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AMERICAS
Capital One's $35.3bn merger with Discover Financial will boost competition and be good for financial stability, the bank said in its regulatory application filed overnight, Reuters reported.
CapOne also argued the deal will not harm credit card competition because the combined entity will account for roughly 13% of credit card purchasing volume, which they argue is the best measure of credit card market share.
KKR to acquire a majority stake in Avantus, a developer of large utility-scale solar and solar-plus-storage projects. Financial terms were not disclosed.
“To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification. Because of these tailwinds, we see enormous opportunity for Avantus. The company’s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers,” Charlie Gailliot, KKR Partner and Co-Head of Global Climate Strategy.
Avantus is advised by Scotiabank. KKR is advised by Jefferies & Company, KKR Capital Markets and Sumitomo Mitsui Banking Corp. Debt financing is provided by KKR Capital Markets and Sumitomo Mitsui Banking Corp. EIG is advised by FGS Global.
Orangewood Partners-backed SERVPRO Global DRT, a provider of 24/7 service for emergency services, completed the acquisition of Live Oak Restoration, a single-territory operator. Financial terms were not disclosed.
“I’ve long admired the business and work ethic Alan and his talented co-founders Manny Corral and Darryn Barber have developed at SERVPRO Global DRT. I’m excited to collaborate with them and build upon the foundation our team has created at Live Oak as the partner of choice for large national real estate owners and operators, providing best-in-class service across restoration and reconstruction,” Brian Turpin, Live Oak CEO.
SERVPRO Global DRT was advised by Diameter Capital Partners, Greenberg Traurig, and Gasthalter & Co (led by Nathaniel Garnick). Live Oak Restoration was advised by Blume Partners.
Tower Arch-backed Intelligent Technical Solutions, a provider of IT managed services, completed the acquisition of Digital Seattle, a Seattle-based managed IT service provider. Financial terms were not disclosed.
"I've been in the same peer group as Tom Andrulis for 10 years and noticed that ITS and Digital Seattle share core values including operational excellence and an employee-centric culture Partnering with ITS was a natural evolution of our relationship as this partnership will enable us to provide better services to our clients and increased opportunity to our employees," Voiko Tanev, Digital Seattle CEO.
Intelligent Technical Solutions was advised by BDO, and Holland & Hart. Debt financing was provided by Deerpath Capital Management.
First National Realty Partners, a private equity firm, completed the acquisition of Elements Horsham, a 50k sq.ft. shopping center in Horsham, Pennsylvania. Financial terms were not disclosed.
"We're excited to welcome Elements Horsham to our growing portfolio. This high-performing center aligns perfectly with our strategy, offering a diverse, upscale tenant mix in a prime location within a thriving submarket of Philadelphia," Matt Annibale, First National Realty Partners Senior Director of Acquisitions.
Elements Horsham was advised by CBRE Group and JLL Corporate Finance.
SilverBow Resources shareholder Riposte Capital backed Kimmeridge Energy Management's latest buyout offer that valued the US oil and gas producer at close to $1.4bn, including debt, Reuters reported.
The activist shareholder, which owns about 9.9% of SilverBow's outstanding common stock, said the offer from the company's largest shareholder was "highly compelling".
Ocean Winds, an offshore wind energy company, completed the acquisition of the remaining 50% stake in SouthCoast Wind Energy, a proposed offshore wind farm, from Shell Energy, a supplier of gas, electricity and broadband. Financial terms were not disclosed.
"In-line with our Powering Progress strategy, Shell continues to hone our portfolio of renewable generation projects in key markets where we have an advantaged position. We are grateful to Ocean Winds for their years of partnership within this venture, and continue to seek opportunities to provide more energy, with fewer emissions," Glenn Wright, Shell Energy Senior Vice President.
Apex Capital, a private equity firm, agreed to acquire Clorox operations in Argentina, Uruguay and Paraguay from Clorox, a chemical manufacturer. Financial terms were not disclosed.
"This transaction supports our IGNITE strategy and our commitment to evolve our portfolio to increase our focus on our core business to drive more consistent, profitable growth. I would like to thank our teammates in Argentina for effectively managing the business in this dynamic operating environment. The new owners share our values and bring proven local operating experience and we believe their focus on maximizing the potential of the business will position it to deliver continued growth that benefits consumers and employees," Linda Rendle, Clorox Chair and CEO.
Apollo offers $11bn for Paramount's Hollywood studio. (FS)
Private equity firm Apollo Global Management has offered $11bn for Paramount Global's Paramount Pictures film studio, adding to takeover interest in the media conglomerate, Reuters reported.
The film studio is considered the jewel of the Paramount media conglomerate, with an expansive movie library that includes classics such as "The Godfather" and "Breakfast at Tiffany's," as well as blockbuster franchises like "Mission: Impossible," "Star Trek" and "Transformers." It has attracted interest from many suitors over the years, including recently.
TPG is in talks to buy Canadian Apartment Properties REIT in a $519m deal. (FS)
Alternative asset manager TPG is in talks to buy the manufactured housing business of Canadian Apartment Properties REIT, a move by a major US investor to gain exposure to the historically tight real estate market of its northern neighbor, Bloomberg reported.
TPG is in exclusive discussions to acquire the business for more than $519m. A transaction is not imminent and if a deal is reached, it may not be announced for several weeks.
AI startup Cohere seeks $5bn valuation in latest fundraising.
Cohere, an artificial intelligence startup that develops foundation models to compete with ChatGPT creator OpenAI, is in advanced talks to raise $500m at a valuation of about $5bn, Reuters reported.
The Toronto-based company has seen its annualized revenue run rate grow to $22m this month from $13m in December as it launched new model Command-R.
Mexico's Fibra MTY eyes $800m investment after share sale.
Mexico real estate investment trust Fibra MTY plans to spend as much as $800m on new properties this year and is eyeing tapping markets again in 2025 after completing a share offering last week, Bloomberg reported.
The Monterrey-based company is planning to invest in industrial parks with US and European renters in regions including the Bajio, Leon, Tijuana and Ciudad Juarez.
Reddit prices IPO at the top of the indicated range to raise $748m.
Social media platform Reddit priced its initial public offering at the top of its targeted range of $31 to $34 per share on March 20, raising $748m and giving the ailing technology IPO market a much-needed boost, Reuters reported.
Reddit and its existing shareholders sold 22m shares at $34 a share, giving Reddit a valuation of about $6.4bn. To tap retail investors, Reddit reserved 8% of the total shares on offer for eligible users and moderators on its platform, certain board members and friends and family members of its employees and directors.
Morgan Stanley, Goldman Sachs, JP Morgan, and Bank of America are acting as lead book-running managers for the offering. Citigroup, Deutsche Bank, and MUFG are acting as joint book-running managers. Citizens JMP, Needham & Company, Piper Sandler, Raymond James, Academy Securities, Loop Capital Markets, Ramirez & Co, and Telsey Advisory Group are acting as co-managers. Latham & Watkins and Davis Polk & Wardwell are advising on the IPO.
Astera Labs seeks to raise around $713m in IPO at a $5.5bn valuation.
Chip firm Astera Labs set the pricing of its initial public offering of 19.8m shares at $36 apiece, aiming to raise around $712.8m, Reuters reported.
The company priced its IPO above its previous target range of $32 to $34 apiece, giving it a valuation of about $5.5bn based on the outstanding shares listed. The listing comes at a time when the growing popularity of AI and its influence across various sectors has been driving a rally in technology firms, propelling stocks of companies such as Nvidia to record highs.
Morgan Stanley and JP Morgan are acting as joint book runners for the offering. Barclays, Deutsche Bank, Evercore and Jefferies are additionally acting as book runners, and Needham & Company, Stifel, Craig-Hallum Capital Group, Roth Capital Partners, Loop Capital Markets and Siebert Williams Shank are acting as co-managers.
Goldman Sachs raises $700m to co-invest with hedge funds. (FS)
The asset management arm of Goldman Sachs has raised about $700m for a new fund that invests side by side with hedge funds and private credit firms, Bloomberg reported.
Union Bridge Partners I, as the fund is known, will work with an external network of managers to allocate the money into their high-conviction ideas.
EMEA
The boards of warehouse owner Tritax Big Box and UK Commercial Property said they had unanimously agreed on a £924m ($1.2bn) all-share takeover deal by Tritax of its smaller rival, Reuters reported.
The deal, which was first announced in February, will create Britain's fourth-largest listed landlord and highlights the strong demand for warehousing, a rare bright spot for the wider real estate industry at a time when many property investments have soured.
Directors at Nationwide Building Society and takeover target Virgin Money said on March 21 they would "unanimously" recommend the proposed £2.9bn ($3.71bn) deal to independent Virgin Money shareholders, Reuters reported.
Under the terms of the deal, each Virgin Money shareholder will receive £220 pence ($2.54) in cash, comprising 218 pence ($2.45) per Virgin Money share and a proposed dividend of £2 pence ($0.025) per share.
W-Group, an HR solutions group, completed the acquisition of the staffing & HR services business of Magister Group, an Italian multi-business corporation focused on HR. Financial terms were not disclosed.
"In W-Group we have found the ideal partner to continue on our growth path. First of all because we are united by a perfect identity of vision on the centrality of people and, precisely for this reason, we believe in the need to develop tailor-made HR consultancy projects that enhance a strategic business model based on the organization of work. We believe that this project represents an opportunity for the people who work in Ali and in the other Magister Group companies because they will become part of a company of larger size and structure, in Italy and abroad, and which has the ambition to change the world for the better. job market," Andrea Lombardi, Magister Group President and CEO.
W-Group was advised by Grant Thornton, Alvarez & Marsal, Houlihan Lokey, Legance and Ernst & Young. Magister Group was advised by Ernst & Young, Mediobanca and Gianni Origoni Grippo Cappelli & Partners.
Holcim, a building materials company, completed the acquisition of Cand-Landi, a construction transportation services provider. Financial terms were not disclosed.
"We are very satisfied with this solution. It constitutes the logical continuation of a long-standing collaboration and ensures the sustainability of our company, the services provided to our customers and our 250 jobs in the region. Due to its geographical coverage, its leading position in the Swiss construction materials industry and its development strategy in terms of circular economy, we are convinced that we have found in Holcim the ideal partner for the development of our activities," Antoine Maillard, Cand-Landi Chairman.
FTV Capital and LLR Partners-backed ParkHub, a provider of parking management software and payments solutions, agreed to merge with JustPark, an app-based parking reservations technology and payments platform. Financial terms were not disclosed.
"After 18 years at the forefront of transforming parking experiences for millions, our merger with ParkHub catapults JustPark to new heights. Our dedication to improving the parking experience for drivers continues, and with our cutting-edge technology and unrivalled support, we're set to revolutionize parking for our customers and partners both here in the UK, and now also in North America," Anthony Eskinazi, JustPark Founder and CEO.
FTV Capital is advised by Prosek Partners.
Commerzbank, a banking services provider, completed the acquisition of an 18% stake in NIXDORF Kapital, an investment firm. Financial terms were not disclosed.
“NIXDORF Kapital sees itself as a trailblazer for transformation processes that benefit the greater good – based on real value creation and SME business ethics. Commerzbank, with its focus on SMEs and values, is a strong partner that expands our customer network and enables further growth. This enables us to drive forward projects together in an even more targeted manner that not only have a financial, but also a social and ecological impact,” Andreas Rickert, NIXDORF Kapital Deputy CEO.
Plebicom, a rewards solutions and cashback company, completed the acquisition of RetailMeNot France, a rewards solutions provider. Financial terms were not disclosed.
“This acquisition marks a crucial step in our journey, combining the strengths of two major players in the cashback sector. By uniting our skills and capitalizing on our respective expertise, we create an exceptional synergy that will benefit our users and our partners. This association represents a harmonious fusion of talents and skills. We are driven by a bold vision, and with our new combined skills, we are convinced that this acquisition will mark the start of an even more exciting and innovative era for our brands and our network," Jean-Paul Yildiz, Plebicom Director.
Siemens, a German multinational technology conglomerate, agreed to acquire the industrial drive technology business of ebm-papst, a manufacturer of electric motors and fans. Financial terms were not disclosed.
“Ebm-papst’s innovative portfolio of mechatronic drive systems and its highly qualified people are an excellent fit for Siemens. The acquisition will enable us to tap new business and customer potential in the rapidly growing market for intelligent, battery-powered drive solutions in intralogistics as well as mobile robot solutions," Cedrik Neike, Siemens CEO of Digital Industries.
Penta weighs a $2.17bn sale of Fortuna Entertainment Group. (FS)
Penta Investments is weighing a possible sale of its betting and gaming operator, Fortuna Entertainment Group. The investment group is working with JP Morgan to explore options for the business, which is Central and Eastern Europe's biggest betting firm, Reuters reported.
A sale could value Fortuna, which has operations across the Czech Republic, Slovakia, Poland, Croatia and Romania, at up to €2bn ($2.17bn).
Singapore's GIC sells 2.5% stake in Italy's Nexi. (FS)
Singapore's sovereign fund GIC has sold a 2.5% stake in Italian payments company Nexi at €5.83 ($6.34) each, Reuters reported.
The sale of €28.8m ($31.3m) shares worth just under €168m ($183m) was carried out through Morgan Stanley. The books for the deal were opened and closed on Wednesday evening.
Western banks warn of risks in EU plan to grab Russian assets.
Some western banks have begun lobbying against EU proposals to redistribute billions of euros in interest earned on frozen Russian assets fearing it could lead to costly litigation, Reuters reported.
European Union leaders are on March 21 discussing a plan to use up to €3bn ($3.3) a year to supply arms to Ukraine as they try to bolster Kyiv's fight against Russia, which would still own the underlying frozen assets.
European airline CEOs say industry consolidation is vital.
Airline executives called for further industry consolidation on March 20 as the EU weighs a deal between Germany's Lufthansa and Italy's ITA Airways and hits pause on a separate transaction between IAG and Air Europa, Reuters reported.
Europe's airline industry has been gradually consolidating for the last 20 years but remains fragmented, with small national carriers struggling to compete with bigger rivals, often needing expensive government bailouts.
National World eyes Telegraph as UAE-backed deal falters. (FS)
National World, the publisher behind the Yorkshire Post and other British local newspapers, has repeated its interest in buying the Telegraph after a UAE-backed bid was effectively blocked by the UK government, Bloomberg reported.
Foreign states are to be banned from controlling or influencing UK newspapers and news magazines in a move that casts serious doubt over a proposed takeover of the Telegraph by US private equity firm RedBird Capital Partners and Abu Dhabi-based International Media Investments.
Private lender Kimura Capital to start new commodity hedge fund.
Kimura Capital, a London-based provider of trade finance credit for commodities, is starting a hedge fund as it looks to capitalize on resurgent investor interest in natural resources, Bloomberg reported.
The company has brought in a team from Gaspara Asset Management, led by former Trafigura Group traders John Bell and Jonny Allen, to launch the Kimura Gaspara Fund1, which will focus on market fundamentals.
Galderma prices shares at the top end, boosting the Europe IPO market. (FS)
Skincare company Galderma Group priced its CHF2.3bn ($2.6bn) initial public offering at the top of the marketed range giving much needed confidence to a slowly rebounding market for European listings, Bloomberg reported.
The EQT-backed company priced its IPO shares at CHF53 ($66) each, compared with a marketing range of CHF49 ($55) to CHF53 ($66) apiece. The stock is set to start trading on March 22. Galderma is advised by Goldman Sachs, Morgan Stanley, UBS, BNP Paribas, Bank of America, Citigroup, Jefferies and Lazard.
CVC-backed German perfume retailer Douglas tumbles in debut. (FS)
German perfume retailer Douglas slumped as much as 11% as it began trading in Frankfurt after raising €850m ($929m) in the country's largest listing this year, Bloomberg reported.
The CVC-backed company's shares hit a low of €23.20 a share, compared with the IPO price of €26. The offering was pitched at the bottom of an advertised range to entice investors back into a market that has been subdued for much of the past 18 months.
Dubai's Parkin jumps 31% on debut after $429m IPO.
Parkin jumped as much as 31% in its Dubai debut after a $429m initial public offering that received a record amount of demand, Bloomberg reported.
Shares in Dubai's public parking business opened at $0.74 on March 21, up from the offer price of $0.57. The IPO was 165 times covered, attracting $71bn in orders, which it said was a record for Dubai.
Top Mideast grocery chain LuLu said to tap banks for IPO.
LuLu Group International, which operates one of the Middle East's largest hypermarket chains, has appointed banks for what could be one of the biggest initial public offerings in the Gulf this year, Bloomberg reported.
The firm has picked Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and HSBC to work on the planned offering in Abu Dhabi. Moelis & Co is acting as an independent financial adviser.
APAC
Kedaara Capital, an operationally oriented private equity firm, completed the investment in Dairy Day, an ice cream brand. Financial terms were not disclosed.
"Ice Cream is one of the fastest growing categories within the entire food & beverage segment. Dairy Day’s dedication to quality, and its commitment to delivering “goodness” has resonated deeply with consumers across its target markets, propelling the brand to a market-leading position. The company is led by a passionate and very strong execution focused team. We are excited to partner with Mr. M.N. Jaganath, Mr. A. Balaraju, and rest of the team to help them unlock Dairy Day’s full potential, and further strengthen its leadership position,” Sunish Sharma and Anant Gupta, Founder and Managing Partner and Managing Director of Kedaara Capital.
Kedaara Capital was advised by Ernst & Young and Gutenberg (led by Nalini Neha).
The Government of Hong Kong to invest $200m in Hozon, an electric vehicle startup that uses technology to develop intelligent electric vehicle models.
Becoming a key corporate partner of the Hong Kong government will help Hozon Auto enter a new stage of globalization, adding that the SAR has multiple innovation and development advantages, so it is an excellent location for companies to expand overseas. Hozon Auto will build an intelligent research and development center and a big data center to develop localized smart new energy vehicles and a production base to promote the rapid development of smart NEVs worldwide in Hong Kong.
Japanese insurer Tokio Marine has $10bn for potential acquisitions.
Tokio Marine could potentially spend around $10bn on overseas acquisitions and is patiently tracking public companies around the world, DealStreetAsia reported.
Tokio Marine's international business has grown to more than 50% of the company's profits, compared with less than 3% 20 years ago, with its most recent large acquisitions in the US market. "Something we could do relatively easily would be in the $10bn range," Chris Williams, Tokio Marine, Co-Head International Business.
JP Morgan weighs naming new China chiefs in reshuffle. (People)
JP Morgan is considering appointing its Asia-Pacific CFO and a key Hong Kong dealmaker to run its China business. The bank is mulling Alan Ho as its new CEO for China and Rita Chan, who joined the US firm in late 2020 from Goldman Sachs, is set to become senior country officer, Bloomberg reported.
The two would fill the vacancy to be left by Mark Leung, who resigned as China CEO last month after a 25-year stint at the firm. Final decisions on the candidates and remits haven't been made.
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