Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Healthpeak Properties, an American real estate investment trust, completed the acquisition of Physicians Realty Trust, a self-managed healthcare real estate company, for $2.64bn.
"We are pleased to announce the completion of our merger with Physicians Realty Trust. We believe this transaction augments our earnings, balance sheet, and platform. Our integration efforts are progressing ahead of schedule with property management internalized in four markets to date, with an additional five markets scheduled by the end of the second quarter. We expect to generate merger-related synergies of $40m during 2024 with potential for $20m or more of additional synergies by year-end 2025," said Scott Brinker, Healthpeak President and CEO.
Physicians Realty Trust was advised by BMO Capital Markets, Bank of America, KeyBanc Capital Markets and Baker McKenzie (led by Craig A. Roeder, Kathryn Strong and Christopher M. Bartoli). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim). Healthpeak Properties was advised by Barclays, JP Morgan, Mizuho Securities, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities and Latham & Watkins (led by Charles Ruck, Andrew C. Elken and Darren J. Guttenberg). Financial advisors were advised by Shearman & Sterling (led by Derrick Lott). Debt financing was provided by Barclays, JP Morgan, KeyBanc Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities.
Carlyle, a multinational private equity firm, and Insight Partners, a global software investor, completed the acquisition of a majority stake in Exiger, a SaaS company. Financial terms were not disclosed.
"Exiger's AI technology transforms the way organizations identify and manage risk, reduce cost and increase resilience across their supplier and third-party ecosystems. We are thrilled to partner with Carlyle and Insight Partners as we continue to invest in our 1Exiger platform which empowers our customers to make confident, deliberate decisions informed by real-time insights," Brandon Daniels, Exiger CEO.
Exiger was advised by McKinsey & Company, Ernst & Young, Jefferies & Company and Sidley Austin. Insight Partners was advised by Boston Consulting Group, Alvarez & Marsal, Deutsche Bank, NextFed, PricewaterhouseCoopers and Willkie Farr & Gallagher. Carlyle was advised by Boston Consulting Group, Alvarez & Marsal, NextFed, PricewaterhouseCoopers, Union Square Advisors and Latham & Watkins.
Everi, a provider of gaming products, financial technology, and loyalty solutions to casinos, agreed to merge with the Global Gaming and PlayDigital businesses of IGT, a multinational gambling company, in a $4bn deal.
"We are bringing together two businesses with complementary strengths that are stronger and more valuable together. The combination results in a comprehensive and diverse product offering, addressing more aspects of the gaming ecosystem across land-based gaming, iGaming, sports betting, and fintech. The creation of separate gaming and lottery companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders," Vince Sadusky, IGT CEO.
Everi is advised by Global Leisure Partners, Houlihan Lokey, Pillsbury Winthrop Shaw Pittman and JCIR. IGT is advised by Deutsche Bank, Macquarie Group, Mediobanca, Sidley Austin, Wachtell Lipton Rosen & Katz (led by Benjamin M. Roth and Victor Goldfeld) and White & Case. Debt financing is provided by Deutsche Bank and Macquarie Group. Macquarie Group is advised by Sullivan & Cromwell (led by Stephen M. Kotran and Lee C. Parnes).
Vistra, an integrated retail electricity and power generation company based in Irving, Texas, completed the acquisition of Energy Harbor, an electric utility company in Akron, Ohio, from Avenue Capital Group, an investment firm, and Nuveen, an American asset manager, for $3.43bn.
"Today's closing represents our commitment to leading a responsible transformation of the country's energy supply to greener energy sources through the expansion of our zero-carbon generation portfolio while continuing to prioritize reliable and affordable electricity for the customers we serve. We now own the second-largest competitive nuclear fleet in the US, complementing our existing reliable, flexible, and dispatchable generation assets and our leading retail business," Jim Burke, Vistra President and CEO.
AAR, a global aerospace and defense aftermarket solutions company, completed the acquisition of the product support business from Triumph Group, a supplier of aerospace services, structures, systems and support, for $725m.
"The completion of this acquisition scales AAR's repair capabilities, expands our footprint in the APAC region, and enhances our ability to serve our global customers. We're excited to welcome more than 700 team members from the Product Support business who bring expertise in key areas to the AAR team," John M. Holmes, AAR Chairman, President and CEO.
AAR was advised by Bank of America, Wells Fargo Securities and Latham & Watkins (led by Bradley Faris and Jason Morelli). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton. Debt financing was provided by Bank of America and Wells Fargo Securities. Triumph Group was advised by Goldman Sachs (led by Matthew McClure), Skadden Arps Slate Meagher & Flom (led by Marie Gibson) and Joele Frank (led by Sharon Stern).
ElectraMeccanica, a designer and assembler of electric vehicles, announced that founder and former board member Jerry Kroll has agreed to vote in favor of the acquisition from Xos, a leading electric truck manufacturer and fleet electrification services provider, at the upcoming special meeting of ElectraMeccanica shareholders on Wednesday, March 20th.
"My goal was always to be involved with a company that could put the last gas station out of business, and I believe that combining ElectraMeccanica with Xos will create an entity that contributes to doing just that. Zero emissions commercial vehicles are a smart application of EV technology, there is clear market demand, and the ownership economics make good business sense for fleet operators. Ultimately, I'm voting my shares in support of a transaction that I believe will not only create economic value, but also help fulfill a mission that I remain passionately committed to," Jerry Kroll, ElectraMeccanica Founder.
ElectraMeccanica is advised by Greenhill & Co, McCarthy Tetrault, Snell & Wilmer, Laurel Hill and MacKenzie Partners. Xos is advised by Houlihan Lokey, Cooley and Osler Hoskin & Harcourt.
American Industrial Partners, a private equity firm, completed the acquisition of the restraint control systems business from SSW-backed Veoneer, a provider of automotive technology. Financial terms were not disclosed.
"We are pleased to announce this transaction with AIP, who bring a differentiated operating skillset alongside long-term capital that present a compelling platform for Veoneer's future growth, We are grateful for our loyal customers, supplier partners, and our dedicated employees, whose relentless pursuit of quality and innovation has created a leading platform of life-saving technology," Jacob Svanberg, Veoneer CEO.
American Industrial Partners was advised by Baker Botts and Ropes & Gray. Veoneer was advised by Evercore, Morgan Stanley, Baker Botts, Davis Polk & Wardwell (led by Darren M. Schweiger and William H. Aaronson) and Eversheds Sutherland.
MNC Capital, an investment firm, offered to acquire Vista Outdoor, a sporting goods and outdoor products company, for $2.9bn.
Vista Outdoor's board is reviewing the offer and it has not changed its recommendation in support of the acquisition of its sporting products business by Czechoslovak Group.
Vista Outdoor is advised by Moelis & Co, Morgan Stanley, Cravath Swaine & Moore and Gibson Dunn & Crutcher. MNC Capital is advised by Brunswick Group (led by Bob Christie).
Software investment firm Thoma Bravo increased the price at which it has agreed to acquire all outstanding shares of Everbridge, a provider of critical event management and national public warning solutions, to $35 per share in cash, $6.4 per share higher the original transaction price.
"We're pleased to have negotiated an even higher price for our shareholders. The interest we received as part of the go-shop process is a testament to the exceptional company we've built, the significant value of our products for organizations all over the world, and Everbridge's long-term growth potential," David Henshall, Everbridge Chairman.
Talanx, an insurance group, completed the acquisition of the Latin America business of Liberty Mutual, an insurance company, for $1.48bn.
"The acquisition is a major milestone in our strategic success story in Latin America. We are delighted to have advanced into the top 2 P&C insurers as a result of all Liberty acquisitions. I'd like to extend a warm welcome to our new colleagues, distribution partners and customers in Chile, Colombia and Ecuador. I have no doubt that we shall combine our know-how and global resources with the skills and experience of Liberty Seguros and thereby enhance our power of scale, innovation and competitiveness for the benefit of our distribution partners and customers on the Latin American market," Wilm Langenbach, Talanx Member of Board.
Talanx was advised by Rothschild & Co, Hogan Lovells and Machado Meyer Sendacz e Opice Advogados. Liberty Mutual was advised by JP Morgan and Skadden Arps Slate Meagher & Flom.
Pretium, an investment firm, agreed to acquire BH Management Services, a property management platform. Financial terms were not disclosed.
"BH's multifamily property management platform prioritizes the resident and employee experiences and is critical to enhancing communities at a time when quality housing options are in short supply. The addition of BH is a natural adjacency to Pretium's residential ecosystem and enables us to continue providing diverse housing options for residents based on their preferences and stages of life. We look forward to working with the entire BH team to continue to strengthen BH's model and market position," Don Mullen, Pretium Founder and CEO.
BH is advised by CenterCap Group and Faegre Drinker Biddle & Reath. Pretium is advised by Wells Fargo Securities, Sidley Austin and Joele Frank (led by Erik Carlson and Lyle Weston).
Saudi Aramco, a Saudi Arabian national petroleum and natural gas company, completed the acquisition of Esmax, a fuel and lubricants market industry firm, from Southern Cross Group, a group of legally independent health and insurance-related businesses that share a common brand. Financial terms were not disclosed.
"We are delighted to conclude the acquisition of Esmax and look forward to working with the outstanding team on the ground in Chile to achieve our shared ambitions. Aramco aims to be a primary global retail player and this deal combines our high quality products and services, including Valvoline lubricants, with the experience and quality of an established operator in Chile," Yasser Mufti, Saudi Aramco Executive Vice President of Products & Customers.
BigBear.ai, an AI-enabled business intelligence solutions provider, completed the acquisition of Pangiam, a technology company, for $70m.
"The decision to acquire Pangiam is rooted in a strategy to bolster our portfolio through both organic and inorganic tactics, accelerate our growth in adjacent market categories and customers, and deliver increased value to our stockholders. Today marks a milestone in BigBear.ai's journey," Mandy Long, BigBear.ai CEO.
Pangiam was advised by Jefferies & Company and Lincoln International. BigBear was advised by Latham & Watkins.
Westwood Professional Services, a nationally renowned design and consulting firm, completed the acquisition of O'Dell Engineering, a design firm providing civil engineering, land surveying, landscape architecture, and utility design services. Financial terms were not disclosed.
"O'Dell's culture and people are a strong complement to Westwood's team. The acquisition expands our geographic reach and the professional services we provide, advancing the capabilities we offer our clients. We look forward to the benefit that this partnership will bring to our clients and employees," Bryan P. Powell, Westwood CEO.
O'Dell Engineering was advised by Morrissey Goodale and Morningstar Law Group. Westwood was advised by Lawson & Weitzen.
VSE, a provider of aftermarket distribution and repair services, agreed to acquire Turbine Controls, an aircraft maintenance, repair & overhaul services provider, for $120m.
"I am proud to announce the agreement to acquire Turbine Controls. Their strong reputation as an MRO leader, along with their commitment to quality and OEM partnership is uniquely aligned with VSE's operating and strategic model. TCI has a long history of serving as a critical OEM partner to the major commercial engine and accessory OEMs. Their diverse repair capabilities across engine components and airframe accessories, serving commercial, military, and business and general aviation markets, will allow us to broaden our OEM Authorized MRO capabilities, expand into new markets, and serve new customers. We are excited to welcome the TCI team to the VSE Aviation family and look forward to building on their history of success as a specialized, highly technical MRO market leader," John Cuomo, VSE President and CEO.
Turbine Controls is advised by RBC Capital Markets. VSE is advised by Jones Day (led by Lorne Cantor and Evan Kanter).
SC, a private equity firm, Al Tylis and Tom Dundon, the owners, completed the merger of Carvana PPA Tour and MLP by Margaritaville, two professional pickleball organizations, in a $75m deal.
"Today is an exciting day for everyone involved or interested in the world of pickleball. MLP and the PPA Tour working as partners creates a sustainable, viable, and healthy ecosystem for all key participants in which the best players in the world can play in both of the thrilling pickleball formats, ensuring that we're promoting the highest-quality, most exciting events," Connor Pardoe, PPA Tour Founder and CEO.
Carvana PPA Tour and MLP by Margaritaville were advised by Prosek Partners.
Core Specialty Insurance, an insurance group, agreed to acquire the Specialty Markets Group, a speciality business unit from American National Group, an insurance company. Financial terms were not disclosed.
"We are pleased to work in collaboration with American National for a second time after the 2023 acquisition of the Medical Stop-Loss business. The Specialty Markets Group business is a line of business we know well and we are excited to add this product line to our Bond, Credit & Guarantee subsegment. The products offered by the Specialty Markets Group have shown strong profitability over time, and the transfer of this business will add further diversification to our company. I would like to welcome our new Specialty Markets Group colleagues to Core Specialty," Jeff Consolino, Core Specialty Founder, President and CEO.
Core Specialty is advised by Mayer Brown and Skadden Arps Slate Meagher & Flom.
Digital World Acquisition the special purpose acquisition company planning to take Trump Media & Technology Group has extended its deadline to finalize the merger from March 8, 2024, to June 8, 2024. The extension, approved by Digital World's Board of Directors on February 29, 2024, is the third of four potential three-month extensions allowed under the company's charter.
The announcement comes amid a complex legal battle involving Digital World's former chairman and current board member, Patrick Orlando, and his firm ARC Global Investments II. The relationship between Orlando and Digital World has soured, with Digital World and TMTG filing a lawsuit against Orlando and ARC in Florida, seeking declaratory judgment on a disputed stock conversion ratio and damages for alleged interference with the merger. Orlando and ARC have countered with a lawsuit in Delaware, asserting claims over the conversion ratio and alleging breaches of fiduciary duty by Digital World directors, Investing.com reported.
Digital World is advised by EF Hutton.
Internet Brands-backed WebMD Health, a corporation which publishes online news and information about human health and well-being, completed the acquisition of Healthwise, an evidence-based health education, technology, and services nonprofit organization. Financial terms were not disclosed.
"The addition of Healthwise's business increases our already significant scale in content, technology, data and AI. The addition of Healthwise's assets to Ignite Education will accelerate our ability to create engagement solutions that are deeply personalized and that are delivered in the moments that matter. With these expansive, industry-leading resources, we are the dominant provider of engagement and education solutions for healthcare," Ann Bilyew, Internet Brands EVP, Health and President, Healthcare Solutions Group.
Healthwise was advised by Canaccord Genuity.
Fortune Brands Innovations, a manufacturer of home and security products, completed the acquisition of SpringWell, a residential whole-home water filtration and water softening solutions provider, for $105m.
"This acquisition opens opportunities for Fortune Brands to cross-sell our complementary water management products and positions Fortune Brands to continue to strategically expand our whole home water ecosystem enabled by smart, connected products," Nicholas Fink, Fortune Brands Chief Executive Officer.
GTCR-backed Senske Services, a lawn care, pest control, and home services provider, completed the acquisition of Turf Doctor, a provider of professional lawn care and pest control services. Financial terms were not disclosed.
"We are thrilled to welcome Turf Doctor into the Senske Family of Companies. Michael Russo and his team have built an outstanding organization, and we look forward to continuing their tradition of excellence in lawn care and pest control services," Casey Taylor, Senske Services CEO.
Tilman Fertitta, an American billionaire businessman, completed the acquisition of River Oaks District, a 13.87-acre luxury retail and mixed-use mecca. Financial terms were not disclosed.
"Adding River Oaks District to our Post Oak Hotel family of offerings seamlessly complements the curated experience we have created for the luxury-seeking consumer. This is the perfect moment in time to add this premier mixed-use development to our luxury portfolio, creating incredible cross-promotional opportunities and elevating the standard for luxury dining and shopping for Houstonians and international travelers alike," Tilman Fertitta.
Dish says unlikely to buy T-Mobile airwaves as auction looms.
Debt-laden Dish Network said it’s unlikely to meet an April 1 deadline to buy prized airwaves from T-Mobile USA, a failure that would set in motion an auction of the frequencies valued at $3.6bn or more, Bloomberg reported.
Attempts to find financing for the purchase were unsuccessful, and “we no longer believe it is probable that we will exercise the option,” Dish parent company EchoStar.
Omers, Harvest considers potential $3bn sale of Epiq Systems. (FS)
Omers Private Equity and Harvest Partners, are exploring the sale of Epiq, a provider of technology and other services to the legal profession.
The investment firms have tapped advisers to solicit interest from potential suitors in the company. The company might fetch $3bn or more, including debt, in a sale. Epiq has at least $1.2bn in outstanding debt, Bloomberg reported.
JAB seeks up to $2.5bn in Keurig Dr Pepper share sale. (FS)
German conglomerate JAB is seeking to raise as much as $2.5bn from the sale of a block of producer and distributer of hot and cold beverages Keurig Dr Pepper shares, Bloomberg reported.
A subsidiary of the investment firm backed by the billionaire Reimann family is marketing about 87m shares for $29.10 to $29.25 each.
NFL helmet maker pauses sale talks, seeks debt for dividend deal. (FS)
Private equity firm Fenway Partners has paused its efforts to sell football helmet maker Riddell, and is instead seeking new debt and preferred equity, Bloomberg reported.
Bids for the company, which supplies helmets to the National Football League and holds the license for collectible versions for fans, came in at around $600m. Fenway was seeking about $800m for the business.
Embracer Group to sell Saber in $500m deal.
Swedish gaming company Embracer Group will sell one of its largest subsidiaries, Saber Interactive, to a group of private investors in a deal worth up to $500m, Bloomberg reported.
Saber will become a privately owned company with around 3.5k employees. The company plans to continue developing a remake of Star Wars: The Knights of the Old Republic, the highly anticipated game that was removed from its previous developer Aspyr Media in 2022.
Kodak explores tapping pension fund’s $1.2bn surplus.
Photography company Eastman Kodak is contemplating a move to unlock gains created by its overfunded pension system, Bloomberg reported.
The company is weighing a so-called pension reversion, which would enable it to take control of the surplus rather than leaving excess capital to current and future retirees. The maneuver would involve selling its portfolio of illiquid investments while liquidating other positions.
B. Riley launches strategic review for some of its services.
US brokerage firm B. Riley said it was exploring strategic options for some of its businesses, which could include a potential sale, sending its shares plunging 14% in extended trading, Reuters reported.
The company is seeking options for its appraisal and valuation services, retail, wholesale and industrial solutions businesses. It said the businesses were not appropriately valued by the market and could provide greater value to a potential acquirer.
Vibra CEO dismisses idea of Eneva talks, not seeking other deals.
Vibra Energia, a Brazil fuel distributor, is not engaged in talks with power company Eneva nor is it interested in exploring a potential merger, Bloomberg reported.
Chief Executive Officer Ernesto Pousada said the offer his company got from Eneva in November was unattractive because the price was too low. He also said Vibra is not engaged with JP Morgan to advise it on potential deals.
Boeing in discussions to buy Spirit AeroSystems.
Boeing is in talks to buy its struggling former subsidiary Spirit AeroSystems, as both companies try to solve persistent quality problems and contain costs related to 737 MAX production.
A merger would bring Spirit back under the umbrella of Boeing, which spun it off in 2005 and in recent years has struggled with cost pressures and problems that have slowed aircraft deliveries and thinned its balance sheet. Bringing Spirit back into the fold could address some of those quality issues as it would give Boeing more control over manufacturing.
Spirit has hired bankers to explore strategic options and has had preliminary discussions with Boeing, Reuters reported.
Goldman’s Minnis says clients are speeding up M&A to avoid election.
Goldman Sachs' clients have started to accelerate their plans for mergers and acquisitions to the first half of the year to avoid the US election in November, Bloomberg reported.
“Many of our clients have tried to move their transactions into the first and second quarter, which is one of the reasons why I think we’ve had such a robust first quarter and I expect that to continue up until the summer. I think we are quite concerned about the fall,” Christina Minnis, Goldman Sachs Head of global acquisition finance.
Fidelity cut the value of stake in Musk’s X by 10% in January. (FS)
Fidelity cut the value of its position in Elon Musk’s social-media company X by about 10% in January just a month after saying the value of its stake had risen, Bloomberg reported.
The investment firm, which gained a stake in X by helping Musk complete his $44bn purchase, dropped the value of its holding to $5.6m. In December, it marked the position up 11.4% to $6.2m.
Reddit is targeting up to $6.5bn valuation in IPO.
Reddit is eyeing a valuation of as much as $6.5bn in its initial public offering, Bloomberg reported.
The social media company plans to target a price range of $31 to $34 per share in the first-time share sale. At that price range, Reddit would have a fully diluted value of about $6bn to $6.5bn.
Carlyle's head of direct lending Aren LeeKong is leaving the firm. (PEOPLE)
Global investment firm Carlyle Group's direct-lending chief Aren LeeKong is leaving the firm, Bloomberg reported.
LeeKong, who resigned to pursue new opportunities professionally, also served as vice chairman of global credit, chief executive officer of business development companies and was a member of the private investment committee. He was appointed to run the BDCs in September 2022, succeeding Linda Pace, as Carlyle reshuffled the leadership team of its global credit division.
EMEA
Thoma Bravo-backed J.D. Power, a consumer insights, advisory services and data and analytics company, completed the acquisition of Autovista Group, a pan-European and Australian automotive data, analytics and industry insights provider, from Hayfin Capital, an alternative asset management firm. Financial terms were not disclosed.
"Autovista Group is home to some of Europe and Australia's most well-known brands in automobile valuation, repair estimation and predictive analytics, and they have been pioneering the use of data-driven insights since the early 1930s. Bringing the Autovista Group team into the J.D. Power family will help leverage our complementary strengths to develop even more powerful insights and forecasting solutions for our worldwide client base," Dave Habiger, J.D. Power President and CEO.
German airline Lufthansa expects to get an EU antitrust warning in the coming weeks over its $348m bid for a minority stake in Italy flag carrier ITA Airways and is prepared to offer targeted remedies to address competition concerns, Reuters reported.
The European Commission opened a full-scale investigation into the deal in January on concerns that the acquisition could reduce competition in passenger air transport services on several short-haul and long-haul routes.
Adenia Partners, a private equity firm, completed the acquisition of The Courier Guy, a last-mile delivery and express parcel services provider. Financial terms were not disclosed.
"The acquisition of The Courier Guy is a significant milestone for us and our esteemed co-investors, DEG, Proparco, and South Suez. It underscores our collective belief in the vast potential of the last-mile delivery sector in South Africa. Together, we are eager to further enhance The Courier Guy's market position, stimulate innovation and expand its service offerings to meet the evolving needs of customers in South Africa and beyond," Florent de Boissieu, Adenia Partner.
Adenia Partners was advised by Ernst & Young, PricewaterhouseCoopers, Webber Wentzel and BackBay Communications. Debt financing was provided by Rand Merchant Bank.
Abu Dhabi National Oil, the state-owned oil company of the United Arab Emirates, completed the acquisition of a 24.9% stake in OMV, a multinational integrated oil, gas and petrochemical company, from Mubadala, a sovereign wealth fund, at a €15.5bn ($16.8bn) valuation.
"ADNOC is proud to become a shareholder in OMV, a leading international energy and chemicals company, with whom we share a long-standing strategic partnership. Together, we have created significant value through our joint venture Borouge, and today's investment will unlock further value and future growth opportunities for both companies. Building on our 25% shareholding in Borealis, this transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy, unlocking significant growth and value creation opportunities for ADNOC, OMV and their respective shareholders," Khaled Salmeen, ADNOC Executive Director, Downstream Industry, Marketing & Trading.
ADNOC was advised by Citigroup, Shearman & Sterling and Wolf Theiss (led by Florian Kusznier).
Villeroy & Boch, a manufacturer of ceramics, completed the acquisition of Ideal Standard, a manufacturer of products and solutions for private and public bathrooms, from private equity firms Anchorage Capital Group and CVC, for €600m ($640m).
"With the acquisition of Ideal Standard, we are systematically pursuing our strategic growth path, expanding our core business and enhancing our international presence. We firmly believe that the two companies will also be a good cultural fit. In addition to our traditional brands, we share common values, including a dedication to quality and service, an appreciation for exemplary design and the constant pursuit of innovation. We would like to welcome our new colleagues and we look forward to shaping our future together," Gabi Schupp, Villeroy & Boch CEO.
Ideal Standard was advised by White & Case (led by Will Summers). Villeroy & Boch was advised by JP Morgan and Freshfields Bruckhaus Deringer (led by Christoph H. Seibt).
Boldyn Networks, a shared network infrastructure provider, completed the acquisition of the private networks business unit from Cellnex, a wireless telecommunications infrastructure and services company. Financial terms were not disclosed.
"At Boldyn, we're leading the way in reimagining and deploying the wireless public, hybrid and private networks underpinning our customers' digital transformations. By bringing Cellnex's private networks business unit under the Boldyn umbrella, not only are we acquiring additional expertise, but growing our capability to interconnect the most complex environments. From heavy industry facilities, transport systems, city-wide networks and large venues to ports and nuclear power plants, we continue to be the neutral host partner of choice for our customers," Igor Leprince, Boldyn Networks CEO.
Boldyn Networks was advised by DLA Piper. Cellnex was advised by PricewaterhouseCoopers and Bird & Bird.
Trading Technologies, a global capital markets technology platform provider, completed the acquisition of ATEO, a provider of post-trade solutions for listed derivatives. Financial terms were not disclosed.
"We've enjoyed an outstanding working relationship with the ATEO team since we embarked on our partnership in 2022, and we came to the conclusion that we can create an even stronger value proposition and end-to-end offering by bringing the entire firm and all software modules into the TT family of offerings. ATEO has both highly respected technology and established trusted relationships with a wide range of leading banks, brokerage firms, trading houses and professional traders. The total addressable market for middle-office clearing solutions is at least $100m, with plenty of room for growth in market share," Keith Todd, TT CEO.
ATEO was advised by Nine58 Advisors and Dentons. TT was advised by Fieldfisher.
BlackRock, an American multinational investment company, agreed to invest $200m in ENVIRIA, a commercial and industrial decentralized energy solutions provider.
With this investment, ENVIRIA and BlackRock are leveraging one of the greatest growth areas in the energy transition: offering decentralized energy via rooftop solar and adjacent services at scale. It is estimated that German companies consume around 70% of the total national electricity usage while only around 10% of suitable company roofs are equipped with a solar system. This leaves a potential of several hundred GW of renewable energy capacity untapped. With rooftop sizes across the C&I sector being on average significantly larger than residential buildings, renewable energy capacities can be rapidly deployed.
ENVIRIA is advised by JP Morgan and White & Case.
Bow River Capital, a private equity firm, completed an investment in Accelo, a provider of cloud based work management platform. Financial terms were not disclosed.
"We're elated to announce our third platform investment in SGE Fund II, and to partner with the global Accelo team to rapidly implement our SaaS value creation playbook and utilize all our resources for transformative change," John Raeder, Bow River Capital Vice Chairman and Head of Software Investments.
Accelo was advised by Vaquero Capital. Bow River was advised by Morrison & Foerster.
Wienerberger, an Austrian brick maker, completed the acquisition of Terreal, a manufacturer of such building products as ceramic roof tiles, wall claddings, facades, and structural material, from Park Square Capital, a private debt firm, and Goldman Sachs Asset Management, an investment manager, for €785m ($851m).
"Renovating and refurbishment of the European building stock is an essential step on the path toward climate neutrality and an important contribution to the creation of sustainable and affordable housing. With the acquisition of Terreal, wienerberger positions itself as the European pitched-roof expert capable of integrating solar, rainwater, and additional solutions, including accessories and insulation material, and thus establishing a strong platform for further growth," Heimo Scheuch, Wienerberger CEO.
Goldman Sachs AM was advised by Weil Gotshal and Manges (led by Jean Beauchataud).
BBC Studios, the BBC's commercial content studio and media & streaming business, agreed to acquire the remaining 50% stake in BritBox International, a streaming services provider, from ITV, a British media company, for £255m ($323m).
"This is an important acquisition for us. We are taking full ownership of a successful, growing service we know well, and that fits with our stated ambition to double the size of our business. BritBox International has British content at its heart and it generates and satisfies demand for British shows outside the UK. We will continue to make significant investments in the future to deliver long term value to the BBC," Tom Fussell, BBC Studios CEO.
BBC is advised by Morgan Stanley.
Private equity investors Supernova Invest, ISALT and UNEXO led a €85m ($92m) investment round in Unseenlabs, a maritime surveillance company, with participation from 360 Capital, OMNES, Bpifrance, Breizh Up, and S2G Ventures.
"After our previous fundraising rounds in 2018 and 2021, we are proud to announce this new €85m fundraising. Unseenlabs has accumulated a total funding of €120m since its inception. This reflects our steady progress and the continued confidence of our investors. The year 2023 marked an inflection point for Unseenlabs, reinforcing the relevance of our business model and the attractiveness of our offering in the market. This funding will allow us to accelerate our growth, particularly by developing new solutions and strengthening our presence in the private sector. We have the means to achieve our ambitions and are excited to continue this journey with our historical partners while welcoming new ones," Clément Galic and Jonathan Galic, Unseenlabs Co-Founders.
Supernova Invest was advised by Chammas & Marcheteau.
Mitsubishi Pencil, a writing instruments manufacturer, agreed to acquire C. Josef Lamy, a designer writing instruments manufacturer. Financial terms were not disclosed.
"We have the greatest respect for the history and strength of the LAMY brand. We believe that the vision and corporate culture of Lamy and Mitsubishi Pencil harmonize perfectly. We are also confident that the acquisition of the company Lamy will provide a strong combined platform for future growth and increased shareholder value for both LAMY and Mitsubishi Pencil," Shigehiko Suhara, Mitsubishi Pencil President and CEO.
Mitsubishi Pencil is advised by Hengeler Mueller.
Sosteneo, an asset manager, agreed to acquire a 49% stake in Enel Libra Flexsys, a battery energy storage systems company, from Enel, an energy firm, for €1.1bn ($1.19bn).
"Energy storage systems are a key asset in the energy transition, to which Enel is strongly committed: this is why they hold such an important position in our 2024-2026 Strategic Plan. This partnership with a leading player such as Sosteneo enables us to further accelerate the development of storage solutions supporting Italy's energy system, optimizing capital allocation with the aim to create value for all stakeholders," Stefano De Angelis, Enel CFO.
Iivari Mononen Group, a wood company, agreed to acquire treated timber products company, PDM Timber Treatment and Calders & Grandidge from Saint-Gobain, a business conglomerate. Financial terms were not disclosed.
"Iivari Mononen's group's strategy is to be the market leader in the wooden pole market and the largest manufacturer of wooden fencing posts in Northern Europe. The business arrangements made now support our strategy. The arrangements enable synergy in wood procurement, logistics and production cooperation between factories," Ari Mononen, Iivari Mononen CEO.
Repsol launches sale of its Norwegian subsidiary.
Spanish oil company Repsol has launched the sale of its Norwegian subsidiary, Repsol Norge.
Investment bank Rothschild & Co is running the sale of 10 assets located in the Norwegian Continental Shelf consisting of seven producing fields with net reserves of 53 mmboe (36% of the gas) and 2024 net production of 29 mboedp.
The project, code-named Hemera, will include all employees, asset tax and asset tax histories, lease liabilities and decommissioning guarantees and obligations. The total value of the assets, which included operated and no-operated fields, is below $500m, Reuters reported.
Mondi boosts takeover proposal for packaging rival DS Smith.
Packaging and paper group Mondi has increased its preliminary takeover offer for London-listed rival DS Smith as it seeks to create one of the world’s largest packaging companies, Bloomberg reported.
Mondi improved its indicative all-stock proposal several days ago. DS Smith still sees that bid as inadequate.
Leonardo says in talks with Hensoldt on possible JV.
Italy's Leonardo and Germany's Hensoldt are discussing a possible joint venture, the chief executive of the Italian defence group said adding that he hoped to have "news" in the coming months, Reuters reported.
Leonardo is a shareholder in the German military sensor maker, alongside the German government which holds a 25% stake. It did not take part in a December capital raising which reduced its previous 25% stake in Hensoldt.
German ministry says Rosneft wants to sell Deutschland unit.
Russian integrated energy company Rosneft has begun a sales process for its German unit that owns assets including an oil refinery and would favor Berlin keeping the business in trust until that happens, Bloomberg reported.
Germany seized Rosneft Deutschland not long after the war in Ukraine began and put it into trusteeship. A more recent idea was to nationalize it, a step that the Kremlin was opposed to.
Springboks says private equity deal to fuel sponsorship boom. (FS)
SA Rugby, which oversees the reigning world champion Springboks team, expects to double sponsorship revenue by the 2027 World Cup on the back of a planned private equity deal that values its commercial rights at $375m, Bloomberg reported.
The organization, following the Springboks’ back-to-back World Cup victories including last year’s triumph in France, is seeking approval at a May 30 general council meeting to sell a 20% stake of the rights to Seattle-based private equity firm Ackerley Sports Group.
L&G refreshes advisers as new CEO plots strategy.
British multinational financial services and asset management company Legal & General has hired new advisers to help recently appointed CEO Antonio Simoes with a strategic overhaul of the British insurer, Reuters reported.
Analysts say the FTSE 100 group's new chapter under the former Santander and HSBC executive could feature more investment into pensions and overseas growth. The changes to L&G's advisers come as Simoes plots a new strategy for one of the UK's largest insurers, which one source said he will unveil around summer.
ADQ explores Etihad listing in first for Gulf hub carrier. (FS)
Abu Dhabi’s ADQ is considering a listing for Etihad Airways, potentially making it the first of the Gulf’s major hub carriers to become publicly-traded, Bloomberg reported.
The wealth fund has held discussions with banks about a possible deal as soon as this year. ADQ has been evaluating whether to pursue a traditional IPO as well as a direct listing.
Former Credit Suisse wealth head leaves UBS. (People)
The former head of Credit Suisse’s wealth management business, Francesco de Ferrari, has become the latest executive of the fallen bank to leave UBS, FT reported.
Less than a year after UBS’s rescue of Credit Suisse, just a handful of Credit Suisse senior managers remain at the enlarged Swiss bank, including former chief executive Ulrich Körner.
De Ferrari was head of Credit Suisse’s wealth management business, its most important division, and was seen by some internally as a potential future chief executive. But he missed out on an executive position at UBS after it took over its former rival last year.
APAC
PAG, an alternative investment firm focused on Asia Pacific, completed the acquisition of a majority stake in Australian Venue, a food and beverage hospitality business, from KKR, a global investment firm. Financial terms were not disclosed.
"We are very pleased to partner with AVC, a proven market leader with an exceptional management team and great potential. Our goal is to work with strong businesses and help them become even stronger in Australia. AVC has created some of the most unique and iconic venues across Australia and New Zealand, and we are looking forward to supporting them on their next stage of growth," Lincoln Pan, PAG Partner and Co-Head of Private Equity.
PAG was advised by Bank of America, Ashurst and FTI Consulting. Debt financing was provided by KKR Capital Markets. KKR was advised by Jefferies & Company, Allens, Citadel Magnus and FGS Global.
Laurent Junique, the founder, executive chairman, director, CEO of the company, agreed to acquire TDCX, a customer experience company, for $144m.
The acquisition is currently expected to close in the second quarter of 2024. If completed, the acquisition will result in the company becoming a privately-owned company wholly-owned directly by parent, its ADSs will no longer be listed on the New York Stock Exchange, and the ADS program will be terminated.
TDCX is advised by Houlihan Lokey, Hogan Lovells and Maples Group. Laurent Junique is advised by Goldman Sachs, Skadden Arps Slate Meagher & Flom and Travers Thorp Alberga.
EQT, a global investment organization, agreed to acquire VetPartners, a provider of veterinary services, from National Veterinary Associates, a global pet care organization. Financial terms were not disclosed.
"We are delighted to welcome EQT as a partner given their strong global track record in animal health and healthcare more broadly. Together, we will continue to be an advocate for the advancement of the veterinary profession, fostering a collegiate community of professionals delivering the highest-quality healthcare services to pet parents in the region with a common mission to improve the comfort and well-being of animals," Mark Jeffery, VetPartners CEO.
VetPartners was advised by Jefferies & Company. EQT was advised by UBS and Domestique.
Chinachem Group, a corporate group, completed the acquisition of the D‧PARK mall in Tsuen Wan from New World Development, a Hong Kong-based company focused on property, hotels, infrastructure and services and department stores, for $513m.
"Chinachem Group is delighted to have acquired D‧PARK mall and its carpark. Chinachem is confident about Hong Kong long-term economy and property market, and intends to hold the D‧PARK mall as a long-term investment," Chinachem.
JP Morgan picks HSBC, StanChart to run $500bn custody business in Hong Kong, Taiwan.
JP Morgan has selected HSBC and Standard Chartered to operate its custody businesses in Hong Kong and Taiwan, with assets worth more than $500bn. JP Morgan is aiming to complete the transition to the two banks before the end of this year.
JP Morgan was set to outsource the operations of its local custody business in Hong Kong and Taiwan with Citigroup, HSBC and Standard Chartered in the race for the mandate. Financial details of the deal were not immediately known.
Fiona Horsewill, global head of Securities Services at HSBC, said the bank looked forward to being appointed by JP Morgan in its home market of Hong Kong and further deepening its relationship in this space. Margaret Harwood-Jones, global head of Financing and Securities Services at StanChart, said the bank is thrilled to extend its relationship with JP Morgan through this appointment in an important Asian market, Reuters reported.
KKR weighing stake sale in biggest Philippine hospital firm. (FS)
KKR is exploring a possible sale of its stake in Metro Pacific Health, the biggest private hospital operator in the Philippines, Bloomberg reported.
The private equity firm is seeking financial advisers to help prepare a potential sale of its stake in the health-care services provider. New York-listed KKR could seek a valuation of at least $3bn for the company.
|
