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AMERICAS
Hewlett Packard and Juniper Networks representatives met with Justice Department antitrust enforcers last week in a final effort to persuade the agency not to challenge their proposed $14bn deal, Bloomberg reported.
The high-stakes meeting between the companies and the Justice Department’s top antitrust officials typically occurs before the government decides whether to file a lawsuit. It’s often referred to as a “last-rites” meeting.
The US Commerce Department has ratcheted up tariffs on Nippon Steel just as the Japanese steelmaker made an anti-import promise to gain support for its $14.9bn takeover of United States Steel, Bloomberg reported.
The Commerce Department imposed a dumping margin of 29% on Nippon Steel for selling hot-rolled steel in the US at prices below normal value from October 2022 through September 2023. The November 13 decision was part of the department’s annual administrative review of a dumping case that has existed since 2016, when the four major US steelmakers first filed the complaint.
Sayona Mining, a lithium producer, agreed to merge with Piedmont Lithium, a supplier of lithium products, in a $623m deal.
“This merger marks a transformative step for Sayona and Piedmont, creating a leading North American lithium producer with the scale and capabilities to meet the growing demand for lithium products. We believe our combined resources and expertise will enable us to deliver significant value to our shareholders and stakeholders. We are excited about the opportunities this merger presents to accelerate our growth plans and enhance our strategic flexibility,” Lucas Dow, Sayona CEO and Managing Director.
Piedmont Lithium is advised by JP Morgan, Bennett Jones, Gibson Dunn & Crutcher and Thomson Geer. Sayona is advised by Canaccord Genuity, Morgan Stanley, Baker Botts, Herbert Smith Freehills (led by Tony Damian and Nicole Pedler) and McCarthy Tetrault.
Amcor, a responsible packaging solutions developer, agreed to merge with Berry, a manufacturer and marketer of plastic packaging products, in a $8.43bn deal.
"This combination delivers on our strategy to accelerate growth by putting the customer first, elevating the role of sustainability and orienting the portfolio toward faster growing, higher margin categories. We will have a more complete and more sustainable product offering, supported by stronger innovation capabilities, global scale and supply chain flexibility. We will help global and local customers grow faster and operate more efficiently with a team of exceptional talent. As a result, this combination also drives a step change in annual free cash flow, earnings growth and value creation for our shareholders. I, and the Amcor team, look forward to joining with Berry to accelerate change and real impact for our customers and their consumers," Peter Konieczny, Amcor CEO.
Blackstone, an alternative investment management company, agreed to acquire a majority stake in Jersey Mike’s Subs, a franchisor of fast-casual submarine sandwich stores. Financial terms were not disclosed.
“Jersey Mike’s has grown for more than half a century by maintaining an unrelenting focus on quality (and delicious sandwiches) – consistently building on its loyal customer base as it has scaled nationwide. Blackstone has deep experience helping accelerate the expansion of high-growth franchise businesses and this area is one of our highest-conviction investment themes. We are excited to partner with an entrepreneur of Peter’s caliber and the talented Jersey Mike’s team. Our capital and resources will help support key investments in growth and technology for the benefit of Jersey Mike’s customers and exceptional franchisees. I highly recommend the #13 Original Italian, Mike’s Way,” Peter Wallace, Blackstone Senior Managing Director.
Jersey Mike’s is advised by Guggenheim Partners, Morgan Stanley, White & Case and Splash Communications (led by Kyle Potvin). Blackstone is advised by Bank of America, Barclays and Simpson Thacher & Bartlett.
AeroVironment, a defense contractor, agreed to acquire BlueHalo, a purpose-built platform providing industry-leading capabilities, from Arlington Capital Partners, a private investment firm, for $4.1bn.
“For over 50 years, AV has pioneered innovative solutions on the battlefield, and today we are poised to usher in the next era of defense technology through our combination with BlueHalo. BlueHalo not only brings key franchises and complementary capabilities, but also a wealth of technologies, diverse customers and exceptional talent to AV. Together, we will drive agile innovation and deliver comprehensive, next-generation solutions designed to redefine the future of defense. We are thrilled to welcome the talented BlueHalo team as we unite our strengths, expand our global impact and accelerate growth and value creation for AV shareholders,” Wahid Nawabi, AeroVironment Chairman, President and CEO.
BlueHalo is advised by JP Morgan and Goodwin Procter. AeroVironment is advised by RBC Capital Markets, Latham & Watkins and Joele Frank (led by Joseph Sala).
NW Natural, a distribution company that currently provides natural gas service, agreed to acquire SiEnergy, a provider of premium natural gas services, from Ridgewood Infrastructure, a private equity firm, for $425m.
“The acquisition of SiEnergy builds on our core strength of operating utilities and delivering essential services to customers. Texas is one of the fastest growing states in the nation with a constructive regulatory and policy environment. SiEnergy has a substantial number of contracts to add new customers in the coming years. We believe we will be well positioned to capture additional growth as Texas' population expands and new housing developments provide opportunities for new customers," David H. Anderson, NW Natural CEO.
NW Natural is advised by JP Morgan and Stoel Rives. Debt financing was provided by JP Morgan. SiEnergy is advised by RBC Capital Markets.
Tex Tech Industries, a designer, and manufacturer of specialty textiles and fabrics, agreed to acquire Fiber Materials, a provider of high-temperature materials and reinforced composites, from Spirit AeroSystems, a manufacturer of aerostructures for commercial airplanes, for $165m.
"Tex-Tech is excited to add FMI's unique array of high-performance products to our existing portfolio of offerings for the rapidly growing space and defense industry. Our customers demand world-class solutions, and the integration of FMI bolsters our ability to meet those demands," Scott Burkhart, Tex-Tech Chief Executive Officer.
Tex Tech is advised by Lincoln International and Sheppard Mullin Richter & Hampton. Spirit AeroSystems is advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom.
Craveworthy Brands, a multi-brand restaurant company and franchisor, completed the acquisition of Fresh Brothers Pizza, a pizza brand, from Nolan Capital, a real estate and other investments company. Financial terms were not disclosed.
"Fresh Brothers is a perfect fit for Craveworthy as we expand our roots from the Midwest to the West Coast with our first brick-and-mortar pizza brand. With over 20 locations and a commitment to the best quality ingredients, Fresh Brothers puts a unique spin on an all-time favorite consumer category by offering inclusive menu options that appeal to today's diverse dining preferences," Gregg Majewski, Craveworthy Brands CEO and Founder.
Fresh Brothers was advised by Morgan Kingston Advisors. Craveworthy Brands was advised by Harrington Park Advisors and Amundsen Davis.
Robinhood, a stock brokerage, agreed to acquire TradePMR, a custodial service and technology company, for $300m.
“The TradePMR team has one of the strongest RIA networks in the industry. We’re excited to join forces to build a category-defining advisory platform for the next generation,” Vlad Tenev, Robinhood Chairman and CEO.
TradePMR is advised by Lazard. Robinhood is advised by Citigroup.
Vesey Street Capital-backed Safecor Health, a pharmaceutical unit-dose repackaging and supply chain solutions provider, agreed to acquire the US unit-dose packaging business from Viatris, a pharmaceutical company. Financial terms were not disclosed.
"Adding the UDL team, the strong brand recognition, and their capabilities to the Safecor family will further our ongoing goal of providing world-class packaging and supply chain solutions to the manufacturers and health systems we serve. With this addition, we'll immediately increase the number of unit-dose commercial products we offer, and we plan to grow the offering with expanded manufacturer, health system, and wholesaler relationships," Mark Saxon, Safecor CEO.
Periscope Equity, a private equity firm, completed the acquisition of a majority stake in RepTrak, a reputation intelligence company. Financial terms were not disclosed.
"This partnership with Periscope represents an exciting milestone for us. With their support, we're well-positioned to accelerate innovation and enhance our offerings to meet the evolving needs of our clients. This investment strengthens our leadership position in the industry, empowering us to drive greater impact and deliver unmatched value within the marketplace," Mark Sonders, RepTrak CEO.
Lancaster Colony, a manufacturer and marketer of specialty food products for the retail and foodservice markets, agreed to acquire a sauce and dressing production facility in Atlanta from Winland Food, a manufacturer of private label and branded foods for retail and co-pack customers, for $75m.
“We are very pleased to have reached an agreement to acquire this production facility as an important strategic addition to our manufacturing network. This facility will benefit our core sauce and dressing operations through improved operational efficiency, incremental capacity, and closer proximity to certain core customers while enhancing our manufacturing network from a business continuity standpoint. We evaluated several scenarios to support our continued growth and determined this asset purchase to be the most practical and cost-effective solution for our long-term business needs. We look forward to welcoming the plant employees to the Marzetti team," David A. Ciesinski, Lancaster Colony CEO.
Google’s partnership with AI firm Anthropic has avoided further scrutiny after the UK antitrust watchdog concluded it doesn’t qualify for a full blown investigation under merger rules.
Google hasn’t gained “material influence” over Anthropic as a result of the deal, the Competition and Markets Authority said. The agency started looking at the partnership after Alphabet Inc.’s Google pledged to invest $2bn into the startup last year. Prior to the financing, Google also signed a cloud agreement with Anthropic.
Trump's social media group in talks to buy Bakkt.
Donald Trump's social media company is in advanced talks to buy crypto trading firm Bakkt, Reuters reported.
Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt.
Google’s Chrome to fetch up to $20bn if judge orders sale.
Alphabet's Chrome browser could go for as much as $20bn if a judge agrees to a Justice Department proposal to sell the business, in what would be a historic crackdown on one of the world’s biggest tech companies, Bloomberg reported.
The department will ask the judge, who ruled in August that Google illegally monopolized the search market, to require measures related to artificial intelligence and its Android smartphone operating system.
Goldman Sachs chairman expects deals to pick up in 2025.
Goldman Sachs Chairman David Solomon said there will be more robust levels of both capital raising and M&A in 2025 with the new US administration, Reuters reported.
"Given where we are at the moment, ... you're starting to unleash some of those animal spirits, and you're seeing a pick-up in equity activity, pick-up in M&A activity," David Solomon, Chairman Goldman Sachs.
Air Products refreshes board ahead of face-off with activists.
Air Products and Chemicals named two new board members ahead of its shareholder meeting in a potentially defensive move against pressure from two activist investors, Bloomberg reported.
The company named industrials executives Bob Patel and Alfred Stern as candidates for the 2025 board election. Two existing board members — David Ho and Matthew Paull — will not seek re-election.
Activist investor Ananym Capital pushes for changes at Henry Schein. (FS)
Activist investor Ananym Capital Management is urging healthcare products distributor Henry Schein to refresh its board, cut costs, tackle succession planning and consider selling its medical distribution business.
A sale of the medical distribution business could help drive up the share price by roughly 20%, while earnings per share could jump by some 35% if spending were curtailed, Ananym has told Schein executives, Reuters reported.
Software startup ServiceTitan discloses loss in IPO filing.
Home service software business ServiceTitan has filed publicly for an initial public offering, disclosing a growing revenue and shrinking loss through 2024, Bloomberg reported.
The company had a net loss of $195m on revenue of $614m in its fiscal 2024 year. ServiceTitan won’t disclose the proposed size and price range for the share sale in a filing until it’s ready to begin marketing the shares.
Super Micro Computer names BDO as auditor, files Nasdaq compliance plan.
Super Micro Computer named BDO USA as its auditor and said it has submitted a plan to the Nasdaq seeking additional time to regain compliance with the listing rules, sending its shares surging 25% in extended trading, Reuters reported.
In the compliance plan, the AI server maker said it will be able to complete its annual report for the year ended June 30 and its quarterly report ended September 30, but did not give a target date.
Rubicon Technology closes $500m continuation fund to support Cin7’s growth. (FS)
Rubicon Technology Partners, a private equity firm focused exclusively on middle-market software investments, today announced the successful completion of a $500m single-asset continuation fund to extend its partnership with Cin7, a global leader in cloud-based inventory management software.
CVC Secondary Partners served as the lead investor, with participation from other institutional investors including Ares Management funds, funds managed by BlackRock, funds managed by Goldman Sachs Asset Management, and Schroders Capital. This transaction allows Rubicon to provide liquidity to existing investors while enabling Cin7 to accelerate its growth through organic initiatives and targeted acquisitions.
Rubicon Technology was advised by Houlihan Lokey.
Activist investor Glenview secures 4 board seats at CVS Health. (FS, People)
An activist hedge fund manager has secured four board seats at CVS Health just weeks after the largest US drugstore operator by revenues overhauled its executive leadership, FT reported.
The US healthcare group said that it would expand its board of directors to 16 from 12 under a deal with Glenview Capital Management. Larry Robbins, Glenview’s chief executive, will be one of the four new board members.
Dave hires new marketing chief amid FTC false advertising allegations. (People).
Dave has named Kevin Frisch as its new chief marketing officer, filling a vacant post as the personal-finance company aims to broaden its brand and confronts allegations of deceptive advertising from the Federal Trade Commission, WSJ reported.
Frisch, who started at Dave this week, was most recently the vice president of marketing at business software company Intuit, where he oversaw the US marketing for accounting software QuickBooks. He previously served as the chief marketing officer for on-demand dog walking company Wag! Group and led marketing and customer relationship management for ride-hailing company Uber Technologies’ Rides and Eats business in the US and Canada.
Jefferies taps former Alnylam CEO Maraganore as senior adviser. (People)
Investment bank Jefferies Financial Group has hired former Alnylam Pharmaceuticals Chief Executive Officer John Maraganore as a senior adviser, Bloomberg reported.
Under Maraganore’s leadership, Alnylam reached a market value of $25bn and struck 20 strategic alliances. Maraganore stepped down in 2021 after about two decades at the biotechnology company.
EMEA
Bharti Enterprises, an Indian multinational conglomerate, completed the acquisition of a 24.5% stake in BT Group, a telecommunication and network provider, from Altice, a cable, telecommunications, and media company, for $4bn.
“We’re delighted to have completed our investment into BT. Bharti has long recognised the enormous potential of the business. BT’s renewed focus on optimisation, strengthening networks and driving consumer growth makes it well placed to consolidate its position as a leading global telecoms company that delivers long-term value for investors," Sunil Bharti Mittal, Bharti Enterprises Chairman.
Dexcom, a glucose biosensing company, led a $75m Series D round in ŌURA, a health technology company.
“Dexcom offers the most accurate glucose biosensing systems on the market that help reveal the impact of daily lifestyle choices on glucose levels and enable our users to make informed decisions about their health and overall well-being. Partnering with ŌURA gives us the opportunity to redefine the category again, integrating data from Dexcom glucose biosensors with the continuous insights and metrics measured by Oura Ring. This powerful combination will attract new shared customers who want to better understand the link between activity, sleep, nutrition and their glucose," Matt Dolan, Dexcom Executive Vice President.
Brookfield weighs €6.45bn bid for Grifols; shares drop. (FS)
Brookfield Asset Management is considering a €6.45bn ($6.9bn) bid for Grifols, with the drug maker’s board set to meet on November 19 to discuss the potential offer. Grifols’s shares fell, Bloomberg reported.
The transaction committee of Grifols’ board, which oversees talks with Brookfield, has considered the price and concluded that it undervalues the company and it cannot recommend it. Brookfield had issued a seperate regulatory filing earlier, in which it disclosed that it had signaled a tentative, non-binding price of €10.5 ($11) per Class A share of Grifols and €7.62 ($8) per class B share.
Bolloré’s Havas to use Amsterdam listing to fuel M&A.
Havas, the advertising agency, will consider “significant” merger and acquisition deals once it has completed its stock market listing in Amsterdam next month, according to Yannick Bolloré, the billionaire boss of parent company Vivendi, FT reported.
The listing is part of a planned three-way break up of Vivendi aimed at addressing what Bolloré said was a sharp share price discount to the value of the company. He said the conglomerate structure had made it difficult to “unlock the full potential” of the business, which also includes Canal+ television and the Louis Hachette publishing division.
Abu Dhabi’s IRH explores investing in Alphamin’s Congo tin mines. (FS)
Abu Dhabi’s International Resources is in talks about buying an indirect stake in one of the world’s biggest tin producers.
Private equity firm Denham Capital owns 57% of Alphamin Resources, which operates the Bisie tin complex in eastern Democratic Republic of Congo. IRH is among the parties interested in investing in a new vehicle that Denham is considering creating to hold that stake, Bloomberg reported.
Talabat’s $1.5bn IPO sells out soon after Books open.
Delivery Hero’s Middle East unit had demand for all shares in its $1.5bn Dubai initial public offering minutes after subscriptions opened, in the latest sign of robust demand for regional deals, Bloomberg reported.
Books for Talabat’s IPO were covered throughout the price range of $0.41 to $0.44. Its parent firm is offering a 15% stake, or 3.49bn shares.
Saudi private equity firm Jadwa raises $266m for mideast deals. (FS)
Saudi Arabia’s Jadwa Investment has raised as much as SAR1bn ($266m) for a new fund to boost dealmaking, the latest sign of growing appetite for investment vehicles focused on the Middle East, Bloomberg reported.
The private equity firm raised the money from entities linked to regional sovereign wealth funds and family offices. It aims to grow its first blind pool fund to as much as SAR2bn ($532m) by the first half of 2025, the Riyadh-based firm said.
Abrdn rejigs leadership team and forms committee to lead turnaround plan. (FS, People)
Abrdn has overhauled its leadership team and formed a group operating committee to drive improvements in performance, as its new CEO Jason Windsor accelerates a plan to transform the asset manager's flagging fortunes, Reuters reported.
The UK fund firm said Richard Wilson, currently chief executive of interactive investor, would also become Group Chief Operating Officer with overall responsibility for technology and IT efficiency.
Saint Laurent, Balenciaga get new CEOs. (People)
Kering named new chief executives at its Saint Laurent and Balenciaga brands, the latest appointments at the Gucci owner as the luxury-goods industry navigates a turbulent time, WSJ reported.
The French giant said Cedric Charbit, currently head of Balenciaga, would take the helm of Saint Laurent from Francesca Bellettini from January 2. Gianfranco Gianangeli, currently chief commercial officer at Saint Laurent, will instead replace Charbit as Balenciaga CEO.
Harrods chief Ward to step down as chair of luxury goods group Walpole. (People)
The boss of Harrods is to step down next year from the group which represents Britain's luxury goods industry - one of a number of roles he will have relinquished since allegations emerged about years of abuse perpetrated by the Knightsbridge department store's former owner.
Michael Ward will hand over the chairmanship of Walpole, whose members include the jeweller Boodles, Fortnum & Mason and Gleneagles, when his term ends in 2025, Sky News reported.
APAC
ChrysCapital, an investment firm, and Motilal Oswal, a financial services company, led a $153m round in HealthKart, an omnichannel nutrition platform.
“We welcome ChrysCapital and Motilal Oswal to HealthKart and hope to leverage their expertise during the next phase of growth. Very excited about our first ESOP buyback program which will create meaningful value for people who have played a critical role in building HealthKart. We firmly believe that people are our greatest asset and we aim to align their personal success with the company’s long-term vision," Sameer Maheshwari, HealthKart Founder & CEO.
HealthKart was advised by Avendus Capital. Motilal Oswal was advised by J. Sagar Associates (led by Vikram Raghani).
Australia's competition regulator said on November 18 it is seeking views on the Macquarie-backed telecommunications group Vocus' $3.39bn takeover of local telecom operator TPG Telecom's enterprise, government, and wholesale fixed business and fibre network assets.
The Australian Competition and Consumer Commission said it is seeking views from interested parties on the likely impact on prices and service quality in the supply of fixed line voice services, data networks and connectivity services, among other queries, if the deal was to receive approval.
Vocus is advised by UBS and GRACosway (led by Ben Wilson).
Adani, a multinational conglomerate company, agreed to acquire a 30% stake in PSP Projects, a construction company, for $81m.
Adani Infra, part of billionaire Gautam Adani's Adani Enterprises, will buy shares in PSP Projects from its chairman and largest shareholder, Prahladbhai S Patel. The Adani Group, which operates in areas like ports and power, has been expanding across sectors, including a recent $1bn investment in energy and infrastructure in the US.
Adani is advised by ICICI Bank.
Keppel DC REIT, a data centre real estate investment trust, agreed to acquire two data centres at Genting Lane in Singapore from Keppel, an infrastructure company, for $894m.
“The injection of KDC SGP 7 and KDC SGP 8 into Keppel DC REIT underscores our strengths as a global asset manager and operator to structure deals with compelling outcomes and strong value creation for the Company, our private funds and REIT. Our integrated ecosystem provides access to power and other critical resources, technology know-how and strong customer relationships with hyperscalers worldwide, which are crucial for success in the data centre business. With the ability to invest with multiple pools of capital, Keppel can develop a robust pipeline of AI-ready data centres that offer effective solutions for customers and attractive investments for our funds and REIT," Manjot Singh Mann, Keppel CEO.
65 Equity Partners, an investment firm, completed the acquisition of a 13% stake in Tuya, a cloud platform service provider with a mission to build a smart solutions developer ecosystem, from New Enterprise Associates, a venture capital financing company. Financial terms were not disclosed.
"This investment via the Anchor Fund aligns strategically with our mandate of supporting high quality businesses seeking a listing on the SGX. We are pleased to support Tuya in its next phase of growth," Tan Chong Lee, 65 Equity Partners CEO.
Seven & i founding family aims to raise $52bn for buyout this year.
The founding Ito family behind Japanese retailer Seven & i aims to raise more than JPY8tn ($52bn) to take it private by the end of this financial year, Reuters reported.
The family has established a special purpose company that is in talks with Japan's three largest lenders and major US financial institutions to raise funds to take the 7-Eleven owner private.
Sony is in talks to buy media powerhouse behind 'Elden Ring'.
Sony is in talks to acquire Kadokawa, the Japanese media powerhouse behind the “Elden Ring” game, as the technology giant looks to add to its entertainment portfolio.
The talks between the two sides are ongoing and, if successful, a deal could be signed in the coming weeks, Reuters reported.
Malaysia's IPO market hits 18-year high in muted year for SE Asia.
Malaysia's capital markets have outclassed other Southeast Asian exchanges with the highest number of new listings, along with the largest total fundraise and market capitalisation in initial public offerings, in around the first 10 months of 2024, DealStreetAsia reported.
The country welcomed the highest number of public market debutantes in 18 years with 46 listings which raised a total of $1.5bn. These newly-minted public companies are now worth $6.6bn, topping the record from 2013 and more than double that of 2023.
Elliott Management bets on Japan property with 5% stake in Tokyo Gas. (FS)
Elliott Management has become one of the three biggest shareholders in Tokyo Gas, as it seeks to push the Japanese utility to focus on its energy business and scale back a property portfolio that the activist investor estimates could be worth as much as $9bn.
Elliott, whose 5% stake was made public in a stock exchange filing, has calculated that the unrealised market value of Tokyo Gas’s real estate holdings is worth about ($9.7bn), almost the equivalent of its market capitalisation, FT reported.
Indian coffee chain Blue Tokai targets three-fold revenue before deciding on IPO.
Indian coffee chain Blue Tokai is aiming for a nearly three-fold jump in annual revenue by 2027 before it decides whether to go public, Reuters reported.
Coffee culture is growing briskly in India, with the affluent in bigger cities increasingly working and holding meetings in cafes.
EQT sets $14.5bn hard cap for latest Asian PE fund. (FS)
EQT has set a $14.5bn hard cap for its latest Asia private equity fund—$2bn higher than its initial target—which would make it one of the largest Asian PE funds on record.
EQT BPEA IX, which first launched with a target of $12.5bn, is the first flagship Asia vehicle EQT has launched since its merger with Baring Private Equity Asia in 2022. Baring Private Equity Asia closed BPEA VIII in late 2022 at $11.2bn. The fund is 65% to 70% invested.
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