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
CVS Health, a health solutions company, completed the acquisition of Oak Street Health, a network of value-based primary care centers for adults, from investment firms Newlight Partners and General Atlantic for $10.6bn.
"Oak Street Health is a premier value-based primary care platform. We believe that in partnership with CVS Health, Oak Street Health can accelerate its growth and provide an attractive return to our shareholders over time. The pending acquisitions of Oak Street Health and Signify Health will also meaningfully advance our goal of adding 200 basis points of long-term adjusted operating income growth, a key commitment we made to shareholders at our December 2021 Investor Day," Shawn M. Guertin, CVS Health Chief Financial Officer.
Energy Transfer, a company engaged in natural gas and propane pipeline transport, completed the acquisition of Lotus Midstream, an energy company focused on the development of midstream infrastructure and services, from EnCap Flatrock Midstream, a venture capital firm, for $1.45bn.
Energy Transfer's acquisition of Lotus Midstream's Centurion Pipeline assets will increase the partnership's footprint in the Permian Basin and provide increased connectivity for its crude oil transportation and storage businesses.
Britain's competition watchdog said it was looking into Adobe's $20bn buyout deal for cloud-based designer platform Figma to find if it could lead to "substantial lessening of competition" in the country, Reuters reported.
CMA has set June 30 as the deadline for its phase 1 decision on the Adobe-Figma deal. The move underlines regulators' worries that large tech firms acquiring smaller innovative rivals could throttle competition.
Avertix Medical, a company focused on improving long-term management and outcomes of high-risk coronary disease in patients who have survived one or more heart attacks, agreed to go public via a SPAC merger with BIOS Acquisition, a special purpose acquisition company, in a $195m deal.
"With its ability to detect early signs of a heart attack and alert patients and healthcare providers, the Guardian System has the potential to transform the approach to cardiac care and improve patient quality of life and outcomes. We are thrilled to join forces with BIOS to accelerate the commercialization, adoption and continued development of the Guardian System. We look forward to leveraging BIOS' expertise and resources to bring this critical technology to more patients worldwide," Tim Moran, Avertix President and CEO.
BIOS is advised by LifeSci Capital, Cooley, Ellenoff Grossman & Schole and Walkers. Avertix Medical is advised by Honigman Miller Schwartz & Cohn and Westwicke (led by Mike Cavanaugh).
New Mountain Capital, an investment firm, agreed to acquire Apixio, an artificial intelligence platform, from Centene, a healthcare enterprise. Financial terms were not disclosed.
"We admire Apixio as a leading healthcare technology company that offers a differentiated value proposition using machine learning and analytics. Through continued investment in products, services and technology, we are excited to build Apixio into a 'connected care' platform that brings together critical infrastructure to enable the shift to outcomes-based reimbursement models," Matt Holt, New Mountain Capital Managing Director and President.
New Mountain is advised by JP Morgan and Ropes & Gray. Centene is advised by William Blair & Co and Bass Berry & Sims.
Montrose Environmental, an environmental solutions company, agreed to acquire Matrix Solutions, an environmental and engineering consulting company. Financial terms were not disclosed.
"Matrix will form the platform for our consulting business in Canada and, together, we will be able to expand our support for clients across their full environmental engineering and service needs in North America. Within Canada, Matrix is recognized as a leading pure-play environmental solutions platform, offering a wide range of services to compete against large-scale competitors, while having the regional expertise and personal touch to compete with local niche players. We're excited about the opportunity to enhance our ability to address our clients' increasingly complex environmental challenges and look forward to welcoming our new colleagues to the Montrose family," Doug Matthys, Montrose President of Consulting & Engineering division.
Matrix is advised by AEC Advisors and Borden Ladner Gervais. Montrose is advised by Blake Cassels & Graydon and ICR (led by Doug Donsky).
PGIM, an investment management business of Prudential Financial, agreed to acquire a majority stake in Deerpath Capital Management, a private credit and direct lending manager. Financial terms were not disclosed.
"This partnership with Deerpath Capital reflects our ambition to further grow our alternatives platform. It complements PGIM Private Capital's existing direct lending capabilities by adding expertise in the lower middle market-sponsored space, further enhancing the direct origination platform of PGIM Private Capital's core middle market-focused direct lending platform," David Hunt, PGIM President and CEO.
Deerpath Capital is advised by Sera Global and Purrington Moody Weil. Prudential Financial is advised by Bank of America and Debevoise & Plimpton (led by Andrew G. Jamieson and Nicholas Potter).
EQT-backed Covanta, a sustainable materials management company, completed the acquisition of Circon, a full-service provider of environmental services, from Kinderhook Industries, a private equity firm. Financial terms were not disclosed.
"With the acquisition of Circon, we have rapidly accelerated our path to becoming the premiere leader of sustainable materials management. Circon's stunning suite of carbon negative solutions is a gamechanger for Covanta, and we are excited for the new value creating avenues of growth we have ahead of us, especially in the fields of wastewater and the emerging alternative fuels field for decarbonizing kilns," Azeez Mohammed, Covanta President and CEO.
Circon was advised by Brown Gibbons Lang & Company, Houlihan Lokey and Kirkland & Ellis (led by Shawn O'Hargan). Covanta was advised by Simpson Thacher & Bartlett.
Darden Restaurants, a multi-brand restaurant operator, offered to acquire Ruth's Hospitality Group, a restaurant company with a focus on American steakhouse restaurants, for $715m.
"Ruth's Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests. It fits the criteria we have for adding a brand to our portfolio and supports our winning strategy. Ruth's Chris is a great complement to our portfolio of brands, and I'm pleased to welcome their nearly 5k team members to Darden," Rick Cardenas, Darden President and CEO.
Ruth's is advised by Jefferies & Company and Kirkland & Ellis. Darden is advised by Hunton Andrews Kurth.
American Financial Group, an insurance holding company, agreed to acquire Crop Risk Services, a primary crop insurance general agent, from American International Group, a global insurance organization, for $240m.
"We are very pleased to welcome CRS and its approximately 450 employees to AFG's Great American Insurance Group. This business is a great strategic fit with our existing crop insurance operations and will provide the opportunity to continue to benefit from economies of scale. Following the transaction, Great American will remain the #5 ranked writer of US crop insurance and the largest US-owned participant in the United States multi-peril crop insurance program," Carl H. Lindner III, AFG Co-Chief Executive Officer.
American Financial Group is advised by Skadden Arps Slate Meagher & Flom (led by Todd Freed and Matthew Nemeroff). American International Group is advised by Evercore and Sidley Austin.
JP Morgan, an American multinational financial services company, completed the acquisition of Aumni, a provider of investment analytics software to the venture capital industry. Financial terms were not disclosed.
"We're thrilled to see this collaboration come to fruition as JP Morgan first invested in Aumni in 2021 and quickly realized shared synergies of providing more transparency to the private markets. Aumni's market-leading data structuring and portfolio monitoring solutions, combined with the capital raising and cap table management services of Capital Connect and Global Shares, further enhances the ecosystem of digital solutions that JP Morgan is building for companies and investors in both growth and later-stage private markets," Michael Elanjian, JP Morgan Head of Digital Investment Banking, Head of Digital Private Markets.
Aumni was advised by DLA Piper. JP Morgan was advised by JP Morgan and Sullivan & Cromwell (led by Mitchell S. Eitel).
Siris, a technology focused private equity firm, led a $100m round in Mavenir, a telecommunications software company.
"This new capital will allow us to accelerate our capabilities in automation, sustainability, and use of AI as we enable our customers to efficiently deploy and operate Open RAN based end-to-end cloud-native networks. Our unique strategy incorporates best practices from the hyperscale, cloud and IT industries, to transform how the world connects and builds the future of networks," Pardeep Kohli, Mavenir President and CEO.
KKR, a global investment firm, agreed to acquire CoolIT Systems, a provider of scalable liquid cooling solutions. Financial terms were not disclosed.
"Increasing data and computing needs are on a collision course with sustainability considerations – the data center industry is expected to consume 8% of the world's energy by 2030.1 As a firm, we have committed more than $17bn to digital infrastructure since 2011 and deeply appreciate the mission critical role that it plays in enabling our economy. We also recognize that as a society, we are grappling with the enormous energy usage and related environmental impacts that are only expected to accelerate with the rise of AI and other high performance applications. We believe that liquid cooling has a critical role to play in helping to reduce the emissions footprint of our digital economy and we are thrilled to back CoolIT, a leader in this space," Kyle Matter, KKR Managing Director and Head of Global Impact.
CoolIT is advised by Jefferies.
ITT, a manufacturer of highly engineered critical components, completed the acquisition of Micro-Mode Products, a provider of RF and Hermetic connectors for radar, satellite and smart defense systems, for $80m.
"Micro-Mode has a proven business model that delivers value to customers in very demanding applications. The company's expertise is a great addition to our connectors business and strengthens our presence in defense systems, military aircraft and space applications. Micro-Mode customer sentiment is overwhelmingly positive, and we are excited to have the Micro-Mode team join ITT," Luca Savi, ITT CEO and President.
Apax, Canada Pension weigh buyout of $2bn IT firm Thoughtworks. (FS)
A consortium backed by buyout firm Apax Partners is considering a potential bid to take US-listed technology consultancy Thoughtworks Holding private, Bloomberg reported.
Apax has teamed up with Canada Pension Plan Investment Board. They are working with advisers to explore a possible joint offer for the shares they don't already own in Chicago-based Thoughtworks.
Ares's $500m SPAC marks return of jumbo blank-check firms. (FS)
A $500m special-purpose acquisition company backed by Ares Management is the first jumbo blank check firm to emerge after more than a year of mostly tiny offerings, Bloomberg reported.
The alternative asset manager's second blank-check effort shows there's demand for SPACs amid a backdrop that has seen dozens shut down and a growing number forced to grapple with investors cashing out. Ares Acquisition II is the biggest SPAC offering to price since January 2022, when stock markets traded near all-time highs and hundreds of sponsors were still running to join the SPAC gold rush.
Byron Allen is interested to buy BET.
Byron Allen, comedian, TV producer and media mogul, he's interested in acquiring BET Media, the Paramount Global unit that runs the cable TV channels Black Entertainment Television and VH1.
"This is a phenomenal asset, they're running a process, we're part of it. This is something that used to be Black-owned, and now this is the time for it to go back into Black ownership, which is very important," Byron Allen, Bloomberg reported.
Barrick CEO says he has no intention of pursuing Teck deal.
"We're certainly learning from it and watching how that progresses. Right now we have no intention to join that process," Mark Bristow, Barrick CEO.
KKR drops out of bidding for German football rights. (FS)
KKR has dropped out of the bidding process for a stake in the media rights business of the Bundesliga, Germany's main football competition, Bloomberg reported.
The offer from the US private equity firm was deemed too low. CVC Capital Partners, Blackstone, EQT and Advent International are bidding for a 12.5% stake in a unit that will manage the domestic and international broadcasting rights of the top 36 professional football teams in the country, including Bayern Munich and Borussia Dortmund. The investors were asked to bid for 20 to 30 years of rights.
Global Infrastructure Partners raises $2.61bn so far for emerging markets fund. (FS)
New York-based Global Infrastructure Partners has so far raised an aggregate of $2.61bn for its debut emerging-markets infrastructure fund and a feeder fund.
The firm disclosed that GIP Emerging Markets Fund I has already raised $1.47bn so far from at least five investors while a feeder fund, GIP Emerging Markets Feeder Fund I, also secured $1.14bn so far from eight investors, DealStreetAsia reported.
Pacific Avenue Capital closes significantly oversubscribed fund I at over $500m. (FS)
Pacific Avenue Capital, a private equity firm specializing in corporate divestitures in the middle market, announced the final closing of its first fund, Pacific Avenue Fund I. The fund was significantly oversubscribed at its hard cap, with aggregate commitments of over $500m. The fund includes commitments from a diverse group of global investors including insurance companies, consultants, endowments and foundations, funds of funds, family offices and individuals.
"We would like to thank our investors for their excitement in supporting the Pacific Avenue team. We are both honored and grateful for their support. The Fund will allow Pacific Avenue to continue our emphasis on corporate divestitures and other complex situations to create value for our stakeholders," Chris Sznewajs, Pacific Avenue Capital Managing Partner and Founder.
Tech-focused Accel-KKR raises $200m so far for second credit fund. (FS)
Accel-KKR, a Silicon Valley-based private equity firm that focuses on technology investments, has so far raised about $200m for its second credit fund.
The fund, Accel-KKR Credit Partners II, has already secured commitments from at least 15 investors and is about $150m away from its $350m target. The previous fund closed $276m in commitments in January 2020, DealStreetAsia reported.
Goldman names new COO of global M&A business. (People)
Goldman Sachs Group has promoted Troy Broderick to be the new chief operating officer of its global mergers and acquisitions business, Reuters reported.
Broderick, who currently leads Goldman's global M&A capital markets business, will continue to hold his current position in addition to his new responsibilities.
Credit Suisse loses two more top executives from Brazilian unit. (People)
Credit Suisse Group's head of Brazil equity research, Maria Carolina Carneiro, and investment banker Joao Roriz are leaving the Swiss lender.
Carneiro is set to join Banco J. Safra as head of equity research. Roriz has been hired by Bradesco, the investment-banking arm of Banco Bradesco, Bloomberg reported.
EMEA
UBS was considering the potential impact of buying struggling rival Credit Suisse as early as December, months before the takeover was hastily arranged by Swiss authorities in March, Reuters reported.
UBS concluded in February that buying Credit Suisse was not desirable, but that it should prepare in case its rival encountered "serious financial difficulties".
Credit Suisse is advised by Centerview Partners (led by Blair Effron), Rothschild & Co (led by Cyril de Mont-Marin and Georges Amatoury), Cleary Gottlieb Steen & Hamilton (led by David Lopez), Homburger (led by Claude Lambert, Benjamin Leisinger and Daniel Daeniker), Sullivan & Cromwell (led by Mitchell S. Eitel) and Community Group (led by Auro Palomba and Roberto Patriarca). UBS is advised by JP Morgan, Morgan Stanley, UBS, Bar & Karrer (led by Rolf Watter), Davis Polk & Wardwell (led by Marc O. Williams and Evan Rosen), Freshfields Bruckhaus Deringer (led by Michael Raffan and Jennifer Bethlehem) and Community Group (led by Marco Rubino).
Souter Investments and Sullivan Street, two investment firms, completed the acquisition of Tracerco, a business providing specialised detection, diagnostic, and measurement solutions, from Johnson Matthey, a company specialising in sustainable technologies, for £55m ($67m).
"Tracerco is a part of JM's Value Businesses and has been identified as non-core to JM's growth strategy," Johnson Matthey.
Billionaire Wallenberg clan seeks pledges from Electrolux's chinese suitor.
Electrolux's top shareholder is seeking watertight guarantees from Chinese appliance giant Midea Group to address concerns US regulators would block a takeover of the white-goods maker.
Investor, controlled by the billionaire Wallenberg family, has raised a number of concerns about the terms of Midea's proposal and potential execution risks in initial talks with the Chinese company. It's particularly worried about the committee on foreign Investment in the US rejecting a Chinese takeover of Stockholm-based Electrolux because of its sizable American business, Bloomberg reported.
UK plans to loosen IPO rules amid angst over dearth of deals.
The UK is proposing significant changes to the listing rulebook in a bid to make London more attractive as a financial center with its moribund capital markets stoking fears about the city's ability to compete with New York and Asian hubs.
The Financial Conduct Authority wants to replace its premium and standard listing categories with a single offering in a bid to attract more companies, Bloomberg reported.
Investindustrial closes third lower mid-market fund above target at €1.1bn. (FS)
Investindustrial has held the final close of Investindustrial Growth III above its target at €1.1bn ($1.2bn). The fund will continue the strategy employed by Investindustrial's previous two funds of making majority investments in European lower mid-market companies with strong internationalisation potential.
The fund completed its first investment in Arterex, a global, buy-and-build opportunity in the manufacturing of specialty medical compounds and devices, in Q4 2022.
Investindustrial was advised by Paul Hastings and Crestbridge.
APAC
Thai startups grab $529m in VC funding in Q1.
Thai privately-held companies gathered a total of $529m in fundraising in the first quarter, surpassing pre-Covid levels, up as much as 137% from the same period of 2019, DealStreetAsia reported.
Thailand's startup industry has emerged as a prominent player in the region, accounting for around 25.5% of equity funding. This puts the country ahead of neighboring Indonesia, which claimed a 20.8% share, and behind Singapore, which dominated the chart with a combined $960m in funding proceeds.
BPEA EQT sells 3.5% stake in Indian IT services firm Coforge for $108m. (FS)
Hong Kong-based private equity firm BPEA EQT has sold 3.5% of its stake in IT services company in Coforge for $108m in a secondary market transaction.
In Feb, BPEA EQT, formerly known as Baring Private Equity Asia, had sold 9.8% of its stake in Coforge for $294m, DealStreetAsia reported.
Carlyle, India's Premji Invest eye stake in auto loan firm TVS Credit. (FS)
Private equity firm Carlyle and Indian billionaire Azim Premji's investment unit are in separate talks to invest about $150m in TVS Credit Services, an arm of scooter and motorcycle maker TVS Motors.
The winner of the race to bet on India's fast-growing shadow-banking sector could get a stake of 20%. A valuation of about $612m for TVS Credit is being discussed, Reuters reported.
Indian PE Multiples makes first close of fourth fund at $640m. (FS)
India's Multiples Alternate Asset Management, led by former ICICI Venture veteran Renuka Ramnath, has made the first close of its fourth fund at $640m as it looks to ramp up investments in domestic companies.
The homegrown private equity major is understood to be eyeing a total corpus of about $1bn, DealStreetAsia reported.
SG-based Bitdeer, Bhutan's investment arm to launch $500m crypto mining fund.
Bhutan's investment arm, Druk Holding & Investments, has partnered with Singapore-based cryptocurrency mining platform Bitdeer to develop green digital asset mining operations in the kingdom.
Bitdeer and Druk Holding & Investments expect to launch the partnership through a close-ended fund with an estimated size of up to $500m by the month end, with the goal to attract investment from the international community, DealStreetAsia reported.
Chiratae Ventures hits final close of growth fund.
Venture capital firm Chiratae Ventures has hit the final close of its 'Growth Fund I' at INR10.01bn ($122m) that seeks to fund companies at Series C or later stages.
The fund's initial target was to raise INR7.50bn ($91m), and it was oversubscribed by 34% at the lower end of its target. The fund will be oversubscribed by 30-50%, DealStreetAsia reported.
|
