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AMERICAS
Bitfarms, a global vertically integrated Bitcoin data center company, agreed to acquire Stronghold Digital Mining, a vertically integrated crypto asset mining company focused on mining Bitcoin and environmental remediation and reclamation services, for $125m.
“After three years of ongoing discussions, I am proud to announce this transformative acquisition, which is a decisive step in securing a strong future for Bitfarms. With this transaction, we expect to expand and rebalance our energy portfolio to 950MW with nearly 50% in the US by the end of 2025 and have visibility on multi-year expansion capacity up to 1.6GW with approximately 66% in the US, up from approximately 6% today. By vertically integrating with power generation, expanding our energy trading capabilities and securing two high potential sites for HPC/AI with significant multi-year expansion potential, we are executing our strategy to diversify beyond Bitcoin mining to create greater long-term shareholder value,” Ben Gagnon, Bitfarms CEO.
Stronghold is advised by Cohen & Company Capital Markets, Blake Cassels & Graydon and Vinson & Elkins (led by Steve Gill and D. Alex Robertson). Bitfarms is advised by Houlihan Lokey, Moelis & Co, Fasken, McMillan, Peterson McVicar and Skadden Arps Slate Meagher & Flom (led by Christopher Barlow).
Arch Resources, an American coal mining and processing company, agreed to merge with CONSOL Energy, an American energy company, in a $5.2bn deal.
“We are excited to bring our companies together to create a new industry leader that is ideally positioned to meet the rising demand for critical resources and energy around the world. Our assets are highly complementary, resulting in increased diversification across coal types, end uses, and geographies. In addition, Core Natural Resources is expected to have a strong balance sheet, ample liquidity, and robust free cash flow to deliver industry-leading capital returns,” Jimmy Brock, CONSOL Energy Chairman and CEO.
Vector Group, an American diversified holding company, agreed to acquire JT Group, a global company operating in tobacco, pharmaceuticals and processed food, for $2.4bn.
“Vector Group and JT Group share a commitment to quality and excellence and providing consumers an outstanding value proposition in the U.S. 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.
Vector Group is advised by Jefferies & Company, Sullivan & Cromwell (led by Alison S. Ressler), and FGS Global. JT Group is advised by Ernst & Young, JP Morgan, and Freshfields Bruckhaus Deringer (led by Sebastian Fain and Paul Humphreys).
Nordson, an innovative precision technology company, completed the acquisition of Atrion Corporation, a manufacturer of medical devices and components, for $800m.
“Over nearly 15 years, Nordson has built a strong medical portfolio through organic and acquisitive growth. This attractive end market has several long-term secular growth drivers, including aging of the population, increasing healthcare spending and procedures, adopting of minimally-invasive surgical techniques, continuing innovation and medical OEM outsourcing. We have long admired Atrion’s technology portfolio, and today’s announcement represents a step forward in expanding our medical offerings for our customers. Leveraging our NBS Next growth framework and medical business expertise, we see significant operational synergies, while supporting the long-term growth of the business,” Sundaram Nagarajan, Nordson Corporation President and CEO.
Enterprise Products Partners, a provider of midstream energy services to producers and consumers of natural gas, agreed to acquire Piñon Midstream, a gas company, from Black Bay Energy Capital, a private equity firm, for $950m.
“The Piñon team is thrilled to contribute our unique Delaware Basin gas treating system to Enterprise, a true leader in the midstream energy business. Our team, and specifically our incredible field personnel and loyal employees, set out to build the premier sour gas treatment and carbon sequestration asset in the market and, with the support of our producer clients, achieved our goal. We would also like to thank the Black Bay Energy Capital team for their close partnership and support to start this business during an extremely challenging time in the energy markets,” Steven Green, Piñon Midstream CEO.
Piñon Midstream is advised by Piper Sandler and Kirkland & Ellis (led by William J. Benitez and Alec Manzer). Enterprise is advised by Locke Lord and Sidley Austin.
Advanced Drainage Systems, an innovative water management solutions provider, agreed to acquire Orenco Systems, an advanced onsite septic wastewater treatment products manufacturer. Financial terms were not disclosed.
“Orenco accelerates the Company’s growth in the advanced wastewater treatment space, opening up new opportunities in a highly fragmented and fast-growing segment of onsite septic wastewater. This acquisition is a great strategic fit for the Infiltrator business. The enhanced portfolio of complementary solutions combined with the broader sales force, geographic reach and distribution footprint will drive further penetration in this attractive segment. We look forward to working with the Orenco team to continue building on both companies’ strengths to deliver exceptional products and services to customers,” Scott Barbour, Advanced Drainage Systems President and CEO.
Advanced Drainage Systems is advised by Jefferies & Company and Squire Patton Boggs. Orenco Systems is advised by Raymond James and Klehr Harrison Harvey Branzburg.
Hyatt Hotels, a global hospitality company, agreed to acquire Standard International, a company that develops and operates hotels and branded residences as well as restaurants, bars, nightclubs and spas, for $335m.
“The team behind Standard International has created a unique and award-winning portfolio of brands and properties that turn the status quo on its head and have attracted a loyal following among the most discerning lifestyle guests for the past 25 years. These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty. We are thrilled to welcome Standard International’s properties and team to the Hyatt family with the newly created lifestyle group and draw on their brilliance, creativity, culture and innovation,” Mark Hoplamazian, Hyatt President and Chief Executive Officer.
Hyatt is advised by Moelis & Co and Venable.
CTO Realty Growth, a real estate investment trust company, completed the acquisition of three open-air shopping centers for $137m.
"The Three Property Portfolio expands our geographic footprint into Charlotte and Tampa and further strengthens our presence in Orlando. Consistent with our investment strategy, Carolina Pavilion provides near-term value-add opportunities including ability to add strong tenancy, bringing rents to market, and increasing occupancy. Millenia Crossing is situated in the dominant retail area of Orlando and Lake Brandon Village adds another grocery anchored property to our portfolio. Furthermore, with the sale of Jordan Landing, all of our properties are now located in the Southeast and Southwest markets of the United States,” John P. Albright, CTO Realty Growth President and CEO.
PCB Financial, a privately held investment firm, completed the merger with Northern California Bancorp, a publicly traded bank holding company, and Monterey County Bank, a bank. Financial terms were not disclosed.
"This is a really exciting time for Monterey County Bank and the businesses we serve. Together with this new team, we'll be able to offer our clients and the business community more resources and banking products to help their businesses grow. We will always be a bank who puts our community first, and this transaction brings the right capital and leadership to strengthen our ability to support this great community of businesses," Charles Chrietzberg, Monterey County Bank Chairman and CEO.
KKR in talks to buy The Parking Spot in $1.4bn deal. (FS)
KKR is in advanced talks to acquire The Parking Spot, an owner and operator of parking properties near airports, Bloomberg reported.
The alternative-asset manager’s deal for the Chicago-based company values it at about $1.4bn. A transaction may be announced in the coming weeks.
Thomas H Lee Partners eyes $6.25bn for latest buyout fund. (FS)
Thomas H Lee Partners, one of the oldest private equity firms in the industry, has set a fundraising target of $6.25bn for its latest buyout fund, Thomas H Lee Equity Partners X, according to a report by Private Equity International.
If successful, the fund will be 12% larger that the firm’s predecessor vehicle, Fund IX, which closed in 2021 with $5.6bn, but ill still fall short of THL’s largest ever fund, 2007’s $8.1bn Fund VI.
Uber hires ex-Tesla exec Rebecca Tinucci to oversee EV transition. (People)
Uber Technologies has hired former Tesla executive Rebecca Tinucci to oversee the ride-hailing platform's shift to electric vehicles, Reuters reported.
Uber has a plan to completely electrify its vehicle fleet by 2040 and vowed to invest $800m through 2025 to help reach its goal. Tinucci will start on Sept. 16 as Uber's global head of sustainability to help oversee the company's transition to a zero-emission platform. She will report to Andrew Macdonald, head of Uber's mobility business.
EMEA
The UK competition regulator has "reasonable grounds to believe" that the remedial measures offered by homebuilders Barratt and Redrow may be accepted, paving the way for the completion of their proposed merger, Reuters reported.
Barratt agreed to buy Redrow in early February in a £2.52bn ($3.28bn) all-stock deal. The Competition and Markets Authority earlier this month raised competition concerns over one local area that contained four Barratt developments and a Redrow development that has fewer than 10 plots remaining to sell.
Pollen Street, an independent, alternative investment management company, agreed to acquire Keylane Group, a software company, from Waterland Private Equity, an investment company. Financial terms were not disclosed.
“Keylane is the standout Northern European software vendor to insurers. We have followed Keylane closely for a number of years and admired its rapid growth and deployment of its advanced SaaS technology platforms into the European insurance ecosystem. Keylane has led the digital transformation of the P&C and life & pensions insurance sectors across the Benelux, Nordic and DACH regions. We look forward to partnering with the Keylane team to accelerate growth and create a pan-European industry leader,” James Bailey, Pollen Street Investment Director.
Ares-backed Automated Industrial Robotics, an industrial automation company, agreed to acquire Sewtec Automation, an industrial automation solutions provider. Financial terms were not disclosed.
“Ares is proud to continue its support of AIR’s growth through this latest acquisition of Sewtec. This reinforces our shared goal of building AIR into a scaled player with a global manufacturing footprint, and we look forward to continuing to work with the Company to meet the significant and growing demand for high quality automation solutions,” Matt Cwiertnia, Ares Partner and Head of the Private Equity.
Brookfield seeks nearly €9.5bn to back Grifols takeover. (FS)
Brookfield Asset Management is asking banks to line up about €9.5bn ($10.6bn) of debt for its potential take-private deal for Spanish pharmaceutical producer Grifols, Bloomberg reported.
The Toronto-based investor has asked banks to put up the funds to refinance Grifols’ existing debt, which includes loans and high-yield bonds. Participating banks would commit to offer the financing before selling it on to investors.
US agency to join $225m investment in African fiber firm.
A US development agency will be one of the main investors as African fiber company Liquid Telecommunication seeks to raise $225m in equity by the end of the year, Bloomberg reported.
The International Development Finance Corporation will be one of the biggest participants in a $90m tranche in the next few weeks, while Liquid plans a second round later in the year.
IHS is said to mull sale of tower businesses in Rwanda, Zambia.
Telecom tower operator IHS is exploring a potential sale of its businesses in Rwanda and Zambia, Bloomberg reported.
The New York-listed company plans to gauge interest from potential buyers for its operations in the two countries. Some proceeds from any disposals would be used to pay down debt.
APAC
India's antitrust body has reached an initial assessment that the $8.5bn India merger of Reliance and Walt Disney media assets harms competition due to their power over cricket broadcast rights, Reuters reported.
It is the biggest setback so far to the planned Disney-Reliance merger, which aims to create India's biggest entertainment player, which will compete with Sony, Zee Entertainment, Netflix and Amazon with a combined 120 TV channels and two streaming services.
Disney is advised by Citigroup, The Raine Group (led by Rounak Chandak), AZB & Partners (led by Ashwath Rau and Kashish Bhatia), Covington & Burling, and Cleary Gottlieb Steen & Hamilton (led by Nallini Puri). Reliance Industries is advised by Ernst & Young, Goldman Sachs, Khaitan & Co (led by Deepak Jodhani, Tanu Banerjee, Haigreve Khaitan, Kartick Maheshwari, and Mehul Shah), Shardul Amarchand Mangaldas & Co, and Skadden Arps Slate Meagher & Flom (led by Howard Ellin). Viacom18 is advised by BDO, Ernst & Young, Goldman Sachs, HSBC, Khaitan & Co, and Shardul Amarchand Mangaldas & Co. Paramount Global is advised by J. Sagar Associates (led by Bharati Joshi and Lalit Kumar).
BV Investment Partners, a private equity firm, agreed to invest in Kami, a classroom engagement and teacher productivity content provider. Financial terms were not disclosed.
"We've always been ambitious at Kami, which is why we have over 40m teachers and students signed up, and now is the time to own the global edtech space, deepening and expanding our presence from our US focus today. BV is the right strategic partner to achieve our goals and continue our mission to scale to the next level," Hengjie Wang, Kami Co-Founder and CEO.
BV Investment Partners is advised by Chris Tofalli Public Relations.
Walmart sells $3.74bn JD.com stake to focus on its own China operations.
Chinese e-commerce firm JD.com on August 21 top shareholder Walmart had sold its entire stake after an eight-year investment, as the US retail giant focuses on its own operations in China, Reuters reported.
A placement of the shares was fully subscribed, and would be worth $3.74bn at the top end of the offered range.
KKR, Hulic bid $2bn for GIC’s central Tokyo skyscraper. (FS, RE)
A group led by KKR and one of Japan’s largest real estate companies made a bid to acquire a Tokyo skyscraper owned by Singapore sovereign wealth fund GIC, Bloomberg reported.
KJR Management, a Japanese real estate unit of KKR, and Hulic put in the offer for Shiodome City Center, a 43-story office tower in one of Tokyo’s central business districts. The bid was priced around JPY300bn ($2bn), making any potential sale one of the most expensive office building transactions ever in Japan.
China's CAS Investment hits first close of new RMB fund at nearly $421m. (FS)
CAS Investment, a Chinese technology-focused fund management firm, has reached the first close of a new RMB fund series to invest in disruptive startups in artificial intelligence, cleantech, and biotech, DealStreetAsia reported.
Beijing-based CAS Investment, which counts the Chinese Academy of Sciences as a major shareholder, announced on August 20 the first close of the Guoke Ruihua Phase IV Equity Investment Fund at CNY3bn ($420.5m).
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