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AMERICAS
Vinci Partners Investments, a private equity firm, completed the merger with Compass, an asset management firm, in a $165m deal.
"We are thrilled to partner with a leader in alternative investments in Brazil and are excited about the future opportunities for our combined platform alongside Vinci," Jaime Martí, Compass Partner and CEO.
Compass was advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom (led by Paola Lozano). Vinci was advised by Goldman Sachs, Carey Abogados, Simpson Thacher & Bartlett (led by Todd Crider), Danthi Comunicações (led by Carla Azevedo) and Joele Frank (led by Jonathan Keehner).
San Francisco Equity Partners-backed SV Labs, a contract development and manufacturing organization serving beauty and personal care brands, completed the acquisition of Sigan Industries, a full-service CDMO serving beauty and personal care brands. Financial terms were not disclosed.
“In working with Dean and the Sigan Industries management team, we became increasingly convinced that Sigan’s development capabilities, product category expertise and manufacturing operations would be a great fit with our business. This partnership will enable us to offer expanded innovation and manufacturing capabilities to our customer base, while still delivering the concierge-level customer service model that both companies are known for,” Graham Orriss, SV Labs CEO.
Sigan Industries was advised by Michel Dyens & Co and McMillan. SV Labs was advised by William Blair & Co, Morrison & Foerster and Stikeman Elliott. SFEP was advised by Blueshirt Group (led by Jeff Fox).
A consortium led by Stephan Crétier and HPS Investment Partners, and including Oak Hill Advisors and OneIM, agreed to acquire a majority stake in GardaWorld, a Canadian private security firm, from BC Partners, a global private equity firm, at CAD13.5bn ($9.7bn) valuation.
“In an increasingly complex world, I have discovered that prominent organizations aspire to partner with a vetted entrepreneurial success story. GardaWorld is more than one entrepreneur. It is a group of truly aligned like-minded leaders committed to doing what is best for clients, employees and stakeholders. I am humbled by the professionalism and dedication of my international group of colleagues and the unique DNA we have developed. This is what I call a winning team. We have come a long way since our modest beginnings when I started this company with a CAD25k-second mortgage on my home almost 30 years ago," Stephan Crétier, GardaWorld Founder, Chairman, President and CEO.
Standex International, a global industrial growth company, agreed to acquire Amran Instrument Transformers and Narayan Powertech, two manufacturers of low voltage and medium voltage instrument transformers for products focused on the electrical grid, smart grid technology, data centers, and renewable energy systems, for $462m.
"As the largest acquisitions in the Company's history, this is an exciting milestone for Standex. Amran/Narayan Group's extensive low to medium voltage portfolio and engineering expertise fit within our strategy to accelerate growth in secular, fast growth end markets. The combination of Standex and Amran/Narayan Group continues Standex's portfolio strategy of focusing our higher-margin business segments in faster-growing markets. With these acquisitions, Standex Electronics will now represent more than 50% of the Company, and we anticipate consolidated adjusted EBITDA margin expanding by over 200 basis points in the first full year as a combined company. We look forward to welcoming the entire Amran/Narayan Group team to our company," David Dunbar, Standex President and CEO.
Standex is advised by Guggenheim Partners and Foley Hoag. Amran Instrument Transformers and Narayan Powertech are advised by Northern Edge Advisors, Chamberlain Hrdlicka White Williams & Aughtry and Khaitan & Co.
SBA Communications, a real estate investment trust, agreed to acquire a portfolio of approximately 7k towers in Guatemala, Honduras, Panama, El Salvador and Nicaragua from Millicom International Cellular, a provider of fixed and mobile telecommunications services in Latin America, for $975m.
"We are happy to join Millicom in announcing this transaction, which significantly enhances the longstanding relationship enjoyed between our companies. As a result of this transaction and the strength of our existing portfolio, SBA Communications will be the leading tower company across all of Central America and we are excited to support Millicom as a leading mobile network operator in advancing their network goals and enhancing connectivity throughout the region," Brendan Cavanagh, SBA Communications President and CEO.
SBA Communications is advised by Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison (led by Michael Vogel and Salvatore Gogliormella). Millicom is advised by JP Morgan, Lazard and Winston & Strawn.
Enterprise Products Partners, a provider of midstream energy services to producers and consumers of natural gas, completed the acquisition of Piñon Midstream, a gas company, from Black Bay Energy Capital, a private equity firm, for $950m.
“Congratulations to the Enterprise team on a smooth and successful transaction. We were pleased to have acquired an approximate 19% ownership interest in the parent company of Piñon in connection with our recent Ameredev acquisition that closed in September 2024. We look forward to working with Enterprise going forward as we develop our assets in southern Lea County, New Mexico. We plan to use the approximate $113m in sales proceeds to pay down our $980m in current outstanding borrowings under our $2.25bn credit facility,” Joseph Wm. Foran, Matador Founder, Chairman and CEO.
OceanSound Partners, a private equity firm, completed the acquisition of Antenna Research Associates, a provider of integrated radio frequency and advanced communications products to the aerospace and defense end-markets. Financial terms were not disclosed.
“ARA’s comprehensive RF solutions portfolio is well positioned to address critical US Department of Defense priorities such as the modernization of legacy technology systems and development of lower-cost and high performance unmanned aerial systems and counter UAS solutions to better manage threats from US adversaries. Since its founding in 1963, ARA has developed a portfolio of over 50 patents used in the delivery of differentiated RF systems and, more recently, innovative products leveraging small form-factor AESA technology to become a leading provider of RF solutions to the A&D market. ARA’s ability to miniaturize their products enables the development of small, low cost, higher-volume platforms such as drones, low earth orbit satellites, man portable communications and other mobile A&D platforms,” Joe Benavides, OceanSound Managing Partner.
ARA was advised by Raymond James and Akerman. OceanSound was advised by Gibson Dunn & Crutcher and Stanton PRM (led by Alex Goss).
Godspeed Capital-backed Special Aerospace Services, an engineering services, missile defense solutions, hypersonic weapons systems, mission critical communications technologies, and manufacturing support provider, completed the acquisition of Concordia Technologies, a company specialised in hypersonic weapons and missile defense systems technology and solutions. Financial terms were not disclosed.
"Incorporating Concordia Technologies' extensive experience in hypersonic systems and missile defense aligns with SAS's mission to support and enhance national security space capabilities. The future of our defense strategy lies in the continued funding and development of advanced technologies such as hypersonics, which will play a pivotal role in ensuring our nation's security in the coming decades. With this acquisition, SAS is better positioned to contribute to these vital efforts," Heather Bulk, SAS CEO.
Concordia was advised by Generational Equity. SAS was advised by Latham & Watkins. Godspeed Capital was advised by Gasthalter & Co (led by Alex Jeffrey).
Edison Partners, a growth equity investment firm, led a $115m funding round in Fingercheck, which provides a state-of-the-art, all-in-one workforce management platform for small and medium businesses, with participation from StepStone Group and Columbus Capital.
"Businesses with deskless workers, who work hourly and are on their feet, have unique workforce management needs ranging from mobile first to time and attendance, which have not been met by the tech industry historically. Fingercheck understands this and is delivering a seamless platform, purpose-built for these businesses where management is wearing many hats from CEO to CFO to CHRO. We’re impressed with Fingercheck’s best-in-class retention metrics, capital efficiency and expansion through organic, profitable, and steady product-led growth and we’re excited to partner with the Company to continue to expand," Chris Sugden, Edison Managing Partner.
TSCP-backed Silverchair, an independent hosting platform partner for scholarly and professional publishers, agreed to acquire ScholarOne, an online submission system which facilitates your journal's peer review activity, from Clarivate, a global provider of transformative intelligence. Financial terms were not disclosed.
"For over 30 years, Silverchair has served the needs of publishers as an independent and unconflicted technology partner. We believe that innovation and technology can help fulfill the promise of scholarship, and we will make substantial investments in ScholarOne to meet the needs of the research community. This acquisition was part of Founder Thane Kerner’s long-term vision for Silverchair, and I’m pleased to bring it to fruition with the strong support of Thompson Street Capital Partners," Will Schweitzer, Silverchair CEO.
Clarivate is advised by RBC Capital Markets.
Greenoaks Capital, a global investment firm based in San Francisco, led a $175m funding round in Sierra, a software startup co-founded by former Salesforce co-CEO Bret Taylor, with participation from Thrive Capital and Iconiq.
The funding round comes less than a year after the public launch of the young AI startup by Taylor, one of the most closely watched entrepreneurs in Silicon Valley.
Norges Bank Investment Management, Norway's sovereign wealth fund, agreed to acquire a majority stake in 2882-2884 Sand Hill Road office building from a joint venture between Clarion Partners and Invesco Real Estate for $217m.
The acquired asset is unencumbered by debt, and no financing was involved in the transaction.
FactSet, a global financial digital platform and enterprise solutions provider, agreed to acquire Irwin, a provider of investor relations and capital markets software, from K1 Investment Management, an investor in small-cap enterprise software companies. Financial terms were not disclosed.
"We are proud to have been David Whyte and Mark Fasken's lead institutional shareholder and to have partnered with them on Irwin's transformation of the IR landscape. Our focus at K1 is to be the largest investor in small, innovative, and rapidly growing software businesses globally, and helping build them into category leaders that transform their industries. The acquisition of Irwin by FactSet is a testament to the two co-founders, the platform they built and the strength of the partnership we had with them," Tarun Jain, K1 Principal.
Ernst & Young, a professional services partnership, completed the acquisition of Dignari, a technology consulting firm. Financial terms were not disclosed.
"We are excited about welcoming the world-class Dignari team to the EY Government & Public Sector practice. We believe that blending EY US's commitment to provide customers with mission-ready solutions and Dignari's identity and access management (IAM) capabilities in the homeland security space will offer a highly differentiated value proposition for our government clients," Doree Keating, Government & Public Sector Leader, EY Americas.
Ancestry says a 23AndMe takeover would raise antitrust issues.
Ancestry.com said a hypothetical takeover of its flailing rival in the consumer genetic testing industry, 23andMe, likely wouldn’t be possible for antitrust reasons, Bloomberg reported.
“Although we are always interested in looking at possibilities that are out there, 23andMe specifically would be challenging because they’re the No. 2 in the category and we’re the No. 1 in the category and those combinations can be challenging from an FTC standpoint,” Greg Packer, Chief Legal Officer.
Amphenol taps debt markets to finance CommScope acquisitions.
Amphenol, a maker of equipment including cable, sensors and antennas, sold $1.5bn of investment-grade bonds Monday to help pay for the company’s acquisition of CommScope’s outdoor wireless networks and distributed antenna systems, Bloomberg reported.
The company issued notes in three parts. The longest portion of the offering, a 30-year bond, will yield 0.95% more than comparable Treasuries, from initial talk of around 1.25%.
TPG financing tied to Dish-DirecTV deal creates new wrinkle. (FS)
A financing led by TPG Angelo Gordon amid the proposed tie-up between satellite pay-TV providers Dish Network and DirecTV is creating a fresh wrinkle in an already complicated and contentious deal process, Bloomberg reported.
Dish agreed last month to merge with DirecTV via a series of transactions that would see AT&T transfer its majority stake in DirecTV to private equity firm TPG. At issue is a loan that TPG’s credit arm, TPG Angelo Gordon, agreed to provide to pay off some $2bn in unsecured Dish notes due later this month, whether the deal goes through or not.
Aeromexico sells $1.1bn of bonds to refinance debt.
Airline holding company Grupo Aeromexico sold $1.1bn of bonds via international markets that the air carrier will use to refinance debt due in the coming years.
Aeromexico issued $500m of five-year notes and $610m of seven-year securities. Proceeds will be used in part to pay down $663m in senior secured notes due in 2027, Bloomberg reported.
Riley raises $236m in asset sale to pay down debt.
B. Riley Financial sealed its second deal in less than a month to raise cash and cut its debt load, this time collecting $236m by divesting rights to its stable of consumer brands. The shares gained as much as 18% in New York trading, Bloomberg reported.
Among the brands included were Hurley, English Laundry and Limited Too. B. Riley secured about $189m in net proceeds for that part of the deal, while a transaction for licenses to the bebe and Brookstone brands took in $47m.
Blackstone raises $22bn in new direct lending fund. (FS)
Blackstone amassed about $22bn of capital, including anticipated leverage, for a new direct lending fund targeting institutional investors, Bloomberg reported.
The structure of the fund is essentially a hybrid between drawdown funds, where investors agree to lock up capital for a certain number of years, and traditional evergreen funds, which have no set maturity but let investors buy in and out periodically. The fund is focused on lending in large-cap and middle-market transactions.
Amazon AI veteran joins PwC to lead innovation and AI push. (People)
Amazon’s former vice president of artificial intelligence, Matt Wood, has landed at PricewaterhouseCoopers as its first commercial technology and innovation officer, WSJ reported.
Wood, a 15-year veteran of Amazon Web Services, began his role at the professional services and Big Four accounting firm on November 4. He is based in Seattle.
EMEA
Hargreaves Lansdown, Britain's largest investment platform, said it expects the completion of its agreed £5.4bn ($7bn) takeover by an international consortium in the first quarter of 2025, Reuters reported.
The consortium, consisting of Europe's largest private equity firm CVC Capital Partners, Abu Dhabi's sovereign wealth fund and Swedish private equity firm Nordic Capital had offered £11.40 ($14.8) per share in cash for Hargreaves Lansdown.
Permira, a global investment firm, agreed to invest in K-Way, a French premium outerwear brand. Financial terms were not disclosed.
"K-Way is a brand we truly admire, and we are really excited about the future prospects of the brand and partnering with BasicNet and the Boglione family," Francesco Pascalizi, Permira Partner and Head of Italy.
Permira is advised by Maisto e Associati, Bain & Co, Ernst & Young and Giliberti Triscornia e Associati.
Development Partners International, a private equity firm deploying global capital to unlock potential in Africa, led a $110m Series C round in Moniepoint, Africa’s fastest-growing fintech, with participation from Google’s Africa Investment Fund, Verod Capital and Lightrock.
"Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible," Tosin Eniolorunda, Moniepoint Founder and Group CEO.
Moniepoint was advised by Financial Technology Partners and Thoburns Communications.
S. Africa antitrust body blocks Vodacom $745m fiber deal.
South Africa’s antitrust tribunal prohibited Vodacom Group's ZAR13.2bn ($745m) deal to buy a stake in Remgro’s fiber businesses, Bloomberg reported.
The nation’s antitrust regulator — the Competition Commission — plunged the deal into jeopardy last year after it urged the Competition Tribunal to block the acquisition.
Thyssenkrupp has Plan B for steel if Kretinsky deal should fail, CFO says.
Thyssenkrupp is focused on a 50:50 steel joint venture with Czech billionaire Daniel Kretinsky but will seek talks with other steelmakers should that deal falter, as the ailing conglomerate is sketching out a potential plan B for the unit, Reuters reported.
The conglomerate's new finance chief Jens Schulte, in the job since June, said he was optimistic regarding talks with Kretinsky's EPCG about raising its stake in Thyssenkrupp's steel division to 50% from 20%.
Schoeller Group near deal to buy Signa’s Berlin Upper West tower. (FS, RE)
The Schoeller Group is in exclusive talks to buy Signa’s Upper West tower in Berlin, in one of the most closely watched property transactions in Germany.
The industrialist family’s investment office has been picked for exclusive negotiations after several rounds of bids for the building that is part of Austrian tycoon Rene Benko’s defunct empire, Bloomberg reported.
UK investment firm Low Carbon sells 6 GW Dutch battery storage portfolio. (FS)
UK-based renewable energy investor Low Carbon said it has sold a 6 gigawatt portfolio of battery storage projects in the Netherlands to S4 Energy, which is majority-owned by global commodities merchant Castleton Commodities International, Reuters reported.
The battery storage portfolio is one of the largest under development in the world, according to Low Carbon, and should play a role in helping balance supply and demand on the grid system as the Netherlands seeks to have 39% of renewables in its total energy mix by 2030.
Abu Dhabi’s CYVN set to take stake in sports carmaker McLaren. (FS)
CYVN, an investment firm backed by Abu Dhabi, has signed a preliminary deal to take a stake in British luxury carmaker McLaren and take full control of its automotive business.
The deal with McLaren’s controlling shareholder, Bahrain’s Mumtalakat, would bring access to additional capital, advanced engineering expertise and technology, particularly in the field of electric vehicles, Bloomberg reported.
Thiel-backed crypto exchange Bitpanda explores options.
Bitpanda, a cryptocurrency trading platform backed by billionaire Peter Thiel, is exploring options including a potential initial public offering in Frankfurt, Bloomberg reported.
The Vienna-based company is working with Citigroup and JP Morgan and could also consider selling itself, the people said. Any deal could value Bitpanda at $4bn or more.
APAC
AirAsia, a Malaysian multinational low-cost airline, terminated its SPAC merger agreement with Aetherium Acquisition, a blank cheque company.
"We were disappointed to learn via media reports that Capital A Berhad's board had unilaterally decided to terminate a business combination of its branding business, Capital A International, with Aetherium, a transaction that we believe would have unlocked substantial value for shareholders. This decision, following months of delays by Capital A International in filing the F-4 registration statement that had been prepared, is very concerning. We look forward to learning more and will take all reasonable steps to seek a positive resolution for the shareholders of both companies," Lim How Teck, Aetherium Independent Director.
Myer, an Australian mid-range to upscale department store, agreed to acquire apparel brands from Premier Investments, an Australian public company limited by shares, for AUD946m ($625m).
"The combination of Myer and Apparel Brands is transformational for our business. If approved by shareholders, it will create a leading retail group with more than 780 stores across Australia and New Zealand, with a large and highly engaged customer base and capital to fund future investment and growth," Olivia Wirth, Myer Executive Chair.
Myer is advised by Barrenjoey Capital Partners and Clayton Utz. Premier Investments is advised by UBS and Arnold Bloch Leibler (led by Jeremy Leibler).
Ola Electric’s shares slip below IPO price amid financial woes.
Shares of India’s biggest e-scooter maker Ola Electric Mobility fell below their initial public offering price, in a harsh reality check for one of the country’s most hyped listings of the year, Bloomberg reported.
The stock dropped as much as 3.6% on October 29 to an intraday low of INR74.82 ($0.89), below the IPO price of INR76 ($0.90). Ola’s shares, which almost doubled in value in the first six trading sessions since their listing in early August, have been under pressure in recent weeks as the company struggled with market share losses and rising consumer complaints.
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