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 equity firm, agreed to acquire a majority stake in PowerSchool, a provider of cloud-based software for K-12 education, for $5.6bn.
“PowerSchool is a leader in K-12 SaaS technology in North America and is uniquely positioned to provide differentiated, mission-critical solutions that drive better education outcomes, empower educators, and help district operations run more efficiently. With Bain Capital’s support, PowerSchool will have access to additional resources and the flexibility to deliver even more growth and innovation, particularly with PowerBuddy, our generative AI platform, and scale our global reach in helping schools personalize education for every student journey," Hardeep Gulati, PowerSchool CEO.
PowerSchool is advised by Centerview Partners, Goldman Sachs, Freshfields Bruckhaus Deringer and Kirkland & Ellis. Centerview Partners is advised by Cravath Swaine & Moore. Bain Capital is advised by Ropes & Gray and Stanton PRM. Debt financing is provided by Ares Capital, Blackstone, Blue Owl, Golub Capital, HPS Investment Partners and Sixth Street Partners.
Blackstone agreed to acquire the remaining 40% stake in Copeland, a climate technologies manufacturing company, from Emerson, a technology and software company, for $3.5bn. Abu Dhabi Investment Authority and GIC will invest alongside Blackstone as part of the transaction.
“This transaction is a key step to simplify our portfolio and enhance Emerson’s focus as a global leader in automation. We believe now is the right time to execute our plans to fully exit the Copeland business. This agreement with Blackstone provides certainty and portfolio simplification to Emerson shareholders, while enhancing our focus on executing in our attractive, high growth automation markets," Lal Karsanbhai, Emerson President and CEO.
Blackstone is advised by Barclays, RBC Capital Markets and Simpson Thacher & Bartlett (led by Elizabeth Cooper, William Allen and Louis Argentieri). Debt financing is provided by Barclays, Goldman Sachs, RBC Capital Markets, Sumitomo Mitsui Banking Corp and Wells Fargo Securities. Emerson is advised by Goldman Sachs, Davis Polk & Wardwell (led by Marc O. Williams) and Joele Frank (led by Joseph Sala and Greg Klassen).
Blue Owl Capital, a private equity firm, completed the acquisition of Prima Capital Advisors, an investment advisor specializing in commercial mortgage investments, from Stone Point Capital, a private equity firm, for $170m.
"In evaluating the next stage for how we can best serve our stakeholders, we identified Blue Owl as the clear value-driver given the strength of their management team, their exceptional capabilities and strong culture of collaboration. I along with Prima CIO Nilesh Patel, CFO Julia Tcherkassova, and the rest of the Prima team, are excited to join Blue Owl and continue the strong legacy we created over the past three decades," Gregory White, Prima CEO.
Prima Capital Advisors was advised by Morgan Stanley, Kramer Levin Naftalis & Frankel and Pillsbury Winthrop Shaw Pittman. Blue Owl Capital was advised by Newmark Group, Berkshire Global Advisors, JP Morgan, Natixis, Scotiabank, Wells Fargo Securities and Kirkland & Ellis.
Ardian, a private investment house, agreed to acquire CampusParc, the concessionaire that manages, operates, and maintains the parking facilities at The Ohio State University’s flagship campus in Columbus, Ohio, from QIC, an investment company. Financial terms were not disclosed.
"This transaction marks an exciting milestone for our essential infrastructure strategy in the Americas. We admire CampusParc’s innovative solutions and customer-centric approach, and together, we look forward to leveraging our collective strengths to enhance the customer experience,” Leonarda Orani, Ardian Managing Director.
Ardian is advised by Solomon Partners, PricewaterhouseCoopers, Alliant, ALG Global, Orrick Herrington & Sutcliffe, Leo Berwick, BTY Group and The Neibart Group (led by Maeve Maloney).
National Bank of Canada, a commercial bank in Canada, agreed to acquire Canadian Western Bank, a full-service bank, for $3.6bn.
“We are proud to come together with National Bank and are confident that this combination will create incredible value for our clients, teams, communities and our shareholders. Together, we can offer Canadians more choice by combining CWB’s four-decade legacy of serving business owners and their families with National Bank’s scale, complementary market expertise and the technological capabilities necessary to accelerate our growth. Our two organizations share similar values grounded in an unwavering commitment to our clients, a deep history of entrepreneurship and a commitment to giving back in the communities we serve. We’re excited to build on this legacy together,” Chris Fowler, CWB CEO.
CWB is advised by JP Morgan and Torys. NBC is advised by Jefferies & Company, NBC, Mayer Brown and McCarthy Tetrault. CDPQ is advised by Fasken.
Blackstone, a private equity firm, completed the acquisition of Tropical Smoothie Cafe, a franchisor of fast casual restaurants, from Levine Leichtman Capital Partners, a private equity firm. Financial terms were not disclosed.
"The key to this business is delivering an outstanding experience for each guest who walks through our doors. From high-quality products to exceptional guest service, our franchisees make our mission to become a beloved brand a reality day in and day out, and we are thrilled to see how the brand will continue to grow with Blackstone's outstanding global resources behind it," Charles Watson, Tropical Smoothie Cafe CEO.
Cognizant, an information technology services and consulting company, agreed to acquire Belcan, a global supplier of engineering, supply chain, technical recruiting, and information technology services, from AE Industrial Partners, a private equity firm, for $1.3bn.
"We believe that acquiring Belcan will strengthen Cognizant's position in the sizable and fast-growing ER&D services market. Belcan's deep engineering capabilities and domain expertise across the aerospace & defense market will be complemented by Cognizant's scale and own multi-decade digital engineering expertise, providing Belcan's blue-chip client roster access to our advanced AI, Cloud and Data technologies," Ravi Kumar S., Cognizant CEO.
Cognizant is advised by Perella Weinberg Partners and Arnold & Porter Kaye Scholer. Belcan is advised by Jefferies & Company, Solomon Partners, and Kirkland & Ellis.
KKR completed the investment in Quick Quack Car Wash.
KKR, a global investment firm, completed the investment in Quick Quack Car Wash, a car wash operator. Financial terms were not disclosed.
“With its differentiated operating model, strong track record of organic growth and world-class team, we believe Quick Quack is well-positioned to continue its growth trajectory. We look forward to working with the Quick Quack and Seidler teams to continue to drive growth by building upon on the strong foundation that they have established over the past two decades,” Sam Plotner, KKR Director.
Quick Quack Car Wash was advised by Goldman Sachs, William Blair & Co and O'Melveny & Myers. KKR was advised by Simpson Thacher & Bartlett (led by Ravi Purushotham and Ryan Bekkerus).
Engelhart Commodities Trading Partners, a global commodity trading company, agreed to acquire Trailstone, a global energy and technology company, from Riverstone, a private markets asset management firm. Financial terms were not disclosed.
“Agreeing terms to acquire Trailstone is an important event in Engelhart’s long term strategy to grow our energy trading platform and enhance our technological capability to play a leading role in the clean energy transition. We have been impressed by the Trailstone team’s innovation in the renewables trading sector and we believe the acquisition and merger will be highly complementary for both businesses,” Huw Jenkins, Engelhart CEO.
Trailstone is advised by Latham & Watkins. Engelhart is advised by Skadden Arps Slate Meagher & Flom. Riverstone is advised by Latham & Watkins.
Matador Resources, an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources, agreed to acquire Ameredev, an oil and natural gas company, from EnCap Investments, a private equity firm, for $1.9bn.
“Matador is very excited to work with EnCap again on this strategic bolt-on opportunity. As with the successful Advance Energy deal we completed in April of 2023, we view the Ameredev transaction as another unique opportunity to work with EnCap and another value-creating opportunity for Matador and its shareholders," Joseph Wm. Foran, Matador Founder, Chairman and CEO.
Blackstone Real Estate, an investment company, and MRP Group, a specialist in platform construction for alternative investments to capitalize opportunities in Mexico, offered to acquire Terrafina, a real estate trust specialising in an industrial portfolio and established to acquire, develop and manage real estate, for 1.6bn.
"As the only announced all-cash tender offer, this transaction would provide substantial and immediate value for Terrafina’s shareholders and avoids the potential negative tax consequences associated with competing exchange offers. Additionally, this offer provides more certainty given the limited closing conditions. With a track-record of over 50 successful public company transactions, Blackstone Real Estate is well-positioned to execute this transaction," Blackstone.
Blackstone is advised by Morgan Stanley, Santander, Galicia Abogados and Simpson Thacher & Bartlett (led by Sas Mehrara).
Cresset Asset Management, a multi-family office and private investment firm, completed the acquisition of The Connable Office, a multi-family office. Financial terms were not disclosed.
"Cresset and Connable together are an outstanding cultural fit. We are the powerful combination of a firm with a 100+ year legacy and one that has been built for the next 100 years. Both Cresset and Connable have built the firms we wanted for our own families, and we are honored to share that with other successful families as well. Our combined business is designed to serve our clients for generations to come," Eric Becker, Cresset Co-Founder and Co-Chairman.
Connable was advised by Republic Capital Group and Alston & Bird.
Simulations Plus completed the acquisition of Pro-ficiency from QHP Capital for $100m.
Simulations Plus, a modeling and simulation software and services provider, completed the acquisition of Pro-ficiency, a simulation-enabled learning and analytics solutions company, from QHP Capital, a private equity firm, for $100m.
“We are excited to join the Simulations Plus team, which has a well-established and recognized leadership position in modeling and simulations within the pharmaceutical and biotech community. Both teams approached this transaction with a growth mentality. We look forward to leveraging Simulations Plus’ specialized offerings and business development infrastructure to expand our combined market reach,” Michael Raymer, Pro-ficiency CEO.
Simulations Plus was advised by Financial Profiles.
Fielmann Group, a global eyewear provider, agreed to acquire Shopko Optical, an optical retailer based in Green Bay, Wisconsin, from Monarch Alternative Capital, a private equity firm. Financial terms were not disclosed.
"Fielmann's purpose is to help everyone hear and see the beauty in the world. Our acquisition of Shopko Optical is in line with our Vision 2025 growth strategy to expand our business further internationally, particularly in the US market. This acquisition is the next step in our long-term plan to re-define what US consumers can expect of eyecare and eyewear," Marc Fielmann, Fielmann Group CEO.
Shopko Optical is advised by Jefferies & Company.
Sony Pictures Entertainment, a multinational mass media and entertainment studio conglomerate, completed the acquisition of Alamo Drafthouse Cinema, an American dine-in cinema chain, from Altamont Capital Partners, a private equity firm, Fortress Investment Group, an investment management firm, and Tim League, a founder of Alamo Drafthouse Cinema. Financial terms were not disclosed.
"We are excited to make history with Sony Pictures Entertainment and have found the right home and partner for Alamo Drafthouse Cinema. We were created by film lovers for film lovers. We know how important this is to Sony, and it serves as further evidence of their commitment to the theatrical experience. Together we will continue to innovate and bring exciting new opportunities for our teammates and moviegoers alike," Michael Kustermann, Alamo Drafthouse Cinema CEO.
Alamo Drafthouse Cinema was advised by Goldman Sachs.
TA Associates, a private equity firm, completed the acquisition of a minority stake in BV Investment Partners-backed Solarity, a provider of automated clinical data processing solutions. Financial terms were not disclosed.
“We are greatly thankful for BV’s continued commitment and are thrilled to welcome TA as a new partner in our mission to revolutionize the healthcare technology ecosystem. TA’s deep industry knowledge and expertise scaling healthcare technology companies will empower us to expand our market reach and breadth of product offerings, supporting our ability to provide best-in-class indexing automation solutions to our customers," Andrew Fehlman, Solarity CEO.
Solarity was advised by Robert W Baird.
Insight Partners, a private equity firm, completed an investment in Nexus Cognitive, an innovator in enterprise Data & AI foundations. Financial terms were not disclosed.
"Anu and his team have built a robust offering that fulfills complex needs in the evolving and increasingly important Data & AI space. We were attracted to their 'Do It For Me' platform-agnostic approach that supports customers with a turnkey solution for operations and maintenance of a modern data stack-as-a-service, freeing up valuable resources and removing the need to recruit in-demand data engineers, architects, data scientists and other technical talent," Richard Matus, Insight Partners Vice President.
Insight Partners was advised by Willkie Farr & Gallagher.
Edgar Bronfman, Bain weigh deal for Paramount’s parent.
Media executive Edgar Bronfman Jr. and Bain Capital are interested in buying the parent of Paramount Global. The former Warner Music Group chairman and Boston-based private equity firm are considering offering more than $2bn for National Amusements, Bloomberg reported.
A final decision hasn’t been made and Bronfman and Bain could opt against pursuing a deal. The interest comes as Paramount works through negotiations to merge with Skydance Media, the independent film and TV company led by David Ellison.
KKR injects $50m of fresh cash to support property trust.
KKR put $50m of fresh capital into one of its major property trusts and agreed to a plan to support its valuation as the money manager looks to weather the ongoing turmoil in commercial real estate.
The New York-based firm used its balance sheet on June 4 to purchase shares in its KKR Real Estate Select Trust at a price of $25.56, for a total cost of about $50m. Separately, the firm pledged to cancel up to 7.7m of shares it owns in the real estate investment trust if the value of the trust is below $27 per share on June 1, 2027. KKR said it would contribute any shares required to get the net asset value of the REIT to that level, and that all shareholders will benefit from the move, Bloomberg reported.
Waystar prices IPO at midpoint to raise $968m.
Health-care payments software maker Waystar priced its initial public offering at the midpoint of a marketed range to raise $968m in one of 2024’s biggest listings. At the IPO price, Waystar has a market value of about $3.6bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. Including debt, the company has an enterprise value of about $5bn.
Waystar, whose backers include EQT and CPPIB, sold 45m shares for $21.50 each after offering them for $20 to $23. The company said in the statement that it intends to use the net proceeds from the IPO to repay debt.
Neuberger Berman and the Qatar Investment Authority have indicated an interest in buying as much as an aggregate of $225m in shares.
The offering is being led by JP Morgan, Goldman Sachs and Barclays, Bloomberg reported.
Aeromexico investors seek up to $500m in US IPO.
Apollo Global Management and other investors are seeking to raise as much as $500m in an initial public offering of Grupo Aeromexico, the Mexican carrier that emerged from bankruptcy protection more than two years ago, Bloomberg reported.
The alternative asset manager, which owns about 22% of Aeromexico, and other selling shareholders are aiming to raise about $400m to $500m in the Mexico City-based carrier's listing.
Brookfield Asset Management eyes $5b for UAE-backed climate fund.
Brookfield Asset Management is looking to raise $5bn for a fund backed by the United Arab Emirates that aims to scale up climate finance in emerging markets, DealStreetAsia reported.
The fund, dubbed the Catalytic Transition Fund, was announced at the COP28 climate talks in Dubai last December.
Anchored by a $1bn commitment from the $30bn UAE-based ALTÉRRA fund, the first close of the CTF is expected by the end of 2024.
InTandem Capital Partners closes Fund III at $715m.
InTandem Capital Partners, a middle-market private equity firm focused exclusively on healthcare services, announced the final closing of InTandem Capital Partners Fund III, with $715m in total capital commitments. Fund III closed above its original target of $650m.
“We thank our longtime investors for their continued partnership and welcome our new investors joining us in Fund III,” Lauren Mangino, InTandem Principal.
JP Morgan to wager on weight-loss boom with $500m fund.
JPMorgan's asset-management arm raised more than $500m for a biotech venture capital fund that will bet on the hottest corner of health care: weight-loss drugs, Bloomberg reported.
The fund closed this month, and "the top three choices are obesity, obesity and obesity," Steve Squinto, JPMorgan's life-sciences unit team CIO.
High Alpha raises $125m fund, focused on the future of enterprise SaaS.
Venture firm High Alpha raised $125m for its fourth and largest fund to date. Creating and investing in over 90 early-stage SaaS companies across North America since 2015, High Alpha IV is a strategic evolution that brings company building and investing into a single entity focused on helping entrepreneurs, and the companies they lead, reach their full potential.
“We’ve never been in a better position to help entrepreneurs reach their full potential and create breakout, enterprise SaaS companies,” Scott Dorsey, High Alpha Managing Partner.
EMEA
Slate Asset Management, a global alternative investment platform targeting real assets, agreed to acquire the World Seafood Center, a state-of-the-art, newly built seafood refrigeration and distribution facility, from Oslo Airport City, an urban property developer, for NOK1.3bn ($121m).
"We are pleased to be increasing our exposure to European essential real estate with the acquisition of this premier cold storage and distribution facility. The World Seafood Center has established itself as a critical part of the food supply chain globally, providing consumers across Europe, America, and Asia with access to high-quality Norwegian seafood. As global demand for sustainable seafood continues to grow, we look forward to working together with the leading tenants at the World Seafood Center to further enhance the quality, efficiency, and resiliency of this facility, ensuring it remains a major seafood export hub for years to come," Sven Vollenbruch, Slate Managing Director.
Slate is advised by KPMG, CBRE Group, agradblue, Pareto Securities and Schjodt. Oslo Airport City is advised by Vedal, Colliers and Thommessen.
L Catterton, a private equity firm, completed the acquisition of a 36% stake in Tod's, a luxury fashion house, in a €2bn ($2.2bn) deal.
"At this time exiting the stock market, with which we have always had excellent relations, we believe it is the most strategically appropriate choice. Sharing this path with L Catterton, the world's leading private equity firm in the consumer goods sector, will give us the opportunity to develop further,” Diego Della Valle, Tod's CEO.
Tod's was advised by Bank of America, Goldman Sachs and PedersoliGattai. Financial advisors were advised by Sullivan & Cromwell. L Catterton was advised by JP Morgan and BonelliErede.
Medios, a provider of specialty pharma solutions, completed the acquisition of Ceban Pharmaceuticals, a pharmaceutical compounding platform, for €259m ($281m).
“We are very pleased that we have now successfully completed the acquisition of Ceban. This transformative acquisition is an important first step in building the leading European Specialty Pharma platform. In addition to cross-selling opportunities and synergies, particularly in purchasing, Ceban's portfolio enables us to strategically diversify while simultaneously tapping into attractive growth markets," Matthias Gaertner, Medios Chairman.
Ceban was advised by Jefferies & Company. Medios was advised by KPMG, Morrison & Foerster and Stibbe. Bencis Capital was advised by PricewaterhouseCoopers and Hogan Lovells.
EMERAM, a private equity firm, completed the investment in Garderos, a provider of ruggedized router solutions for secure data communication and optimal connectivity in harsh environments. Financial terms were not disclosed.
"We have already achieved great success and high growth rates in recent years and have convinced our customers of the quality and, in particular, the reliability of our products. We are now at the beginning of a new growth phase with the increasing digitalization, especially in the energy industry. We are confident that in EMERAM we have found a partner who will provide us with the best possible support to maximize our additional growth potential and keep our company on track for long-term success. On behalf of the entire company, I would like to take this opportunity to thank our former major shareholder for the excellent cooperation. We are delighted that Dr Hinder will remain on board as a shareholder and member of the Advisory Board," Hermann Knauer, Garderos CEO.
Garderos was advised by Jones Day. EMERAM was advised by Rautenberg & Company, Alvarez & Marsal, Noerr (led by Christoph Thiermann) and Flick Gocke Schaumburg.
General Atlantic, a global growth investor, agreed to invest in Sustainable Development Capital, a developer, investor and fund manager focused on energy efficiency and decarbonization solutions globally. Financial terms were not disclosed.
"SDCL is delighted to partner with General Atlantic's BeyondNetZero team. We believe that resource efficiency is key to sustainability and that energy efficiency is one of the largest, fastest, cheapest, and cleanest source of greenhouse gas emission reductions, energy cost reductions and energy security. The world cannot reach net zero, or beyond, without it. This fact is key to SDCL and BeyondNetZero's strategies," Jonathan Maxwell, Sustainable Development Capital CEO.
Sustainable Development Capital is advised by Jefferies & Company and Herbert Smith Freehills. General Atlantic is advised by Deloitte and Freshfields Bruckhaus Deringer.
Blackstone, an alternative asset manager, agreed to acquire SEVES Group, a manufacturer in electric insulation for power generation, transport and distribution, from Triton Partners, an investment firm. Financial terms were not disclosed.
"SEDIVER has successfully built on its innovative heritage to become a truly global brand within the power grid supply chain. As a leading investor in the energy transition, we prioritize partnering with companies with strong, capable management teams, and work to help them fully capitalize on the growth opportunities available. We look forward to supporting Erik and the wider team in the next phase of its journey," Juergen Pinker, Blackstone Senior Managing Director.
SEVES Group is advised by Lincoln International. Blackstone is advised by Citigroup and Simpson Thacher & Bartlett (led by Geoffrey Bailhache and Paul Foote).
TDR Capital, a private equity firm, agreed to acquire an additional stake in Asda, a supermarket and petrol station chain, from Mohsin Issa. Financial terms were not disclosed.
"By combining our investment and sector expertise with Asda's heritage of delivering value for customers, we have already made significant progress in transforming Asda. We have added a scale convenience business, grown Asda's store footprint from 623 to 1.2k stores and food-to-go sites, and launched a hugely successful loyalty app, which now has six million active customers, accounting for around half of total sales. We remain focused on investing in Asda's stores and online, as well as its colleagues through the highest pay in the traditional supermarket sector, to drive sustainable, long-term growth," Gary Lindsay and Tom Mitchell, TDR Capital Managing Partners.
VINCI, a civil airports developer, and the Government of Hungary to acquire the remaining 20% stake in Budapest airport, a international airport, from AviAlliance, an airport management company, GIC, a Singaporean sovereign wealth fund, and CDPQ, an institutional investor, in a €4.3bn ($4.7bn) deal.
On completion of the transaction, Corvinus will own 80% of the concessionaire and VINCI Airports 20%.
AviAlliance is advised by Rothschild & Co.
Eurazeo, a French private equity firm, led a $100m Series C round in Cognigy, a provider of AI-first customer service automation, with participation from Insight Partners, DTCP and DN Capital.
"Delightful customer service is a top priority for enterprises and is one of the pain points pervading every industry that technology has not been able to solve successfully to date. Cognigy's enterprise-grade orchestration layer for AI Agents works alongside human agents to deliver a highly effective, personalized service on any channel," Raluca Ragab, Eurazeo Managing Director, Head of UK and DACH.
Cognigy was advised by Lages & Associates.
Waterland Private Equity, a private equity firm, agreed to acquire LifeFit Group, a fitness and wellness group, from Oaktree Capital Management, a private equity firm. Financial terms were not disclosed.
“We are delighted to have such a competent and experienced investor as Waterland on board. With their expertise and financial support, we are absolutely certain that we will be able to continue along our chosen path. We will further strengthen our position in the market and expand our business," Martin Seibold, LifeFit Group CEO.
Waterland Private Equity is advised by Hengeler Mueller.
General Catalyst, a venture capital firm, led a €600m ($645m) Series B round in Mistral AI, a French company selling artificial intelligence products, with participation from Lightspeed Venture Partners, Andreessen Horowitz, Nvidia, Samsung Venture Investment Corporation, Salesforce Ventures, Belfius, Bertelsmann Investment, BNP Paribas, Bpifrance, Cisco, Eurazeo, Headline, Hanwha Asset Management, IBM, Korelya Capital, Latitude, Millennium New Horizons, Sanabil Investments, ServiceNow and SV Angel.
“I am delighted to see new and existing investors renew their confidence in our business and provide new support for its expansion. This new round puts us in a unique position to push the frontier of AI and bring state-of-the-art technology to everyone’s hands. It guarantees the company’s continued independence, which remains fully under the founders’ control,” Arthur Mensch, Mistral AI co-founder and CEO.
EQT, a private equity firm, agreed to acquire a majority stake in CluePoints, a cloud-based software platform for risk-based quality management and data quality oversight in clinical trials. Financial terms were not disclosed.
"We are delighted that EQT has chosen to partner with CluePoints. EQT is a market-leading investor in both SaaS and medical research industries. This combination makes EQT an ideal partner for CluePoints which is a market leader for SaaS-based clinical data analytics. We are grateful for Summit's active support over the last four years. Their depth of industry knowledge and operational resources have been instrumental in our growth trajectory. Both EQT and Summit share our passion for and commitment to leveraging innovative advanced statistics and machine learning solutions to eliminate manual, error-prone activities in the clinical trial process," Andy Cooper, CluePoints CEO.
Trian Partners, a hedge fund management firm, completed the acquisition of a majority stake in Rentokil Initial, a pest-control business. Financial terms were not disclosed.
“We are hugely proud of the role our colleagues play in creating and delivering new solutions for our customers; whether a scientific breakthrough from our dedicated Innovation team, or a smart insight from our front-line technicians and expert colleagues operating around the world," Andy Ransom, Rentokil Chief Executive.
Saudi Arabia set to raise more than $11.2bn from Aramco stock offering.
Saudi Arabia is set to raise more than $11.2bn after pricing its offering of Aramco stock toward the lower end of the targeted range. Saudi Aramco's bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each.
The stake sale, a first since Aramco's record-setting IPO in 2019, was announced last week in a landmark deal to help fund Crown Prince Mohammed bin Salman's plan to diversify the economy. The Saudi government directly holds just over 82% of Aramco. Public Investment Fund owns 16%, 12% directly and four% through subsidiary Sanabil Investments, with the remainder held by public investors.
Saudi Arabia is offering investors about 1.545bn Aramco shares, or 0.64%, at 26.7 to 29 riyals, or just under $12bn at the top end of the range. The stock closed at 28.30 Saudi riyals.
Citigroup, Goldman Sachs, HSBC, JP Morgan, Bank of America and Morgan Stanley, along with local firms The Saudi National Bank - SNB, Al Rajhi Capital, Riyad Capital and Saudi Fransi are helping to manage the sale, Reuters reported.
Hayfin is pursuing a management buyout instead of a sale.
Hayfin Capital Management, the private-credit specialist that began exploring a sale last year, has put those plans on ice in favor of a management buyout.
The firm’s management team is talking with potential financing providers as they seek to repurchase a majority stake from BCI. A management buyout, should it go forward, is set to value the firm at around €1.2bn ($1.3bn), Bloomberg reported.
Prague fund plans €300m property acquisitions in Europe. (RE)
Real estate fund Investika plans to buy more properties across Europe, taking advantage of compressed valuations as high interest rates are forcing over-leveraged owners to sell, Bloomberg reported.
The Czech company managing more than €1bn ($1.1bn) of assets will spend as much as €300m ($323m) on real estate over the next 12 months. Investika, which already owns 50 commercial properties in the Czech Republic, Poland, Croatia and Spain, plans to also make acquisitions in Germany and Austria.
Advantage Capital is in advanced talks to invest in Everton FC.
Advantage Capital, a private equity firm, is in advanced talks to invest in Everton FC, adding another unexpected twist to the takeover saga surrounding the English Premier League football club.
Advantage Capital submitted a plan that would see them refinance all of Everton’s existing debt and then take a non-controlling equity stake in the club, Bloomberg reported.
Oaktree-backed NAV lender 17Capital to expand into Dubai.
Oaktree Capital Management-backed 17Capital is expanding into Dubai as it seeks to capitalize on growing interest in the niche area of net-asset-value lending in the Middle East, Bloomberg reported.
17Capital has received all the necessary approvals and licenses from local authorities. Its operations in the region will be led by Pierre Garnier, a senior investment director who joined 17Capital in 2018 from Lazard.
James's Place hires former Credit Suisse banker as CFO. (People)
St James's Place has named Caroline Waddington, an ex-Credit Suisse banker, as its new chief financial officer, Bloomberg reported.
She will join the UK's largest wealth manager in the second half of the year and replace Craig Gentle, who is retiring from the firm after having held the role since Jan. 1, 2018. Gentle will stay on for a short period to help with the transition.
APAC
Oabay, a provider of trade credit digital transformation solutions, agreed to go public via a merger with Bayview Acquisition, a special purpose acquisition company, in a $393m deal.
Oabay provides trade credit digital transformation solutions that primarily consist of two types of services: supply chain finance cloud services and trade credit management cloud services.
Oabay is advised by Cayman Funds, Hunter Taubman Fischer & Li, Ogier, and Yingke. Bayview Acquisition is advised by Cayman Funds, Ogier, Han Kun Law Offices, and Winston & Strawn.
Bain Capital, an American private investment firm, offered to acquire Bapcor, a provider of automotive aftermarket parts, accessories, automotive equipment and services, for AUD1.83bn ($1.21bn).
Analysts said it could draw attention of more suitors to the struggling auto parts retailer. The shares had declined almost 50% from their high in mid-2021 after a series of profit downgrades stemming from struggles with inventory and the preemptive departure of CEO-elect Paul Dumbrell.
Bapcor is advised by Macquarie Group, Allens, and Cato & Clive (led by Sue Cato).
Daiwa Securities, a Japanese investment bank, agreed to acquire an additional 9.1% stake in Aozora Bank, a commercial bank, from CITY INDEX ELEVENTH, a fund backed by veteran activist investor Yoshiaki Murakami, for JPY27.9bn ($178m).
Aozora has agreed to the share acquisition as it believes that the share acquisition will further strengthen the capital and business alliance between the Aozora Group and Daiwa Securities Group and will contribute to enhancement of the Aozora Group's corporate value. In addition, while Daiwa Securities Group's shareholding ratio of the Bank's shares will increase, the basic concept of the capital and business alliance remains unchanged, and the Aozora Group and Daiwa Securities Group have mutually confirmed that the collaboration will be promoted by respecting autonomy in management of both parties.
Textainer in talks to buy HNA’s Seaco in $5bn deal.
Stonepeak-owned Textainer is in advanced talks to acquire container leasing firm Seaco from an arm of failed Chinese conglomerate HNA Group, Bloomberg reported.
Textainer has pulled ahead of rival bidders for Seaco, which is owned by Shenzhen-listed Bohai Leasing. A transaction could value Seaco at around $5bn including debt. A sale of Seaco would extend a push by Chinese companies to shed assets they snapped up during a wave of foreign acquisitions several years ago.
KKR gets AUD500m private credit loan for Perpetual buy.
The loan is structured as a covenant-lite unitranche deal that is a blend of senior and junior debt with no financial covenants. The loan pays an interest margin in the mid-500 basis points range.
Carlyle sets sights on 300 Japanese businesses as PE deals boom.
Carlyle Group is studying around 300 Japanese businesses as part of its pipeline, a sign of the continuing boom in private equity deals in the country, Bloomberg reported.
“We look at a lot of deals every day,” Kazuhiro Yamada, Carlyle co-head of the Japan buyout advisory team said. “Even though competition is increasing, if you look at the number of potential deals, there are actually not enough general partners to do them.”
PAG raises just half of the $9bn goal for new Asia PE fund.
PAG, Asia's biggest manager of alternative assets, will close the fundraising for its latest buyout fund at $4bn later this month, reaching less than half of its original target as investors balk at putting new cash into the region, Bloomberg reported.
When the fund was launched two years ago, PAG was seeking about $9bn. The firm told investors last year it anticipated raising $6bn instead, after the world's biggest pension pools became increasingly reluctant to invest in illiquid assets in general.
CalPERS commits over $1bn to Asia-focused PE funds.
The California Public Employees' Retirement System, the largest public pension fund in the US, has committed capital to a string of private equity funds managed by B Capital, TPG, and MBK Partners in Q4 2023, DealStreetAsia reported.
The public pension fund invested up to $525m in four different funds of Singapore- and US-based venture capital firm B Capital alone. It committed $175m to B Capital Ascent Fund III, looking to raise a corpus of roughly $500m; a separate $35m to B Capital Ascent SSEA Fund I; $75m to B Capital Global Growth III; and $240m to B Capital Opportunities Fund II, which closed at $750m in March this year.
L Catterton resets Asia fund series amid triple fundraise.
L Catterton has reset its Asia-Pacific fund series as the firm looks to raise three new vehicles targeting the region.
L Catterton is seeking $800m for what is ostensibly its fourth pan-Asia fund. This is being accompanied by two local country-focused vehicles targeting India and Japan respectively.
|
