UK's CMA to probe GXO Logistics-Wincanton deal.
Britain's competition regulator will investigate US-based warehousing firm GXO Logistics' £762m ($952m) completed buyout of UK peer Wincanton, it said on April 8, Reuters reported.
The Competition and Markets Authority has issued an initial order to the companies as part of the probe. GXO outbid CEVA Logistics earlier this year with a 605p per share offer for Wincanton, which operates in about 160 locations. It is also involved in e-commerce, groceries and non-food retail, with customers including supermarket operators Sainsbury's, Morrisons and Asda.
Wincanton is advised by Deutsche Numis (led by Mark Lander), Hsbc (led by Adam Miller), Ubs (led by Hew Glyn Davies, Sandip Dhillon and Arnould Fremy), Herbert Smith Freehills (led by Roddy Martin and Mark Bardell) and Headland Consultancy (led by Henry Wallers). CEVA Logistics is advised by Willkie Farr & Gallagher (led by Gavin Gordon, Gabriel Flandin and Daniel Hurstel). CMA is advised by Morgan Stanley (led by Adrian Doyle, Louis Petracco and Stuart Wright) and Image Sept (led by Anne-France Malrieu). Financial advisor was adised by Ashurst (led by Karen Davies). GXO is advised by Bank of America (led by Geoffrey Iles), Rothschild & Co (led by Neil Thwaites), Freshfields Bruckhaus Deringer (led by Sebastian L. Fain), Wachtell Lipton Rosen & Katz (led by Gregory Pessin), Brunswick Group (led by Simon Sporborg) and Kekst CNC (led by Nathan Riggs). Debt is provided by Bank of America.
Summa Equity completed the acquisition of a majority stake in FAST LTA from Afinum Management. (FS)
Summa Equity, a thematic investment firm, completed the acquisition of a majority stake in FAST LTA, a long-term data storage solutions provider, from Afinum Management, a private equity firm. Financial terms were not disclosed.
"Critical industries like healthcare and the public sector are confronted with an escalating challenge in an age of growing data quantity and complexity as well as an increasing number of cyber-attacks, and FAST LTA offers a compelling technology solution to solve these challenges. By investing in FAST LTA, we further increase our efforts to partner with companies that help address crucial (cyber)security challenges, a core thematic focus within our tech investment strategy,” Matthias Fink, Summa Equity Partner.
Summa Equity was advised by Willkie Farr & Gallagher (led by Axel Wahl). Afinum Management was advised by Lincoln International.
Ares Management and EQ Group completed the acquisition of the hotel portfolio of Landsec for £400m. (RE, FS)
Ares Management, a global alternative investment manager, and EQ Group, a hospitality investment and management platform, completed the acquisition of the hotel portfolio of Landsec, a real estate investment trust company, for £400m ($501m).
"We said in late 2020 that our focus would be on areas where we have a genuine competitive advantage. In line with that strategy, we have continued to recycle capital out of assets where our ability to add further value is limited. The sale of our hotel portfolio and other non-core assets will further strengthen our balance sheet and leave us well placed to take advantage of opportunities in the market as they arise," Mark Allan, Landsec CEO.
Basware completed the acquisition of AP Matching.
Basware, an AP automation and invoice processing firm, completed the acquisition of AP Matching, a financial technology company. Financial terms were not disclosed.
"CFOs often struggle to oversee the complexities of invoicing processes end-to-end, which can lead to erroneous payments slipping through the gaps. The repercussions of failure in statement reconciliation is money lost from a company's P&L (profit and loss statement). But it can be fixed and automated. We're excited to combine forces with AP Matching, so that CFOs can enhance their AP automation processes and increase the accuracy of financial recording. We're on a mission to unlock the future of finance and provide the best end-to-end technology to drive value for our customers. With AP Matching, we will do just that," Jason Kurtz, Basware CEO.
CVC Capital Partners to invest in Hempel. (FS)
CVC Capital Partners, a private equity firm, agreed to invest in Hempel, a developer and manufacturer of coating solutions for the protective, decorative, marine, container, industrial and yacht segment. Financial terms were not disclosed.
“The competitive landscape is moving at an increasingly faster rate in the paint and coatings industry and we need to continue to grow to remain at the forefront. We have already made solid progress on our strategy of driving profitable growth, both organically and inorganically through M&A activity, delivering record-breaking results in 2023. This new partnership will considerably strengthen our industry position, will ignite further growth in our winning brands and means we are well-placed to seek out transformative acquisition opportunities,” Michael Hansen, Hempel Group President and CEO.
Austria's RBI drops bid for stake linked to Russian tycoon after US pressure.
Austria's Raiffeisen Bank International has dropped a bid for a €1.5bn ($1.6bn) industrial stake linked to Russian tycoon Oleg Deripaska after intense US pressure, Reuters reported.
The deal's collapse is a fresh setback for the biggest Western bank in Russia, which faces criticism for its ties to Moscow more than two years since Russia's invasion of Ukraine. RBI's announcement followed weeks of pressure over its plan to buy a stake in construction group Strabag, a move designed to unlock bank funds frozen in Russia but opposed by the US.
Energy producers Santos, Repsol explore sale of stakes in Alaska oilfields.
Oil and gas producers Santos and Repsol are exploring a sale of a minority stake in oilfields in Alaska they jointly own and develop in a deal that could be worth about $1bn, Reuters reported.
The oilfields include the Pikka project, which is one of the largest oil prospects in Alaska and has been valued at about $4.5bn by consultancy firm Rystad Energy.
Frasers Group nears deal for fashion chain Ted Baker.
Billionaire Mike Ashley's Frasers Group is closing in on a deal to become the new British partner of struggling fashion chain Ted Baker, Reuters reported.
Apparel and sportswear retailer Frasers has emerged as the preferred partner for the chain following the collapse of No Ordinary Designer Label, Ted Baker's existing UK licensing partner.
Engineering firm Sidara weighs potential acquisition of John Wood Group.
Sidara, the family-owned engineering company formerly called Dar Group, is exploring a potential acquisition of London-listed John Wood Group, Bloomberg reported.
Sidara has been studying a possible deal for Wood as the Scottish firm’s stock price continues to decline. The shares jumped as much as 22% in London trading.
RWE reviews options for stake in high-voltage power grid Amprion.
RWE, Germany's biggest electricity producer, is considering options for its minority stake in Amprion, one of Germany's four high-voltage power transmission networks, the company said on May 7, potentially paving the way for a sale, Reuters reported.
"In view of the high capital requirements for grid expansion, we are currently examining various options and financing possibilities in relation to our Amprion investment," RWE.
Saudi staffing company SMASCO looking to raise $240m in IPO.
Saudi Arabian staffing company SMASCO aims to raise as much as $240m in its initial public offering on Riyadh's main bourse.
The indicative price range for the IPO has been set at $2 per share, implying a market capitalisation of between $746.7-$800m, DealStreetAsia reported.
Stada could see IPO as soon as end Q3.
German drug manufacturer Stada could return to the stock market as soon as after the summer if bids are not high enough in a possible sale sought by its owners, Reuters reported.
The alternative option of an initial public offering in Frankfurt is already in preparation by private equity shareholders Bain Capital and Cinven, though a final decision on timing is dependent on market conditions.
