Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Blue Owl Capital, an alternative asset manager, agreed to acquire IPI Partners, a digital infrastructure fund manager, for $1bn.
"The acquisition of IPI with its deep sector expertise complements our existing net lease strategy while providing an ideal opportunity to expand Blue Owl's digital infrastructure strategy. There is a massive market opportunity to finance data centers, matched by an increasing investor appetite for additional strategies investing behind cloud and AI-driven secular tailwinds. IPI's tenured investment team, preeminent LP-base and global scale in the digital infrastructure economy will enhance our suite of capital solutions and investment offerings, further strengthening our position as a partner of choice. Investors can benefit greatly from the combination of Blue Owl's triple net lease knowledge and IPI's depth in the data centers market," Doug Ostrover and Marc Lipschultz, Blue Owl Co-CEOs.
Blue Owl Capital is advised by Deutsche Bank, JP Morgan, Morgan Stanley, Societe Generale, TD Securities and Kirkland & Ellis. IPI Partners is advised by Gibson Dunn & Crutcher. Iron Point is advised by Berkshire Global Advisors.
Apollo, an alternative asset management firm, agreed to acquire Barnes Group, a global provider of highly engineered products, differentiated industrial technologies and innovative solutions, for $3.6bn.
“We are thrilled to partner with the talented team at Barnes, which has a tremendous heritage of building leading businesses with strong customer relationships in the aerospace and industrial sectors. We see opportunities to further invest in and grow Barnes’ businesses, which are positioned to benefit from long-term aerospace demand trends, as well as the need for high performance components and solutions for a range of end-markets. We applaud the Barnes team for the progress it has made with its transformation plan, and we believe this plan can be accelerated in a private company setting. We look forward to drawing on Apollo’s significant industry experience and value-added capabilities to support Barnes as it executes against its transformation and growth plans,” Antoine Munfakh, Apollo Partner.
Japan Tobacco, a global company operating in tobacco, pharmaceuticals and processed food, completed the acquisition of Vector Group, an American diversified holding company, for $2.4bn.
“Vector Group and JT Group share a commitment to quality and excellence and providing consumers an outstanding value proposition in the US cigarette market. This transaction delivers significant value to Vector Group stockholders and creates opportunities for our employees, who will become part of a leading global organization. Vector Group has an incredibly talented team who have been completely dedicated to building a strong business. JT Group has deep respect for Liggett Vector Brands’ legacy of value-focused, quality products and looks forward to continuing to meet customers’ evolving needs,” Howard M. Lorber, Vector Group President and Chief Executive Officer.
Butterfly, a private equity firm specializing in the food and beverage sector, agreed to acquire The Duckhorn Portfolio, an American wine company, for $1.95bn.
“We are honored to partner with Duckhorn and welcome the Company to the Butterfly family. This is an incredible opportunity, and we look forward to bringing our specialized expertise and deep food and beverage network to bear to help amplify and accelerate the Company’s mission to have their wine poured wherever fine wines are served throughout North America and the world,” Adam Waglay, Butterfly Co-Founder and Co-CEO.
Canadian Natural Resources, a Canadian oil and natural gas company, agreed to acquire an additional 20% stake in Athabasca Oil Sands Project from Chevron, a multinational energy corporation, for $6.5bn.
“These assets are a great fit for Canadian Natural and will allow us to further implement our strong operating culture and drive significant value for shareholders. We have made significant progress in driving efficiencies at AOSP over the last 7 years since the original acquisition in May 2017. We expect further efficiencies and improved performance going forward as a result of our relentless focus on continuous improvement. The light crude oil and liquids rich Duvernay assets fit well with our current operations in the area and will drive significant value from our area knowledge and significant experience in this type of resource play. Both acquisitions provide Canadian Natural with immediate free cash flow generation and further opportunities to drive long term shareholder value,” Scott Stauth, Canadian Natural President.
Debt financing is provided by RBC Capital Markets and Scotiabank.
Thompson Street Capital-backed PestCo, a national provider of pest control services to residential and commercial customers, agreed to acquire Green Mango Pest Control, a provider of pest control services. Financial terms were not disclosed.
“Green Mango is the latest addition to our growing presence in the Mountain West and gives us a strong foothold in the Phoenix metro area. We look forward to working together with Green Mango to continue to expand and create opportunities for the team,” Jay Keating, PestCo CEO.
Thompson Street Capital is advised by BackBay Communications.
Veralto, a provider of essential water and product quality solutions, agreed to acquire TraceGains, a provider of cloud-based software solutions, for $350m.
"We believe the transition to digital workflow solutions in the food and beverage industry is poised for strong growth over the next decade. The acquisition of TraceGains, in combination with our Esko business, strategically expands our digital offering and provides us the opportunity to deliver greater value to consumer brands as they digitize critical workflows with connected data across new product development, compliance and packaging," Jennifer L. Honeycutt, Veralto President and CEO.
Activist Starboard takes $1bn stake in Pfizer. (FS)
Activist investor Starboard Value has taken a stake of about $1bn in Pfizer and is seeking to spur a turnaround of the struggling pharmaceuticals giant, Bloomberg reported.
Starboard has approached former Pfizer executives Ian Read and Frank D’Amelio to aid in its efforts, and they have expressed interest in helping. It’s unclear in what capacity they would be involved. Read was Pfizer’s chief executive officer from 2010 to 2018 and chose current CEO Albert Bourla as his successor. D’Amelio was the New York-based company’s chief financial officer from 2007 to 2021.
Cerence appoints Brian Krzanich to succeed Stefan Ortmanns as CEO. (People)
AI company Cerence announced that Brian Krzanich has been appointed Chief Executive Officer and a member of the Board of Directors, effective immediately. Krzanich succeeds Stefan Ortmanns, who is departing as CEO and resigning as a member of the board.
Krzanich is a seasoned executive with a track record of success at global public organisations. Most recently, he served as CEO of CDK Global from 2018 to 2022.
EMEA
EPAM Systems, an American company that specializes in software engineering services, digital platform engineering, and digital product design, agreed to acquire the First Derivative business of FD Technologies, a provider of products and consulting services to some of the world's largest finance, technology and energy institutions, for £230m ($302m).
"Bringing together the First Derivative Business and EPAM marks the beginning of a distinctive enterprise that will not only enhance value for our clients but also foster substantial growth opportunities for our teams. Leveraging their strong Business and Technology services heritage, especially in capital markets, allows us to expand our financial services solutions portfolio to our clients, who need to evolve and scale their digital ecosystems, gain greater data insights and enhance operations while minimising risks and maintaining regulatory compliance. And we are enthusiastic about enhancing our partnership with KX, focusing significant resources to strengthen this collaboration," Balazs Fejes, EPAM President of Global Business and Chief Revenue Officer.
ProductLife Group, a provider of regulatory, scientific, compliance, and digital transformation consulting services, completed the acquisition of IntiQuan, a premier Swiss boutique specializing in pharmacometric services for the biopharmaceutical sector. Financial terms were not disclosed.
This acquisition represents the next step in PLG’s strategy to create a fully integrated global platform. With further expansions planned across the US and European markets, PLG is well on its way to becoming a leading global provider of comprehensive drug development services.
IntiQuan was advised by Capitalmind and Advestra. PLG was advised by DDA & Company, Hoffmann & Partner, CMS and RSM International.
Renew Holdings, an engineering services group supporting the maintenance and renewal of critical UK infrastructure, agreed to acquire Full Circle, a specialist provider of repair, maintenance and monitoring services for onshore wind turbines, for €60m ($66m).
"The acquisition of Full Circle represents an exciting opportunity for the Group to enter a high-growth, and fragmented onshore wind services market. Full Circle operates a scalable technology-enabled platform across a diverse customer base with existing long-term contracts and a fast-growing brand in the UK and across Europe. The company's proven track record in its core markets, and highly experienced management team mean the business is well positioned to service other turbine technologies and geographies both through acquisition and an organic growth strategy," Paul Scott, Renew CEO.
Mytheresa, an online store that offers women's luxury and designer fashion products, agreed to acquire YOOX Net-a-Porter, an Italian online fashion retailer, from Richemont, a luxury goods holding company, in exchange for a 33% stake in Mytheresa.
“We are pleased to have found such a good home for YNAP. As a trusted partner to many of the world’s leading global luxury brands, YNAP is renowned for its pioneering high-end customer services complemented by its distinctive and inspirational editorial voice. Mytheresa is ideally placed to build on YNAP’s assets to further delight customers and brand partners alike across the world by harnessing both companies’ respective strengths,” Johann Rupert, Richemont Chairman.
Mytheresa is advised by JP Morgan and BOC Consult (led by Ruediger Assion).
Equinor, a petroleum refining company, agreed to acquire a 9.8% stake in Ørsted, a developer of offshore and onshore renewable energy farms, energy storage facilities, and bioenergy plants, for $2.5bn.
“Equinor has a long-term perspective and will be a supportive owner in Ørsted. This is a counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets. The exposure to producing assets complements Equinor’s operated offshore wind portfolio of large projects under development,” Anders Opedal, Equinor CEO.
AIP Management, an asset management firm, agreed to acquire a 33% in Valorem, an independent European renewable energy developer and power producer, from 3i Infrastructure, an investment firm, for €309m ($340m).
"We will always be disciplined in our approach to value realisation and balance sheet management. This divestment provides us with the opportunity to crystalise a significant uplift to the carrying value, the proceeds of which will be used to reduce our drawings on our revolving credit facility. We thank the Valorem team for our successful collaboration and wish them and their new partners success on the next leg of their journey,” Scott Moseley and Bernardo Sottomayor, 3i Investments Managing Partners and Co-Heads of European Infrastructure.
Lesaffre, a key global player in the production of yeast and yeast extract, completed the acquisition of Altar, a French start-up specializing in Adaptive Laboratory Evolution, from Ginkgo Bioworks, a biotechnology company in Boston, Massachusetts. Financial terms were not disclosed.
"At Lesaffre, we are convinced that today's RD&I are the products of tomorrow. By investing today in our innovation capabilities, we give our research and development experts the means to develop healthier, more sustainable products that best meet the needs of our customers. We are very pleased to welcome the Altar team to Lesaffre and to be able to join forces to build the solutions of tomorrow together," Christine M'Rini, Lesaffre Chief RD&I Officer.
Mérieux NutriSciences, a company specialized in food safety, quality, and sustainability, agreed to acquire the worldwide food testing business of Bureau Veritas, a French company specialized in testing, inspection and certification, for €360m ($395m).
This strategic acquisition, supported by its parent company, Institut Mérieux, reinforces Mérieux NutriSciences' commitment to promoting safer, healthier, and more sustainable food systems on a global scale.
Bureau Veritas, a provider of inspection, certification, and laboratory testing services, agreed to acquire IDP Group, a specialist in the provision of engineering services using BIM technology and methodology. Financial terms were not disclosed.
"Building on our recent portfolio high grading announced earlier today, we continue our inorganic growth strategy with the acquisition of IDP Group. This marks an important milestone for Bureau Veritas in delivering its LEAP | 28 strategy, expanding our digital services and competences as well as our innovation skills and strengthening our leading position in the B&I market," Hinda Gharbi, Bureau Veritas CEO.
H.I.G. Capital, a private equity firm, completed an investment in PolarDC Group, a specialist in data center infrastructure targeting high-performance computing applications. Financial terms were not disclosed.
"We are delighted to partner with H.I.G. to develop our pipeline of projects. H.I.G.'s investment in the Company, combined with its track record of supporting high-growth, early-stage companies, will allow Polar to benefit from the rapid development of artificial intelligence," Andy Hayes, Polar CEO.
New York Sun owner nears £550m deal for Telegraph. (FS)
The owner of the New York Sun, an American conservative news website, is close to acquiring the UK’s Telegraph newspaper for more than £550m ($722m), Bloomberg reported.
Dovid Efune is poised to enter exclusive talks with current owner RedBird IMI. Discussions between the sides were at an advanced stage this weekend and a deal is expected to be agreed in the next week.
SBB to sell shares in housing unit for $390m.
Swedish landlord SBB plans to sell as much as $390m worth of stock in its residential unit in an effort to shore up its balance sheet, Bloomberg reported.
The company plans to offer a maximum of 88m shares in Sveafastigheter in a contemplated initial public offering, with pricing estimated in the range of $3.8 to $4.39 each. That corresponds to 44% of the total number of shares in the residential unit, which is slightly less than its previous guidance.
Commerzbank would lose clients in UniCredit merger.
Commerzbank and UniCredit did not discuss a merger at a recent meeting, the German lender's CEO Bettina Orlopp told a local newspaper, saying any tie-up with its Italian peer would result in the loss of customers, Reuters reported.
Orlopp, in her first interview since becoming CEO of Germany's second-biggest lender by assets after Deutsche Bank, was downbeat on the prospects for big bank mergers.
TGI Fridays close to rescue deal with Breal and Calveton. (FS)
A rescue deal for the British operations of TGI Fridays which will salvage more than 2k jobs is on the verge of being finalised, Sky News reported.
Breal Capital and Calveton, which jointly own the upmarket restaurants business D&D London, could agree a deal to acquire the majority of TGI Fridays as early as this week.
Very Group owners pick banks to spearhead £2.5bn sale.
The online shopping company’s board, chaired by former chancellor Nadhim Zahawi, is lining up Barclays, JP Morgan and Morgan Stanley to handle an ownership review, including a possible £2.5bn ($3.28bn) sale, Sky News reported.
The family which relinquished control of The Daily Telegraph last year is to hire a trio of banks to oversee a review of ownership options for Very Group, their online shopping empire.
Norway to raise spending from its sovereign wealth fund in 2025. (FS)
Norway‘s minority government said it plans to raise spending in 2025 from the country’s $1.8tn sovereign wealth fund to pay for public expenses, with elections for parliament due in September of next year, DealStreetAsia reported.
The government of Labour and the Centre Party proposed withdrawing $43.1bn from the fund in 2025, up from a revised $39bn in 2024, and must now negotiate with the Socialist Left to pass the budget.
APAC
Frontenac-backed RCG Global Services, a provider of technology consulting and business-first engineering, completed the acquisition of Aethereus, an award-winning Salesforce Summit Partner. Financial terms were not disclosed.
This acquisition marks a significant milestone in RCG's growth strategy, strengthening its Salesforce consulting capabilities, expanding its industry and core cloud offerings, and increasing its presence in India.
Seven & i looks to bolster takeover defences with non-core asset sales.
Seven & i is hunting for ways to boost its share price and bolster its defences ahead of what the owner of the 7-Eleven brand believes is a looming second takeover bid from Alimentation Couche-Tard, FT reported.
The Japanese group received and rejected an almost $39bn opening offer from Canada’s Couche-Tard last month. It has been exploring the possibility of selling non-core assets to private equity and other investors, and accelerating plans to focus on its convenience store business.
Adani Group in talks to buy Heidelberg's Indian cement operations.
The Adani Group is in talks to buy the Indian cement operations of Germany's Heidelberg Materials in a deal that could be worth about $1.2bn, Reuters reported.
Led by billionaire Gautam Adani, the group entered India's cement industry in 2022 by buying Holcim's local units and has made a string of acquisitions since, as it jostles for market share with top producer UltraTech Cement.
Rio Tinto confirms approach to Arcadium Lithium.
British-Australian metals and mining corporation Rio Tinto is in talks to buy lithium producer Arcadium Lithium, both companies confirmed on October 7, with the global miner pouncing following a slump in prices for the ultralight metal essential to the world's shift to clean energy, Reuters reported.
If consummated, the deal would turbo charge Rio's rise to become one of the largest producers of lithium behind Albemarle and SQM, in its drive to supply the metal essential for EV batteries and power storage.
Tokyo Metro unveils range for Japan’s biggest IPO since 2018.
Tokyo Metro announced a provisional price range for its initial public offering that’s projected to be Japan’s biggest in six years, Bloomberg reported.
The price range of JPY1.1k ($7.43) to JPY1.2k ($8) compares with the indicative price of JPY1.1k ($7.43) per share declared earlier and values the subway operator at between JPY639bn ($4.3bn) and JPY697bn ($4.69bn).
|
