Aon completed the acquisition of NFP from Madison Dearborn and HPS Investment Partners for $13bn. (FS)
Aon, a provider of risk and insurance brokerage consulting, completed the acquisition of NFP, an insurance brokerage company, from Madison Dearborn, an American private equity firm, and HPS Investment Partners, an investment firm that offers portfolio management and advisory services, for $13bn.
"It is a historic day for our firm as we welcome NFP to Aon and work together to help clients address increasing volatility across risk and people issues. With high performing teams and leading content and capability – further enabled by our Aon Business Services operating platform – we will create more value for our clients, while also enhancing long-term shareholder value creation for investors. This acquisition is another example of how we are going further, faster with our 3x3 Plan to accelerate our Aon United strategy and further enhance our relevance to clients," Greg Case, Aon CEO.
NFP was advised by Bank of America, Barclays, Deutsche Bank, Evercore, Jefferies & Company, TD Securities, Ropes & Gray (led by Matthew Richards) and Skadden Arps Slate Meagher & Flom (led by Howard Ellin). Aon was advised by Citigroup, UBS, Cravath Swaine & Moore (led by Jin‑Kyu Baek, Robert I. Townsend and Keith Hallam) and McDermott Will & Emery (led by H. Michael Byrne). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). Madison Dearborn was advised by Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz and Ian Hazlett).
Hess sets May 28 shareholder vote on Chevron buyout.
American global independent energy company Hess set May 28 for a special meeting of shareholders to vote on oil and gas company Chevron's $53bn buyout offer, Reuters reported.
Chevron last October offered to acquire Hess in a move to gain a foothold in oil-rich Guyana's lucrative offshore fields. The deal has been stalled by a regulatory review and challenged by Exxon Mobil, which has filed an arbitration claim that could block the deal.
Hess is advised by Goldman Sachs (led by Brian Haufrect and Suhail Sikhtian), JP Morgan, Wachtell Lipton Rosen & Katz (led by Martin Lipton, Karessa Cain and Zachary Podolsky) and FGS Global (led by Paul Verbinnen and Niel Golightly). Chevron is advised by Evercore (led by Dan Ward and Bill Anderson), Morgan Stanley (led by Greg Weinberger), Paul Weiss Rifkind Wharton & Garrison (led by Scott Barshay and Kyle Seifried) and Shearman & Sterling (led by David Higbee and Ben Gris).
T-Mobile and EQT to form a joint venture to acquire Lumos Networks in a $1.9bn deal. (FS)
T-Mobile, a telecommunication company, and EQT, a private equity firm, agreed to form a joint venture to acquire Lumos Networks, a fiber-to-the-home platform, in a $1.9bn deal.
"As the demand for reliable, low-latency connectivity rapidly increases, this deal is a scalable strategy for T-Mobile to take a significant step forward in expanding on our broadband success and continue shaking up competition in this space to bring even more value and choice to consumers. Together with EQT and Lumos, T-Mobile is building on our position as the fastest growing broadband provider in the country in a value-accretive way that complements our sustained growth leadership in wireless. Customers – homes and businesses – who get the fast, affordable, and reliable internet they need will be the real winners," Mike Sievert, T-Mobile CEO.
Lumos Networks is advised by Bank Street Group. EQT is advised by Goldman Sachs, JP Morgan, Kirkland & Ellis (led by John Pitts, Ben Hardison and Jess Lepper) and Simpson Thacher & Bartlett (led by Matt Gabbard and David Lieberman). T-Mobile is advised by Citigroup and Wachtell Lipton Rosen & Katz (led by Adam O. Emmerich and Mark A. Stagliano). Deutsche Telekom is advised by Morgan Stanley.
US FCC approves T-Mobile's $1.35bn deal to buy Ka’ena.
The US Federal Communications Commission said it will approve the T-Mobile, opens new tab deal to buy Ka'ena, the owner of budget service provider Mint Mobile, for up to $1.35bn.
The FCC cited T-Mobile's voluntary agreement to implement a 60-day unlocking period for all Mint Mobile and Ultra Mobile devices activated on the T-Mobile network before and after the closing. The FCC said the agreement will make it easier for Mint Mobile and Ultra Mobile customers to switch service providers. T-Mobile said after receiving regulatory approval that it now expects to close the deal on May 1, Reuters reported.
Ka’ena is advised by Bank of America, LionTree Advisors, TAP Advisors, Bernstein Shur Sawyer & Nelson, Latham & Watkins (led by Robert Katz and James Barker) and H/Advisors Abernathy. T-Mobile is advised by Cleary Gottlieb Steen & Hamilton (led by James E. Langston). Ryan Reynolds is advised by Willkie Farr & Gallagher (led by Alan Epstein).
Silvercorp Metals to acquire Adventus Mining for $145m.
Silvercorp Metals, a mining company producing silver, gold, lead, and zinc, agreed to acquire Adventus Mining, a copper-gold exploration and development company, for $145m.
"This transaction will create a new globally diversified green metals producer. It presents the opportunity for us to leverage our technical expertise and strong balance sheet to unlock value for all shareholders by constructing the El Domo project. We look forward to working with the Government of Ecuador and local communities, as well as leveraging the existing Adventus and Curimining teams, to grow our business in Ecuador which will generate sustainable economic, social, and environmental value for all stakeholders. We would also like to acknowledge the hard work and contributions to the El Domo project by our future partners at Salazar Resources. Silvercorp will continue to work collaboratively with Salazar as El Domo is advanced into construction and ultimately operations," Rui Feng, Silvercorp Chairman and CEO.
Adventus Mining is advised by Cormark Securities, AVL Abogados and Bennett Jones. Silvercorp Metals is advised by BMO Capital Markets, FBPH Abogados, McCarthy Tetrault.
Apollo to acquire U.S. Silica for $1.85bn. (FS)
Apollo, an investment firm, agreed to acquire U.S. Silica, a diversified industrial minerals company, for $1.85bn.
"We have tremendous respect for U.S. Silica and its talented management team and employees, and are thrilled to partner with them to unlock the company's next phase of growth. U.S. Silica's industrial minerals and sand mining and logistics businesses each are proven leaders in their respective markets. We believe there are many opportunities to grow and expand these businesses and we look forward to using our significant industry experience to build on and extend the company's legacy of excellence to new frontiers," Gareth Turner, Apollo Partner.
U.S. Silica is advised by Piper Sandler and Morrison & Foerster. Apollo is advised by BNP Paribas, Barclays and Wachtell Lipton Rosen & Katz.
Vinci Partners Investments to acquire MAV Capital for $106m. (FS)
Vinci Partners Investments, an alternative investment platform, agreed to acquire MAV Capital, an alternative asset manager focused on the agribusiness segment in Brazil, for $106m.
"We are thrilled to announce this transaction and welcome the MAV team to our platform. We firmly believe that MAV's exceptional team will be a great addition to the platform and will act as a powerful catalyst to solidify our presence in the agribusiness landscape," Alessandro Horta, Vinci Partners CEO and Director.
MAV Capital is advised by Themudo Lessa Advogados. Vinci Partners is advised by Seneca Evercore, Lefosse Advogados, Danthi Comunicações (led by Carla Azevedo) and Joele Frank (led by Kate Thompson and Katie Villany).
Business First Bancshares to acquire Oakwood Bancshares for $86m.
Business First Bancshares, the holding company for b1BANK, agreed to acquire Oakwood Bancshares, a bank holding company, for $86m.
"Expansion in the Dallas market has been a successful focus of b1BANK for a number of years. We believe the proposed transaction with Oakwood is an effective and efficient way to deepen our customer, employee, and shareholder bases in what is arguably one of America's strongest markets. Oakwood and b1 share similar community-oriented cultures and values and we look forward to the combination of our respective franchises strengthening our North Texas platform," Jude Melville, Business First Acting Chairman, President and CEO.
Oakwood Bancshares is advised by Stephens and Norton Rose Fulbright. Business First is advised by Raymond James and Hunton Andrews Kurth.
Anglo American rejects BHP's $39bn takeover proposal.
Anglo American rejected BHP's $39bn takeover offer, saying it significantly undervalued the miner and its future prospects.
BHP, which has until May 22 to make a binding bid, is expected to sweeten its $31.3 per share offer to try to clinch a deal that would create the world's biggest miner of copper, a metal central to the clean energy shift.
“The BHP proposal is opportunistic and fails to value Anglo American’s prospects, while significantly diluting the relative value upside participation of Anglo American’s shareholders relative to BHP’s shareholders. The proposed structure is also highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders. Anglo American has defined clear strategic priorities – of operational excellence, portfolio, and growth – to deliver full value potential and is entirely focused on that delivery," Stuart Chambers, Anglo American Chairman.
Anglo American is advised by Centerview Partners (led by James Hartop and Edward Rowe), Goldman Sachs (led by Mark Sorrell), Morgan Stanley (led by Simon Smith and Anthony Zammit).
Fulton Financial completed the acquisition of Republic First Bank from FDIC.
Fulton Financial, a financial services holding company, completed the acquisition of Republic First Bank, a small business lender, from Federal Deposit Insurance, a government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. Financial terms were not disclosed.
"With this transaction, we are excited to double our presence across the region. We look forward to welcoming Republic Bank's team members and customers to Fulton and providing our comprehensive set of consumer, commercial and wealth advisory products and services to even more customers," Curt Myers, Fulton Chairman and CEO.
Fulton Financial was advised by Bank of America, Piper Sandler and Sullivan & Cromwell.
A consortium of investors completed an investment in BGC Group-backed Fenics Markets Xchange in a $667m deal. (FS)
A consortium of investors including Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, JP Morgan, Jump Trading Group, Morgan Stanley, Tower Research Capital, and Wells Fargo, completed an investment in BGC Group-backed Fenics Markets Xchange, an electronic trading platform, in a $667m deal.
"We have brought together ten of the most important global investment banks and market making firms to create a premier trading venue for the interest rate markets. We offered ownership to this incredible investment group knowing the enormous value they bring to FMX, which will benefit all market participants," Howard W. Lutnick, BGC Group Chairman and CEO.
BGC Group was advised by Wachtell Lipton Rosen & Katz.
Glanbia completed the acquisition of Flavor Producers for $355m.
Glanbia, an Irish global nutrition group, completed the acquisition of Flavor Producers, a flavour platform in the US, providing flavours and extracts to the food and beverage industries, for $355m.
"I am delighted to announce the acquisition of Flavor Producers, which represents an important step in the continued growth of our Nutritional Solutions business. This acquisition builds on our existing flavours capability and positions us well to capture long term growth opportunities in the organic and natural flavours segments. M&A is an important part of our growth strategy and this transaction represents a further opportunity to scale our NS business, unlock synergies and acquire unique and complementary capabilities," Hugh McGuire, Glanbia CEO.
Glanbia was advised by Barclays.
General Atlantic and XP completed the acquisition of a minority stake in LiveMode. (FS)
Private equity firms General Atlantic and XP Private Equity, completed the acquisition of a minority stake in LiveMode, a social and streaming platform company. Financial terms were not disclosed.
“Our partnership with General Atlantic and XP marks a significant milestone in our journey. Both firms’ expertise in scaling growth companies, along with their extensive global networks, will be invaluable as we expand our operations and further innovate. We are thrilled to have their support as we focus on our ambition to help expand and professionalize the sport in Brazil and other countries," Leo Lenz Cesar, LiveMode Partner.
General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison.
TotalEnergies and BlackRock-backed Vanguard Renewables to form a joint venture. (FS)
TotalEnergies, a global integrated energy company, and BlackRock-backed Vanguard Renewables, a farm-based organics-to-renewable natural gas production company, agreed to form a joint venture to develop, build, and operate farm powered renewable natural gas projects in the United States. Financial terms were not disclosed.
“We are thrilled to welcome TotalEnergies as a strategic partner, building on our mission of developing farm-based organics-to-renewable natural gas projects across the United States. This collaboration validates Vanguard’s leadership position in the RNG space in the U.S. and brings together our expertise with TotalEnergies’ extensive experience in large-scale energy development, safety procedures, and global partnerships. These 10 RNG projects, jointly undertaken by TotalEnergies and Vanguard Renewables as co-investment partners, further reinforce our commitment and ability to deliver on our mission of harnessing the power of waste to decarbonize our planet," Neil H. Smith, Vanguard Renewables CEO.
Vanguard Renewables is advised by Simpson Thacher & Bartlett.
Sagewind Capital-backed Sigma Defense completed the acquisition of Electronic Warfare. (FS)
Sagewind Capital-backed Sigma Defense, a provider of advanced technology solutions for the defense sector, completed the acquisition of Electronic Warfare Associates, an electronic warfare company. Financial terms were not disclosed.
"We are honored to continue the amazing work that Carl Guerreri, the founder of EWA, started over 4 decades ago, and has built into a world class electronic warfare systems and solutions organization. The electromagnetic spectrum is a critical source of signature data that must be collected, analyzed, distributed, and acted on with speed, the same as all other elements of CJADC2. Understanding the full impact of EW attack and countermeasures is a critical component against a near peer adversary, so the alignment between EWA and Sigma Defense was a natural fit that accelerates our ability to deliver new solutions for our customers. We are very proud to welcome the EWA team to the Sigma Defense family," Matt Jones, Sigma Defense CEO.
Sigma Defense was advised by Paul Weiss Rifkind Wharton & Garrison.
Jack's Abby Craft Lagers to acquire Wormtown Brewing.
Jack's Abby Craft Lagers, a craft brewery, bar, and restaurant, agreed to acquire Wormtown Brewing, a brewery and local mainstay. Financial terms were not disclosed.
"The pandemic put unimaginable pressures onto Massachusetts breweries which have been compounded by the ensuing supply chain instability, record high inflation, employee shortages and a ton of other challenges for small to midsize brewers. Wormtown - headlined by Be Hoppy IPA, is a stalwart brand in Massachusetts and we are incredibly excited to secure the ongoing legacy of their craft and products," Sam Hendler, Jack's Abby CEO and Co-Founder.
Cliffs CEO still keen on US Steel as doubts linger on Nippon deal.
Cleveland-Cliffs still wants to buy United States Steel or some of its assets if US authorities block Nippon Steel's $14.1bn takeover of the iconic American steelmaker, Bloomberg reported.
"If possible I will buy the entire thing, but my interest is laser-focused on the union-represented assets, 100%,” Lourenco Goncalves, Cleveland-Cliffs CEO.
Confirmation that the combative Cliffs CEO remains interested is the latest twist in a months-long battle over the fate of US Steel, which has drawn considerable attention from politicians and the White House. Goncalves reiterated his view that Nippon Steel’s takeover is doomed given its lack of union support and as authorities look to keep a “foundational” industry in American hands.
Carlyle Group said is mulling options for Tamko, including sale. (FS)
Carlyle Group and the family owners of Tamko Building Products are considering a sale that could value the maker of roof shingles at more than $3.5bn, Bloomberg reported.
The investment firm is working with an adviser to review strategic options for the Galena, Kansas-based company. Carlyle bought a minority stake in the business in 2019 for an undisclosed sum. The potential transaction is being evaluated in tandem with Tamko’s majority owner, the family of Chairman and Chief Executive Officer David Humphreys. Carlyle hasn’t started an auction process and the ownership may ultimately decide not to sell.
General Mills explores sale of $2bn-plus yogurt business in North America.
General Mills, the maker of Cocoa Puffs and Cheerios breakfast cereals, is exploring a sale of its North America yogurt business including its popular Yoplait brand in a deal that could be worth more than $2bn, Reuters reported.
The Minneapolis-based food conglomerate is working with investment bank JP Morgan to gauge interest from potential buyers that could include rival snack food makers and private equity firms.
Falfurrias Capital Partners explores a $1bn sale of Sauer Brands. (FS)
The private equity owner of Sauer Brands, is exploring a sale of the 137-year-old maker of condiments and spices that could value it at more than $1bn.
Richmond, Virginia-based Sauer, which was founded in 1887 and is known for its Duke's Mayonnaise brand, is working with investment banks Morgan Stanley and William Blair to gauge interest from potential buyers. Falfurrias Capital Partners is expecting to command a valuation for Sauer equivalent to more than 10 times the company's 12-month earnings before interest, taxes, depreciation and amortization of over $120m, Reuters reported.
Paramount board weighs removing CEO amid sale talks.
Paramount Global’s board is considering removing Chief Executive Officer Bob Bakish and putting the company under a committee of top executives while it weighs a possible sale.
The committee would operate on an interim basis, the newspaper reported. No decision has been made about Bakish’s future and it is possible the board could keep him in place.
Paramount, the parent of CBS, MTV and other media properties, is controlled by its chair, Shari Redstone, meaning the ouster of Bakish would require her assent. Redstone and the company are in talks to sell a controlling stake in Paramount to David Ellison’s Skydance Media, Bloomberg reported.
UMB Financial in talks to acquire Rival Bank Heartland.
UMB Financial is in talks to acquire rival Heartland Financial USA in what would be the biggest US regional bank merger this year, Bloomberg reported.
A deal could be announced within weeks. Deliberations are ongoing and talks could still be delayed or falter. With the country awash with small banks struggling to compete against giants like JP Morgan and Bank of America, analysts and investors see the US banking industry as ripe for consolidation.
Citi spinoff mints $4bn fortune for CVC buyout barons. (FS)
About three decades ago, a group of Citigroup dealmakers including Donald Mackenzie, Steven Koltes and Rolly van Rappard left the Wall Street giant to strike out on their own, Bloomberg reported.
That decision has proved lucrative, with the trio now among the biggest winners of this week’s long-awaited initial public offering of CVC Capital Partners.
The three founding partners now hold most of the roughly $4.2bn fortune that senior CVC figures control through disclosed stakes after the Luxembourg-based buyout firm ended its first day of trading on Friday 26th of April at €16.35 ($17.49) per share.
Vista-backed Solera seeking more than $1bn in IPO. (FS)
Vista Equity Partners-backed automotive data and software services provider Solera is weighing an initial public offering that may raise over $1bn, Bloomberg reported.
Westlake, Texas-based Solera has picked banks including Goldman Sachs Group, Morgan Stanley, Bank of America and Jefferies Financial Group to work on the offering. Solera could launch an offering as soon as in July.
