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AMERICAS
Aon, a provider of risk and insurance brokerage consulting, agreed to acquire 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 $13.4bn.
"We have continually evolved our leading capabilities to better serve our clients' growing needs amidst increasing volatility across the marketplace. The acquisition will advance our relevance to clients, create opportunities for our colleagues and further strengthen our shared cultural values. Doug and NFP have built an exceptional team, with a complementary one-firm mindset, and we expect to both learn from their entrepreneurial culture and share with them the depth and breadth of our capabilities to create more value for clients, colleagues and shareholders," Greg Case, Aon CEO.
Aon is advised by Citigroup, UBS, Cravath Swaine & Moore (led by Robert I. Townsend, Keith Hallam, and Jin‑Kyu Baek), and McDermott Will & Emery. NFP is advised by Bank of America, Deutsche Bank, Evercore, Jefferies & Company, TD Securities, Ropes & Gray (led by Alexander Zeltser), and Skadden Arps Slate Meagher & Flom (led by Howard Ellin and Kenneth Wolff). Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz and Ian Hazlett).
Carlyle, a multinational private equity firm, and Insight Partners, a global software investor, agreed to acquire a majority stake in Exiger, a SaaS company. Financial terms were not disclosed.
"Exiger's AI technology transforms the way organizations identify and manage risk, reduce cost and increase resilience across their supplier and third-party ecosystems. We are thrilled to partner with Carlyle and Insight Partners as we continue to invest in our 1Exiger platform which empowers our customers to make confident, deliberate decisions informed by real-time insights," Brandon Daniels, Exiger CEO.
Carlyle is advised by Boston Consulting Group, Alvarez & Marsal, NextFed, PricewaterhouseCoopers, Union Square Advisors and Latham & Watkins. Insight Partners is advised by Boston Consulting Group, Alvarez & Marsal, Deutsche Bank, NextFed, PricewaterhouseCoopers and Willkie Farr & Gallagher (led by Matthew Guercio and Tai Fukumoto). Exiger is advised by McKinsey & Company, Ernst & Young, Jefferies & Company and Sidley Austin.
Three US Republican senators, citing national security concerns, on December 19 urged Treasury Secretary Janet Yellen to block the $14.9bn acquisition of US Steel by Japan's Nippon Steel, the world's fourth largest steelmaker, Reuters reported.
Nippon clinched a deal on December 18 to buy Pittsburgh-based US Steel for $14.9bn in cash, prevailing in an auction for the 122-year-old iconic steelmaker over rivals such as Cleveland-Cliffs, ArcelorMittal and Nucor. Yellen chairs the Committee on Foreign Investment in the United States, a panel that scrutinizes deals for potential national security risks, which is expected to review the transaction.
Hildred Capital, a healthcare focused growth equity firm, completed the acquisition of Hello Bello, an online store that offers goods for children. Financial terms were not disclosed.
"We are excited to be part of the Hildred family of companies. Hildred has a great deal of experience in this space and with their partnership, we are confident that we will continue to not only make great products but increase our efficiency and manufacturing capacity for our customers and retail partners. We will now be in a stronger financial position and benefit from operational expertise from both Hildred and similarly situated businesses in its portfolio," Erica Buxton, Hello Bello CEO.
Hello Bello was advised by Emerald Capital Advisors, Jefferies & Company, Willkie Farr & Gallagher, and Young Conaway Stargatt & Taylor. Hildred Capital was advised by Alvarez & Marsal, Lowenstein Sandler, and Prosek Partners (led by Mike Geller).
Orica, a mining and infrastructure solutions provider, agreed to acquire Terra Insights, a cloud data delivery platform, from Vance Street Capital, a Los Angeles-based private equity firm, for $377m.
"Terra exemplifies Vance Street's strategy of partnering with best-in-class highly engineered solutions providers and leveraging our operating partner network to execute on the Vance Street Value Creation Playbook. CEO Mark Price and the Terra team have done an exceptional job of executing on the strategy, taking niche hardware solutions and transforming Terra into one of the leading innovative sensors and data delivery technology providers for geotechnical, structural and geospatial monitoring in mining and infrastructure. We want to thank the Terra team for their hard work and great partnership over the past six years," Brian Martin, Vance Street Capital Managing Partner.
Terra Insights and Vance Street Capital are advised by Lazard, Davies Ward Phillips & Vineberg and O'Melveny & Myers. Orica is advised by JP Morgan and Gilbert + Tobin.
The RMR Group, an alternative asset management company, completed the acquisition of CARROLL Multifamily Platform, a vertically integrated multifamily platform, for $100m.
“With the CARROLL acquisition, RMR was able to implement our growth strategy of leveraging our strong balance sheet to make strategic acquisitions. Today, we acquired a vertically integrated organization that expands our scale, diversifies our platform, substantially increases our private capital assets under management and is financially accretive. I welcome the experienced and talented CARROLL team to RMR and look forward to working with them to further expand our multifamily platform," Adam Portnoy, RMR Group President and CEO.
Nordic Capital, a private equity company, completed the acquisition of a majority stake in IntegriChain, a cloud software company, from Accel-KKR, a technology-focused investment firm. Financial terms were not disclosed.
"Our industry's most pressing challenge is to deliver access to its life changing science while preserving enough of its net revenue to continue delivering value to its investors. IntegriChain brings together the data, technology, and talent that the industry will need to find and operationalize more profitable strategies for drug commercialization. Nordic Capital has unique experience at the crossroads of Pharma, healthcare technology, and payments technology. Their expertise and industry perspective will help us accelerate our execution on our vision, particularly our ongoing investments in the ICyte Platform and its increasingly essential net revenue applications, data, and analytics," Josh Halpern, IntegriChain Co-Founder and CEO.
Nordic Capital was advised by Evercore. Accel-KKR was advised by Kekst CNC (led by Todd Fogarty). IntegriChain was advised by Harris Williams & Co, Morgan Stanley and Sage Strategic Marketing (led by Jennifer Guinan).
GI Partners, a private equity company, agreed to acquire DQE Communications, a telecommunications service provider, from Duquesne Light, an energy services holding company. Financial terms were not disclosed.
"This is a great opportunity for DQE. The investment by GI Partners uniquely positions DQE as a scaled and trusted strategic network provider. GI Partners is an experienced and knowledgeable investor in digital infrastructure, and we look forward to partnering with them to accelerate our network solutions and geographic reach while remaining fully committed to delivering exceptional service that our customers have come to expect from us for over 25 years," Jim Morozzi, DQE Communications CEO.
GI Partners is advised by TD Securities, Simpson Thacher & Bartlett and Chris Tofalli Public Relations (led by Chris Tofalli). Duquesne Light is advised by JP Morgan and Taft Stettinius & Hollister.
Marathon Digital, a digital asset technology company, agreed to acquire two Bitcoin mining sites from Generate Capital, an investment company, for $179m.
“For the past year, Marathon has been vertically integrating as we transition into a more sophisticated and mature organization with a diversified portfolio of Bitcoin mining technologies and assets, and the acquisition of these sites is the next step in that evolution. By acquiring the sites in Granbury, Texas and Kearney, Nebraska from Generate, we have an opportunity to reduce our bitcoin production costs at these sites, to capitalize on energy hedging opportunities, and to expand our operational capacity," Fred Thiel, Marathon Chairman and CEO.
Prada, an Italian luxury fashion house, agreed to acquire 724 Fifth Avenue building, a commercial real estate located in Manhattan, New York, for $425m.
The Purchaser has been leasing the Prada Store from the Vendor since 1997. The Board believes that the Property’s location offers high strategic value being characterised by increasing scarcity and long-term potential; furthermore, the area in the immediate vicinity of the Property has recently seen an influx of significant investments that have further improved the residential, hospitality and retail appeal.
Brazil's Petrobras could increase stake in Braskem to facilitate sale.
Brazil's government believes state-run oil firm Petrobras could increase its stake in petrochemical producer Braskem to facilitate an eventual sale to foreign buyers, Reuters reported.
Probes of Braskem have mounted as the ground has been sinking in the city of Maceio, in Alagoas state, where the company operates rock salt mines. Several neighborhoods have been evacuated since 2018.
Turnspire Capital Partners closes fund II at $275m hard cap. (FS)
Turnspire Capital Partners, a private investment firm focused on lower middle-market industrial and consumer businesses has held the final closing of Turnspire Value Fund II, at its hard cap of $275m in capital commitments.
Fund II attracted support form a diverse group of institutional investors across North America and Europe, including corporate and public pension funds, endowments and foundations, asset managers, funds of funds, and family offices as well as high-net-worth individuals. Turnspire Capital was advised by Chapman and Cutler and InRider Partners.
EMEA
ETC Holdings-backed Saturn Resources to acquire Shanta Gold, a gold mining company, for £142m ($180m).
"Shanta has successfully brought two mines into production since 2013 and has an exciting development project in West Kenya. Whilst the Independent Shanta Directors have confidence in Shanta's ability to deliver on its business plan and to continue to deliver strong results and growth in the future, this is an all-cash offer at a premium to the current price when the gold price is close to an all-time high. As such it provides an exit opportunity in cash for all shareholders taking into account the current gold price as well as the operational and other risks inherent in the business," Tony Durrant, Shanta Gold Chairman.
Südzucker, a sugar producer, agreed to acquire the remaining 26% stake in CropEnergies, an animal food manufacturing company, for €261m ($285m).
„With the capacities freed up among management and employees by the delisting we will be able to realise our ambitious growth plans more efficiently in the future. CropEnergies wants to evolve from a manufacturer of renewable ethanol for fuel applications to a provider of innovations from biomass. In addition to an alternative to fossil fuels, this also includes the new business area of biobased chemicals, basic chemicals made from renewable raw materials that replace fossil raw materials in the chemical industry. The financial funding required for this can come from our own resources on the one hand, and on the other hand we continue to have access to the capital market via a strong parent company,” Dr Stephan Meeder, CropEnergies CEO/CFO.
Südzucker is advised by Deutsche Bank, Gleiss Lutz and Brunswick Group. CropEnergies is advised by ParkView Partners and Allen & Overy.
Cordiant Digital Infrastructure-backed České Radiokomunikace, a telecommunications and ICT services provider, agreed to acquire Cloud4com, a cloud service provider, and DC Lužice, a data centre facility, from Aricoma, an end-to-end services and IT solutions provider, for £52m ($66m).
"We are delighted to have agreed to acquire these attractive data centre assets, which are being funded by organic cash flow at CRA. These transactions are highly complementary to CRA's existing data centre and cloud businesses, enhancing CRA's market leading position in its respective areas of operations and further demonstrating our active management approach through our "Buy, Build and Grow" strategy," Steven Marshall, Cordiant Digital Infrastructure Chairman.
Frasers Group, a British retailing group, agreed to acquire MATCHES, a manufacturer of casual chic wear of knitted jerseys and fleece garments, from Apax Partners, an independent global partnership focused solely on long-term investment in growth companies, for £52m ($66m).
"MATCHES has always been a leader in online luxury retail and has incredible relationships with its brand partners. This acquisition will strengthen Frasers' luxury offering, further deepening our relationships and accelerating our mission to provide consumers with access to the world's best brands. Whilst the global luxury environment is softer, we are confident that, by leveraging our industry-leading ecosystem, we will unlock synergies and drive profitable growth for MATCHES," Michael Murray, Frasers CEO.
Thoma Bravo-backed Proofpoint, a people-centric cybersecurity and compliance company, completed the acquisition of Tessian, an email cybersecurity company from Schroders Capital Global Innovation Trust, a British investment trust dedicated to long-term investments predominantly in the United Kingdom. Financial terms were not disclosed.
"Tessian's innovative technology will further enhance Proofpoint's threat and information protection platforms by adding powerful layers of AI-powered defense that address risky user behaviors, including misdirected email and data exfiltration. We're delighted to welcome the Tessian team to Proofpoint and look forward to helping organizations address the most frequent form of data loss at the most critical stages of the attack chain," Darren Lee, Proofpoint Executive Vice President.
SAKATA INX, a manufacturer of printing inks used for various packages, beverage cans, industrial inkjet inks and information media, agreed to invest in Investcorp-backed OpSec, a provider of anti-counterfeiting technologies and services. Financial terms were not disclosed.
"We are excited to further solidify our strategic alliance with SAKATA INX and truly appreciate their partnership and investment in support of our public listing. We look forward to years of collaboration as we develop market-specific solutions to protect our customers' brands," Selva Selvaratnam, OpSec CEO.
Investcorp Europe Acquisition Corp I and OpSec are advised by ICR (led by Dan Brennan).
General Atlantic in talks to buy UK infrastructure investor Actis. (FS)
US private equity firm General Atlantic is in talks to acquire infrastructure fund manager Actis as it seeks to diversify and add assets ahead of an expected initial public offering, FT reported.
The deal, which would add $12.7bn to General Atlantic's $77bn assets under management, has yet to be finalised and could still fall apart.
Hg said to near £3bn Iris Software sale to Leonard Green. (FS)
Hg is nearing a deal to sell Iris Software to rival buyout firm Leonard Green & Partners, after negotiations with KKR stumbled at the eleventh hour, Bloomberg reported.
The transaction may be announced as soon as this week. The deal, which will rank as the year's biggest buyout of a private European software company, could value UK-based Iris at more than £3bn ($3.8bn).
Spain to buy Telefonica stake worth as much as $2.2bn. (FS)
The Spanish government plans to buy a stake in Telefonica worth as much as $2.2bn, a bid to safeguard one of the nation's most strategic assets as Saudi Arabia builds up its own position in the company, Bloomberg reported.
Sepi, Spain's investment vehicle, will buy as much as 10% of Telefonica's shares — a stake that may total more than $2.2bn — in an effort to provide "greater shareholder stability" and protect the former telecom monopoly's "strategic capacities".
European telecoms group Lebara explores sale. (FS)
European telecoms group Lebara is examining a possible sale or initial public offering after emerging as a winner from the cost of living crisis, FT reported.
The London-based company, which since 2019 has been owned by the investment groups Alchemy and Triton, began life offering cheap international phone calls to migrants who had come to Europe.
Abu Dhabi's PureHealth soars in debut after $1bn listing.
PureHealth, a health-care platform controlled by one of Abu Dhabi's wealth funds, rallied in its trading debut after a $986m listing in Abu Dhabi, Bloomberg reported.
Shares in the firm rose as much as 84% to $1.6, up from the selling price of $0.89 apiece.
Flynas taps Goldman, Morgan Stanley for IPO.
Saudi Arabia's Flynas, backed by billionaire Prince Alwaleed Bin Talal, hired Goldman Sachs Group, Morgan Stanley and Saudi Fransi Capital for a potential initial public offering in Riyadh, Bloomberg reported.
The low-cost airline could go public as soon as next year.
APAC
Zee Entertainment said that it was in talks with Sony Group's India unit about extending a merger deadline to create a $10bn media and entertainment powerhouse, Reuters reported.
The units of both companies have communicated the intention to be merged by entering into "good faith negotiations," Zee said, as they seek to clear the uncertainty over the leadership of the combined entity.
Stockland, a property group that develops and manages various types of properties, and Supalai, a real estate development company, agreed to acquire 12 Masterplanned Communities from Lendlease Group, a provider of innovative and sustainable property and infrastructure solutions, for AUD1.06bn ($716m).
"The acquisition represents a step change in the reshaping of our portfolio and accelerates the execution of our strategy by increasing our capital allocation towards residential sectors while scaling our capital partnership platform and generating new sources of recurring income. We are pleased to be forming the Stockland Residential Communities Partnership with our existing partner, Supalai, who has a strong track record of investing in residential developments across Australia and is aligned with our strategic ambitions. SRCP achieves immediate scale with this acquisition, and we are excited to further develop the partnership alongside Supalai," Tarun Gupta, Stockland Managing Director and CEO.
Novo Tellus closes fund 3 at $510m, surpasses target. (FS)
Singapore-based private equity firm Novo Tellus has closed its third fund at $510m, DealStreetAsia reported.
Novo Tellus reached the $375m first close for the vehicle in June 2023 to eventually surpass its fundraising target by 36% this year. It reached the hard cap of its fund and closed the fundraising process within one year, making it one of very few Southeast Asian PE firms who managed to meet their fundraising targets this year.
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