combined company will be named as ADTRAN Holdings, Inc. Its global headquarters will be located in Huntsville, AL and its European headquarters will be in Munich, Germany. The combined company will be dual-listed on the NASDAQ and Frankfurt Stock Exchange.
Under the terms of the offer, each ADVA share will be exchanged for 0.8244 shares of common stock in the new holding company. The offer is equivalent to €14.98 per ADVA share based on ADTRAN's 3-month VWAP as of August 27, 2021, representing a premium of 22% to ADVA's 3-month VWAP for the same time period, an equity value of €789 million, and an enterprise value of €759 million for an implied multiple of 1.3x LTM Revenue. ADTRAN shares will be exchanged for shares in the new holding company on a one-for-one basis. At the closing, ADTRAN shareholders will own approximately 54% of the equity of the combined company and ADVA shareholders will own approximately 46%, assuming a tender of 100% of ADVA shares.
The new holding company will commence the public takeover offer after approval of the offer document by the German Federal Financial Supervisory Authority, which ADTRAN anticipates occurring in November 2021. The offer will be subject to certain closing conditions, including a minimum acceptance threshold of 70% of the outstanding shares in ADVA, majority approval by ADTRAN shareholders, regulatory approvals, and other customary closing conditions.
The business combination agreement has been approved unanimously by the ADTRAN Board of Directors and the ADVA Management and Supervisory Boards. The transaction also has the strong support of ADVA's largest shareholder, Egora, which has entered into an irrevocable commitment to tender into the offer shares representing 13.7% of ADVA's outstanding shares.
BofA Securities is acting as exclusive financial advisor to ADTRAN, and Jefferies is acting as exclusive financial advisor to ADVA. Kirkland & Ellis LLP is serving as legal counsel to ADTRAN, and Hogan Lovells International LLP is serving as legal counsel to ADVA.
Brian Protiva is the CEO of ADVA.
Venture financing in technology and communications
Databricks Raises USD1.6 Billion in Series H Venture Funding - 31 August ($1,600m)
Databricks Inc, a data-and-AI company that interacts with corporate information stored in the public cloud, has raised USD1.6 billion in venture funding led by Counterpoint Global (Morgan Stanley) with participation from Alta Park Capital, a suite of BNY Mellon funds, Discovery Capital, Dragoneer Investment Group, Flucas Ventures, Gaingels, Geodesic, Green Bay Ventures, the House Fund, Insight Partners, and New Enterprise Associates.
Baillie Gifford, ClearBridge Investments and UC Investments. Existing investors participating in the round include Andreessen Horowitz, funds and accounts managed by BlackRock, Canada Pension Plan Investment Board (CPP Investments), Coatue Management, Fidelity Management & Research, Franklin Templeton, GIC, Greenoaks, Octahedron Capital, funds and accounts managed by T. Rowe Price Associates, Inc., Tiger Global Management and Whale Rock Capital Management have also participated in the round.
Databricks has raised USD3.6 billion in total with the transaction and has been valued at USD38 billion.
Beijing Horizon Robotics technology and communications (Horizon Robotics) Secures USD1.5 Billion in Series C7 Funding - 11 June ($1,500m)
Beijing Horizon Robotics Technology Co., Ltd (Horizon Robotics), a Chinese company engaged in manufacturing of artificial intelligence powered chips for autonomous driving vehicles, has secured USD1.5 billion in Series C7 funding from investors including Wei Hao Chuangxin and JD.com.Fang.
Post the transaction, Horizon Robotics will be valued at USD5 billion.
Celonis Secures USD1 Billion in Series D Funding - 02 June ($1,000m)
Celonis GmbH, a Germany provider of AI-enhanced process mining and process excellence software, has secured USD1 billion in Series D funding was led by new investors Durable Capital Partners LP and T. Rowe Price Associates.
Celonis post-money valuation to more than USD11 billion
In addition, Franklin Templeton, Splunk Ventures, and Arena Holdings also participate in funding.
FTX Trading Secures USD900 Million in Series B Funding - 21 July ($900m)
FTX Trading Ltd., an Antigua and Barbuda-based cryptocurrency derivatives exchange platform provider, has secured USD900 million in Series B funding round includes participation from Paradigm, Sequoia Capital, Thoma Bravo, SoftBank, Ribbit Capital, Insight Partners, Third Point, Lightspeed Venture Partners, Altimeter, BOND, NEA, Coinbase Ventures, Willoughby Capital, 40North, Senator Investment Group, Sino Global Capital, Multicoin, the Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading, and Circle.
The transaction values FTX Trading at USD18 billion.
Revolut Secures USD800 Million in Series E Funding - 15 July ($800m)
Revolut Ltd, a UK-based financial technology company that offers banking services, has secured USD800 million in series E funding round from SoftBank Vision Fund 2, and Tiger Global Management.
The company intends to use the funds to further its growth plans, in particular its ongoing product innovation aimed at meeting customers' everyday financial needs and aspirations, from quick and easy global transfers, to managing everything from savings to insurance, to democratising wealth and trading, and to also support the expansion of Revolut's offering to US customers and its entry to India and other international markets.
This funding round values the company at USD33 billion.
Private equity in technology and communications
Blackstone Group Acquires QTS Realty Trust for USD10 Billion - 07 June ($10,000m)
Blackstone Infrastructure Partners, Blackstone Real Estate Income Trust, Inc. And other long-term perpetual capital vehicles managed by Blackstone have acquired all outstanding shares of common stock of QTS Realty Trust, Inc., a provider of data center solutions, for USD78 per share in an all-cash transaction valued at approximately USD10 billion including the assumption of debt.
The equity value of the transaction is about USD6.7 billion.
The purchase price represents a premium of 21% to QTS' closing share price of USD64.49 as of June 4, 2021.
Jefferies LLC and Morgan Stanley & Co. LLC are acting as financial advisors, and Hogan Lovells US LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal advisors to QTS.
Citigroup Global Markets Inc., Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as financial advisors, and Simpson Thacher & Bartlett LLP is acting as its legal advisor to Blackstone.
Announced: On June 07, 2021, Blackstone Infrastructure Partners, Blackstone Real Estate Income Trust, and other long-term perpetual capital vehicles managed by Blackstone have entered into a definitive agreement acquires all outstanding shares of common stock of QTS Realty Trust, Inc, for USD78 per share in an all-cash transaction valued at approximately USD10 billion including the assumption of debt.
Consortium of Investors Invest USD2.5 Billion in Waymo - 16 June ($2,500m)
Alphabet, Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, Fidelity Management & Research Company, Magna International, Mubadala Investment Company, Perry Creek Capital, Silver Lake, funds and accounts advised by T. Rowe Price Associates, Inc., Temasek, and Tiger Global, have invested USD2.5 billion in Waymo LLC, an autonomous driving technology development company that provides mobility solutions.
Tekedra Mawakana and Dmitri Dolgov are the Co-CEO's of Waymo.
Softbank Invests USD1.7 Billion in Yanolja - 15 July ($1,700m)
SoftBank Vision Fund L.P., a Japan-based private equity firm, has invested $1.7 billion in Yanolja, a South Korean online travel agency that offers online accommodation services.
Sujin Lee is the CEO of Yanolja.
Rumor: On July 9, 2021, According to the Skift, SoftBank Vision Fund may acquire 10% stake in Yanolja.
Baupost Group Acquires 3.5% Stake in Just Eat Takeaway - 04 August ($652m)
Baupost Group, a US-based hedge fund, has acquired 3.5% stake in Just Eat Takeaway.com NV, a Netherlands-based online food delivery company, for EUR549 million (USD651.77 million).
As part of the transaction, Baupost Group acquires 7.5 million shares of Just Eat Takeaway.
H.I.G. Capital (HIG Capital) Acquires Oxford Global Resources from ASGN - 01 July ($525m)
H.I.G. Capital, a private equity firm, has acquired Oxford Global Resources, LLC, a provider of staffing and consulting company, from ASGN Inc., a provider of professional and human capital services, for USD525 million in cash. All entities are based in the US.
Ted Hanson is the CEO of ASGN.
Sullivan & Cromwell LLP is acting as a legal advisor and William Blair & Co LLC and Truist Securities, Inc are acting as financial advisors to ASGN.
Ropes & Gray LLP is acting as legal advisor and Wells Fargo Securities, LLC is acting as financial advisor to H.I.G. Capital.
Concurrently, ASGN Incorporated has acquired the Infor from Avaap.
Announced: On July 1, 2021, H.I.G. Capital, a private equity firm, has entered into a definitive purchase agreement to acquire Oxford Global Resources, LLC, a provider of staffing and consulting company, from ASGN Inc., a provider of professional and human capital services, for USD525 million in cash.
T-Mobile Acquires Wireless Operations of Shenandoah Telecommunications - 01 July ($1,940m)
T-Mobile US Inc (T-Mobile), a telecommunications service provider, has acquired the wireless operations of Shenandoah Telecommunications Company (Shentel), a company that provides integrated voice, video and data communications services to end-user customers and other communications providers, for USD1.94 billion, inclusive of the approximately USD60 million settlement of the waived management fees by Sprint Corporation, an indirect subsidiary of T-Mobile (“Sprint”), and net of certain transaction expenses. Both companies involved in the transaction are based in the US.
Citigroup and UBS Group acted as financial advisors to Shenandoah.
Kirkland & Ellis LLP acted as legal advisors to Shenandoah.
Announced: On August 28, 2020, T-Mobile US (formerly Sprint), had announced to acquire wireless operations from Shenandoah Telecommunications.
Rumor: On April 8, 2020, According to Telecompaper, T-Mobile US (T-Mobile) is in talks to acquire wireless operations of Shenandoah Telecommunications (Shentel).
Extreme Networks Acquires SD-WAN Business from Infovista - 10 August ($71m)
Extreme Networks Inc, a US-based company that designs, develops, and manufactures wired and wireless network infrastructure equipment, has acquired SD-WAN business of Ipanema Technologies S.A from Infovista S.A, a provider of unified platform for network performance and application performance.
Extreme Networks has paid a consideration amount of EUR60 million (USD70.88 million) in cash to Infovista.
Moelis & Company LLC acted as financial advisor to Extreme Networks, for the transaction.
Announcement: On August 10, 2021, Extreme Networks Inc has signed an agreement to acquire SD-WAN business of Ipanema Technologies from Infovista.
Cognizant Acquires Digital Engineering Assets from Hunter Technical Resources - 17 August
Cognizant Technology Solutions Corporation, a professional services company, transforming clients' business, operating and technology models for the digital era has acquired digital engineering assets from Hunter Technical Resources, a privately-held digital engineering and project management agency. Both the companies are based in US.
XYPRO Technology Acquires Workload Aware Security from Hewlett Packard Enterprise - 31 August
XYPRO Technology Corporation, a provider of cybersecurity solutions, has acquired Workload Aware Security (WASL) from Hewlett Packard Enterprise Co., an enterprise information communications technology company. Both the companies are based in the US.
WASL is a critical security and compliance monitoring platform.
SAP Acquires Intellectual Property of SwoopTalent - 16 August
SAP SE, a German company that develops enterprise software to manage business operations and customer relations, has acquired the intellectual property of SwoopTalent Private Limited, a US-based Data as a Service platform.
As a part of the transaction, several SwoopTalent employees will also join the SAP SuccessFactors team.
Stacy Chapman is the founder and CEO of SwoopTalent.