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Top Highlights
Amcor, a responsible packaging solutions developer, completed the merger with Berry, a manufacturer and marketer of plastic packaging products, in a $15.7bn deal, according to press releases.
Berry was advised by Lazard (led by Richard Whitney), Wells Fargo Securities (led by Doug Braunstein and Paul Wren), Skadden Arps Slate Meagher & Flom (led by C. Michael Chitwood) and Joele Frank (led by Michael Freitag, Adam Pollack and Joseph Sala). Financial advisors were advised by White & Case (led by Denise A. Cerasani). Amcor was advised by Goldman Sachs (led by Matthew McClure and Colin Convey), UBS (led by Nick Brown and Robin Rankin), Herbert Smith Freehills (led by Kam Jamshidi), Kirkland & Ellis (led by Jonathan Davis, Carlo Zenkner, Andrew Norwich and Eric Schiele), Joele Frank (led by Ed Trissel and Tim Lynch) and Sodali & Co (led by James Strong), according to MergerLinks data and press releases.
DSV, a Danish transport and logistics company, completed the acquisition of Schenker, a division of German rail operator Deutsche Bahn that focuses on logistics, from Deutsche Bahn, a provider in the mobility and logistics sector, for €14.3bn ($16.2bn), according to press releases.
DSV was advised by BNP Paribas, Goldman Sachs (led by Tibor Kossa), HSBC (led by Jon Connor, Kristian Terling and Steffen Wurm), KPMG, PricewaterhouseCoopers, Freshfields Bruckhaus Deringer (led by Heiner Braun and Patrick Cichy), Moalem Weitemeyer Bendtsen (led by Dan Moalem, Jakob Skafte-Pedersen, Jacob Bier and Lennart Meyer Ostenfjeld) and Brunswick Group. Financial advisors were advised by Clifford Chance. Deutsche Bahn was advised by Morgan Stanley (led by Jens Maurer), Cravath Swaine & Moore (led by Aaron Gruber), Hengeler Mueller (led by Hans-Jörg Ziegenhain and Georg A. Frowein) and Khaitan & Co (led by Rabindra Jhunjhunwala), according to press releases and MergerLinks data.
Clayton Dubilier & Rice, a global investment firm, completed the acquisition of a 50% stake in Opella, the consumer healthcare unit of Sanofi, an innovative global healthcare company, for €8bn ($9bn), according to press releases.
Deal Round up
AMERICAS
Ripple offered to buy stablecoin rival Circle for up to $5bn. ( Bloomberg)
Carlyle, State Street mull partnership to tap retail wealth. ( Bloomberg)
TSG Consumer nears investment in cookie chain Crumbl. ( Bloomberg)
Restaurant software maker Olo is exploring a potential sale. ( Bloomberg)
Activist investor Irenic Capital builds stake in software maker Couchbase. ( Bloomberg)
Athletics's held talks with Aramark over investment in baseball team. ( Bloomberg)
Crypto influencer Anthony ‘Pomp’ Pompliano-led SPAC files for IPO. ( SEC Filing)
Apollo closes debut secondaries fund at $5.4bn, surpassing target. ( Press Release)
EMEA
Ardian and Rockfield completed the acquisition of Minervahaven Student Housing Complex from Rinkelberg Capital.
Tenaz Energy completed the acquisition of NAM Offshore from Nederlandse Aardolie Maatschappij for €165m.
GlobalData gets takeover proposals from funds managed by ICG, KKR. ( Reuters)
Rio survives activist investor push to end dual listing. (Bloomberg)
APAC
Couche-Tard advances deal talks for Japan's Seven & i with access to books. ( Reuters)
Meiji, Lactalis, Saputo, Warburg may bid in Fonterra's $2.4bn sale. ( Reuters)
Australia's Platinum in talks to be swallowed up by L1 Capital. ( Reuters)
BlackRock-backed Suez taps HSBC to review China assets. ( Bloomberg)
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AMERICAS
Casago, a vacation rental property management company, completed the acquisition of Vacasa, a vacation rental management platform in North America, for $200m, according to press releases.
Vacasa was advised by PJT Partners, Latham & Watkins and Vinson & Elkins (led by Lande Spottswood). PJT Partners was advised by Sullivan & Cromwell (led by Matthew Goodman). Casago was advised by Jefferies & Company, Skadden Arps Slate Meagher & Flom (led by Christopher Barlow) and Abode Worldwide. Riverwood Capital was advised by Simpson Thacher & Bartlett (led by Naveed Anwar). Roofstock was advised by Fenwick & West (led by David Michaels, Kris S. Withrow and Steven Levine). Silver Lake was advised by Ropes & Gray, according to MergerLinks data and press releases.
Blackstone, a private equity firm, completed the acquisition of Safe Harbor Marinas, a marina and superyacht servicing business, for $5.65bn, according to press releases.
AeroVironment, a defense contractor, completed the acquisition of BlueHalo, a purpose-built platform providing industry-leading capabilities, from Arlington Capital Partners, a private investment firm, for $4.1bn, according to press releases.
Clearlake Capital, a private investment firm, completed the investment in Warburg Pincus-backed ModMed, a specialty-specific healthcare SaaS technology provider, at a $5.3bn valuation, according to press releases.
Roquette, a producer of plant-based ingredients and vegetal proteins, completed the acquisition of pharma solutions business of IFF, a developer and manufacturer of pharmaceutical excipients, for $2.85bn, according to press releases.
Mid Penn Bancorp, the parent company of Mid Penn Bank, a full-service commercial bank, completed the acquisition of William Penn Bancorporation, the holding company for William Penn Bank that provides retail and commercial banking products, for $120m, according to press releases.
William Penn was advised by Piper Sandler and Kilpatrick Townsend. Mid Penn was advised by Keefe Bruyette & Woods (led by Joseph Moeller and Adam Ray Tarvin), Stephens and Pillar Aught, according to MergerLinks data and press releases.
Brynwood-backed Hometown Food, a manufacturer and marketer of a portfolio of American baking brands, agreed to acquire the Chef Boyardee brand from Conagra Brands, a branded food company, for $600m, according to press releases.
Brynwood is advised by Holland & Knight. Conagra Brands is advised by Centerview Partners and Mayer Brown, according to press releases.
Clearwater Analytics, a software-as-a-service fintech company, completed the acquisition of Beacon, a financial technology company, from PIMCO, an investment management firm, for $560m, according to press releases.
Beacon was advised by Broadhaven Capital Partners and Orrick Herrington & Sutcliffe. Clearwater Analytics was advised by Kirkland & Ellis (led by Constantine N. Skarvelis).
Cadence Bank, a regional banking franchise, completed the acquisition of FCB Financial, the bank holding company for First Chatham Bank, for $104m, according to press releases.
FCB Financial was advised by Janney Montgomery Scott and Alston & Bird (led by Mark Kanaly and William Hooper), according to MergerLinks data and press releases.
Pine Services Group, a family of managed services and software companies, completed the acquisition of The Vested Group, a NetSuite solution provider, according to press releases. Financial terms were not disclosed.
The Vested Group was advised by Founders Advisors (led by Billy Pritchard). Evergreen was advised by WhiteFox Marketing, according to press releases.
Lineage, a temperature-controlled warehouse REIT, agreed to acquire four cold storage warehouses from Tyson Foods, a multinational food processing company, for $247m, according to press releases.
nVent Electric, a provider of electrical connection and protection solutions, completed the acquisition of the electrical products group business from Avail Infrastructure Solutions, a provider of application-critical equipment, highly engineered technologies, and specialized services, for $975m, according to press releases.
Kobalt Investment and The Retail Connection, two commercial real estate firms, completed the acquisition of Sherman Commons, a 275k sq. foot power center, according to press releases. Financial terms were not disclosed.
Ripple offered to buy stablecoin rival Circle for up to $5bn. ( Bloomberg)
Ripple made a takeover offer for stablecoin rival Circle Internet Group in the range of $4bn to $5bn, but the bid was rejected as too low.
Ripple remains interested in a potential deal, though no decision has been made on whether to submit a new proposal. Circle, meanwhile, is prioritizing its plans to move forward with an initial public offering filed earlier this month.
Carlyle, State Street mull partnership to tap retail wealth. ( Bloomberg)
State Street's asset-management arm recently held early-stage discussions with Carlyle Group about a potential partnership aimed at developing a product that blends public and private market investments for individual investors.
The talks were initiated by State Street Global Advisors in an effort to expand access to alternative assets within a retail-focused offering. Deliberations are ongoing and no formal agreement has been reached.
TSG Consumer nears investment in cookie chain Crumbl. ( Bloomberg)
Private equity firm TSG Consumer Partners is in advanced talks to invest in Crumbl, the rapidly expanding cookie and dessert chain.
The investment under discussion would involve preferred equity in exchange for a minority stake in the company. While talks are progressing, the terms have not been finalized and remain subject to change.
Restaurant software maker Olo is exploring a potential sale. ( Bloomberg)
Restaurant software provider Olo is exploring a potential sale after receiving takeover interest.
The company, backed by restaurateur Danny Meyer and The Raine Group, is working with a financial adviser to assess interest from potential buyers. Deliberations are ongoing, and no final decision has been made.
Activist investor Irenic Capital builds stake in software maker Couchbase. ( Bloomberg)
Irenic Capital Management has taken a stake in database software provider Couchbase.
The activist investor has been engaging privately with the company, though the size of the stake and its intentions have not been disclosed.
Athletics's held talks with Aramark over investment in baseball team. ( Bloomberg)
Major League Baseball’s Athletics has been in discussions with food-services provider Aramark regarding potential investments in the team and its upcoming Las Vegas stadium.
Talks in recent months have focused on a possible deal that would see Aramark contribute around $100m toward the $1.75bn stadium project. Deliberations are ongoing and no final agreement has been reached.
Crypto influencer Anthony ‘Pomp’ Pompliano-led SPAC files for IPO. ( SEC Filing)
A blank-check company led by cryptocurrency influencer and investor Anthony Pompliano has filed for a $200m initial public offering.
Pompliano will serve as CEO of ProCap Acquisition, with Brent Saunders, Chairman and CEO of Bausch + Lomb, joining as Special Adviser.
Apollo closes debut secondaries fund at $5.4bn, surpassing target. ( Press Release)
Apollo Global Management has announced the final close of its inaugural secondaries fund, Apollo S3 Equity and Hybrid Solutions Fund I, with commitments totaling $5.4bn, exceeding its initial target. This milestone brings the total capital raised across Apollo's Sponsor and Secondary Solutions platform to nearly $10bn since its launch in August 2022.
The ASEHS fund aims to provide a comprehensive suite of financing and liquidity solutions, including secondary investments, net asset value (NAV) loans, GP lending, and staking, catering to private market sponsors and investors across various asset classes. The fund's strategy leverages Apollo's expertise in private markets and its integrated global platform to address the growing demand for dynamic liquidity solutions.
Apollo Global Management is advised by Paul Weiss Rifkind Wharton & Garrison.
EMEA
Spain's competition authority, the CNMC, has approved BBVA's €12bn ($13.6bn) hostile takeover bid for Banco Sabadell, contingent upon several conditions aimed at preserving competition in the banking sector. The CNMC's approval requires BBVA to implement measures such as maintaining branches in areas with limited banking options, particularly in rural regions, and ensuring continued access to credit for small and medium-sized enterprises. These commitments are designed to address concerns about reduced competition and financial inclusion.
Ardian, a global private investment house, and Rockfield Real Estate, a vertically integrated European residential real estate platform, completed the acquisition of the 596-bed Minervahaven student housing complex in Amsterdam from Rinkelberg Capital, the investment office of the founders of TomTom. Financial terms were not disclosed, according to press releases.
Ardian was advised by Savills, Linklaters, Van Doorne and PricewaterhouseCoopers. Rinkelberg Capital was advised by Van Lanschot Kempen (led by Wieger van Vlodrop, Mark van Laere and Albert Marsal) and Loyens & Loeff, according to press releases and MergerLinks data.
Tenaz Energy, a public energy company, completed the acquisition of NAM Offshore, offshore assets, from Nederlandse Aardolie Maatschappij, a company that explores, developes and produces oil and gas, for €165m ($187m), according to press releases.
Tenaz Energy was advised by National Bank Financial. Shell was advised by Jefferies & Company, according to press releases and MergerLinks data.
Bridgepoint-backed SAMY Alliance, a company specializes in delivering cutting-edge social-first marketing services, completed the acquisition of Intermate, a social media and influencer marketing agency, according to press releases. Financial terms were not disclosed.
SAMY Alliance was advised by JEGI CLARITY, according to press releases.
RPM International, a multinational company, completed the acquisition of The Pink Stuff, a household cleaning products company, according to press releases. Financial terms were not disclosed.
GlobalData gets takeover proposals from funds managed by ICG, KKR. ( Reuters)
GlobalData announced that it has received preliminary takeover proposals from funds managed by private equity firms ICG and KKR, prompting its shares to rise as much as 35.9%.
The UK-based data analytics and consulting firm said it is in discussions with both parties, who must declare a firm intention to make an offer by May 28.
Rio survives activist investor push to end dual listing. ( Bloomberg)
Rio Tinto has fended off an activist investor's attempt to force a review of its dual listing structure, as the proposal failed to secure sufficient shareholder support.
The company had recommended rejecting the resolution, which sought to shift Rio’s primary listing to Australia. While the motion, put forward by Palliser Capital, did not pass, nearly 20% of shareholders voted in favor. Rio Tinto, the world’s second-largest mining company, said it will continue engaging with investors on the matter.
APAC
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of First Capital Financial Services, a financial advisory firm, according to press releases. Financial terms were not disclosed.
Couche-Tard advances deal talks for Japan's Seven & i with access to books. ( Reuters)
Alimentation Couche-Tard and Japan’s Seven & i have signed a non-disclosure agreement, granting the Canadian company access to the Japanese retailer’s financial data as it pursues a potential $47bn acquisition.
Meiji, Lactalis, Saputo, Warburg may bid in Fonterra's $2.4bn sale. ( Reuters)
Japan’s Meiji, France’s Lactalis, and Canada’s Saputo are among the companies weighing bids for the global consumer businesses that dairy giant Fonterra is preparing to divest.
The sale includes Fonterra’s branded consumer operations—such as Mainland and Anchor butter, Kapiti ice cream and cheese, and Anlene powdered milk—as well as its Oceania and Sri Lanka units, which cover the full value chain from milk collection to processing and distribution for both consumers and food-service clients.
Australia's Platinum in talks to be swallowed up by L1 Capital. ( Reuters)
Platinum Asset Management announced it is in discussions with L1 Capital to form a combined funds management group managing AUS$18bn ($12bn) in assets.
Under the proposed deal, Platinum would acquire L1 by issuing new shares to L1’s owners. If the transaction moves forward, L1 would hold approximately 75% of the merged entity, with Platinum shareholders owning the remaining 25%. Financial terms were not disclosed.
BlackRock-backed Suez taps HSBC to review China assets. ( Bloomberg)
Suez is reviewing its water infrastructure assets in China as part of a broader effort to streamline its global operations.
The French utility, backed by BlackRock, is working with HSBC to evaluate strategic options for the business and has reached out to a select group of potential buyers to assess interest. Deliberations are ongoing and no decisions have been finalized.
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