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AMERICAS
Some of Frontier Communications' largest shareholders are concerned about its planned $9.6bn takeover by Verizon Communications, with its second-largest investor planning to vote against the deal, Reuters reported.
Glendon Capital Management, which owns nearly 10% of Frontier, believes Verizon's $38.50 per share offer is too low. The investor plans to vote against it when the deal comes up for shareholder vote on November 13.
Falfurrias, a private equity firm, completed the investment in Neighborly Software, a cloud-based technology platform for the administration and disbursement of governments funds. Financial terms were not disclosed.
"We’re excited about this next stage of growth and the opportunities it presents to provide more value to our existing customers, support more government-funded programs, and invest further in product development, ensuring that Neighborly Software makes an even greater impact on communities,” Chris Behm, Neighborly Software Co-Founder and COO.
Neighborly Software was advised by Software Equity Group, Dearth Law and Morris Manning & Martin. Falfurrias was advised by Holland & Knight.
Leeds Equity Partners, a New York-based private equity firm, completed the acquisition of OffSec, a provider of continuous cybersecurity workforce development training and professional education for cybersecurity practitioners, from Spectrum Equity, a private equity firm. Financial terms were not disclosed.
"The cybersecurity landscape is rapidly evolving, and our investment in OffSec reflects our belief that the future of cybersecurity protection depends on ongoing, practical education and preparedness within the workforce. We are proud to partner with the OffSec team as it equips individuals and organizations with the knowledge and skills to combat increasingly sophisticated cyber threats," Jacques Galante, Leeds Equity Partner.
OffSec was advised by JP Morgan. Leeds Equity Partners was advised by Reed Smith.
Core4ce, a federal contractor with expertise in data and cyber operations, completed the acquisition of Azimuth, a provider of database and modeling, research and development, and lab support in the fields of military electronics, optics, sensors and biotech. Financial terms were not disclosed.
"I’m incredibly proud of our team and the strong relationships we’ve built across DoD and the Intelligence Community. We recognized that our corporate values closely align with those of Core4ce, including a deep commitment to customer success and ability to quickly respond to customer needs and adapt to changing environments. We view this partnership as an opportunity to leverage Core4ce’s robust infrastructure and resources, create professional development opportunities for our team, and facilitate further innovation and development in service to our customers," Valerie Rossi, Azimuth President and CEO.
Radiance Technologies, a 100% employee-owned prime contractor, and Ignitea certified Service-Disabled Veteran-Owned Small Business, formed Radiance Ignite Technologies. Financial terms were not disclosed.
This partnership will capitalize on both companies' unique strengths to expand their capabilities and offer more comprehensive solutions to meet the needs of government customers.
Accenture, a global multinational professional services company, completed the acquisition of Joshua Tree Group, a supply chain consulting firm specializing in distribution center performance. Financial terms were not disclosed.
The acquisition will help Accenture make distribution centers more productive and efficient for its clients in retail, consumer goods and other product-based industries. It also expands Accenture’s capabilities to design and build more autonomous supply chains, where AI-powered tools improve labor productivity, inventory management and customer fulfillment.
Frazier Healthcare Partners, a Seattle-based, healthcare-focused investment firm, completed the acquisition of DirectMed Imaging, a provider of aftermarket parts and component repairs for diagnostic imaging equipment, from NMS Capital, a private equity firm. Financial terms were not disclosed.
“Brad, Tanner, and the DirectMed leadership team have built a differentiated Company in an increasingly important part of the healthcare ecosystem, and we are thrilled to have the opportunity to partner with them in the Company’s next phase of growth,” Kent Berkley, Frazier Partner.
QIA is said to join $50m funding round for UFC rival Group One. (FS)
Group One, the company behind mixed martial arts brand One Championship, raised at least $50m from investors including Qatar Investment Authority, Bloomberg reported.
The round gives Group One a valuation of at least $1.35bn. That is similar to the post-money valuation from a previous round in 2022, which QIA led with Guggenheim Investments.
Platinum Equity's Ingram Micro seeks up to $5.4bn valuation in US IPO. (FS)
Ingram Micro is targeting a valuation of up to $5.42bn in its US initial public offering, underscoring a resurgence in private equity backed stock market listings, Reuters reported.
A rally in equities and recent strong debuts by Carlyle-backed aircraft maintenance services provider StandardAero and Partners Group-backed early childhood education provider KinderCare Learning are encouraging buyout firms to list their portfolio companies.
Apollo closes second vintage large cap direct lending fund with $4.8bn of assets. (FS)
Apollo closed Apollo Origination Partnership Fund II with approximately $4.8bn of investable assets. This brings total assets raised for the Apollo Large Cap Direct Lending business to approximately $13.3bn in just over 12 months, inclusive of the Fund II close and other product formats providing access to Apollo’s direct lending franchise. Apollo’s total direct lending and performing credit AUM has doubled to $238bn over the past four years.
“AOP II seeks to provide investors with a differentiated approach to corporate and sponsor direct lending. The convergence of public and private credit markets continues to create tremendous demand for scaled direct lending solutions led by a single counterparty who can offer price and execution certainty to borrowers,” Jim Vanek, Apollo Credit Partner.
Solomon Partners hires Butcher from Moelis for tech team. (People)
Solomon Partners has hired James Butcher as a managing director in its technology group, Bloomberg reported.
Butcher will be based in New York and focus on advising companies in the information services and business-to-business sectors.
EMEA
Silgan, a supplier of sustainable rigid packaging solutions, completed the acquisition of Weener Packaging, a producer of differentiated dispensing solutions for personal care, food and healthcare products, from 3i Group, a British multinational private equity and venture capital company, for €838m ($915m).
“The acquisition of Weener represents the continuation of our strategy to expand our global Dispensing and Specialty Closures franchise and a clear example of the effectiveness of our disciplined capital allocation model to create value for our shareholders. The combination of Weener’s innovative product offering, advanced manufacturing technologies and efficient operating footprint, strong customer relationships and presence in growing consumer markets, including personal and health care, complements our existing dispensing business well. As with prior acquisitions in Dispensing and Specialty Closures, Weener has established its market position through innovation, cost leadership and an intense focus on partnering with their customers to meet demanding market requirements,” Adam Greenlee, Silgan President and CEO.
Weener Packaging was advised by William Fry (led by Stephen Keogh). Silgan was advised by JP Morgan, Wells Fargo Securities and Linklaters (led by Thomas Niessen). 3i was advised by Barclays, William Blair & Co and Willkie Farr & Gallagher (led by Georg Linde and Axel Wahl).
Slate Asset Management, a global alternative investment platform, completed the acquisition of 12 grocery properties in Portugal from LCN Capital Partners, a private equity firm investing in sale-leaseback and net lease investments, for €150m ($164m).
"This acquisition marks an exciting new chapter of growth for our European platform, as we expand into a new market with a portfolio underpinned by a leading regional grocer. We have spent over a decade acquiring, owning, and operating grocery real estate in markets across Europe, with a strong team that expertly understands the grocery landscape and works collaboratively with tenants to maximize the value of our real estate. We look forward to bringing our expertise to Portugal and unlocking new growth opportunities in this market on behalf of our investors," Brady Welch, Slate Co-Founding Partner.
Slate was advised by KPMG, RPE Capital Markets, Uria Menendez and Engexpor. LCN was advised by Cuatrecasas Goncalves Pereira.
The Abu Dhabi National Oil Company, the state-owned oil company of the United Arab Emirates, completed the acquisition of an additional stake in Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, from OCI Global, a producer and distributor of natural gas-based fertilizers and industrial chemicals, for $3.62bn.
"Today's successful completion marks a significant juncture in Fertiglobe's journey, and a pivotal moment in OCI's highly successful partnership with ADNOC. I am confident that the Fertiglobe platform under ADNOC's stewardship is firmly positioned for future value creation, driven by new decarbonisation opportunities and incremental demand for low-carbon solutions in our global markets. Ahmed's track record is impressive, having played a key role in both OCI and Fertiglobe's growth in the last few years, making him an ideal fit for Fertiglobe's next phase of development," Nassef Sawiris, OCI Executive Chairman.
ADNOC was advised by Citigroup. OCI was advised by Morgan Stanley, Cleary Gottlieb Steen & Hamilton, and De Brauw Blackstone Westbroek (led by Casper Nagtegaal).
Crane NXT, a security systems services company, agreed to acquire the Authentication Division of De La Rue, a provider of secure digital and physical protections, for £300m ($392m).
"The sale of our Authentication Division to Crane NXT represents a substantial step forward on our route to realise the underlying intrinsic value of the De La Rue business for the benefit of all stakeholders. We are delighted to reach agreement with a company with the stature of Crane NXT, with its complementary strengths and are confident that the Authentication Division will continue to build on its considerable successes over the past few years," Clive Whiley, De La Rue Chairman.
ADQ, an Abu Dhabi-based investment and holding company, agreed to acquire a 96% stake in Odeabank, a mid-sized bank in Turkey, from Bank Audi, a Lebanese bank. Financial terms were not disclosed.
"The acquisition of Odeabank reinforces our commitment to investing in assets that lay the foundation for the sustainable development of our portfolio companies as well as the wider economy. As part of ADQ, Odeabank will have access to fresh capital, which will allow the company to unlock synergies with our wider portfolio, underpinned by attractive market dynamics in Türkiye. We are confident that this will accelerate the execution of Odeabank’s growth plans, while driving technological innovation in the financial services sector," Mansour AlMulla, ADQ Deputy Group CEO.
Bank Audi is advised by JP Morgan.
Saint-Gobain, a French manufacturing company, agreed to acquire Kilwaughter, a provider of façade mortars in the UK and Ireland. Financial terms were not disclosed.
This transaction will further strengthen Saint-Gobain's offering in the UK and Ireland in light and sustainable construction.
Frasers, a British retailing group, agreed to acquire a minority stake in Hudson, a Malta-based sport and fashion retailer and distributor focusing on Southern Europe and Africa. Financial terms were not disclosed.
“We are thrilled to announce that, subject to certain conditions being met, Frasers Group has agreed to join forces with Hudson on our journey. This investment will enable us to accelerate our growth in Southern Europe and Africa, regions that are also key to Frasers Group’s expansion strategy. With our extensive experience in Africa, combined with Frasers’ exceptional retail expertise, strong brand portfolio, and focus on innovation and efficiency, Hudson will be well-positioned to expand its existing business and unlock new opportunities,” Chris Muscat, Hudson Group CEO.
Eni in talks with suitors for stake in new carbon capture unit.
Eni is in talks with investors to sell a stake in a new carbon capture and storage division it plans to spin off, as the Italian oil and gas major has done with other two units, Bloomberg reported.
The new company has attracted five or six non-binding offers for a “relevant” slice of the subsidiary, which would leave its management in the hands of the energy giant, Chief Transition & Financial Officer Francesco Gattei said.
Britain's SSE rebuffed EDP proposal to merge.
Portugal's main power utility EDP initiated merger discussions with London-listed peer SSE earlier this year, but talks did not progress, Reuters reported.
The proposed deal would have created one of Europe’s largest utilities, with the companies' combined market value exceeding $44bn, though still smaller than leaders Iberdrola and Enel.
UK's CMA orders Lindab to sell two sites to allay competition concerns.
Sweden's Lindab must sell two of its sites in Britain since its acquisition of domestic peer HAS-Vent could result in higher prices for ventilation systems, the UK competition regulator said on October 15 after an in-depth probe, Reuters reported.
The Competition and Markets Authority found "substantial lessening of competition" in the supply of circular ducts and fittings in areas around Nottingham and Stoke-on-Trent in its in-depth merger investigation.
Deutsche Bank shareholder is looking to sell $279m stake.
A single shareholder of Deutsche Bank is offering to sell around 16m shares in the German lender, Bloomberg reported.
The deal is likely to price at €16.01 ($17.46) per share. The sale could raise about €256m ($279m) in gross proceeds for the seller. Goldman Sachs is arranging the sale.
Dutch to cut ABN Amro stake further as exits gather pace.
The Dutch government plans to sell more shares in ABN Amro Bank, joining states across Europe in speeding up the exit from banks that were bailed out after the financial crisis, Bloomberg reported.
The Netherlands plans to pare its stake to about 30%, from 40.5% currently, using market sales that will start in the coming days. The stake is worth about €1.4bn ($1.5bn) at current prices.
Applied Nutrition seeks up to $287m in London IPO.
Applied Nutrition is seeking to raise as much as £220m ($287m) in its initial public offering, in what could be one of London’s largest first-time share sales this year, Bloomberg reported.
The British sports nutrition group, backed by JD Sports Fashion, said the price range for the offer has been set at 136 to 160 pence per share. The offer comprises up to 137.4m shares to be sold by certain shareholders of the company.
Inflexion makes senior leadership promotions. (FS, People)
Inflexion, a European mid-market private equity firm, has appointed Flor Kassai as a Managing Partner alongside the Co-Founders John Hartz and Simon Turner. George Collier has also been appointed as Chief Operating Officer.
Kassai runs Inflexion’s Buyout Fund and sits on Inflexion’s Investment, Executive and Responsible Investing Committees. She joined Inflexion in 2011, later becoming Head of Services, and worked on a number of notable investments including Alcumus, Auxadi, BES, Estera, LCP, Ocorian, and Sanne. As well as helping secure a number of opportunities for the Buyout and Partnership Funds, Flor has been instrumental in leading Inflexion’s European expansion. Prior to joining Inflexion, Flor spent time at both Hg and Bain & Co.
APAC
Tokyo Metro raises $2.3bn in Japan's biggest IPO in 6 years.
Tokyo Metro raised JPY348.6bn ($2.3bn) in Japan's largest initial public offering in six years after pricing its IPO at the top of its range, Reuters reported.
The IPO was more than 15 times oversubscribed, as many investors were drawn by a household name and the firm's attractive dividend yield. The company priced the shares at JPY1.2k ($8) apiece, compared with a range of JPY1.1k ($7.4) to JPY1.2k ($8). It is expected to list on the Tokyo Stock Exchange on October 23.
CR Beverage prepares to list with near $650m IPO.
China Resources Beverage is testing investor interest in its business with a nearly $650m initial public offering, taking advantage of growing risk appetite for new equity offerings in one of Asia’s largest financial markets, WSJ reported.
The Chinese state-owned packaged drinking water company will begin taking orders from investors for its HKD5.04bn ($649m) IPO starting October 15.
Hyundai Motor India IPO prospects dim in Gray Market trading.
India’s unregulated gray market is indicating that the excitement around Hyundai Motor India’s $3.3bn initial public offering - poised to be the country’s biggest ever - is cooling, Bloomberg reported.
Shares of Hyundai Motor’s unit traded Monday at a premium of just INR60 over INR1.96k ($23.30) apiece - the high end of its IPO price range - in the gray market. That’s versus a premium of as high as INR1k about two weeks ago.
Soy-sauce maker Haitian is said to weigh $1.5bn HK listing.
Foshan Haitian Flavouring & Food, one of the biggest condiment makers in China, is considering a second listing in Hong Kong that could raise at least $1.5bn, Bloomberg reported.
The Guangdong-based company is in talks with advisers on a potential share sale in the Asian financial hub and a listing could happen in the first half of next year. Haitian’s Shanghai-listed shares have risen almost 20% this year, giving the company a market value of about $35bn.
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