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AMERICAS
The ONE Group Hospitality, an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges, agreed to acquire Benihana, an restaurant company offering Japanese cuisine, for $365m.
"We are delighted to welcome Benihana, an American cultural icon with timeless appeal that transcends generations and offers unparalleled guest experiences, to The ONE Group family. The strategic acquisition of a one-of-a-kind restaurant platform with a compelling financial profile supports our broader strategy to fortify and diversify our leading portfolio of best-in-class experiential VIBE restaurant concepts. With Benihana joining The ONE Group's platform, our combined annualized EBITDA enhances our ability to continue to fully fund our expansion while delivering meaningful free cash flow enabling debt reduction and shareholder friendly capital allocation to drive long-term value for shareholders," Emanuel Hilario, The ONE Group President and CEO.
The ONE Group Hospitality is advised by Deutsche Bank, Stoel Rives, and ICR (led by Michelle Michalski). Debt financing is provided by Deutsche Bank. Benihana is advised by Piper Sandler, Akin Gump Strauss Hauer & Feld, and Sidley Austin.
CPS Energy, a municipally owned natural gas and electric company, agreed to acquire 1710 MW generation portfolio from Talen Energy, a company that operates as an energy and power generation and marketing company in North America, for $785m.
"The purchase of these assets furthers CPS Energy's commitment to deliver reliable and affordable energy supply to one of the nation's fastest growing communities, while also balancing our commitment to reduce carbon emissions by 2030. The investments we are making to purchase and improve the performance of these plants provide cost benefits when compared to building new assets, which means reliability now at a lower price for our community. In addition to these facilities, as our community continues to grow, we are also adding low and zero-carbon resources as well as energy storage to enable that additional growth," Rudy Garza, CPS Energy President & CEO.
Alamos Gold, an intermediate gold producer with diversified production, agreed to acquire Argonaut Gold, a gold producer with a portfolio of operations in North America, for $325m.
“This is a logical and attractive transaction for both companies. The combination of the adjacent Island Gold and Magino mines will immediately unlock tremendous value, with significant longer-term upside through further optimizations of the combined operation, and ongoing exploration success. Both assets complement each other well with large Mineral Reserve and Resource bases, long mine lives, and existing infrastructure that can support the bright future for the larger combined operation. Together, Island Gold and Magino will create one of the largest and most profitable mines in Canada, further enhancing our leading position as a Canadian focused intermediate gold producer,” John A. McCluskey, Alamos Gold President and CEO.
Argonaut Gold is advised by Scotiabank and Bennett Jones. Alamos Gold is advised by CIBC World Markets and Torys.
Diploma, a business supplying specialised technical products and services, agreed to acquire Peerless Aerospace, a supplier of fasteners and related hardware to the aerospace industry, for £236m ($300m).
"Peerless is an excellent acquisition for Diploma, aligned to our strategy of building high quality, scalable businesses for sustainable organic growth. Bill, Don and our new Peerless colleagues have created an exceptional value-add business with a very strong market reputation and I am delighted to welcome them to the Group. We know and like the aerospace fasteners market and Peerless significantly extends our US capabilities and adds scale in Europe," Johnny Thomson, Diploma Chief Executive.
US Innovative Technology Fund, an investment firm, led a $175m Series C round in Celestial AI, a machine learning accelerator company that develops a data center, with participation from AMD Ventures, Koch Disruptive Technologies, Temasek, Xora Innovation, IAG Capital Partners, Samsung Catalyst, Smart Global, Porsche SE, Engine Ventures, M-Ventures and Tyche Partners.
“This highly oversubscribed financing round is another testament to Celestial AI’s position to disrupt the market, and reflects the magnitude of business opportunity before us. Today’s advanced AI models require exponentially more I/O bandwidth and memory capacity but are currently constrained by low bandwidth and high latency. Our Photonic Fabric™ technology is rapidly becoming the de facto standard for Accelerated Computing optical interconnectivity, driven by unparalleled performance and efficiency,” Dave Lazovsky, Celestial AI Founder and CEO.
Celestial AI was advised by Shelton Group (led by Tyler Weiland).
Enbridge, a multinational pipeline and energy company, WhiteWater, an infrastructure company, I Squared Capital, an infrastructure investor, and MPLX, a partnership that operates midstream energy infrastructure and logistics assets, agreed to form a joint venture that will develop, construct, own, and operate natural gas pipeline and storage assets connecting Permian Basin natural gas supply to growing LNG and US Gulf Coast demand. Financial terms were not disclosed.
"Acquiring a meaningful equity interest in an integrated Permian natural gas pipeline and storage network that is directly connected to our existing infrastructure at Agua Dulce through this JV with WhiteWater/I Squared and MPLX is very exciting. This is a great way to enhance our super-system approach, bringing energy supply to places where it is needed most and providing last mile connectivity to domestic and export customers," Cynthia Hansen, Enbridge EVP and President.
Enbridge is advised by Vinson & Elkins (led by Doug Bland).
A group of investors including New Enterprise Associates, Deep Track Capital, Sofinnova Investments, and Sands Capital, led a $150m Series A round in Avenzo Therapeutics, a clinical-stage biotechnology company, with participation from INCE Capital, TF Capital, Delos Capital, and Quan Capital.
“The team at Avenzo has made great progress over the past 18 months since formation on our mission to advance the next generation of oncology therapies for patients,” Athena Countouriotis, Avenzo Co-Founder, President and CEO.
Apple Hospitality REIT, a real estate investment trust, agreed to acquire AC Hotel by Marriott Washington DC Convention Center for $117m.
“We are pleased to expand our portfolio with the acquisition of the AC Hotel Washington DC Convention Center and are thrilled to establish a presence in downtown Washington DC, a market we have tracked and wanted to have a presence in for some time. With a wide variety of demand generators, including government, corporate, conventions, sporting events and concerts as well as both domestic and inbound international leisure, we are confident Washington DC. is well positioned for continued growth. As we look for and continue to underwrite acquisition opportunities, we are dedicated to pursuing transactions that meaningfully enhance our portfolio and maximize long-term value for our shareholders,” Nelson Knight, Apple Hospitality President, Real Estate and Investments.
Frontier Waste Solutions, a provider of solid waste collection, disposal, and recycling services servicing communities throughout Texas, completed the acquisition of 380 McKinney C&D Landfill, a waste management service. Financial terms were not disclosed.
“The acquisition of 380 McKinney is a strategic investment for Frontier that expands our post-collection capabilities. The City of McKinney and greater Collin County are consistently amongst the fastest growing markets in the US. The additional capabilities allow Frontier to best serve the growing needs of the community. We are thrilled to partner with the City of McKinney and are looking forward to providing the community the excellent customer service that Frontier is known for," John Gustafson, Frontier CEO.
Johnson & Johnson considers a deal for Shockwave Medical.
Johnson & Johnson is in talks to buy medical device maker Shockwave Medical, as the healthcare giant potentially looks to expand its presence in cardiovascular devices. Shockwave, a company that makes devices to treat heart disease, has a market capitalization of around $11bn.
A deal could be finalized in the coming weeks if talks don't fall apart and it is also possible another suitor could emerge. It did not mention the value of the deal, WSJ reported.
Phillips 66 explores sale of pipeline stake worth over $1bn.
US oil refiner Phillips 66 is exploring a sale of its 25% stake in the Rockies Express Pipeline that it hopes could be worth more than $1bn, including debt, Reuters reported.
The Rockies Express Pipeline is a 1,7k-mile (2730-km) interstate natural gas pipeline, stretching from Wyoming and Colorado in the US West to Eastern Ohio.
Global IPO revival lags first quarter share sales as markets rally.
Dealmaking in global equity capital markets had its strongest start in three years in 2024 as economic uncertainty waned and stocks rallied, but a revival in initial public offerings has lagged.
Bankers carried out $143.9bn of stock sales worldwide so far this year, the best first quarter since 2021, Reuters reported.
EMEA
SigmaRoc, a building material company, completed the acquisition of the UK lime operations of CRH, an international group of diversified building materials businesses, for €155m ($168m).
The UK Target comprises CRH's UK lime operations, the leading producer of lime products in the UK. Founded in 1891 and headquartered in Buxton, Derbyshire, the business operates from sites in Tunstead and Hindlow, with a total of 5 permitted lime kilns. In the year ending 31 December 2022, the UK Target generated revenue of €105m ($114m) and operating profit of €20m ($22m).
EOS Partners, a private equity fund, completed the acquisition of Swibox, a provider of switch cabinets and housing solutions. Financial terms were not disclosed.
In addition to selling its own product lines and patented innovations, including in safety equipment, on the Swiss market, Swibox intends to market its products also internationally in the future.
Honeywell, an American multinational conglomerate company that produces commercial and consumer products, engineering services and aerospace systems, offered to acquire Civitanavi Systems, a company that designs, develops, manufactures and services inertial navigation and stabilization systems, for €200m ($217m).
"By integrating Civitanavi's inertial technologies and sensors across Honeywell's existing commercial, military, space and industrial platforms, our customers across the globe will now have access to a more robust portfolio of aerospace navigation solutions in support of their journey toward autonomous operations," Jim Currier, Honeywell Aerospace Technologies President & CEO.
Honeywell is advised by UniCredit and Bird & Bird. Civitanavi Systems is advised by Rothschild & Co.
South African billionaire Patrice Motsepe is in talks with Vivendi's Canal+ to join its multibillion-dollar bid for broadcaster MultiChoice Group, Bloomberg reported.
Bringing South Africa's richest Black man into the deal would likely help the French media conglomerate meet the country's stringent Black ownership requirements. Discussions are at an early stage and there is no guarantee that an agreement will be reached.
MultiChoice is advised by Morgan Stanley. Canal+ is advised by Brunswick Group (led by Timothy Schultz).
Edenred, a company specializing in B2B Mobility solutions, agreed to acquire energy cards business from IP Gruppo, an oil and energy company. Financial terms were not disclosed.
“This new partnership with IP Gruppo api will allow to add IP strong domestic energy card franchise to our existing multi-brand offer and will give Edenred a much-extended footprint in Italy. We are looking forward to offering access to our Beyond Fuel digital solutions to the 50k IP customers, while effectively supporting the switch of corporate and professional fleets from traditional engines to hybrid and electrical vehicles," Diane Coliche, Edenred Chief Operating Officer.
Edenred is advised by Credit Agricole. IP Gruppo is advised by UniCredit.
Greif, an American manufacturing company, completed the acquisition of IPACKCHEM Group, a producer and distributor of plastic packaging products, from SK Capital, a private equity firm, for $538m.
"We are thrilled to welcome an exceptional 1.4k Ipackchem colleagues to Greif. Adding Ipackchem to the Greif portfolio is another key step forward in executing our Build to Last strategy and helps unlock significant new capabilities and market opportunities to further grow as a world leader in high-performance small plastic containers and jerrycans. Our teams have been planning our integration strategy over the past several months, which we will begin implementing immediately post-closing to drive incremental benefits, support future growth, and capture our targeted $7m of synergies," Ole Rosgaard, Greif President and Chief Executive Officer.
UBS sells $8bn of Credit Suisse assets to Apollo. (FS)
UBS has sealed the sale of Credit Suisse's securitised products business to Apollo Global Management as part of efforts to shed non-core assets after its takeover of the collapsed banking group, Reuters reported.
Apollo will purchase $8bn of "senior secured financing facilities" adding that it expects to make a net gain of about $300m from the deal in the first quarter of 2024. For UBS, these actions will allow the bank to further accelerate its plans to unwind and more efficiently simplify its NCL portfolio, while minimizing any disruption to clients, and reduce risk-weighted assets and leverage ratio denominator in NCL.
International Paper stirs up possible biding war over DS Smith.
International Paper has stirred up a potential bidding war over British paper packaging firm DS Smith, making a takeover offer that sent the shares of the FTSE-100 target over a two-year high, Reuters reported.
DS Smith said it was in discussions with International Paper over an all-stock offer from the US-listed company, which valued it at £5.72bn ($7.22bn), or 415 pence per share.
Ardian-backed lab chain Inovie considers €3bn sale. (FS)
Inovie Group, the French laboratories chain backed by buyout firm Ardian, is considering a potential sale that could value the business at more than €3bn ($3.2bn), Bloomberg reported.
Owners of the French company, which operates more than 650 laboratory sites, are working with advisers to prepare for a potential sale of the business in the second half of the year. Inovie, which was founded in 2010, could draw interest from other private equity firms and infrastructure investors.
CitizenM owners explore potential sale of hotel group. (FS)
The owners of boutique hotel chain CitizenM are working with bankers to explore options for the business, including a potential sale, as it seeks to expand following a rebound in the travel sector post-pandemic.
Netherlands-based CitizenM’s owners including its largest shareholder Dutch pension provider APG, Singaporean wealth fund GIC and founder Rattan Chadha are being advised by Morgan Stanley and the real estate investment bank Eastdil Secured, FT reported.
Up to 10 companies bid for Deutsche Bahn's Schenker.
Between seven and 10 companies have made non-binding offers for Schenker, the logistics subsidiary of German national rail company Deutsche Bahn, Reuters reported.
Among those companies are Danish group DSV and shipping company Maersk, as well as financial investors.
Ithaca Energy studies deal for Eni’s UK upstream assets.
North Sea oil and gas producer Ithaca Energy is in exclusive talks on a potential deal for Eni's UK upstream operations, Bloomberg reported.
Acquiring the assets, which include recently purchased fields from Neptune Energy Group, would boost Ithaca’s North Sea output at a time when larger players are withdrawing from the aging basin. For Eni, a deal would further its so-called satellite model, where it splits off operations to reduce risk while retaining an interest.
ProSieben boards reject bid by MFE to split German broadcaster.
German broadcaster ProSiebensat.1 on March 27 pushed back against a plan by MFE-MediaForEurope to split up the company and called on shareholders to vote down its top investor's proposals at an annual meeting next month.
MFE, controlled by the family of the late former Italian Prime Minister Silvio Berlusconi, wants to spin off ProSieben's e-commerce and dating assets from the company's core TV operations, Reuters reported.
Ferrari to expand cooperation with battery supplier SK On.
Luxury sports car manufacturer Ferrari has entered a preliminary agreement with its electric-vehicle battery supplier SK On on further expansion of their cooperation, Reuters reported.
South Korea's SK On has been supplying battery cells for Ferrari models since 2019, including for the SF90 Stradale, the carmaker's first hybrid vehicle, the more recent 296 GTB and 296 GTS, as well as for special series cars.
HSBC launches $1b ASEAN growth debt fund and $150m SG venture debt fund. (FS)
British financial services group HSBC has set aside $1.15bn across two new debt funds focused on "digitising" companies in Southeast Asia, it announced on March 27.
The $1bn ASEAN Growth Fund will focus on cashflow-generating startups looking to tap debt to expedite their economies of scale, advance product lifecycles, and grow their asset portfolios, DealStreetAsia reported.
APAC
KNAV, a financial services company that provides holistic accounting, auditing, and business advisory services, completed the merger with Natarajan & Swaminathan, a professional chartered accountant firm in Singapore. Financial terms were not disclosed.
"Merger's role in strengthening the firm's Singapore presence and supporting its global market strategy. The merger is expected to contribute to KNAV's growth in the Asia-Pacific, offering clients a range of services, including auditing, tax planning, and business consulting," Atul Deshmukh, KNAV Chief Strategy Officer.
Sterlite Power, GIC set up platform to develop power transmission projects in India. (FS)
Sterlite Power, which is backed by metals magnate Anil Agarwal's Vedanta Group, has formed a joint venture with Singapore's sovereign wealth fund GIC to set up a new platform to develop and operate power transmission projects in India, DealStreetAsia reported.
The Indian firm Power will own the majority stake of 51%, while GIC will own the rest. The two players will be setting up a $1bn platform in which GIC will invest $500m.
China's GDS to sell $587m stake in overseas data centres to Hillhouse, Boyu. (FS)
GDS has agreed to sell a stake in its data centre business outside of mainland China to a group of private equity investors for $587m.
GDS International, a wholly-owned subsidiary that holds GDS' international data centre assets and operations, will sell a combined 43.9% stake to investors including Hillhouse, Rava Partners, Boyu Capital, Princeville Capital, Tekne Capital, and other firms, while the parent group will retain a 56.1% stake, DealStreetAsia reported.
Japan’s Mitsui, Rohto said near deal for Chinese medicine firm.
A group including Japan’s Mitsui and Rohto Pharmaceutical is nearing a deal to acquire a majority stake in medicine and health-care company Eu Yan Sang International, Bloomberg reported.
The Mitsui and Rohto group has emerged as the likeliest buyer of the stake after outbidding others. The Japanese companies are finalizing details of a transaction that could be signed as early as next week.
Hong Kong’s Moribund market loses another big deal from Alibaba.
One of Hong Kong’s last big hopes for a resurgence of its IPO market has been dashed by Alibaba Group’s move to scrap a listing of its logistics unit, piling pressure on the financial hub’s leaders to find new paths to a revival.
The Chinese e-commerce giant called off a $1bn-plus sale of new shares in Cainiao Smart Logistics Network, citing poor market conditions. Samsonite International and L’Occitane International have also been weighing an exit from the city’s bourse due to low valuations, Bloomberg reported.
HealthQuad exits India's Asian Institute of Nephrology and Urology with 4x returns. (FS)
HealthQuad, a healthcare-focused venture capital firm investing in early-stage startups in India, said it has fully exited its investment in the Asian Institute of Nephrology and Urology, a single-specialty hospital network dedicated to urology and nephrology care, with four times returns of its investment.
HealthQuad invested in AINU in 2016. The deal also marked HealthQuad's fourth exit from its Fund I, DealStreetAsia reported.
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