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Top Highlights
Aermont Capital, a European asset management group, completed the acquisition of the UK assets, including the Park Holidays business, from Sun Communities, a real estate investment trust, for £768m ($1.03bn), according to press releases.
Aermont Capital was advised by Rothschild & Co (led by Alex Midgen) and Macfarlanes. Sun Communities was advised by Jones Day, Taft Stettinius & Hollister, ICR, Deloitte, Lazard, Wells Fargo Securities, Burness Paull, Cripps, Kroll, JP Morgan, Citigroup, Bank of America, BMO Capital Markets, Ramboll, CIL Management Consultants and Ryan Transactional Risk. Park Holidays was advised by Proskauer Rose (led by Andrew Wingfield, Liam Arthur and Vikki McKay), according to press releases and MergerLinks data.
EQT Infrastructure, the infrastructure investment arm of EQT, and Blackstone Infrastructure, the primary infrastructure investment vehicle of Blackstone, completed the acquisition of Urbaser, a global environmental services company specializing in waste collection, treatment, recycling and street cleaning for municipalities and businesses, from Platinum Equity, a private equity firm, for €5.6bn, according to press releases.
Blackstone Infrastructure was advised by JP Morgan, UBS, Kirkland & Ellis, Linklaters, Simpson Thacher & Bartlett, Paul Weiss Rifkind Wharton & Garrison (led by Paul Foote) and Uria Menendez. EQT was advised by Banco Bilbao Vizcaya Argentaria (BBVA), Ernst & Young, Morgan Stanley, Freshfields, Kirkland & Ellis, Linklaters, Simpson Thacher & Bartlett, Grupo Albion and Kekst CNC. Platinum Equity was advised by Citigroup, Santander, Cuatrecasas Goncalves Perei (led by Javier Martí-Fluxá and Mariana Norton Dos Reis) and Latham & Watkins (led by Ignacio Pallares), according to press releases and MergerLinks data.
Royal Caribbean, a cruise operator, agreed to acquire a 50% stake in Sandals Resorts International, a Caribbean hospitality company that owns and operates all-inclusive luxury resort brands, for $3bn, according to press releases.
Sandals Resorts International is advised by Bank of America, PJT Partners, Jones Day and Latham & Watkins. Royal Caribbean is advised by Morgan Stanley, Perella Weinberg Partners and Kirkland & Ellis. Debt financing is provided by Morgan Stanley, according to press releases.
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AMERICAS
Progress Software, a software company, completed the acquisition of the AI and data platform of Domo, a cloud-based software company, for $400m, according to press releases.
Progress Software was advised by Citigroup and DLA Piper. Domo is advised by Jefferies & Company and Goodwin, according to press releases.
Apollo-backed Forge, a B2B events and media company, agreed to acquire Becker’s Healthcare, a media and events platform serving hospital, health system and healthcare executives, from Pamlico Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Forge is advised by Jegi Leonis and Akin Gump Strauss Hauer & Feld. Becker’s Healthcare is advised by BrightTower and Holland & Knight, according to press releases.
LLR Partners, a lower middle-market private equity firm, completed the investment in EnergyCAP, a developer of utility bill and energy management software. Existing investor Resurgens Technology Partners will retain its investment in EnergyCAP and continue to support the company alongside LLR Partners, according to press releases. Financial terms were not disclosed.
LLR Partners was advised by Lincoln International and Goodwin. EnergyCAP was advised by William Blair & Co and King & Spalding, according to press releases.
Rain Enhancement Technologies, a US-based weather technology company, offered to merge with Tensor Networks, a privately held US artificial intelligence company. Tensor holders are expected to own 90% of the combined company, with Rain shareholders retaining 10%, according to press releases. Financial terms were not disclosed.
Rain Enhancement Technologies is advised by White & Case, TCF Law Group and Technology PR Solutions (led by Neal Stein). Tensor Networks is advised by Ashurst Perkins Coie, according to press releases.
Blackstone-backed Copeland, a climate solutions company, completed the acquisition of Dickson, a provider of environmental monitoring and compliance technology solutions, from May River Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Dickson and May River Capital were advised by Houlihan Lokey, William Blair & Co and Paul Hastings, according to press releases.
Talos Energy, an independent oil and gas company, and Ridgewood Energy, a private equity firm, completed the acquisition of the interests in the Na Kika and Coulomb assets of Shell, a global energy and petrochemical company, for $1.7bn.
Talos Energy was advised by Greenhill & Co and Clifford Chance (led by Joclynn Marsh and David Sweeney), according to press releases and MergersLinks data.
Bain Capital, a private investment firm, agreed to acquire SOLitude Lake Management, a US-based lake and pond management company, and Vertex Aquatic Solutions, a US-based manufacturer and distributor of aquatic water-quality products, from Rentokil Initial, a UK-based publicly listed pest control and hygiene services company, for $230m, according to press releases.
Bain Capital is advised by Ropes & Gray (led by Adam Leamon). Rentokil Initial is advised by Goldman Sachs, according to press releases and MergerLinks data.
EMCO Chemical Distributors, a distributor, custom blender and packager of chemicals, agreed to acquire Pride Chemical Solutions, a distributor of industrial chemicals, according to press releases. Financial terms were not disclosed.
EMCO Chemical Distributors is advised by Profile Advisors (led by Edward Lopez). Pride Chemical Solutions is advised by PKF Investment Banking, according to press releases.
Catalio Capital Management, an investment firm focused on healthcare and life sciences, led a $311m Series E round in Enveda, an AI-driven drug discovery and development company, with participation from Durable Capital Partners, ICONIQ, Lightspeed, Surveyor Capital, T. Rowe Price, Digitalis Ventures, Alderline Group, Baillie Gifford, Premji Invest, FPV Ventures, True Ventures, Kinnevik, Dimension, Lifeforce Capital and Lux Capital, according to press releases.
Enveda was advised by KKH Advisors (led by Kimberly Ha), according to press releases.
Willdan, a technical services company focused on energy and infrastructure solutions, agreed to acquire Mantis Innovation, a building performance services company, for $285m, according to press releases.
Mantis Innovation is advised by Jefferies & Company, according to press releases.
Paramount's $49bn debt sale to kick off after lawsuits end. ( Bloomberg)
Bank of America, Citigroup and Apollo Global Management underwrote the buyout debt package and plan to begin selling the financing to investors in the coming weeks.
Kimberly-Clark offers remedies in bid for EU approval of Kenvue deal. ( Reuters)
The European Commission has extended its review deadline to October 13 and will assess the proposed remedies before deciding whether to clear the deal or open a deeper investigation.
Activist Jana Partners urges Six Flags to explore sale. ( WSJ)
Activist investor Jana Partners is urging Six Flags Entertainment to explore a potential sale following disappointing second-quarter earnings.
Jana has called on the theme-park operator’s board to immediately hire an investment bank to evaluate a sale of the company.
Canadian movie chain Cineplex mulls sale, hires Goldman and TD. ( Bloomberg)
Canadian movie theater operator Cineplex has launched a strategic review that could lead to a sale and appointed a new CEO to replace longtime chief Ellis Jacob.
Abu Dhabi's XRG is said to eye stake in Shell-backed LNG Canada. ( Bloomberg)
Abu Dhabi’s XRG is exploring the acquisition of a stake in the Shell-led LNG Canada export project as it seeks to expand its global natural gas business.
XRG has held discussions with existing investors, including PetroChina, about acquiring part of their holdings. Talks remain ongoing, and no agreement has been reached.
EMEA
ICG-backed Excellera, a corporate affairs consultancy, completed the acquisition of Alma Strategic Communications, a strategic communications consultancy, according to press releases. Financial terms were not disclosed.
Excellera was advised by Alvarez & Marsal, Fineurop Soditic and A&O Shearman. Alma Strategic Communications was advised by Waypoint Partners and Boodle Hatfield, according to press releases.
Superior Energy Services, an American oil services company, agreed to acquire Welltec, an international provider of robotic well solutions for the oil and gas industry, from Exor, the listed holding company of the Italian Agnelli family, and 7-Industries, a Dutch family office and investment firm, according to press releases. Financial terms were not disclosed.
Superior Energy Services is advised by Evercore and Clifford Chance. Exor and 7-Industries are advised by Morgan Stanley and Bech-Bruun, according to press releases.
Arlington Capital-backed AVS Bio, a global provider of critical inputs and services, completed the acquisition of Biorbyt, a global supplier of high-quality bio-reagents, according to press releases. Financial terms were not disclosed.
AVS Bio and Arlington Capital were advised by Prosek Partners (led by Ryan FitzGibbon), according to press releases.
Lidl owner among suitors circling Tesco’s European business. ( FT)
Schwarz Group, owner of Lidl and Kaufland, is among potential bidders for Tesco’s Czech and Slovakian operations as the UK retailer continues its retreat from overseas markets. Ahold Delhaize and Biedronka are also expected to submit offers.
Tesco plans to sell the Czech and Slovak businesses separately from its Hungarian operations, with initial bids due by the end of September. Goldman Sachs and Citi are advising on the process.
WSP scraps Arcadis bid after Dutch firm refuses to engage. ( Bloomberg)
WSP Global has withdrawn its offer for Dutch engineering firm Arcadis after failing to engage with the company on terms of a potential transaction.
WSP maintained that a combination had strategic merits but concluded that meaningful engagement from Arcadis was necessary to proceed with a deal.
Green steel startup Hydnum said in talks to sell up to 50% stake. ( Bloomberg)
Hydnum Steel is in advanced discussions with potential investors to sell up to a 50% stake as the Spanish startup seeks funding for its government-backed green steel project.
A deal could be signed by year-end, with the stake potentially valued at €150m ($172m) or more.
UK's Pollen Street says exploring options, in talks about possible sale. ( Reuters)
Pollen Street is exploring strategic options, including a potential take-private transaction, and has begun preliminary discussions with a limited number of potential bidders.
Possible buyers include mid-sized private equity firms and existing shareholder Wafra. Pollen Street manages £8.4bn ($11.2bn) across private equity and private credit strategies
The billionaire financier secures backing of the US and Gulf power brokers to bid for the international assets of Lukoil. ( FT)
Todd Boehly is leading a consortium seeking to acquire Lukoil’s international assets, challenging Carlyle’s previously agreed transaction for the business, which was valued at about $20bn in March.
The consortium includes International Holding Company, Allied Investment Partners, Qatar’s Al-Khayyat family and the US International Development Finance Corporation. The proposal is advanced, while Carlyle’s deal remains awaiting final US approval.
Lottomatica CEO sees AI driving online growth in Cirsa deal. ( Bloomberg)
The integration is intended to accelerate Cirsa’s online growth by combining Lottomatica’s technology with Cirsa’s local market expertise and teams.
Drone detector Sensofusion seeks €300m in Helsinki IPO. ( Bloomberg)
Finnish counter-drone company Sensofusion plans to raise about €300m ($343m) through an initial public offering in Helsinki to fund its expansion amid growing demand for drone detection and neutralization technology.
Four cornerstone investors have committed about €170m ($195m) to the offering, which values Sensofusion at up to €1.3bn ($1.49bn) on a pre-money basis.
Airtel Money plans London IPO as UK's listings push bears fruit. ( Bloomberg)
Airtel Money Commerce has filed for a potential initial public offering in London that could become the city’s largest listing in five years. The mobile payments company is part of Airtel Africa and is majority-owned by Bharti Enterprises.
The proposed listing on the London Stock Exchange would allow existing shareholders to sell shares in the company.
APAC
Grab execs buy back shares after stock hits 3-year low on Atome deal. ( Reuters)
CEO Anthony Tan purchased $30m of shares, while President Alex Hungate bought about $867k. Grab has also announced plans to repurchase around $900m of shares over the next 12 months.
Tiger Global-backed Spinny confidentially files for India IPO. ( Reuters)
Tiger Global-backed Valuedrive Technologies, operator of Indian used-car platform Spinny, has confidentially filed for an initial public offering that could raise at least INR30bn ($313.8m).
The proposed IPO is expected to comprise a roughly equal mix of new shares and an offer-for-sale by existing investors. Spinny was valued at up to $1.5bn in a funding round in February.
SoftBank-backed Carro said to mull first dual Nasdaq-SGX IPO. ( Bloomberg)
Used-car marketplace Carro is considering a Singapore listing alongside its planned US initial public offering, potentially becoming the first company to use Singapore Exchange’s new dual-listing mechanism with Nasdaq.
Carro has confidentially filed for a US IPO and recently submitted paperwork for a Singapore listing.
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