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Top Highlights
Ardian, a private equity investment firm, and Public Investment Fund, a sovereign wealth fund by the government of Saudi Arabia, completed the acquisition of a 37.6% stake in Heathrow Airport from Ferrovial, a provider of transport infrastructure and urban services, for £3.26bn ($4.12bn).
Energy Capital Partners, an American investment firm, completed the acquisition of Atlantica Sustainable Infrastructure, a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, storage, efficient natural gas, electric transmission and water assets, for $2.56bn.
Atlantica Sustainable Infrastructure was advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by Lorenzo Corte). Financial advisor was advised by White & Case (led by Denise A. Cerasani). Energy Capital Partners was advised by Barclays, Morgan Stanley, Latham & Watkins (led by David Kurzweil), Stikeman Elliott and FGS Global (led by Nick Rust). Algonquin Power and Utilities was advised by JP Morgan and Weil Gotshal and Manges (led by Michael J. Aiello and Matthew Gilroy).
Pango Group, a holding company that acquires and operates a portfolio of cybersecurity brands, completed the merger with Total Security, a provider of antivirus protection Total AV, in a $1.7bn deal. The combined company rebrand as Point Wild.
Pango Group was advised by Evercore, Ashurst, McDermott Will & Emery and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel and Ben Steadman). Total Security was advised by Trethowans Solicitors and Willkie Farr & Gallagher (led by Kevin O'Mara and Hugh McLaughlin).
Deal Round up
AMERICAS
Carlyle gets $318m private loan for stake in waste firm. ( Bloomberg)
Super Micro Computer taps Evercore to raise capital. ( Bloomberg)
Argentina to sell stake in majority state-owned power transport firm. ( Reuters)
Databricks nears record $9.5bn VC raise, eyes extra $4.5bn debt. ( Reuters)
Contact lens maker Bausch + Lomb says it is exploring sale. ( Reuters)
Morgan Stanley set to buy €900m of Santander mortgages. (Bloomberg)
SoftwareOne confirms advanced talks to buy Norway’s Crayon. ( Bloomberg)
Kosmos in early talks for Tullow Oil takeover. ( Reuters)
Allianz scraps proposed acquisition of Singapore's Income Insurance. ( Reuters)
Italy's F2i ready to raise funds to buy into state railway's high-speed company. ( Reuters)
Textor said to weigh selling Eagle Football stake to Sportsbank. ( Bloomberg)
Turkey’s Aydem Group plans 2025 IPOs for power grid operators. ( Bloomberg)
APAC
Schroders seeks buyers for Indonesian unit with $4bn in assets. (Reuters)
South Korea to safeguard competition after Korean Air, Asiana merger. (Reuters)
Sauce maker Haitian is said to hire banks for Hong Kong listing. (Bloomberg)
Sexy Tea is said to plan US IPO instead of listing in Hong Kong. (Bloomberg)
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AMERICAS
As of December 14, 2024, all regulatory closing conditions relating to the review of Novo's pending acquisition of Catalent, including expiry of the timing agreement in the US, have been fulfilled. The acquisition is expected to be completed in the coming days.
Upbound Group, a technology and data-driven company that provides financial products for consumers, agreed to acquire Brigit, a financial platform that offers tools for cash advances, credit building, and financial management, for $460m.
Heritage Bank, a community bank, agreed to merge with Fidelity State Bank and Trust, a banking services provider. Financial terms were not disclosed.
Fidelity State is advised by CC Capital Advisors and Stinson. Heritage Bank is advised by Olsen Palmer and Armstrong Teasdale.
Alpha Modus, a technology company with a core focus on artificial intelligence in retail, went public via a SPAC merger with Insight Acquisition, a special purpose acquisition company. Financial terms were not disclosed.
Alpha Modus was advised by Maxim Group, Brunson Chandler & Jones and MZ Group (led by Shannon Devine). Insight Acquisition was advised by Loeb & Loeb.
Delek Logistics, a logistics and marketing assets operator for crude oil, and intermediate and refined products, agreed to acquire the water midstream business from Clearlake Capital-backed Gravity Oilfield, a water and power infrastructure company. Financial terms were not disclosed.
A consortium led by Soros Fund Management, a privately held American investment management firm, completed the acquisition of First We Feast, an online food-culture magazine and YouTube channel, from BuzzFeed, a cross-platform digital media company delivering news and entertainment content to a global audience, for $83m.
Fresh Express, a brand in value-added salads and fresh produce, completed the acquisition of McEntire Produce, a fresh-cut processor, repacker, and wholesaler supplying the foodservice industry. Financial terms were not disclosed.
McEntire Produce was advised by North Inlet Advisors.
Reworld, a sustainable waste solutions provider, completed the acquisition of EnviroVac Waste Transport Systems, a provider of hazardous and non-hazardous waste transportation services. Financial terms were not disclosed.
Reworld was advised by Coyne Public Relations.
AbbVie, a pharmaceutical company that discovers, develops, and markets medicines, agreed to acquire Nimble Therapeutics, a biotechnology company, for $200m.
Carlyle gets $318m private loan for stake in waste firm. ( Bloomberg)
The private equity firm secured a unitranche loan of over AUD500m ($318m) from Ares Management, KKR Credit Advisors, and UBS Group to finance the purchase from Livingbridge.
Super Micro Computer taps Evercore to raise capital. ( Bloomberg)
Super Micro Computer has engaged Evercore to assist in raising capital as the company works to stabilize its financial position.
The high-performance server manufacturer, facing pressure to avoid delisting after missing an August deadline to file its annual financial report, is exploring options to raise both equity and debt financing.
Argentina to sell stake in majority state-owned power transport firm. ( Reuters)
Argentina is set to sell its entire 51% stake in Transener, the majority state-owned power transmission company, in the coming days, according to Daniel Gonzalez, the government's energy and mining coordination secretary.
Transener, the country’s primary high-voltage power transmission firm, operates a network spanning approximately 12,4k kilometers of transmission lines, as stated by the government.
Databricks nears record $9.5bn VC raise, eyes extra $4.5bn debt. ( Reuters)
Databricks, a data analytics software firm, is poised to close one of the largest venture capital funding rounds in history, driven by overwhelming investor interest.
The round, nearly twice oversubscribed, is projected to exceed $9.5bn upon finalization next week, surpassing the company’s initial goals and earlier projections. The final figure may rise further before the deal concludes.
Contact lens maker Bausch + Lomb says it is exploring sale. ( Reuters)
Bausch + Lomb announced that it is exploring a potential sale along with other strategic options, a move aimed at facilitating the exit of its Canadian parent company, Bausch Health, from the eye-care business.
The company clarified that its statement was issued in response to a request from the Canadian Investment Regulatory Organization following media reports about a possible sale, which caused volatility in its share price.
Historically, Bausch + Lomb has worked with Norton Rose Fulbright and Latham & Watkins, according to MergerLinks data.
EMEA
The UK’s Competition and Markets Authority announced on December 13 that it has launched an investigation into BlackRock's £2.55bn ($3.22bn) acquisition of UK data firm Preqin.
The regulator has set February 12 as the deadline for its Phase 1 decision regarding the deal, which was first announced in June.
Igneo Infrastructure Partners, an autonomous investment company, agreed to acquire a 50% stake in Höegh Evi, a provider of floating energy infrastructure, from Morgan Stanley Infrastructure Partners, a global private infrastructure investment platform. Financial terms were not disclosed.
Höegh Evi is advised by DNB Bank, Morgan Stanley, Kirkland & Ellis and Watson Farley & Williams. Igneo is advised by Citigroup, Schjodt and Weil Gotshal and Manges. Morgan Stanley is advised by White & Case.
Platinum Equity, a private equity investment firm, completed the acquisition of a majority stake in Fratelli Polli, a producer of pasta condiments and vegetable preserves. Financial terms were not disclosed.
Polli was advised by Mediobanca. Platinum Equity was advised by Clearwater, Deloitte, Latham & Watkins (led by Cataldo Piccarreta and Giorgia Lugli) and Ernst & Young.
EQT Exeter, a global real estate investment manager, completed the acquisition of two UK warehouses in Milton Keynes and Dartford from M&G Real Estate, a property investor.
EQT Exeter was advised by Acre Capital Real Estate, Epsilon Environmental, Charles Russell Speechlys and Black Cat Consultancy.
Morgan Stanley set to buy €900m of Santander mortgages. ( Bloomberg)
Morgan Stanley is nearing a deal to acquire approximately €900m ($940m) in Spanish mortgages from Banco Santander.
The two lenders are in the final stages of negotiations, with Alantra Partners advising Santander. While the agreement is close, details remain subject to change, and the deal could still collapse.
Historically, Morgan Stanley has worked with Harris Williams, JP Morgan, Jones Day and Debevoise & Plimpton, according to MergerLinks data.
SoftwareOne confirms advanced talks to buy Norway’s Crayon. ( Bloomberg)
SoftwareOne is in advanced talks to acquire Crayon Group, a deal that would establish a leading pan-European software reseller.
The Swiss company announced that it plans to purchase Crayon using a mix of cash and shares, though further details were not disclosed.
Historically, SoftwareOne has worked with Rothschild & Co, KPMG, Cuatrecasas and Lenz & Staehelin, according to MergerLinks data.
Kosmos in early talks for Tullow Oil takeover. ( Reuters)
US oil and gas company Kosmos Energy is in preliminary discussions for an all-share acquisition of Tullow Oil, a deal that would create a West Africa-focused energy producer.
The merger, involving two highly leveraged firms, aligns with a recent trend of consolidation in the energy sector, as companies seek to improve performance through greater scale and cost reductions.
Historically, Tullow Oil has worked with Barclays, JP Morgan, Freshfields Bruckhaus Deringer and Norton Rose Fulbright, according to MergerLinks data.
Allianz scraps proposed acquisition of Singapore's Income Insurance. ( Reuters)
The acquisition, which would have boosted Allianz from the ninth to the fourth largest composite insurer in Asia, drew criticism in Singapore over concerns that it could compromise the mission of providing affordable insurance to lower-income workers.
Italy's F2i ready to raise funds to buy into state railway's high-speed company. ( Reuters)
Italy's infrastructure fund F2i is prepared to raise capital to invest in the high-speed rail network company that state-controlled railway group Ferrovie dello Stato plans to establish.
FS announced its intention to spin off its high-speed rail network into a dedicated company, creating an opportunity for external investors to acquire a stake. "F2i is always ready to mobilize financial resources to develop strategic infrastructure networks for the country, and the rail network is one of them," Renato Ravanelli.
Textor said to weigh selling Eagle Football stake to Sportsbank. ( Bloomberg)
John Textor, a prominent football club investor, is in talks to sell a stake in his investment vehicle, Eagle Football, to Sportsbank.
Sportsbank, a sports-focused investment firm, initially explored acquiring Eagle’s approximately 45% stake in Crystal Palace FC, an English Premier League club. However, after weeks of negotiations, the focus has shifted to purchasing a direct interest in Eagle Football itself.
Turkey’s Aydem Group plans 2025 IPOs for power grid operators. ( Bloomberg)
Turkish energy company Aydem Enerji Yatirimlari is preparing to launch initial public offerings for two of its subsidiaries in the first half of 2025.
The planned IPOs will involve GDZ Elektrik Dagitim and ADM Elektrik Dagitim, both of which are set to list on the Istanbul stock exchange. The grid operators could be valued at $2.2bn and $1.5bn, respectively.
APAC
EQT, a private equity firm, completed the acquisition of TPG and KKR-backed PropertyGuru, a property technology company, in a $1.1bn deal.
Reliance Industries, an Indian multinational conglomerate, completed the acquisition of a 74% stake in Navi Mumbai IIA, an industrial area developer, for $192m.
Bain Capital, a private equity firm, offered to acquire Insignia Financial, a wealth manager, for $1.7bn.
Schroders seeks buyers for Indonesian unit with $4bn in assets. (Reuters)
Schroders is looking to sell its Indonesian business, as the UK-headquartered global asset manager weighs exiting some sub-scale markets under its new chief executive.
The plan is fuelled by Schroders' CEO Richard Oldfield, who took charge last month, looking to trim underperforming units, in a bid to reboot performance after a string of disappointing earnings.
Historically, Schroders has worked with PwC, Deloitte, Allen & Overy and Clifford Chance, according to MergerLinks data.
South Korea to safeguard competition after Korean Air, Asiana merger. (Reuters)
South Korea plans to support smaller airlines and closely monitor market competitiveness following Korean Air's $1.3bn acquisition of Asiana Airlines, finalized on December 12. This merger creates one of Asia's largest carriers.
Through the deal, Korean Air acquired a 63.88% stake in Asiana Airlines, turning it into a subsidiary three years later than originally anticipated by Asiana. The combined Korean Air group is expected to control just over half of South Korea's passenger capacity, positioning it as the 12th-largest airline globally in terms of international capacity.
Sauce maker Haitian is said to hire banks for Hong Kong listing. (Bloomberg)
Foshan Haitian Flavouring & Food, a Chinese condiment producer, has engaged China International Capital, Goldman Sachs, and Morgan Stanley to support a secondary listing in Hong Kong, aiming to raise at least $1.5bn.
The company plans to file its preliminary prospectus with the Hong Kong Stock Exchange as early as January. Haitian's board approved the Hong Kong share issuance earlier this week.
Sexy Tea is said to plan US IPO instead of listing in Hong Kong. (Bloomberg)
Hunan Chayue Cultural Industry Development Group, better known as Sexy Tea, is now exploring an initial public offering in the US rather than Hong Kong.
Earlier this year, the Chinese tea chain selected China International Capital and Morgan Stanley to prepare for a Hong Kong listing that aimed to raise several hundred million dollars.
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