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
Toronto-Dominion Bank's planned $13.4bn purchase of First Horizon was held up as US regulators scrutinized the Toronto lender's handling of suspicious customer transactions — a delay which contributed to the banks' decision to abandon the deal, Bloomberg reported.
The regulators' concerns were related to anti-money laundering practices. The reluctance by the Office of the Comptroller of the Currency and the Federal Reserve to sign off on those practices ended up being the biggest obstacle.
Advent International and Warburg Pincus, two private equity investors, agreed to acquire BioPharma Solutions business from Baxter, a global medtech company, for $4.25bn.
“Today represents an important step in Baxter’s ongoing transformation journey as we continue to execute against our strategic priorities, enhance our focus and create additional value for all our stakeholders. BPS has long been recognized worldwide as a trusted and preferred partner of contract manufacturing services for the pharmaceutical and biotech industries. Advent International and Warburg Pincus have extensive experience helping innovative healthcare companies advance their mission and strategic priorities. I am confident that under their stewardship, BPS will continue to build on its leadership position, foster world-class talent, invest in new capabilities and capacity, and provide leading-edge, high-quality solutions for its clients," José E. Almeida, Baxter Chairman, President and CEO.
Tempur Sealy, a bedding provider, agreed to acquire Mattress Firm, an American mattress store chain, for $4bn.
"This transaction advances all four of our key long-term initiatives: to develop the highest quality bedding products, promote brands with compelling marketing, optimize our diverse omnichannel distribution platform, and drive EPS growth. Consistent with our M&A strategy, this acquisition will make Tempur Sealy more competitive by bringing us closer to consumers and facilitating continued innovation," Scott Thompson, Tempur Sealy Chairman and CEO.
Mattress Firm is advised by Barclays, Goldman Sachs, Jefferies & Company and Simpson Thacher & Bartlett. Tempur Sealy is advised by JP Morgan, Cleary Gottlieb Steen & Hamilton and FGS Global.
MultiPlan, a provider of technology and data-enabled cost management, payment, and revenue integrity solution, completed the acquisition of Benefits Science, a next generation data and advanced analytics company, for $160m.
“This is a tremendous milestone for MultiPlan. This transaction brings together two leading healthcare technology companies that share a vision of solving healthcare’s most pressing problems. BST’s platform, products and intellectual capital, combined with MultiPlan’s customer reach and expansive claims data will deliver rich, actionable data rapidly and prescriptively to health plans and employers seeking to improve care, avoid cost, and achieve greater return on investment. I am very excited about the significant growth opportunities our new Data & Decision Science service line will generate for MultiPlan,” Dale White, MultiPlan CEO and President.
Benefits Science was advised by Truist Securities and Latham & Watkins. MultiPlan was advised by Bank of America, Kirkland & Ellis and Simpson Thacher & Bartlett.
EasyKnock, a technology-enabled residential sale-leaseback platform, completed the acquisition of Ribbon, a company of powerbuying and cash offer solutions. Financial terms were not disclosed.
“We are thrilled to bring Ribbon and EasyKnock’s cutting edge financial products together under one roof to provide more options and a competitive advantage to consumers and industry partners nation-wide. This marks the beginning of a new wave of innovation in the real estate sector, the advent of PropTech 3.0. By combining these product suites and offering solutions for every stop along the homeownership journey, we are better positioned to responsibly empower more families with the financial flexibility and control they need to achieve their goals,” Jarred Kessler, EasyKnock CEO and Co-Founder.
EasyKnock was advised by Goodwin Procter. Debt financing was provided by TVC Capital.
ŌURA, a Finnish health technology company, completed the acquisition of Proxy, a digital identity platform. Financial terms were not disclosed.
“ŌURA was founded on a culture of innovation, and has put great emphasis on building broad protection for our intellectual property. This deal expands ŌURA’s leadership in health wearables and signals our ambitions to integrate digital identity technology with our existing hardware and software offerings. We are thrilled to collaborate with the innovative Proxy team to expand our addressable market, paving the way for new opportunities in areas such as payments, access, security, identity, and beyond, fueling future growth. With the acquisition of Proxy, we have the most comprehensive portfolio in the smart ring space,” Tom Hale, ŌURA CEO.
New York Times to get around $100m from Google over three years.
The New York Times is getting around $100m from Google over three years as part of a broad deal that allows the Alphabet unit to feature Times content on some of its platforms, Reuters reported.
The deal includes the Times' participation in Google News Showcase, a product that pays publishers to feature their content on Google News and some other Google platforms.
Standard Chartered CEO says big US recession unlikely.
Standard Chartered Chief Executive Bill Winters said he sees a big recession in the United States as unlikely, although a period of negative growth was possible, Reuters reported.
"I think it's less the question of a massive decline in the US - I think that's very, very unlikely. But it's also got a high inflation problem and interest rates that are either going to stay high or maybe even go higher at some point ... until the economy slows down. Now does that lead us into a big recession? I think unlikely. Could we have a period of negative growth? Yes," Bill Winters, Standard Chartered CEO.
EMEA
InfraRed, an international infrastructure investment manager, completed a €150m investment in JOLT Energy, a Dublin and Munich-based charge point operator.
“With InfraRed, JOLT has found a financing partner who supports the establishment of a forward-looking infrastructure and paves the way for the crucial change in e-mobility. Our ultra-fast charging stations equipped with powerful battery storage are the missing link in accelerating the energy and transport transition in cities. Ultra-fast charging systems are the key to unlocking the potential of EVs for city residents,” Maurice Neligan, JOLT CEO.
InfraRed was advised by Teneo (led by Matthew Thomlinson). JOLT Energy was advised by Nomura.
JD Sports, a sports-fashion retail company, agreed to acquire Courir, a fashion sneakers seller, from Equistone Partners, a private equity firm, for €520m ($573m).
"We said at our recent Capital Markets Event that this was the start of a new, distinct chapter in the growth story of JD. The exciting developments that we are announcing today reflect the strategic priorities that we highlighted on the day," Régis Schultz, JD CEO.
JD Sports is advised by FGS Global (led by Rollo Head).
EFESO Management Consultants, an operations strategy and performance improvement consultancy, completed the acquisition of Tsetinis Consulting, a management consultancy. Financial terms were not disclosed.
"Tsetinis has made the difference for its clients in automotive and manufacturing for over 20 years. EFESO’s global reach, unique operations experience and strong growth trajectory perfectly complement our capabilities and renowned reputation for delivering exceptional results," Jost Kamenik, Tsetinis Consulting CEO.
Tsetinis was advised by Houlihan Lokey.
Accenture, a global professional services company, agreed to acquire Objectivity, a digital engineering firm. Financial terms were not disclosed.
“A new wave of platform engineering is creating opportunities for companies to accelerate reinvention and value creation. With a strong digital core powered by cloud, organizations can continuously adapt to industry dynamics, using platforms to reimagine value chains and embrace new business models. Objectivity’s strong engineering culture and delivery experience will help our clients pivot and launch new products quickly and efficiently,” Karthik Narain, Accenture Cloud First global lead.
Equites exploring sale of UK business.
South African specialist logistics property group Equites plans to sell its logistics business in the United Kingdom as a way to unlock value amid rising interest rates impacting asset valuations, Reuters reported.
Equites said the changing macroeconomic landscape impacted the UK investment market, which experienced substantial repricing in asset values during 2022. The group's UK portfolio value declined by 21% on a like-for-like basis.
Airwallex expands to Israel.
Global payments firm Airwallex said it was opening an office in Israel this week as part of plans to expand in the Middle East and globally, DealStreetAsia reported.
Founded in Australia, the financial technology company said its Israeli operations, would be a first step towards expanding across Europe, the Middle East and Africa in 2023. It already serves a number of Israeli businesses.
APAC
Fortuna Silver Mines, a precious metals mining company, agreed to acquire Chesser Resources, an exploration company, exploring for gold and base metals in Turkey, for $60m.
“In a short time, Chesser has done a great job advancing Diamba Sud from early-stage exploration to a PEA-stage project with multiple targets yet to be tested. Within the larger and diversified Fortuna portfolio, the advancement of Diamba Sud will benefit from our technical and operational strength and lower cost of capital," Jorge A. Ganoza, Fortuna President & CEO.
Fortuna is advised by INFOR Financial, Allens and Blake Cassels & Graydon.
Accordion, a financial and technology consulting firm, agreed to acquire Merilytics, a provider of advanced analytics, data management, and business intelligence reporting solutions. Financial terms were not disclosed.
“We looked at several companies in search of the right partner to advance our data & analytics capabilities, and Merilytics’ reputation, quality of work, and customer partnership orientation made clear they were the perfect fit. Merilytics’ best-in-class solutions for financial analytics, operational analytics, and data management will be a tremendous addition to Accordion’s ability to deliver long-term client value. They are the best in the business. Period,” Nick Leopard, Accordion CEO and Founder.
Accordion is advised by Stanton PRM (led by Alex Varney).
Aviat Networks, a company in wireless transport and access solutions, agreed to acquire wireless transport business from NEC, a company in the integration of IT and network technologies, for $70m.
"As a leader in the field of wireless transport, NEC has accumulated many years of advanced technologies and knowledge by providing solutions to a wide range of customers around the world. Today, we are confident that this business integration with Aviat will enable customers to be provided with even more valuable solutions," Takayuki Morita, NEC President and CEO.
KKR, Macquarie eye Sembcorp. (FS)
US private equity group KKR and Australia's Macquarie Asset Management are among potential bidders for the waste and recycling management arm of Singapore's energy group Sembcorp in a deal that could value the unit at around $500m, Reuters reported.
Sembcorp, which is 49.3% owned by Singapore's state investor Temasek, has hired HSBC to run the sale of SembWaste.
ProLogium seeking funds at $2bn value
Taiwanese solid-state battery maker ProLogium Technology is considering raising fresh funding at a valuation of about $2bn to ramp up growth and investments, Bloomberg reported.
The electric vehicle battery supplier, whose backers include Mercedes-Benz and Vietnam's VinFast, is in talks with potential advisers to raise as much as $300m. The funds would be used for the company's capital expenditure plans for 2024.
Stride Ventures hit first close of venture debt fund at $100m. (FS)
Stride Ventures, which has backed the likes of HealthifyMe and Mensa Brands, has hit the first close of its third venture debt fund at $100m with a target to finally close it at $200m, DealStreetAsia reported.
The firm, which has invested in over 100 startups across two funds, hit the first close within four months of receiving the licence for the third fund.
|
