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AMERICAS
American Securities, an American private equity firm based in New York, completed the acquisition of NWN Carousel, an award-winning integrated Cloud Communications Service Provider, from New State Capital Partners, a private equity firm. Financial terms were not disclosed.
"I am grateful for the support of New State as we've grown into a platform company that uniquely addresses our clients most critical technology needs. We are excited about continuing our mission to empower North America's largest organizations with intelligent, flexible workplace experiences, and we look forward to partnering with American Securities to accelerate our next phase of growth. The best is yet to come for our organization, our customers and strategic partners," Jim Sullivan, NWN Carousel President and CEO.
American Securities was advised by Jefferies & Company, Kirkland & Ellis and Prosek Partners. NWN Carousel and New State Capital Partners were advised by Harris Williams & Co, Morgan Lewis & Bockius, Regan Communications Group and Lambert & Co.
Braemont Capital, a relationship-driven investment firm, completed the acquisition of Loenbro, a provider of highly technical, specialized services to the data center, infrastructure and diversified industrial markets, from Tailwind Capital, a private equity firm. Financial terms were not disclosed.
"We have built our culture and our business on the foundational principles of always treating people fairly and exceeding expectations, while maintaining our resolute commitment to safety and quality. I am confident that Braemont is the right partner to support Loenbro's next phase of growth, and their expertise in scaling service-based businesses will create efficiencies and drive value for our partners," Daniel Cowan, Loenbro President and CEO.
Loenbro and Tailwind Capital were advised by BlackArch Partners, Stifel, Davis Polk & Wardwell and FGS Global. Braemont Capital was advised by Kirkland & Ellis (led by Thomas Laughlin) and Gagnier Communications (led by Dan Gagnier).
Haveli Investments, a technology-focused private equity firm, agreed to acquire ZeroFox, a provider of external cybersecurity, for $350m.
"With Haveli Investments, ZeroFox has identified a strong partner with the right combination of high-growth software experience, strategic and operational resources, and a shared passion and commitment to external cybersecurity. We believe that this transaction represents a compelling outcome for ZeroFox stockholders, particularly given the volatility in the market, and best positions ZeroFox for our next phase of growth," James C. Foster, ZeroFox Founder, Chairman and CEO.
ZeroFox is advised by Piper Sandler, Stifel and Venable. Haveli Investments is advised by BTIG, Evercore and Ropes & Gray (led by Will Shields and David Hutchins).
California Resources, an independent energy and carbon management company committed to energy transition, agreed to merge with Aera Energy, an oil and gas producer, in a $2.1bn deal.
“Aera and CRC are two great companies with decades of experience and track records that will serve as a foundation for a strong combination. We are committed to continuing to deliver the energy Californians need today and working to deploy carbon capture at-scale,” Erik Bartsch, Aera President and CEO.
California Resources is advised by Citigroup, Jefferies & Company and Sullivan & Cromwell. IKAV and Canada Pension Plan Investment Board are advised by Truist, Wells Fargo and Latham & Watkins.
Glatfelter, a global manufacturer of engineered materials, agreed to merge with the Health, Hygiene and Specialties business of Berry Global, a global manufacturer and marketer of plastic packaging products, in a $3.6bn deal.
"The uniting of our organizations creates a premier nonwovens supplier and a global leader in specialty materials, with the talent, technologies, scale, and footprint to deliver commercial and operational excellence, and a wide range of solutions for our customers. Our combined company is scaled to accelerate innovation and leverage our intellectual property over a large worldwide commercial platform and is well positioned to deliver substantial shareholder value," Thomas Fahnemann, Glatfelter President and CEO.
Glatfelter is advised by JP Morgan and King & Spalding. Berry Global is advised by Citigroup, Wells Fargo Securities and Bryan Cave Leighton Paisner.
Private equity firms Hellman & Friedman and Valeas Capital Partners to invest in Baker Tilly, a provider of audit and business advisory services. Financial terms were not disclosed.
"Our investment in Baker Tilly builds on H&F's long history of successful partnerships in the professional services sector. Baker Tilly has built a remarkable firm with an empowering culture, tremendously talented workforce, and impressive track record of growth through outstanding client service and smart acquisitions. We are excited to invest alongside Baker Tilly's partners and senior leadership to bolster its capabilities, expand its footprint, and, together, help build the country's preeminent mid-market advisory CPA firm," Blake Kleinman, H&F Partner.
Baker Tilly is advised by William Blair & Co and Foley & Lardner. Valeas Capital is advised by Ropes & Gray (led by Elizabeth Gallucci). Hellman & Friedman is advised by Simpson Thacher & Bartlett (led by Atif Azher) and Vedder Price.
Ciklum, a global experience engineering firm, completed the acquisition of Infogen, a digital engineering services company. Financial terms were not disclosed.
"The combination of Ciklum and Infogen leverages the complementary capabilities and cultures of each company to drive even greater impact and results for our clients. By aligning with a like-minded company such as Infogen, we operate from a stronger collective operational footprint and with technological advancements across several lines of business," Raj Radhakrishnan, Ciklum CEO.
Arkuda Therapeutics announces option and asset purchase agreement.
Arkuda Therapeutics, a biotechnology company applying novel insights at the intersection of lysosomal biology and neuronal health, announced that it entered into an option and asset purchase agreement with Janssen Pharmaceuticals, a Johnson & Johnson company, which grants Janssen an exclusive option to purchase Arkuda's portfolio of lysosomal function enhancers.
Under the terms of the agreement, Arkuda will receive an upfront payment, consisting of an option payment from Janssen and an investment from Johnson & Johnson Innovation. Janssen obtains the right to acquire Arkuda's portfolio of lysosomal function enhancers for an upfront payment and additional milestone payments.
Arglass secures over $230m investment for second cutting-edge facility.
Glass container manufacturer Arglass secured over $230m in capital to build a second furnace on its campus in Valdosta, Georgia. Arglass raised a combination of structured equity and debt to finance the construction.
Projected to be completed in Q2 2025, the new facility is expected to be capable of producing over 350m sustainable glass containers annually. This state-of-the-art manufacturing plant will embody the future of glass with a fully integrated production network, driven by AI-integrated real-time data monitoring, predictive modeling and fully automated closed-loop production and quality assurance systems.
Carlyle revamps pay, plans up to $1.4bn buyback. (FS)
Carlyle Group is overhauling how it pays dealmakers to free up steadier cash flows for shareholders and authorized a plan to repurchase as much as $1.4bn of stock, Bloomberg reported.
The private equity giant, which reported fourth-quarter earnings that beat Wall Street estimates, said on February 7 that it will give rainmakers and senior employees a greater share of gains tied to investment exits.
Couche-Tard gets €10bn in orders to refinance M&A debt.
Bond arrangers for the owner of the Circle K convenience store chain garnered over €5.1bn ($5.5bn) in bids for a planned sale of seven-year notes. The company, based in Laval, Quebec, is also getting another €5.1bn ($5.5bn) in orders for a scheduled 12-year bond.
Accion raises $128m so far for a global MFI-focused fund. (FS)
Accion International, a global non-profit fund that focuses on the microfinance sector, has raised $128m so far for its Latin America-, Africa-, and Asia-focused vehicle, DealStreetAsia reported.
Accion Digital Transformation Fund has secured a commitment from at least seven US investors and is $25m shy of its $153m target. SEC filings typically reflect funds raised from US investors. Launched in 2022, Accion Digital Transformation Fund is a global investment vehicle that provides growth capital to microfinance institutions. It invests in a total of 8-12 microfinance institutions in America, Africa, and Asia, with investments estimated to be between $8m and $10m.
EMEA
Barratt Developments, one of the largest residential property development companies in the United Kingdom, agreed to acquire Redrow, one of the largest British housebuilders, for £2.5bn ($3.15bn).
"Redrow and Barratt combined creates a leading UK homebuilder. Together, we'll be in a much better position to offer a broader range of high-quality and energy efficient homes to customers," Matthew Pratt, Redrow CEO.
Kazyon, the largest Egyptian discount supermarket chain, completed the 50% stake in Dukan, the sole grocery discount retailer in Saudi Arabia, for SAR250m ($66m).
"This acquisition marks an important milestone for Kazyon as it accelerates its growth and expands into Saudi Arabia, one of the most attractive grocery retail markets in the region. We are excited by the prospects for the business in the Kingdom. The transaction was funded by introducing to the capital structure of Kazyon a global sovereign wealth fund as we solidify our position as a leading grocery retailer in the region," Hassan Heikal, Kazyon Chairman and Founder.
Kazyon is advised by PricewaterhouseCoopers, EFG Hermes, Evercore and White & Case.
CK Hutchinson-backed Wind Tre, an Italian telecommunications company, agreed to acquire OpNet, an Italian telecommunications company, from Jefferies, an American multinational independent investment bank and financial services company, for €485m ($521m).
"The acquisition is part of OpNet's strategy to enhance its assets and the dynamic business model that distinguishes it," OpNet.
OpNet is advised by Barclays.
Amundi, a French asset management company, agreed to acquire Alpha Associates, an independent asset manager offering private markets multi-manager investment solutions. Financial terms were not disclosed.
The transaction increases Amundi's offering of private markets funds and tailor-made solutions for its existing institutional clients globally. Finally, it accelerates the development of suitable private markets products for individual clients.
Artek Surfin Chemicals, a specialty chemicals provider, agreed to acquire the energy-related division of Kemira, a provider of sustainable chemical solutions for water-intensive industries, for $280m.
“This strategic acquisition aligns perfectly with our vision of creating innovative solutions for the challenges faced by our planet," Vishal Goenka, Praana Group Vice Chairman.
British tech firm Onfido nears sale to Entrust. (FS)
British technology group Onfido is in advanced talks to sell itself to US-based Entrust. Onfido, which uses artificial intelligence to verify customer identities, could be valued at around $650m in a deal, Reuters reported.
"We're excited to be entering into early and exclusive discussions for Onfido to be acquired by Entrust, a global leader in trusted payments, identities, and data security. We aren't able to comment further until these discussions are finalized, subject to regulatory approval and local law," Onfido.
Germany cuts stake in DHL in privatisation push.
Germany's state-owned KfW placed 50m shares of its stake in DHL, a German logistics company providing courier, package delivery and express mail service, for €2.17bn ($2.33bn) on Tuesday as part of a government plan to sell its holdings in companies to invest in the rail network, Reuters reported.
KfW's holding fell to about 16.5% from about 20.5% after the share placement which was directed at institutional investors, the finance ministry said.
Barclay family scrambles to find buyer for parcel delivery group Yodel.
The owners of The Daily Telegraph are scrambling to find a buyer for Yodel, the parcel delivery group they own, as part of efforts to untangle their web of corporate and financial interests.
Advisers to the Barclay family have accelerated efforts in recent days to secure new owners for Yodel and are in talks with a number of trade bidders and potential financial buyers about a deal. Among the parties which has expressed an interest in buying Yodel is The Delivery Group, a privately held company based in Cheshire.
BP weighs bringing in partners to the solar business.
BP is considering bringing in partners to solar developer Lightsource BP to help boost returns from the fast-growing business, CEO Murray Auchincloss said on February 6.
BP last November announced it will take full ownership of Lightsource BP, buying the remaining 50% stake in the joint venture for $322m as part of the British oil giant's drive to build up its renewable energy capacity, Reuters reported.
Modern Mills to sell a 30% stake in Riyadh IPO.
Saudi Arabia's Modern Mills, a major pillar and an important source of the food industry in the Kingdom of Saudi Arabia, plans to sell a 30% stake in a Riyadh initial public offering, setting it up to be the second flour milling company to go public after the government privatized the industry, Bloomberg reported.
The firm plans to sell 24.5m shares in the listing, according to a statement on Wednesday. It hired HSBC as sole financial adviser.
German tank gearbox maker Renk jumps 17% on market debut.
Shares in tank gearbox manufacturer Renk leapt 17% to open at €17.5 ($18.8) each on the German company's debut on the Frankfurt bourse on February 7, four months after poor market conditions forced it to postpone plans to go public, Reuters reported.
The shares were issued at €15 ($16.1) apiece, in Germany's first initial public offering this year as equity capital markets shows signs of life after months of volatility, with several companies hoping to go public in Europe after a lull. Renk, which supplies gearboxes for Germany's Leopard tanks, used in conflicts such as the Ukraine war, on February 6 increased its IPO by €50m ($53.7m) to sell around €500m ($537m) shares in its private placement.
Night vision maker Theon edges higher in trading debut.
Theon International rose as much as 4% above its initial public offering price as the manufacturer of night vision binoculars and thermal imaging systems became emblematic of one of the first listings in Europe this year, Bloomberg reported.
The Athens-headquartered firm's initial share sale priced at €10 ($10.7), at the bottom of the marketed range. Total offer size is 15.4m shares, including greenshoe.
Athens Airport stock rises in debut on the Greek stock exchange.
Shares of Athens International Airport jumped 15% at the start of trading on the Athens Stock Exchange, in the country's biggest initial public offering in more than two decades, Bloomberg reported.
The stock began trading at €9.4 ($10.1) a share, compared with the IPO price of €8.20 ($8.8), the high end of the initial range. The move came as the benchmark ASE Index rose as much as 0.28%, reaching its highest level since May 2011.
APAC
Pacific Prime, a global insurance brokerage firm, completed the acquisition MIT Insurance Brokers, Malaysia’s insurance brokerage firm specializing in risk management, insurance, and reinsurance. Financial terms were not disclosed.
“Malaysia is an exciting country for us to expand our operations. With the integration of MIT Insurance Brokers, we’ll bring together a team of established and experienced personnel to provide innovative and strategic solutions both within and outside of the region. This is of utmost importance in light of the numerous global regulatory and technological changes taking place,” Neil Raymond, Pacific Prime CEO.
Novo Holdings, a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation, agreed to invest in Manipal Hospitals, an Indian for-profit private hospital network. Financial terms were not disclosed.
"The demand for affordable and accessible private healthcare services in India is increasing rapidly, and Manipal stands at the forefront to address patient needs through its consistent growth and ability to provide high-quality patient services at affordable prices. It has a history of several successful mergers and acquisitions, which is enabling patient care closer to home. Together with a highly capable executive team and like-minded investor base, I am excited for Novo Holdings to be part of Manipal's next phase on its remarkable journey," Amit Kakar, Novo Managing Partner and Head of Asia Investments.
Woodside and Santos terminate merger talks.
Woodside Energy, an Australian petroleum exploration and production company, and Santos, an Australian oil and gas exploration and production company, terminated talks about their potential $52bn merger.
"We continue to be disciplined in our approach to mergers and acquisitions and capital management to create and deliver value for shareholders. While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation," Meg O'Neill, Woodside CEO.
Mitsubishi hits all-time high on share buyback plan.
Shares of Mitsubishi hit an all-time high on Wednesday, a day after the Japanese trading house pledged to spend JPY500bn ($3.4bn) to buy back shares, Reuters reported.
Mitsubishi, Japan's top trading house, on Tuesday said it would buy back up to 10% of its shares, which, together with an earlier buyback and an annual dividend, will bring total shareholder returns to 94% for the year ending in March.
HNA said to start $5bn sale of container lessor Seaco.
Bohai Leasing, a Shenzhen-listed arm of failed Chinese conglomerate HNA Group, is kicking off the sale of container leasing business Seaco, Bloomberg reported.
The company is working with an adviser to solicit bids for Seaco, for which it hopes to fetch a valuation of more than $5bn including debt. Infrastructure funds may show interest in the asset.
Indian VC firm Pavestone Capital in talks to invest in B2B startup Dice Enterprises. (FS)
Indian venture capital firm Pavestone Capital is in talks to invest in Dice Enterprises, an early-stage startup that helps companies manage their business expenses, invoices, and payments in a single place, DealStreetAsia reported.
While the deal value may not be big, it signifies continued investor interest in India's SaaS startup space amid an overall tepid funding landscape. Senior executives of Pavestone stated that the firm was actively looking to invest in the fast-growing enterprise technology sector, especially B2B startups that can help streamline workflows, improve communication, and provide access to data.
Alibaba okays another $25bn buyback after sales miss.
Alibaba Group green-lit another $25bn in stock repurchases, appealing to investors worried about plateauing growth at a Chinese e-commerce pioneer struggling to fend off new rivals such as PDD, Bloomberg reported.
The internet company's board approved the expansion of an existing buyback program that was already among the country's largest, encompassing about $9.5bn last year alone. Its shares gained briefly by more than 5% before giving up those gains in pre-market trading in New York.
Wolves' Chinese owner Fosun Sports seeks to raise $100m.
Fosun Sports Group is looking to raise around $100m to help it grow its esports portfolio and invest in Premier League football team Wolverhampton Wanderers, Bloomberg reported.
The amount of capital being raised has yet to be finalized. Fosen Sports Group is an arm of Chinese conglomerate Fosun International, whose businesses span tourism, pharmaceuticals and finance, which has been divesting assets and cutting borrowing after credit concerns triggered a bond and stock selloff.
Sam Kim to take over as COO as GIC shuffles top brass. (People, FS)
Singapore's sovereign wealth fund GIC announced key changes to its senior management team with effect from April 1, 2024. Sam Kim, currently deputy chief operating officer, will take over as COO from Tay Lim Hock and join the Group Executive Committee, the highest management body in GIC, DealStreetAsia reported.
The committee reviews and approves key investment issues and organizational as well as personnel matters. Bryan Yeo, the current chief investment officer for public equities, has been appointed deputy group CIO in place of Lim Kee Chong. He will also oversee GIC's Integrated Strategies Group as director.
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