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AMERICAS
CD&R-backed S&S Activewear, a tech-enabled provider of apparel and accessories, agreed to acquire alphabroder, a distributor of trade, retail, apparel brands and branded products. Financial terms were not disclosed.
“We are thrilled to have found a partner in S&S Activewear that shares our customercentric approach and commitment to investing in the brands, infrastructure and teams needed to build and strengthen successful long-term relationships. alphabroder has created one of the industry’s leading brand portfolios, and together with S&S Activewear, will benefit from an even stronger and deeper supply-chain network backed by integrated marketing and order fulfillment capabilities," Dan Pantano, alphabroder CEO.
CD&R is advised by BMO Capital Markets, BNP Paribas, Barclays, Citizens M&A, Deutsche Bank, Natixis Partners, RBC Capital Markets, Societe Generale, Solomon Partners, TD Securities, Truist Securities, UBS and Debevoise & Plimpton (led by Spencer Gilbert). S&S Activewear is advised by H/Advisors Abernathy.
Equity Residential, an owner and operator of high-quality rental apartment properties, agreed to acquire 11 apartment properties from Blackstone Real Estate, a company specialising in real estate investing, for $964m.
“We are pleased to add these high-quality, well-located properties to our growing portfolios in Atlanta, Dallas/Ft. Worth and Denver at pricing that is attractive compared to replacement costs. This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth expansion markets. We appreciate partnering with Blackstone on this mutually beneficial transaction and look forward to continuing to grow the relationship," Alec Brackenridge, Equity Residential Executive Vice President and Chief Investment Officer.
Blackstone is advised by Eastdil Secured, RBC Capital Markets, Santander, Sumitomo Mitsui Banking Corp, and Simpson Thacher & Bartlett. Equity Residential is advised by Bryan Cave Leighton Paisner, Hogan Lovells and Neal Gerber & Eisenberg.
KKR, a global investment firm, agreed to acquire a 50% stake in FGS Global, a global strategic communications consultancy, from WPP, a British multinational advertising and public relations company, for $775m.
"The sale of FGS represents an excellent outcome for WPP. Together with the management of FGS we have built a world-leading strategic communications and advisory group, creating considerable value for all stakeholders. We have achieved an attractive price, enabling WPP to accelerate the crystallisation of the significant value created. This also provides WPP with greater financial and management flexibility as we continue to grow our core business including Burson and Ogilvy Public Relations which give our clients access to world-class public relations services,” Mark Read, WPP CEO.
Bansk Group, a consumer-focused private investment firm, agreed to acquire PetIQ, a pet medication, health and wellness company, for $1.5bn.
“On behalf of PetIQ's Board of Directors, we are thrilled to announce the execution of a definitive agreement with Bansk Group at a substantial premium for PetIQ stockholders. After a comprehensive assessment of the offer with the assistance of our outside advisors, the Board has determined that this transaction represents an attractive outcome for PetIQ and our stockholders," Cord Christensen, PetIQ Founder, Chairman and CEO.
PetIQ is advised by Jefferies & Company and Cooley. Bansk Group is advised by Davis Polk & Wardwell and Joele Frank (led by Woomi Yun).
OceanSound-backed Gannett Fleming, an engineering and infrastructure solutions provider, completed the merger with TranSystems, a provider of transportation-focused engineering and infrastructure services. Financial terms were not disclosed.
“The combination of Gannett Fleming and TranSystems creates a preeminent engineering firm with the scale and depth to solve our clients’ most complex infrastructure challenges. This merger bolsters our position within bridges, highways, construction services, mass transit & rail, and program management and provides our customers with an end-to-end solution across multiple modes of transportation,” Bob Scaer, Gannett Fleming CEO.
Bestpass-Fleetworthy Solutions, a toll management, safety, and compliance solutions services company, completed the acquisition of Drivewyze, an intelligent transportation system service. Financial terms were not disclosed.
"Drivewyze is a transportation technology leader that offers the industry's best weigh station bypass solution and proactive in-cab safety alerts -- which helps keep drivers and fleets operating more efficiently and safely. The team shares our core focus on innovation and service to drive superior customer value and satisfaction. We have had a very successful partnership in place, and many of our existing customers also use a weigh station bypass solution to reduce operating costs and driver downtime. This strategic move to acquire Drivewyze will allow us to offer customers a more comprehensive, innovative, and integrated solution. We're thrilled to welcome Drivewyze to the Bestpass-Fleetworthy family," Tom Fogarty, Bestpass-Fleetworthy Solutions CEO.
Bestpass was advised by SiefkesPetit Communications (led by Ryan Siefkes).
Celero Commerce, a full-service, integrated electronic commerce solutions provider powered by edge technology, completed the acquisition of SONA, a provider of electronic payments technology to businesses across Canada. Financial terms were not disclosed.
“Since day one we have delivered pricing certainty, competitive rates and high-quality support to our customers. We take immense pride in being one of the most reputable brands in the Canadian payments ecosystem. We are excited to join the Celero team, enhancing the innovative and customer-centric technology and product solutions we provide our customers,” Ryan O’Leary, SONA Founder.
SONA was advised by MAPP Advisors.
GrubMarket, a tech-enabled food eCommerce company, completed the acquisition of Good Eggs, an online grocery service renowned for its steadfast commitment to sustainability, local sourcing, and high-quality food. Financial terms were not disclosed.
"Joining GrubMarket is an exciting new chapter for Good Eggs. Our mission has always been to create a better food system by connecting people with the highest quality, sustainably sourced food. With GrubMarket's robust technological capabilities, expansive global supply network, and incomparable operational expertise, we are poised to amplify our impact and reach more households who share our values," Rodrigo Arévalo, Good Eggs CEO.
Oil billionaire is said to eye $3bn Franklin Mountain sale.
Refining billionaire Paul Foster is seeking to sell Franklin Mountain Energy, one of the last large closely held oil producers in the Permian Basin, Bloomberg reported.
Franklin Mountain hired Jefferies Financial Group to run the sale, with the price expected to be about $3bn. The Denver-based company’s assets are focused on one of the fastest-growing areas in the largest US oil basin.
Mars' mulled deal for Kellanova should withstand regulatory scrutiny.
Mars' contemplated acquisition of US snack maker Kellanova stands a good chance of getting past global antitrust regulators, even as it touches on a sensitive area of government oversight - how much consumers pay for food, Reuters reported.
Privately held Mars was looking to acquire Kellanova, which has a market value including debt of $31bn. The tie-up would come as other deals in the food sector, such as grocery store operator Kroger's $25bn proposed acquisition of Albertsons, grapple with lawsuits from regulators over the impact they would have on prices following a bout of inflation.
Vista winds down hedge fund, citing dominance of private markets. (FS)
Vista Equity Partners has told investors it’s winding down its hedge fund amid a “structural shift” in markets toward private assets, Bloomberg reported.
The buyout firm is sunsetting Vista Public Strategies Fund and feeder funds Vista Public Strategies Onshore Fund and Vista Public Strategies Offshore, and returning capital to shareholders.
Stonepeak closes opportunities fund at $3.15bn. (FS)
Stonepeak, an alternative investment firm specialising in infrastructure and real assets, has held the final close of its Stonepeak Opportunities Fund at its revised hard cap of $3.15bn, after strong investor demand exceeded the original $2.5bn target.
The fund, which targets core-plus and value-add opportunities in the middle-market infrastructure sector, including control investments as well as structured capital solutions, with a focus on communications, transport and logistics, and energy and energy transition assets in North America and Europe, attracted commitments from a diverse group of global investors.
EMEA
SPE Capital, an independent investment management firm, completed the acquisition of OMOA Group, a full digital payment provider, from Adenia, a private equity firm. Financial terms were not disclosed.
“Embracing and supporting the digitalization of the African payment landscape has been key to protect and consolidate our leadership position. We now define ourselves as a Full Digital Payment Provider with a broad range of digital payment services and new, innovative, multifunction ATMs in collaboration with our historic partner NCR Atleos. Adenia’s support has been instrumental to deliver on our strategy and we strongly believe SPE will help us bring OMOA to new heights,” Bart Willems, OMOA CEO.
SPE was advised by Axa Climate, Ibis Consulting, Deloitte, FIME, KPMG, and DLA Piper. Adenia was advised by Deloitte, Edgar Dunn & Company, Lazard, Asafo & Co, CMS, and BackBay Communications (led by Stephen Fishleigh).
CVC, a private equity firm, completed the acquisition of medneo UK, a provider of diagnostic imaging services, from medneo Group, a medical company. Financial terms were not disclosed.
"We are delighted to have agreed to support the next stage of medneo UK’s growth journey. medneo UK has an excellent reputation for providing essential services within the UK healthcare system that improve patient outcomes," Willem Jansonius, CVC Partner.
CVC was advised by LEK Consulting, Marsh, KPMG and Travers Smith. medneo was advised by CIL Management Consultants, Alantra, BDO and Freeths.
DWS, an asset management company, and OMERS, a pension fund company, agreed to acquire Grandi Stazioni Retail, a company that operates the long-term leasehold providing exclusive rights to the commercial leasing and advertising spaces, from Antin, a private equity firm, ICAMAP, a real estate fund manager, and Borletti, a private investment group. Financial terms were not disclosed.
“We thank Antin, ICAMAP and Borletti Group for their significant support over the past years, which enabled us to implement our growth strategy. We are delighted to continue our growth journey with DWS and OMERS, who recognise our potential and will continue to invest, grow and build GSR," Alberto Baldan, GSR CEO.
Antin is advised by Cassiopea Partners, Intesa SanPaolo and BonelliErede. DWS is advised by UBS.
PPC Group, a clean energy company, agreed to acquire renewable energy portfolio in Romania from Macquarie, an investment banking and financial services group, for €700m ($766m).
"The acquisition further strengthens PPC Group’s growth strategy in Romania and Southeast Europe, with the addition of a significant renewables operating portfolio, including 600MW onshore wind, 22MW hydro, 6MW BESS, 1MW solar PV installed capacity, and about 145MW pipeline assets. Upon completion of the agreement, PPC’s RES portfolio in operation in Romania will double and total RES of PPC Group in operation will reach 5.3GW," PPC.
PPC is advised by Citigroup, Euroxx Securities and Clifford Chance. Macquarie is advised by Rothschild & Co.
Constellation Cold Logistics, a European cold storage and logistics provider, agreed to acquire Agri-Norcold, a Danish cold storage industry company, from TA Logistic, a family-owned investment company, and Danish Crown, an internationally oriented Danish food company. Financial terms were not disclosed.
"The addition of Agri-Norcold to our network opens up strategic opportunities in Denmark and strengthens Constellation's leading position in the Nordics, where we already enjoy strong partnerships and growth opportunities with our customers in Norway and Sweden," Carlos Rodriguez, Constellation CEO.
Aramco, an integrated energy and chemicals company, agreed to acquire an additional 22.5% stake in Petro Rabigh, a Saudi Arabia–based company which produces and markets refined hydrocarbon and petrochemicals, from Sumitomo Chemical, a chemical company, for $702m.
“Aramco continues to identify opportunities to strengthen its downstream value chain, secure placement of its upstream crude oil with affiliated refineries, and convert more of its hydrocarbons into high-value materials. By increasing our shareholding, we expect to achieve even closer integration with Petro Rabigh and facilitate its turnaround strategy. We look forward to building on our existing relationship with Petro Rabigh, in alignment with our strategic goals,” Hussain A. Al Qahtani, Aramco Senior Vice President of Fuels.
Itochu, a company that offers domestic trading, import and export, and overseas trading, completed the acquisition of a minority stake in Javelin Global Commodities, a coal-focused firm that’s fast expanding into oil, metals and renewables company. Financial terms were not disclosed.
The companies didn’t disclose the size of the stake taken by Itochu, or the amount paid. Itochu previously lent London-based Javelin $25m as a convertible bond, and the two firms had significant commercial agreements in coal according to company filings in the UK.
ITA-Lufthansa deal may help long-haul, business travel in Rome.
The German carrier got the nod last month for its plan to take a 41% stake in ITA for €325m ($355m) after a long negotiation with Brussels, which involved ceding routes and slots to rivals to address competition concerns.
Roche considering divesting $1.9bn cancer data startup.
Swiss pharmaceutical company Roche is considering divesting cancer data specialist Flatiron Health, Reuters reported.
Maersk CEO looking for new M&A deals after dropping Schenker bid.
A.P. Moller-Maersk is looking for new acquisition targets after recently walking away from what would have been its biggest ever deal, Bloomberg reported.
Maersk “absolutely” wants to pursue new takeover targets and it’s a “key strategic element” for the company, Vincent Clerc, CEO.
Glencore abandons plan to exit coal after investors say no. (FS)
Glencore has abandoned plans to spin off its coal unit just nine months after saying it would exit the profitable but polluting business, following discussions with its shareholders who pushed back against the move, Bloomberg reported.
Glencore’s announcement last year that it would split itself in two by hiving off coal marked a major strategic pivot for the company, as well as a watershed moment for the wider mining industry as the biggest shipper of coal — and one of its biggest champions — prepared to follow its rivals in exiting.
British brokerage TP ICAP favors New York listing for data unit.
Even London’s biggest inter-dealer broker is looking to the US as it considers an initial public offering of a lucrative data business, the latest sign that the City is struggling to compete with New York for equity capital markets activity, Bloomberg reported.
TP ICAP Group is considering listing its Parameta Solutions data unit in New York rather than its hometown because it believes it will get better liquidity in the US than the UK. Listing in the US is also more reflective of Parameta’s business, since 95% of its revenue is dollar-denominated.
APAC
Cathay Pacific to buy 30 Airbus A330-900 aircraft, option 30 more.
Cathay Pacific will buy 30 Airbus A330-900 wide-body aircraft, with options to buy another 30, the Hong Kong-based airline said on August 7.
Deliveries are expected to begin from 2028 and be complete by the end of 2031. The purchases will make up the biggest chunk of a plan announced by Cathay on August 7 to invest HKD100bn ($12.83bn) over seven years in its fleet, cabin products, lounges, and digital and sustainability projects, Reuters reported.
SoftBank unveils $3.4bn buyback after pressure from investors. (FS)
Japanese technology investor SoftBank Group said on August 7 it plans to buy back a hefty $3.4bn of its shares, answering in part calls from Elliott Management and other shareholders to bolster its stock price, Reuters reported.
Masayoshi Son's tech behemoth has been under renewed pressure to purchase shares given that its market capitalisation is far less than the value of its portfolio assets. The pressure comes at a time when SoftBank has been seeking to take a bigger role in artificial intelligence - albeit with a much cautious investment stance than in the past after a period of rebuilding its finances.
Hyundai to invest $28m in Thailand for EV assembly, batteries.
South Korean auto maker Hyundai Motor Company will invest THB1bn ($28m) to set up a facility to assemble electric vehicles and batteries in Thailand, the country's Board of Investment said on August 7.
Thailand's booming EV sector is currently dominated by Chinese carmakers, including BYD and Great Wall Motors, which are using the country as a manufacturing base for exporting vehicles across Southeast Asia, Reuters reported.
PE firm Quadria plans to invest $1bn in Indian health care. (FS)
Quadria Capital Investment Management plans to deploy as much as $1bn in India over the next two-and-a-half years as the Asia-focused private equity firm seeks minority stakes in health-care companies, potentially doubling its existing investment in the country, Bloomberg reported.
“We will evolve into more buyouts eventually, but currently we like backing entrepreneurs and working closely with them to help grow the companies,” Sunil Thakur, Quadria Capital Partner.
Soaring prices have Australian gold bugs expecting M&A splurge.
Australia’s gold industry — buoyed by the precious metal’s record—setting run this year — is anticipating a wave of deal-making, with smaller miners being targeted as exploration lags, Bloomberg reported.
The potential for a flurry of mergers and acquisitions in the world’s biggest gold producer after China and Russia has been one of the major talking points at the three-day Diggers & Dealers Mining Forum in the dusty Western Australian mining town of Kalgoorlie.
Adani is said to plan raising $1.2bn for flagship firm.
Billionaire Gautam Adani’s flagship firm is considering raising around INR100bn ($1.2bn) to INR120bn ($1.4bn) through a share sale, a move that would follow a separate recent fundraising deal at his power transmission unit, Bloomberg reported.
Adani Enterprises may seek to raise funds through a so-called qualified institutional placement, or QIP. The port-to-power conglomerate is working with banks on a share sale that could take place as early as September.
Olam Group secures $1.5b loan.
Agri food giant Olam Group has announced that its wholly owned subsidiary Olam has secured a $1.5bn loan facility with a tenure of 1.5 years. The facility is guaranteed by Olam Group, DealStreetAsia reported.
Proceeds from the facility will be applied towards refinancing existing debt of Olam Group. Citibank, Emirates NBD Bank, and HSBC are the senior mandated lead arrangers for the facility. HSBC is the facility agent.
Philippine fintech GCash still eyeing IPO after MUFG investment. (FS)
The Philippines’ top mobile payments provider GCash is still keen on going public after its latest investment round pushed the fintech company’s valuation to $5bn, Bloomberg reported.
“We recognize that the new round of investments further strengthens Mynt’s ability and position coming into an IPO,” Martha Sazon, Globe Fintech Innovations CEO.
DBS picks Tan to be first female CEO of Singapore’s top bank. (People)
DBS Group said Tan Su Shan will take over from Chief Executive Officer Piyush Gupta in March, becoming the first woman to lead Southeast Asia’s biggest bank, Bloomberg reported.
Tan, currently head of DBS’s institutional banking group, was given the additional appointment of deputy CEO. She will succeed Gupta when he retires at the next annual general meeting on March 28.
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