Brightstar Capital Partners to acquire PlayAGS for $1.1bn. (FS)
Brightstar Capital Partners, a middle market private equity firm, agreed to acquire PlayAGS, a gaming products manufacturer, for $1.1bn.
“We look forward to working with David and the AGS team to capitalize on opportunities by taking a long-term approach to creating value. AGS has a strong pipeline of new products, and we believe the Company’s innovative approach to game development provides significant potential for continued growth,” Andrew Weinberg, Brightstar Founder & CEO.
PlayAGS is advised by Macquarie Group and Cooley. Brightstar is advised by Barclays, Citizens M&A, Jefferies & Company and Kirkland & Ellis (led by Matthew Arenson, Michael Weisser, Lee Blum and Omar Raddawi).
Bain Capital completed the acquisition of a minority stake in Sikich for $250m. (FS)
Bain Capital, a private investment firm, completed the acquisition of a minority stake in Sikich, a Chicago-based investment banking firm offering expert M&A and capital markets advisory services tailored to the middle market, for $250m.
"This is an incredibly exciting time for our organization. We've been executing an ambitious growth and diversification strategy to capitalize on unique and favorable market conditions within an evolving professional services landscape, more than doubling in size over the last five years alone. Partnering with a leading global investor like Bain Capital is a testament to our strategy and provides us with additional meaningful resources and extensive knowledge to advance our mission and deliver on our value proposition to employees and clients," Christopher Geier, Sikich CEO.
Sikich was advised by PJT Partners, Holland & Knight, and Vedder Price. Bain Capital was advised by Hunton Andrews Kurth, Kirkland & Ellis, and Stanton PRM (led by Scott Lessne).
Actis-backed Niagara Energy completed the acquisition of a stake in the Peruvian generation assets of Enel for $1.4bn. (FS)
Actis-backed Niagara Energy, a heavy manufacturer serving the nuclear markets, oil and gas, and general heavy fabrication, completed the acquisition of a stake in the Peruvian generation assets of Enel, an Italian multinational manufacturer, for $1.4bn.
The transaction is in line with the Enel’s strategic priorities, which envisage the repositioning of Enel on countries where the group has higher growth potential as well as an integrated presence, namely Italy, Spain, the United States, Brazil, Chile and Colombia.
Actis was advised by Goldman Sachs (led by Francesco Pascuzzi). Enel was advised by JP Morgan (led by Martin Robredo) and Hogan Lovells (led by Luca Picone). Financial advisors were advised by Simpson Thacher & Bartlett.
SR One led a $200m Series C round in Zenas BioPharma. (FS)
SR One, a biotechnology venture capital firm, led a $200m Series C round in Zenas BioPharma, a global biopharmaceutical company, with participation from NEA, Norwest Venture Partners, Delos Capital, Enavate Sciences, Longitude Capital, Federated Hermes Kaufmann Funds, Arrowmark Partners, Fairmount, Wellington Management, Rock Springs Capital, Pivotal bioVenture Partners, Vivo Capital, Quan Venture Fund, and Superstring Capital.
“We are pleased and appreciative of the support we have received from this group of tremendous life sciences investors as we advance the ongoing obexelimab development program across multiple auto-immune diseases. Their commitment to Zenas is a testament to our vision to be a global leader in bringing innovative immunology-based therapies to patients around the world. This financing enables us to complete multiple potentially value driving clinical programs,” Lonnie Moulder, Zenas BioPharma Founder and CEO.
Zenas BioPharma was advised by Argot Partners.
SPS Commerce to acquire Traverse Systems for $29m.
SPS Commerce, a retail supply chain cloud services provider, agreed to acquire Traverse Systems, a SaaS platform, for $29m.
“Retailers and suppliers using our leading retail network are continuously seeking to improve supply chain performance. Traverse Systems' expertise and proven track record in driving more streamlined collaboration between trading partners will benefit SPS customers and expand our capabilities in retail supply chain optimization,” Chad Collins, SPS Commerce CEO.
SPS Commerce is advised by Blueshirt Group (led by Irmina Blaszczyk and Lisa Laukkanen).
Mobix Labs to acquire RaGE Systems for $20m.
Mobix Labs, a manufacturer of semiconductors that are used for 5th-generation technology, agreed to acquire RaGE Systems, a provider of wireless solutions for telecommunications, infrastructure, aerospace, defence, and commercial sectors, for $20m.
"RaGE Systems' expertise will greatly enhance Mobix Labs' capabilities in designing and manufacturing advanced RF and mmWave integrated circuits and systems across several markets. With this acquisition, Mobix Labs will decrease the time necessary to develop cutting-edge wireless communications and integrated circuit products for its customers, particularly in the fast-growing mmWave 5G sector," Fabian Battaglia, Mobix Labs CEO.
Mobix Labs is advised by Blueshirt Group (led by Jeff Fox).
Boomi to acquire the API management assets from Cloud Software Group.
Boomi, a software company, agreed to acquire the API management assets from Cloud Software Group, a mission-critical software provider. Financial terms were not disclosed.
“APIs are the backbone of modern software and application development, and have become a cornerstone of modern architectures that enable businesses to stay agile and compete effectively. However, cloud adoption and the explosive growth of APIs have disrupted traditional IT infrastructures. With these acquisitions, we’re putting an end to operational overhead and API sprawl by offering a robust, enterprise-grade and federated API management solution, giving customers the ability to quickly provision, discover, secure, and infinitely scale in one end-to-end enterprise platform,” Steve Lucas, Boomi CEO.
Boomi is advised by Shearman & Sterling (led by Daniel Mitz).
Corpay to acquire Paymerang from Aldrich Capital Partners. (FS)
Corpay, a fintech company that offers payment solutions and tools for payment automation, agreed to acquire Paymerang, a provider of a streamlined invoice and payment automation platform, from Aldrich Capital Partners, a middle-market growth equity firm. Financial terms were not disclosed.
"This acquisition is right in our wheelhouse and exactly the kind of transaction we find most attractive. It's a business growing over 20%, within Corporate Payments, where we can accelerate growth and profitability. It will help us sell more in several large verticals where Paymerang has a strong position with satisfied customers, ERPs and partners," Ron Clarke, Corpay Chairman and CEO.
Sony and Apollo plan to acquire Paramount. (FS)
Sony Pictures Entertainment and private equity firm Apollo Global Management plan to acquire Paramount Global for $26bn and break up the company, Reuters reported.
Though it's still early, the two bidders have already begun to envision how a deal for Paramount could unfold. The two would likely operate the company as a joint venture controlled by Sony, with a minority stake owned by Apollo.
Sony Group and others eyeing buyout of Infocom. (FS)
Sony Group and other parties are considering buying online comic store operator Infocom in a deal worth up to JPY200bn ($1.28bn), Reuters reported.
Infocom parent Teijin is aiming to sell its entire stake of around 55% and scheduled a second round of bidding for mid-May. Other likely bidders include the US investment funds Blackstone and KKR.
Alphabet progressing in talks to buy HubSpot.
Google parent Alphabet has been progressing in talks to acquire marketing software provider HubSpot as it has discussed the terms of a potential deal with the firm, Bloomberg reported.
An acquisition of HubSpot by Alphabet would represent a significant move, potentially positioning Alphabet to enhance its competitiveness in the customer relationship management (CRM) sector, particularly targeting smaller businesses.
Apollo lines up $1.1bn of financing for US Silica buyout. (FS)
Apollo Global Management has lined up $1.1bn of debt financing for its purchase of US Silica Holdings, Bloomberg reported.
Barclays and BNP Paribas are the leading banks on the deal, marking a significant move in a year where the leverage loan market has seen few M&A deals. The buyout, valued at $1.21bn, was announced on April 26 and is anticipated to be finalized in the third quarter of this year.
Proficient Auto Logistics raises $215m at IPO's midpoint.
Proficient Auto Logistics raised $215m in an initial public offering, pricing its shares at the midpoint of a marketed range, Bloomberg reported.
The company, which transports finished vehicles from manufacturers and shipping ports to auto dealerships, sold about 14.3m shares on May 8 for $15 each after marketing them for $14 to $16.
Silver Lake lands $20.5bn for the 7th fund. (FS)
Technology-focused private equity shop Silver Lake announced on May 8 the closing of its seventh flagship fund after securing $20.5bn from investors, beating out the amount raised in its predecessor fund by about $500m.
In aggregate over the past five years, Silver Lake has raised $47bn behind the firm’s singular mission of creating value by partnering with exceptional founders and management teams to build and grow great companies driven by technology at scale.
Silver Lake was advised by Simpson Thacher & Barlett.
Musk's xAI nears funding at $18bn value as soon as this week. (FS)
Elon Musk's artificial intelligence startup xAI is set to close its funding round at a valuation of about $18bn as soon as this week, Bloomberg reported.
The size of the round has yet to be finalized. The maker of AI chatbot assistant Grok was set to raise $6bn in the round, whose participants include Sequoia Capital.
Xenon-backed Excellera Advisory Group to acquire Barabino & Partners. (FS)
Xenon-backed Excellera Advisory Group, a corporate affairs advisory group that includes CZP, Community, Public Affairs Advisors, and Value Relations, agreed to acquire Barabino & Partners, a corporate and financial communications firm. Financial terms were not disclosed.
“The Group’s size and extensive nationwide presence will turn Excellera into a major hub for any global company seeking corporate, financial, brand, communication & governance affairs advisory in Italy, as well as reputation building, and its extensive overseas offices will be devoted to supporting Italian companies in their international expansion,” Paolo Zanetto, Excellera Advisory Group CEO.
Barabino & Partners is advised by Belluzzo International Partners, Funaro & Co, Mazars Corporate Finance, RSM International, Dona Viscardini, Eversheds Sutherland (led by Alessandro Vischi), ZNR Notai (led by Mario Notari) and Cattaneo Dall'Olio Rho & Partners (led by Giorgio Dall’Olio). Excellera Advisory Group is advised by PricewaterhouseCoopers (led by Pasquale Salvatore), Deloitte (led by Andrea Casella), Becker & Poliakoff, Gatti Pavesi Bianchi Ludovici (led by Andrea Giardino and Giuseppe Toia) and Pinsent Masons.
BBVA turns hostile with $13.1bn bid for Sabadell.
Spanish bank BBVA launched a hostile €12.23bn ($13.1bn) all-share takeover bid for Sabadell after its smaller rival rejected the same proposal earlier this week, Reuters reported.
Taking the offer directly to Sabadell shareholders came as a surprise as hostile takeovers are rare in European banking and can end up embroiled in months of negotiations as politicians and regulators weigh in.
BBVA is advised by UBS and Rothschild & Co. Sabadell is advised by Goldman Sachs and Morgan Stanley.
The Watches of Switzerland Group completed the acquisition of Roberto Coin for $130m.
The Watches of Switzerland Group, a Swiss watches retailer, completed the acquisition of Roberto Coin, a jewelry products manufacturer, for $130m.
"It has been a great pleasure getting to know Roberto and Peter over the last 18 months while we have been discussing this exciting opportunity. We are enormously appreciative of the trust Roberto, his family and Peter Webster have placed in us for this important next stage of the brand's development. We are delighted to welcome Roberto Coin Inc. colleagues into the Group and look forward to working closely with Roberto and Peter going forwards," Brian Duffy, Watches of Switzerland Group CEO.
The Watches of Switzerland Group was advised by Headland Consultancy (led by Lucy Legh).
AstroNova completed the acquisition of MTEX NS for €24m.
AstroNova, a tabletop printers and label materials provider company, completed the acquisition of MTEX NS, a company that develops and manufactures digital print equipment for advertising sector, for €24m ($26m).
"MTEX NS is a highly innovative manufacturing and technology development company whose multiple lines of industrial grade products significantly expand our Product Identification portfolio. MTEX NS brings multiple complementary market adjacencies while broadening our addressable customer base and geographic reach. Recently, MTEX NS introduced a breakthrough printer for direct-to-film (DTF) transfers that enables printing on a wide variety of materials including fabrics, leather, and hard-surface materials. The acquisition also further expands our sustainable packaging capabilities, such as recycled cardboard printing and environmentally friendly, water-based inks," Greg Woods, AstroNova President and CEO.
AstroNova was advised by Sharon Merrill Advisors (led by Scott Solomon).
Fincantieri to buy Leonardo's submarine business for $268-322m.
Italian shipbuilder Fincantieri is set to buy Leonardo's submarine business, known as Whitehead Alenia Sistemi Subacquei (WASS), in a deal financed by Fincantieri's recapitalization of up to $537m, Reuters reported.
The deal fits Fincantieri's broader strategy to grow through acquisitions, focusing more on defence - now accounting for some 25% of its revenues as well as strengthening its position in the subsea business.
Everton FC pursued by another US investor as 777 takeover falters. (FS)
US investment firm MSP Sports Capital is exploring a takeover of Everton FC as the current bid for the Premier League football club falters, Bloomberg reported.
MSP, which has lent money to fund the Liverpool-based club's new stadium, is looking at its options, given the existing offer by rival firm 777 Partners is now under threat.
Bank at the centre of African data leak plans IPO to rebuild the image.
BGFIBank Group, one of central Africa's largest banks, is reviving a plan for an initial share sale as part of a wider push to restore an image marred by a massive data leak, Bloomberg reported.
The privately-held Gabon-based lender says it doesn't need the capital but wants to take the step, mooted in 2019 but sidelined by the pandemic, to showcase reforms since the 2021 leak revealed how its Congolese unit had been used to loot state funds.
