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Top Highlights
Apollo-backed ABC Technologies, a manufacturer and supplier of components to the global automotive industry, completed the acquisition of TI Fluid, a manufacturer of thermal and fluid system solutions for the full range of current and developing vehicle architectures, in a £1.8bn ($2.4bn) deal, according to press releases.
TI Fluid was advised by Goldman Sachs (led by Nimesh Khiroya), JP Morgan, Peel Hunt (led by Mike Bell), Latham & Watkins (led by Richard Butterwick) and Headland Consultancy (led by Matt Denham). ABC Technologies was advised by BMO Capital Markets, Citigroup, Lazard (led by Mohit Kohli), Santander, Scotiabank, TD Securities, Kirkland & Ellis (led by Emma Flett), Paul Weiss Rifkind Wharton & Garrison (led by Gregory Ezring) and FGS Global (led by Rory King). Financial advisor was advised by Ashurst (led by Tim Rennie), according to press releases and MergerLinks data.
Retelit, a provider of infrastructure, services, and ICT solutions, and Italy's Ministry of Economy and Finance agreed to acquire Sparkle, a service provider offering a full range of infrastructure and global connectivity services, from Telecom Italia, a telecommunications company, for €700m ($796m), according to press releases.
Atlas Holdings, a US buyout firm, offered to acquire De La Rue, a British company that secures digital and physical protections for goods, trade, and identities, in a £263m ($346m) deal, according to press releases.
Deal Round up
AMERICAS
Silver Lake secures $2bn debt financing for Altera acquisition. ( Bloomberg)
EMEA
White Bridge considers sale of supplements maker Named Group. ( Bloomberg)
APAC
Collins Foods to exit Taco Bell business and expand KFC presence in Germany. ( Reuters)
Taiwan bidders prepare revised offers for AMD’s AI server assets. ( Bloomberg)
Saudi coffee chain Barn’s prepares for potential IPO in Riyadh. ( Bloomberg)
Alibaba-backed AI startup Zhipu targets IPO as early as 2025. ( Bloomberg)
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AMERICAS
Lowe's, an American retail company specializing in home improvement, agreed to acquire Artisan Design Group, a provider of design, distribution, and installation services for interior surface finishes, from The Sterling Group, a private equity investment firm, for $1.3bn, according to press releases.
Lowe's is advised by Centerview Partners, Greenhill & Co and Covington & Burling. Artisan Design Group is advised by Goldman Sachs, RBC Capital Markets and Latham & Watkins, according to press releases.
Revelstoke Capital Partners, a private equity firm, completed the investment in AOM Infusion, a specialty infusion provider focused on chronic therapy management, according to press releases. Financial terms were not disclosed.
AOM Infusion was advised by Jefferies & Company and Moelis & Co. Revelstoke was advised by Guggenheim Partners, Houlihan Lokey, McGuireWoods and Lambert & Co (led by Caroline Luz), according to press releases and MergerLinks data.
Capital Power, a growth-oriented North American power producer, agreed to acquire Hummel Station, a combined-cycle natural gas facility in Shamokin Dam, Pennsylvania, and Rolling Hills Generating, a combustion turbine natural gas facility in Wilkesville, Ohio, for $2.2bn, according to press releases.
Capital Power is advised by Evercore, TD Securities and Simpson Thacher & Bartlett, according to press releases and MergerLinks data.
Almanac-backed ECI, a private real estate company, completed the acquisition of Ardmore at Flowers Apartments, an 11-building, 396-unit apartment development located in Clayton, according to press releases. Financial terms were not disclosed.
ECI was advised by Cushman & Wakefield (led by Alex McDermott) and CBRE Group (led by Matthew Forgione). Debt financing was provided by Nationwide Mutual Insurance Company (led by Mike Myers), according to press releases.
Treville-backed Consumer Edge, a data insights and analytics company, agreed to acquire Earnest Analytics, a transaction and healthcare data analytics firm, according to press releases. Financial terms were not disclosed.
Earnest Analytics is advised by Financial Technology Partners. Consumer Edge is advised by KCSA Strategic Communications (led by Caitlin Kasunich), according to press releases.
Menzies Aviation, an aviation services company providing ground handling, cargo, and fueling solutions, agreed to acquire G2 Secure Staff, an aviation services provider offering passenger assistance, cabin cleaning, as well as ground and air cargo handling, for $305m, according to press releases.
Menzies is advised by DGA Group (led by Jonathon Brill), according to press releases.
onsemi, an American semiconductor supplier, failed to acquire Allegro MicroSystems, a global designer, developer, and fabless manufacturer of sensor ICs, for $6.9bn, according to press releases.
General Catalyst, a venture capital firm, led a $258m Series F round in Mainspring Energy, a clean power generation company, with participation from Amazon Climate Pledge Fund, DCVC, Temasek, Marunouchi Innovation Partners, M&G Investments, Pictet, Lightrock, LGT Group, Khosla Ventures and Gates Frontier, according to press releases.
Colliers, a global diversified professional services and investment management company, agreed to acquire Triovest, a Canadian commercial real estate services platform, from Coril Holdings, a private Asset Manager, according to press releases. Financial terms were not disclosed.
Mullen Group, a logistics company providing transportation, warehousing and distribution services, agreed to acquire Cole Group, a logistics services provider specializing in customs brokerage, freight forwarding, and trade consulting, according to press releases. Financial terms were not disclosed.
Silver Lake secures $2bn debt financing for Altera acquisition. ( Bloomberg)
Silver Lake Management is receiving $2bn in debt financing from a group of banks to support its acquisition of a 51% stake in Altera, Intel’s programmable chips unit.
Barclays, Citigroup, Deutsche Bank, Royal Bank of Canada, Bank of Montreal and KKR Capital Markets will syndicate the financing in the debt capital markets.
EMEA
DSV, the Danish transport and logistics company, announced that it has met all required closing conditions - including securing regulatory approvals - for its €14.3bn ($16.2bn) acquisition of German competitor Schenker.
The deal, first revealed in September last year, involves purchasing the logistics division of Deutsche Bahn, Germany’s state-owned railway operator. According to DSV, the transaction is expected to be finalized on April 30, and will result in the formation of the world’s largest freight forwarder.
AXA IM, a global investment company, agreed to acquire a 60% stake in ILOS Projects, a European renewable energy company, according to press releases. Financial terms were not disclosed.
ILOS is advised by Morgan Stanley. AXA IM is advised by FTI Consulting (led by Richard Sunderland), according to press releases and MergerLinks data.
PALM, a European producer of containerboard, graphic paper and corrugated packaging, agreed to acquire five corrugated box plants from International Paper, a provider of sustainable packaging solutions, according to press releases. Financial terms were not disclosed.
International Paper is advised by Bank of America and Skadden Arps Slate Meagher & Flom, according to press releases.
Recharge, a B2C prepaid payments platform, completed the acquisition of Giftcloud, a digital rewards platform, from Groupon, an e-commerce marketplace, according to press releases. Financial terms were not disclosed.
Recharge was advised by Ecology Media (led by Georgia Hanias), according to press releases.
White Bridge considers sale of supplements maker Named Group. ( Bloomberg)
Italian private equity firm White Bridge Investments is exploring a potential sale of Named Group, a food supplements company that could be valued at up to €800m ($907m).
White Bridge is working with Nomura to prepare for the possible divestment. The asset is expected to draw interest from major buyout firms that could support Named Group’s international expansion.
APAC
Haleon, a British multinational consumer healthcare company, agreed to acquire the remaining 12% stake in Tianjin TSKF Pharmaceutical, a pharmaceutical company, for $222m, according to press releases.
Collins Foods to exit Taco Bell business and expand KFC presence in Germany. ( Reuters)
Collins Foods, an Australian fast-food chain operator, plans to exit its Taco Bell operations within a year and focus on expanding its KFC footprint in Germany while continuing its partnership with Yum Brands.
The company is in discussions with Yum to transfer the license for its 27 Taco Bell outlets in Australia to a new owner. If a transfer cannot be arranged, other alternatives will be considered.
Taiwan bidders prepare revised offers for AMD’s AI server assets. ( Bloomberg)
Compal Electronics, Wiwynn (a Wistron affiliate), and US-based Jabil are preparing to submit revised bids for Advanced Micro Devices’ AI server assembly operations.
Inventec and Pegatron, previously reported as interested parties, are no longer pursuing the assets.
Saudi coffee chain Barn’s prepares for potential IPO in Riyadh. ( Bloomberg)
Saudi Arabian coffee chain Barn’s has begun preparations for a potential initial public offering in Riyadh as it aims to expand across the Middle East.
The Jeddah-based company is working with the Saudi Capital Market Authority to secure IPO approval and is in the process of appointing banks to advise on the planned listing.
Alibaba-backed AI startup Zhipu targets IPO as early as 2025. ( Bloomberg)
Zhipu, a six-year-old Chinese AI startup backed by Alibaba, is preparing for an initial public offering as early as 2025 in a bid to become the first among major ChatGPT competitors to go public.
The company has partnered with China International Capital to lead the listing process and may formally file its application by October 2025, based on documents submitted to the national securities regulator.
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