World’s Best Investment Banks 2021: Deals of the Year

Global finance selects the world’s best investment banking operations in 2021.

The past year has been a good year for IPOs in general, and in particular for SPAC IPOs, which raised $ 82.4 billion in the United States, a six-fold increase from the year before, according to Dealogic. Traditional IPOs and PSPCs were featured in Global Finance’s selections for Best Investment Banking of the Year, judged for both interest and success in raising capital.

Kaspi.kz’s IPO, with an implied capitalization of $ 6.5 billion, was the largest on the London Stock Exchange in terms of market capitalization in 2020. The deal is expected to help fintech expand beyond his native Kazakhstan into the greater region of Central Asia and the Caucasus. He won the Equity Deal of the Year award.

It was a different story just a year earlier, when the Almaty-based company – which controls Kazakhstan’s third-largest bank – originally planned its offer in London. Then Kaspi was valued at just $ 5 billion and the owners of Kaspi, believing it to be worth more, retracted the offer. But then came the Covid-19 crisis, and Kaspi, whose mobile app combines financial services, purchases and payments, found itself in increased demand from institutional investors keen to acquire fintechs when the world was flooded with stimulus money linked to the pandemic.

Total Mozambique LNG has raised nearly $ 16 billion in financing to develop liquefied natural gas (LNG) in Mozambique, winning our Debt Deal of the Year. The deal included direct, covered loans from an unusually large group of creditors, including eight Export Credit Agencies (ECAs), including the United States Import-Export Bank and the Japanese Bank for international cooperation. It also included 19 commercial banking facilities and $ 400 million in senior loans from the African Development Bank. This project is the first onshore LNG development project in Mozambique, and initially struggled to find funding.

Infrastructure

By essentially buying the unconventional renewable energy production assets of Italian parent company Enel Green Power (EGP) in Central and South America, Chilean company Enel Americas has consolidated its role as regional leader in renewable energy production and thus wins the infrastructure contract of the year.

The transaction, valued at $ 6 billion, will bring Enel Americas’ installed capacity for unconventional renewables to 7.8 gigawatts (GW) by 2024, when renewables, including hydropower , are expected to account for 73% of the company’s total capacity, up from 56% today, according to Fitch Ratings.

When the merger is completed in the first half of 2021, Enel Americas will take over EGP’s unconventional renewable energy business in Argentina, Brazil, Colombia, Costa Rica, Guatemala, Panama and Peru, but not Chile. . Overall, the agreement adds 5 GW of capacity to Enel Americas’ current 11.3 GW. The merger increases Enel’s production capacity by almost 50%.

“This merger will allow Enel Americas to have access to new growth opportunities in the production of renewable energies, diversifying its activities and thus strengthening its regional leadership in the energy transition”, declared Maurizio Bezzeccheri, CEO of Enel Americas , in a press release.

Special acquisitions

As noted, Special Purpose Acquisition Companies, or SPACs, were popular in 2020, so it’s no surprise that Global Finance’s M&A Deal of the Year was the merger of United Wholesale Mortgage (UWM) with Gores Holding IV.

Sometimes referred to as blank check companies, PSPCs are essentially publicly traded shell companies formed to make acquisitions. In this case, the SPAC, Gores Holding IV, formed by The Gores Group, acquired Michigan-based UWM. The deal was made in January with renamed UWM Holdings on the New York Stock Exchange.

Tech companies, including fintechs, were particularly popular targets for PSPCs in 2020, and in that sense UWM, while not a fintech, has launched technologies designed to make independent mortgage brokers more efficient, including UWM InTouch, a mobile app that brokers can use to track range activity from underwriting to closing.

Copenhagen Infrastructure Partners (CIP) ‘s $ 3 billion financing deal for the construction of offshore wind farms in Taiwan – ESG Deal of the Year – will add 589 megawatts (MW) of power to Taiwan’s power grid. The deal involved a combination of equity loans and senior loans provided by a syndicate of 21 banks, and would be the largest set of debt raised in the Taiwanese offshore wind market.

Asia-Pacific is currently one of the fastest growing regions in the world when it comes to renewable energy, and this project follows a series of recent syndicated deals in Taiwan’s offshore wind sector, including Formosa 1 and 2. But the reality is that national institutions “often lack the technology, capital and approved maintenance experts” to do it themselves, said a state official.

CIP, a fund management company specializing in energy infrastructure, including offshore wind, acquired the Changfang and Xidao project in 2017. With two Taiwanese insurance companies as minority owners, CIP entered into an agreement to ’20-year electricity purchase with the state-owned Taiwan Power Company in 2019. “This project, in addition to being a remarkable project in Taiwan where it marks the continuation of the construction of offshore wind, is part of the opening up the entire APAC region to offshore wind, ”says Anders, President of CIP APAC. Eldrup.

Equity of the Year

Initial public offering of Kaspi.kz – Europe

Financial advisers: Morgan Stanley and Citigroup were the global co-coordinators of the deal and also associated bookrunners with Renaissance Capital.

The offer, valued at $ 6.5 billion, was the London Stock Exchange’s largest IPO in terms of market capitalization in 2020 and is expected to help fintech – with its banking, payments and e-commerce interests – to expand beyond its native Kazakhstan into the greater Central Asia and Caucasus region.

M&A deal of the year

Merger of United Wholesale Mortgage with Gores Holding IV – North America

Financial advisers: Deutsche Bank Securities and Morgan Stanley acted as senior financial advisers, principal capital market advisers and exclusive private placement agents for Gores Holdings IV, Moelis & Company acting as financial advisor. Goldman Sachs acted as financial advisor for UWM. Gores’ acquisition of UWM, in a $ 16 billion deal with a special purpose acquisition company, was the largest PSPC transaction of 2020.

Infrastructure offer of the year

Merger of Enel Americas and Enel Green Power (EGP) Americas – South America

Financial advisers: BTG Pactual and Morgan Stanley were financial advisers to Enel Americas. Chilean Enel Americas incorporated the unconventional renewable energy production business and assets that Italian-owned EGP developed and owned in Central and South America (excluding Chile). With this transaction, valued at $ 6 billion, Enel Americas’ installed capacity for unconventional renewables is expected to reach 7.8 GW by 2024. It also extends the company’s reach to Brazil, Peru and in Panama.

Debt deal of the year

Total Mozambique LNG – Africa

Financial advisers: Societe Generale

Total Mozambique LNG has raised nearly $ 16 billion in financing to develop liquefied natural gas in Mozambique as part of the largest private debt in African history. The effort raised $ 600 million more than expected, despite the pandemic and uncertainty in the oil markets.

ESG offer of the year

Changfang and Xidao wind farm (Taiwan) – Asia

Financial advisers: Mitsubishi UFJ Financial Group, with CTBC Bank of Taiwan as local financial advisor.

Copenhagen Infrastructure Partners’ $ 3 billion financing deal to build offshore wind farms will play a key role in helping Taiwan meet its five-year goal of getting 20% ​​of energy production from sources renewable.


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Keith Johnson

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