EMEA
PAI Partners is in exclusive talks to acquire Elior Group (Catering Services). (FS)
Uniper sells a stake in Italian LNG plant for €400m ($452m). (FS)
German authorities and executives provide different opinions on Deutsche Bank - Commerzbank merger.
Debenhams shareholders under a "wipe out" threat due to restructuring.
Italian government pushes Fincantieri to invest in Alitalia.
Bridgepoint launches Primonial sale. (FS)
Waterland hires Quatron for Zentrum Gesundheit divestment.
Ex-Autonomy CEO, Michel Lynch faces new fraud charges.
AMERICAS
Momentum in the IPOs market continues with Lyft, Uber, Pinterest, Levi's listings underway.
Viacom - AT&T negotiations infect possible CBS tie-up.
Natura and Avon in official talks.
Marqeta to raise up to $250m. (FS)
Flexstone Partners and Hostplus to create US private equity emerging markets program. (FS)
Buffet on the course to airline purchase. (FS)
Clearlake Capital-backed Gravity Oilfield Services acquired a water disposal infrastructure. (FS)
APAC
JPX to acquire Tokyo Commodity Exchange.
Daimler looking to increase stake in BAIC Motors, its Joint Venture Partner in China.
Hyundai refuses Elliott on a proxy vote. (FS)
FWD restores talks with to buy Thai Sim Commercial's $3bn unit. (FS)
SK Group led consortium to invest $1bn in Vingroup. (FS)
Blackstone partners with Indian developer to acquire Tanglin Developments. (FS, Real Estate)
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Latest Deals
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EMEA
Plastics maker Berry Global Group ruled out further sweetening of its £4.8bn ($6.3bn) bid for British packaging company RPC Group, calling the offer final.
RPC Group agreed to the higher takeover offer of 793 pence per share in cash in early March, ditching a lower bid from private equity firm Apollo Global Management.
Berry’s comments come after analysts said the market was hoping for a higher offer. Berry said it reserves the right to increase the offer if another party comes with an offer or a possible offer for RPC.
RPC Group is advised by Deutsche Bank, Jefferies & Company, Evercore, Credit Suisse, Rothschild & Co, Slaughter & May, and FTI Consulting. Berry Global is advised by Goldman Sachs, JP Morgan, and Wells Fargo Securities.
J Sainsbury and Asda have said they would dispose of between 125 and 150 stores in order to help secure regulatory approval for their proposed combination, documents filed with the Competition and Markets Authority showed.
They said that the proposal, which is around half the number of disposals that the CMA has called for in its provisional finding, was based on “a more credible finding of a substantial lessening of competition”. It used a threshold of 5% for the gross upward pricing pressure index, a key metric, rather than the 2.5% used by the CMA in its initial deliberations.
The two grocers also said they would be willing to offload some convenience stores and petrol filling stations, but that they considered that divestiture of the online delivery operations of either company was “not necessary or proportionate”.
Asda is advised by Gibson Dunn & Crutcher, Rothschild & Co, and Slaughter & May. J Sainsbury is advised by Morgan Stanley, UBS, Linklaters, and Brunswick. Walmart is advised by Gibson Dunn & Crutcher, Rothschild & Co, and Slaughter & May.
BlackRock acquired eFront, the world’s leading end-to-end alternative investment management software and solutions provider, from Bridgepoint and eFront employees, for $1.3bn in cash.
eFront, which serves more than 700 clients in 48 countries, is a comprehensive technology solution for managing the alternatives investment lifecycle, from due diligence and portfolio planning to performance and risk analysis, across a range of alternative asset classes.
“Technology and illiquid alternatives are two pillars of BlackRock’s growth, and this transaction provides a unique opportunity to accelerate our positioning in both. We’re particularly excited about eFront’s global footprint, including its headquarters in Paris, which is a key market on the continent for BlackRock. As a global asset manager, we are increasingly focused on understanding the unique needs of clients in each community where we operate. eFront immediately deepens our presence and technology capabilities in France, Europe and across the globe.” Laurence D. Fink, BlackRock Chairman, and CEO.
PAI Partners is in exclusive talks to acquire Elior Group (Catering Services).
Elior Group announced it has recently entered into exclusive discussions with PAI Partners concerning a potential sale of its concession catering activities, which are grouped within its Areas subsidiary.
Uniper sells a stake in Italian LNG plant for €400m ($452m). (FS)
German energy group Uniper has agreed to sell its stake in a liquefied natural gas (LNG) terminal in Italy to Australian fund First State Investments for about €400m ($452m).
The sale of the 48% stake in OLT Offshore LNG Toscana will hand Uniper net proceeds of about €340m ($387m) once the deal closes later this year, a welcome cash injection as the group tries to expand its LNG business in Germany.
“We’ve always said that selected existing gas infrastructure investments which we consider as strategic non-core assets may be suitable for portfolio rotation,” Uniper Chief Operating Officer Eckhardt Ruemmler.
German authorities and executives provide different opinions on Deutsche Bank - Commerzbank merger.
Deutsche Bank and Commerzbank, the two biggest Germany lenders, were hard hit by the 2008 crisis and have now entered into tie-up discussions to create Europe's third-biggest bank. The deal was first publicly offered by German Finance Minister Olaf Scholz.
The ruling coalition is split on the issue. Arguably Olaf Scholz, a Social Democrat, had “gone it alone” in pushing for the deal without first securing the backing of Christian Democrats in the coalition, as the deal could involve the State guaranteeing funding or contributing to a capital increase for a merged bank. The German State has still a 15% stake in Commerzbank, acquired during the 2008 crisis. The Social Democrat party is concerned that a tie-up would result in the loss of tens of thousands of jobs. “It is not clear for me how putting two sick banks together will result in a healthy one,” Cansel Kiziltepe, a Social Democrat lawmaker.
Also, divergent ideas promoted by a CEO of Commerzbank Martin Zielke and BlackRock, which is a significant shareholder. Martin Zielke wants Deutsche Bank - Commerzbank union to be a significant player on the field of investment banking, while BlackRock's Vice Chairman Philipp Hildebrand, insists that: “The one thing that I’m convinced will not work is ... if the objective in this operation is to try yet again to create a large, US-inspired investment bank operation.”
Debenhams shareholders under a "wipe out" threat due to restructuring.
Struggling British department store group Debenhams said its equity holders could be wiped out as a result of some of the restructuring options it is considering and rebuffed a bid by Sports Direct to buy its Danish business.
Debenhams has issued a string of profit warnings and lost 90% of its market value in the past year. The company is trying to fend off an attempt by its largest shareholder, Mike Ashley’s Sports Direct, to take control of the business.
Debenhams said it was seeking £200m ($262m) of additional funds from lenders, allowing it to pursue restructuring options to secure its future. But the retailer said, “certain of these options – if they materialize – would result in no equity value for the company’s current shareholders.”
Italian government pushes Fincantieri to invest in Alitalia.
Italy’s government has approached Fincantieri over the possibility of the state-controlled shipbuilder taking part in the rescue of flagship carrier Alitalia, Reuters reported.
Bridgepoint launches Primonial sale. (FS)
Bridgepoint has initiated the sale of French wealth manager Primonial with information memoranda distributed to potential bidders earlier this week.
Primonial is a French mass market wealth management company whose €15bn ($17bn) of funds under management invest in a range of asset classes, but have a particular focus on investing in commercial real estate.
Waterland hires Quatron for Zentrum Gesundheit divestment.
Netherlands-based Waterland has mandated Quarton International to exit German eye clinics portfolio company Zentrum Gesundheit.
Zentrum Gesundheit is a group of ophthalmic surgery and diagnostics centers, specializing in the treatment of cataracts, glaucoma, including diabetic retinopathy and age-related retinal disease. Two of their centers also have in-patient surgeries.
Ex-Autonomy CEO, Michel Lynch faces new fraud charges.
Michael Lynch, the former chief executive officer of Autonomy, faces fresh criminal charges of wire fraud, securities fraud, and conspiracy added by US prosecutors to his November indictment.
The conspiracy charge includes an alleged “hush money” payment to prevent unnamed people from testifying in court. While Lynch spokesperson reacts: "These are baseless, egregious charges issued on the eve of the trial in the UK, where this case belongs, and Dr. Lynch denies them vigorously".
AMERICAS
Paulson will not support Newmont Mining planned $10bn takeovers of rival Goldcorp as the premium offered is unjustified.
John Paulson, one of the largest investors in the gold sector, said it was “unable to support the transaction” unless the premium was eliminated since all the benefits of a recent tie-up with Barrick Gold in Nevada would accrue to Goldcorp shareholders.
Newmont made a friendly offer in January for Goldcorp in what would be the gold sector’s biggest-ever takeover transaction, a bid to create the world’s largest gold producer.
VanEck, one of the largest investors in Newmont Mining, has become the second investor to call on the gold miner to reduce the premium it is paying in its $10bn acquisition of rival Goldcorp, Financial Times reported.
Goldcorp is advised by Bank of America Merrill Lynch, Fort Capital Partners, TD Securities, Cassels Brock & Blackwell, Neal Gerber & Eisenberg, Osler Hoskin & Harcourt, and Skadden Arps Slate Meagher & Flom. Newmont is advised by BMO Capital Partners, Citigroup, Goldman Sachs, Cleary Gottlieb Steen & Hamilton, Goodmans, White & Case, Joele Frank, and Wachtell Lipton Rosen & Katz.
Momentum in the IPOs market continues with Lyft, Uber, Pinterest, Levi's listings underway.
The filing comes a day after jeans maker Levi Strauss blockbuster debut, and ride-hailing service providers Lyft and Uber are set to pursue much-anticipated listings. Investors are anticipating 2019 may be one of the most active years ever for tech IPOs.
Furthermore, Pinterest, the owner of the image search website known for the food and fashion photos that its users' post, filed for an initial public offering with US regulators on Friday, looking to tap into a red-hot market for new stock offerings. Pinterest plans to list under the symbol “PINS” on the New York Stock Exchange.
Uber and Levi's chose NYSE for their IPOs, while Lyft is going to be traded on NASDAQ, which is the favorite place for tech companies like Apple or Facebook.
Viacom - AT&T negotiations infect possible CBS tie-up.
Viacom's bitter contract renewal talks with AT&T's DirecTV that could see the blackout of MTV, Nickelodeon and Comedy Central are weighing on a possible tie-up of CBS and Viacom, Reuters reported.
Although the boards of CBS and Viacom have not discussed or decided on pursuing a merger, these sources say they are studying AT&T’s impact on Viacom and how it affects the company’s motivation to pursue a CBS merger. Viacom needs to resolve the AT&T contract before considering any other strategic moves including mergers and acquisitions.
Natura and Avon in official talks.
Brazilian cosmetics maker Natura Cosmeticos and beauty products firm Avon Products said that they were in deal talks but offered no details.
Avon and Natura have been considering a deal that would put Avon back together three years after the split up of its businesses, Reuters reported.
In the discussions, that have been ongoing for some months, Natura would buy Avon’s now private North American business, in addition to the London-headquartered publicly traded Avon.
Goldman Sachs is working with Avon and UBS is representing Natura in the talks.
Marqeta to raise up to $250m. (FS)
Digital payment processor Marqeta is raising $250m at a valuation of nearly $1.9bn. The company is going more than triple the $500m valuation it reached in 2017 with a $25m round.
Marqeta’s fully documented, open API gives developers the control, scale, and insight they need to build their perfect payment experience, without the complexity of legacy issuer processors. Create physical, virtual, and tokenized payment cards with flexibility for single or multi-use debit and credit cards.
Founded in 2010 and based in the Bay Area, Marqeta's previous backers include Granite Ventures, Commerce Ventures, and 83North.
Flexstone Partners and Hostplus to create US private equity emerging markets program. (FS)
Global private investments firm Flexstone Partners, an affiliate of Natixis Investment Managers, and Hostplus, an Australian superannuation fund, are to launch a US private equity emerging managers programme dedicated to Hostplus and designed to provide risk-adjusted investment solutions to qualifying Hostplus members.
“We believe successful US emerging managers program members tend to deliver higher fund returns, on average, compared to the returns of their former funds. In addition, with their successes, when they become more established, emerging managers may become increasingly difficult to access, as Limited Partners compete to get capacity," Nitin Gupta, Flexstone Partners, Managing Partners.
Buffet on the course to airline purchase. (FS)
Warren Buffett, who once joked that capitalists should have shot down the Wright brothers’ first plane and saved investors money, has made a course correction that’s raised the idea he’s considering the purchase of an airline.
Thirty years after a troublesome investment in USAir, Berkshire Hathaway has amassed stakes that make his holding company among the biggest shareholders in the four largest US airlines. Last year, the famed investor said he wouldn’t rule out owning a carrier, prompting talk about which one he’d grab.
Clearlake Capital-backed Gravity Oilfield Services acquired a water disposal infrastructure. (FS)
Gravity Oilfield Services, an energy and oilfield infrastructure company backed by Clearlake Capital, has acquired certain water disposal infrastructure from MBI Oil & Gas.
Founded in 2008, the North Dakota-based MBI offers water management services for the oil & gas industry.
APAC
Digileap Capital, a partnership between the founding Loo family and Dymon Asia Private Equity, made a tender offer for Singaporean electronic retailer Challenger Technologies for $143m.
According to a statement, Dymon Asia Private Equity has made the offer via its second Southeast Asian fund. Dymon Asia PE Fund II has commitments of $450m and invests in small and medium-sized companies across Southeast Asia.
Challenger is advised by DBS Bank.
JPX to acquire Tokyo Commodity Exchange.
The largest futures exchanges in Japan are set to announce a merger this week as part of a national effort to take on foreign rivals and restore Tokyo’s place as the financial center of Asia.
Japan Exchange Group — owner of the Tokyo and Osaka stock exchanges — will announce a basic agreement to acquire the Tokyo Commodity Exchange after a board meeting on Thursday, Financial Times reported.
The merger is aimed at creating a single, consolidated financial exchange that can boost trading volumes, bring down capital requirements and better compete with giant rivals such as CME Group and Intercontinental Exchange.
Daimler looking to increase stake in BAIC Motors, its Joint Venture Partner in China.
Daimler has asked Goldman Sachs to help it explore increasing its stake in Chinese carmaker BAIC Motor, its main China joint venture partner, Reuters reported.
A deal would be only the second since the world’s biggest auto market relaxed foreign ownership rules last year.
Hyundai refuses Elliott on a proxy vote. (FS)
Hyundai Motor Group shareholders rejected Elliott Management’s demands for a special dividend and board seats, dealing a blow to the US hedge fund’s campaign to shake up South Korea’s second-biggest family-run conglomerate.
Although Hyundai fended off the threat from Elliott at the closely watched vote, it still faces a daunting challenge of winning shareholder support for a planned restructuring that should aid the handover of the group’s reins to heir apparent Euisun Chung.
FWD restores talks with to buy Thai Sim Commercial's $3bn unit. (FS)
FWD Group, backed by billionaire Richard Li, has revived talks about a potential acquisition of the life insurance operations of Thailand’s Siam Commercial Bank after a two-year hiatus.
Siam Commercial reached a preliminary pact with FWD on a potential life-insurance partnership, the lender said in a Bangkok exchange filing. A deal would see FWD acquire Siam Commercial’s life insurance unit and sign a long-term distribution agreement with the lender, according to the filing. FWD and Siam Commercial have entered into exclusive negotiations to finalize terms of a transaction, the filing shows.
The business could be valued at around $3bn.
SK Group led consortium to invest $1bn in Vingroup. (FS)
South Korean conglomerate SK Group will lead a consortium to invest $1bn in Vietnamese business major Vingroup. The investment will be made through SK Southeast Asia Investment, a unit that Korean chaebol set up in August last year.
SK Group would form a consortium with financial investors to initiate the transaction next month, which will see its subsidiary investing $500m in the Vietnamese major. The development comes on the heels of an earlier announcement by Vingroup to issue a private placement to raise around $1bn.
Blackstone partners with Indian developer to acquire Tanglin Developments. (FS, RE)
Blackstone is partnering with south India-focused developer Salarpuria Sattva, to acquire Coffee Day founder V G Siddhartha’s real estate venture Tanglin Developments, DealStreet Asia reported.
Blackstone is likely to own around 80% of the special purpose vehicle (SPV), while the remaining 20% will be owned by Salarpuria. Tanglin owns Global Village technology park in Bengaluru. It is a 4m sq ft tenanted office space located on a 120-acre campus.
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