AMERICAS
Southwestern Energy, an integrated oil and gas firm, completed the acquisition of GEP Haynesville, a natural gas firm, for $1.9bn.
“This strategic move positions Southwestern as the largest producer in the Haynesville and enhances our leading presence in the top two premier natural gas basins in the US. The company’s increased scale from both a reserves and production perspective is expected to deliver higher margins, enhanced economic returns and improved per-share cash flow metrics. The transaction adds significant high-return locations to our development inventory while expanding access to premium Gulf Coast markets,” Bill Way, Southwestern Energy President and Chief Executive Officer.
GEP Haynesville was advised by Credit Suisse and Kirkland & Ellis. Southwestern Energy was advised by Bank of America, Citigroup, Goldman Sachs, Intrepid Advisors, JP Morgan, RBC Capital Markets, Wells Fargo Securities, Gibson Dunn & Crutcher and Skadden Arps Slate Meagher & Flom. Debt financing was provided by Bank of America, Citigroup, JP Morgan, RBC Capital Markets and Wells Fargo Securities. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton.
Chip company Advanced Micro Devices' $35bn all-stock deal for peer Xilinx is now expected to close in the first quarter of 2022, delayed from a previous target of end-2021, Reuters reported.
Amid US-China tensions, chip deals face approval challenges from Chinese regulators, who are known for their lengthy and sometimes opaque antitrust reviews.
Xilinx is advised by Bank of America, Morgan Stanley, Skadden Arps Slate Meagher & Flom and Joele Frank. Financial advisors are advised by Shearman & Sterling. AMD is advised by Credit Suisse, DBO Partners and Latham & Watkins. Financial advisors are advised by Cravath Swaine & Moore and Morgan Lewis & Bockius.
Bain Capital Private Equity, an equity investment manager, completed the acquisition of a majority stake in InnovaCare Health, an integrated and value-based healthcare services provider, from Summit Partners, a private equity firm. Financial terms were not disclosed.
"Rick and his talented team have done an impressive job building InnovaCare into a leader at the forefront of improving healthcare delivery and have a proven track record of coordinating care and positively impacting the lives of patients, physicians and communities through innovative, value-based care," Chris Gordon, Bain Capital Private Equity Managing Director.
InnovaCare Health was advised by PricewaterhouseCoopers, JP Morgan and Kirkland & Ellis. Bain Capital was advised by KPMG, Benefit Street Partners, Ropes & Gray and Stanton PRM.
Reverence Capital Partners, a New York-based investment firm, completed the investment in Ministry Brands, a provider of cloud-based software, payments solutions, services and information platforms for churches, ministries and those they serve. Financial terms were not disclosed.
"We are excited to collaborate with the team at Reverence Capital Partners as we take Ministry Brands into its next phase of growth. The level of expertise and experience they bring to our organization will help accelerate our growth strategies and further support faith-based organizations as they continue reimagining operations, funding, and community engagement in integrated digital environments," Pat O'Donnell, Ministry Brands CEO.
Ministry Brands was advised by Credit Suisse, Financial Technology Partners, William Blair & Co and Willkie Farr & Gallagher. Reverence Capital was advised by Raymond James and Kirkland & Ellis.
Lancer Insurance, a specialty insurer offering commercial auto insurance, completed the merger with Core Specialty, an insurance firm. Financial terms were not disclosed.
"All of us at Lancer are excited to be joining forces with Core Specialty. Core Specialty's management team is exceptional and our friendship with Jeff Consolino, Ed Noonan and members of Core Specialty's Board goes back a very long way. I have no doubt Lancer and Core Specialty's combined operating and financial resources will create tremendous growth opportunities for our shareholders, employees, policyholders and distribution partners," Dave Delaney, Lancer Co-Founder and CEO.
Core Speciality was advised by JP Morgan, Skadden Arps Slate Meagher & Flom and Prosek Partners. Lancer Financial was advised by Dowling Hales, Waller Helms Advisors and Nixon Peabody.
Southwest Gas, an energy holding company, completed the acquisition of Questar Pipeline, a FERC-regulated, long-term contracted, transportation and underground storage assets operator, from Dominion Energy, a firm that engages in the provision of electricity and natural gas, for $1.98bn.
"We are pleased with the result of our sale process for these high-quality assets. This transaction represents another significant step in our evolution as a company, allowing us to focus even more on fulfilling the energy needs of our utility customers and continuing growth of our clean-energy portfolio, including development of the largest offshore wind farm in North America," Robert M. Blue, Dominion Energy Chair, President & CEO.
Southwest Gas was advised by Lazard, Morrison & Foerster and Sard Verbinnen & Co. Dominion Energy was advised by Barclays and McGuireWoods.
Platinum Equity, a global investment firm, completed the acquisition of Pelican Products, a provider of high-performance protective cases and rugged gear for professionals and outdoor enthusiasts, and temperature-controlled supply chain solutions, from Behrman Capital, a private equity firm. Financial terms were not disclosed.
"The Pelican brand is well known for its commitment to durability, safety, and superior product performance and innovation. We look forward to working with the company's management team and deploying our operational and M&A resources in support of the next phase of Pelican's growth and expansion," Matthew Louie, Platinum Equity Managing Director.
Pelican Products was advised by Credit Suisse and Latham & Watkins. Platinum Equity was advised by Gibson Dunn & Crutcher. Debt financing was provided by Bank of America. Bank of America was advised by Willkie Farr & Gallagher.
Cinven and Bain Capital-backed Arxada, a global specialty chemicals business, completed the merger with Troy, a global provider of microbial control solutions and performance additives. Financial terms were not disclosed.
"The combination of Arxada and Troy will reinforce our position as a leading global provider of microbial control solutions. Our decision to merge with Troy just four months after our launch as an independent company highlights our ambition and commitment to creating the broadest and most innovative solutions for our customers in this sector. The combination also fits with our strategy of expanding our geographic footprint and the scale and depth of our capabilities by bolstering our manufacturing capacity in MCS beyond North America into Europe and Asia," Marc Doyle, Arxada CEO.
Troy was advised by JP Morgan and Norton Rose Fulbright. Arxada was advised by Piper Sandler, Kirkland & Ellis and FTI Consulting.
Brightstar Capital Partners-backed XLerate, a nationwide vehicle auction and remarketing company, completed the acquisition of America's Auto Auction, a vehicle auction provider. Financial terms were not disclosed.
"The independent vehicle auction sector is poised for significant growth, as consumer demand expands, and technology continues to enhance the remarketing process. We are thrilled to welcome our talented colleagues at AAA, and appreciate the trust placed in us by Brightstar. Together, we will develop a platform built on lasting relationships and superior service that leverages the best of digital and physical offerings, and further redefines the remarketing industry," Cam Hitchcock, XLerate CEO.
America's Auto Auction was advised by Harris Williams & Co and Katten Muchin Rosenman. XLerate was advised by Jefferies & Company, Kirkland & Ellis and Dukas Linden Public Relations.
Booking, a provider of online travel and related services, completed the acquisition of Getaroom, a B2B distributor of hotel rooms, from Court Square Capital Partners, a private equity firm, for $1.2bn.
"The combination of Getaroom and the Priceline Partner Network will enable accelerated growth behind our shared vision of delivering a more robust solution for our customers and affiliates and greatly simplify the complexity of global distribution for our hotel partners," Matt Davis, Getaroom CEO.
Getaroom was advised by Dechert. Booking was advised by Sullivan & Cromwell and Weil Gotshal and Manges.
MasTec, an infrastructure construction company, completed the acquisition of Henkels & McCoy Group, an electrical power transmission and distribution utility services firm, for $600m.
"We are pleased to officially welcome the more than 5.1k Henkels team members to the MasTec family. We believe that the addition of Henkels, coupled with MasTec's existing operations, creates a market leading utility contractor with significant expertise, scale and capacity that can provide a complete and compelling suite of service offerings to our customers as they work to transition to renewable energy generation, modernize power grid systems and reduce carbon emissions," Jose Mas, MasTec CEO.
Henkels & McCoy Group was advised by Houlihan Lokey and Sidley Austin. MasTec was advised by Holland & Knight.
Monomoy Capital Partners, a private equity firm with over $2.7bn in committed capital, completed the acquisition of the highway products business of Trinity Industries, an American industrial corporation, for $375m.
"We continue the process to optimize our business and believe that selling the highway products business will allow us to fully focus on the rail-related segments. Trinity's long history in the North American rail industry gives me great confidence that focusing our attention and resources on this industry will allow us to meet our long-term financial and operational goals and continue to optimize our capital structure," Jean Savage, Trinity President and CEO.
Monomoy Capital was advised by Ropes & Gray. Trinity was advised by JP Morgan and Akin Gump Strauss Hauer & Feld.
Vector Group, an American diversified holding company, completed the spin-off of Douglas Elliman, an American real estate company.
"The filing of the Form 10 registration statement is an important milestone in our plan to create two independent publicly traded companies. With a leading luxury brand and a comprehensive suite of technology-enabled services and investments, Douglas Elliman is well positioned to capitalize on opportunities in the large and growing US residential real estate market. Following the spin-off, Vector Group's separate tobacco and real estate businesses will be better positioned to execute their strategic plans to drive each company's long-term success and unlock value for stockholders," Howard M. Lorber, Vector Group President and CEO.
Vector Group was advised by Jefferies & Company, Sullivan & Cromwell and Sard Verbinnen & Co.
Canaccord Genuity Group, an independent, full-service financial services firm, completed the acquisition of Sawaya Partners, an independent M&A advisory firm to the consumer sector based in New York. Financial terms were not disclosed.
"Having just celebrated Sawaya Partners' 20th anniversary, we are delighted to begin the next stage in our journey as part of the Canaccord Genuity team. Both businesses share a similar entrepreneurial and collegial culture and a rigorously client-centric approach. This transaction presents a tremendous opportunity to expand our reach, while leveraging CG's extensive global footprint and capital markets capabilities to provide enhanced opportunities for our corporate and sponsor clients," Fuad Sawaya, Sawaya Partners Founder and Managing Partner.
Sawaya Partners was advised by Keefe Bruyette & Woods and Mayer Brown. Canaccord Genuity was advised by Debevoise & Plimpton.
Business conglomerate RP-Sanjiv Goenka Group-backed Firstsource Solutions, a provider of business process management services, agreed to acquire American Recovery Services, a nationwide legal collections network. Financial terms were not disclosed.
"Firstsource is a leader in consumer debt receivables management and the acquisition of ARSI adds a top-notch legal network; we can now provide a broad platform and one-stop shop to large financial institutions and the burgeoning fintech market. We are delighted to welcome ARSI to the Firstsource family," Vipul Khanna, Firstsource Solutions MD and CEO.
Firstsource is advised by Strategic Vantage.
City Office REIT, a real estate investment trust, completed the acquisition of Bloc 83, a premier two-building office complex located in Raleigh, North Carolina, for $330m.
"Adding Raleigh to our footprint of high growth markets in the south and west strategically enhances our portfolio. The acquisition of Bloc 83 gives City Office immediate scale in one of the best locations in Raleigh. It is a spectacular asset that will be in high demand by office users both today and in the future," James Farrar, City Office REIT CEO.
Vail Resorts, a mountain resort operator, completed the acquisition of hotels and resorts Seven Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain Ski Area, from Seven Springs Mountain Resort, a resort operator, for $118m.
Vail Resorts acquired all of the assets related to the mountain operations of the resorts and related base area lodging, conference center and amenities. Vail Resorts will, subject to consent from the Commonwealth of Pennsylvania, assume the state land lease for Laurel Mountain.
Nolan Capital, a private equity firm, completed the acquisition of a majority stake in Coastal Farm & Ranch, a ranch and country lifestyle retailer. Financial terms were not disclosed.
“Coastal’s growth and resiliency is a testament to the team, culture and operation that Buzz has created. Lori also excels in her multi-faceted leadership role and we trust that with her heading up operations, the company is in a strong position for continued success. With the collective knowledge, expertise and resources of our partnership, we can grow Coastal into one of the leading retail brands on the West Coast," Peter Nolan, Nolan Capital Chairman.
FireBird Energy, an oil and gas exploration company, completed the acquisition of the midland basin assets of Chevron, an energy company. Financial terms were not disclosed.
"This transaction will be our second major acquisition as we continue to advance our consolidation strategy and enhance our Western Midland Basin footprint with additional scale. The acquisition of these high-margin, oil-weighted assets is a complementary addition to our acreage footprint, production, and cash flow base. We expect to benefit from additional operating synergies when production operations are combined with our base asset," Travis F. Thompson, FireBird CEO.
Mubadala and Stonepeak announce recapitalization of Cologix to accelerate market growth. (FS)
Private equity firms Mubadala Investment Company and Stonepeak, announced an agreement to sell Cologix, a private interconnection and hyperscale edge platform in North America. The transaction is expected to close in early 2022.
Cologix will be transferred from Stonepeak Infrastructure Fund II and co-investors to another Stonepeak-managed vehicle comprising a combination of some existing Fund II investors and a number of new third-party investors.
“With this transaction, Cologix is even better positioned to accelerate its expansion by directly supporting the rapid growth of Cologix's customers. We will continue to leverage our unique footprint of carrier-dense interconnection hubs, public cloud onramps and growing campuses across 11 markets in North America," Bill Fathers, Cologix CEO.
Stonepeak is advised by Goldman Sachs, RBC Capital Markets and Simpson Thacher & Bartlett.
Jack Tretton launches a $225m SPAC.
Jack Tretton, the former chief executive officer of Sony Computer Entertainment America, who helped make the PlayStation a popular gaming console, is leading a $225m special purpose acquisition company that's pursuing a deal in the video game industry.
Jack Tretton, who started his career at Sony in 1995, is now the CEO of PowerUp Acquisition, according to a prospectus filed Wednesday with the Securities and Exchange Commission. Joining Tretton on the management team is Bruce Hack, former CEO of Vivendi Games, Bloomberg reported.
EMEA
3G Capital, a global investment firm and private partnership, agreed to acquire a 75% stake in Hunter Douglas, a provider of window coverings and a major manufacturer of architectural products, for €5.3bn ($6bn).
"3G Capital has deep respect for Hunter Douglas, its diverse portfolio of brands and the steadfast leadership of the Sonnenberg family over three generations. We are honored to be partnering with the Sonnenberg family and to work with Hunter Douglas' management team on the company's next phase of global expansion," Daniel Schwartz and Alex Behring, 3G Capital Co-Managing Partners.
Hunter Douglas is advised by Credit Suisse, Rabobank, DLA Piper, De Brauw Blackstone Westbroek, Loyens & Loeff, Spigt Dutch Caribbean, White & Case and Gladstone Place Partners. 3G Capital is advised by JP Morgan, Lazard, Morgan Stanley, Kirkland & Ellis, Paul Weiss Rifkind Wharton & Garrison and Stibbe.
Vinci, a French concessions and construction company, completed the acquisition of the energy business of ACS, a provider of construction and engineering services, for €4.8bn ($5.6bn).
"This acquisition is a unique opportunity for VINCI to create a global player in energy contracting and to develop renewables projects, remarkably fitting its strategy. The group is delighted to welcome an outstanding management team and a skilled workforce of around 45k people. Synergies derived from complementary geographies, technical expertise and integrated business model, will be a significant asset to win new projects and to seize greenfield renewables energy opportunities. We will capitalize on ACS IS recognized track record to enhance VINCI's contribution to the climate transition and pursue our environmental ambition together," Xavier Huillard, Vinci Chairman and CEO.
Vinci was advised by Ernst & Young, Cuatrecasas Goncalves Pereira, Darrois Villey Maillot Brochier and Weil Gotshal and Manges. ACS was advised by Citigroup, JP Morgan, PricewaterhouseCoopers, Societe Generale, Clifford Chance and PLMJ Advogados. Financial advisors were advised by Davis Polk & Wardwell and White & Case.
Amundi, a French asset management company, completed the acquisition of Lyxor Asset Management, a European asset management specialist, from Societe Generale, a French multinational investment bank, for €825m ($980m).
This agreement is in line with Societe Generale's strategy with regards to savings, which is to operate in open architecture and to propose to its clients investment and asset management solutions through partnerships with external asset managers.
Amundi was advised by JP Morgan, Morgan Stanley, Borden Ladner Gervais and Clifford Chance. Societe General was advised by Citigroup, Societe Generale and Allen & Overy.
Delivery Hero, a local delivery platform, agreed to acquire an additional 39.4% stake in Glovo, a multi-category delivery platform. Financial terms were not disclosed.
"The Delivery Hero team has admired and supported Glovo for many years. They have been frontrunners in the industry by offering a multi-vertical service from the start. Their product focus and fast execution have given them a leading position in 16 out of 25 markets, despite having launched a number of years later than their peers. We will continue to invest in Glovo’s team and product, and see many opportunities to further enhance their operations with our resources and expertise," Niklas Östberg, Delivery Hero Co-Founder and CEO.
Glovo is advised by Morgan Stanley, Latham & Watkins and Uria Menendez. Delivery Hero is advised by JP Morgan and Cuatrecasas Goncalves Pereira.
Samsung Life, a South Korean multinational insurance company, completed the acquisition of a 25% stake in Savills IM, the investment management business of Savills, a global real estate services provider, for £64m ($90m).
"Samsung Life is excited to invest in Savills IM, one of Europe's leading real estate asset management platforms. We are confident that Savills IM is well positioned to help us expand our real estate investment network globally and that this strategic alliance, underpinned by our capital provision, will support and accelerate Savills IM's growth over the long term," Youngmuk Jeon, Samsung Life CEO.
Samsung Life was advised by Allen & Overy. Savills was advised by Grant Thornton, CMS and Tulchan Communications.
Reliance Industries, an Indian conglomerate, agreed to acquire Faradion, a battery technology provider, for $135m.
“We welcome Faradion and its experienced team to Reliance family. This will further strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystem and put India at the forefront of leading battery technologies. The sodium-ion technology developed by Faradion provides a globally leading energy storage and battery solution which is safe, sustainable, provides high energy density and is significantly cost competitive. In addition, it has wide use applications from mobility to grid scale storage and back-up power," Mukesh Ambani, Reliance Chairman.
Reliance is advised by Ernst & Young and Linklaters.
CNH Industrial, a capital goods company, completed the demerger of its business units into On-Highway assets, comprising of pro-forma industrial activities, commercial vehicle brands, and FPT Industrial powertrain business, and Off-Highway assets comprising of agriculture, construction business, and specialty vehicles.
"The bold plan will lead to the creation of two new global leaders in their respective fields. The Board of Directors strongly supports this ambitious strategy and its confidence is underpinned by the rigorous work undertaken to formulate it," Suzanne Heywood, CNH Industrial Chairman.
CNH Industrial was advised by Citigroup and JP Morgan.
Tencent Holdings, the Chinese technology behemoth, is taking a stake in Monzo, the British-based digital bank which has confounded expectations by securing a $4.5bn valuation, Sky News reported.
Tencent has subscribed to shares as part of a $100m top-up to Monzo's latest funding round. The Chinese company's involvement adds another prominent investor to the bank's share register. Other investors in the round include Abu Dhabi Growth Fund, Coatue, Alpha Wave Ventures, Accel and Goodwater.
Monzo was advised by Taylor Wessing.
Terra Firma looking to sell Annington Homes for up to $12bn. (FS)
Private equity firm Terra Firma is in talks to sell residential property company Annington Homes, with any deal expected to value the British defense ministry's landlord at over $12.2bn including debt, Reuters reported.
Annington is one of the largest private owners of residential property in the United Kingdom. A majority of its 40k homes are leased to the Ministry Of Defence on a 200-year contract.
Terra Firma, which is headed by billionaire Guy Hands, bought Annington from Nomura Holdings in 2012. Hands was also behind Nomura's purchase of Annington in 1996, when he worked at the Japanese bank.
Shawbrook plans a £1bn London listing. (FS)
Private equity firms BC Partners and Pollen Street Capital, the owners of Shawbrook, a retail and commercial bank in the United Kingdom, are exploring plans to list it on the London Stock Exchange less than five years after taking it private.
The discussions are at an early stage and could result in a sale to another bank or financial investor, or in the current shareholders opting to retain control for a longer period. Shawbrook was launched a decade ago in the aftermath of the 2008 financial crisis, with a focus on lending to small and medium-sized businesses.
APAC
Temasek Holdings-backed commercial REIT Mapletree Commercial Trust, agreed to merge with Mapletree North Asia Commercial Trust, a commercial REIT, in a $3.1bn deal.
"This merger marks a transformative milestone for both REITs, combining our proven track records in creating an enlarged Asian-focused flagship commercial REIT with stability and scale. For MNACT unitholders, they will enjoy immediate and attractive financial returns with the scheme consideration at a premium over MNACT's trading prices while remaining invested in a bigger and more diversified platform. They will also benefit from the larger market capitalisation and increased representation in key indices through the enlarged platform that would potentially attract a wider investor base and further improve trading liquidity," Cindy Chow, MNACT CEO.
MNACT is advised by HSBC. MCT is advised by DBS Bank and Citigate Dewe Rogerson.
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