AMERICAS
R1 RCM, a provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, agreed to acquire Acclara, a technology-driven revenue cycle management company, from Providence, one of the nation's largest health systems, for $675m.
"This strategic partnership with Providence demonstrates the confidence of one of our country's largest and most innovative health systems in the full suite of R1's technology and service solutions, at a moment when providers need our solutions more than ever. Providence is a pioneer of quality and compassionate faith-based care, and we are proud to work with Providence to be their trusted long-term partner to drive operational excellence and provide patients with affordable, high-quality care. We look forward to welcoming Acclara to R1," Lee Rivas, R1 CEO.
R1 RCM is advised by Centerview Partners, JP Morgan, Baker Donelson Bearman Caldwell & Berkowitz, Kirkland & Ellis, Perkins Coie and Allison+Partners. Providence is advised by BDT & MSD Partners, ArentFox Schiff and McDermott Will & Emery.
Patria Investments, a global alternative asset manager, agreed to acquire the Brazilian real estate business of Credit Suisse, a global investment bank and financial services firm, for $130m.
"This latest acquisition for our real estate business is a continuation of the M&A strategy we have conveyed since our IPO, and further exemplifies Patria's capability as a consolidator of high-performing asset managers in Latin America. Upon execution of the various approval stages of this transaction, we would add additional permanent capital AUM, and continue to grow the real estate asset class as a key component of our diversified investment platform," Alex Saigh, Patria CEO.
Patria Investments is advised by Pinheiro Neto, i2a legal and Ideal H+K Strategies (led by Fábio Martins). Credit Suisse is advised by UBS and Barbosa Mussnich & Aragao.
AbbVie, a global biopharmaceutical company, agreed to acquire Cerevel Therapeutics, a biopharmaceutical company focused on developing new therapies, for $8.7bn.
"Our existing neuroscience portfolio and our combined pipeline with Cerevel represents a significant growth opportunity well into the next decade. AbbVie will leverage its deep commercial capabilities, international infrastructure, and regulatory and clinical expertise to deliver substantial shareholder value with multibillion-dollar sales potential across Cerevel's portfolio of assets," Richard A. Gonzalez, AbbVie Chairman and CEO.
ASSA ABLOY, a Swedish conglomerate whose offerings include products and services related to locks, doors, gates, and entrance automation, completed the acquisition of Ghost Controls, a US supplier of automated residential gate openers. Financial terms were not disclosed.
"I am very pleased to welcome Ghost Controls into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business," Nico Delvaux, ASSA ABLOY President and CEO.
Hub International, a global insurance brokerage and financial services firm, completed the acquisition of Longbow Financial Services, a financial consulting firm. Financial terms were not disclosed.
"We welcome Michael and the Longbow Financial team to HUB as part of our growing presence in the Northwest," Joe DeNoyior, Hub Retirement and Private Wealth President.
Riverside-backed CertaSite, a commercial fire protection and life safety company, completed the acquisition of Copp Systems, a security and fire protection business in Dayton, Ohio. Financial terms were not disclosed.
"CertaSite is the perfect partner to build on the foundation and legacy laid by our employees and customers. With CertaSite, we have a unique opportunity to blend our knowledge base with a technology-based platform that offers new product lines, is professional and rooted in best practices, and provides significant value for customers," Bill DeFries, Copp Systems Owner.
Core & Main, a distributor of water, sewer, stormwater and fire protection products, completed the acquisition of Granite Water Works, a provider of water, wastewater and storm drainage products. Financial terms were not disclosed.
“For over three decades, our team has dedicated itself to delivering superior products and service to meet the drainage and waterworks needs of customers throughout Minnesota. As a family-owned business, we feel that our company is a good fit for Core & Main’s culture, and we are excited to join an organization that respects our heritage while offering extensive opportunities for future growth,” Ed Molitor, Granite Water Works Owner.
Elon Musk's SpaceX is valued at $175bn or more in the tender offer.
Elon Musk's SpaceX has initiated discussions about selling insider shares at a price that values the company at $175bn or more, Bloomberg reported.
The most valuable US startup is discussing a tender offer that could range from $500m to $750m. SpaceX is weighing offering shares at about $95 apiece.
Ares and Sportsology are in talks for a stake in MLB's Texas Rangers. (FS)
Sportsology Capital Partners and Ares Management are in exclusive talks to buy a stake in Major League Baseball's Texas Rangers, Bloomberg reported.
The group is in advanced discussions to acquire the 10% stake in the 2023 World Series winners owned by Janice Simpson, and the transaction is set to value the team at more than $2bn.
Blackstone president signals that the firm will do more bank-asset deals. (FS)
Blackstone is embracing its new role as a capital provider to Wall Street after sealing a half-dozen deals with banks involving about $7bn worth of assets, Bloomberg reported.
President Jon Gray disclosed the numbers on December 6 at the Goldman Sachs US Financial Services Conference and signalled the firm expects those kinds of deals to lighten bank balance sheets.
Danish pension fund to sell its Tesla shares. (FS)
PensionDanmark, one of Denmark's largest pension funds, decided to sell its holdings in Tesla over the US auto company's refusal to enter into agreements with labour unions, Reuters reported.
The decision is part of a growing Nordic movement to force Tesla to sign collective bargaining agreements with Swedish mechanics, who have been on strike since October. Labour unions in Norway and Denmark this week said they would start blocking transit shipments of Tesla cars meant for the Swedish market.
Founder of Pre-IPO share seller charged in $89m securities fraud.
The founder of Prior2IPO, which marketed investments in private companies that might go public, was charged with fraud in New York for what US prosecutors said were $88.6m in exorbitant markups on share purchases, Bloomberg reported.
Raymond Pirrello Jr., 47, of Sparta, New Jersey, was named in a three-count indictment in federal court in Brooklyn, New York. Separately, the US Securities and Exchange Commission sued Pirrello and four others, accusing them of misleading more than 4k investors.
McKinsey shrinks new partner class by roughly 35%.
Consulting giant McKinsey recently told employees that about 250 people would become partners, down from around 380 a year ago. It got a lot harder to make it to the top of McKinsey & Co.
The closely held firm named its new class of partners, and the group is roughly a third smaller than last year, in the latest sign that economic conditions have dented demand for high-price consultants, WSJ reported.
Mexico's Vesta taps the US market again after Fibra's next IPO fumble.
Mexican property developer Corporacion Inmobiliaria Vesta is looking to raise as much as $150m as soon as December 7 in its second follow-on US stock offer this year, Bloomberg reported.
Vesta is seeking to sell up to 4m American depositary receipts, equal to 40m Mexican shares, in order to fund the purchase of more facilities and land, according to a filing with the US Securities and Exchange. Commission that did not specify the timing of the sale. Bankers will price the offer this week.
EV maker Zeekr explores possible US stock offering in February.
Zeekr Intelligent Technology, the high-end electric car brand under Zhejiang Geely Group, is exploring the possibility of a planned US initial public offering in February, Bloomberg reported.
The EV maker has been looking for an appropriate listing window after gauging investor demand last month. The company is now looking at a potential first-time share sale around the Lunar New Year, which will start on February 10, betting investor appetite will improve by then.
EMEA
UBS has formally begun the integration of Credit Suisse's parent bank, marking a key next step in what is the first merger of two global systemically important banks, Reuters reported. UBS said its board of directors had given the green light for the respective parent banks, UBS and Credit Suisse, to fuse.
"The completion of the merger is subject to regulatory approvals and is expected to happen in 2024," UBS.
Credit Suisse was advised by Alvarez & Marsal (led by Fernando De La Mora, David Edmonds and Alessandro Farsaci), Centerview Partners (led by Blair Effron), Rothschild & Co (led by Nick Bossart), Chiomenti (led by Filippo Modulo), Cleary Gottlieb Steen & Hamilton (led by David Lopez), Cravath Swaine & Moore (led by Ronald E. Creamer Jr.), Homburger (led by Daniel Daeniker, Benjamin Leisinger, and Claude Lambert), Khaitan & Co (led by Siddharth Shah), Sullivan & Cromwell (led by Mitchell Eitel), and Community Group (led by Auro Palomba). UBS was advised by JP Morgan, Morgan Stanley, UBS, Bär & Karrer (led by Rolf Watter), Cyril Amarchand Mangaldas (led by Cyril Shroff), Davis Polk & Wardwell (led by Evan Rosen and Marc O. Williams), Freshfields Bruckhaus Deringer (led by Michael Raffan and Jennifer Bethlehem), Brunswick Group and Community Group (led by Marco Rubino). Financial advisors were advised by Latham & Watkins (led by Ed Barnett, Bradley Faris and Samuel Newhouse).
Danish food ingredients and enzymes makers Novozymes and Chr. Hansen are expected to secure EU antitrust approval for their all-share $12bn tie-up based on remedies offered to address competition concerns, Reuters reported.
Novozymes, which makes enzymes for household products, food and beverages and biofuels, and Chr. Hansen, an enzyme maker for the food sector, last month offered to sell part of the combined company's global lactase enzyme business, saying that a buyer had already been found.
Chr. Hansen is advised by Goldman Sachs (led by Andre Kelleners), Baker McKenzie, Gorrissen Federspiel (led by Anders Orjan Jensen) and Impact Partners. Goldman Sachs is advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg). Novozymes is advised by Danske Bank, FIH Partners (led by Kasper Kristian Elton Koch), Gordon Dyal & Co (led by Gordon Dyal), Nordea Bank (led by Torben Hansen), Oxera, Davis Polk & Wardwell (led by Connie I. Milonakis and Will Pearce), Linklaters (led by Mark Daniel, Nicole Kar), Plesner (led by Thomas Holst Laursen), FGS Global (led by Rory King, Charlie Chichester), and Point Communications. Financial advisors are advised by Simpson Thacher & Bartlett (led by Jakob Rendtorff).
KKR, an American global investment company, agreed to acquire Smart Metering Systems, a British energy infrastructure company, for £1.4bn ($1.76bn).
"KKR's offer recognizes the strength and resilience of our model and will ensure SMS has the necessary capital to accelerate and unlock its full growth potential. The offer price represents a significant premium to the current share price and allows shareholders to realize immediate and attractive value for their shareholding," Tim Mortlock, SMS CEO.
Admiral Group, a British financial services company, agreed to acquire the UK direct Personal Lines operations of Intact Financial, the largest provider of property and casualty insurance in Canada, for £115m ($145m).
"The exit from the UK personal lines market sharpens RSA's focus as a leading UK commercial and speciality lines player, accelerating our ability to deliver sustainable outperformance in the UK&I segment," Charles Brindamour, Intact Financial CEO.
Admiral Group is advised by Barclays and Clifford Chance. Intact Financial is advised by JP Morgan and Skadden Arps Slate Meagher & Flom.
Arctos Partners, a private equity platform dedicated to the professional sports industry, agreed to acquire a 12.5% stake in Paris Saint-Germain, a football club in France, from Qatar Sports Investments, a private equity company, for $575m.
“We are delighted to welcome Arctos into the Paris Saint-Germain family as a strategic partner and investor. As a Club and institution, we are entering the next exciting phase of PSG’s growth and development, both on and off the pitch – which is based on long-term ambitions and attaining excellence in everything we do. Arctos is a fantastic partner to help us achieve our goals, bringing strategic expertise, ideas and innovation to our business, while providing investment and new relationships to support our footballing and sporting goals. From day one, they have passionately believed in our project, our plan and vision for the Club – and we are proud to have them as part of our family. Today is an important milestone in Paris Saint Germain’s history, which will contribute greatly to the continued success and growth of our great Club,” Nasser Al-Khelaïfi, Qatar Sports Investments Chairman.
Arctos Partners is advised by Kirkland & Ellis and Prosek Partners (led by Matthieu Roussellier). Qatar Sports Investments is advised by Guggenheim Partners and DLA Piper.
Bain Capital is the last remaining bidder for software company SoftwareOne after other interested parties, including private equity firm Apax Partners, dropped out, Reuters reported.
This makes buyout group Bain the frontrunner to acquire the Swiss software manager after it first emerged as a bidder back in June. SoftwareOne shares fell 1.1% on December 7 morning after the Reuters report.
SoftwareOne is advised by JP Morgan and FGS Global.
HGGC-backed Specialist Risk Group, an insurance broker in London, agreed to acquire CBC, an insurance brokerage, from B.P. Marsh & Partners, the specialist private equity investor in early-stage financial services businesses, for £65m ($82m).
"When Rob Cottingham called me in 2016 to explain the opportunity for a Management Buyout of independent Lloyd's Broker CBC, I contacted B.P. Marsh, who agreed to partner with us very readily. This year is the 50th anniversary of me commencing my career within the Lloyd's market as a junior administrator with Nelson Hurst under the tutelage of Brian Marsh. B.P. Marsh has provided follow on funding and supported us to expand the business by attracting highly experienced, talented and dedicated practitioners," Andrew Wallas, CBC Chairman.
Müller Martini, a manufacturer of paper inserting systems, mail room delivery systems, and other printing-related equipment, agreed to merge with Hunkeler, a printing solutions firm. Financial terms were not disclosed.
By joining forces, both companies see great opportunities to bundle their innovation activities and to serve our global customer base even better in the future through joint sales and service activities. The two owner families have therefore decided on this strategic transaction that led to the acquisition of Hunkeler by Müller Martini.
Vista Bank, a financial services firm that establishes a financial institution group and promotes economic and financial inclusion, agreed to acquire Burkina Faso and Mozambique business of Societe Generale, a French multinational investment bank and financial services company. Financial terms were not disclosed.
According to the commitments made, Vista Bank would take over all activities operated by these subsidiaries, as well as all Societe Generale's client portfolios and all employees within these entities.
KPMG weighs merging UK and Swiss accounting arms to boost growth.
KPMG is planning to merge its UK and Swiss firms to drive up profits at the smallest of the Big Four accounting firms, Bloomberg reported.
Partners in both countries were told of the potential merger on December 1. A vote on the proposed combination could be held as early as next year.
AXA explores €1bn disposal of European protection businesses.
AXA is considering selling some of its protection insurance businesses across Western Europe in a deal that could be worth up to €1bn ($1.1bn), Reuters reported.
The French insurance group has been in talks with advisers over plans to divest the businesses, which provide cover against unexpected life events such as accidents or illness, with a potential sale in the new year.
Societe Generale said to revive the sale of UK private bank unit.
Societe Generale is reviving a potential sale of its private UK bank Kleinwort Hambros, a move that would allow the French lender to free up capital, Bloomberg reported.
The French bank is working with advisers to explore interest in the unit. There's no certainty the efforts will lead to a transaction.
Bawag emerges as the frontrunner in Barclays sale of German unit.
Bawag Group, one of Austria's largest and best-capitalized banks, is in advanced talks to buy Barclays's German consumer finance business, Bloomberg reported.
Bawag is the lead bidder for the unit in a deal that could fetch around €500m ($539m) for Barclays. The unit is based in Hamburg and houses 700 employees.
Coco di Mama owner to test bidders' casual dining appetite. (FS)
One of Britain's biggest casual dining operators is to begin testing buyers' appetite for a deal next year in a move that could see chains such as Ask and Coco di Mama changing hands, SkyNews reported.
Azzurri Group, which is owned by Towerbrook Capital Partners, has begun talks with investment bankers about an auction that would launch sometime next year. Towerbrook took control of the casual dining chains at the height of the pandemic in 2020 when the business - like many others in the sector - went through a pre-pack administration.
Renault to invest €400m in its Bursa plant in Turkey.
Renault will invest €400m ($430m) in its Bursa plant in Turkey, which the French carmaker sees as its export hub not only for Europe but for other countries in the world, Reuters reported.
Renault said it would make four new models at this site, including a new low-cost SUV Duster, according to a spokesperson.
UK insurance broker Ardonagh weighs refinancing $3.9bn debt pile.
The Ardonagh Group is considering refinancing its entire debt stack to help finance more acquisitions in a deal that would rank among the largest ever for private credit, Bloomberg reported.
The UK insurance broker is in talks with lenders about refinancing its outstanding loans and introducing fresh acquisition lines. The debt held by Ardonagh totalled over $3.9bn as of December 2022, with the vast majority maturing in 2026, according to its latest UK filings.
Polish homebuilder IPO raises $101m in mortgage boom. (FS)
Murapol's owner raised PLN404m ($101m) in its initial public offering as investors bet on the continued health of Poland's housing boom, Bloomberg reported.
Ares Management sold a 30% stake in residential builder Murapol for PLN33 ($8.2) per share, according to a statement, versus a maximum marketed price of PLN35 ($8.7) each. The IPO values Murapol at about PLN1.35bn ($336m).
APAC
CropX, a provider of digital agtech solutions, agreed to acquire Green Brain, a prominent digital irrigation management solutions provider based in Adelaide, Australia. Financial terms were not disclosed.
This acquisition accelerates CropX's growth in the Australian precision ag market. The recurring droughts and the high cost of irrigation water in Australia make the continent a natural fit for precision agriculture technologies.
CropX is advised by Connexa Communications (led by Erica Camilo).
EU antitrust regulators have set a new February 14 deadline to decide whether to clear Korean Air's proposed acquisition of Asiana Airlines, according to an update on the European Commission website.
The EU competition enforcer temporarily halted its investigation into the deal on June 23 while waiting for the companies to provide the requested information, Reuters reported.
Saint-Gobain, a manufacturing company, completed the acquisition of Menkol Industries, an Indian manufacturer in high-added value waterproofing systems. Financial terms were not disclosed.
This acquisition strengthens Saint-Gobain's Construction Chemicals position in added-value speciality building materials in the very dynamic Indian market. Menkol Industries is specialized in high-performance waterproofing systems for building foundations that perfectly complement the existing Preprufe® patented waterproofing membranes from Saint-Gobain's recent GCP acquisition. This acquisition is a decisive step in Saint-Gobain's aim to build a leading technical waterproofing platform in India.
ChrysCapital, an Indian private equity firm, completed the investment in ProHance Analytics, a business-to-business software-as-a-service provider. Financial terms were not disclosed.
"We see tremendous potential in 'India for global SaaS' given the large developer talent pool and higher adoption of cloud in global enterprises. ChrysCapital is excited to be partnering with an innovative and dynamic company for our inaugural investment in the SaaS sector," Rishabh Iyer, ChrysCapital Vice President.
Bessemer Venture Partners, a venture capital firm, led a $210m funding round in Klook, a provider of online travel booking services, with participation from BPEA EQT, Atinum Investment, Golden Vision Capital, Krungsri Finnovate, Kasikorn Bank, and SM Investments.
"We are pioneering a transformative era of travel, catering to a new generation of more digitally-savvy travelers with bigger and bolder appetites for unique experiences. Our goal is to empower travelers to explore the world effortlessly through the Klook app, a one-stop platform that seamlessly connects them to a comprehensive range of in-destination services, encompassing immersive experiences and convenient ground transportation," Eric Gnock Fah, Klook COO and Co-Founder.
Woodside in talks with Santos to form $52bn Australian gas giant.
Australia's Woodside Energy and Santos said on Thursday they were in preliminary talks to create an AUD80bn ($52bn) global oil and gas giant, as consolidation among international energy firms intensifies, Reuters reported.
Combining two of Australia's largest oil and gas producers would be the largest corporate deal in the country for several years, during which buyout activity has been subdued by rising interest rates and financial market volatility.
A deal, if it goes ahead, would create the biggest liquefied natural gas producer in Australia, the world's No. 2 exporter of the super-chilled fuel that is expected to see decades of growth to meet Asia's energy transition needs.
India's Adani Ports looks to buy SP Group's Gopalpur port in Odisha.
India's largest private port operator, Adani Ports and Special Economic Zone, is in early talks to acquire real-estate conglomerate Shapoorji Pallonji Group's Gopalpur port in Odisha for about $132-$144m, Reuters reported.
The deal could potentially be Adani Ports' sixth acquisition of a port along India's eastern coast, where it already has about 247m tonnes of capacity.
Hospital chain Aster to fuel India expansion through buyouts.
Hospital and pharmacy chain Aster DM Healthcare said it would look to acquire private operators to fuel expansion in India after hiving off its Gulf business for $1bn, Bloomberg reported.
Aster plans to add an additional 1.5k beds to the current 4.8k capacity in the world's most populous country over the next three years and "look at companies that are not listed, but which have good performance," Azad Moopen, Aster Chairman and Managing Director said.
Hedge fund Palliser urges changes at Samsung C&T. (FS)
Activist investor Palliser Capital is urging Samsung C&T to spend its cash better, improve governance and communications and simplify its corporate structure to boost its share price, Reuters reported.
The London-based hedge fund has suggested SCT consider making a number of potential changes that could lift its share price by as much as 170%. SCT is the effective holding company of South Korea's largest business conglomerate, Samsung Group, that is controlled by its founding family. Possible changes could include speeding up plans to cancel its treasury shares and appointing more diverse board members who have expertise in capital allocation. Palliser also suggested naming one chief executive to oversee SCT's four business units that, now each have their own head, and reviewing whether some businesses could be sold or spun off and listed.
|
