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Top Highlights
A consortium led by Gregorio Jiménez agreed to acquire a 51% stake in Restaurant Brands Europe, a Spanish quick-service restaurant operator, from Cinven, a private equity firm, in a €2.33bn ($2.6bn) deal. Other investors include Iberdrola chairman Ignacio Sánchez Galán, Grupo Costa, Point Break Capital Management, and a group of private investors, among them Santiago Jiménez and Fernando Núñez, the latter representing Grupo Ibérica, according to press releases.
Gregorio Jiménez is advised by JP Morgan, Santander and A&O Shearman. Debt financing is provided by Banco Bilbao Vizcaya Argentaria (BBVA), JP Morgan and Santander. Cinven is advised by Bain & Co, Deloitte, ERM Group, Altamar Advisory Partners, Ernst & Young, Morgan Stanley, Clifford Chance (led by Samir Azzouzi), Accenture and Brunswick Group (led by Joanna Donne and Max McGahan), according to press releases and MergerLinks data.
MaxCyte, a US cell-engineering technology company, agreed to acquire Akron Bio, a US manufacturer of GMP-grade reagents and materials for cell and gene therapy manufacturing, from affiliates of Arcline Investment Management, a private equity firm, for $151.8m, according to press releases.
MaxCyte is advised by Stifel, Sidley Austin, Gilmartin Group (led by Erik Abdow) and Oak Street Communications (led by Kristen White). Arcline Investment Management is advised by Jefferies & Company, Bass Berry & Sims and Fredrikson & Byron, according to press releases and MergerLinks data.
Altamont Capital, a private equity firm, completed the investment in CESO, an Ohio-based provider of architecture and engineering services. Financial terms were not disclosed.
CESO was advised by Capstone Partners and Taft Stettinius & Hollister. Altamont Capital Partners was advised by AEC Advisors, Morrison Foerster, Ropes & Gray and Profile Advisors. Debt financing was provided by BMO Capital Markets and Churchill Asset Management, according to press releases.
AMERICAS
Anthropic eyes $1.4tn IPO valuation in test of Wall Street’s AI fervor. ( Reuters)
Fox looks to sell $8bn of high-grade bonds for Roku deal. ( Bloomberg)
OpenAI backer Altimeter targets more than $3bn for private markets funds. ( Bloomberg)
Exxon signs preliminary agreement with Venezuela to assess oil opportunities. ( Reuters)
EMEA
UniCredit to win unconditional EU nod for Commerzbank deal. ( Reuters)
Banco BPM board to begin assessing Credit Agricole merger proposal on November 12. ( Press Release)
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AMERICAS
Charles River Laboratories, a provider of drug discovery, agreed to acquire the Bioanalysis and DMPK operations of Frontage Laboratories, a full-service CRO laboratory, for up to $545m, according to press releases.
Charles River Laboratories was advised by China International Capital Corporation (CICC), JP Morgan, Davis Polk & Wardwell, Jia Yuan Law Offices and Kirkland & Ellis, according to press releases.
CorMedix Therapeutics, a US biopharmaceutical company, agreed to acquire Heron Therapeutics, a US specialty pharmaceutical company, for c.$277m, according to press releases.
Heron Therapeutics is advised by Leerink Partners and DLA Piper. CorMedix is advised by Moelis & Co and Willkie Farr & Gallagher (led by Jared N. Fertman and Andrew Marmer). Debt financing is provided by Pharmakon Advisors, according to press releases and MergerLinks data.
Parkview Health, a not-for-profit, community-based health system serving communities across northeast Indiana and northwest Ohio, completed the acquisition of Ovation Healthcare, a provider of shared services to community hospitals and health systems, from Grant Avenue Capital, a healthcare-focused private equity firm headquartered in New York. Financial terms were not disclosed.
Ovation Healthcare was advised by Robert W. Baird and Goodwin. Parkview Health was advised by Goldman Sachs and K&L Gates. Grant Avenue Capital was advised by Profile Advisors, according to press releases.
Morgan Stanley, a multinational investment bank and financial services company, agreed to acquire Vinyl Equity, an SEC-registered transfer agent serving companies across the NYSE, Nasdaq, and OTC Markets, according to press releases. Financial terms were not disclosed.
Vinyl Equity is advised by FT Partners and Cooley. Morgan Stanley is advised by Morgan Stanley and Sidley Austin, according to press releases.
PharmaLogic, a contract development and manufacturing organisation, agreed to acquire the CDMO business and Springfield, New Jersey manufacturing facility of Lantheus, a global healthcare company specialising in radio-pharmaceuticals, precision diagnostics, and targeted therapeutics, according to press releases. Financial terms were not disclosed.
PharmaLogic is advised by Leerink Partners and Goodwin. Lantheus is advised by Solomon Partners and Covington & Burling, according to press releases.
Crown Equipment, a global provider of design, manufacture, distribution, and service of material handling equipment and warehousing solutions, completed the acquisition of Green Cubes Technology, a designer and manufacturer of lithium power systems, according to press release. Financial terms were not disclosed.
Crown Equipment was advised by JP Morgan, according to press releases and MergerLinks data.
Vanta, an American software company that provides an automated security platform designed to help businesses manage risk and prove security to customers, agreed to acquire Pillar Security, an Ontario-based cybersecurity startup that builds a unified security and governance platform for enterprise artificial intelligence and autonomous AI agents, according to press releases. Financial terms were not disclosed.
Lightspeed Venture Partners and Insight Partners, the venture capital firms, led a $240m Series C round in Nominal, a technology company that builds a hardware intelligence and unified industrial data platform for engineering, testing, and operating complex physical systems, according to press releases.
Paradigm, a research-driven technology investment firm, led a $100m seed round in Mavria, a factory-built AI data-centre startup, with participation from AMP PBC, Liquid 2, Critical Frontier, and Dream Ventures.
Nature’s Ledger, a Canadian technology company that uses blockchain to turn real-world assets such as natural resources into digital assets, agreed to go public via a SPAC with Globa Tera Terra Acquisition Corp, a special purpose acquisition company, at a $323.8m valuation, according to press releases.
Anthropic eyes $1.4tn IPO valuation in test of Wall Street’s AI fervor. ( Reuters)
Anthropic and existing shareholders are seeking to raise up to $64.4bn in its IPO by selling 825m shares at $70-$78 each, valuing the Claude developer at as much as $1.4tn on a fully diluted basis. The company will also raise $26bn through a separate private placement with cornerstone investors including Google, Nvidia and AMD.
Including the cornerstone investment, Anthropic could raise up to $90.4bn. The IPO comes as investor enthusiasm for AI has cooled amid concerns over infrastructure spending and financing, with Anthropic carrying nearly $900bn of future computing commitments even as run-rate revenue reached about $81bn at the end of October.
Fox looks to sell $8bn of high-grade bonds for Roku deal. ( Bloomberg)
Fox is seeking to raise approx. $8bn through an investment-grade bond offering to finance its $22bn acquisition of streaming platform Roku, which closed on 6th of November ahead of schedule.
The company has begun investor discussions, with the bond sale potentially launching as soon as this week.
OpenAI backer Altimeter targets more than $3bn for private markets funds. ( Bloomberg)
Altimeter Capital Management is seeking to raise $2.5bn for a new venture capital fund targeting late-stage, pre-IPO companies, alongside a separate $800m–$900m fund focused on earlier-stage startups.
The investment firm, an existing backer of OpenAI and Anthropic, previously raised a $1.6bn growth fund and a $1.5bn expansion vehicle, deploying capital into a concentrated portfolio of late-stage technology companies.
Exxon signs preliminary agreement with Venezuela to assess oil opportunities. ( Reuters)
ExxonMobil has signed a non-binding memorandum of understanding with Venezuelan state oil company PDVSA to explore potential upstream oil investment opportunities, marking a possible return to the country nearly two decades after its assets were expropriated.
The agreement does not commit ExxonMobil to any specific project, with future investments dependent on regulatory clarity, investment protections and competitive returns.
EMEA
Samsung Fire & Marine Insurance, KKR and Korea Investment Corporation, agreed to acquire the remaining 60% stake in Canopius, a specialty insurance and reinsurance group, from a Centerbridge-backed Fidentia Fortuna, an insurance holding company, in a $2.2bn deal, according to press releases.
Canopius is advised by MHP Group. SFMI is advised by Goldman Sachs, Morgan Stanley and Norton Rose Fulbright. Fidentia Fortuna is advised by Fenchurch Advisory Partners, Macquarie Group, Royal Bank of Canada and Freshfields, according to press releases and MergerLinks data.
KPS Capital Partners, a private equity firm, agreed to acquire a 70% stake in MM Packaging from MM Group, a manufacturer of packaging, cartonboard and paper products, in a €2.4bn ($2.7bn) deal, according to press releases.
KPS Capital Partners is advised by Barclays, Citigroup, Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino and Rohan Dey) and Schonherr Rechtsanwalte. MM Group is advised by JP Morgan, Binder Grosswang and Linklaters, according to press releases and MergerLinks data.
Siemens, a German industrial technology and software company, agreed to acquire Lauterbach, a German developer of semiconductor debugging, tracing, and embedded software verification technologies, according to press releases. Financial terms were not disclosed.
UniCredit to win unconditional EU nod for Commerzbank deal. ( Reuters)
UniCredit is expected to receive unconditional EU antitrust approval for its proposed acquisition of Commerzbank, Germany’s second-largest bank, marking another major regulatory milestone for the transaction.
The anticipated European Commission clearance follows approval from the European Central Bank in October, bringing the Italian lender closer to securing control of Commerzbank.
Banco BPM board to begin assessing Credit Agricole merger proposal on November 12. ( Press Release)
Banco BPM’s board will meet on November 12 to conduct a preliminary assessment of Credit Agricole’s proposal to merge its Italian subsidiary with the Italian lender.
The proposed combination would create Italy’s third-largest bank and strengthen Credit Agricole’s position in the country amid ongoing consolidation in the Italian banking sector.
APAC
Service Stream, an Australian infrastructure services company, through its subsidiary Service Stream Holdings, agreed to acquire Programmed, an Australia and New Zealand facilities management, industrial maintenance and staffing services provider, from PERSOL Holdings, a staffing group, for A$975m ($673), according to press releases.
Service Stream is advised by Gresham and UBS, according to press releases and MergerLinks data.
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