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Top Highlights
Apollo, an alternative asset management firm, completed the acquisition of Barnes Group, a global provider of highly engineered products, differentiated industrial technologies and innovative solutions, for $3.6bn, according to press releases.
“We are pleased to announce the completion of our transaction with Apollo Funds, which opens the door to the next phase in Barnes’ evolution. Under Apollo Funds’ ownership, we are well positioned to accelerate our transformation strategy, enhance our capabilities and broaden our product offerings to create new opportunities for increased growth and innovation,” Thomas J. Hook, Barnes President and Chief Executive Officer.
Coterra Energy, a company engaged in hydrocarbon exploration, completed the acquisition of Franklin Mountain Energy, a CO based company focused on investments & operations in the upstream and midstream sectors of O&G, and Avant Natural Resources, a privately funded oil and gas company, for $3.95bn, according to press releases.
Franklin Mountain was advised by Jefferies & Company (led by Conrad Gibbins) and Kirkland & Ellis (led by John , P.C. Kaercher). Avant was advised by Petrie Partners Securities, Tudor Pickering Holt and Kirkland & Ellis. Coterra Energy was advised by JP Morgan, PNC Financial Services, TD Securities, Gibson Dunn & Crutcher (led by Rahul D. Vashi) and Veriten, according to MergerLinks data and press releases.
Private equity firms Thoma Bravo and Gemspring Capital, completed the merger of OPEXUS, a provider of government process management software, and Casepoint, a data discovery technology company for litigation, investigations, and data compliance, according to press releases. Financial terms were not disclosed.
OPEXUS was advised by McDermott Will & Emery and LaunchSquad. Casepoint was advised by Robert W Baird and Cooley. Thoma Bravo was advised by Deutsche Bank, Kirkland & Ellis and FGS Global (led by Akash Lodh). Debt financing was provided by Comvest Credit Partner and HarbourVest, according to press releases.
Deal Round up
AMERICAS
Billionaire Feinberg’s Cerberus taps Goldman to sell his stake as he joins Trump. (Bloomberg)
World’s biggest pork producer Smithfield raises $522m in IPO. ( Bloomberg)
J&J-backed Medtech firm HistoSonics considers US IPO. ( Bloomberg)
EMEA
Enel, KKR among potential bidders for UK's Cubico. ( Reuters)
Russian state 'military' bank in talks to buy electronics giant. ( Reuters)
APAC
Philippines' wealth fund eyes Chinese firm's shares in grid operator. ( Reuters)
SoftBank-backed Lenskart said to tap banks for $1bn IPO. ( Bloomberg)
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AMERICAS
Aquarion Water Authority, a quasi-public corporation and political subdivision of the State of Connecticut, agreed to acquire Aquarion Water Company, the public water supply company, from Eversource Energy, an energy provider, for $2.4bn, according to press releases.
Aquarion Water Authority is advised by Barclays and Cravath Swaine & Moore (led by Aaron Gruber). Eversource Energy is advised by Citigroup, Morgan Stanley and Ropes & Gray, according to press releases.
CNX Resources, a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, completed the acquisition of the natural gas upstream and associated midstream business of Carnelian Energy Capital-backed Apex Energy II for $505m, according to press releases.
CNX Resources was advised by Bank of America, Jones Day (led by David A. Grubman and Rodney L. Moore) and FTI Consulting. Carnelian Energy was advised by Piper Sandler and Kirkland & Ellis, according to press releases.
Stellex Capital, a private equity firm, agreed to acquire Rokstad, a provider of transmission and distribution services for critical power infrastructure, from FTI Consulting, a global business advisory firm, according to press releases. Financial terms were not disclosed.
Stellex Capital is advised by Marketcom PR (led by Rosalia Scampoli), according to press releases.
MediSpend, a global technology company providing best-in-class solutions for the life sciences industry, completed the acquisition of Real Life Sciences, an advanced anonymization solutions provider for clinical trial and other data, according to press releases. Financial terms were not disclosed.
Billionaire Feinberg’s Cerberus taps Goldman to sell his stake as he joins Trump. ( Bloomberg)
Steve Feinberg’s Cerberus Capital Management has engaged Goldman Sachs Group to explore a potential sale of all or part of his stake in the firm as he prepares for a role in the Trump administration.
Cerberus, a $65bn investment firm, has been in discussions with the bank to determine how Feinberg, President Donald Trump’s nominee for the No. 2 position at the Pentagon, could reduce his ownership interest.
World’s biggest pork producer Smithfield raises $522m in IPO. ( Bloomberg)
Smithfield Foods generated $522m through its initial public offering, with shares priced below the anticipated range.
The company, the world’s largest pork producer and a subsidiary of Hong Kong-listed WH Group, issued around 26m shares at $20 each.
J&J-backed Medtech firm HistoSonics considers US IPO. ( Bloomberg)
HistoSonics, a medical device company backed by Johnson & Johnson’s venture capital arm, is considering a US initial public offering as early as this year.
The company has been in talks with investment banks to explore a potential share sale that could generate several hundred million dollars. HistoSonics is reportedly aiming for a valuation in the billions of dollars for the planned listing.
EMEA
Navantia, a Spanish state-owned shipbuilding company, completed the acquisition of shipyards across four sites from Harland & Wolff, a British shipbuilding and fabrication company, according to press releases. Financial terms were not disclosed.
Navantia was advised by Alantra, KPMG, Clifford Chance ( Erik O’Connor and Melissa Coakley) and TLT. Harland & Wolff was advised by Rothschild & Co, according to Mergerlinks data and press releases.
Ares Management, an alternative investment manager, and Carlyle, a global investment firm, completed the €800m ($839m) investment in Your.World, a platform for building businesses online, according to press releases.
Your.World was advised by JP Morgan and A&O Shearman, according to Mergerlinks data and press releases.
World Media and Entertainment Universal, a global media and entertainment company, agreed to go public via a SPAC merger with Black Spade Acquisition II, a special purpose acquisition company, in a $488m deal, according to press releases.
Castel Group, a beverage company, agreed to acquire a 80.4% stake in Guinness Ghana Breweries, a Ghanaian brewery, from Diageo, an alcoholic beverage company, for $81m, according to press releases.
Lunate, an Abu Dhabi based global alternative investment manager, agreed to acquire a minority stake in ADNOC Gas Pipelines, a gas pipeline network, from Snam, a gas infrastructure operator, according to press releases. Financial terms were not disclosed.
Global Development JSC, a Russian company owned by a Moscow-based financial investor with a background in factoring services, agreed to acquire Russian business of ING, a banking services company, according to press releases. Financial terms were not disclosed.
Blue Pool, a Hong Kong-based investment firm, agreed to acquire a 12% stake in Golden Goose, the Venice-based fashion brand. Financial terms were not disclosed.
Enel, KKR among potential bidders for UK's Cubico. ( Reuters)
Italy's Enel and private equity firm KKR are among the potential bidders for UK-based Cubico Sustainable Investments.
The renewable energy company is owned by two major Canadian pension funds, the Public Sector Pension Investment Board and the Ontario Teachers' Pension Plan, which have been exploring a sale. The firm could be valued at $6bn or more, including debt.
Russian state 'military' bank in talks to buy electronics giant. ( Reuters)
A state-owned Russian bank with ties to the defense sector is reportedly in discussions to acquire M.Video-Eldorado, Russia’s largest consumer electronics retailer.
The potential sale to Promsvyazbank, a sanctioned state lender, could help M.Video address its mounting debt issues while bringing a major publicly listed company closer under state control.
APAC
NinjaOne, an automated endpoint management platform, agreed to acquire Dropsuite, a cloud data backup, archiving, and recovery solutions provider, for $252m, according to press releases.
Dropsuite is advised by Canaccord Genuity and Herbert Smith Freehills. NinjaOne is advised by Gilbert + Tobin and Goodwin Procter, according to press releases.
Philippines' wealth fund eyes Chinese firm's shares in grid operator. ( Reuters)
The Philippines' sovereign wealth fund has expressed interest in acquiring a Chinese state-owned firm's stake in the country's power transmission operator, as the government looks to strengthen oversight of the national power grid.
Maharlika Investment, the wealth fund, announced on January 27 its plans to purchase a 20% stake in the National Grid Corp of the Philippines (NGCP), which has held a 25-year concession as the country's sole power transmission operator since 2007.
SoftBank-backed Lenskart said to tap banks for $1bn IPO. ( Bloomberg)
Indian eyewear company Lenskart Solutions is set to appoint arrangers, including Kotak Mahindra Bank and Morgan Stanley, to manage its initial public offering in Mumbai later this year.
Additional banks may also participate in the planned share sale, which could help the SoftBank Group-backed company raise around $1bn. Lenskart is reportedly aiming for a valuation of approximately $8bn in the potential offering.
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