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AMERICAS
Blackstone, an alternative asset manager, agreed to acquire Rover Group, an online marketplace for pet care, for $2.3bn.
“We are thrilled for this next chapter in the Rover story and look forward to the partnership with the Blackstone team, who share our conviction, excitement and strategic vision. Blackstone brings deep expertise in partnering with innovative technology companies, and with their support and collaboration, we plan to continue investing in our business in service of our mission to make it possible for everyone to experience the unconditional love of a pet in their lives. This transaction delivers immediate and compelling value to Rover stockholders, and is a testament to the commitment and hard work of our team and an exciting milestone for Rover," Aaron Easterly, Rover Co-Founder and CEO.
AbbVie, a pharmaceutical company, agreed to acquire ImmunoGen, a biotechnology company focused on the development of antibody-drug conjugate therapeutics for the treatment of cancer, for $10.1bn.
"The acquisition of ImmunoGen demonstrates our commitment to deliver on our long-term growth strategy and enables AbbVie to further diversify our oncology pipeline across solid tumors and hematologic malignancies. Together, AbbVie and ImmunoGen have the potential to transform the standard of care for people living with cancer," Richard A. Gonzalez, AbbVie Chairman and CEO.
AbbVie is advised by JP Morgan, Morgan Stanley and Wachtell Lipton Rosen & Katz (led by David K. Lam and Steven R. Green). ImmunoGen is advised by Goldman Sachs, Lazard and Ropes & Gray (led by Tara Fisher).
Pharmavite, a vitamin and supplement company, completed the acquisition of Bonafide Health, a women’s health company creating a new standard in managing the journey of menopause, for $425m.
“We’re thrilled to welcome Bonafide Health to Pharmavite. This acquisition positions us as the nation’s leading women’s health nutraceutical company, signaling a new era of innovation and science-based solutions in this underserved space. Bonafide’s unwavering commitment to research, development, and robust scientific evidence mirrors Pharmavite’s rigorous standards, while its deep relationship with healthcare professionals aligns with our goal of ensuring nutrition education is at the forefront of the industry," Jeff Boutelle, Pharmavite CEO.
Pharmavite was advised by Houlihan Lokey. Bonafide Health was advised by EVOLUTION Life Science Partners and William Hood and Company.
Johnson & Johnson, a pharmaceutical, and medical technologies corporation, completed the acquisition of Laminar, a medical device company focused on eliminating the left atrial appendage in patients with non-valvular atrial fibrillation, for $400m.
“For the millions of people living with AFib, stroke risk is a major concern. The team at Laminar is driven by our vision to develop and deliver an innovative solution to help patients live without the fear of stroke, or the need for long-term use of blood thinners. We are looking forward to advancing this vision as part of Johnson & Johnson MedTech," Randy Lashinski, Laminar President & CEO.
Synagro, a preeminent provider of biosolids and residuals solutions services in North America, completed the acquisition of New England Fertilizer, a company with customized client solutions and proven biosolids management technologies. Financial terms were not disclosed.
"Joining the Synagro team was a great decision for the combined business as well as providing additional opportunities for our employees. We are excited to be part of such a great team, with our proven capabilities working together to provide innovative client solutions," Larry Bishop, NEFCO General Manager.
McGowan, a specialized insurance brokerage firm, completed the acquisition of Protexure Insurance Agency, a professional liability insurance provider. Financial terms were not disclosed.
"We are very excited to become part of The McGowan Companies. Their commitment to investing in and expanding our capabilities will accrue to the benefit of our policyholders," Kyle Nieman, Protexure President & CEO.
Occidental in talks to buy Permian producer CrownRock.
Occidental Petroleum is one of the finalists in the auction for CrownRock, an energy producer in the west Texas area of the Permian basin, with a bid of more than $10bn, Reuters reported.
ConocoPhillips was considering an offer for CrownRock while Diamondback Energy, Devon Energy, Marathon Oil and Continental Resources were also studying potential bids.
Cigna, Humana are discussing combination of insurance giants.
US health insurer Cigna is in talks to merge with peer Humana, a deal that could exceed $60bn in value and would be certain to attract fierce antitrust scrutiny, Reuters reported.
The discussions come six years after regulators blocked mega-deals that would have consolidated the US health insurance sector. After US courts upheld antitrust challenges in 2017, Cigna gave up on a $48bn deal to acquire Anthem - now known as Elevance Health.
Global public pension assets dip to $25.9tn in 2023.
Global public pension fund assets dropped slightly to $25.9tn in 2023 from $26tn a year earlier, as inflation dented returns from bond investments, Reuters reported.
The slippage follows two years of strong asset growth, with the funds also grappling with a rise in real interest rates, according to the report by OMFIF, Official Monetary and Financial Institutions Forum.
Disney names Jeremy Darroch, Morgan Stanley’s James Gorman to board. (People)
Walt Disney’s board appointed Morgan Stanley CEO James Gorman and former Sky CEO Jeremy Darroch as new directors as it faces the prospect of two separate shareholder challenges, WSJ reported.
Disney said the appointments reflect its commitment to a strong board focused on long-term performance, strategic growth initiatives, succession planning and increasing shareholder value. CEO Bob Iger in recent weeks has told investors and employees that the company has begun building its future after a period of fixing problems.
EMEA
Impilo-backed Scantox, a preclinical research company, agreed to acquire neuropharmacology division from QPS Austria, a full-service contract research organization. Financial terms were not disclosed.
"The acquisition of QPS Neuro is meaningfully changing our lead optimization platform and expands the depth and breadth of our discovery services in the CNS and rare disease area. We see a strong fit with the Scantox organization and are deeply impressed with the dedicated management team, its staff and R&D efforts focused on providing an enhanced level of service and scientific excellence to their clients," Jeanet Løgsted, Scantox CEO.
Scantox is advised by Ernst & Young, Lincoln International, Accura, Dorda and LEK Consulting. QPS is advised by Perella Weinberg Partners, Ropes & Gray, Wolf Theiss and KPMG.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the acquisition of a 49% stake in Sweden and Denmark operations from Cellnex, an independent operator of wireless telecommunications infrastructure, for $769m.
“We are pleased to have completed this transaction, which represents a natural fit for our core infrastructure strategy as well as a significant milestone in what we hope will be a long-term partnership with Cellnex. We look forward to working with the Cellnex management team in pursuing the significant value creation opportunities that we believe lie ahead in Sweden and Denmark,” Cyrus Gentry, Stonepeak Managing Director.
Stonepeak was advised by Guggenheim Partners, Nomura and Herbert Smith Freehills (led by Gavin Williams and Emma Stones). Cellnex was advised by AZ Capital and Baker McKenzie.
Nova Ljubljanska Banka, a banking and financial group in Slovenia, agreed to acquire Summit Leasing, a provider of auto finance in Slovenia, from Apollo, a provider of alternative asset management and retirement solutions.
"That the time has come for further growth of the NLB Group, albeit inorganic, should come as no surprise to anyone who has closely followed our development over the past few years. We have namely repeatedly emphasized that we are constantly monitoring market conditions and analysing potential opportunities for tactical mergers and acquisitions, that could open new opportunities or potentially even new markets to us, but above all increase added value for our stakeholders and provide our clients with additional services and solutions," Blaž Brodnjak, NLB CEO.
NLB is advised by Deloitte, Kavčič Bračun & Partner and Kinstellar.
Keppel, an infrastructure company, agreed to acquire a 50% stake in Aermont Capital, a real estate private equity firm, for $388m.
“Aermont Capital runs an established and highly successful asset management platform in Europe, raising the most capital among European real estate funds in the last five years, despite the COVID-19 pandemic. The acquisition of an initial 50% stake in Aermont, with a pathway to an eventual 100% ownership and full integration, marks a major strategic step forward in Keppel’s ambition to be a global asset manager and operator, availing us of a highly attractive European platform with strong recurring fees and a premium network of global LPs," Loh Chin Hua, Keppel CEO.
bp, an oil and gas company, agreed to acquire the remaining 50% stake in Lightsource, a solar developer, for £254m ($323m).
“This is a natural evolution of the partnership we have built over the past six years - now we will be able to take Lightsource to the next level of profitable growth and performance. We will continue to scale this successful business, and also apply its capabilities and expertise to help meet bp’s growing demand for low carbon power from our transition growth engines. I look forward to welcoming the Lightsource team to bp and am confident that together we can further strengthen its position as a leading global renewables developer,” Anja-Isabel Dotzenrath, bp Executive VP.
General Atlantic weighs joining Hg in exploring sale of Argus Media stake. (FS)
US private equity firm General Atlantic is weighing joining co-shareholder Hg in selling its stake in Argus Media, which could lead to 50% of the oil pricing data business being sold, Reuters reported.
Private equity group Hg had already been gauging interest from investors including Mubadala, CDPQ, GIC and CPP Investments for its 25% stake in the London-based business.
Banijay submits binding offer for All3Media.
Banijay, the French TV production group owned by FL Entertainment, has submitted a binding offer for British rival All3Media, Reuters reported.
Joint owners Liberty Global and Warner Bros Discovery received binding offers for the "Fleabag" and "The Traitors" maker last week as part of an ongoing sale process.
Dutch government kicks off €1bn ABN Amro stake sale.
The Dutch government plans to sell shares worth about €1bn ($1.1bn) in ABN Amro Bank as it continues to retreat from a holding acquired during the financial crisis over a decade ago, Bloomberg reported.
The state will lower its stake to about 40% from the current 49.5% in the coming days. The minimum price for the share sale is still being considered and the plan will be managed by BofA Securities, while Rothschild & Co is acting as financial adviser to NLFI.
Tesco’s banking arm is said to attract interest from Lloyds.
UK grocer Tesco's banking business is attracting initial interest from Lloyds Banking Group, Bloomberg reported.
Lloyds is among a number of suitors that have been studying a potential deal involving Tesco Bank. Talks between the lender and the British retailer are at an early stage and there isn't any certainty on whether the parties will proceed toward a formal offer.
Robinhood opens in Britain with low-cost US trading to woo clients.
Trading app operator Robinhood Markets said it would roll out brokerage services in Britain, as part of an international expansion plan aimed to "democratise finance" and increase access to markets, Reuters reported.
Robinhood grabbed the attention of millions during a 2021 retail trading frenzy in the United States, when mom-and-pop investors flocked to the company's commission-free platform to back so-called "meme stocks" during pandemic-era lockdowns.
UniCredit's money machine has $10bn to reshape European banking.
A quarter-century ago, a young banker named Andrea Orcel led a team at Merrill Lynch that cobbled together more than a half-dozen midsize banks to create Italy’s No. 3 financial firm. Over the following decade, the company now known as UniCredit spent $65bn buying lenders across central and eastern Europe to become a regional colossus—and Italy’s biggest bank.
Orcel went on to take the top job at UBS Group's investment bank. Then came a courtship with Banco Santander, which ended in a court ruling that could net Orcel as much as $47m after the Spanish lender withdrew an offer for him to become CEO, Bloomberg reported.
French PE firm Antin IP raises €1.2bn fund, in-line with targets. (FS)
French private equity firm Antin Infrastructure Partners has met a target to raise €1.2bn ($1.31bn) for its latest fund tied to energy transition despite headwinds for fundraising in the sector, Reuters reported.
The fund, dubbed NextGen, is set to be invested in Europe and North America and is the first of its kind at Antin IP, which has about €30.8bn ($33.8bn) of assets under management.
Dubai’s latest IPO record shows investor appetite is unwavering.
For anyone questioning the appetite for initial public offerings in the Persian Gulf, investors can’t get enough, Bloomberg reported.
Dubai Taxi — the government’s first after a year hiatus — received more than $41bn of investor orders for its $315m offering and was 130 times covered, a record for a region that’s well used to eye-watering oversubscription numbers.
APAC
UltraTech, a cement company, agreed to acquire cement business from Kesoram Industries, an industrial company. Financial terms were not disclosed.
"The transaction will provide UltraTech with the opportunity to extend its footprint in the highly fragmented, competitive, and fast growing Western and Southern markets in the country. It will help enhance UltraTech’s geographic reach in Southern markets such as Telangana where UltraTech currently does not have any cement manufacturing plant. The operations will be bolstered by economies of scale resulting from synergies in procurement, logistics and fixed costs," UltraTech.
UltraTech is advised by Bansi S. Mehta & Co, PricewaterhouseCoopers, Khaitan & Co, ICICI Bank and Trilegal.
Seven & i, a diversified retail company, agreed to acquire 7-Eleven Australia, an operator of convenience store and fuel retail businesses, for $1.13bn.
"The acquisition by 7-Eleven International is a vote of confidence in our people, our strategy, and the future of 7-Eleven Australia. The business has strong momentum and an exciting outlook for growth. Our customers will continue to come first, and we will remain focused on the transformation of our total merchandise and fuel offer, the evolution of our convenient food proposition, digital and format innovation, as well as the rollout of new stores," Angus McKay, 7-Eleven Australia CEO and Managing Director.
Seven & i is advised by Bank of America, Nomura, Baker McKenzie and Nishimura & Asahi.
BMW, a multinational manufacturer of luxury vehicles and motorcycles, and Mercedes-Benz, a luxury and commercial vehicle automotive brand, agreed to form a joint venture. Financial terms were not disclosed.
"Both BMW and Mercedes-Benz will apply the expertise gained from global and Chinese charging operations, as well as the in-depth understanding of the Chinese new energy vehicle market, to deliver fast, convenient, reliable, and tailor-made charging solutions for the Chinese market. The cooperation is intended to elevate customer public charging experience," BMW.
Australia's $2.5tn pension funds set to flex muscles in corporate dealmaking.
A $10.6bn takeover saga in Australia has put the spotlight on the country's largest pension fund and its rare shareholder activism which, dealmakers said, could spur peers to play 'king makers' in corporate deals amid growing pressure on returns, Reuters reported.
The growing size of the funds, managing $2.5tn in assets, and their increased stakes in companies - apart from their intensified environmental, social and corporate governance scrutiny - is set to give them more sway in the corporate sector.
Malaysia's Sime Darby seeks to expand car retail business into India.
Sime Darby, Malaysia's industrial and automotive conglomerate, is looking to set up a luxury car retail business in India and expand in Indonesia to tap into the growth potential of both economies, Reuters reported.
"We cannot ignore India. It's just something too big, you cannot ignore. So we're looking for opportunities in India to see whether we can do something with a local partner and start a car retail business there," Jeffri Salim Davidson, Sime Darby CEO.
Sino-Ocean said to be in talks with Cinda for financial support.
Chinese state-backed developer Sino-Ocean is in talks with bad-debt manager China Cinda Asset Management over financial support, Bloomberg reported.
The two sides began discussions over further assistance in October, building on their existing collaboration on a number of property projects.
Public investors with $4.3tn are down on China but in on net zero.
Public pension and sovereign wealth funds managing $4.3tn in assets are pessimistic about investing in China, but keen to cut net emissions of their portfolios, Reuters reported.
The survey of 22 funds by OMFIF, a think tank for central banking, economic policy and public investment, also showed that 62% of the 50 largest pension funds and nearly half of the largest sovereign wealth funds suffered losses last year amid high inflation and historically rapid global rate hikes.
AustralianSuper builds stake in lithium miner Pilbara Minerals.
Australia's largest pension fund emerged as a 5.1% stakeholder in Pilbara Minerals after snapping up shares now worth AUD558m ($371m) at a time of heightened interest in the country's lithium miners, Reuters reported.
The only shareholder with a larger stake in Pilbara Minerals is a subsidiary of Ganfeng Lithium, which owns 5.7%.
India's Tata Technologies valued at $6.4bn after smashing debut.
Shares of India's Tata Technologies settled nearly three-fold higher on their trading debut, valuing the first Tata company to go public in nearly two decades at INR532.64bn ($6.4bn), Reuters reported.
The Tata Motors' unit, which provides engineering and technology services to auto, aero and heavy machinery makers, beat the valuation of its peers like KPIT Technologies and L&T Technology Services.
Saudi Arabian media giant MBC Group sets price range for IPO.
Saudi Arabian media giant MBC Group is seeking to raise as much as $222m from the sale of a 10% stake through an IPO after the company disclosed an indicative price range, Reuters reported.
The price range was set between SAR23 ($6.1) and SAR25 ($6.6) per share, implying an equity value for the group of between $2.04bn and $2.22bn.
China EV maker Zeekr puts US IPO on hold.
Zeekr, the premium electric vehicle brand of Chinese automaker Geely, has put its US IPO on hold because of a mismatch in valuation expectations, Reuters reported.
Zeekr, which publicly filed a prospectus this month to float shares in New York, has aimed to maintain the valuation of $13bn it achieved in a private fundraising exercise in February.
Morgan Stanley China real estate banker Lida Ren leaves company. (People)
Lida Ren, Morgan Stanley’s real estate investment banker focused on China, has left the US firm amid a drop of property deals in the world’s second largest economy, Bloomberg reported.
Ren, a managing director based in Hong Kong, has recently departed the bank. She was a dealmaker covering real estate transactions in Asia Pacific with a focus on China.
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