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AMERICAS
TowerBrook, an investment management firm, and CD&R, an American private equity company, completed the acquisition of R1 RCM, an American revenue cycle management company, for $8.9bn.
“R1 stands apart as the premier revenue management platform, leveraging advanced automation to set new standards in healthcare revenue performance. TowerBrook and CD&R's investment will propel our innovation as we expand our intelligent automation capabilities and drive customer value. On behalf of the Board, I thank Lee for his invaluable contributions and wish him continued success. I'm enthusiastic about our strengths and opportunities to serve the broader market and maintain our steadfast commitment to customers' success," Joe Flanagan, R1 RCM CEO.
R1 RCM was advised by Barclays, Qatalyst Partners, Kirkland & Ellis (led by Robert Hayward), Skadden Arps Slate Meagher & Flom (led by Graham Robinson) and Joele Frank (led by Andrew Brimmer). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). TowerBrook was advised by Centerview Partners, Deutsche Bank, Kroll, RBC Capital Markets, Wachtell Lipton Rosen & Katz (led by George Tepe, Steven A. Cohen and Victor Goldfeld) and Brunswick Group (led by Alex Yankus). Financial advisors were advised by Cravath Swaine & Moore (led by Gregory J. Ligelis) and Morgan Lewis & Bockius (led by Alec Dawson). Debt financing was provided by Deutsche Bank and RBC Capital Markets. CD&R was advised by Centerview Partners, Deutsche Bank, RBC Capital Markets and Debevoise & Plimpton (led by Katherine E. Durnan Taylor, Christopher Anthony and Kevin Rinker). New Mountain was advised by JP Morgan.
Hanwha Life, a South Korean life insurance company, agreed to acquire a 75% stake in Velocity Clearing, a US-based global financial technology firm and self-clearing broker. Financial terms were not disclosed.
“The Velocity Clearing team is well positioned for continued meaningful global expansion of our institutional business and we have made demonstrable progress in multiple geographies such as Europe, Asia, Latin America and the Middle East. This partnership builds on our plans, allowing us to effectively address growing customer demand in new markets and positioning us for long-term success,” Brian Schaeffer, Velocity Clearing President.
Hanwha Life is advised by BDA Partners, Skadden Arps Slate Meagher & Flom and Bospar (led by Erin Jundef). Velocity Clearing is advised by Houlihan Lokey, Schulte Roth & Zabel (led by Damian Petrovic), Wollmuth Maher & Deutsch and Profile Advisors (led by Rich Myers).
Mediaocean, an advertising services and software company, agreed to acquire Innovid, an American online advertising technology company, for $500m.
“From the start, when we founded Innovid 17 years ago, we have been driven by the belief that advertising can be made better for all – and this merger represents a key milestone on that journey, and the people, teams, and passion behind it. We believe Innovid, Mediaocean, and Flashtalking represent decades of innovation and integrations of some of the world’s best technologies. Together, we will be a partner that brands, agencies, and publishers can rely on to innovate, drive growth, and build their future,” Zvika Netter, Innovid CEO and Founder.
Innovid is advised by Evercore and Latham & Watkins. Mediaocean is advised by Deutsche Bank, White & Case, 3C Ventures and Bain & Co.
Sunstone Partners, a private equity firm, completed the investment in KMS Technology, a provider of digital engineering, data and AI services. Financial terms were not disclosed.
"We are excited to welcome Sunstone Partners as our new investment partner. This partnership represents a significant milestone for us and aligns perfectly with our vision to accelerate growth and elevate the impact of our services. With Sunstone’s expertise and resources, we look forward to expanding our technological capabilities and delivering even greater value to our clients," Leo Tucker, KMS Technology CEO.
KMS Technology was advised by Houlihan Lokey and Nelson Mullins Riley & Scarborough. Sunstone Partners was advised by Canaccord Genuity, Choate Hall & Stewart and Prosek Partners. Debt financing was provided by Tree Line Capital.
Apolo IV, a capital market company, and Marviken, an operator of Energy Cluster in Sweden, agreed to merge. Financial terms were not disclosed.
This merger marks a pivotal step for both companies as they aim to transform the energy landscape in Sweden and beyond.
Marviken is advised by Bot Options (led by Timothy Holmes), Haywood Securities and Mason Law. Haywood Securities is advised by Bennett Jones (led by Marshall Eidinger). Apolo IV is advised by Cassels Brock & Blackwell (led by Sean Maniaci).
N-able, a global software company providing integrated cloud-based IT Service Management platform solutions, completed the acquisition of Adlumin, an enterprise-grade security operations platform provider, for $250m.
“Joining forces with N-able marks an exciting new chapter in our mission to deliver enterprise-grade security to businesses of all sizes. Over the past year, our collaboration has demonstrated the tremendous value we can create together for MSPs and their customers. By combining our security operations expertise with N-able's comprehensive endpoint management platform, we believe we're uniquely positioned to help IT professionals stay ahead of evolving threats while scaling their security practices. We're excited to accelerate this shared vision as part of the N-able team," Robert Johnston, Adlumin CEO.
Adlumin was advised by Piper Sandler and Mintz Levin. N-able was advised by DLA Piper.
PSG, a growth equity firm, and Golub Capital, a private credit manager, completed a $800m investment in LogicMonitor, a SaaS-based hybrid observability platform.
"We've been fortunate to support Christina, LogicMonitor, and the rest of the management team as the company has scaled organically over 650% since our investment in mid-2018. Over the course of our partnership, LogicMonitor has broadened its solution suite from infrastructure performance monitoring to true hybrid observability and built a global customer and employee base. We're excited to continue supporting the company in this exciting next chapter," Patrick Severson, Vista Senior Managing Director.
LogicMonitor was advised by Evercore and Morgan Stanley.
ARC Financial, an energy focused private equity manager, led a $100m round in Silfab, a photo-voltaic module manufacturer.
“American-made clean energy is and will remain in huge demand. We are thankful for the continued support of both existing and new investors in our mission to lead the reshoring of the PV supply chain – ensuring a sustainable supply of US-made PV modules. Silfab’s growing US footprint and increase in domestic content means more jobs for Americans and a lower carbon footprint compared to imported panels," Paolo Maccario, Silfab President and CEO.
Silfab was advised by Norton Rose Fulbright. ARC Financial was advised by Stikeman Elliott.
Morgan Stanley Capital, a private equity firm, completed the acquisition of FoodScience, a vertically integrated provider of pet and human nutritional supplements, from Wind Point Partners, a private equity firm. Financial terms were not disclosed.
“We were drawn to FoodScience’s more than 50-year history, stellar reputation and mission to help people and pets live healthier lives. Under Sharon’s leadership, they have built a leading platform dedicated to delivering safe, effective, and innovative brands while serving as the partner of choice to FoodScience’s contract manufacturing customers. We look forward to working together as we collectively seek to build on and expand the exceptional product portfolio through continued organic growth and M&A," James Stewart, MSCP Managing Director and Co-Head of Consumer Investing.
Morgan Stanley was advised by William Blair & Co and Jones Day (led by Denise A. Carkhuff).
Blackstone, an American multinational private equity firm, completed the $500m investment in Lancium, an energy technology and infrastructure company.
Blackstone supports Lancium in building process of more than 5 gigawatts data centers in West Texas with an eye on supplying the booming energy demand for artificial intelligence applications.
Lancium was advised by Goldman Sachs.
CellCore Biosciences, a vitamin & supplements provider, completed the acquisition of Biocidin Botanicals, a provider of botanical based nutrition products. Financial terms were not disclosed.
"This collaboration allows us to deepen our shared mission of bringing hope and health to patients navigating today’s complex health landscape," CellCore Biosciences.
Biocidin Botanicals was advised by Rothschild & Co.
Arcline-backed DwyerOmega, a company specializing in the design and manufacture of innovative sensors and instrumentation solutions, completed the acquisition of Process Sensing Technologies, a provider of measurement instrumentation and monitoring solutions. Financial terms were not disclosed.
"We are thrilled to welcome Process Sensing Technologies to the DwyerOmega family. PST has an exceptional portfolio of best-in-class sensors, instruments and gas analyzers, as well as leading software monitoring solutions. By bringing together two great organizations, we will provide customers a premier offering of precision measurement technologies with an enhanced global network of support and service resources. This acquisition advances our vision of being the provider of choice for measurement technologies to customers around the world," Chuck Dubois, DwyerOmega CEO.
DwyerOmega was advised by Barclays.
Restaurant chain Freddy's explores sale. (FS)
The private equity owner of Freddy's Frozen Custard & Steakburgers is exploring a sale of the fast-casual restaurant chain that could value it at more than $1bn, including debt, Reuters reported.
Thompson Street Capital Partners, which acquired Freddy's from its founders in 2021, is working with investment bank William Blair to launch a sale process for Freddy's that could attract interest from other investment firms.
Beyond doubts planned $40m stake in The Container Store.
Beyond has concerns about The Container Store’s ability to satisfy certain new financing requirements needed to complete its $40m investment in the company, Bloomberg reported.
The Container Store agreed in October to sell a preferred equity stake as part of a larger agreement with Beyond, which owns retail brands including Bed Bath & Beyond, Overstock and Zulily. The transaction required The Container Store to amend or refinance its credit facilities.
Musk-Trump alliance has Gulf wealth funds eyeing more US deals. (FS)
In the weeks leading up to the US presidential election, one of the United Arab Emirates’ most influential royals met with Elon Musk. Days after the results were clear, the head of Saudi Arabia’s Public Investment Fund was pictured alongside Donald Trump and the Tesla chief who helped put him in the White House.
For those at the top echelons of Middle East finance, like the UAE’s Sheikh Tahnoon bin Zayed Al Nahyan and Saudi Arabia’s Yasir Al Rumayyan, Musk’s presence in Trump’s inner circle presents a significant opportunity, Bloomberg reported.
Uber said to be in talks to invest in US IPO of China’s Pony AI.
Uber Technologies plans to invest in Pony AI's US initial public offering, which is expected to be priced next week after being upsized by the autonomous driving firm, Bloomberg reported.
San Francisco-based Uber is seeking to buy more than $10m of shares in Pony AI’s IPO. The company may consider using Pony AI technology in a partnership outside of the US.
Fast-fashion retailer Groupe Dynamite seals $215m IPO in Canada.
Canadian fast-fashion retailer Groupe Dynamite will start trading in Toronto on November 21 after sewing up a CAD300m ($215m) initial public offering that will cement its largest shareholder’s status as a billionaire, Bloomberg reported.
The Montreal-based company said late November 20 it has signed an agreement with underwriters to go public at CAD21 ($15) per share — the middle of the CAD19 ($13.6) to CAD23 ($16.5) range it announced last week. At that price, the company is set to have a market capitalization of about CAD2.3bn ($1.65bn).
Silver Point raises $8.5bn for private credit fund. (FS)
Global credit investing firm Silver Point Capital has held the final close of its Silver Point Specialty Credit Fund III, which is aimed at providing loans to mid-sized companies, with $8.5bn in total capital commitments.
This fundraising follows the closure of a $4.6bn credit fund just two months earlier, bringing the firm’s total direct lending capital to over $15bn. With this latest fund, Silver Point now oversees $35bn in assets across both private and public credit strategies.
Accel-KKR raises $2.2bn on the first strategic capital fund. (FS)
Accel-KKR, a global technology-focused investment firm, announced the completion of fundraising for AKKR Strategic Capital on November 21, closing on over $2.2bn of capital commitments.
AKKR Strategic Capital will invest in a broad range of transactions primarily focused on the software industry in the secondary market, aligning with the firm's long-standing focus and experience backing growing software and technology enabled services companies.
Neos Partners raises $1.37bn Fund II. (FS)
Neos Partners, an investment firm focused on second-order investing in the energy transition and critical infrastructure sectors, announced on November 21 the closing of Neos Partners II with $1.37bn of commitments.
Neos also closed a $350m committed co-investment vehicle alongside Fund II. Fund II closed at its hard cap and received commitments from leading endowments, foundations, investment managers, family offices, and other institutional investors. The fund will invest in operating companies in North America that provide products and services to the renewable energy, power grid, infrastructure, data center, and energy-intensive industrial sectors.
EMEA
According to Spanish competition watchdog BBVA's commitments to address potential concerns over its Sabadell takeover bid are insufficient to reduce risks in areas such as small business lending and a longer review is needed, Reuters reported.
Last week, the regulator said that BBVA's all-share offer for Sabadell, valued in April at more than €12bn ($12.64bn), must undergo a longer phase 2 antitrust review that could extend the process well into 2025.
Playtika, a mobile gaming entertainment and technology company, completed the acquisition of SuperPlay, an Israeli mobile games developer, for $700m.
“Acquiring SuperPlay is a strategic decision that underscores Playtika’s mobile gaming industry leadership. SuperPlay diversifies our portfolio with proven titles, strengthens our competitive edge in an ever-evolving market and drives value for our shareholders," Craig Abrahams, Playtika Chief Financial Officer.
SuperPlay was advised by Aream & Co, The Raine Group and Raz Dlugin (led by Rafi Raz and Ran Dlugin). Playtika was advised by Morgan Stanley, FWMK Law Offices (led by Udi Knaani) and TrailRunner (led by Eric Barnes). Morgan Stanley was advised by Ropes & Gray.
KKR, a global investment firm, led a $370m Series C round in Lighthouse, a commercial intelligence platform for the travel and hospitality industry.
"This investment by KKR significantly accelerates our ability to enhance our commercial platform through expanded AI capabilities and additional data sets, enabling us to better serve our existing customers while continuing to expand across the hospitality market," Sean Fitzpatrick, Lighthouse CEO.
KKR was advised by William Blair & Co, Gibson Dunn & Crutcher and FGS Global (led by Alastair Elwen). Lighthouse was advised by Latham & Watkins.
Sev.en, an investment group, agreed to acquire subsidiaries in the United Kingdom and in the Nordics from Celsa, a manufacturing company. Financial terms were not disclosed.
"Through this important divestment, which is added to the recent increase in share capital and the launch of an ambitious efficiency plan, Grupo Celsa continues with the implementation of its plan to reorganize its industrial and financial situation, focusing on its operations in Spain and on the reduction of financial leverage," Celsa.
Celsa is advised by Citigroup, Linklaters and Kreab.
Ontario Teachers’ Pension Plan, a global institutional investor, and Nordic Capital, a private equity investor in Northern Europe, completed the acquisition of Max Matthiessen, a financial advisor for pensions, insurance and investments in the Nordics. Financial terms were not disclosed.
“We are excited to back Max Matthiessen’s management team. Our joint ambition is to consolidate Max Matthiessen as the leading insurance and financial services company in the Nordics, accelerating its growth both in its current markets and verticals, and through synergistic acquisitions. We will leverage our deep expertise in wealth management and insurance services to help the company expand into new markets and adjacent segments, invest in technology and product development, and further enhance its ambitious sustainability programme. We look forward to partnering with Team Max Matthiessen, who share Ontario Teachers’ passion for helping people achieve financial security over the long term," Iñaki Echave, OTPP Senior Managing Director and Head of EMEA Private Capital.
Max Matthiessen was advised by Houlihan Lokey. OTPP was advised by Barclays.
Inflexion, a private equity firm, agreed to acquire Finanzen.net, a company that offers real-time push prices, stock market and news, from Axel Springer, a media company. Financial terms were not disclosed.
"This transaction exemplifies the power of collaboration between regions and sectors, with our Frankfurt team working with our Financial Services specialists in London, leveraging the full capabilities of Inflexion, including our extensive experience in supporting carve-outs. Such collaboration will be pivotal in driving the future growth of Finanzen.net, as we aim to create a leading digital investment platform in the DACH region," Florencia Kassai, Inflexion Managing Partner and Head of Buyout Fund.
Axel Springer is advised by Houlihan Lokey.
LVMH scion lays out plan to bring Paris Football Club to the top.
Antoine Arnault, the scion of the LVMH luxury empire led by his father, plans to turn second-tier football club Paris FC into a rival for Qatar-backed Paris Saint-Germain, Bloomberg reported.
The glamor of Arnault’s takeover comes at a much-needed time for French football, which is struggling with poor finances, an underwhelming media deal and constant infighting.
Cinven leads race to buy Grant Thornton UK stake. (FS)
The private equity firm Cinven is in advanced talks to buy a major stake in Grant Thornton UK in a deal that would rank among the most significant ever struck in Britain's audit sector.
Cinven is close to agreeing a deal to acquire the shareholding, with sources suggesting on November 20 that it could be signed imminently, Sky News reported.
Guardian owner to discuss Observer sale days before strike action.
Journalists at The Guardian will stage their first strike action in over half a century next month in protest at its publisher's decision to sell The Observer, the world's oldest Sunday newspaper, to a five-year-old start-up.
Staff will walk out for two days on December 4 and 5 amid an escalating row over the title's future, Sky News reported.
Kenya cancels proposed deals with Adani Group after US indictments.
Kenyan President William Ruto said on November 21 he had ordered the cancellation of a procurement process expected to hand control of the country's main airport to India's Adani Group following the indictment of the company's founder in the United States, Reuters reported.
Ruto said he had also directed the cancellation of a 30-year, $736m public-private partnership deal the energy ministry had signed with a unit of the Adani Group last month to construct power transmission lines.
Little-known Turkish firm builds gas station bet as majors quit.
A little-known Turkish holding company completed its second acquisition of a fuel retailer within months, extending a push by independent firms into a tightly regulated market that oil majors BP and TotalEnergies have left, Bloomberg reported.
Istanbul-based Zeren Group, which was all but unknown to the public until this year, received antitrust approval to buy Turkey’s TP Petrol Dagitim on November 19, following its acquisition of a smaller retailer, Alpet, in February.
Hedge fund Two Sigma cuts 200 staff after strategic review. (FS)
Two Sigma Investments will dismiss roughly 200 employees after the firm’s new Co-Chief Executive Officers conducted a wide-ranging review of the hedge fund’s business, Bloomberg reported.
No portfolio managers were included in the dismissals. November 21 cuts represent about 10% of the firm’s roughly 2k employees.
Klarna’s planned IPO sets the stage for more fintech listings.
Klarna Bank’s planned initial public offering is fueling hopes that a long drought of fintech listings may be coming to an end, heralding a wave of debuts for the sector over the next couple of years. The Swedish buy-now, pay-later giant plans to go public in New York during the first half of next year, Bloomberg reported.
A successful listing - coupled with rising share prices and the prospect of lighter regulation during a second Donald Trump presidency - could finally prompt some of Klarna’s peers to do the same.
Boohoo changes chairman as Frasers calls for removal.
Boohoo said Co-Founder Mahmud Kamani would step aside as chairman on the same day that Frasers Group called for his removal from the board, the latest twist in a spat between the online fashion company and its majority shareholder, WSJ reported.
Boohoo said November 21 that Tim Morris would become its new chairman with immediate effect, with Kamani assuming the role of executive vice-chair.
APAC
Cohort, a technology group, agreed to acquire EM Solutions, a satellite communications component company, from Electro Optic Systems, a company that develops and produces electro-optic technologies for the aerospace market, for £75m ($95m).
"The proposed acquisition of EM Solutions in Australia is highly complementary and is in line with our stated strategy to accelerate growth by making targeted acquisitions in the UK and overseas. Australia is an increasingly important strategic region, reflecting the increased security challenges in the Indo Pacific, and the creation of the AUKUS alliance," Andy Thomis, Cohort Chief Executive.
CapitaLand, a global real estate manager and developer, agreed to acquire a 40% stake in SC Capital Partners, a real estate investment manager, for $214m.
“This acquisition is one of the strategic thrusts to scale up our capabilities and build bench strength across our focus markets, accelerating CLI’s growth as a global real asset manager to create greater value for our stakeholders. CLI and SCCP have complementary portfolios and geographic presence across the Asia Pacific region. The addition of SCCP’s capabilities will further solidify CLI’s foothold in the region,” Chee Koon Lee, CapitaLand CEO.
Starbucks is said to consider selling stake in Chinese unit.
Starbucks is exploring options for its Chinese operations including the possibility of selling a stake in the business, Bloomberg reported.
The coffee chain has been speaking to advisers about ways to grow its operations in China including the potential introduction of a local partner. It has informally gauged interest from prospective investors, including domestic private equity firms.
Funding for Seven & i founding family buyout will be finalised by end December.
Funding for the proposed buyout of Japan's Seven & i by its founding family will be finalised by the end of December and will involve Japan's three largest lenders, Reuters reported.
Mitsubishi UFJ, Sumitomo Mitsui and Mizuho will each provide funding for the buyout.
Korea Zinc takeover battle tests Seoul's resolve on tackling 'Korea discount'. (FS)
A takeover battle over Korea Zinc is adding pressure on Seoul to pass legislative reforms to ensure better protections for all investors in a country with a stock market dominated by family-run conglomerates, Reuters reported.
Korea Zinc Chairman Yun B. Choi, a grandson of a co-founder, last week agreed to scrap a controversial plan to issue new shares in the world's largest zinc refiner to help fend off a takeover attempt from the co-founding family's Youngpoong and its partner, private equity group MBK Partners.
PAG said to sell AirPower’s gas business for $6.8bn. (FS)
PAG, one of Asia’s biggest alternative asset managers, agreed to sell the industrial gases business of AirPower Technologies to a Chinese consortium in a deal valued at $6.8bn, Bloomberg reported.
The sale is one of the biggest private equity exits from China investments in recent years. The Hong Kong-based firm will retain a 25% stake in the business, which is to be renamed Hangzhou Yingde Gases.
China's Trustar raises $1 bln for vehicle that holds McDonald's China stake. (FS)
Trustar Capital has raised $1bn for a continuation fund that will hold the Chinese private equity firm's controlling stake in McDonald's operations in mainland China and Hong Kong, Reuters reported.
A continuation fund is a new vehicle created by a private equity firm to transfer holdings of existing investments. The concept has gained traction in Asia in recent years as PE firms' exit from companies via IPOs became challenging.
Alibaba integrates e-commerce operations into single business group.
Alibaba Group formed a new business group to integrate its domestic and overseas e-commerce platforms, in the company’s biggest restructuring move after it split into six divisions last year, WSJ reported.
The company said in a filling on November 21 that the new e-commerce business group will include Taobao and Tmall Group, Alibaba International Digital Commerce Group, 1688 Marketplace, Idle Fish and others. Alibaba appointed Fan Jiang as chief executive for the business group.
Bain-backed Kioxia plans Tokyo IPO at $4.8bn valuation. (FS)
Kioxia plans to debut on the Tokyo Stock Exchange in mid-December at a value of about ¥750bn ($4.8bn), fast-tracking the move to stay relevant in the competitive memory sector, Bloomberg reported.
The bourse is likely to approve the Bain-backed chipmaker’s initial public offering on November 22. The indicative price of the offering may change depending on market demand.
Philippine bourse sees up to $2.4bn fundraising in 2025.
The Philippine Stock Exchange expects fundraising activities to grow next year with more companies looking to go public, as the bourse pins hopes on another interest rate cut to perk up the market, Bloomberg reported.
“We probably will hit less than PHP80bn ($1.36bn) of capital raising this year. Next year, easily, we could do PHP120bn ($2bn) to PHP140bn ($2.4bn),” Ramon Monzon, Philippine Stock Exchange President and CEO.
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