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AMERICAS
Elon Musk’s $44bn takeover of Twitter Inc. is still facing US government scrutiny over national-security concerns that his foreign partners may be able to access user data.
The US government continues to seek information on confidential agreements that Musk made with foreign investors who hold stakes in Twitter after he bought it, and whether those deals allow them to access users’ personal data.
Musk’s successful takeover and de-listing of Twitter has been in the spotlight as criticism mounts from US lawmakers over the participation of investors from Saudi Arabia and Qatar, Bloomberg reported.
Twitter was advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett (led by Katherine Krause), Wachtell Lipton Rosen & Katz, Wilson Sonsini Goodrich & Rosati (led by Katharine Martin and Douglas Schnell) and Joele Frank (led by Jamie Moser and Jed Repko). Financial advisors were advised by Sullivan & Cromwell (led by Alison Ressler and John Savva). Elon Musk was advised by Bank of America, Barclays, Centerview Partners, Morgan Stanley (led by Michael Grimes), McDermott Will & Emery (led by Heidi Steele), Quinn Emanuel, Skadden Arps Slate Meagher & Flom (led by Mike Ringler, Dohyun Kim and Sonia Nijjar) and FGS Global (led by Paul Kranhold). Debt financing was provided by BNP Paribas (led by David Berger), Bank of America (led by Scott Tolchin), Barclays (led by Jeremy Hazan), MUFG Bank (led by Timothy Dilworth), Mizuho Securities (led by Raymond Ventura), Morgan Stanley (led by Andrew Earls) and Societe Generale (led by Richard Knowlton). Debt providers were advised by Davis Polk & Wardwell.
American hedge fund Standard General and TEGNA, a television stations operator, announced the National Telecommunications and Information Administration, on behalf of the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector, submitted a filing with the Federal Communications Commission confirming it has no objections to the transaction.
"Standard General has a proven track record of increasing investment in local journalism and bringing new ideas and perspectives to local broadcasting. The pending transaction with TEGNA is about investing in and further strengthening local stations, which brings value to our viewers and our communities. We look forward to creating the largest minority-owned and female-led television station group in US history and dramatically increasing minority broadcast ownership and viewpoint diversity," Soo Kim, Standard General Founding Partner.
TEGNA is advised by Evercore, Greenhill & Co, JP Morgan, Covington & Burling, Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Igor Kirman, Victor Goldfeld and Andrew Brownstein) and FGS Global (led by George Sard). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg). Standard General is advised by Goldman Sachs, Moelis & Co, RBC Capital Markets, Cooley (led by Robert McDowell), Fried Frank Harris Shriver & Jacobson (led by Warren S. de Wied and Roy Tannenbaum), Pillsbury Winthrop Shaw Pittman and Joele Frank (led by Andrew Brimmer and Jamie Moser). Debt is provided by RBC Capital Markets.
Apollo Global Management, an American global alternative investment management firm, completed the acquisition of Tenneco, an American automotive components original equipment manufacturer, for $7.1bn.
“We are excited for Tenneco to enter this exciting next chapter with Apollo and together see compelling opportunities to accelerate Tenneco’s growth trajectory and enhance operations. I look forward to leading the talented team at Tenneco and serving our customers and partners around the world," Jim Voss, Tenneco CEO.
Grindr, a social network for the LGBTQ+ community, went public via a SPAC merger with Tiga Acquisition, a blank cheque company, in a $2.1bn deal.
“Today marks an important milestone not only for the team at Grindr, but for the LGBTQ community we serve. We enter the public markets with momentum, carried by our market leadership, strong financial performance and significant growth runway as we step up investment in our core product and services. I am thrilled to work with our team and investors as we continue expanding our platform and enhance the critical social infrastructure for a traditionally underserved community," George Arison, Grindr CEO.
Evolent Health, a proven clinical and administrative solutions provider, agreed to acquire Magellan Specialty Health, a specialty benefit management organization, from Centene, a healthcare enterprise, for $800m.
"Today's announcement represents another step forward in Evolent's journey to become a national leader in value-based specialty care, and we believe it will also improve our financial profile, customer diversification and scale. I am also excited to significantly expand our strategic partnership with Centene, and I look forward to the opportunity to further grow our relationship in the time ahead," Seth Blackley, Evolent CEO.
Evolent is advised by Goldman Sachs and Bass Berry & Sims. Centene is advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by Jeremy London and Paul Schnell).
First Community Bankshares, a bank holding company, agreed to acquire Surrey Bancorp, a banking services provider, for $113m.
“When considering a long-term partner, we wanted a bank that shared our values of providing the highest level of banking services to our community, valued its employees and performed at a level worthy of its shareholders. In First Community, we found all those qualities and are confident that our combined franchise will continue to generate value for all our stakeholders," Edward C. Ashby, Surrey CEO and Director.
Surrey Bancorp is advised by Raymond James (led by William Wagner) and Brooks Pierce McLendon Humphrey & Leonard. First Community is advised by Performance Trust Capital Partners and Bowles Rice.
Westwood, an investment management boutique and wealth management firm, completed the acquisition of the asset management business of Salient Partners, an investment firm, for $60m.
"This highly accretive acquisition strengthens Westwood's business and provides many growth opportunities going forward. Our enhanced investment capabilities will help our investors achieve their objectives, including seeking alternative sources of income, gaining inflation protection by investing in real assets, achieving low correlations with traditional asset classes and mitigating overall volatility. Incorporating these strategies into our product suite allows us to capitalize on the substantial investments we have made over the last several years to strengthen our distribution platform. Together, we are looking forward to serving a wider range of client needs and accelerating the growth of our business," Brian O. Casey, Westwood CEO.
Westwood was advised by RBC Capital Markets, Willkie Farr & Gallagher (led by Dave Boston and Danielle Scalzo) and Hewes Communications. Salient was advised by Jefferies & Company.
Helbiz, a micro-mobility services provider, completed the acquisition of Wheels, an electric mobility platform. Financial terms are not disclosed.
"I appreciate everyone's dedication to the deal. Wheels' assets and industry expertise are invaluable to us. We believe that the acquisition can accelerate our efforts to advance our product development, enhance customer experience, and push our top line and operating efficiency to the next level. This will further solidify our near-term goal of achieving profitability and our long-term goal of disrupting the micro-mobility industry and bringing a sustainable, modern transportation alternative for everyone." Salvatore Palella, Helbiz Founder and CEO.
Wheels was advised by Fenwick & West. Helbiz was advised by D.A. Davidson & Co, Ortoli Rosenstadt and Blueshirt Group (led by Gary Dvorchak).
Wintrust Financial, a financial holding company, agreed to acquire two North American asset management businesses of Rothschild & Co, a multinational investment bank and financial services company. Financial terms were not disclosed.
“We have been very pleased with the growth in our wealth and investment management businesses at Wintrust. The addition of Rothschild & Co Asset Management US to our team at Great Lakes Advisors will bring further scale, capabilities, and investment talent to the organisation as it strives to deliver superior investment strategies to its growing institutional, intermediary, and private wealth clients. We are thrilled to welcome the Rothschild & Co Asset Management US team with its excellent reputation in the industry and an investment approach that aligns so well with our own core principles," Edward J. Wehmer, Wintrust Founder and CEO.
Nassau Financial, a financial services company, agreed to acquire Delaware Life Insurance of New York from Delaware Life Insurance, a provider of annuity and life insurance products. Financial terms were not disclosed.
"As Nassau's fourth insurance acquisition, this transaction marks yet another step in our growth plans to expand our New York insurance business. We appreciate the opportunity to work closely with Delaware Life, providing seamless execution in support of their strategic objectives. With our similar lines of business and widely recognized best-in-class service, we stand ready to welcome DLNY's policyholders to Nassau," Phil Gass, Nassau CEO.
Delaware Life Insurance is advised by Willkie Farr & Gallagher. Nassau is advised by Sidley Austin.
Cornell Capital-backed PureStar, a provider of laundry services and linen management to the hospitality industry, completed the acquisition of certain Las Vegas assets of Apex Linen, a provider of high-volume, commercial laundry and dry cleaning services to the hospitality and restaurant industries. Financial terms were not disclosed.
"Las Vegas is one of the largest and fastest-growing hospitality markets in the US and is a core strategic focus for PureStar. Acquiring the Apex assets provides PureStar with additional scale that will enable us to increase productivity and service levels to capitalize on the demand in the hospitality, food and beverage, and uniform markets. We look forward to working with the Apex team to further increase plant capacity and operating efficiencies," Brian Herington, PureStar CEO.
Corinth Land, a commercial real estate agency, and Prattco Creekway Industrial, a real estate services provider, completed the acquisition of four Class A Industrial building in Fort Worth and Frisco. Financial terms were not disclosed.
"We continue to be bullish in investing in Class A Industrial space in Texas and the Southwes. We believe in the long-term value of these acquisitions and have a plan of continued growth for our asset portfoliot," Paun Peters, Corinth Land Founder and President.
Corinth Land was advised by SKM Communication Strategies (led by Susan K. Medina).
Arlington Capital-backed Forged Solutions Group, a provider of complex, precision forged rings and closed die products, completed the acquisition of Steel Industries, a die forgings company, from AFGlobal, a provider of turnkey product and systems solutions for a variety of industries. Financial terms were not disclosed.
“Frank and his management team at Steel Industries are the foundation for our North American operations. Steel brings industry-leading on-time delivery, quality performance, and expansive capabilities that enable our company to better serve our customers,” Ben McIvor, Forged Solutions President.
Steel Industries is advised by Houlihan Lokey.
Hamilton Zanze, a real estate investment company, completed the acquisition of Crestone at Shadow Mountain, a 248-unit apartment property. Financial terms were not disclosed.
"We are excited to further expand our presence in Phoenix with the purchase of Crestone at Shadow Mountain. The 1992-vintage, garden-style asset features institutional quality amenities, ideal location in the supply constrained Northeast Phoenix submarket, in convenient proximity to Paradise Valley Mall and Old Town Scottsdale, and access to the largest employers in North Phoenix, like Taiwan Semiconductors, USAA, Discover Financial, Honeywell, Cigna, Cox Communications, Mayo Clinic, and Merrill Lynch. This property is in a strong position due to its stable, high-income tenant base, supply-constrained location, and extremely competitive amenity and interior package. Crestone at Shadow Mountain will be an asset to the local community for years to come, and we at Hamilton Zanze are proud to be a part of it," David Nelson, Hamilton Zanze CEO.
Hamilton Zanze was advised by 4PR Group.
The Riverside Company-backed Navigate360, a K-12 education services provider, completed an investment in Motivating Systems, a provider of behavioral management software to K-12 schools and districts. Financial terms were not disclosed.
“We’re excited to further extend Navigate360 into student wellness and prevention. This combination provides a powerful suite for educators to identify students in need earlier and provides a prescriptive approach to intervention when needed," Loren Schlachet, Riverside Managing Partner.
NextEra Energy, a renewable energy company, agreed to acquire 345-MW portfolio of operating wind assets and a 49% stake in a 1.5-gigawatt renewables portfolio for $805m.
"The acquisition of the high-quality, long-term contracted renewable energy assets further enhances the diversity of the partnership's existing portfolio. Combining this acquisition with the recapitalization of six existing NextEra Energy Partners' assets through the convertible equity portfolio financing with a global infrastructure investor is expected to provide significant benefits for unitholders, including a low cash coupon and the ability to retain upside from the share price appreciation for up to 10 years. This significant access to low-cost capital leaves NextEra Energy Partners uniquely positioned to take advantage of the transformation underway in the energy industry and meet its long-term growth objectives," John Ketchum, NextEra Energy Chairman and CEO.
Fidelity National Financial, a provider of title insurance and transaction services, agreed to acquire TitlePoint, a data and analytics company, from Black Knight, a software, data and analytics company, for $225m.
"The acquisition of TitlePoint is just one more way FNF is investing in, expanding, and integrating property data, images, and search technology into FNF's existing assets. Combined with other FNF digital technologies, this acquisition improves productivity and automation and streamlines the manufacturing of title plant information across our industry leading footprint," Mike Nolan, Fidelity National Financial CEO.
Archer Exploration, a Ni-Cu-Co-PGE focused exploration and development company, completed the acquisition of the nickel assets of Wallbridge Mining, an advanced exploration-development company, for $54m.
"The Transaction is in line with Wallbridge's strategy of moving forward as a pure-play gold company focused on its core Detour-Fenelon Gold Trend properties while enabling Wallbridge shareholders to participate in the potential economic upside in Archer. Archer is a focused exploration and development company which we believe has the management group and funding in place to deliver long-term value for our shareholders," Marz Kord, Wallbridge President and CEO.
Embrey, a real estate investment company, completed the acquisition of a 343-unit multifamily community project in North Carolina. Financial terms were not disclosed.
"University City has a strategic vision that will continue the momentum of being a highly sought-after place to live. This project embodies Embrey's purpose of creating communities where residents enjoy premium living and luxurious amenities to fit active lifestyles," Brad Knolle, Embrey Executive Vice President of Development.
MB National, a hospitality company, completed the acquisition of a majority stake in Monterey Bay Suites. Financial terms were not disclosed.
"Monterey Bay's exciting amenities and prime location makes it a welcome addition to our hospitality family. We look forward to implementing our service philosophies and best practices as we get to know our new team members, guests and homeowners," Patrick Norton, Brittain Resorts & Hotels Vice President of Sales & Marketing.
Ed Morse Automotive Group, a mega dealer group, completed the acquisition of Destination Daytona, an entertainment complex located at 1635 North US Highway 1 in Ormond Beach, Florida. Financial terms were not disclosed.
"After our purchase of three Harley-Davidson dealerships and a retail store in Texas recently, we had the opportunity to make this deal in Ormond Beach and it was too exciting to pass up. We loved the fact that this amazing entertainment campus is in our home state and that the Rossmeyer family wanted it to go to another family-owned business. We look forward to enhancing and expanding this incredible property," Teddy Morse, Ed Morse Automotive Group Chairman and CEO.
Enel weighs a $5bn sale of its Peruvian operations.
Enel is weighing a sale of its operations in Peru as it seeks ways to cut debt and fund new investments.
Italy’s largest utility is working with advisers on the potential disposal, which could be valued at about $5bn. The asset has drawn preliminary interest from strategic suitors and investment funds, Bloomberg reported.
Enel, which recently cut its profit target for 2022 in the wake of the global energy crisis, is exploring asset sales outside Italy in a bid to reduce its debt pile and finance new investments. The intention to sell the Peru business is expected to be announced by Enel Chief Executive Officer Francesco Starace when he presents the company’s 2023-2025 business plan on November 22.
Ranger Oil explores a $1.9bn sale.
Ranger Oil, an independent oil and gas company, is exploring a $1.9bn potential sale as the south Texas oil and gas producer looks to capitalize on high energy prices to pursue strategic options.
Ranger is working with an advisor and has actively started marketing itself to potential buyers. Elevated oil and gas prices have encouraged many private equity-backed or public energy companies to consider selling themselves, as their valuations have swelled in recent months, Reuters reported.
KKR looks to divest Westbrick for $1.5bn. (FS)
KKR is looking to sell its stake in Canadian oil and gas producer Westbrick Energy to raise approximately $1.13bn to $1.5bn. A potential sale of Westbrick would mark an exit for KKR from the Canadian oil and gas production business.
The move is part of KKR’s strategy to capitalise on surging energy prices. KKR intends to complete the sale by the end of this year. Despite this, KKR could still retain the Canadian unit if it fails to receive suitable offers.
Amp Americas, BerQ RNG up for sale.
The owners of two North American renewable natural gas producers have put them up for sale, after new US tax incentives and recent big investments in the sector gave hope they can cash out for top dollar.
While the price of RNG remains much higher than traditional natural gas, more energy companies and investment firms are betting the global drive to reduce carbon emissions, coupled with financial support from governments, will give the industry a greater share of energy consumption.
Amp Americas, owned by investors including Houston-based buyout firm EIV Capital and infrastructure-focused Generate Capital, is seeking a valuation of around $1bn, Reuters reported.
Hasbro looks to offload part of eOne TV production business.
Hasbro, a multinational conglomerate holding company said it was looking to sell a part of its eOne entertainment production unit, including TV shows "Yellowjackets" and "The Rookie", as the toymaker looks to streamline its business and focus on more profitable brands.
Hasbro, which is facing an inflation-induced slowdown in demand for toys ahead of the holiday season, told investors in October it was aiming to cut up to $300m in annual costs and focus its business on "fewer, bigger more profitable brands" including Peppa Pig, Transformers, and Dungeons & Dragons.
"We received inbound interest from several parties for the part of the eOne television and film business that while valuable is not core to our go-forward strategy," Chris Cocks, Hasbro CEO.
Hasbro is advised by JP Morgan and Centerview Partners.
Vista Equity Partners passes the halfway mark to the $20bn target for its latest flagship. (FS)
Vista Equity Partners, a private equity firm, has passed halfway mark for its latest flagship fund.
Vista Equity has raised $11bn for Vista Equity Partners VIII, a final close is expected by October 2023.
Capital raised for the vehicle will be used to make 18 to 25 control investments in large and upper mid-market enterprise software and technology companies primarily in North America.
Carlyle seeks $1.6bn for second renewable energy fund. (FS)
Carlyle Group, a private equity firm, is seeking at least $1.6bn for its second private equity fund that will invest in assets focused on renewable energy and sustainability.
The Washington, D.C.-based firm began amassing capital this year for the new fund, dubbed Carlyle Renewable & Sustainable Energy Fund II. If it meets its fundraising target, it would be double the size of its predecessor fund, the Carlyle Renewable & Sustainable Energy Fund, which had collected $800m from investors, DealStreetAsia reported.
EMEA
Framtiden Management, a financial advisory company, tendered its Swedish Match shares to cigarette and tobacco manufacturing company Philip Morris International.
"As a Swedish Match shareholder since 2003, I believe that this deal does not make sense for long-term shareholders. Through a press release and white paper, my partner Chris Anderson and I shared our view in the hope other shareholders would see the merits of our position. Philip Morris has since acquired nearly 86% of shares," Dan Juran, The Framtiden Partnerships Managing Member.
Jean-Pierre Conte has emerged as a significant backer of fellow US investor John Textor’s takeover of French football club Olympique Lyonnais.
The chairman of San Francisco-based private equity firm Genstar Capital said he is among a group of investors committing about $104m to support the deal. These investors will take equity stakes in Textor’s Eagle Football Holdings investment vehicle.
Olympique Lyonnais is advised by Ernst & Young and Gide Loyrette Nouel. Eagle Football is advised by DLA Piper. IDG Capital is advised by The Raine Group and Allen & Overy. Holnest is advised by Delsol Avocats.
AD Ports, an integrated portfolio of ports, economic zones, maritime, logistics and digital businesses, completed the acquisition of Noatum, a global integrated logistics platform, for €660m ($684m).
"Under the direction of our wise leadership, AD Ports Group continues to extend our global footprint through value-adding acquisitions and partnerships with market leaders. This ambitious acquisition brings a major global logistics platform into the AD Ports Group family, significantly enhancing our global connectivity and extending the range of maritime, logistics and ports solutions we can offer as we continue to pursue a determined strategy for growth. This acquisition makes AD Ports Group one of the most significant global players in the finished vehicle logistics, which we intend to expand in our home and core markets," Falah Mohammed Al Ahbabi, AD Ports Chairman.
AD Ports was advised by Bain & Co, PricewaterhouseCoopers, Rothschild & Co and Allen & Overy.
Thoma Bravo-backed Veriforce, a computer software company, agreed to acquire CHAS, a compliance management solution provider. Financial terms were not disclosed.
"For 30 years, Veriforce has been working with the world's leading companies to make work safer. It's more important now than ever, and we know that coming together with CHAS will strengthen both companies' ability to deliver on our mission. We're excited to bring this incredible offering to the market and work with our existing and new clients to build a truly global solution for managing risk in the supply chain," Colby Lane, Veriforce CEO.
IDEX, a publicly traded company engaged in the development, design, and manufacture of fluidics systems and specialty engineered products, completed the acquisition of Muon Group, a micro-precision technology manufacturing company, from Rivean Capital, a European mid-market private equity firm, for €700m ($725m).
"The Muon Group companies are an IDEX-like collection of businesses, making precise, highly-engineered solutions for mission-critical applications, with a values-based culture that very much matches ours. I'm pleased to welcome the Muon Group team to the IDEX family," Eric Ashleman, IDEX CEO and President.
Muon was advised by William Blair & Co. Rivean Capital was advised by De Brauw Blackstone Westbroek (led by Lennard Keijzer).
Gloria Foods, a consumer dairy market company, agreed to acquire Soprole, a maker of dairy products, from Fonterra, a dairy nutrition co-operative, for $650m.
"A key pillar of our strategy is to focus on New Zealand milk. Soprole is a very good business but does not rely on New Zealand milk or expertise. We are now at the end of the divestment process and have agreed to sell Soprole to Gloria Foods," Miles Hurrell, Fonterra CEO.
Fonterra is advised by JP Morgan.
Energy and multiutilities companies Keppel Infrastructure and MET Holding, agreed to form a joint venture Keppel MET Renewables, a renewable energy services provider. Financial terms were not disclosed.
Keppel Infrastructure and MET Group will each hold 49.9% in Keppel MET Renewables, with the remaining 0.2% to be held by Benjamin Lakatos the founder and Chief Executive Officer of MET Group.
“I am excited that we are stepping up to the next level of strategic partnership with Keppel. The renewables joint venture we have established is the right platform for our cooperation and fits perfectly within the long-term vision of both companies. MET and Keppel are dedicated to support the energy transition in Europe," Benjamin Lakatos, MET Group Founder and CEO.
MET Holdings is advised by Bar & Karrer (led by Vera Naegeli).
Kereis, an insurance services provider, agreed to acquire Cegema, a life insurance brokerage firm, for Swiss Life, an asset manager and financial services provider. Financial terms were not disclosed.
“This new strategic acquisition allows us to strengthen our distribution capacity and acquire an individual health management platform. It is also an opportunity for Kereis to build a new structural partnership with a reference insurer, Swiss Life, whose excellence in terms of personal insurance offers is recognized on the market. I sincerely thank the managers of Swiss Life for their trust and Jean-Marc Clérempuy for his commitment to the development of Cegema for many years," Frank Roullier, Kereis CEO.
Swiss Life is advised by Rothschild & Co.
Volkswagen in talks with pre-IPO investors for battery unit.
German carmaker Volkswagen is holding discussions with investors to join its battery division ahead of a possible partial initial public offering of the subsidiary.
The idea is to bring in investors pre-IPO so Volkswagen can gauge how the division - named PowerCo - might be valued in a potential flotation. Volkswagen is working with advisers on a potential deal structure, Reuters reported.
Volkswagen has set aside $21bn for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems.
Ontario Teachers leads bidding for the $12bn SSE Networks stake. (FS)
Ontario Teachers’ Pension Plan Board is emerging as the frontrunner to acquire a stake in energy company SSE's multibillion-pound electricity networks.
The Canadian pension fund is negotiating terms of a deal to invest in SSE’s transmission and distribution grid assets. SSE said in November last year it plans to sell about 25% of its transmission and distribution grid units to help fund an increase in spending on net-zero infrastructure. The assets could be valued at more than $12bn in any deal.
The stake sale is part of a strategic plan unveiled by SSE after it rejected a proposal from activist investor Elliott Investment Management to split the company in two by separating the renewables business, Bloomberg reported.
Wendel weighs a €2bn sale of Constantia Flexibles. (FS)
French investment group Wendel is considering a potential sale of Constantia Flexibles in a deal that could value the Austrian packaging firm at about €2bn ($2.1bn).
Wendel is in the early stages of working with advisers to identify potential buyers for the business. The investment firm is in no rush to kick off the sale and is waiting for financing markets to improve. A formal bidding process may launch in the second quarter of next year or later, Bloomberg reported.
Waldorf seeks up to $2bn for M&A.
Waldorf Production, a prolific buyer of oil and gas exploration assets in the North Sea, is seeking to raise up to $2bn to help seal more deals.
The British company is working with advisers to set up a vehicle that will raise capital from outside investors and make acquisitions. It has approached a number of hedge funds and specialist energy investors to gauge their interest in participating.
Financial investors like hedge funds and private equity firms are backing producers of oil and gas as conventional lenders cut their funding to the sector. Waldorf is among several smaller companies seeking to acquire North Sea assets being offloaded by larger energy players, who are seeking to offload oil and gas exploration projects to raise money for renewable investments, Bloomberg reported.
South African Airways deal is not at risk, government says.
South Africa’s government said a deal to sell a 51% stake in bankrupt state-owned South African Airways to a group of private investors isn’t at risk after aviation veteran Gidon Novick resigned from the proposed new owner’s board.
Novick, a former head of the recently collapsed Comair, was intended to provide the industrial expertise to a revived SAA after more than 18 months in receivership. He resigned earlier this week from the board of the Takatso consortium, which is made up of closely held Global Airways, and private-equity firm Harith General Partners.
“Government is awaiting the completion of the regulatory processes and thereafter will finalize Takatso’s acquisition. We condemn the deliberate misinformation and casting of doubt about the transaction and regulatory processes," Department of Public Enterprises.
Dubai school operator Taaleem’s IPO draws $3.7bn in orders.
Dubai private school operator Taaleem Holdings drew $3.7bn in investor orders for its initial public offering priced at the top of a marketed range.
The firm raised $204m by selling 250m shares at $0.8 each. Taaleem had offered to sell as many as 254.2m shares at $0.8 each.
The orders received for the IPO amount to an oversubscription level of 18 times, with Taaleem getting enough bids to cover all shares on offer within hours of opening its books. Taaleem’s shares are due to start trading on November 29. EFG-Hermes and Emirates NBD Capital acted as joint global coordinators for the IPO.
APAC
BHP Group made an improved $6.4bn offer to acquire copper producer OZ Minerals as the world's top miner seeks more exposure to rising demand from clean energy and electric cars, Bloomberg reported.
OZ Minerals will recommend shareholders vote in favor of the $19 a share offer, the Adelaide, Australia-based company said Friday, after rejecting an earlier $16.7 per share bid in August. The proposed acquisition would be BHP's largest since the $12.1bn purchase of Petrohawk Energy in 2011.
OZ Minerals is advised by Greenhill & Co, Macquarie Group and Gilbert + Tobin. Petrohawk Energy is advised by Citigroup.
IFM Investors, an investment services provider, and UniSuper, an Australian superannuation fund, agreed to acquire a majority stake in PRP Diagnostics, a diagnostic imaging provider. Financial terms were not disclosed.
“PRP is a leading provider of high quality, advanced diagnostic imaging services and we are delighted to welcome IFM Investors and UniSuper as long-term partners to the business. We have attractive opportunities to grow and expand our business and look forward to working with IFM Investors and UniSuper as majority investors in our company," Paul Richard, PRP Diagnostics CEO.
PRP Diagnostics is advised by Morgan Stanley.
Mixed Reform Fund, Sunwoda Electronic, a li-ion battery module products manufacturer, and Ganfeng Lithium, a lithium compounds producer, led a $638m Series A funding round in Voyah, a premium new energy vehicle marque.
Around 40% of the fund newly raised will be spent on research and development.
Blackstone files for Nexus Mall REIT IPO at $3bn value. (FS)
Blackstone, a private equity firm, filed its preliminary draft prospectus with the market regulator for an initial public offering of its Indian shopping mall portfolio.
Nexus Select Trust, a real estate investment trust, could raise as much as ₹16bn ($196m) from the primary issuance of shares, and may also sell existing shares.
The private equity firm’s retail portfolio in the country, which is held through its Nexus Malls unit, could be valued at about $3bn. The real estate investment trust may raise about $500m in total and be listed as soon as the first quarter of 2023, Bloomberg reported.
Jindal Poly Films exploring sale of European arm, valued at $1bn.
Jindal Poly Films, the Indian packaging films company backed by the sprawling billionaire Jindal family, is exploring a sale of its European-based business.
The company is working with an adviser on the potential divestment of Luxembourg-based Jindal Films Europe, which could be worth as much as $1bn. It has sent initial marketing documents to private equity firms and industry players.
The potential sale comes as tight credit markets hamper dealmaking activity across the globe. Deliberations are ongoing, and there’s no certainty they will result in a transaction.
Google to invest in Dunzo.
Alphabet’s Google, which is already an investor in hyperlocal delivery startup Dunzo, is in talks to make an additional investment in the company.
While the amount Google is looking to invest in Dunzo could not be ascertained, negotiations between the two firms are understood to be at an advanced stage and a decision is likely to be taken soon, DealStreetAsia reported.
Legend Logistics weighing $146m IPO for early 2023.
Legend Logistics, a logistics services provider, is looking to go public on the local stock exchange to raise some $146m.
The logistics firm is reportedly in talks with financial advisors for the potential first-time share sale. The company is aiming for a listing as soon as early 2023 but the size and timing of the IPO could still change as deliberations are still going on.
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