Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Bain Capital, a private investment firm, completed the acquisition of Envestnet, an American financial technology corporation, for $4.5bn.
Envestnet was advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison (led by Andre G. Bouchard and Benjamin Goodchild). Bain Capital was advised by BMO Capital Markets, Barclays, JP Morgan, RBC Capital Markets, Ropes & Gray (led by Thomas Holden) and Stanton PRM (led by Charlyn Lusk and Scott Lessne). Debt financing was provided by Ares Management, BMO Capital Markets, Barclays, Benefit Street Partners, Blue Owl, Goldman Sachs and RBC Capital Markets. Debt providers were advised by Paul Hastings (led by David Barash).
Siemens has secured a $10.5bn bridge loan facility to fund its largest-ever acquisition for software maker Altair Engineering.The facility is set to be syndicated out to more than 10 of Siemens’ relationship banks, after being initially 100% underwritten by Goldman Sachs Group.
Altair is advised by Citigroup, JP Morgan and Davis Polk & Wardwell (led by Alan F. Denenberg) and Lowenstein Sandler (led by Brendan Koeth). Financial advisor is advised by Alston & Bird (led by Stuart Rogers). Siemens is advised by Goldman Sachs. Financial advisor is advised by Sullivan & Cromwell (led by Carsten Berrar).
Roche, a Swiss multinational holding healthcare company, agreed to acquire Poseida Therapeutics, a clinical-stage biopharmaceutical company, for $1.5bn.
Poseida is advised by Centerview Partners and Cooley. Roche is advised by Citigroup and Sidley Austin. Malin is advised by Davy Corporate Finance (led by Brian Garrahy and Daragh O'Reilly) and Sodali & Co (led by Eavan Gannon).
Select Medical, an operator of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers, completed the spin off of Concentra, a provider of occupational health services. Finanical terms were not disclosed.
Select Medical was advised by Goldman Sachs, JP Morgan and Dechert (led by Stephen Leitzell).
SL Green, an office landlord, agreed to acquire 500 Park Avenue, an office and residential condominium building, for $130m.
Spruce Power, an owner and operator of distributed solar energy assets, completed the acquisition of a residential solar portfolio from NJR Clean Energy Ventures, a clean energy subsidiary of New Jersey Resources, for $133m.
Debt financing was provided by Santander.
EzFill, a mobile fueling company, agreed to acquire the fueling division from Yoshi, a tech-enabled mobility services provider. Financial terms were not disclosed.
EzFill is advised by PCG Advisory (led by Jeff Ramson).
KANA Strategic, a boutique wealth management firm, completed the acquisition of the financial planning and advisory business from The Foley Group, a full-service accounting firm. Financial terms were not disclosed.
Qualcomm's interest in acquiring Intel reportedly fades. ( Bloomberg)
Qualcomm’s interest in acquiring Intel has reportedly cooled, ending discussions for what could have been a historic tech deal.
Challenges associated with acquiring the entire company have diminished its appeal, though Qualcomm may still consider acquiring specific Intel assets or revisiting the idea later.
Meta faces an April trial in the FTC's case aiming to reverse the Instagram merger. ( Reuters)
Facebook owner Meta Platforms will face an April trial over the FTC's allegations that its acquisitions of Instagram and WhatsApp eliminated competition.
Filed in 2020, the FTC claims Meta sought to neutralize rivals rather than compete fairly, overpaying for Instagram in 2012 and WhatsApp in 2014 to maintain dominance in the social media ecosystem.
Medline’s owners engage Goldman Sachs and Morgan Stanley to lead IPO. ( Bloomberg)
Medline Industries’s owners have picked banks for its US initial public offering.
Medline Industries’ owners have chosen Goldman Sachs and Morgan Stanley to lead its planned US IPO. Expected in Q2 2025, the listing by the medical supplies giant marks a major step in its growth strategy.
Kohl's appoints third CEO in three years. ( WSJ)
Kohl’s named a new chief executive, its third in three years, in hopes that its next leader can reverse the department-store chain’s sales slump.
Ashley Buchanan, the current CEO of crafts store Michaels, will take over on January 15, succeeding Tom Kingsbury. Kingsbury joined the Kohl’s board in 2021 as part of an activist investor group’s campaign, and replaced Kohl’s CEO the following year.
Subway CEO John Chidsey to step down at the end of 2024. ( WSJ)
Subway Chief Executive John Chidsey is retiring from the restaurant giant at the end of the year, marking another C-suite change in a tumultuous year for restaurant chains.
Chidsey, 62 years old, has led the world’s largest subway sandwich company since 2019, and helped sell the chain to Roark Capital in a more than $9bn deal last year. Subway said that he will continue to consult for the chain, focusing on international expansion and signing deals with large global franchisees.
EMEA
The European Commission will decide by January 10 on International Paper's $9.9bn bid for British packaging firm DS Smith. The EU competition authority can approve the deal outright, impose conditions, or launch a detailed four-month investigation if significant concerns arise.
Apax Partners, a private equity firm, agreed to acquire professional services business of Evelyn Partners Group, a provider of wealth management, professional services, online investing and fund solutions. Financial terms were not disclosed.
Apax is advised by Jefferies & Company and Nomura. Evelyn Partners Group is advised by Evercore and Macfarlanes (led by Tom Rose).
Ofi Invest Real Estate, a real estate asset management company, completed the acquisition of a logistics property in Neuss from Oxenwood Real Estate, a provider of investment strategy, portfolio and asset management, and financial services. Financial terms were not disclosed.
Ofi Invest was advised by CBRE Group, Colliers and DLA Piper (led by Fabian Mühlen). Oxenwood was advised by Jones Lang LaSalle, Jones Day (led by Nicole Kadel) and Arcadis.
Ashtead Technology, a subsea equipment rental and solutions provider, completed the acquisition of Seatronics, a supplier of electronic subsea equipment, and J2, a provider of ROV tooling equipment and engineering support services, from Acteon Group Operations, a provider of project management and installation services for the operations of below the sea industries, for £63m ($79m).
Frasers Group, a British retail, sport and intellectual property group, agreed to acquire Holdsport, a sports and outdoor goods retailer, from Old Mutual Private Equity, an investment firm. Financial terms were not disclosed.
Holdsport is advised by Investec. Frasers Group is advised by Nedbank and Brunswick Group (led by Rosie Oddy).
UniCredit's unexpected €10bn ($10.5bn) takeover bid for Banco BPM has been described as hostile by a board member of the smaller lender. The remarks come ahead of a Banco BPM board meeting to discuss the bid, which was launched on November 25 by Italy's second-largest bank.
UniCredit is advised by Cappelli RCCD.
Eastnine, a Swedish real estate company, completed the acquisition of Warsaw Unit office building from Ghelamco, a real estate investor and developer, for €280m ($294m).
Eastnine was advised by Greenberg Traurig (led by Olga Durawa).
Regnology, a regulatory compliance company, agreed to acquire the regtech division from Charterhouse Capital-backed VERMEG, a provider of software solutions for the financial services industry. Financial terms were not disclosed.
Wendel explores €2bn sale of chemical manufacturer Stahl. ( Bloomberg)
French investment firm Wendel is considering selling chemical manufacturer Stahl, valued at up to €2bn ($2.1bn).
Wendel is working with advisers at JP Morgan and Morgan Stanley on the potential divestment, which could happen as soon as next year.
Advent resurrects €1bn sale of medical supplier Mediq. ( Bloomberg)
Private equity firm Advent International is reviving plans to sell Dutch medical supplier Mediq as the private equity firm looks to cash out from the business.
The US buyout firm is speaking to potential advisers and could seek a valuation of about €1bn ($1.1bn) for Utrecht-based Mediq. An auction process could be launched in the first half of next year.
Orsted reportedly begins selling stake in major UK wind farm. ( Bloomberg)
Orsted has launched the sale of a stake in one of the world’s biggest wind farms planned off the UK coast.
Danish utility Orsted has started selling a 50% stake in Hornsea 3. The sale represents a crucial test for the company amid challenges in the offshore wind sector.
Generali reportedly considers asset management partnership with Natixis. ( Bloomberg)
Assicurazioni Generali is considering an asset management tie-up with Natixis Investment Managers.
Italian insurer is in early talks with Natixis Investment Managers to merge their asset management businesses, exploring a partnership to enhance scale and competitiveness.
Blackstone invests over €500m in Southern European hotels. ( FT)
Blackstone has invested over half a billion euros in hotels across Southern European vacation destinations over the past year, continuing to expand its extensive portfolio to capitalize on the post-pandemic tourism boom.
Blackstone has acquired the Grand Hyatt Athens from private real estate groups Henderson Park and Hines for €235m ($246m). The deal takes Blackstone’s total investment in hotels across Greece, Spain, Italy and Portugal over the past year to €500m ($524m).
Angelini Pharma reportedly in talks about merger with CVC’s Recordati. ( Bloomberg)
Italian drugmaker Angelini Pharma is exploring a merger with Recordati, owned by CVC Capital Partners, to create a larger European generic drugmaker.
Angelini and Recordati have been discussing the possibility of a deal that would create a larger European generic drugmaker. Private equity suitors’ interest in Recordati has waned.
African Bank plans IPO by 2028, delaying exit from Central Bank. ( Bloomberg)
South Africa’s African Bank has postponed its planned IPO from 2025 to 2028, citing incomplete preparations.
“We want to make sure that when we ultimately list, we list very successfully. We think at this time that the listing will come at the back of full-year 2027 financial results,” Kennedy Bungane, CEO.
Spain eyes major private equity deals to revive IPO market. ( Bloomberg)
Bankers are hoping that a few large private equity-backed listings will revive Spain’s IPO market next year, following a number of delays by potential candidates citing challenging market conditions.
Casino operator Cirsa Enterprises, owned by Blackstone, and travel technology firm HBX Group, backed by Cinven and CPP Investments, are planning to launch their initial public offerings in the first half of 2025, which could raise in the range of €1bn ($1.1bn) each.
Apotea's owners aim for $149m in Swedish pharmacy IPO. ( Bloomberg)
Swedish online pharmacy Apotea plans to raise SEK1.64bn ($149m) through its IPO.
The offering, valuing the company at SEK 6bn ($546m), will include 28m shares priced at SEK58 ($5.3) each.
APAC
Couche-Tard resumes efforts to acquire 7-Eleven's owner. ( Bloomberg)
Canadian retailer Alimentation Couche-Tard remains committed to acquiring Seven & i, despite a rival management buyout proposal worth $58bn.
CEO Alex Miller emphasized the bid's benefits for shareholders and employees.
Affinity acquires two Southeast Asian companies in a $1.65bn deal. ( Reuters)
Hong Kong-based Affinity Equity Partners has acquired Jakarta-based gummy candy producer Yupi and another Southeast Asian company in deals worth $1.65bn.
Yupi, one of Asia’s largest gummy manufacturers, distributes its products globally. Affinity Equity bought Yupi for $1.2bn.
Nissan seeks anchor investor to navigate crucial year ahead. ( FT)
Nissan is looking for a long-term investor to take over part of Renault’s equity stake as the two firms finalize an EV partnership with Honda.
Nissan seeks stability as it navigates a critical phase in its recovery.
India's Andhra Pradesh state set to suspend Adani power deal. ( Reuters)
India's Andhra Pradesh state plans to suspend a power purchase agreement with Adani Group following US bribery charges against its founder, Gautam Adani.
The state has requested a federal investigation into the allegations.
|
