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AMERICAS
Arkhouse Management and Brigade Capital Management have raised their bid to buy Macy's for about $6.9bn. Shares of the department store chain were up 1.1% in after-market trading, Reuters reported.
The new proposal is to acquire Macy's stock that Arkhouse and Brigade Capital do not already own for $24.80 each, up from $24 per share offered in March. Arkhouse, which has a 4.4% stake in Macy's, had earlier raised the offer price to $24 per share from $21.
Macy's is advised by Bank of America, Wells Fargo Securities and Wachtell Lipton Rosen & Katz (led by David A. Katz). Brigade Capital is advised by Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison. Arkhouse Management is advised by Cadwalader Wickersham & Taft and Longacre Square Partners (led by Scott Deveau and Joe Germani).
Bidvest Group, a South African services, trading, and distribution company, agreed to acquire Citron Hygiene, a washroom hygiene solutions provider, from Birch Hill Equity Partners, a private equity firm. Financial terms were not disclosed.
"Citron Hygiene has become a leading brand in the USA, Canada, and the UK, offering exceptional service, an outstanding range of services, and loyal customers. We operate in rapidly developing markets with significant growth in awareness of period dignity and menstrual equity. The acquisition by Bidvest allows us to pursue our growth ambitions," Citron Hygiene.
Bidvest Group is advised by BDO, Deloitte, Barclays, Baker McKenzie and Davies Ward Phillips & Vineberg. Debt financing is provided by Investec. Citron Hygiene is advised by Stikeman Elliott.
IBM, an American multinational technology corporation, completed the acquisition of StreamSets and webMethods enterprise technology platforms from Silver Lake-backed Software, a German multinational software corporation, for €2.13bn ($2.28bn).
"This is an important acquisition for IBM as we help our clients turn complexities into competitive advantage. StreamSets and webMethods bring new capabilities to our clients to embrace data and AI to better manage the growth and complexity of applications. We will empower integrators, developers, and line of business IT to build and manage integrations at an even greater and more impactful scale," Dinesh Nirmal, IBM Senior Vice President.
Quest Diagnostics, a diagnostic information services provider, agreed to acquire LifeLabs, a community laboratory tests provider, from OMERS, an investment company, for $985m.
"Quest has supported laboratories, hospitals and academic centres in Canada with specialized testing services for over two decades, including during the COVID-19 pandemic. This transaction is predicated on our strong belief that we can help LifeLabs accelerate growth and improve healthcare. We are committed to working with the LifeLabs team to ensure service continuity and enhance access and innovation to meet the needs of Canada's growing and aging population," Jim Davis, Quest Diagnostics Chairman, CEO and President.
Quest Diagnostics is advised by McCarthy Tetrault and Longview Communications (led by Peter Block). OMERS is advised by CIBC World Markets, Evercore and Blake Cassels & Graydon.
Mako Mining, a publicly listed gold mining, development and exploration company, completed the acquisition of Goldsource Mines, a Canadian exploration and development company focussed on its 100%-owned Eagle Mountain gold project in Guyana, South America.
“This transaction is a true ‘hand-in-glove’ partnership. The scalability of Goldsource's Eagle Mountain is a direct analogue to that of Mako's San Albino mine. Both properties have district-scale potential, with the ability to unlock that potential through cash flow,” Akiba Leisman, Mako Mining CEO.
Goldsource Mines was advised by SCP Resource Finance and Koffman Kalef. Mako Mining was advised by Eight Capital, Cassels Brock & Blackwell (led by Andrea FitzGerald and Ben McLaughlin).
Spectris, a precision instrumentation and controls supplier, agreed to acquire SciAps, a portable analytical instruments manufacturer, for $260m.
"We are delighted to be joining the Malvern Panalytical business under the Spectris Scientific umbrella. We bring to the portfolio handheld and laser-based (LIBS) elemental analysis, portable benchtop XRF, with a strong new product pipeline and plug-in capability to Malvern Panalytical's innovative digital platform. This is an exciting combination and Spectris is the perfect partner to maximise the success of our combined capabilities and technologies for customers," Don Sackett, SciAps CEO.
London-headquartered information technology firm Noventiq and special purpose acquisition company Corner Growth Acquisition have mutually agreed to terminate their blank-check deal, Reuters reported.
The two last year struck a SPAC deal that would have resulted in the combined company being publicly listed on US exchange Nasdaq.
Demetree Global, a private equity firm focused on land development, completed the acquisition of Hannibal Square, a mixed-use property located in Winter Park, Florida, for $55m.
"By adhering to our co-founder Bill Demetree's vision and focusing on the diamonds in our backyard, we continue to strengthen our community and our holdings," Seth Heller, Demetree Global Managing Partner.
Bezos to sell $5bn of Amazon as shares hit record high.
Jeff Bezos disclosed a plan to unload 25m additional shares of Amazon.com worth $5bn on the day the stock hit a fresh record, Bloomberg reported.
The notice was filed after the market closed on July 2, though sales could also take place as early as that day.
KKR to buy Varsity Brands from Bain Capital for $4.75bn. (FS)
Private equity firm KKR agreed to acquire Varsity Brands, a US maker of sports uniforms and school yearbooks, from buyout firm Bain Capital for about $4.75bn, including debt, Reuters reported.
KKR has committed to offering rank-and-file employees of its North America portfolio companies equity in these companies, and will do so with Varsity Brands.
Saks owner to buy Neiman Marcus in a $2.65bn deal.
The parent of Saks Fifth Avenue agreed to buy rival Neiman Marcus, a move that is expected to give the struggling luxury retailers more power to negotiate with vendors, Reuters reported.
Amazon and Salesforce will take minority stakes in the combined company, to be called Saks Global, and offer their technological expertise.
Frontier, Stonepeak discuss up to $1bn fiber JV. (FS)
Frontier Communications Parent is in talks with Stonepeak about forming a joint venture for fiber investment, Bloomberg reported.
The joint venture could involve a capital injection of $500m to $1bn.
EMEA
BAWAG, an Austrian bank, agreed to acquire German consumer finance business of Barclays, a British universal bank. Financial terms were not disclosed.
“We are excited about the acquisition of Barclays’ German consumer lending business and the many opportunities this presents for the Group. This is a great strategic fit in terms of product offering, market presence, customer base, and team members with deep credit card expertise based in Hamburg. This acquisition provides us with a German consumer lending platform focused on credit cards, personal loans, and savings products across a large and diverse customer base. We look forward to welcoming the whole team and building on the strong foundation that has been established. This is the second acquisition we have signed in 2024, planting the seeds for continued profitable growth in the years ahead“, Anas Abuzaakouk, BAWAG Group CEO.
HIG Capital, a private equity and alternative assets investment firm, agreed to acquire CGH, a Poland-based manufacturer of large, engineered storage tanks and tank accessories. Financial terms were not disclosed.
"With HIG, we have found a perfect partner to support our growth plans which include further geographical expansion and product extension, accompanied by building out our production capacities. Going forward, we will continue to serve our trusted customers in the best way possible and provide them with tailored tanks and storage systems needed for the European energy transition towards a decarbonized and more decentralized energy supply. The partnership with HIG will benefit our customers and employees and we very much look forward to working together with HIG to keep building our success story," Krzysztof Jańczak, CGH CEO.
Greenbridge, a future-focused investment company, completed the investment in Complexio, a foundational AI intended for business purposes. Financial terms were not disclosed.
“For a long time, our team has been closely monitoring advancements in AI and Machine Learning. Over the years, many of the applications we’ve encountered have been limited in scope and not in line with where we see these advancements play a key role. With Complexio, we at Greenbridge saw a technology that takes a holistic view of an organization and, when implemented, creates the opportunity to simplify, rationalize and reduce costs. Complexio’s AI takes advantage of our portfolio company Neo4J’s world leading graph database structure to form relationships and connections between whole company data at speed, in real-time. We see a great future for the combination of these two technologies,” Ola Rollén, Greenbridge Founder and Chairman.
Activist investor Cevian takes stake in UK’s Smith & Nephew. (FS)
Cevian disclosed a 5% stake in Smith & Nephew and will push for improvements at the UK-based maker of knee and hip replacements, Bloomberg reported.
"Cevian sees the potential to create significant long-term value by improving the operating performance of the company’s businesses. We have high expectations for the board and management to realise this potential," Friederike Helfer, Cevian Partner.
Aramco and Adnoc are considering bids for gas producer Santos.
Saudi Aramco and Abu Dhabi National Oil have been separately studying potential bids for Santos, becoming the latest companies to show an interest in the Australian producer’s liquefied natural gas assets, Bloomberg reported.
The stock rose as much as 6.5% in Thursday trading, hitting the highest level in more than two years. They were up 4.2% at the close in Sydney, valuing Santos at AUD26bn ($17.4bn). The company’s languishing share price has led to several failed takeover attempts in recent years and spurred calls for it to break up its businesses.
Lufthansa to consider raising stake in ITA to 90%.
Lufthansa will consider raising its stake in Italy's ITA Airways to 90%, starting from early next year, Reuters reported.
When Lufthansa agreed its 41% deal with Rome's authorities last year, it said it was looking to acquire full control of ITA "at a later date".
BNP Paribas, Axa said to mull €1.4tn asset manager JV. (FS)
Axa is studying options for its investment manager and has been contemplating a combination with BNP Paribas’s asset manager, a joint venture that would have total assets under management of about €1.4tn ($1.5tn), Bloomberg reported.
Discussions between the firms have focused on creating a joint venture between Axa Investment Managers and BNP Paribas Asset Management. Such a move would create one of the largest European firms by AUM.
Bain, Cinven weighing joint bid for $20bn Sanofi unit. (FS)
Private equity firms Bain Capital and Cinven are exploring a potential joint bid for French drugmaker Sanofi’s $20bn consumer health division, Bloomberg reported.
Advent International is speaking to potential partners including sovereign wealth fund Abu Dhabi Investment Authority about teaming up for its own planned offer.
Gulf Data Hub’s minority stake sale draws private equity firms. (FS)
United Arab Emirates-based Gulf Data Hub is weighing the sale of a minority stake to tap into rising global demand for digital infrastructure, Bloomberg reported.
The closely-held firm has drawn interest from international private equity firms. It’s working with JPMorgan on the deal.
Eni, Equinor deals in Nigeria approved after months of delay.
Nigerian regulators approved the sales of units of Eni and Equinor after months of delay as oil majors continue exiting problematic onshore operations in the West African nation, Bloomberg reported.
The acquisitions of Eni’s Nigerian Agip Oil Company by Oando and those of Equinor by Project Odinmim Investments were announced at an industry event on July 3 in Abuja.
Addison Lee owner puts London Uber rival up for sale. (FS)
The owners of Addison Lee, the London-based minicab firm, have begun exploring a sale of the company they took control of four years ago, Sky News reported.
Sky News has learnt that Jefferies, the investment bank, has been hired by Addison Lee's majority shareholder, Cheyne Capital, to canvass interest in a takeover.
UAE IT services firm Alpha Data plans $200m Abu Dhabi IPO.
United Arab Emirates-based IT services company Alpha Data is planning an initial public offering in Abu Dhabi, Bloomberg reported.
The firm is working with EFG Hermes and Emirates NBD Capital on the potential share sale which could come as soon as the end of this year. Alpha Data is seeking to raise about $200m from the listing.
APAC
MBK Partners, a private equity firm, agreed to acquire Alinamin Pharmaceutical, a pharmaceutical company, from Blackstone, an American alternative investment management company, for $2.1bn.
MBK Partners' acquisition of Alinamin represents the Korean equity firm's strategy to strengthen its health care business. It has recently taken over South Korea's leading dental implant firm Osstem Implant and 3D dental scanner maker Medit Corp.
Blackstone is advised by Morgan Stanley.
China's CICC eyes Southeast Asia expansion in bid to ease domestic woes. (FS)
China International Capital plans to expand its presence in Southeast Asia by opening offices in countries including Indonesia and Malaysia, as a slump in deals at home hurts its prospects, Reuters reported.
Founded in 1995, the Beijing-based investment bank currently has a presence in seven international financial centers outside of mainland China, including in Hong Kong, New York, London and Singapore.
Japanese insurers, banks to sell Honda shares worth $3.3bn.
Japanese financial groups including Tokio Marine, Sompo and two MS&AD units will sell Honda Motor shares worth JPY535bn ($3.3bn) to unwind cross-shareholdings, Reuters reported.
Mitsubishi UFJ and Mizuho, Japan's first- and third-largest financial groups, also plan to participate in the sale, a sign that the unwinding of cross-shareholdings is catching pace as part of Japan's corporate governance reforms.
ANZ, Blackstone launch new wealth management fund in Australia. (FS)
ANZ Group and Blackstone have jointly launched a new wealth management fund in Australia targeting the lender’s private clients. The new investment vehicle, named Graphene Alternative Fund, will be managed by Blackstone and will adopt an absolute return strategy, aiming to attract the nation’s richest families, DealStreetAsia reported.
An absolute return fund uses various investment strategies and asset classes to generate positive and steady returns, regardless of market conditions. The launch forms part of ANZ’s efforts to tap into the $3.5tn intergenerational wealth transfer projected to occur in Australia over the next two decades.
Nissan, Honda consider partnering on software, charging infrastructure.
Japanese automakers Nissan Motor and Honda Motor are considering using standardised automotive software and working together on electric vehicle charging, steps that could reduce their costs.
Nissan and Honda said in March that they were considering a strategic partnership on producing EV components as they seek to gain a greater foothold in the global market for battery-powered cars, which is expected to grow over the coming years, Reuters reported.
China's BYD opens EV factory in Thailand, first in Southeast Asia.
China's BYD opened an electric vehicle plant in Thailand on July 4, the automaker's first factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player, Reuters reported.
"Thailand has a clear EV vision and is entering a new era of auto manufacturing. We will bring technology from China to Thailand," Wang Chuanfu, BYD CEO and President.
PwC names new China head amid regulatory scrutiny. (People)
PricewaterhouseCoopers has named in-house executive Daniel Li as its new China head, a move that comes as it faces investigations by financial regulators in mainland China and Hong Kong, DealStreetAsia reported.
PwC said that Shanghai-based Li assumed the role of chairman of PwC China and Asia Pacific with effect from July 1, taking over from Raymund Chao who retired on June 30.
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