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AMERICAS
A consortium of investors, including Elliott, Patient Square and Veritas Capital, completed the acquisition of Syneos Health, a healthcare company, for $7.1bn.
"The company has a strong operating foundation, differentiated, integrated solutions and a focus on being committed to customers. We believe this transaction will enable Syneos Health to continue to accelerate its growth strategy, enhance customer delivery and evolve the organization toward a tech-enabled future," John Dineen, Syneos Health Chairman.
Syneos Health was advised by Bank of America, Centerview Partners, Ernst & Young, Latham & Watkins (led by Thomas Malone, Josh Dubofsky and Javier F. Stark) and Joele Frank (led by Tim Ragones, Jim Golden and Viveca Tress). Financial advisors were advised by Freshfields Bruckhaus Deringer (led by Damien R. Zoubek). Patient Square was advised by Borden Ladner Gervais (led by Ryan Tomicic), Kirkland & Ellis (led by Daniel E. Wolf, Michael E. Weisser and Maggie D. Flores). Veritas Capital was advised by Covington & Burling (led by Scott A. Freling) and Milbank (led by Richard Presutti and Lowell Dyer). Elliott was advised by UBS, AZB & Partners (led by Divya Mundra), Borden Ladner Gervais, Gibson Dunn & Crutcher (led by Richard Birns) and Perez Llorca (led by Francisco Iso). Debt financing was provided by BMO Capital Markets, Citigroup, Goldman Sachs, HSBC, Jefferies & Company, Macquarie Group, Natixis Partners, RBC Capital Markets, Truist Securities, UBS and Wells Fargo Securities.
A $1bn metals deal by blank-cheque fund ACG Acquisition has been terminated following delays when the different sides, which included a leading global miner and top automakers as anchor investors, tried to revise it.
ACG, a London-listed special purpose acquisition company, planned to buy a nickel mine and a copper mine from Appian Capital, betting on rising demand for metals needed for the global green energy transition.
Nuvini, a private serial software business acquirer, went public via a SPAC merger with Mercato Partners Acquisition, a publicly-listed special purpose acquisition company, in a $312m deal.
"The completion of our business combination with Mercato is an important step that will be fundamental to accelerating Nuvini's growth through future acquisitions. Listing Nuvini's shares on Nasdaq opens doors to new investors, enables broader market exposure and gives investors visibility on our value creation strategy. The potential capital generated through listing on Nasdaq will be instrumental to fueling our new acquisition endeavors," Pierre Schurmann, Nuvini CEO.
Wonder Group, a food delivery startup that operates truck-based restaurants from which consumers can order food through a mobile app, agreed to acquire Blue Apron, an ingredient-and-recipe meal kit company, for $103m.
“By joining forces with Wonder, we continue to realize our vision of Better Living Through Better Food, and support how families and loved ones come together over food. Wonder and Blue Apron deliver high-quality, chef-curated meals, making this a great match to offer more incredible mealtime experiences. The Blue Apron brand and products that our customers know and love will stay the same, with more opportunity for product expansion in the future. Further, the transaction delivers immediate and certain value for Blue Apron stockholders at a significant premium over recent trading prices," Linda Findley, Blue Apron President and CEO.
Alpha Lithium's board of directors recommended accepting the improved offer from Tecpetrol Investments for the acquisition of all outstanding common shares of Alpha. The offer stands at $1.1 per share in cash.
This comes after Caravel Capital Investments, a major shareholder of the company, issued an open letter endorsing Tecpetrol's revised offer to acquire Alpha Lithium.
Tecpetrol is advised by BMO Capital Markets, Davies Ward Phillips & Vineberg, Crestview Strategy, Laurel Hill and Teneo (led by Alexandre Meterissian).
Platinum Equity, a global investment firm, agreed to acquire a majority stake in The Cook & Boardman Group, a specialty distributor of commercial door and security integration solutions, from Littlejohn, an investment firm. Financial terms were not disclosed.
"Cook & Boardman has built an impressive, diversified business with national scale. Customers in this space want more than just a traditional distributor of doors and hardware. They increasingly need value added solutions, including electronic safety and security systems. We believe Cook & Boardman is uniquely positioned to capitalize on that growing demand for integrated solutions. We look forward to working with the company's leadership group and our partners at Littlejohn to continue growing the business," Jacob Kotzubei, Platinum Equity Co-President.
Warehouse Services, a warehouse services and transportation company, completed the acquisition of Sky Transportation Services, a regional truckload carrier. Financial terms were not disclosed.
"Sky is a great extension of our geographic footprint. The company provides greater density for us in key markets and very importantly it provides a meaningful expansion of capabilities across the border, which will enable us to better meet the needs of our customers. The acquisition also adds depth to our management bench," Barry Cox, WSI President.
Sky Transportation Services was advised by FV Advisory Group and Rhoades McKee. WSI was advised by Wofford Advisors and Farmer Scott Ozete Robinson & Schmitt.
Estrella Biopharma, a preclinical-stage biopharmaceutical company focusing on cancer therapeutics, went public via a SPAC merger with TradeUP Acquisition, a publicly traded special purpose acquisition company, in a $399m deal.
"We are pleased to close this transaction and are committed to the continued advancement of our clinical programs. Our anti-CD19 ARTEMIS T-cell therapy has the potential to improve patient outcomes while reducing the risk of Cytokine Release Syndrome. This marks a critical advancement in the management of blood cancer treatments," Cheng Liu, Estrella President and CEO.
Estrella was advised by Winston & Strawn. TradeUP Acquisition was advised by US Tiger Securities and Robinson+Cole.
John B. Sanfilippo & Son, a processor, packager, marketer and distributor of snack bars, dried cheese, and nut & dried-fruit based products, completed the acquisition of the Lakeville manufacturing facility and snack bars business from TreeHouse Foods, a private label food and beverage manufacturer, for $61m.
"This is a momentous day for our company as we close the largest and most transformational acquisition in our history. This acquisition significantly accelerates our product diversification strategy and allows us to offer our private label customers a complete offering of snack bars. I would like to officially welcome the approximately 400 employees of the Lakeville facility to the JBSS family. We look forward to working with this talented team to profitably grow the snack bar business and deliver long-term shareholder value," Jeffrey T. Sanfilippo, John B. Sanfilippo & Son CEO.
UPS, a multinational shipping & receiving and supply chain management company, agreed to acquire MNX, a time-critical logistics provider. Financial terms were not disclosed.
"UPS already brings extensive capability and industry-leading on-time delivery to our customers, and that breadth and reliability is why they place their trust in us. Together with MNX, we will further that reliability and speed globally, especially for our UPS Healthcare customers. We continue to invest in services that bring unique value to our customers and create additional growth opportunities for UPS," Kate Gutmann, UPS EVP and President.
UPS is advised by JP Morgan and King & Spalding.
XFL, a professional American football minor league consisting of eight teams, agreed to merge with United States Football League, a professional American football minor league. Financial terms were not disclosed.
"This historic combination will anchor professional spring football with substantial capabilities and resources to ensure future growth and continue to enhance the development of the collective players, coaches, and staff that are coming together," XFL.
XFL is advised by Skadden Arps Slate Meagher & Flom (led by Thad Hartmann) and Gagnier Communications (led by Dan Gagnier).
MarketSource, an outsourced sales services provider, completed the acquisition of Salelytics, a provider of outsourced contact center services. Financial terms were not disclosed.
"Our clients have long been requesting an expansion of our capabilities to better support them in large sales center and call center environments. Not only can we continue to offer our capabilities in field sales, inside sales and account management, but this acquisition enables us to do it at scale, utilizing advanced technologies to support clients in their growth efforts. In addition, it will allow MarketSource to expand into new verticals we've been interested in for some time," Rick Haviland, MarketSource President and CEO.
Cyberlux, a provider of innovative defense technology systems, completed the acquisition of Datron World Communications, a supplier of tactical communications products. Financial terms were not disclosed.
"This strategic acquisition is a game-changer for both Cyberlux and Datron. We are eager to build upon Datron's 52-year legacy and are steadfast in our commitment to driving growth as we unite these two exceptional teams. Together, we embark on a journey to build a stronger, more integrated company that sets new benchmarks in innovation and excellence," Mark Schmidt, Cyberlux CEO.
HGGC explores $4bn sale of typeface firm Monotype. (FS)
Buyout firm HGGC is exploring a sale of Monotype Imaging that could value the typeface firm at more than $4bn, including debt, Bloomberg reported.
HGGC is working with a financial adviser to gauge takeover interest in the Woburn, Massachusetts-based company and is expected to launch a formal auction process in the coming weeks.
Wells Fargo sells $2bn of private equity investments.
Wells Fargo said it had sold about $2bn of its private equity investments as the bank aims to sharpen focus on its core businesses. Lenders have been looking to improve efficiency and scale back less important bets, to better navigate the uncertainty as the Federal Reserve tries to engineer a soft landing for the US economy.
"With this transaction, we are continuing with our strategic efforts to focus on Wells Fargo's core businesses and customers," Mike Santomassimo, Wells Fargo CFO.
PGA Tour in deal talks with Endeavor, Fenway Sports. (FS)
Endeavor Group and Boston Red Sox owner Fenway Sports Group have expressed interest in investing in the PGA Tour, Reuters reported.
Any potential transaction would rival PGA's deal with Saudi Arabia's Public Investment Fund. The deal has divided the golfing world and irked some US lawmakers. After a very public war of words, PGA, DP World Tour and Saudi-backed LIV Golf circuit in June announced a shocking agreement to merge and form one unified commercial entity.
Larry Fink sees large opportunities for deals to transform BlackRock. (FS)
BlackRock Chief Executive Officer Larry Fink said he’s open to more acquisitions, as the world’s largest asset manager increasingly seeks to position itself as a one-stop shop for investors, Bloomberg reported.
“I do see some very large opportunities for inorganic growth,” Larry Fink, BlackRock CEO.
Microsoft discussed selling Bing to Apple as Google replacement.
Microsoft discussed selling its Bing search engine to Apple around 2020, a deal that would have replaced Google as the default option on the iPhone maker’s devices, Bloomberg reported.
Executives from Microsoft met with Apple’s services chief, Eddy Cue, who brokered the current search engine relationship with Alphabet’s Google, to discuss the possibility of acquiring Bing. The talks were exploratory and never reached an advanced stage.
Bain Capital weighs deal for Advent’s CCC Intelligent Solutions. (FS)
Bain Capital and TPG are weighing a deal for CCC Intelligent Solutions, the car-insurance software provider controlled by Advent International.
Bain and TPG are among suitors that have expressed interest in acquiring the Chicago-based company, Bloomberg reported.
EquiLend stock lending platform for sale after collusion settlement. (FS)
EquiLend, the securities lending platform owned by 10 of the biggest Wall Street firms, including Goldman Sachs and BlackRock, is exploring a sale following settlement of a major collusion lawsuit, Reuters reported.
The company is working with investment bank Broadhaven Capital Partners on an auction process, which is expected to draw interest from exchange operators, financial technology providers and private equity firms. Euronext is one of the parties interested in EquiLend.
Hopes rise for IPO recovery after September deal rush.
Bankers and investors are embracing a degree of optimism for the IPO market following a slew of major market debuts in September that made for one of the busiest months since the start of 2022.
So far this year there have been $423bn worth of equity capital markets transactions, a 5% increase from the same period last year though this total remains a far cry from the record levels of 2021, Reuters reported.
SoftBank-backed Vuori said to plan IPO next year. (FS)
Activewear brand Vuori is talking to investment banks about an initial public offering as soon as the middle of 2024, Bloomberg reported.
The apparel company would seek in an IPO to top its $4bn valuation in a 2021 funding round led by SoftBank Group’s Vision Fund 2.
Drugmaker Carmot Therapeutics is considering IPO.
Weight-loss drugmaker Carmot Therapeutics is exploring an initial public offering, Bloomberg reported.
The Berkeley, California-based biotechnology company is working with underwriters including JP Morgan and Bank of America on a listing that would likely take place next year, though plans could be accelerated if market conditions allow.
Blackstone seeks over $10bn in two direct lending funds. (FS)
Blackstone is looking to raise over $10bn across two private loan funds in Europe and the US, as the firm seeks to further capitalize on the growth of private credit.
The direct-lending funds, one in euros and the other in dollars, are targeting capital from institutional investors for a fixed term, Bloomberg reported.
EMEA
Bausch + Lomb, an optical brand, completed the acquisition of XIIDRA, a non-steroid eye drop, from Novartis, a pharmaceutical company, for $2.5bn.
"We expect to quickly take a leading position in the growing prescription dry eye category with the XIIDRA acquisition and MIEBO launch and, importantly, help the millions of patients not currently receiving adequate treatment for dry eye disease," Brent Saunders, Bausch + Lomb Chairman and CEO.
Britain's competition regulator said it has cleared UnitedHealth Group's $1.5bn acquisition of healthcare technology firm EMIS.
The Competition and Markets Authority confirmed it found no competition concerns in the deal between specialist healthcare tech and software companies, which provide services to Britain's National Health Service.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, agreed to acquire a 49% stake in Sweden and Denmark operations from Cellnex, an independent operator of wireless telecommunications infrastructure, for $769m.
“The sale of a stake in our Nordic business at an appropriate valuation marks another significant step forward in our goal to attain investment grade ratings. The agreement with Stonepeak shows Cellnex’s ability to attract the interest of high-quality financial partners who understand and value the inherent quality of the assets as well as the future opportunities in these markets," Marco Patuano, Cellnex CEO.
Stonepeak is advised by Guggenheim Partners, Nomura and Herbert Smith Freehills (led by Emma Stones and Gavin Williams). Cellnex is advised by AZ Capital and Baker McKenzie.
Kaleyra announced that the stockholders have approved all proposals related to the proposed acquisition of the company by Tata Communications.
"With this investment in Kaleyra, we will accelerate our push into the customer interactions platform market and fortify our global CommTech position. We are excited about Kaleyra's remarkable talent and their demonstrated capabilities in next-gen technologies. With this acquisition, we will further build intelligent, intuitive and innovative multi-channel communication solutions to unlock new growth opportunities for our customers," A.S. Lakshminarayanan, Tata Communications MD and CEO.
GCG, a distributor of connectivity, automation and supply chain products and solutions, completed the acquisition of RWL Advanced Solutions, a distributor of data cabling and network infrastructure solutions. Financial terms were not disclosed.
"RWL and GCG are both customer-centric solutions providers. Being nimble and responsive to market demands has made RWL a success in Europe, and makes them a perfect fit for GCG. We are extremely excited about the combined organization's ability to even better service our customers and supplier partners globally," Steve Maucieri, GCG CEO.
RWL was advised by Clearwater International and Eversheds Sutherland. GCG was advised by Walker Morris and William Fry.
FDJ Group, an operator of France's national lottery games, completed the acquisition of ZEturf Group, an online information and betting website, for €175m ($184m).
"The acquisition of ZEturf marks a new chapter for La Française des Jeux and strengthens our position in the French market for online games open to competition. Following the launch of our poker business, our entry into the world of online horse-race betting rounds out our diversified online range and bolsters FDJ Group's growth prospects while remaining aligned with our responsible gaming model," Stéphane Pallez, FDJ Chairwoman and CEO.
Mars, a global manufacturer of confectionery, pet food, and other food products and a provider of animal care services, completed the acquisition of SYNLAB Vet, a provider of specialist veterinary laboratory diagnostics, from SYNLAB. Financial terms were not disclosed.
“We are excited to welcome SYNLAB Vet to our division and look forward to working together in service of our purpose: A BETTER WORLD FOR PETS. Together we will support more veterinary professionals and pets in Europe with a full diagnostics portfolio across reference laboratories, point-of-care, imaging and technology solutions, rapid diagnostics, telemedicine and software solutions and services," Nefertiti Greene, Mars President.
Dynasty Equity, a global sports investment firm, completed the acquisition of a minority stake in Liverpool FC, a professional football club, from Fenway Sports Group, a global sports, marketing, media, entertainment, and real estate company.
"We are honored to partner with FSG and support the remarkable legacy of Liverpool in a strategic partnership that builds upon mutual respect and deep relationships among our respective teams," Jonathan M. Nelson, Dynasty Executive Chairman.
Dynasty Equity was advised by FGS Global. Fenway Sports Group was advised by Goldman Sachs and Morgan Stanley.
Halifax, a private equity firm, agreed to acquire the worldwide home care division from Sodexo, a food services and facilities management company. Financial terms were not disclosed.
"We are thrilled to partner with a company whose mission we support so wholeheartedly. In the US, we have tracked and admired the Comfort Keepers brand for a long time, and it is a privilege to have this opportunity to support the continued expansion of the company's global collection of brands. The company and its franchisees play an important role in helping individuals to live independently in the comfort of their own homes. The company is one of the largest operators in this sizeable market and has distinguished itself through the high-quality professional care that brings personal interaction, dignity, and joy to seniors as they age in place," Scott Plumridge, Halifax Managing Partner.
Halifax is advised by Lambert & Co (led by Caroline Luz). Sodexo is advised by Lazard.
Stokke owner NXC weighs options for $1bn baby brand. (FS)
Stokke’s owner is exploring strategic options for the Norwegian children’s brand, which sells everything from cribs and high chairs to baby carriers and strollers, Bloomberg reported.
South Korean investment company NXC is working with JP Morgan and Harris Williams to study a range of alternatives for Stokke that could include a sale. NXC is also considering expanding the business by acquiring Bugaboo, a stroller maker owned by Bain Capital.
Carlyle in exclusive talks for $7bn-plus Medtronic units deal. (FS)
Private equity firm Carlyle Group has entered into exclusive negotiations to acquire a majority stake in two medical device businesses of Medtronic at a valuation of more than $7bn, Reuters reported.
Were an agreement to be reached in the coming weeks, it would mark the culmination of Medtronic's 12-month review of its patient monitoring and respiratory interventions businesses, that it also considered spinning off into a standalone public company.
Travelex owners considering sale of company.
Travelex's owners are exploring a sale of the British currency exchange, which fell into administration in 2020, after bolstering its finances, Reuters reported.
The owners, which include former bondholders that took control of Travelex through a debt restructuring, are working with advisers at Barclays and Smith Square Partners to gauge buyer interest.
Thyssenkrupp in talks to sell up to 50% of steel unit to Czech billionaire.
German industrial group Thyssenkrupp is in advanced talks to sell up to 50% of its steel division to Czech billionaire Daniel Kretinsky, Reuters reported.
Thyssenkrupp resumed efforts to divest its steel division earlier this year, after the plan was abandoned following unsuccessful efforts to list, sell or find a merger partner for what is Europe's second-largest steelmaker.
Lawrence Stroll-led group raises stake in Aston Martin to 26%.
Aston Martin shares jumped after Executive Chairman Lawrence Stroll’s Yew Tree Consortium agreed to boost its stake in the carmaker to 26.2%, Bloomberg reported.
Certain members of Yew Tree are buying an additional 26m shares in the British luxury carmaker. Aston Martin shares rose more than 11% in early trading, the biggest gain since June. Aston is the midst of a turnaround effort since Stroll in 2020 rescued it. The company, which has required multiple cash injections, reported second-quarter earnings that beat analyst expectations but left its full-year guidance unchanged.
Axel Springer hasn't formally started bid for UK's Telegraph.
German publisher Axel Springer has not formally started a process to bid for British broadsheets the Daily Telegraph and Sunday Telegraph, Reuters reported.
The process to possibly bid for the two Telegraph titles, in an auction which comes after the group fell into the hands of receivers this summer, is at an early stage.
TDC weighs strategic options amid consolidation. (FS)
Denmark's largest telecoms company TDC has hired LionTree to help it explore strategic options for the business as consolidation in the Danish telecom market accelerates, Reuters reported.
The group, which is 50% owned by Australia's Macquarie, is conducting a strategic analysis of the business and the Danish market.
Congo’s Sofibanque ripe for takeover after decade of growth.
After a decade of growth that saw assets balloon nearly 12k%, Sofibanque sees itself as the next natural bank acquisition target in the Democratic Republic of Congo.
At an attractive valuation, the family-controlled Sofibanque could part with a portion of, or the entire bank, according to Chief Executive Officer Henry Wazne.
French prosecutor probes transactions involving LVMH's Arnault, Russian businessman.
The Paris public prosecutor's office confirmed that it is investigating financial transactions involving LVMH owner Bernard Arnault and Russian businessman Nikolai Sarkisov.
It confirmed the opening of a preliminary investigation, which in France does not necessarily imply wrongdoing by those concerned, for whom the presumption of innocence applies, Reuters reported.
Northvolt founder says jumbo IPO needs less shaky market.
The co-founder of Europe’s biggest battery-maker, Northvolt, says the timing of what will be one of the region’s most high-profile listings in recent years will only be firmed up once issuance conditions improve.
“The market has been pretty shaky in the last 18 months,” Paolo Cerruti, Northvolt Co-Founder.
HSBC’s Cowper-Coles to exit after criticizing UK stance on China. (People)
HSBC’s head of public affairs is set to step down shortly after making controversial comments about the British government’s handling of its relationship with China, Bloomberg reported.
Sherard Cowper-Coles will leave the UK lender next month. The executive had worked at HSBC for a decade, joining the bank in 2013 initially as a senior adviser to the group’s top brass before heading its global public affairs unit.
APAC
Bupa, a multinational health insurance and healthcare company, agreed to acquire an additional 20% stake in Niva Bupa Insurance, a health insurance company, from True North, a private equity firm, for $325m.
"Since founding the company as a joint venture, we are immensely proud of how we have helped Niva Bupa grow into such a flourishing and successful business over the years. In becoming a majority shareholder, we are building on the foundation of our strong partnership with True North. We look forward to using our market expertise and global scale to help Niva Bupa continue to grow and serve even more customers with their healthcare needs," Iñaki Ereño, Bupa CEO.
Bupa is advised by Rothschild & Co. True North is advised by Kotak Investment Banking.
Unicoin, an assets-backed cryptocurrency, agreed to acquire Eden Grand Resort, a luxury resort in Chonburi Thailand, for $335m.
"Unicoin is a perfect asset tokenization tool for real estate developers, as, by pooling multiple properties in our portfolio, we may turn Unicoin into a leading crypto brand with staying power. As an assets-backed, publicly reporting, audited and SEC-compliant cryptocurrency, Unicoin may win a significant market share from the assetless cryptocurrencies of the First Wave and provide Mr. Adnan with a high return on his investment," Alex Konanykhin, Unicoin CEO.
WestBridge evaluates buying stake in Meesho at a discount. (FS)
WestBridge Capital is in advanced stages of talks to purchase shares of Meesho worth tens of millions of dollars in the secondary market, as the high-profile venture firm looks to broaden its bet on e-commerce, DealStreetAsia reported.
The crossover fund, with a two-decade history of focusing on startups in India and Southeast Asia, is engaging with Venture Highway to buy out the younger firm’s stake in the social commerce startup. The deliberations are ongoing and current terms value the Indian startup at a discount of 25-35% over the previous valuation.
Tokyo equity offerings surge as Japan begins to shift towards capital efficiency.
Japan equity offerings have more than quadrupled in value this year, with investors encouraged by a surge in the Nikkei stock index to a 33-year high and signs that Japanese firms have begun to manage their capital more efficiently, Reuters reported.
A tough 2022 for equity capital markets globally resulted in a backlog of fundraising deals. Japan has also benefitted from far lower interest rates than other countries, billionaire Warren Buffett's lifting of stakes in Japanese firms and a re-allocation of funds away from China amid tensions between Beijing and Washington.
Hong Kong set to name HKMA official CEO of new $8bn fund. (FS, People)
Hong Kong is poised to name Clara Chan as the first chief executive officer of a new $8bn fund being established to invest in businesses across the Greater Bay Area, Bloomberg reported.
Chan, currently an executive director at the Hong Kong Monetary Authority, is set to be named CEO of the Hong Kong Investment. The appointment could be made in the coming weeks.
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