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AMERICAS
Advent International, one of the largest and most experienced global private equity investors, agreed to acquire Nuvei, a payment processor headquartered in Montreal, Canada, for $6.3bn.
Canadian shareholders Philip Fayer, Novacap and CDPQ will indirectly own or control approximately 24%, 18% and 12%, respectively, of the equity in the resulting private company as part of the agreement.
"Nuvei has created a differentiated global payments platform with an innovative product offering that serves attractive payments end markets like global eCommerce, B2B and embedded payments. Our deep expertise and experience in payments give us conviction in the opportunity to support Nuvei as it continues to scale from its base in Canada as a global player in the space. We look forward to collaborating closely with Nuvei to capitalize on emerging opportunities to help shape the future of the payments industry," Bo Huang, Advent Managing Director.
Nuvei is advised by Barclays, TD Securities, Davis Polk & Wardwell (led by Evan Rosen), Norton Rose Fulbright, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz and Ian Hazlett) and Stikeman Elliott. Barclays is advised by Shearman & Sterling (led by Sean Skiffington). Advent is advised by RBC Capital Markets, Blake Cassels & Graydon and Kirkland & Ellis (led by Will Boothby and Frances Dales). Debt financing is provided by BMO Capital Markets. CDPQ is advised by CIBC World Markets, Mayer Brown and McCarthy Tetrault. Novacap is advised by Fasken and Willkie Farr & Gallagher (led by Russell Leaf, Jared Fertman and Sean Ewen). Philip Fayer is advised by Osler Hoskin & Harcourt.
Shenandoah Telecommunications, a broadband services provider, completed the acquisition of Horizon Telcom, a commercial fiber provider, from GCM Grosvenor, a global alternative asset management solutions provider, and Energy Capital Partners, an equity and credit investor, for $385m.
“The acquisition of Horizon is a transformative transaction that we believe will allow us to accelerate our Fiber First strategy by doubling the size of our commercial fiber business and creating a new beachhead for our Glo Fiber business. We now expect to pass 150k additional homes with fiber in greenfield markets, targeting 600k total passings by the end of 2026. We are excited to combine Horizon’s robust fiber network and commercial fiber business with our 9k route-mile, multi-state fiber network and accelerate our Glo Fiber expansion. Horizon and Shentel share a similar history and a passion for outstanding local customer service while providing state-of-the-art technologies. We believe our teams’ core competencies will complement one another, translating to a stronger combined business,” Christopher E. French, Shentel President and CEO.
Horizon Telcom was advised by Bank Street Group, Baker Botts (led by Neil Torpey). Shenandoah Telecommunications is advised by Bank of America, Citizens M&A, CoBank ACB, Fifth Third Bancorp, Rothschild & Co (led by Jonathan Herbst) and Hunton Andrews Kurth (led by Steven Haas and J. A. Glaccum). GCM Grosvenor was advised by Houlihan Lokey and Greenberg Traurig. Energy Capital Partners was advised by Latham & Watkins (led by David Kurzweil).
APA, a company engaged in hydrocarbon exploration, completed the acquisition of Callon Petroleum, an independent oil and natural gas company, for $4.5bn.
"This transaction is aligned with APA's overall portfolio strategy and fits all the criteria of our disciplined approach to evaluating external growth opportunities. Callon has built a strong portfolio in the Permian Basin that is complementary to our existing Permian assets and rounds out our opportunity set in the Delaware," John J. Christmann IV, APA CEO and President.
General Electric, a multinational conglomerate company, completed the spin-off of GE Vernova, a publicly-traded energy technology company. Each shareholder received one share of GE Vernova for every four shares of GE owned.
"Today’s announcement clears the way for the historic launches of GE Vernova and GE Aerospace, completing our transformation into three independent, investment-grade industry leaders. Beginning April 2, both companies will be fully independent, with GE Vernova positioned to lead the energy transition guided by Scott Strazik and his team, and GE Aerospace set up to define flight for today, tomorrow, and the future. We are all excited about the opportunity and the responsibility ahead of us," H. Lawrence Culp, Jr., GE Chairman and CEO.
General Electric was advised by BNP Paribas, Citigroup, Consello, Evercore, Morgan Stanley, PJT Partners, UBS, DLA Piper, Gibson Dunn & Crutcher and Paul Weiss Rifkind Wharton & Garrison.
Zinnia, a life and annuity insurance technology services company, completed the acquisition of the Life and Annuity assets of Ebix, a supplier of software solutions. Financial terms were not disclosed.
"The acquisition of the Ebix Life and Annuity Assets is transformative for Zinnia. The complementary nature of our solutions will enable us to better serve carriers, distributors, and consumers, expanding our reach as we build the modern rails of the insurance industry. We are thrilled to welcome the Ebix L&A employees to Zinnia and look forward to what we can achieve together for our clients," Michele Trogni, Zinnia CEO.
Ebix was advised by AlixPartners, Huron Consulting Group, Jefferies & Company and Sidley Austin. Zinnia was advised by Citigroup, RBC Capital Markets, AZB & Partners (led by Kunal Kumbhat and Nishanth Ravindran), Milbank, C Street Advisory and Prosek Partners.
Trimble, a California-based SaaS technology company, and AGCO, a manufacturer and distributor of agricultural equipment and related replacement parts globally, completed the formation of a joint venture. AGCO acquired an 85% interest in Trimble's portfolio of Ag assets and technologies, in a $2bn deal.
"Farmers today are looking for mixed fleet solutions across their tractors and the implements that they use to most efficiently and sustainably feed the world. We believe a joint venture with AGCO, complemented by the successful mixed fleet approach that they have developed with their Precision Planting business model, can help us better serve farmers and OEMs together. Trimble has a rich history of forming and cultivating joint ventures with industry leaders such as Caterpillar, Nikon and Hilti and we are excited about this opportunity with AGCO and its family of leading brands. We look forward to beginning a new chapter with AGCO to bring precision agriculture to both the factory and to the aftermarket," Rob Painter, Trimble President and CEO.
Trimble was advised by Centerview Partners, Skadden Arps Slate Meagher & Flom (led by Thomas J. Ivey) and FGS Global (led by John Christiansen). Centerview Partners was advised by Paul Weiss Rifkind Wharton & Garrison. AGCO was advised by Morgan Stanley and Simpson Thacher & Bartlett (led by Eric Swedenburg and Jakob Rendtorff). Morgan Stanley was advised by Cleary Gottlieb Steen & Hamilton (led by James E. Langston) and Troutman Pepper.
Pembina Pipeline, an energy transportation and midstream service provider, completed the acquisition of a 50% stake in Alliance Pipeline and a 42.7% stake in Aux Sable, two NGL facilities operators, from Enbridge, a Canadian multinational pipeline and energy company, for $3.1bn.
"We are pleased to continue our strong track record of surfacing value for shareholders through an ongoing capital recycling program. With this divestiture, we will have raised ~$14bn since 2018 at attractive valuations. Today's transaction reinforces our disciplined approach to capital allocation. We remain committed to optimizing our portfolio, enhancing our industry-leading cash flow profile by reducing commodity price exposure, bolstering our financial flexibility, and maintaining a strong balance sheet," Pat Murray, Enbridge EVP and CFO.
Pembina Pipeline was advised by TD Securities, Blake Cassels & Graydon and Paul Weiss Rifkind Wharton & Garrison. Enbridge was advised by National Bank Financial, Scotiabank, Sullivan & Cromwell (led by Joseph J. Matelis) and Torys (led by David Cuschieri and Derek Flaman).
Kodiak Gas, a contract compression company, completed the acquisition of CSI Compressco, a provider of compression services and equipment for natural gas and oil production, from Spartan Energy, a commercial electricity firm, and Merced Capital, an investment firm, for $854m.
"We are excited to complete this transaction and welcome the talented CSI Compressco team to Kodiak. This transaction allows us to increase the scale and scope of our service offerings to our customers, further expanding our industry-leading footprint in key operating areas such as the Permian Basin and Eagle Ford Shale," Mickey McKee, Kodiak Founder and CEO.
Epiroc, a global productivity partner for the mining and infrastructure industries, completed the acquisition of the attachment tools business of Stanley Black & Decker, a developer of tools and outdoor operating manufacturing facilities, for $760m.
"The sale of Infrastructure demonstrates our commitment to maximizing shareholder value through active portfolio management. Simplification is a core tenet of our strategic transformation, and this transaction will help further sharpen our focus on value-creation opportunities in our core businesses while supporting our capital allocation priorities. I am confident that Infrastructure is positioned for a future of innovation and growth with Epiroc and would like to thank all our team members for their valuable contributions over the years," Donald Allan, Jr., Stanley Black & Decker President and CEO.
Epiroc was advised by Citigroup and Borden Ladner Gervais (led by Stefan Timms). Stanley Black & Decker was advised by Centerview Partners, JP Morgan and Skadden Arps Slate Meagher & Flom (led by Sean Doyle).
Novacap-backed Cadent, a provider of platform-based converged TV advertising solutions, agreed to acquire AdTheorent, a machine learning pioneer delivering measurable value for programmatic advertisers, for $324m.
"The AdTheorent Board determined that this transaction delivers immediate, certain and significant value to the cCompany'scompany's shareholders, reflecting the tremendous commitment and work of our employees and stakeholders. The transaction and the upcoming "go shop" process underscores the Board's commitment to maximizing value for shareholders," Eric Tencer, AdTheorent Chairman of the Board.
AdTheorent is advised by Canaccord Genuity, McDermott Will & Emery and ICR. Cadent is advised by Moelis & Co and Baker Botts.
Integra LifeSciences, a global medical device manufacturing company, completed the acquisition of Acclarent, a developer of technology for ENT related illnesses, from Ethicon, a manufacturer of surgical sutures and wound closure devices, and Johnson & Johnson, a pharmaceutical company, for $280m.
“This acquisition presents Integra with a rare opportunity to become a key player in the ENT segment. Acclarent’s culture of pioneering technologies aligns with Integra’s legacy of innovation to transform care and restore patients’ lives. We are looking forward to welcoming the Acclarent employees to the Integra team. Together, we can make a profound impact on the future of ENT and neurosurgery,” Jan De Witte, Integra LifeSciences President and CEO.
Stabilus, a supplier of gas springs, damping solutions, and electromechanical drives for motion control, completed the acquisition of DESTACO, a company that provides a broad range of engineered products, from Dover, a global manufacturer and solutions provider, for $680m.
"This transaction will allow Dover to concentrate our efforts and capital deployment on growing our core platforms, while DESTACO will benefit from Stabilus' focus on industrial automation and strong go-to-market channel in industrial and automotive applications," Richard J. Tobin, Dover President and Chief Executive Officer.
Old National Bancorp, an American regional bank, completed the acquisition of CapStar Financials Holdings, a bank holding company, for $344m.
"This partnership with CapStar – one of the most highly respected and successful community banks in Tennessee – is a tremendous cultural fit and a natural extension of our growth strategy. By establishing a full-service banking presence in Nashville and several other strong Tennessee and North Carolina communities, we can more fully serve our existing Nashville-area clients while also introducing our client- and community-focused brand of banking to the surrounding region," Jim Ryan, Old National CEO.
CapStar Financials Holdings was advised by Morgan Stanley and Wachtell Lipton Rosen & Katz (led by Matthew M. Guest). Old National was advised by Keefe Bruyette & Woods (led by Patrick Koster) and Dykema.
H.I.G. Capital, a global alternative investment firm, completed the acquisition of 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 was advised by Centerview Partners, Cravath Swaine & Moore (led Robert I. Townsend) and Gilmartin Group. H.I.G. Capital was advised by McDermott Will & Emery.
OneMain, a consumer lending company, completed the acquisition of Foursight Capital, a financial services company, from Jefferies, a full-service investment banking and capital markets firm, for $115m.
"Foursight is an attractive tuck-in acquisition giving us a seasoned team, scalable technology, tested credit models, a franchise dealer network and a high-quality loan portfolio to support our disciplined expansion into the auto lending business. I look forward to welcoming Mark Miller and the Foursight team to OneMain and working together to continue to diversify and grow our suite of lending products for hardworking Americans," Doug Shulman, OneMain Chairman and CEO.
OneMain was advised by Barclays and Covington & Burling (led by Michael Reed). Jefferies was advised by Jefferies & Company and Morgan Lewis & Bockius (led by Sheryl Orr).
Prosperity Bancshares, a bank holding company headquartered in Houston, Texas, completed the acquisition of Lone Star State Bancshares, the parent company of Lone Star State Bank of West Texas, for $229m.
"It has been a pleasure getting to know Alan and Melisa and the management team at Lone Star. We are very excited to have them join our organization. We continue to look for opportunities to enhance our presence in the West Texas area and Lone Star Bank's locations in Lubbock, Midland/Odessa, Big Spring and surrounding areas are an excellent fit for us. The customers of Lone Star will be able to use any of our locations across Texas and Oklahoma after operational integration," David Zalman, Prosperity Senior Chairman and CEO.
Lone Star State Bancshares was advised by Stephens and Fenimore Kay Harrison & Ford. Prosperity was advised by Bracewell.
TFI International, a North American leader in the transportation and logistics industry, completed the acquisition of Daseke, North American transportation solutions specialist dedicated to servicing challenging industrial end markets, for $1.1bn.
“We believe this transaction to be a tremendous outcome for our Daseke shareholders, providing a near-term liquidity event at a significant premium, and is consistent with our stated priority of progressing opportunities that maximize value for our shareholders. TFI has a proven track record of successfully executing acquisitions that deliver value for its customers, shareholders, partners, and team members. We are very fortunate to be joining a like-minded organization who shares our commitment to strong customer relationships, services excellence, and utmost respect for our professional drivers, each of which has fueled Daseke’s success over the last 15 years,” Jonathan Shepko, Daseke CEO.
Daseke was advised by JP Morgan and Kirkland & Ellis (led by Jennifer Gasser).
KKR, a global investment firm, completed the acquisition of a stake in SunFireMatrix, a software and tech-enabled services platform serving the insurance distribution and health plan markets, from Stone Point Capital, a private equity company. Financial terms were not disclosed.
“We are excited to strategically partner with KKR, given our shared commitment to transforming the healthcare landscape. KKR and Stone Point’s support provides us with unique access and guidance, helping us to continue to grow and serve our customers and beneficiaries,” David Graf, SunFireMatrix CEO.
KKR & Co was advised by Evercore. SunFireMatrix was advised by William Blair & Co.
Kimmeridge Energy Management said on April 1 it remained ready to engage with SilverBow Resources over its takeover bid, days after the US oil and gas producer rejected the latest offer that valued it at $2.1bn including debt, Reuters reported.
The activist investor, the top shareholder in SilverBow, in an open letter said the company did not contact it before rejecting the March 13 proposal that aimed at combining SilverBow with Kimmeridge's gas-producing assets in South Texas.
Montrose Environmental Group, an environmental solutions company, completed the acquisition of Engineering & Technical Associates, a process safety management company. Financial terms were not disclosed.
“We have partnered with ETA on client projects for many years and are excited to formally bring them into the Montrose family. We believe they will be highly additive to Montrose’s current Environmental, Health, Safety & Security advisory offerings,” Vijay Manthripragada, Montrose Environmental Group President and CEO.
Engineering & Technical Associates was advised by Niehaus Law
SLB, a global technology company that drives energy innovation, agreed to acquire ChampionX, a pumps and pumping equipment company, for $8bn.
"Our customers are seeking to maximize their assets while improving efficiency in the production and reservoir recovery phase of their operations. This presents a significant opportunity for service providers who can partner with customers throughout the entire production lifecycle, offering integrated solutions and delivering differentiated value. The combination of ChampionX's strong production-focused leadership throughout North America and beyond with our own international presence, unmatched technology portfolio, and history of innovation will drive tremendous value for our customers and stakeholders," Olivier Le Peuch, SLB CEO.
Mitsubishi, a global integrated business enterprise that develops and operates businesses, agreed to invest in EIG-backed MidOcean Energy, a global liquefied natural gas company. Financial terms were not disclosed.
"We are thrilled to have Mitsubishi Corp join as an anchor investor in MidOcean Energy. Mitsubishi Corp has been a pioneer of the global LNG industry and has consistently demonstrated its expertise and foresight in identifying valuable opportunities. Their investment is a testament to the strong fundamentals of the LNG market and MidOcean's strategy to create a competitive long-term growth platform in LNG for its investors," De la Rey Venter, MidOcean Energy CEO.
Kentucky Counseling Center, a mental health provider in Kentucky, completed the acquisition of Flourish Psychotherapy, a mental health company based in Ohio. Financial terms were not disclosed.
"We are excited to welcome Flourish Psychotherapy to the team. This acquisition represents a significant milestone in our mission to provide exceptional mental health care to individuals across the region. By joining forces, we can leverage our collective expertise and resources to better serve our communities," Brittany Mellick, Kentucky Counseling Center President
IES Holdings, a company that designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, completed the acquisition of Greiner Industries, a Mount Joy, PA-based structural steel fabrication and services company. Financial terms were not disclosed.
“The acquisition of Greiner strategically expands our geographic footprint into the attractive Mid-Atlantic market, while adding several products and services. Greiner, founded by Frank Greiner in 1976, has a long track record of completing large-scale, complex projects and providing specialized industrial services that are highly complementary with our Infrastructure Solutions segment. In addition, Greiner provides an opportunity to further expand the capacity and reach of our existing custom engineered product offerings. I am pleased to welcome Greiner’s deep and experienced workforce to the IES family,” Jeff Gendell, IES Holdings Chairman and Chief Executive Officer.
GE HealthCare, an American multinational medical technology company, completed the acquisition of MIM Software, a global provider of medical imaging analysis and artificial intelligence. Financial terms were not disclosed.
"We are thrilled to welcome MIM Software, known for driving innovation in multimodal image analytics and workflow, to our global GE HealthCare team. These new capabilities align with our precision care strategy to personalize care, enhance hospital efficiency and clinician effectiveness, and appeal to new and existing GE HealthCare and MIM Software users who see this as an opportunity to better serve patients and help improve outcomes," Peter Arduini, GE HealthCare President & CEO.
Lincoln Electric, an American multinational and global manufacturer of welding products, arc welding equipment, welding accessories, plasma and oxy-fuel cutting equipment and robotic welding systems, completed the acquisition of RedViking, a privately held automation system integrator. Financial terms were not disclosed.
“We are excited to welcome the RedViking team to Lincoln Electric. The acquisition expands our portfolio of automation solutions and extends our ability to serve customers in the growing aerospace and defense industries,” Steven B. Hedlund, Lincoln Electric President and CEO.
Amazon offers free credits for startups to use AI models including Anthropic.
Amazon Web Service has expanded its free credits program for startups to cover the costs of using major AI models, as it looks to boost the market share of its AI platform Bedrock, Reuters reported.
In a move to attract startup customers, Amazon now allows its cloud credits to cover the use of models from other providers including Anthropic, Meta, Mistral AI, and Cohere.
OpenAI removes Sam Altman's ownership of its Startup Fund. (FS)
OpenAI has changed the governance structure of its venture capital fund that backs AI startups, so its high profile chief executive Sam Altman no longer owns or controls the fund, according to a filing with the US Securities and Exchange Commission, Reuters reported.
The change, documented in the March 29 filing, came after Altman's ownership of the OpenAI Startup Fund raised eyebrows for its unusual structure--while being marketed similar to a corporate venture arm, the fund was raised by Altman from outside limited partners and he made investment decisions. OpenAI has said Altman does not have financial interest in the fund despite the ownership.
EQT nears $3bn deal for compliance risk firm Avetta. (FS)
EQT is nearing a deal to acquire Avetta in a transaction that would value the compliance software provider at about $3bn, including debt, Bloomberg reported.
The Stockholm-headquartered investment firm is buying Avetta through its EQT X fund from Welsh Carson Anderson & Stowe.
Eiger BioPharmaceuticals files for bankruptcy.
Shares of Eiger BioPharmaceuticals plunged to an all-time low on April 1 after the company filed for chapter 11 bankruptcy with a deal in hand to sell its Zokinvy drug, WSJ reported.
Shares of the Palo Alto company were recently changing hands at an all-time low of $1.87, down 63%.
T. Rowe Price supports Disney slate in proxy battle. (FS)
Walt Disney has won the support of asset manager T. Rowe Price as its heated proxy battle approaches the finale, Bloomberg reported.
The shareholder voted for the Disney slate including incumbent directors Maria Elena Lagomasino and Michael Froman with over 99% of the shares it owns.
Activist investor Ancora wins two board seats at Elanco. (FS)
Elanco Animal Health has reached a settlement with Ancora Holdings Group, allowing it to avoid a proxy fight with the activist investor, Bloomberg reported.
Greenfield, Indiana-based Elanco has appointed Ancora nominees Craig Wallace and Kathy Turner as independent directors on its board, it said in a statement on April 1. Wallace and Turner will also join the Elanco board’s finance, strategy and oversight committee.
Regulator probes BlackRock and Vanguard over huge stakes in US banks. (FS)
Banking regulators are scrutinising whether index fund giants BlackRock, Vanguard and State Street are sticking to passive roles when it comes to their investments in US banks.
The three firms manage more than $23tn in total, with much of it in funds that passively mimic indexes such as the S&P 500.
Warner Bros. says two directors left board over US antitrust probe.
Warner Bros. Discovery said Steven Newhouse and Steven Miron left its board of directors after learning that the US Justice Department was investigating whether their service violated antitrust law, Bloomberg reported.
Newhouse, whose family business is the second-largest holder of Warner Bros. stock, was a member of the board’s nominating and governance committee. Miron, who is also affiliated with the Newhouse family business, was a member of the compensation committee.
Safety testing company UL Solutions eyes up to $5.8bn valuation in US IPO.
Safety testing company UL Solutions is targeting a valuation of up to $5.8bn in its US initial public offering, the latest in a growing number of companies looking to tap into improving investor appetite for new listings, Reuters reported.
The company, which is solely owned by non-profit UL Standards & Engagement, said on April 2 its parent will sell 28m shares between $26 and $29 each to raise up to $812m.
EMEA
Impilo-backed Scantox completed the acquisition of the neuropharmacology division of QPS Austria.
Impilo-backed Scantox, a preclinical research company, completed the acquisition of the neuropharmacology division of QPS Austria, a full-service contract research organization. Financial terms were not disclosed.
"The acquisition of QPS Neuro is meaningfully changing our lead optimization platform and expands the depth and breadth of our discovery services in the CNS and rare disease area. We see a strong fit with the Scantox organization and are deeply impressed with the dedicated management team, its staff and R&D efforts focused on providing an enhanced level of service and scientific excellence to their clients," Jeanet Løgsted, Scantox CEO.
Nyetimber Wines and Spirits Group, a producer of English sparkling wine selling online as well as to iconic international stockists, restaurants & bars, agreed to acquire The Lakes Distillery Company, a retailer of alcoholic products, for £71m ($89m)
"The Lakes Board is enthusiastic about its ambitious new ten year plan to achieve a 1% share of the global luxury dark spirits market by 2030. This plan entails an additional funding requirement of £10m ($13m) over the next three years to provide the necessary growth capital to increase production capacity, to further invest in laying down maturing spirit stocks and to grow the brand's footprint in international markets. The offer by Nyetimber offers the prospect of an owner with the same shared strategic vision and crucially, certainty of funding," James Pennefather, The Lakes CEO.
Kingswood Capital Management completed the acquisition of the emulsifier business of Corbion for $362m. (FS)
Kingswood Capital Management, a private equity firm, completed the acquisition of the emulsifier business of Corbion, a global ingredient solutions provider, for $362m.
“Corbion takes immense pride in its heritage as a pioneer and leader in the emulsifier industry, and we appreciate the dedicated employees and loyal customers who contributed to this successful chapter in our history," Andy Muller, Corbion President of Sustainable Food Solutions.
Kingswood Capital Management is advised by Configure Partners and Kirkland & Ellis. Corbion is advised by Lazard and Stinson.
Cerberus Capital Management, an American global alternative investment firm, agreed to acquire VeloBank, a universal bank, from Bankowy Fundusz Gwarancyjny, the Polish bank guarantee fund, for PLN1.1bn ($270m).
"The end crowns the work. The sale of VeloBank will complete the resolution of Getin Noble Bank – one of the most complex processes of this type in the European Union. Two years ago, we had a major problem in the Polish banking sector as a bank from the top ten largest entities in the country was at risk of a bankruptcy. Now we have a healthy, modern VeloBank, which gains dynamic owners," Piotr Tomaszewski, Bankowy Fundusz Gwarancyjny President of the Management Board.
Cerberus Capital Management is advised by Linklaters. BFG is advised by JP Morgan and Rymarz Zdort Maruta.
Ellevio, a Swedish electric power distribution company, agreed to acquire Dala Energi, a Sweden-based supplier of electricity, heating and fibre networks, for SEK2.2bn ($205m).
"At Ellevio, we have a longstanding history as owner, manager and operator of electricity networks in Sweden and we are very pleased to present an attractive offer to all shareholders in Dala Energi. We already have strong roots in Dalarna, and with Ellevio as owner, Dala Energi's operations will continue to develop for the benefit of customers, employees, the local community and the region at large," Johan Lindehag, Ellevio CEO.
Ellevio is advised by ICECAPITAL Securities and Vinge.
Lumine Group, a communications and media software developer, completed the acquisition of the device management and service management platform businesses from Nokia, a multinational telecommunications, information technology, and consumer electronics corporation, for €220m ($237m).
“We are absolutely thrilled to welcome Device Management and Service Management Platform customers and employees to Lumine. As experienced corporate carve-out acquirers, our priority is to partner with Nokia to ensure a seamless transition and operational continuity for all customers,” David Sharpley, Lumine Group President.
Liberty Media, an American mass media company, agreed to acquire an 86% stake in MotoGP, the commercial rights holder for the motorcycling sport of Grand Prix racing, for €3.6bn ($3.9bn).
"We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP. MotoGP is a global league with a loyal, enthusiastic fan base, captivating racing and a highly cash-flow generative financial profile. Carmelo and his management team have built a great sporting spectacle that we can expand to a wider global audience. The business has significant upside, and we intend to grow the sport for MotoGP fans, teams, commercial partners and our shareholders," Greg Maffei, Liberty Media President and CEO.
CTS Eventim, an international provider of ticketing services and live entertainment, agreed to acquire festival and international ticketing activities from Vivendi, a culture, entertainment, media and communications company. Financial terms were not disclosed.
“I am proud of what has been accomplished over more than a decade and extremely grateful for the strong dedication of all the teams involved. We at Vivendi are convinced that CTS Eventim will be the right company to bring our ticketing and festival activities to new heights, supporting See Tickets to remain a state-of-the-art company in services and technology, while fostering the growth of the festivals and preserving their unique identities and audience,” Hala Bavière, Vivendi Executive Committee.
UBS to launch buyback of up to $2bn.
UBS Group plans to launch a new share-buyback program of up to $2bn, WSJ reported.
The Swiss banking giant on April 2 confirmed its expected share repurchases for 2024 will amount to up to $1bn.
Thailand's Central Group wants to acquire Signa real estate assets.
Thai retailer Central Group wants to take over some real estate assets from insolvent Austrian property company Signa, including KaDeWe in Germany and Selfridges in London, DealStreetAsia reported.
Central Group is interested in Signa’s entire luxury group, which also includes Alsterhaus in Hamburg, Oberpollinger in Munich, and Globus in Switzerland.
StanChart names new regional heads in investment bank reshuffle. (People)
Standard Chartered is elevating more than a dozen bankers to new or expanded roles within its corporate and investment bank business, as part of a broad reshuffle, Bloomberg reported.
Five bankers have been tapped to lead key regional hubs from the US and Europe to the Middle East and South Asia, according to a memo from the division’s co-heads Roberto Hoornweg and Sunil Kaushal.
Lonza taps Siegfried Holding’s Wolfgang Wienand as next CEO. (People)
Lonza Group said it appointed Wolfgang Wienand, who is currently chief executive at smaller Swiss peer Siegfried Holding, as its next CEO, WSJ reported.
The Swiss life-sciences company said on April 2 that Wienand will join in the summer of 2024 and will replace Albert M. Baehny, who became interim CEO in October last year after the departure of Pierre-Alain Ruffieux.
APAC
Whitehaven Coal, an emerging company in the coal mining industry, completed the acquisition of Daunia and Blackwater coal mines from BHP, an Anglo-Australian multinational mining and petroleum company, and Mitsubishi Development, a holding company of Mitsubishi's mineral resources investments in Australia, for $4.1bn.
"This is a compelling transaction for Whitehaven that accelerates our strategy, transforms our company and delivers substantial value for our shareholders. This transformational acquisition will pivot our portfolio towards metallurgical coal, which has been a core pillar of our strategy for many years making this a better balanced business. Our thermal coal business remains strategically important as we continue to provide much-needed coal products to support the global energy transition and as customers seek our high-quality and high-CV products to limit their emissions," Paul Flynn, Whitehaven CEO & Managing Director.
Whitehaven Coal was advised by UBS, Allens (led by Richard Malcolmson) and SEC Newgate (led by Jamin Smith). Debt financing was provided by Bank of America and Jefferies & Company. Mitsubishi was advised by Rothschild & Co (led by Alister McGee).
Carousell Group, a Singaporean smartphone and web-based consumer-to-consumer and business-to-consumer marketplace, agreed to acquire LuxLexicon, a luxury bag reseller. Financial terms were not disclosed.
"We are excited to partner with Florence and the LuxLexicon team to accelerate our ambition of creating the largest managed marketplace for authenticated secondhand luxury bags where users can buy and sell with trust and convenience. We originally met Florence to partner with LuxLexicon for our Carousell Certified Luxury programme. After conversations, we realized that we had a similar vision, and by joining forces with LuxLexicon's expertise, we could help each other supercharge our luxury bag business in Southeast Asia, Hong Kong and Taiwan over the next few years," Marcus Tan, Carousell Group Co-founder.
BMW Group, a manufacturer of automobiles, and Tata Technologies, an Indian multinational product engineering company, agreed to form a joint venture. Financial terms were not disclosed.
“The expansion of international DevOps hubs has clearly proved to be a successful model for the BMW Group. I am therefore extremely pleased that we have found a strong and valued technology partner with Tata Technologies and are now also expanding our footprint in India,” Alexander Buresch, BMW Group CIO and Senior Vice President.
Aditya Birla Fashion to list flagship lifestyle brands as separate entity.
Apparel retailer Aditya Birla Fashion and Retail said on April 1 it was planning to demerge Madura Fashion & Lifestyle into a separate listed entity, Reuters reported.
The move follows the company posting losses for the last three quarters due to weak demand as well as increased investments in some brands.
Madura Fashion consists of four lifestyle brands - Louis Phillippe, Van Heusen, Allen Solly and Peter England - and contributes to more than 70% of the company's total revenue.
Mizuho will expand focus on M&A for smaller Japanese companies.
Mizuho Financial Group will expand its mergers and acquisitions business for small and medium-sized Japanese companies that have traditionally been under served, Bloomberg reported.
Mizuho Bank and Mizuho Securities will invest in Japan Blue M&A Advisory, which was established by Nippon Management Systems to focus on the sector.
Austal rejects Hanwha's $662m offer citing regulatory hurdles.
Australian shipbuilder Austal said on April 2 it had rejected an AUD1bn ($662m) takeover offer from South Korea’s Hanwha Ocean as it was unlikely to be approved by Australian and US regulators due to the sensitivity of its operations, DealStreetAsia reported.
The West Australia-based firm said it had received a bid at AUD2.825 ($1.49) per share, representing a premium of 28.4% to Austal’s last closing price.
Grab, Delivery Hero talks came under Singapore competition watchdog's radar.
Singapore‘s competition watchdog had looked into the likelihood of the now-collapsed talks between Grab Holdings and Delivery Hero raising worries about competition in the food delivery market, DealStreetAsia reported.
Germany’s Delivery Hero had been looking to divest its foodpanda business in some Southeast Asian markets and media reports from September had said Singapore-based Grab could be a potential buyer.
Blackstone to add private equity assets worth $25bn in India. (FS)
Global private equity major Blackstone plans to add $25bn of Indian private equity assets over the next five years as the country continues to attract global investors, DealStreetAsia reported.
The New York-based firm also intends to add 20 more investment professionals to its asset management business in India and double its office space in Mumbai, the report added.
India's Embassy REIT plans to raise up to $400m, hires Morgan Stanley.
India’s largest real estate investment trust, Embassy Office Parks, plans to raise up to $400m from investors, as it looks to meet demand for office space from global and local giants, DealStreetAsia reported.
Embassy, which manages 45m square feet (4.18m square meters) of office parks, has clients including Google, Cisco, and IBM who are bolstering their presence in the world’s fifth biggest economy.
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