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Adia + Advent International to invest between USD 2.5-3 bn in Fisher Investments: An Abu Dhabi investment Authority (Adia) unit and US-based private equity firm Advent International will make a minority investment of between USD 2.5-3 bn in Texas-based wealth management firm Fisher Investments, according to a press release. The minority acquisition, slated to close later this year pending approvals and conditions, will value the money manager at USD 12.75 bn.
More on the transaction: The transaction will see Fisher Investment’s executive chairman and Ken Fisher sell his personal holdings in the firm to Adia and funds managed by Advent. After the transaction is finalized, Fisher will retain more than 70% ownership of beneficial shares and voting rights and will continue to serve as the executive chairman and co-chief investment officer, while Damian Ornani will remain CEO of Fisher Investments.
Advisors: Gibson Dunn is legal advisor to Adia, while Ropes & Gray is providing counsel to Advent. JP Morgan Securities and RBC Capital Markets are joint financial advisors and Paul Hastings served as legal advisor to Fisher Investments.
IN OTHER M&A NEWS-
Hikma pharma acquires Xellia’s assets: Hikma Pharma has agreed with Xellia Pharma to acquire parts of its US finished dosage form business and assets, including a commercial portfolio and pipeline of differentiated products, a manufacturing facility in Cleveland, Ohio, sales and marketing capabilities, and an R&D center in Croatia’s Zagreb, according to a statement. The transaction will see Hikma paying a consideration of USD 135 mn, with an additional contingent consideration of up to USD 50 mn.
What’s in the bag: Hikma will be acquiring Xellia’s research and design center in Zagreb, including a large team of professionals. They will also be acquiring eight approved and marketed injectable products to Hikma’s US portfolio and 11 pipeline products — including ready-to-use formulation Vanco Ready (vancomycin) — launched in 2019, amongst other anti-infectives. While these products are currently manufactured by a third party, Hikma will maintain these manufacturing contracts while it upgrades the Cleveland facility.
