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AMERICAS
Adobe, an American multinational computer software company, terminated the deal to acquire Figma, a web-first collaborative design platform, for $20bn.
"Figma and Adobe have reached a joint decision to end our pending acquisition. It's not the outcome we had hoped for, but despite thousands of hours spent with regulators around the world detailing differences between our businesses, our products, and the markets we serve, we no longer see a path toward regulatory approval of the deal. We entered into this agreement 15 months ago with the goal of accelerating what both Adobe and Figma could do for our respective communities. While we leave that future behind and continue on as an independent company, we are excited to find ways to partner for our users," Figma.
Nippon Steel, Japan’s largest steelmaker, agreed to acquire US Steel, an American integrated steel producer headquartered in Pittsburgh, Pennsylvania, for $14.9bn.
“We are excited that this transaction brings together two companies with world-leading technologies and manufacturing capabilities, demonstrating our mission to serve customers worldwide, as well as our commitment to building a more environmentally friendly society through the decarbonization of steel. NSC has long admired USSteel with deep respect for its advanced technologies, rich history, and talented workforce and we believe we can jointly take on the challenge of raising our aspirations to even greater heights. The transaction builds on our presence in the United States and we are committed to honoring all of US Steel’s existing union contracts. We look forward to collaborating closely with the US Steel team to bring together the best of our companies and move forward together as the ‘Best Steelmaker with World-Leading Capabilities’,” Eiji Hashimoto, Nippon Steel Corporation President.
Masonite, a global designer, manufacturer, marketer and distributor of interior and exterior doors and premium door systems, agreed to acquire PGT Innovations, a designer and manufacturer of patio door and premium window solutions, for $3bn.
"The acquisition of PGT Innovations accelerates our strategy and is an exciting and transformational step in the nearly 100-year history of Masonite. The combined business will be well positioned to provide homeowners with differentiated solutions across both the interior and exterior openings of the home, while significantly expanding our geographic presence and growth opportunities. The PGT Innovations team shares our commitment to innovation and delivering premium products and is tightly aligned to the three strategic pillars that guide Masonite: delivering reliable supply, driving product leadership and winning the sale. I look forward to welcoming the talented PGT Innovations employees to Masonite and unlocking the many opportunities this combination presents to deliver compelling long-term value to our customers, employees, partners and shareholders," Howard Heckes, Masonite President and CEO.
H.I.G. Capital, a global alternative investment firm, agreed to acquire the spine business of ZimVie, a global life sciences firm, for $375m.
"The ZimVie spine business has a solid foundation with a market-leading product portfolio, strong surgeon satisfaction and exceptional patient outcomes. We see a tremendous opportunity to partner with the spine leadership team to support best-in-class innovation and robust commercial execution. The combination of H.I.G.'s expertise in the medical device space and the capabilities of ZimVie spine management will create an innovation engine for distributors, surgeons and patients," Mike Gallagher, H.I.G. Capital Managing Director.
ZimVie is advised by Centerview Partners, Cravath Swaine & Moore and Gilmartin Group. H.I.G. Capital is advised by McDermott Will & Emery.
Koch Ag & Energy Solutions, a global provider of solutions for the agriculture, energy and chemical markets, agreed to acquire the Wever fertilizer plant from OCI Global, a chemical industry company, for $3.6bn.
"Today's announcement is an important step forward for KAES as we continue to invest in our fertilizer business. This investment complements our existing business and we look forward to advancing this transaction with OCI to completion," Mark Luetters, Koch Ag & Energy Solutions President.
KAES is advised by Barclays and Jones Day. OCI is advised by Morgan Stanley and Cleary Gottlieb Steen & Hamilton.
Budget hotel operator Wyndham Hotels & Resorts, on December 18, asked its shareholders to reject Choice Hotels' takeover offer, citing a regulatory review of up to 24 months and a lower valuation, Reuters reported. Last week, Choice launched a hostile bid for Wyndham after the New Jersey-based hotel repeatedly rebuffed the overtures.
"We are confident Wyndham can deliver long-term shareholder value well in excess of the $85 per share offered by Choice by continuing to execute on our existing business plan," Stephen Holmes, Wyndham Chairman.
Illumina to divest cancer test maker Grail after antitrust battles.
Gene sequencing company Illumina said on December 17 that it will divest cancer diagnostic test maker Grail after the companies battled both US and European antitrust enforcers for more than two years and faced fierce opposition from activist investor Carl Icahn, after the acquisition, Reuters reported.
The divestiture will be executed through a third-party sale or capital markets transaction, San Diego-based Illumina said in a statement, adding that it would finalize the terms by the second quarter of 2024.
A-Rod's slam SPAC is said to plan merger with Lynk Global.
A blank-check company set up by former New York Yankees all-star Alex Rodriguez is planning to merge with satellite communications provider Lynk Global, Bloomberg reported.
Slam, a special purpose acquisition company, signed a letter of intent to merge with Lynk, with the combined company expected to list on the Nasdaq stock exchange. The company is expected to be valued at no less than $800m upon the closing of the transaction.
EMEA
Keywords Studios, the international provider of creative and technology-enabled solutions to the global video games and entertainment industries, completed the acquisition of The Multiplayer Group, a multiplayer focused game development studio headquartered in Nottingham, from Improbable Worlds, a video game developer, for £76m ($96m).
"We are thrilled to welcome the MPG team to Keywords. MPG is a business that we have long admired for its high-quality work, blue-chip client base, deep experience in developing AAA multiplayer games and its use of technology and data analytics. This is another important step in building out our platform and expanding our offering to encompass specialized multiplayer game development at scale, which is increasingly in demand for live services. We believe that MPG complements our existing high-quality UK and global Create studios and are excited to bring them into the Group. We look forward to working with Andy and the wider talented MPG team over the coming years to continue to drive growth in the business," Bertrand Bodson, Keywords Studios CEO.
Iliad, an Italian telecommunications company, offered to merge with Italian operations of Vodafone, a British multinational telecommunications company, in a €10.45bn ($11.4bn) deal.
"The market context in Italy calls for the creation of the most innovative telecom challenger, with ability to compete and create value in a competitive environment. We believe that the profiles and complementary expertise of iliad and Vodafone in Italy would allow us to build a strong operator with the ability and financial strength to invest for the long term. NewCo would be fully committed to accelerating the country's digital transformation and especially fiber adoption and 5G deployment, with more than €4bn ($4.35bn) of investment planned over the next 5 years," Thomas Reynaud, iliad Group CEO.
iliad is advised by FinElk.
Yellow Wood Partners, a private equity firm, agreed to acquire Elida Beauty, a personal care products company, from Unilever, a consumer goods company. Financial terms were not disclosed.
“We are excited to work with the Elida Beauty team to lead these brands into their next phase of growth and expansion. Consumers around the world love these brands as they are an important part of their daily lives. We believe the brands will flourish in the Yellow Wood operating model where our teams will work to build and enhance growth and accessibility,” Tad Yanagi, Yellow Wood Partners Partner.
Yellow Wood Partners are advised by Chris Tofalli Public Relations (led by Chris Tofalli).
SNB Capital, a Saudi joint-stock company that specializes in investment banking, and Sanabil Investments, a sovereign wealth fund, led a $340m Series C round in Tamara, a provider of a buy now, pay later platform that enables customers to pay in installments, with participation from Shorooq Partners, Pinnacle Capital, and Impulse VC.
"Saudi Arabia deserves its place on the world stage for financial technology. Just as Tamara was created by local entrepreneurs, nurtured by a supportive local ecosystem and market regulators, we stand here today, humbled and hungry, ready for our own leapfrog moment. This achievement is a testament to the ecosystem, to our incredible team, investors, and the collaborative spirit that makes this region a great place for talent to flourish. As we set our sights on becoming the next big giant in shopping, payments and banking we remain ever grateful for the significant opportunity in this underpenetrated and underserved banking and financial services landscape. Furthermore, The Saudi Central Bank (SAMA) has been instrumental in creating an enabling environment for Saudi companies like Tamara to grow and innovate in the Saudi fintech sector," Abdulmajeed Alsukhan, Tamara Co-founder and CEO.
IBM, an American multinational technology corporation, agreed to acquire StreamSets and webMethods enterprise technology platforms from Silver Lake-backed Software, a German multinational software corporation, for €2.13bn ($2.3bn).
"Together with IBM's watsonx AI and data platform, as well as its application modernization, data fabric and IT automation products, StreamSets and webMethods will help clients unlock the full potential of their applications and data. This powerful combination helps drive innovation while preparing businesses for AI, no matter where applications or data reside," Rob Thomas, IBM Senior Vice President, Software and Chief Commercial Officer.
Coris Bank International, a commercial banking company, agreed to acquire the Ivory Coast business of StanChart, a British multinational bank. Financial terms were not disclosed.
"This agreement marks a milestone in Standard Chartered's journey in the AME region towards streamlining the business and providing further impetus to our delivery of best-in-class services and expertise to our clients," Sunil Kaushal, Standard Chartered Africa and the Middle East CEO.
Edinburgh Airport owners pick banks to take flight with £2.5bn sale. (FS)
Global Infrastructure Partners has hired HSBC and JP Morgan to orchestrate a sale of the Scottish capital's aviation hub. The process, which is expected to get underway at some point in the first half of 2024, will reflect the industry's post-Covid recovery, and is expected to attract interest from infrastructure investors from around the world.
GIP has owned Edinburgh Airport since 2012, when it bought it from BAA, which was the FTSE-100 airport infrastructure group behind Heathrow. GIP was said to have explored a sale in 2016 but was deterred by jittery investment connected to the Brexit vote that year. Stakes in Britain's busiest airport have since changed hands on a relatively frequent basis, with the Saudi Public Investment Fund and French investor Ardian acquiring a substantial shareholding last month.
Origin increases stake in UK’s Octopus Energy for $354m. (FS)
Origin Energy on December 18 increased its stake in UK-based renewable energy firm Octopus Energy by 3% to 23%, by investing £280m ($354m).
Origin is investing alongside existing major investors Canada Pension Plan Investment Board and Generation Investment Management, Reuters reported.
Carrefour makes an offer for Casino's local supermarkets.
Carrefour made an offer to take over a network of 7k local supermarkets owned by the struggling French retail group Casino Guichard-Perrachon, Bloomberg reported.
Carrefour is also bidding for a number of hypermarkets and supermarkets belonging to Casino. It may offer €500m to €600m ($545m-$654m) for the local network plus more for the additional stores.
Abu Dhabi nears deal to buy a stake in a Turkish port.
Abu Dhabi is set to buy a stake in a key Turkish port in a further sign of a rapprochement between the once bitter geopolitical rivals, Reuters reported.
Under the potential agreement, the state-controlled group AD Ports Group would invest in an entity to be established by the Turkey Wealth Fund to run the Aegean coast port of Izmir.
Saudi PE firm Jadwa eyes $530m fund for Mideast deals. (FS)
Saudi private equity firm Jadwa Investment is planning to raise as much as $530m for a new fund to boost dealmaking in fast-growing oil-exporting countries in the Middle East, Bloomberg reported.
The firm is raising its first blind pool fund with a view to taking significant minority stakes in as many as 12 companies over the next three years. It will target investments in Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman, an economic bloc known as the Gulf Cooperation Council of GCC.
APAC
Mitsubishi UFJ Financial Group, a Japanese bank holding and financial services company, agreed to acquire Link Group, an Australian data manager, for AUD2.1bn ($1.4bn).
"The proposed transaction validates Link Group's leading global technology-enabled platforms, which serve as core infrastructure in financial markets in multiple jurisdictions around the world. Joining forces with a global leader like MUFG and The Trust Bank will be significantly beneficial to our clients and employees. Their long-term investment horizon will further evolve our service proposition, bolster our growth strategy, and open up significant opportunities for our businesses. We are excited about the opportunities this transaction presents for our future and look forward to working together with MUFG and The Trust Bank to achieve our shared goals," Vivek Bhatia, Link Group CEO and MD.
Link Group is advised by Macquarie Group, UBS, Herbert Smith Freehills and GRACosway (led by Ben Wilson).
CRH, a provider of building materials solutions, and Barro Group, a building material company, agreed to acquire the remaining 53% stake in Adbri, a building materials business in Australia, for AUD1.1bn ($737m).
"We are very pleased to announce this potential acquisition of Adbri in partnership with the Barro family. We have held a long-term interest in the Australian construction materials market, which has attractive attributes including stable market dynamics and positive growth prospects, similar in nature to the Southern United States and Central and Eastern Europe where we have a significant presence," Albert Manifold, CRH CEO.
Adbri is advised by Barrenjoey Capital Partners, JP Morgan, Herbert Smith Freehills and Citadel Magnus (led by Peter Brookes). CRH is advised by UBS.
Devyani International, an Indian quick-service restaurants operator, agreed to acquire a 51% stake in Restaurants Development, operator of KFC restaurants across Thailand, for $129m.
"Thailand is a strong poultry market in its basket of meat consumption and we believe there is an opportunity available for the market to grow even further. In its pursuit of entering new geographies and simultaneously deepen its presence in existing locations, DIL is committed not only towards expansion of its footprint in Thailand but also ensuring and elevating the consumer’s experience in the Thai market and serving local communities," Devyani International.
Devyani International is advised by Citigate Dewe Rogerson (led by Anoop Poojari).
CYVN, an investment vehicle based in Abu Dhabi, agreed to invest $2.2bn in Nio, a company in the premium smart electric vehicle market.
"We are deeply inspired by CYVN’s vision to accelerate the global transition to a more sustainable future, and we appreciate its endorsement of NIO’s unique values. With the enhanced balance sheet, NIO is well prepared to sharpen brand positioning, bolster sales and service capabilities, and make long-term investment in core technologies to navigate the intensifying competitive landscape, while continually improving execution efficiency and system capabilities. We are confident that NIO will further solidify its leading position in the transformation of the automotive industry," William Bin Li, NIO Founder, Chairman and CEO.
Chine conglomerates China Animal Husbandry Group and Hainan Shengchen Investment agreed to acquire stake poultry and food processing units of New Hope Liuhe, a food company, for $590m.
The stake sales will ensure the company's competitiveness and sustainable development, New Hope Liuhe said.
India's Ambuja Cements to invest $723m for green power production.
Indian construction materials maker Ambuja Cements will invest nearly $723m in renewable power projects, Reuters reported.
The investment will be funded internally and is expected to target a capacity of 1k megawatts through solar and wind power projects in Gujarat and Rajasthan, it said in an exchange filing, without providing details on the funding process.
India's Siemens to explore energy business spin-off, shares jump to record high.
India's Siemens will explore a spin-off of its energy business at the behest of some of its stakeholders, the electrical appliances-maker said on December 18, sending its shares to a record high.
Its board also approved the incorporation of a unit in the financial hub of Mumbai if and when the company decides to implement the demerger. Its German affiliate Siemens Energy, one of the shareholders calling for the demerger, has been reviewing options to exit some markets and products of its struggling wind turbine business in a bid to shore up its balance sheet after swinging to an annual net loss last month, Reuters reported.
India's Edelweiss Financial to sell stake in unit for up to $240m. (FS)
India's Edelweiss Financial Services on December 18 said it has started the process of selling equity in its alternative asset management unit and plans to raise about $180m-$240m by a divesting 10%-20% stake, Reuters reported.
The company is receiving significant interest for the stake sale in Edelweiss Alternative Asset Management, and the process is likely to be concluded in four to five months. The move to sell the stake will reduce the company's debt and improve its market value.
Chinese battery maker REPT Battero Energy rises in Hong Kong debut.
Chinese battery maker REPT Battero Energy, a unit of the world's top nickel producer Tsingshan Group, rose on its first day of trade in Hong Kong on December 18 after an initial public offering that priced near the bottom of the marketed range, Bloomberg reported.
Shares gained 2.6% to close at HKD18.78 ($2.40). The company raised about HKD2.1bn ($272m) after selling 116m shares at HKD18.30 ($2.35) each. They were offered at HKD18.20 ($2.34) to HKD20.60 ($2.64) apiece in Hong Kong's fourth-largest IPO this year.
Philippines' Citicore Renewable files for up to $232m IPO.
Citicore Renewable Energy, one of the Philippines' biggest solar power producers, said on December 18 that it has filed for an initial public offering of up to $232m, Reuters reported.
Citicore plans to sell up to 3.34bn shares, including an over-allotment option, at up to $0.07 per share, to finance new solar power plants, riding on a big push by the Philippines to rely on cleaner energy sources. The company plans to generate $203m in fresh capital for its project pipeline, it said in a statement. In Philippine IPOs, the maximum offer price is a placeholder amount included in the filing to securities regulators. It is not uncommon to cut the maximum offer price late in the IPO process.
Automotive marketplace Carro in talks to raise over $100m in pre-IPO round.
Carro, a Southeast Asian online automotive marketplace, is in talks with potential investors to raise over $100m ahead of a possible US listing in 18 months, said a senior executive at the Singapore-headquartered unicorn.
"Currently, we are entertaining approaches from certain investors as a result of which we are thinking of a small fundraise," Ernest Chew, Carro CFO.
Chew, a former HSBC banker in Hong Kong and London, said the investors were global and regional "blue chips". The fundraising could value Carro even higher, which now has a valuation of over $1bn, DealStreetAsia reported.
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