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Top Highlights
Apollo and CPPIB-backed Novolex, a provider of diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processor and industrial markets, agreed to acquire Pactiv Evergreen, a manufacturer and distributor of fresh foodservice and food merchandizing products, for $6.7bn.
Pactiv Evergreen is advised by Goldman Sachs, Lazard, Paul Hastings and Joele Frank (led by Andrea Rose and Ed Trissel). Novolex is advised by Barclays, Morgan Stanley, RBC Capital Markets, Paul Weiss Rifkind Wharton & Garrison (led by Brian Finnegan and Brian Kim) and Edelman (led by Sean Heaslip). Debt financing is provided by Barclays, Morgan Stanley, RBC Capital Markets, UBS and Wells Fargo Securities. CPPIB is advised by Weil Gotshal and Manges (led by Timothy Burns).
Omnicom, a provider of data-inspired, creative marketing and sales solutions, agreed to acquire Interpublic Group, a values-based, data-fueled, and creatively-driven provider of marketing solutions, for $13.25bn.
Interpublic Group is advised by Morgan Stanley and Willkie Farr & Gallagher (led by Danielle Scalzo and Laura Acker). Omnicom is advised by PJT Partners and Latham & Watkins. PJT Partners is advised by Skadden Arps Slate Meagher & Flom (led by Richard Oliver and Micah Kegley).
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, agreed to acquire AssuredPartners, a national partnership of leading independent insurance brokers, from private equity firms Apax and GTCR, for $13.45bn.
Deal Round up
AMERICAS
EMEA
Allianz and Amundi pause talks on creating $3tn asset management giant ( Financial Times)
Apollo partners with Santander on $370m infrastructure loan portfolio. ( Press Release)
ISS opposes Frasers Group’s bid for Boohoo board representation. ( Press Release)
Portugal still to decide on size of stake it will sell in TAP. ( Bloomberg)
Harland & Wolff nears government-backed rescue deal with Navantia. ( SkyNews)
APAC
Axiata Group and Sinar Mas near merger deal in Indonesia. ( Bloomberg)
GIC explores sale of 50% stake in India’s Greenko Energy. ( Bloomberg)
Raine Group to close Hong Kong office, focus on Singapore expansion. ( Bloomberg)
Kioxia IPO valued at $5.2bn in Tokyo. ( WSJ)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
LEGAL ADVISORS
PR ADVISORS
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Read on...
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AMERICAS
Independent Bank, a Michigan-based bank that offers loans, mortgages, personal & business banking, agreed to merge with Enterprise Bank, a community bank offering checking accounts, loans, mobile banking, and more to businesses, nonprofits, and individuals, in a $562m deal.
Independent Bank is adviswd by Keefe Bruyette & Woods and Simpson Thacher & Bartlett. Enterprise Bank is advised by Piper Sandler and Hunton Andrews Kurth.
Carta Healthcare, a provider of AI-driven technology, completed the acquisition of Realyze Intelligence, a provider of clinically guided large language models, data standards, Fast Healthcare Interoperability Resources and AI. Financial terms were not disclosed.
Carta Healthcare was advised by Amendola Communications.
Argosy Private Equity, a lower middle-market investment firm, completed the acquisition of Heavy Equipment Colleges of America, a nationally recognized institution specializing in heavy equipment and crane operator training. Financial terms were not disclosed.
Alliant Insurance Services, a distributor of diversified insurance products and services, completed the acquisition of Union First, a specialized benefits consulting and third-party administration firm serving public safety labor associations—including police, firefighters, and deputy sheriffs. Financial terms were not disclosed.
EMEA
Keensight Capital, a private equity firm, agreed to acquire MetaCompliance, a software company in London, from Tenzing, a European mid-market tech investor. Financial terms were not disclosed.
Keensight Capital is advised by Headland Consultancy (led by Stephanie Ellis). Tenzing is advised by PricewaterhouseCoopers, Altman Solon, Alpha Advisory, Robert W Baird (led by Sebastian Daumueller) and Simmons & Simmons.
Boliden, a Swedish multinational metals, mining, and smelting company, agreed to acquire Swedish and Portuguese mines from Lundin Mining, a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel, for $1.45bn.
Boliden is advised by RBC Capital Markets, Evercore, SEB Corporate Finance and BNP Paribas.
Zentiva, a pharmaceutical company developing, manufacturing and marketing a wide range of generic and OTC products, completed the acquisition of APONTIS PHARMA, a German pharmaceutical company specializing in Single Pill combinations, for €85m.
CVC Capital Partners, a Jersey-based private equity and investment advisory firm, agreed to acquire a 49.9% stake in CompuGroup Medical, a publicly listed software company based in Koblenz, for $600m.
CVC Capital Partners is advised by UBS. CompuGroup Medical is advised by JP Morgan.
Main Capital-backed Omnidocs, a software company in Copenhagen, completed the acquisition of a majority stake in Presentation Solutions, a UK-based document creation firm. Financial terms were not disclosed.
Allianz and Amundi pause talks on creating $3tn asset management giant ( Financial Times)
Allianz and Amundi halted discussions on merging their asset management businesses to form a European investment powerhouse managing nearly €2.8tn ($3tn) in assets.
Allianz had been exploring options for its Allianz Global Investors unit, including a potential merger or partial sale, though its subsidiary Pimco was not involved in the talks.
Apollo partners with Santander on $370m infrastructure loan portfolio. ( Press Release)
Apollo Global Management reached an agreement with Banco Santander to invest in a $370m portfolio of infrastructure loans. The move aligns with Santander's efforts to enhance capital returns.
Increasing regulatory costs for banks to retain such assets have created opportunities for private capital firms like Apollo, which are not subject to the same regulations, to manage loans originated by banks.
ISS opposes Frasers Group’s bid for Boohoo board representation. ( Press Release)
Boohoo announced that Institutional Shareholder Services, an independent proxy adviser, has recommended shareholders vote against resolutions granting board representation to Frasers Group at the general meeting on December 20.
The recommendation follows weeks of tension between Boohoo and Frasers Group, a significant shareholder in the company.
Portugal still to decide on size of stake it will sell in TAP. ( Bloomberg)
Portugal’s government has yet to decide on the extent of the stake it will sell in the planned privatization of state-owned airline TAP.
Discussions have already been held with the three leading potential buyers: Air France, Lufthansa, and British Airways. The privatization is expected to take place in 2025.
Harland & Wolff nears government-backed rescue deal with Navantia. ( SkyNews)
Harland & Wolff, the iconic shipyard that built the Titanic, is finalizing a government-supported rescue deal with Spanish shipping group Navantia.
Downing Street has approved Navantia’s acquisition of H&W’s four UK shipyards, with a formal agreement anticipated as early as next week. The deal, if finalized, would secure over 1k British industrial manufacturing jobs.
APAC
BP, an oil and petrochemicals company, and Jera, a power generation company, agreed to form a $5.8bn joint venture.
Regal Partners, an alternative investment manager, withdrew its offer to acquire Platinum Asset Management, an Australian based fund manager which specialises in investing in international equities.
Axiata Group and Sinar Mas near merger deal in Indonesia. ( Bloomberg)
Malaysian carrier Axiata Group and Indonesia's Sinar Mas Group are close to finalizing a merger of their telecommunications businesses in Indonesia, Southeast Asia's largest economy.
Owners of XL Axiata and Smartfren Telecom are working out the transaction details, with an announcement expected as early as this week. The deal, potentially involving a mix of cash and shares, would create an entity serving approximately 100m customers.
Historically, Axiata has worked with Morgan Stanley and Herbert Smith Freehills, according to MergerLinks data.
GIC explores sale of 50% stake in India’s Greenko Energy. (Bloomberg)
The review may lead to a full or partial sale, potentially marking one of the largest disposals in the country. Preparations for the deal are underway, with preliminary interest expressed by several investment funds and strategic firms.
Historically, GIC has worked with Citigroup, Morgan Stanley, Latham & Watkins and Kirkland & Ellis, according to MergerLinks data.
Raine Group to close Hong Kong office, focus on Singapore expansion. ( Bloomberg)
Raine Group plans to shut down its Hong Kong office and has offered its staff the option to relocate to Singapore. Three Hong Kong employees, including a managing director, have been invited to move as the firm consolidates its Asian operations.
The decision aligns with increased activity in Singapore, Raine Group's largest and expanding office in the region.
Kioxia IPO valued at $5.2bn in Tokyo. ( WSJ)
Bain Capital-backed Kioxia has priced its initial public offering at $9.70 per share, hitting the midpoint of the anticipated range. It aims to secure capital to address the increasing demand for chips utilized in artificial intelligence and data centers.
The deal, which values the memory-chip maker at $5.2bn, marks the third-largest IPO in Japan this year, continuing a trend of significant transactions in Tokyo's market.
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