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AMERICAS
Amgen, an American multinational biopharmaceutical company, completed the acquisition of Horizon Therapeutics, a biopharmaceutical company focused on researching, developing, and commercializing medicines, for $27.8bn.
"Today marks an exciting milestone as we welcome Horizon employees to Amgen and begin working together to serve even more patients around the world suffering from serious illnesses. We have strong momentum in our core business and the addition of Horizon will further position Amgen as a leader across a broader range of diseases," Robert A. Bradway, Amgen Chairman and CEO.
Bain Capital, a private investment firm, completed the acquisition of Harrington, a distributor of industrial plastic piping, from Nautic Partners, a middle-market private equity firm. Financial terms were not disclosed.
"Bob is a trusted voice for our customers, suppliers, and employees, who has been instrumental to Harrington's growth. This is a significant inflection point for our company and industry in which Bob's more than thirty years of experience driving innovation in specialty distribution leadership has already proven crucial for our efforts to better serve existing customers and diversify into new sectors. I'm proud to continue partnering with Bob and even prouder knowing that he is a perfect culture carrier and leader for Harrington as it reaches new heights," Dave Abercrombie, Harrington Vice Chairman.
Harrington was advised by CBIZ Mergers and Acquisitions, Jefferies & Company, William Blair & Co and McDermott Will & Emery. Bain Capital was advised by PricewaterhouseCoopers, BMO Capital Markets, Robert W Baird, Kirkland & Ellis and Stanton PRM (led by Charlyn Lusk). Debt financing was provided by BMO Capital Markets, Goldman Sachs, Jefferies & Company and Oak Hill Advisors.
Rithm Capital scrapped plans to increase its offer for Sculptor Capital to $12.20 a share after talks to secure Dan Och's support fell apart as he publicly called a competing bid attractive, Bloomberg reported.
The initial bid of $11.15 a share, or $639m, still stood. That compares to an unsolicited rival offer of $13 a share from a consortium of ultra-wealthy suitors led by Saba Capital Management's Boaz Weinstein.
Flowserve, a provider of flow control products and services for the global infrastructure markets, announced that the French Ministry of Economy, as part of its Foreign Direct Investment review process, has rejected the $245m acquisition of industrial valve manufacturer Velan.
"We are obviously disappointed with the French government's decision. We do not believe the decision aligns with the French government's stated goal of encouraging foreign investment into France's economy. Throughout this process, Flowserve worked diligently and proactively to address all of the concerns that were raised by the French government. We were optimistic about the acquisition of Velan and the numerous benefits this would provide for both companies and their stakeholders. We sincerely appreciate the efforts of our Flowserve associates and Velan team members who worked so tirelessly on the transaction. We remain excited about the future of Flowserve and will continue to aggressively pursue our 3D strategy," Scott Rowe, Flowserve President and CEO.
Velan is advised by BMO Capital Markets, Richter, Davies Ward Phillips & Vineberg, McCarthy Tetrault (led by Patrick Boucher) and Norton Rose Fulbright. Flowserve is advised by Citigroup, Baker McKenzie and Joele Frank (led by Andrea Rose and Mahmoud Siddig) .
Falcon's Beyond, a fully integrated global entertainment development company specializing in intellectual property creation and expansion, went public via merger with FAST Acquisition II, a special purpose acquisition company, in a $1bn deal.
"Listing on Nasdaq is not only a momentous occasion for Falcon's Beyond, it also enables us to scale globally and continue delivering some of the most innovative entertainment experiences in the world. It was an honor to partner with the exceptional management team at FAST II, and we look forward to their ongoing contributions as members of our Board of Directors," Scott Demerau, Falcon's Beyond Chairman and Co-Founder .
TPG-backed Keter Environmental Services, a data-first recycling and waste management company, completed the merger with Arcapita-backed Waste Harmonics, a technology-enabled managed service provider in the waste industry. Financial terms were not disclosed.
"We are pleased to have completed this transaction, creating a leading managed waste service provider. Keter and Waste Harmonics have a shared vision for a greener future, where cutting-edge technology and environmental responsibility converge to create impactful change. With a legacy of excellence and a commitment to helping enterprise customers optimize their recycling and waste operations, this partnership is poised to reshape the landscape of waste management," Kevin Dice, Keter and Waste Harmonics CEO.
Waste Harmonics was advised by Harris Williams & Co. Arcapita was advised by King & Spalding (led by Ray Baltz and Spencer Stockdale). TPG was advised by Weil Gotshal and Manges (led by Chris Machera).
True North, a private equity firm, agreed to invest in iLink Digital, a provider of digital transformation solutions, in a $75m deal.
"iLink Digital aligns perfectly with our approach of investing in distinctive, rapid-growth, innovation-driven, and globally-situated digital engineering companies," Prasad Thrikutam, True North Partner.
iLink Digital is advised by Lincoln International (led by Sathya Ramanathan). True North is advised by Pitchfork Partners.
HIG Capital-backed United Flow Technologies, a platform to invest in the municipal and industrial water and wastewater market, completed the acquisition of Kodru-Mooney, a provider of valve, gate, and actuation equipment and services, Macaulay Controls, a water and wastewater services company, and Iowa Pump Works, a technical distributor and service provider of pumps. Financial terms were not disclosed.
"We are thrilled to welcome Kodru-Mooney, Macaulay, and Iowa Pump Works to the UFT team. As market leaders within their respective geographies, with complementary products and services, these businesses are a natural fit for the UFT platform. We are excited to work with these outstanding leadership teams to accelerate their long-term growth and value creation plans," Matt Hart, UFT CEO.
HIG Capital was advised by King & Spalding (led by Rahul Patel).
Monarch Alternative Capital, a global investment firm, completed the acquisition 801 Brickell, a premier class A office building in Miami, Florida. Financial terms were not disclosed.
"Our acquisition of 801 Brickell exemplifies our core competencies of investing opportunistically and nimbly capitalizing on complexity. Given the current office market dislocation, we have been especially selective in the asset class, focusing on identifying exceptional properties that are being overlooked due to negative national office sentiment. We are excited by the addition of 801 Brickell to our portfolio, which we see as a well-positioned, top-quality building in a market poised for continued growth," Joshua Acheatel, Monarch Managing Principal and Head of Real Estate Acquisitions.
Global Emerging Markets, a private alternative investment group, completed a $250m investment in SGP BioEnergy, a bioenergy development company.
"Securing this commitment of equity of this scale is one of many financing milestones necessary to accelerate our journey towards meeting the policy pledges of the United Nations by delivering on the implementation necessary to meet these mandates," Randy Delbert Letang, SGP BioEnergy CEO.
Evergreen, a family of managed IT services and software companies, completed an investment in Alliance Solutions Group, a software and consulting services provider for construction and real estate businesses. Financial terms were not disclosed.
"We are very excited to join the Evergreen family. Evergreen has a proven strategy of providing investment and leadership to help support companies similar to Alliance that are in a strong growth position," Mike Griffith, Alliance Managing Partner.
Volaris Group, a buy-and-hold acquirer of software businesses, completed the acquisition of Squirrels, a wireless audio and video transmission software company. Financial terms were not disclosed.
"We have seen first-hand the transformative power that technology can have on the education experience. Our growing portfolio of mission-critical education technology companies help educators and learners achieve their goals. It is an honor to support and shepherd companies doing this important work," Michael Borello, Volaris Group Leader.
Exxon in advanced talks for $60bn acquisition of Pioneer.
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60bn, Reuters reported.
The acquisition would be Exxon's biggest since its $81bn deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the US oil patch.
BlackRock, Grain near Phoenix Tower stake buy.
A consortium comprising BlackRock and Grain Management is in advanced talks to buy a roughly 20% stake in Phoenix Tower International from funds managed by Blackstone, Bloomberg reported.
BlackRock's infrastructure arm and Grain, an investment firm that specializes in communications infrastructure, are negotiating to purchase the stake from Blackstone Real Estate Income Trust and Blackstone's tactical opportunities arm for about $1.3bn, a transaction that would value the tower operator at roughly $6.5bn excluding debt.
Sanofi to explore the acquisition of cancer drugmaker Mirati Therapeutics.
Paris-based drugmaker Sanofi is exploring a potential acquisition of cancer drugmaker Mirati Therapeutics, Reuters reported.
The US health regulator had in December approved Mirati's lung cancer drug, Krazati, to treat adults with advanced lung cancer. The oral drug — the company's only approved product — is designed to target a mutated form of a gene known as KRAS, which occurs in about 13% of non-small cell lung cancer, the most common form of the disease, and less frequently in some other solid tumors.
ChatGPT-owner OpenAI is exploring making its own AI chips.
OpenAI, the company behind ChatGPT, is exploring making its own artificial intelligence chips and has gone as far as evaluating a potential acquisition target, Reuters reported.
The company has not yet decided to move ahead. However, since at least last year it discussed various options to solve the shortage of expensive AI chips that OpenAI relies on.
SoftBank's Arm faces Wall Street scrutiny after biggest US IPO since 2021.
Major Wall Street bank analysts will begin weighing in on one of the most-watched initial public offerings in the US this year, Bloomberg reported.
Arm raised $4.9bn last month in the largest IPO on a US exchange since Rivian Automotive's $13.7bn offering in November 2021. Starting next week, analysts at the more than 25 firms, including Barclays, Goldman Sachs, JPMorgan Chase and Mizuho Financial Group, that participated in the IPO can initiate coverage of the chip designer.
Koch-backed GameChange Solar files confidentially for 2024 IPO.
GameChange Solar, whose backers include a Koch Industries affiliate, has confidentially filed for an initial public offering that could take place as soon as next year, Bloomberg reported.
The company, adding to a roster of candidates tentatively preparing to brave the public market, is seeking to be valued in an IPO at up to $3bn.
EMEA
Kyowa Kirin, a global specialty pharmaceutical company, agreed to acquire Orchard Therapeutics, a global gene therapy company, for $387m.
"We are excited to announce that we have signed the Transaction Agreement to acquire Orchard Therapeutics, one of the leading providers of HSC gene therapy. With this transaction, we anticipate being able to use a new modality that can have a profound impact on patients' lives. Orchard Therapeutics is a company with a steady track record in this field and has already launched its HSC gene therapy in Europe and filed for review in the US," Takeyoshi Yamashita, Kyowa Kirin Director.
Orchard Therapeutics is advised by Guggenheim Partners, Goodwin Procter and Slaughter & May. Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison. Kyowa Kirin is advised by Goldman Sachs and Morrison & Foerster.
Ellucian, a tertiary education technology solutions provider, agreed to acquire Tribal Group, an edtech company, for $208m.
"Tribal is in clear alignment with Ellucian's strategy, purpose and values, and this is an exciting opportunity to expand our combined reach as we power tertiary education so institutions can empower student success. We recognize Tribal's notable transformation journey to cloud and are eager to work with Tribal's strong leadership and talented team. With this investment, we can accelerate our impact in large and important educational markets around the world," Laura Ipsen, Ellucian CEO.
Ellucian is advised by Bank of America, RBC Capital Markets, Axinn Veltrop & Harkrider (led by Michael Keeley and Bradley Justus) and Kirkland & Ellis. Tribal Group is advised by William Blair & Co and Taylor Wessing.
Tata Communications, a telecommunications company, completed the acquisition of Kaleyra, a communications platform as a service company, for $100m.
"In today's hyperconnected world, customer success and loyalty are pivotal to enterprise growth across industries and geographies. We at Tata Communications are committed to revolutionise how businesses engage with customers, leveraging a digital fabric to harness data insights for delivering seamless, secure, smart and impactful customer interactions. We're thrilled to welcome Kaleyra in this journey, as together we pave the way for the future of customer experience!" A.S. Lakshminarayanan, Tata Communications Managing Director and CEO.
The end of year deadline for the PGA Tour and Saudi-backed DP World Tour to finalize their historic merger is likely to be pushed back as US regulators dig their heels in and players demand more power in the new entity, Bloomberg reported.
The deal is far from complete as the golf circuits respond to a range of issues including a US Justice Department probe over antitrust concerns and talks with PGA Tour players on how much control they will have over the new league.
The head of Booking has rounded on EU competition regulators for blocking the online travel group's €1.6bn ($1.7bn) purchase of a smaller flights-only business Etraveli, saying the move will hamper investment in Europe, FT reported.
Glenn Fogel, who runs the US global group as well as its biggest subsidiary Amsterdam-based Booking.com, said that regulators should think twice before stopping deals that would make "the European tech ecosystem much less competitive than the United States or other parts of the world".
iCON Infrastructure, an independent investment group, agreed to acquire Alliance Medical Group, a multi-specialty medical group, from Life Healthcare Group, a healthcare organisation, for £910m ($1.1bn).
"AMG is a valued part of the overall Group. In considering the unsolicited offers, the Board debated extensively before concluding that the transaction is in the best interest of shareholders to extract immediate value by de-risking the longer-term delivery of the AMG business plan," Victor Litlhakanyane, Life Healthcare Chairman.
Life Healthcare is advised by Barclays and Allen & Overy (led by Matthew Appleton).
Telefonica weighs sale of stake in tech unit at €2bn.
Telefonica is weighing the sale of a stake in its technology unit ahead of a new strategic plan for the Spanish carrier, Bloomberg reported.
The Madrid-based company has been meeting with investment funds to gauge their interest in acquiring a stake in Telefonica Tech. Any deal could value the fast-growing unit at more than €2bn ($2.1bn).
GSK raises $1.1bn from Haleon stake sale.
British drugmaker GSK said it raised $1.1bn from a discounted stake sale in Haleon, cutting its shareholding to 7.4% in the world's largest standalone consumer healthcare firm, Reuters reported.
GSK had earlier said that the Haleon spin-off and subsequent stake sales will allow the company to sharpen its focus on vaccines and infectious diseases and also fund deals to bolster a lacklustre drug pipeline.
Pernod Ricard considers sale of Czech liqueur brand Becherovka.
Pernod Ricard is exploring a sale of Czech liqueur brand Becherovka as the French spirits maker considers ways to streamline its portfolio, Bloomberg reported.
Paris-based Pernod is working with Centerview Partners as it seeks to gauge buyer interest in Becherovka. The asset could be valued at about $300m or more in any sale. It's likely to draw interest from international drinks companies.
UK's Metro Bank rejected takeover approaches from Shawbrook.
British lender Metro Bank rejected a series of takeover approaches from specialist business lender Shawbrook and later held talks with bondholders about an equity injection alongside a debt restructuring, Reuters reported.
Metro Bank rejected a series of takeover approaches from Shawbrook, including one made in the second half of September.
Monte Paschi sale process kicks off as Italy hires advisers.
Italy began the process of selling Banca Monte dei Paschi di Siena by hiring advisers as Prime Minister Giorgia Meloni seeks to maximize the value of the state's controlling stake, Bloomberg reported.
The Finance Ministry will select legal and financial advisers to help in the sale, the ministry said in a statement on Friday. The disposal can be done in one or more stages, through a public offer or through extraordinary operations, including a combination.
Total weighs selling stake in giant Scottish wind farm.
TotalEnergies is weighing a sale of part of its stake in Scotland's largest offshore wind farm, Bloomberg reported.
The French energy group is working with an adviser on the sale of a roughly 25% holding in Seagreen Wind Energy, a joint venture it runs with SSE's renewables arm. The stake could fetch hundreds of millions of dollars.
Aviva weighs bid for RSA's UK consumer unit.
Aviva is among a small handful of insurers exploring bids for the UK consumer operations of rival RSA, Reuters reported.
RSA's owner, Intact Financial, said last month it was reviewing strategic options for RSA's personal lines business, which includes home and pet insurance, to focus on commercial insurance.
Saudi Cargo firm SAL draws $49bn of orders for IPO.
Cargo firm SAL Saudi Logistics Services received orders worth $48.6bn for its $678m initial public offering, which is set to be the kingdom's second-largest this year, Bloomberg reported.
Institutional investors put in bids for 72 times the shares made available to them, according to a statement on Thursday, demonstrating ongoing demand for the offering as the Saudi IPO market springs back to life after a virtual standstill at the start of the year.
Crystal Palace backer Eagle Football eyes $200m in pre-IPO round.
Eagle Football, the owner of football clubs from Britain to Brazil, is considering raising $200m in equity ahead of a potential listing in New York, Bloomberg reported.
The multiclub owner is in talks with potential advisers about the private funding round. Eagle Football is also discussing the possibility of later raising an additional $300m via the sale of shares on the New York Stock Exchange.
APAC
Australian gold miner Newcrest Mining said Newmont, its suitor for a proposed $19.5bn buyout, had received all government regulatory approvals required for the deal to go through, Reuters reported.
"The deal still awaits the crucial Newcrest shareholder vote, scheduled for October 13. The approvals include ones from the Australian Foreign Investment Review Board and competition authorities in Australia, Canada and Papua New Guinea," Newcrest.
Shareholders of global grains merchant and oilseeds processor Bunge approved the company's acquisition of Glencore-backed Viterra during a shareholder meeting.
"We appreciate our shareholders' vote of confidence in our strategy to position Bunge as a premier global agribusiness solutions company through the merger with Viterra. Our team is focused on effectively running our operations while also planning for a successful integration. We are committed to creating an innovative global agribusiness company well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers," Greg Heckman, Bunge CEO.
A buyer consortium, including Recco Control Technology, Dazheng Group, TFI Asset Management and Great Wall Capital, agreed to acquire Hollysys Automation Technologies, an automation control system solutions provider, for $1.55bn.
"Today's announcement that Hollysys is launching a full sale process is a step in the right direction for the shareholders of Hollysys. A transparent and full process is clearly in the best interest of Hollysys shareholders and we look forward to discussing our $25 all-cash offer with the special committee. We remain motivated to move into due diligence and subsequent negotiations with the Special Committee and be in a position to sign a definitive agreement shortly after access to full due diligence," Ke Lei, Recco Control Technology Director.
Buyer consortium is advised by UBS, Conyers Dill & Pearman, DLA Piper and Sullivan & Cromwell. Recco is advised by FTI Consulting and Okapi Partners (led by Bruce Goldfarb).
Fredensborg, a real estate investment company, agreed to acquire Heimstaden ehf, a residential real estate company in Iceland, from Heimstaden, a residential real estate manager and investor, for $137m.
"The sale of Heimstaden's Icelandic portfolio offers an attractive opportunity to accelerate our exit from the Icelandic market, advance our deleveraging, and capture a significant portion of the ongoing exit strategy's upside," Helge Krogsbøl, Heimstaden CEO.
Indian billionaire Ambani's Reliance Retail to raise $598m from ADIA. (FS)
Billionaire Mukesh Ambani's Reliance Retail Ventures said it would raise $598m from the Abu Dhabi Investment Authority, in the latest bet on India's largest retailer ahead of a potential stock market listing, Reuters reported.
The investment by ADIA at a valuation of $100.8bn will translate into a stake of 0.59% in the company. "Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace," Hamad Shahwan Aldhaheri, ADIA Executive Director.
Disney is in talks with Adani and Sun TV to sell India assets.
Disney has held talks with Indian billionaires Gautam Adani and Sun TV Network owner Kalanithi Maran, as well as private equity firms to sell its streaming and television business in the country, Reuters reported.
Disney is exploring various possibilities, including selling some of its Indian operations or a mix of assets from the unit.
Macquarie-Backed data center firm AirTrunk weighs stake sale among options. (FS)
AirTrunk, an Australian data center operator, is considering strategic options including a minority stake sale, Bloomberg reported.
The Asia Pacific-focused firm, which counts Macquarie Asset Management and PSP Investments among its backers, is working with Goldman Sachs and Macquarie Group to help it explore the various options in order to fuel its ongoing growth. AirTrunk has drawn interest from a number of investors for a possible minority stake sale.
East Ventures and SV Investment announce $100m fund to invest in SE Asian, Korean startups. (FS)
East Ventures, an Indonesia-based venture capital firm, and SV Investment, a South Korea-based venture capital and private equity firm firm, have announced the $100m dedicated fund for Southeast Asia, DealStreetAsia reported.
East Ventures that this fund aims to open the investment corridor between the Southeast Asian and Korean venture ecosystem, including capital investment, knowledge transfer, and network sharing.
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