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AMERICAS
Banco Safra, a Brazilian bank, agreed to acquire Alfa Group, a financial services group, for $192m.
“The transaction is a milestone in the history of the bank in Brazil. Customers, employees and shareholders of Alfa Financial Conglomerate and Safra Bank will benefit. We share values, long-term vision and passion for work, which gives us enormous confidence in the harmony and success of this operation," David Safra, Banco Safra CEO.
Alfa Group is advised by Rothschild & Co and Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados. Banco Safra is advised by J.Safra Investment Banking and Pinheiro Neto.
Tenex Capital Management, a private equity firm, completed an investment in Rose Paving, a provider of parking lot maintenance and rehabilitation solutions. Financial terms were not disclosed.
“We are extremely pleased to work with Tenex to help accelerate Rose’s growth. In looking for a partner, we sought a group offering more than simply capital, but also operational expertise and a strong cultural fit. We believe Tenex’s shared values and proven track record in scaling companies organically and via acquisitions will enable Rose to continue to excel in our markets,"
Ed Campbell, Rose Paving CEO.
Executives behind a blank-cheque company that plans to take Donald Trump’s media business public will have until next September to complete the deal after shareholders finally approved a motion to extend that deadline even as they face scrutiny from federal prosecutors. DWAC will now have until September 8 to complete the deal with Trump Media & Technology Group.
The Miami-based businessman, who stands to make hundreds of millions of dollars if the deal is completed, has been working for months to get shareholders to approve the extension.
However, the deal with TMTG still faces significant hurdles that include investigations by the Securities and Exchange Commission and federal prosecutors as well as a whistleblower complaint that alleges the companies violated securities laws, FT reported.
DWAC is advised by EF Hutton.
Inflow, a cognitive behavioral therapy based self-help app, agreed to acquire Lina Healthcare, a tele-health clinic. Financial terms were not disclosed.
“Neuro-diverse people deserve accessible, affordable, and effective care. Inflow offers a positive, constructive vision of how best to modernize care in this category. I hope to help Inflow’s team continue to set the standard within the category. Soon Inflow will offer diagnoses from professional clinical psychologists, tele-coaching and other services,” Neil Grigg, Lina Founder and CEO.
China's CNOOC steps up Western retreat with launch of US sale.
Chinese oil and gas major CNOOC, has sounded out potential buyers of its interests in US oilfields, stepping up its retreat from Western nations amid sanctions concerns and calls for domestic investment.
Reuters reported that in April that CNOOC was considering an exit from its operations in Britain, Canada and the United States, because of concerns in Beijing that those assets could become subject to Western sanctions, owing to China's refusal to condemn Russia's invasion of Ukraine.
CNOOC has hired JP Morgan to advise it on a potential exit from its interests in U.S. shale gas assets, which could raise around $2bn.
Vista Equity Partners is exploring a deal for Coupa Software. (FS)
Vista Equity Partners, an American investment firm, is exploring the acquisition of Coupa Software, a global technology platform, Bloomberg reported.
Vista has held talks with the San Mateo, California-based company, which is working with an adviser. Private-credit lenders could provide financing for a potential deal.
Beam Suntory weighs sale of Pinnacle Vodka, Cruzan Rum.
Beam Suntory, the maker of Jim Beam and Hibiki Whisky, is considering divesting some of its brand portfolio including Pinnacle Vodka.
The potential sale would also include other vodka businesses and liquor assets such as Cruzan Rum. The assets could be worth a few hundred million dollars in a sale, Bloomberg reported.
Global regulators to target crypto platforms after FTX crash.
The crash of the FTX exchange has injected greater urgency into regulating the crypto sector and targeting such conglomerate platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview, DealStreetAsia reported.
Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch.Crypto assets like bitcoin have been around for years but regulators have resisted jumping in to write new rules.
Carlos Slim’s Inbursa no longer seeks to buy Citi’s Banamex.
Billionaire Carlos Slim’s bank Grupo Financiero Inbursa is no longer vying to buy Citigroup’s Mexican retail banking arm Banamex, leaving only two known contenders for the acquisition, Bloomberg reported.
“Following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process,” Inbursa.
Binance mulls $1bn recovery fund for distressed assets.
Cryptocurrency exchange Binance is aiming for a roughly $1bn fund for the potential purchase of distressed assets in the digital sector, citing an interview with Chief Executive Officer Changpeng Zhao, DealStreetAsia reported.
Zhao hinted at the possibility of allocating more funds in the interview. Zhao said while speaking at a conference in Abu Dhabi that there was significant interest from industry players in a recovery fund his company plans to launch to help cryptocurrency projects facing a liquidity squeeze, following the collapse of rival FTX.
EMEA
Astorg and Epiris completed the acquisition of Euromoney Institutional Investor for £1.66bn. (FS)
Private equity firms Astorg and Epiris completed the acquisition of Euromoney Institutional Investor, one of Europe's largest business and financial information companies which has interests in business and financial publishing and event organization, for £1.66bn.
"The Board believes the offer represents value for shareholders and reflects the attractions of Euromoney's business model and performance. I would like to recognise the exceptional contribution of our people. Their insight, talent and innovation has driven our successful transition to a fast-growing, high margin, 3.0, information-services business," Leslie Van de Walle, Euromoney Chair.
Euromoney was advised by Numis Securities (led by Mark Lander), Goldman Sachs (led by Khamran Ali), UBS (led by Jonathan Retter), Freshfields Bruckhaus Deringer (led by Rhys Evans and Oliver Lazenby) and FTI Consulting (led by Jamie Ricketts). Astorg was advised by Bank of America (led by Geoffrey Iles), Raymond James (led by Stuart Sparkes), Latham & Watkins (led by Richard Butterwick and Paul Dolman) and Greenbrook (led by Robert White). Financial advisors were advised by Norton Rose Fulbright (led by Paul Whitelock).
Kirk Kapital, a private equity firm, agreed to acquire a majority stake in Mobilhouse, a provider of temporary modular buildings, from Adelis Equity Partners, a private equity firm. Financial terms were not disclosed.
“The activity level at Mobilhouse has never been higher and I am grateful for the support we have received from Adelis and the board of directors over these past years. I am looking forward to working with the new ownership group to continue the development of our business," Benny Moller, Mobilhouse CEO.
Adelis Equity Partners is advised by Carnegie Investment Bank and Kromann Reumert.
JSC Kopernik-Invest 3, a special purpose acquisition company, agreed to acquire Russian operations of VEON, a Dutch-domiciled multinational telecommunication services company, for $2.1bn.
“After considering numerous options, I am confident that the agreed sale of VEON’s Russian operations to the VimpelCom management team represents an optimal solution for VEON, its Russian operations and the stakeholders of both companies, including customers, shareholders and creditors, as well as employees both in and outside of Russia. VEON is committed to ensuring the transaction is seamless for staff and customers in Russia, with no disruption to the services currently provided,” Kaan Terzioğlu, VEON Group CEO.
VEON is advised by TUVA Partners.
Kuwait Projects Company, a holding company that focuses on investments in the Middle East and North Africa, completed the acquisition of Qurain Petrochemical Industries Company, a holding firm as an investor in the petrochemicals sector, for $1.64bn.
“Today marks a milestone for KIPCO. We view the merger as a transformative transaction that will make KIPCO stronger and provide greater value to its shareholders, both the old and the new. The transaction was executed smoothly, reflecting the confidence that all parties have in the benefits that this merger brings. We now look to the future. KIPCO has now engaged a global advisory to take an in-depth look into our portfolio companies. Our aim is to maintain a diversified revenue stream, while balancing our asset concentration to mitigate market risks," Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO CEO.
777 Partners, a private equity firm, agreed to acquire a 64.7% stake in Hertha Berlin, a Bundesliga soccer team, from Lars Windhorst. Financial terms were not disclosed.
“We are excited to have the opportunity to partner with Hertha BSC and look forward to engaging with the club and its stakeholders," Josh Wander, 777 Partners Founder and Managing Partner.
DL Software, a versatile ERP software company, agreed to acquire Openbravo, a Spanish cloud-based software provider. Financial terms were not disclosed.
"We are extremely excited to become part of a larger company ready to help us accelerate on our growth strategy. DL Software has an excellent reputation, and this acquisition represents an important recognition of our solutions, the team, and our achievements to date. DL Software has demonstrated an excellent track record in adding security, stability and resources to fuel growth and innovation for the businesses they acquire. This will help us take our business to the next level and that will benefit our existing and future employees, customers, and partners," Marco de Vries, Openbravo CEO.
Liberty Mutual weighs $1bn sale of Europe business.
Liberty Mutual is exploring a sale of its businesses in Spain, Portugal and Ireland, joining other American insurers retreating from the region.
The US insurer is working with Bank of America on the possible divestments, which could fetch more than €1bn ($1bn). The assets could attract interest from rival European insurers, Bloomberg reported.
Canopy founder Linton bets on Germany's legal cannabis market with SynBiotic stake.
Bruce Linton, founder of the world’s biggest marijuana firm, has made a bet on the growth of the legal cannabis market in Germany.
Linton, the former chairman of Canopy Growth, acquired a stake in Munich-based SynBiotic when it raised capital, Bloomberg reported.
Elior weighs a tie-up with Derichebourg.
Elior is discussing a potential tie-up with biggest shareholder Derichebourg, a French global operator, as the French caterer looks to shore up its balance sheet amid the ongoing high-inflation environment.
The proposed combination would see Derichebourg transfer its Multiservices division to Elior, Bloomberg reported.
“Following recent press and the announcements by Elior Group on July 4 and November 23 with respect to the review of strategic options, Elior Group confirms that one of these options is being discussed with Derichebourg and relates to the potential contribution by Derichebourg of its services division to Elior Group. Derichebourg confirms, in this context and among all the options under consideration, the existence of discussions with Elior for the possible contribution of its Multiservices division,” Elior.
ECB's Centeno sees more consolidation in Portugal's banking sector.
Further consolidation of Portugal's banking sector is inevitable, European Central Bank member Mario Centeno calling remarkable the recent progress the country's banks have made on strengthening capital and reducing risk.
Analysts have said that Portuguese banks should bet on M&A operations to achieve better competitive conditions, despite the five largest players' owning 80% to 85% of banking assets, Reuters reported.
Saudi Aramco Base Oil gets nod for $1bn Riyadh IPO.
Saudi Aramco Base Oil, a unit of the state-owned oil producer, has received regulatory approval for an initial public offering in Riyadh, as the world’s biggest crude producer looks to list some of its subsidiaries.
The IPO will consist of the sale of 50m shares - a 29.7% stake - in the company, Saudi Arabia’s Capital Market Authority said. The unit, also known as Luberef, makes base oils used in lubricants for motor vehicles, ships and industrial machinery, Bloomberg reported.
IHC plans health and IT business IPOs.
International Holding Company plans to sell 20% of its technology unit in an initial public offering next year, its CEO told Reuters, adding that the UAE's IHC is aiming for a first quarter IPO of Pure Health to raise more than $1bn.
IHC, which rose from relative obscurity to become the United Arab Emirates' largest publicly traded company worth more than $200bn, has been on a consolidation and acquisition drive, Reuters reported.
Saudi Aramco's Luberef gets regulator nod for IPO.
Saudi oil giant Aramco's base oil subsidiary, Luberef, has received the approval from the kingdom's stock market regulator for an initial public offering, the Capital Market Authority said.
Saudi Aramco Base Oil Company, formerly Saudi Aramco Lubricating Oil Refining, will offer investors 50.045m of its shares, equivalent to 29.656% of its share capital. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment owns the remaining 30%, Reuters reported.
Eurazeo holds first close of Transition Infrastructure Fund at €210m. (FS)
Eurazeo has held the first close of the Eurazeo Transition Infrastructure Fund at €210m ($217m) in capital commitments from the European Investment Fund, which has made a cornerstone €75m($77m) investment, and a range of other institutional investors.
The objective of the fund is to invest in transition infrastructure, including the energy transition, the digital transition, clean transport, and circular economy. The fund is classified as an Article 9 fund under the European Sustainable Finance Disclosure Regulation.
Standard Chartered kicks off hunt to replace veteran CFO Halford. (People)
Standard Chartered, the FTSE-100 bank, has kicked off a search for a successor to its veteran finance chief. The emerging markets lender is working with Russell Reynolds Associates, the search firm, to identify a replacement for Andy Halford.
An appointment was likely to be made in the coming months ahead of Mr Halford retiring later in 2023. A former Vodafone executive, Mr Halford, who has been at Standard Chartered for nearly a decade, is also the senior independent director of Marks & Spencer, SkyNews reported.
APAC
Actis-backed Blupine Energy, a renewable energy projects and storage assets developer, completed the acquisition of a 404MWp operating solar portfolio from Atha Group, a mining company. Financial terms were not disclosed.
“We are delighted to complete this transaction which not only brings significant utility-scale solar capacity of 404 MWp, but also provides the seed assets for BluPine Energy and increases our geographical footprint. In addition to deepening our renewable energy capabilities, it positions us well to meet our aggressive growth objectives in line with our business plan, and to be a key player in India’s clean energy transition,” Neerav Nanavaty, BluPine CEO.
BluPine is advised by Kotak Investment Banking. Atha Group is advised by Avendus Capital.
Mitsubishi UFJ Financial Group, financial services company, and Krungsri, a banking services provider, agreed to acquire the Philippines and Indonesian operations of Home Credit, a consumer finance provider, for €615m ($636m).
Krungsri and MUFG Bank to purchase 75% and 25% respectively of Home Credit Philippines for a valuation of €406m ($419m). Krungsri, MUFG and a local Indonesian investor to purchase 75%, 10%, and 15%, respectively of Home Credit Indonesia for a valuation of €209m ($217m).
“Home Credit launched around ten years ago in both the Philippines and Indonesia. It is now the right time for us to pass the baton onto new shareholders who can accelerate growth for these two exciting businesses as they approach this new phase. Both of these markets have played key roles in Home Credit and we will be watching their future with pride and interest," Jean-Pascal Duvieusart, Home Credit CEO.
Viva China, an investment holding company, agreed to acquire a 49% stake in LionRock Capital, an investment company, for $133m.
“In view of the above, the board (including independent non-executive directors) considers that the Acquisition is in the ordinary and usual course of business. The terms of the acquisition are fair and Reasonable and in the interests of the group and the shareholders as a whole,” Viva China.
Toshiba’s preferred bid group weighs lower offer after weak earnings. (FS)
A consortium led by Japan Industrial Partners is considering lowering its offer for Toshiba from about $16bn, Bloomberg reported.
While discussions are still ongoing, and no final decisions have been made, some members of the consortium have become hesitant about the proposed valuation for the company, citing its disappointing recent earnings. Earlier this month, Toshiba reported second quarter operating income of JPY7.55bn ($54.4m). It also cut its operating income forecast for the full year.
Tata Consumer to acquire Bisleri for about ₹70bn.
Bisleri International, a packaged water giant in India is mulling disposing its business to Tata Consumer, a consumer products business of Tata, in a ₹70bn ($856m) deal.
"The Tata Group will nurture and take care of it even better, although selling Bisleri was still a painful decision. I like the Tata culture of values and integrity and hence made up my mind despite the aggression shown by other interested buyers," Ramesh Chauhan, Bisleri Chairman.
China’s Lygend raises $470m in Hong Kong IPO.
Lygend Resources & Technology, a Chinese nickel producer and trader, raised about HKD3.67bn ($470m) in its Hong Kong initial public offering, Bloomberg reported.
The Ningbo-based company priced the offering at HKD15.80($2.02) per share, near the bottom of its marketed range. The company had previously marketed 232.5m shares at HKD15.60($1.99) and HKD19.96($2.55) apiece.
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