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AMERICAS
The European Commission has approved unconditionally, under the EU Merger Regulation, the proposed acquisition of Catalent by Novo. The Commission concluded that the transaction would not raise competition concerns in the European Economic Area.
Morgan Stanley Capital, a private equity firm, agreed to acquire Prescott’s, a healthcare focused specialty outsourced clinical engineering services provider, from Atlantic Street Capital, a private equity firm. Financial terms were not disclosed.
Prescott’s is advised by Harris Williams & Co, Houlihan Lokey and Kramer Levin Naftalis & Frankel. MSCP is advised by Alvarez & Marsal, Cascadia Capital and Dechert.
TruArc Partners, a middle-market private equity firm, agreed to invest in DMI Personal Care, a contract developer and manufacturer of beauty and personal care products. Financial terms were not disclosed.
DMI Personal Care is advised by Carriage Hill and Akerman. TruArc Partners is advised by Guggenheim Partners, KPMG, Raymond James and Weil Gotshal and Manges (led by Emily Willey and Ramona Nee).
Graham Partners, a private investment firm, completed the investment in Becklar, a provider of innovative connected safety and monitoring solutions. Financial terms were not disclosed.
Becklar was advised by Robert W Baird and Choate Hall & Stewart. Graham Partners was advised by Houlihan Lokey. BV Investment Partners was advised by Robert W Baird, Choate Hall & Stewart and Chris Tofalli Public Relations (led by Chris Tofalli).
Brookfield Asset Management, a private equity firm, completed a $185m investment in Orthopedic Care Partners, an orthopedic practice management platform.
Orthopedic Care Partners was advised by Moelis & Co and McDermott Will & Emery. Brookfield was advised by Houlihan Lokey and Kirkland & Ellis.
PSG, a growth equity firm, completed a $175m investment in Element451, an AI-first student engagement platform transforming higher education recruitment and retention.
Element451 was advised by Vista Point Advisors and Hutchison. PSG was advised by Weil Gotshal and Manges and Prosek Partners (led by Jackie Schofield).
AEA Investors, a global private investment firm, completed the acquisition of Huge, an experience design and technology business, from Interpublic, a provider of marketing solutions. Financial terms were not disclosed.
AEA Investors was advised by Joele Frank (led by Erik Carlson and Kate Thompson). Interpublic was advised by Houlihan Lokey, Morgan Stanley and Willkie Farr & Gallagher.
Vance Street Capital, a private equity firm, completed the acquisition of System Seals, a designer and manufacturer of proprietary, high-performance sealing solutions. Financial terms were not disclosed.
System Seals was advised by EdgePoint Capital Advisors and Tucker Ellis. Vance Street was advised by Cooley. Debt financing was provided by BMO Capital Markets.
AbbVie, an American pharmaceutical company, agreed to acquire Aliada Therapeutics, a biotechnology company focused on addressing delivery challenges in CNS drug development, from RA Capital, a multi-stage investment manager, for $1.4bn.
RLH Equity Partners, a private equity firm specializing in high-growth business services companies, agreed to acquire a minority stake in The Asia Group, a strategic advisory firm operating across the Indo-Pacific region. Financial terms were not disclosed.
The Asia Group is advised by Robert W Baird and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.
Bain Capital Life Sciences, an investment firm focusing on pharmaceutical, biotechnology, medical device, diagnostic, and life science tool companies, led a $120m Series C round in Angitia Biopharmaceuticals, a clinical-stage biotechnology company, with participation from Janus Henderson, OrbiMed, 3H Health Investment, Yonghua Capital, Legend Capital, and Elikon Venture.
Angitia was advised by Solebury Strategic Communications (led by William Windham).
CenterGate Capital, a private equity investment firm, completed the investment in Zyloware, a provider of eyewear frames. Financial terms were not disclosed.
Zyloware was advised by Ernst & Young.
Argosy Private Equity, a lower middle-market investment firm, completed the acquisition of Heavy Equipment Colleges of America, a nationally recognized institution specializing in heavy equipment and crane operator training. Financial terms were not disclosed.
Japan's Nippon Life to acquire US-based Resolution Life for $8.2bn. (Nikkei)
Nippon Life Insurance plans to acquire US-based Resolution Life Group for $8.2bn, marking the largest acquisition ever by a Japanese insurer.
The deal involves purchasing shares from Blackstone and other stakeholders, making Resolution Life a wholly owned subsidiary by the second half of 2025. Nippon Life intends to finance the acquisition using its cash reserves.
Historically, Nippon Life Insurance has worked with JP Morgan and Mayer Brown, according to MergerLinks data.
Thrive Capital explores options for Karman Space & Defense. ( Bloomberg)
Private equity firm Trive Capital is exploring strategic options for Karman Space & Defense, including a possible sale or initial public offering. The aerospace and defense manufacturer could be valued at $3bn or more in a potential transaction.
Karman is expected to draw attention from other private equity firms and industry players seeking exposure to the growing space and defense sectors.
Historically, Trive Capital has worked with Weil Gotshal and Manges and King & Spalding, according to MergerLinks data.
MetLife and General Atlantic to launch reinsurance venture. ( Reuters)
MetLife and General Atlantic are partnering to launch a reinsurance venture called Chariot Reinsurance to enhance returns on low-risk insurance assets.
The venture will begin operations in the first half of 2025 with an initial equity investment of over $1bn, with MetLife and General Atlantic each owning about 15%.
Apollo CEO unlocks cash from $431m stake, potential sale possible. (Bloomberg)
Apollo Global Management CEO Marc Rowan is leveraging $431m worth of the company's stock, with the possibility of selling it, as he seeks to access a portion of his wealth tied to the firm.
Entities affiliated with Rowan engaged in a prepaid variable forward contract for 2.5m shares, amounting to approximately 7% of his stake in the company. This block of stock represents less than 0.5% of Apollo's total outstanding shares.
Bausch + Lomb buyout teeters as Blackstone balks at price tag. ( FT)
Blackstone has withdrawn from participating in a joint bid with TPG to acquire eyecare company Bausch + Lomb because of the seller’s high price expectations.
Bausch + Lomb, which produces contact lenses, dry eye medications, and surgical ophthalmology equipment, was put up for sale earlier this year by its debt-heavy parent, Bausch Health.
Sycamore bid for Walgreens paves way for fresh Boots auction. ( Sky News)
A takeover bid exceeding $10bn for one of America’s largest pharmacy chains is expected to reignite efforts to auction off Boots the Chemist, following several failed attempts to sell the British retail giant.
Sycamore Partners, the private equity firm behind the bid, is likely to pursue separate ownership for Boots if it successfully takes Walgreens Boots Alliance, its current New York-listed parent company, private.
Historically, Sycamore has worked with Robert W. Baird, Kirkland & Ellis, Cleary Gottlieb Steen & Hamilton and Paul Weiss Rifkind Wharton & Garrison, according to MergerLinks data.
Warburg Pincus not considering an IPO anytime soon. ( Reuters)
Warburg Pincus, a private equity firm, has no immediate plans to pursue an initial public offering, according to CEO Jeffrey Perlman.
Warburg believes staying private currently offers a competitive advantage. Perlman noted that the firm would reconsider if the market environment changed.
Apollo aims for $25bn in its flagship private equity fund. (Bloomberg)
Apollo Global Management is preparing to launch its largest-ever private equity fund, targeting $25bn in capital. The fund, expected to debut early next year, would be Apollo’s 11th dedicated private equity fund and its biggest to date.
Apollo aims to surpass its previous attempts, having fallen short of the same target last year and raising just below it in 2017.
EMEA
Davidson Kempner, an investment management firm, and Nature Infrastructure Capital, a sector-focused private equity firm, completed the acquisition of renewables project development business from Greencells Group, a private equity firm dedicated to investing in the global energy transition. Financial terms were not disclosed.
Davidson Kempner and Nature Infrastructure Capital were advised by Deloitte, Hogan Lovells (led by Matthias Hirschmann), Ropes & Gray (led by Simon Saitowitz), Willkie Farr & Gallagher (led by Philip Coletto and Claire McDaid) and Environmental Resources Management. Nature Infrastructure Capital was advised by Ropes & Gray (led by Simon Saitowitz) and Kekst CNC (led by Torben Gosau). Zahid Group was advised by Marathon Capital, CETA Partners, PricewaterhouseCoopers and Loyens & Loeff.
Railsr, a software company, J.C. Flowers, a private equity firm, and TowerBrook Capital Partners, an investment management firm, agreed to acquire Equals Group, a financial services company, for £283m ($361m).
Equals Group is advised by Canaccord Genuity (led by Bill Gardiner), Lazard (led by Nicholas Millar), Ashurst and Burson Buchanan (led by Henry Harrison-Topham). Railsr is advised by Mishcon de Reya. TowerBrook is advised by PJT Partners, Rothschild & Co, Norton Rose Fulbright and Brunswick Group. J.C. Flowers is advised by Perella Weinberg Partners (led by Timm Schipporeit) and Macfarlanes.
Lee Equity Partners, a private equity firm, agrees to acquire a majority stake in Cooper Parry, an accountancy and business advisory firm, for Waterland Private Equity, a private equity firm. Financial terms were not disclosed.
Cooper Parry is advised by Oliver Wyman, Houlihan Lokey, KPMG, Addleshaw Goddard, Herbert Smith Freehills and Deloitte. Lee Equity is advised by PricewaterhouseCoopers and Proskauer Rose.
Keensight Capital, a private equity firm, agreed to acquire MetaCompliance, a software company in London, from Tenzing, a European mid-market tech investor. Financial terms were not disclosed.
Keensight Capital is advised by Headland Consultancy (led by Stephanie Ellis). Tenzing is advised by PricewaterhouseCoopers, Altman Solon, Alpha Advisory, Robert W Baird (led by Sebastian Daumueller) and Simmons & Simmons.
Gerresheimer, a manufacturer of primary packaging products for medication and drug delivery devices, completed the acquisition of Bormioli Pharma Group, a manufacturer of pharmaceutical products, from Triton, a private equity firm, for €800m ($841m).
Gerresheimer was advised by Morgan Stanley. Debt financing was provided by Commerzbank and UniCredit. Triton was advised by Kekst CNC.
Amulet Capital Partners, a middle-market private equity firm specializing in healthcare, completed an investment in Theoria Management, an innovative, tech-enabled management service organization providing value-based primary care services to senior living communities across the United States. Financial terms were not disclosed.
Theoria Management was advised by Cain Brothers. Amulet Capital was advised by Houlihan Lokey, McDermott Will & Emery and Joele Frank.
AlpInvest, a global private equity company, led a €900m ($946m) funding round in Gyrus Capital-backed Essential Pharma, an international specialty pharmaceutical group, with participation from Sixth Street.
Gyrus Capital was advised by Rothschild & Co. Essential Pharma was advised by ICR (led by Tracy Cheung).
CVC Capital Partners, a Jersey-based private equity and investment advisory firm, agreed to acquire a 49.9% stake in CompuGroup Medical, a publicly listed software company based in Koblenz, for $600m.
CVC Capital Partners is advised by UBS. CompuGroup Medical is advised by JP Morgan.
Warburg Pincus, a private equity firm, agreed to acquire a minority stake in United Trust Bank, a UK-based specialist bank. Financial terms were not disclosed.
United Trust Bank is advised by Lazard and CMS.
BIC, a consumer goods company, agreed to acquire Tangle Teezer, a premium detangling haircare company, from Mayfair Equity Partners, a private equity firm, for €200m ($210m).
BIC is advised by Rothschild & Co.
3i Group, a private equity firm, agreed to acquire a majority stake in WaterWipes, a premium wet wipe brand, for €145m ($153m).
WaterWipes is advised by Rothschild & Co.
CYVN, an Abu Dhabi-based investment vehicle, agreed to acquire McLaren Automotive, a British luxury sports car manufacturer from Bahrain Mumtalakat, the sovereign wealth fund of Bahrain. Financial terms were not disclosed.
Bahrain Mumtalakat is advised by JP Morgan.
STAR Capital, an independent investment fund manager, completed the acquisition of Subsea Technology & Rentals, a global subsea sensor equipment and solutions provider, from Baird Capital, a private equity firm. Financial terms were not disclosed.
Baird Capital was advised by DC Advisory (led by Gary Hancock).
TeamViewer, a remote connectivity and digital workplace solutions provider, agreed to acquire 1E, a digital employee experience management tools provider, from Carlyle, a global investment firm, for $720m.
Fiblac, a family holding company managing insurance, wine and real estate companies, Krefeld, a family office of Hermès families, and Fairfax, a Canadian holding company specializing in insurance and re-insurance, offered to acquire a 70% stake in Albingia, a French insurance company specializing in risk management, from Eurazeo, a French private equity firm. Financial terms were not disclosed.
Blackstone and TCV, two investment firms, completed the acquisition of an additional stake in RELEX Solutions, a provider of unified supply chain and retail planning solutions, from Summit Partners, a global alternative investment firm. Financial terms were not disclosed.
Allianz and Amundi pause talks on creating $3tn asset management giant ( Financial Times)
Allianz and Amundi halted discussions on merging their asset management businesses to form a European investment powerhouse managing nearly €2.8tn ($3tn) in assets.
Allianz had been exploring options for its Allianz Global Investors unit, including a potential merger or partial sale, though its subsidiary Pimco was not involved in the talks.
Bankers prepare €9bn debt for potential Unilever ice cream sale. ( Bloomberg)
Bankers are arranging approximately €9bn ($9.6bn) in debt financing for Unilever’s ice cream division, in case the company chooses to sell it to private equity firms rather than pursue a public listing. Earlier this year, Unilever began exploratory talks with buyout investors regarding a potential £15bn ($19bn) sale of the ice cream business.
However, the company has since indicated that a spin-off is the most likely path forward. While an IPO is still scheduled for the fourth quarter of next year, some private equity firms remain optimistic that Unilever may reconsider a sale.
Historically, Unilever has worked with Morgan Stanley, Ernst & Young, Baker McKenzie and Linklaters, according to MergerLinks data.
Blackstone and EQT advance in bidding for Urbaser. ( Reuters)
Blackstone and EQT have progressed to the second round of bidding for Urbaser, a waste management company owned by private equity firm Platinum.
Citi and Santander are advising on the sale, which could value Urbaser at approximately €5bn ($5.27bn).
Historically, Blackstone has worked with Citigroup, Morgan Stanley, Simpson Thacher & Bartlett and Kirkland & Ellis, according to MergerLinks data.
EQT to sell Luxembourg-based payments firm Banking Circle. ( Bloomberg)
Private equity firm EQT engaged FT Partners and Morgan Stanley to facilitate the sale of Banking Circle, a Luxembourg-based payments services provider. The formal sales process is expected to commence in Q1 2025, with the company potentially fetching a valuation between $3bn and $4bn.
Potential buyers may include private equity firms and major financial institutions.
Apollo partners with Santander on $370m infrastructure loan portfolio. ( Press Release)
Apollo Global Management reached an agreement with Banco Santander to invest in a $370m portfolio of infrastructure loans. The move aligns with Santander's efforts to enhance capital returns.
Increasing regulatory costs for banks to retain such assets have created opportunities for private capital firms like Apollo, which are not subject to the same regulations, to manage loans originated by banks.
APAC
Masdar, a UAE-government owned renewable energy company, CPPIB, a global investment management organization, ADIA, a sovereign wealth fund, and Sumant Sinha, offered to acquire the remaining 37% stake in ReNew, a renewable energy company based in India, in a $2.82bn deal.
ReNew is advised by Rothschild & Co and Linklaters.
Temasek, a Singaporean investment company, led a $210m funding round in Rebel Foods, an Indian online restaurant company.
Rebel Foods was advised by Avendus Capital.
The Carlyle Group, a global investment firm, agreed to acquire a majority stake in Waste Services Group, an Australian commercial and industrial waste management company, from Livingbridge, a private equity firm. Financial terms were not disclosed.
Livingbridge is advised by UBS.
Temasek establishes wholly-owned private credit platform. ( Press Release)
Temasek, a Singaporean state-owned multinational investment firm, announced the formation of a wholly-owned private credit platform.
The platform’s initial portfolio will amount to about SGD10bn ($7.67bn), consisting of direct investments and credit funds. This portfolio will be managed by a team of around 15 seasoned credit investment professionals across offices in New York, London, and Singapore, who have been transferred from Temasek’s Credit & Hybrid Solutions team.
Bain launches $4.3bn counterbid against KKR for Japan’s Fuji Soft. ( FT)
Bain Capital has made a $4.3bn counteroffer for Japan's Fuji Soft, raising its bid to JPY9.6k ($63.3) per share and surpassing KKR's previous offer of JPY9.45k ($62.3) per share.
This move has intensified the rivalry between the two private equity firms, which began competing in August. KKR has gained substantial shares and board approval, but Bain's bid has the backing of Fuji Soft's founder, Hiroshi Nozawa.
I Squared Capital is said to begin due diligence work on HKBN. ( Bloomberg)
I Squared Capital is conducting due diligence on Hong Kong-listed broadband company HKBN, as the US private equity firm considers a potential formal acquisition offer.
I Squared’s interest could spark a bidding war for HKBN as China Mobile, a state-owned company, made a cash offer of HKD5.23 ($0.67) per share, valuing HKBN at approximately $882m.
Historically, I Squared Capital has worked with Barclays, Goldman Sachs, Linklaters and Gibson Dunn & Crutcher, according to MergerLinks data.
Topcon receives buyout offers from KKR and EQT amid rising M&A activity in Japan. ( Bloomberg)
Topcon is evaluating takeover bids from potential buyers, including KKR and EQT, highlighting the growing momentum of buyout activity in Japan.
The Tokyo-based manufacturer of eye-care equipment held an initial bidding round in September, narrowing the field to offers from KKR and EQT. The government-backed Japan Investment is also expected to submit a proposal in the second round, which could take place by the end of December.
GIC explores sale of 50% stake in India’s Greenko Energy. (Bloomberg)
The review may lead to a full or partial sale, potentially marking one of the largest disposals in the country. Preparations for the deal are underway, with preliminary interest expressed by several investment funds and strategic firms.
Historically, GIC has worked with Citigroup, Morgan Stanley, Latham & Watkins and Kirkland & Ellis, according to MergerLinks data.
Raine Group to close Hong Kong office, focus on Singapore expansion. ( Bloomberg)
Raine Group plans to shut down its Hong Kong office and has offered its staff the option to relocate to Singapore. Three Hong Kong employees, including a managing director, have been invited to move as the firm consolidates its Asian operations.
The decision aligns with increased activity in Singapore, Raine Group's largest and expanding office in the region.
Kioxia IPO valued at $5.2bn in Tokyo. ( WSJ)
Bain Capital-backed Kioxia has priced its initial public offering at $9.70 per share, hitting the midpoint of the anticipated range. It aims to secure capital to address the increasing demand for chips utilized in artificial intelligence and data centers.
The deal, which values the memory-chip maker at $5.2bn, marks the third-largest IPO in Japan this year, continuing a trend of significant transactions in Tokyo's market.
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