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AMERICAS
Apollo, a global alternative asset manager, completed the acquisition of Arconic, a provider of aluminum sheet, plate, and extrusions, for $5.2bn.
"We are pleased to complete this acquisition and look forward to leveraging our extensive experience in the aluminum fabrication sector to support the entire Arconic team as a portfolio company of Apollo Funds. We believe Arconic's world-class manufacturing capabilities, metallurgical expertise and talented team position it for continued momentum and success in this next chapter of the company's evolution," Apollo Partners Gareth Turner and Itai Wallach.
Arconic was advised by Evercore, Goldman Sachs, Cleary Gottlieb Steen & Hamilton and Wachtell Lipton Rosen & Katz (led by Ronald Chen and Steven A. Rosenblum). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by James E. Langston). Apollo was advised by BMO Capital Markets, JP Morgan, Mizuho Securities, TD Securities, Wells Fargo Securities and Paul Weiss Rifkind Wharton & Garrison (led by Brian Kim, Taurie M. Zeitzer and Brian Scrivani). Irenic was advised by Lowenstein Sandler and Willkie Farr & Gallagher (led by Maurice Lefkort).
Regency Centers, an owner, operator, and developer of shopping centers, completed the acquisition of Urstadt Biddle Properties, a self-administered equity REIT, for $1.4bn.
"We are proud of this transaction and excited to start unlocking the synergies and growth opportunities that we expect this combination to provide. These centers align well with Regency's portfolio strategy and meaningfully expand our presence in strong trade areas in the Northeast," Lisa Palmer, Regency President and Chief Executive Officer.
Urstadt Biddle was advised by Deutsche Bank, Eastdil Secured and Hogan Lovells (led by Stacey McEvoy). Financial advisors were advised by Latham & Watkins (led by Robert Katz). Regency Centers was advised by RBC Capital Markets, Wells Fargo Securities and Wachtell Lipton Rosen & Katz (led by Adam Emmerich).
Ingersoll Rand, a provider of mission-critical flow creation and industrial solutions, completed the acquisition of Roots, a provider of low-pressure compression and vacuum technologies, from Chart Industries, a manufacturer of highly engineered equipment, for $300m.
"This acquisition demonstrates our commitment to inorganic growth through value-enhancing acquisitions. We are excited to welcome the Roots team to the Ingersoll Rand family. Together, we will make life better – for our employees, customers, planet, and shareholders," Vicente Reynal, Ingersoll Rand Chairman and CEO.
Ingersoll Rand was advised by Citigroup and Simpson Thacher & Bartlett (led by Eric Swedenburg). Chart Industries was advised by Bank of America and Winston & Strawn.
Bruker, a manufacturer of scientific instruments, agreed to acquire PhenomeX, a cell biology company, for $108m.
"This is an important next step for PhenomeX as we bring together two companies passionate about innovating for our customers to support human health. By joining forces with Bruker, a respected and innovative global leader in life science research tools, we will not only enhance PhenomeX's differentiated, high-value technologies but also our customers' abilities to discover novel antibodies and accelerate development and manufacturing of cell and gene therapies. I am very proud of the PhenomeX team, and excited to work with our new colleagues at Bruker as we enter our next phase of growth," Siddhartha Kadia, PhenomeX CEO.
PhenomeX is advised by William Blair & Co and Freshfields Bruckhaus Deringer (led by Damien R. Zoubek). Bruker is advised by Perella Weinberg Partners and Morgan Lewis & Bockius (led by Robert Dickey).
MSG Distributors, a privately held regional distributor, completed the acquisition of Boxed, an online and mobile membership-free wholesale retailer. Financial terms were not disclosed.
"This acquisition strengthens our inorganic growth strategy and diversifies our distribution models nationwide. The loyalty and trust that customers and brands have in Boxed is priceless, and we are committed to continue this model of offering bulk-sized products to customers at wholesale prices," Mark Gadayev, MSG President.
Boxed was advised by Yuabov Law Group. MSG was advised by Hilco Streambank and Potter Anderson & Corroon.
Thomson Reuters, a global content and technology company, completed the acquisition of Casetext, a provider of technology for legal professionals, for $650m.
"We are thrilled to welcome the Casetext team to the Thomson Reuters family. Together, we will accelerate breakthroughs in generative AI for the benefit of our customers and markets. We believe this will revolutionize the way professionals work, and the work that they do," Steve Hasker, Thomson Reuters President and CEO.
Fulfillable, an e-commerce fulfillment solutions provider, completed the acquisition of a 100k sq. feet of East Coast warehousing space. Financial terms were not disclosed.
"Fulfillable's core mission is to level the playing field for small to mid-size brands, enabling them to compete with larger counterparts on equal footing. This acquisition of warehousing space reinforces our commitment to providing top-tier fulfillment solutions that empower our clients to scale their businesses effectively," Max Day, Fulfillable CEO.
Fulfillable was advised by 4PR Group.
Trucking company Old Dominion Freight Line has offered $1.5bn to acquire Yellow's portfolio of terminals out of bankruptcy, more than a previous offer from Estes Express Lines.
The offer exceeds the $1.3bn proposed stalking-horse bid Estes Express announced earlier this week. Old Dominion's offer is also a stalking horse bid, which would set the floor price for Yellow's terminals at a future Chapter 11 auction.
GIC and Barzel Properties, a real estate management and development firm, completed the acquisition of nine Carrefour assets from Carrefour Brazil, a food retail group, for $241m.
"We are thrilled to complete the acquisition of nine of Carrefour Brazil Group's assets alongside our strategic partner, Barzel Properties. GIC is confident in the portfolio's long-term potential in Brazil, which is underscored by the stores' strong operational performance and warehouses' strategic locations in major logistics markets," Lee Kok Sun, GIC Chief Investment Officer of Real Estate.
Trive Capital-backed EarthLink, an internet provider, completed the acquisition of One Ring Networks, a provider of voice and data services. Financial terms were not disclosed.
"We are excited to partner with One Ring and accelerate the rollout of EarthLink Business Services. This combination represents a compelling growth opportunity in the high-speed business internet market, and EarthLink and One Ring will utilize the key advances in fixed wireless access technology to better serve our customers," Glenn Goad, Earthlink CEO.
Instacart plans for September IPO.
Instacart is planning an initial public offering as soon as September. The largest US online grocery-delivery company could publicly file its plans for an IPO with the US Securities and Exchange Commission as soon as this week. Instacart, which had previously considered a direct listing, is planning a traditional IPO on the Nasdaq.
A listing by San Francisco-based Instacart would add momentum to an IPO market that has been warming in fits and starts. In its upcoming filing, Instacart will disclose new details of its finances and operations. The document will likely include only a placeholder for the terms of its offering, with the company specifying the proposed size and price of the share sale in later filings, Bloomberg reported.
Instacart is advised by Goldman Sachs and JP Morgan.
99 Acquisition Group announces pricing of $75m IPO.
99 Acquisition Group, a blank check company, announced today that it priced its initial public offering of 7.5m at $10.00 per unit. The units will be listed on Nasdaq Global Market and are expected to begin trading tomorrow, August 18, 2023, under the ticker symbol "NNAGU".
EF Hutton, division of Benchmark Investments is acting as sole book-running manager and Brookline Capital Markets, a division of Arcadia Securities, is acting as co-manager for the offering. Loeb & Loeb is serving as legal counsel to the Company. Winston & Strawn is serving as counsel to EF Hutton.
EMEA
TE Connectivity, an industrial technology company, offered to acquire Schaffner, an electromagnetic solutions provider, for $363m.
"The agreement announced today marks a new chapter for Schaffner. The business is well positioned to build on its market-leading position and grow further by leveraging TE's global presence and scale, customer reach across multiple market segments, and manufacturing and logistics capabilities," Marc Aeschlimann, Schaffner CEO.
EQT Private Equity offered to acquire the remaining 21% stake in SUSE, an open-source software company, for €567m ($616m).
"I believe in the strategic opportunity of taking the company private – it gives us the right setting to grow the business and deliver on our strategy with the new leadership team in place. EQT Private Equity's and SUSE's partnership in a private setting has been fruitful before and we are excited about the long-term potential of the company and our continued collaboration," Dirk-Peter van Leeuwen, SUSE CEO.
Starlab, a laboratory products manufacturer, completed the acquisition of the remaining stake in Life Systems Design, a distributor of quality products for research laboratories. Financial terms were not disclosed.
"We are extremely excited about the acquisition of Life Systems Design. Life Systems Design has long been an important part of the Starlab family as a distributor. We will appear in Switzerland under the 'Starlab' brand and thereby gain access to new Expand customer groups. This development offers us a wide range of opportunities for further growth and even closer cooperation with our Swiss customers," Klaus Ambos, Starlab Managing Director.
Ostrest, a holding company, completed the acquisition of Glatfelter Ober-Schmitten, a paper manufacturing facility from Glatfelter, a paper manufacturer. Financial terms were not disclosed.
"I am very pleased that Glatfelter's Ober-Schmitten site, along with its related sales and distribution in Suzhou, China and Hong Kong, will continue to operate and service the glassine and electrical markets under the new ownership of İŞ Holding. While today's announcement is a departure from our previously announced plan to close Ober-Schmitten, the sale of this business is a great outcome for all stakeholders, including the employees who service the customers in these markets," Thomas Fahnemann, Glatfelter President and CEO.
Softbank snaps up Vision Fund's 25% stake in Arm ahead of IPO, at a $64bn valuation. (FS)
SoftBank has bought a stake in UK chip designer Arm at a $64bn valuation, as the Japanese conglomerate takes full control of the Cambridge-based company and tries to set a floor for its stock price ahead of a listing that is expected next month.
The deal saw SoftBank buy the 25% of Arm that it did not already own from the Vision Fund, the $100bn Saudi-backed vehicle that is managed by SoftBank itself. SoftBank valued the Vision Fund's 25% stake at around $16bn, roughly double the price that the fund paid when it took the stake in 2017.
The internal transaction provides a guaranteed payday for the Vision Fund's investors, including Saudi Arabia's and Abu Dhabi's sovereign wealth funds, which invested alongside SoftBank to create the first of its ambitious tech funds in 2017. Moving the stake back to the SoftBank parent company dispels uncertainty for future Arm investors on if and when the Vision Fund would sell down its stake after the company had gone public, FT reported.
Hg is said to weigh $1.6bn options for GGW Group. (FS)
Hg is weighing options for GGW Group, including a sale that could value the German insurance broker at about €1.5bn ($1.6bn).
The software-focused private equity firm is working with advisers as it considers offloading some or all of its stake in GGW. Deliberations are ongoing and no final decisions on a sale have been made. Hg may also decide to hold on to the business and grow it through bolt-on acquisitions, Bloomberg reported.
Qatari royal considers sale of luxury London homes for £370m. (Real Estate)
A Qatari sheikh, whose son is fronting a bid for Manchester United Football Club, is mulling the sale of two luxury houses in London's most exclusive districts with a combined asking price of £370m ($470m).
Sheikh Hamad bin Jassim bin Jaber Al Thani is potentially planning to sell a triplex penthouse at the One Hyde Park project in London's upscale Knightsbridge district for about £220m ($280m), as well as a property he owns nearby at Belgrave Square for about £150m ($190m). Sheikh Hamad may decide against a sale if offers fall short of the asking price, Bloomberg reported.
Dalian Wanda weighs sale of Olympics media rights manager Infront.
Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is seeking to sell its sports marketing unit Infront as financial pressure mounts on the property developer to shore up its finances.
China's largest commercial property group has tapped Deutsche Bank for advice on the sale of Infront Sports & Media. The process is in the early stages and could take months to complete.
Private equity firms are looking at Infront. The successful buyer is likely to be an investor with deep pockets because of the minimum guarantees the company is required to pay for sports rights, Reuters reported.
Intesa Sanpaolo to consider small deals to boost presence abroad.
Intesa Sanpaolo may consider smaller-scale acquisitions in the European regions where it operates and in key countries in the Mediterranean basin to strengthen some of its core businesses, Bloomberg reported.
"While we are focusing on organic growth, the bank is ready to take advantage of any external growth opportunities that may arise. An acquisition should bring synergies, be in line with our business model and be done at the right value; conditions that we do not see at the moment. We want to be stronger in the countries of Central and Eastern Europe, where we are already well present. We could also consider expanding into some of the countries in the Mediterranean basin, where Italian companies have strong business relationships, to have a gateway to that part of the world," Marco Elio Rottigni, Intesa Sanpaolo Head of International Subsidiary Banks.
Hayfin raises €6bn for its direct lending fund. (FS)
UK investment firm Hayfin has raised more than €6bn ($7.6bn) for direct lending to European companies — one of the largest private credit funds to close in the region this year. Hayfin expects to raise €7bn ($8.9bn) by the end of the year for its flagship direct lending fund.
This latest fundraise attracted capital commitments from a broad range of institutional investors globally, including both new and existing LPs, comprising public and private pension funds, financial institutions, insurance companies, sovereign wealth funds, funds of funds, endowments, consultants and family offices.
"We are delighted to have achieved this successful fundraise for the latest vintage of our Direct Lending strategy against a challenging macroeconomic backdrop. Our investors have signalled their strong belief in our well-resourced and specialist team, our diverse origination model and our robust track record of disciplined lending and capital preservation, and we are grateful for their continued trust," Tim Flynn, Hayfin Co-Founder and CEO.
Hayfin was advised by Macfarlanes.
KIO hires Abdulmohsin Al Mukhaizeem as CEO. (FS, People)
Kuwait Investment Office, the London branch of Kuwait's sovereign wealth fund, has hired Abdulmohsin Al Mukhaizeem, investment chief at Kuwait's Wafra International Investment, as its new CEO.
Wafra is a subsidiary of Kuwait's public pension fund and Al Mukhaizeem was previously executive director of NBK Capital Partners, the alternative investments arm of Kuwait's top bank, Reuters reported.
APAC
RRJ Capital, a global investment firm, agreed to invest $300m in Yinson, an energy infrastructure and technology company.
"We are excited to embark on this transformative journey in collaboration with Yinson and Farosson. This long-term strategic partnership represents a significant milestone in our pursuit of shaping the future of energy and infrastructure projects globally. Leveraging our expansive global network and valued partners, we seek to actively support Yinson in its aspirations of advancing innovative solutions and driving the creation of a sustainable tomorrow," Richard Ong, RRJ Capital Chairman and CEO.
Adani, Abu Dhabi's TAQA deny $2.5b investment news. (FS)
Abu Dhabi National Energy Company, also known as TAQA, is not in talks for any investment in the Adani Group's power businesses, the two entities said in separate statements on Friday.
Earlier in the day, the Economic Times newspaper reported, citing sources, that TAQA was evaluating investing up to $2.5bn, in single or multiple Adani Group businesses, including buying a near-20% stake in Adani Energy Solutions, DealStreetAsia reported.
Swire in talks to buy minority stake in Pertamedika IHC.
Swire Pacific, a Hong Kong-listed conglomerate, is in advanced talks to buy a minority stake in Indonesian health-care group Pertamina Bina Medika IHC. A deal could value the state-backed hospital operator at about $450m to $650m. The transaction may close as soon as the end of the year.
Swire's potential purchase of a stake in Pertamedika IHC, as it is known, is line with the Hong Kong-based property, beverages and aviation firm's plan to explore new areas of growth. The conglomerate is targeting sectors such as health care and sustainable foods. Deliberations are ongoing and there is no guarantee there will be a transaction, Bloomberg reported.
Quadria Capital exits Concord Biotech following India IPO. (FS)
Singapore-based private equity firm Quadria Capital has sold its entire 20% stake in Concord Biotech, following the company's initial public offering on the National Stock Exchange in India.
Since Quadria's first investment in 2016, Concord more than tripled its sales as a result of continued strong organic growth, significant capacity expansion and focus on innovation, DealStreetAsia reported.
"Concord's strength lies in its robust business fundamentals, particularly its specialisation in high-value Active Pharmaceutical Ingredients (API) products. They have a global market-leading position in critical areas and focus solely on high-value, low-competition, and technologically advanced products avoiding commonplace APIs. This niche orientation allows them to overcome competition and consistently achieve strong financial performance, forming a solid foundation for their successful IPO," Sunil Thakur, Quadria Partner.
Indonesian regulator wants VCs to register locally.
The Indonesian financial services authority wants more venture capital firms that invest in the country to register locally, and is discussing plans to woo them to seek licences in the archipelago.
The regulator has met venture capital associations to discuss the feasibility of the plan, said Agusman, the executive head of multifinance, venture capital, micro financing firms, and other financial institutions at OJK, DealStreetAsia reported.
Jio Financial Services to list on bourses on August 21.
Jio Financial Services, which demerged from Reliance Industries last month, is set to be listed on August 21, according to an exchange notification posted on August 18.
The listing has been scheduled a day before FTSE Russell plans to drop Jio Financial Services from its indices. The index services provider said it took the decision as the stock was yet to start trading on bourses. Jio Financial Services is currently listed under a dummy ticker after its price discovery at $3 but there is no trading happening in the scrip, Moneycontrol reported.
"Trading Members of the Exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services (Formerly known as Reliance Strategic Investments) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities," BSE.
Saint Bella weighs Hong Kong IPO in 2024.
Saint Bella, a Chinese maternity care company that partners with upscale hotels to provide women with luxurious spaces to recuperate in after giving birth, is considering an initial public offering in Hong Kong as early as next year.
The Hangzhou, China-based company is working with Goldman Sachs and UBS on the first-time share sale, which could fetch $100m to $200m, Bloomberg reported.
Beijing sets up $1.4b fund to support innovation in robotics industry. (FS)
China's capital Beijing has pledged to create a $1.4bn industry fund to back robotics companies. With an initial investment of at least $274m, the fund will be put to incubating the latest innovations in the sector, developing breakthrough technologies into commercial products and financing mergers-and-acquisitions of local companies in the robotics industry, besides supporting major robotics firms to go public on the Beijing Stock Exchange.
The capital commitment comes as part of the numerous measures that the city's economy and information technology bureau announced on Thursday to accelerate the robotics industry's development. The bureau also committed up to $4m to support companies that deliver key components to the robotic sector. Robotic firms that help to fully automate the manufacturing lines or facilities, can receive a financial incentive of up to $4m; while for strategic firms in the sector, the bureau will offer up to $4m in annual loan interest subsidy for up to three years, DealStreetAsia reported.
Forebright Capital closes Fund III at over $500m to back enterprise tech. (FS)
Private equity firm Forebright Capital has held the final close of its third flagship fund at over $500m, about 67% bigger than the predecessor fund, at a time when US dollar fundraising has become scarce in China.
Forebright New Opportunities Fund III exceeded its initial target and secured capital commitments from global limited partners including pensions, endowments, financial institutions, fund-of-funds, and family offices.
"We extend our heartfelt appreciation for the unwavering support and confidence shown by our investors, particularly in the face of these unprecedented times," Ling He, Forebright Capital Managing Partner.
Motilal Oswal Alternates set to raise $240m for its sixth real estate fund. (FS)
Motilal Oswal Alternates, the alternative investment arm of Motilal Oswal Group, said it is set to raise up to Rs 2k crore ($240m) through its sixth real estate fund, strengthening its presence in India's growing real estate market. Motilal Oswal expects to achieve the first close of the fund by December 2023 and complete the fund-raising process within the following 6-9 months.
The fund, called the India Realty Excellence Fund VI, will make early-stage investments in mid-income/affordable residential projects across the Indian cities of Mumbai, Delhi-NCR, Pune, Bangalore, Chennai, Hyderabad, Kolkata, and Ahmedabad.
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