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AMERICAS
FGS Global has restructured its management following private equity firm KKR’s acquisition of a controlling stake in the corporate communications group.
KKR, a global investment firm, agreed to acquire a majority stake in FGS Global, a strategic communications and public relations firm, from WPP, a British multinational advertising and public relations company, for $775m.
Geopark, an independent Latin American oil and gas explorer, completed the acquisition of Colombian oil and gas assets from Respol, a global multi-energy provider, for $530m.
IDC Network-backed Valante Capital, the Private Equity firm, completed the acquisition of American Foods, a distributor of consumer goods from the US to Latin America. Financial terms were not disclosed.
Milei’s first Argentina privatization beset by $536m debt. ( Bloomberg)
President Javier Milei is targeting a December deadline to launch the sale of several state-owned companies as part of his aggressive austerity campaign.
Planned privatizations include railways, banks, an airline, and other state-run businesses, reflecting Milei’s stance that “everything that can be privatized, we’re going to privatize.”
Carlyle-backed Abingworth launches $1.5bn clinical trials fund. ( FT)
Carlyle-backed investor Abingworth is tapping investors for a fund worth up to $1.5bn to bankroll clinical trials, as it pioneers partnerships with big pharmaceutical companies for a share of royalties from new drugs.
The UK-based life sciences investor is planning to finance as many as eight late-stage trials with the new fund. Carlyle, the private equity group which bought Abingworth in 2022, will also invest in the fund as a limited partner.
The fundraising effort comes after Abingworth signed two royalty deals with large pharmaceutical and biotech companies earlier this year, and as the fund plans to return around $500mn to investors in a year in which the biotech venture capital sector has struggled. The latest fund is likely to close by the first half of next year.
EMEA
Apollo-backed ABC Technologies, a manufacturer and supplier of components to the global automotive industry, agreed to acquire TI Fluid, a manufacturer of thermal and fluid system solutions for the full range of current and developing vehicle architectures, in a £1.8bn ($2.29bn) deal.
Astorg, a private equity firm, completed the acquisition of Hamilton Thorne, a provider of precision instruments, consumables, software, and services, for $282m.
Masdar, an Emirati state-owned renewable energy company, completed the acquisition of a 70% stake in Terna Energy, a Greek renewable energy company, from GEK Terna, a construction company, in a €3.2bn ($4bn) deal.
Terna Energy was advised by Morgan Stanley and UBS. Masdar was advised by Rothschild & Co, Bernitsas Law, Latham & Watkins and Simmons & Simmons. GEK Terna was advised by Mediobanca, PotamitisVekris and Reed Smith.
Mpac Group, a packaging machinery manufacturing company, completed the acquisition of CSi Palletising, an automated logistics and palletising systems provider, for €56m ($59m).
CSi Palletising was advised by Loyens & Loeff. Mpac Group was advised by Panmure Liberum, CIL Management Consultants, Shore Capital & Corporate and Hudson Sandler.
Argos Wityu, an independent pan-European investment group, completed the acquisition of Monviso, a premium Italian dry bakery manufacturer, from private equity firms Cerea Partners and CAPZA. Financial terms were not disclosed.
Monviso was advised by DC Advisory. Debt financing was provided by Kartesia.
The Italian Treasury on November 29 denied drafting an emergency decree to counter UniCredit's takeover bid for smaller rival Banco BPM after the Financial Times reported Rome was considering this option.
UniCredit, an Italian multinational banking group, offered to acquire Banco BPM, an Italian bank, for €10.1bn.
UniCredit is advised by Deloitte and Cappelli RCCD.
GoldenTree Asset Management, a private equity firm, completed the acquisition of abrdn Property Holdings, a 39 asset portfolio of Abrdn Property Income Trust, a real estate investment firm, for £351m ($446m).
Abrdn was advised by Winterflood Securities.
Blue Moon Metals, an explorer of mineral resources, agreed to acquire a 70.8% stake in Nussir, a copper mining firm, from Baker Steel Resources, a closed-ended investment company, in a $55m deal.
This transaction strengthens the immediate prospects for our investment in Nussir by bringing it together with experienced mine and project builders, two other prospective projects, along with financing and a TSX listing. It is a major milestone towards bringing the Nussir project into production.
Baker Steel is advised by Shore Capital & Corporate.
Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, agreed to invest in Sauber, a Swiss motorsport engineering company. Financial terms were not disclosed.
Ashok Leyland-backed Hinduja Tech, a mobility-focused global engineering and R&D technology company, completed the acquisition of TECOSIM Group, a European engineering services provider. Financial terms were not disclosed.
BGM Group, a global pharmaceutical enterprise, completed the acquisition of an intelligent platform from AIX, a company focused on insurance agency and claims services. Financial terms were not disclosed.
Celebrity spa haunt Champneys to explore £250m sale. ( Sky News).
Champneys, the luxury British spa chain popular among celebrities like Daniel Craig and Kate Moss, is exploring strategic options, including a potential sale valued at around £250m ($318m). The company has engaged financial advisors to evaluate opportunities, which could include expanding through new acquisitions or selling the business. Champneys operates several high-profile locations, including Forest Mere and Henlow, and is also in talks to acquire another spa hotel.
Following the passing of its former owner, Dorothy Purdew, the business is now led by her son, Stephen Purdew. While it's unclear if he would sell a controlling stake, potential buyers could include hotel chains, property investors, or private equity firms. Champneys reported a turnover of £57m ($73m) and a pre-tax loss of £5m ($6m) in 2023, reflecting the challenges in the competitive spa market.
Dale Vince expresses interest in acquiring The Observer. ( FT)
Dale Vince, the green energy tycoon and one of the Labour party’s most generous donors, has confirmed his interest in buying the Observer from Guardian Media Group, offering bosses at the newspaper a potential alternative if a deal agreed with James Harding’s Tortoise falls through.
Dale’s decision to reveal his interest comes ahead of a crucial few weeks in the planned sale of the Observer to Tortoise, the lossmaking media start-up founded by Harding, a former Times editor and BBC News boss.
Compass chases further deals in Europe. ( FT)
Compass is on the hunt for more deals in Europe, after the world’s largest caterer spent a total of $1.7bn on a series of acquisitions in the region over the past year in a bid to tap strong outsourcing demand.
Compass’s interest in further M&A comes as it reported a 16.4% rise in its underlying operating profit to $3bn for the year ended September 30, with revenue up 10.6% to hit $42.2bn.
Compass also disclosed it is pulling out from four markets, including Chile and Mexico, in addition to five markets including China and Brazil announced in May, to allocate more funds for takeovers and investments in Europe.
M&S and Kingfisher among suitors circling Homebase stores. ( Sky News)
Marks & Spencer and the owner of B&Q have expressed an interest in taking over dozens of stores operated by Homebase, the DIY chain which fell into administration this month.
The two companies are said to be preparing offers for between 20 and 25 sites, raising the possibility that hundreds of jobs can be saved.
Ipsos weighs binding offer to buy Kantar Media. ( Reuters)
French market research firm Ipsos is preparing a binding offer to acquire the TV ratings data unit of Kantar.
Ipsos, valued at €1.9bn ($2bn), is working with advisers to secure financing ahead of a bid deadline next week.
Vivendi shareholder seeks to delay vote on split plan. ( WSJ)
Vivendi shareholder CIAM has filed an injunction with a Paris court seeking to delay a shareholders’ vote on the proposed break-up of the French media group.
CIAM, which holds a 0.025% stake in Vivendi, argues that the plan to spin off Canal+, Havas, and Louis Hachette Group undermines minority shareholder rights.
HSBC Holdings to kick off search for next chairman. ( Sky News)
HSBC Holdings, one of Britain's biggest high street banks and Europe's largest lender by market value, is preparing to kick off a hunt for its next chairman.
HSBC's board has appointed headhunters to orchestrate the recruitment of a successor to Mark Tucker, who has held the post since 2017.
Mr Tucker, a former boss of Prudential and Hong Kong-based insurer AIA, is expected to step down at around the time of HSBC's annual meeting in the spring of 2026. Whoever succeeds Mr Tucker could find themselves thrust into the heart of any new trade war ignited by Donald Trump's second term in the White House.
APAC
CBC Group, Asia’s largest healthcare-dedicated asset management group, and Mubadala, the Abu Dhabi based investment company, completed the acquisition of the Chinese neurology and allergy business of UCB, a multinational biopharmaceutical company, for $680m.
Mubadala was advised by PJT Partners, Clifford Chance and FGS Global. CBC Group was advised by PJT Partners and Clifford Chance. UCB Pharma was advised by Lazard and Freshfields Bruckhaus Deringer.
Security Bank, a universal bank in the Philippines, agreed to acquire a 25% stake in Home Credit Philippines, a consumer lending firm, from Mitsubishi UFJ Financial Group, a financial services provider for $178m.
Security Bank is advised by Alphaprimus Advisors and Picazo Buyco Tan Fider & Santos. MUFG is advised by UBS.
FountainVest, a private equity firm that seeks to invest in companies operating in the consumer retail, media, internet, healthcare and advanced industrial sectors, and Unison, a private equity firm specializing in buyout investments, spin-offs of business units by large corporations, completed the acquisition of Tasaki, a manufacturer and distributor of luxury jewelry, for $660m.
Aster DM, a healthcare company, agreed to merge with Blackstone-backed Quality Care India, a hospitals operator. Financial terms were not disclosed.
Warburg-backed consortium aims to seal ESR buyout soon. ( DealStreetAsia)
A consortium led by Starwood Capital Group and Warburg Pincus is nearing a deal to privatize ESR Group, valuing the Hong Kong-listed real estate fund manager at over $7bn.
The consortium includes ESR’s founders and Qatar Investment Authority. Shares have risen 14.4% since the first take-private announcement.
TPG on verge of buying controlling stake in Asian flower business Hasfarm. ( Bloomberg)
TPG is in advanced talks to acquire a controlling stake in Asian floricultural business Hasfarm, in a deal that could value the company at $500m.
The transaction would involve stakes held by Lombard Investments, which owns 25%, along with other shareholders, including Chairman Charles Target and Indonesian businessman Ibrahim Hasan’s family.
Delivery hero's Talabat set to raise $2bn from Dubai IPO. ( DealStreetAsia)
Middle East food delivery platform Talabat to raise $2bn in its IPO after parent Delivery Hero priced the shares at the top of the indicated range on November 29.
The offering, priced at AED1.60 ($0.4357) per share, implies a market capitalization of $10.1bn for Talabat.
Orkla is said to consider a $400m IPO of an Indian business. ( Bloomberg)
Norway’s Orkla is considering an initial public offering of its Indian business next year that could raise as much as $400m.
Orkla may file for an IPO in Mumbai as soon as next quarter. The Oslo-based company is working with advisers on the potential share sale. It could seek a valuation of over $2bn for the unit. Deliberations are ongoing and details of the offering such as size and timing may change.
German car-parts maker Mahle is said to mull IPO of Indian unit. ( Bloomberg)
German car-parts maker Mahle is considering an initial public offering of its Indian business, joining other foreign firms in seeking to list their units in the nation’s buoyant markets.
Mahle is holding early talks with potential advisers about a share sale in Mumbai. Mahle is still deciding which of its operations to include in a listing. The IPO could potentially raise as much as $400m and Mahle may target a valuation of around $1bn for the unit. Deliberations are at an early stage, and details of the potential offering could change.
Logistics provider GLP is considering a Hong Kong listing in 2025. ( Reuters)
Logistics firm GLP is exploring a Hong Kong listing as early as next year, eight years after being taken private by an investor group.
The Singapore-incorporated company is in early-stage discussions with financial advisers about its relisting plans
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