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Top Highlights
Baker Hughes, an energy technology company that provides solutions to energy and industrial customers, completed the acquisition of Chart Industries, a manufacturer of highly engineered equipment used for gas and liquid molecule handling, for $13.6bn, according to press releases.
Baker Hughes was advised by Centerview Partners (led by Gayle Turk and Blair Effron), Goldman Sachs, Morgan Stanley, Cleary Gottlieb Steen & Hamilton (led by Meyer Fedida and Paul Shim), WilmerHale, and Brunswick Group (led by Jonathan Doorley). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). Debt financing was provided by Goldman Sachs and Morgan Stanley. Chart Industries was advised by Wells Fargo Securities (led by David DeNunzio), Winston & Strawn (led by Matthew Stevens), and Collected Strategies (led by Jim Golden and Jude Gorman). Financial advisors were advised by Latham & Watkins (led by Robert Katz), according to press releases and MergerLinks data.
Honeywell, a company specializing in industrial automation and energy solutions, completed the acquisition of the Catalyst Technologies business from Johnson Matthey, an international speciality chemicals company, for £1.33bn ($1.79bn), according to press releases.
Goldgroup Mining, a Canadian-based gold production and exploration company, completed the merger with Gold Resource, a Denver-based precious and base metals producer, developer and explorer, in a $372m deal. Gold Resource will become a wholly owned subsidiary of the combined company, with existing Gold Resource stockholders owning approximately 40% and Goldgroup shareholders holding 60% of the new entity, according to press releases.
Gold Resource was advised by Cormark Securities, Cassels Brock & Blackwell (led by Lindsay Clements, Zahra Nurmohamed, Ben McLaughlin and Chad McLaughlin), Davis Graham & Stubbs, Sanchez Mejorada Velasco y Ribe and Laurel Hill Advisory Group. Goldgroup Mining was advised by Fort Capital Partners, Cozen O'Connor and McMillan, according to press releases and MergerLinks data.
AMERICAS
Saudi PIF set to win EU nod for $55bn Electronic Arts deal. ( Reuters)
Dassault Systèmes in talks to buy drug trial software maker ArisGlobal for $2bn. ( FT)
Blue Owl-backed Latigo Biotherapeutics files for IPO. ( Bloomberg)
EMEA
Seven & i in talks to acquire stake in Polish convenience chain Zabka. ( Reuters)
BASF seeks banks to lead IPO of €20bn agrichemical unit. ( Bloomberg)
AS Watson considers delay to planned London IPO. ( FT)
Howden plots multi-billion pound capital raise on path to IPO. ( Bloomberg)
APAC
Mitsubishi Electric eyes power-chip merger with Rohm and Toshiba. ( Bloomberg)
Inovance eyes European acquisitions to challenge Siemens and Bosch. ( Bloomberg)
Coles ends talks with TPG Capital over Greencross acquisition. ( Reuters)
ThaiBev weighs sale of KFC franchise business in Thailand. ( Bloomberg)
Innolight wins approval for up to $8bn Hong Kong listing. ( Bloomberg)
Eoptolink files for up to $5bn Hong Kong listing. ( Bloomberg)
Manipal Hospitals cuts valuation to $8.3bn for IPO. ( Bloomberg)
Zepto faces sharply lower valuation for India IPO. ( Bloomberg)
Shein wins Hong Kong listing committee approval for IPO. ( Reuters)
NSE receives rare 'sell' call ahead of long-awaited IPO. ( Bloomberg)
NLC India hires banks for renewables unit IPO. ( Bloomberg)
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AMERICAS
ARRAY Technologies, a provider of solar tracking technology and fixed-tilt systems, agreed to acquire Affordable Wire Management, a provider of wire management, cable protection, and balance-of-system solutions, for $203m, according to press releases.
AWM is advised by First Liberties Financial and Mintz Levin. ARRAY is advised by Jefferies & Company, Jones Day (led by Benjamin Stulberg) and Edelman, according to MergerLinks data and press releases.
LKCM Headwater Investments, a private equity firm, agreed to acquire Distribution Solutions Group, a specialty distribution company serving industrial and commercial end markets, according to press releases. Financial terms were not disclosed.
LKCM Headwater Investments is advised by JP Morgan and Mayer Brown. Distribution Solutions Group is advised by William Blair & Co, McDermott Will & Schulte, and Three Part Advisors (led by Steven Hooser), according to press releases.
Apax Digital Funds, the growth equity arm of Apax Partners, agreed to invest in Inspectorio, a company specializing in AI-powered production-chain management software for global brands, retailers, and suppliers, according to press releases. Financial terms were not disclosed.
Inspectorio is advised by Harris Williams & Co and Ketner Group Communications (led by Abby Nelson). Apax Digital Funds is advised by Lincoln International and Kirkland & Ellis, according to press releases.
One Equity Partners, a middle market private equity firm, agreed to acquire EPIC Piping, a pipe fabrication and distribution company, and BendTec, a metal fabrication company, from Bernhard Capital, an infrastructure and services-focused private equity firm, according to press releases. Financial terms were not disclosed.
One Equity is advised by Stanton PRM (led by Thomas Zadvydas). Bernhard Capital is advised by JP Morgan, Kirkland & Ellis and Prosek Partners, according to MergerLinks data and press releases.
Boxabl, a modular housing solutions provider, went public via a SPAC merger with FG Merger II, a special purpose acquisition company, in a $3.5bn deal, according to press releases.
Boxabl was advised by Maxim Group and Winston & Strawn (led by Michael Blankenship). FG Merger II was advised by Loeb & Loeb, according to MergerLinks data and press releases.
Percheron Capital-backed Big Brand, a provider of non-discretionary automotive services, agreed to acquire Belle Tire, a tire and automotive service provider, according to press releases. Financial terms were not disclosed.
Belle Tire is advised by Jefferies & Company. Big Brand is advised by Evercore. Percheron Capital is advised by Joele Frank (led by Woomi Yun), according to MergerLinks data and press releases.
Viking Global-backed Machine Sciences, a manufacturing company serving aerospace, defense, and industrial markets, completed the acquisition of Kittyhawk, a provider of Hot Isostatic Pressing services for mission‑critical components, from Trive Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Kittyhawk and Trive Capital were advised by KAL Capital Markets and Willkie Farr & Gallagher, according to press releases.
Saudi PIF set to win EU nod for $55bn Electronic Arts deal. ( Reuters)
The deal, announced in September last year, involves PIF alongside Jared Kushner's Affinity Partners and private equity firm Silver Lake.
Dassault Systèmes in talks to buy drug trial software maker ArisGlobal for $2bn. ( FT)
Dassault Systèmes is in talks to acquire drug trial software maker ArisGlobal from Nordic Capital for about $2bn, extending its push into life sciences software.
Blue Owl-backed Latigo Biotherapeutics files for IPO. ( Bloomberg)
Latigo Biotherapeutics, a Blue Owl Capital-backed clinical-stage developer of non-opioid pain medicines, filed for an initial public offering, joining a growing list of biotechs considering going public this quarter.
The company has one drug candidate in late-stage trials that has shown a roughly 50% greater analgesic effect than Vicodin.
EMEA
Bridgepoint, a mid-market investor, agreed to acquire a majority stake in GBA Group, a provider of specialist laboratory testing services, from Ardian, a private investment firm, according to press releases. Financial terms were not disclosed.
GBA Group is advised by POELLATH (led by Benedikt Hohaus). Bridgepoint is advised by Boston Consulting Group, Citigroup, DC Advisory (led by Stefan Jaecker), Ernst & Young, Rothschild & Co and Latham & Watkins. Ardian is advised by LEK Consulting, Ernst & Young, Macquarie Group, Morgan Stanley, Milbank, Headland Consultancy and Taxess, according to MergerLinks data and press releases.
CVC DIF, a mid-market infrastructure equity fund manager, and Andrea Giustini, the founder and CEO, agreed to acquire a majority stake in EcoEridania, an integrated waste management operator, from iCON, an independent investment group, according to press releases. Financial terms were not disclosed.
CVC DIF is advised by Citigroup, Jefferies & Company, Clifford Chance and H/Advisors (led by Finlay Donaldson). Andrea Giustini is advised by Lazard and Hogan Lovells Cadwalader. iCON is advised by JP Morgan and Chiomenti, according to MergerLinks data and press releases.
Lichtenberg Capital, an entrepreneurial investor, agreed to acquire a majority stake in ATOP, a specialist for automated production lines for electric motors, from IMA, an automatic machines designer, according to press releases. Financial terms were not disclosed.
Lichtenberg is advised by Mediobanca and Nunziante Magrone. IMA is advised by DC Advisory (led by Francesco Moccagatta), EY Parthenon and Studio Poggi & Associati, according to MergerLinks data and press releases.
IPG Photonics, a company specializing in laser and photonics technologies for industrial and medical applications, agreed to acquire Lumibird Medical, a company focused on diagnostic and therapeutic laser systems for ophthalmology, for €350m ($400m).
Railpen, the largest shareholder in Britain's IP Group, has sweetened its takeover proposal to £0.61 ($0.82) per share in cash, up from £0.59 ($0.79), plus a share of its Oxford Nanopore Technologies stake.
Shareholders would also receive a contingent value right tied to IP Group's stake in biotech firm Metsera, bringing the total implied offer to about £0.72 ($0.97) per share.
Seven & i in talks to acquire stake in Polish convenience chain Zabka. ( Reuters)
Seven & i, owner of 7-Eleven, is in talks to acquire a stake in Polish convenience store operator Zabka as it seeks new growth drivers following investor pressure over weak earnings.
The investment is likely to total several hundred billion yen, held by unnamed funds.
Ardian manages $200bn in assets across multiple asset classes and geographies. Since becoming a shareholder last year, Wafra has aligned with Ardian's leadership on a range of strategic growth initiatives.
BASF seeks banks to lead IPO of €20bn agrichemical unit. ( Bloomberg)
BASF has invited banks to pitch for roles on an initial public offering of its Agricultural Solutions division in Frankfurt, in what could be one of the largest offerings the bourse has seen in recent years.
The company asked banks in recent days to submit proposals for the listing, which could value the unit at around €20bn ($23bn).
AS Watson considers delay to planned London IPO. ( FT)
AS Watson, the Hong Kong-based owner of UK retailer Superdrug and part of CK Hutchison, is considering delaying its planned stock market listing until next year.
The company had been targeting a dual listing in London and Hong Kong this autumn, aiming to raise about $2bn at a valuation of about $30bn.
Howden plots multi-billion pound capital raise on path to IPO. ( Bloomberg)
Howden Group, the London-based insurance broker targeting an IPO by 2030, is in talks to raise several billion pounds in new private capital to maintain its rapid expansion.
The group, already backed by Hg, General Atlantic and La Caisse, is working with Morgan Stanley to bring in new external shareholders.
APAC
Aura, an online safety and wellbeing company, completed the acquisition of Qoria, a digital safety and technology company, for $675m, according to press releases.
LianBio, a company specializing in biopharmaceutical development and commercialization, completed the merger with LianMedical, a medical device company, according to press releases. Financial terms were not disclosed.
LianMedical was advised by Ropes & Gray and Travers Thorp Alberga. LianBio was advised by Mourant Ozannes and Womble Bond Dickinson, according to press releases.
Mitsubishi Electric eyes power-chip merger with Rohm and Toshiba. ( Bloomberg)
Mitsubishi Electric is seeking to reach a deal by September with rivals Toshiba and Rohm to combine their power semiconductor operations.
The move would consolidate three of the world's top suppliers in a segment supercharged by demand for AI infrastructure, where power-regulation chips are growing in importance.
Inovance eyes European acquisitions to challenge Siemens and Bosch. ( Bloomberg)
Shenzhen Inovance Technology, China's domestic industrial automation company, is considering acquisitions in Europe to compete with incumbents such as Siemens and Robert Bosch.
The firm is preparing a secondary listing in Hong Kong in addition to Shenzhen that could raise as much as $2bn to help finance its overseas expansion.
Coles ends talks with TPG Capital over Greencross acquisition. ( Reuters)
Coles Group has ended discussions with TPG Capital over a potential acquisition of Greencross Pet Wellness, sending its shares up as much as 5%.
The announcement came weeks after the Australian grocer confirmed talks were underway, a disclosure that had sent its shares down more than 4%.
ThaiBev weighs sale of KFC franchise business in Thailand. ( Bloomberg)
Thai Beverage, the maker of Chang beer and SangSom rum, is considering a sale of its KFC restaurant franchise business in Thailand, working with Bank of America to gauge interest.
The business operates through QSR of Asia, a ThaiBev subsidiary and one of three KFC franchise operators in Thailand.
Innolight wins approval for up to $8bn Hong Kong listing. ( Bloomberg)
Zhongji Innolight, a maker of optical transceivers used in AI and data centers, has received approval from both China's securities regulator and the Hong Kong stock exchange for a listing that could raise as much as $8bn.
The Shenzhen-traded company is planning to start taking orders as soon as next week, in what is likely to be one of Hong Kong's biggest listings in years.
Eoptolink files for up to $5bn Hong Kong listing. ( Bloomberg)
Eoptolink Technology, a Chinese maker of optical transceivers, has filed confidentially for a listing in Hong Kong that could raise $4bn to $5bn.
Morgan Stanley has been added to work on the deal, joining Citic Securities and JP Morgan, which were hired in April.
Manipal Hospitals cuts valuation to $8.3bn for IPO. ( Bloomberg)
India's Manipal Health Enterprises, operator of the Manipal Hospitals chain, is seeking a valuation of about INR800bn ($8.3bn) in its planned initial public offering.
The Temasek-backed company plans to raise as much as INR110bn ($1.14bn) through a share sale likely to launch in the week of July 27.
Zepto faces sharply lower valuation for India IPO. ( Bloomberg)
Indian fast-delivery company Zepto is seeking a valuation in its IPO sharply below its $7bn peak, as concerns over cash burn raise questions about its path to profitability.
Foreign investors have indicated interest at a pre-money valuation of about $4.5bn, while some domestic institutional investors are valuing the company between $3bn and $3.5bn.
Shein wins Hong Kong listing committee approval for IPO. ( Reuters)
Shein has secured approval from the Hong Kong stock exchange listing committee for an IPO, bringing the fast-fashion retailer closer to its long-awaited market debut.
The listing would be one of Hong Kong's most closely watched in years, after Shein's earlier efforts to list in New York and London stalled amid regulatory scrutiny.
NSE receives rare 'sell' call ahead of long-awaited IPO. ( Bloomberg)
National Stock Exchange of India, operator of the world's largest derivatives exchange, has received a sell recommendation just as it gears up to launch the country's biggest IPO.
Dolat Capital Market initiated coverage with a bearish call, citing tighter derivatives regulations that would crimp trading volumes and leave little room for upside at current valuations.
NLC India hires banks for renewables unit IPO. ( Bloomberg)
State-run coal and lignite miner NLC India has hired four investment banks to manage the initial public offering of its renewables unit.
SBI Capital Markets, IIFL Capital Services, IDBI Capital Markets & Securities and HDFC Bank will manage the planned share sale.
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