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AMERICAS
TPG, a global alternative asset management firm, and AmerisourceBergen, an American drug wholesale company, agreed to acquire OneOncology, an oncology practices network, from General Atlantic, an American growth equity firm, for $2.1bn.
“Our 2018 investment in OneOncology helped launch a shared vision to improve the future of cancer care amidst prevailing cost, quality and access issues. We are proud that this mission-driven approach has resulted in a leading oncology platform that empowers high-quality and innovative cancer care in the community setting. We wish Dr. Patton and the OneOncology team continued success in their next phase of growth,” Justin Sunshine, General Atlantic Managing Director.
OneOncology and General Atlantic are advised by Centerview Partners and Paul Weiss Rifkind Wharton & Garrison. TPG Capital is advised by Guggenheim Partners, Debevoise & Plimpton and Mintz Levin. AmerisourceBergen is advised by JP Morgan, Morgan Lewis & Bockius (led by Aaron Suh and Crystal Fang) and Sidley Austin.
Magnetar Capital, an alternative asset manager, led a $221m Series B round in CoreWeave, a specialized cloud compute provider, with participation from NVIDIA, Nat Friedman and Daniel Gross.
“CoreWeave is uniquely positioned to power the seemingly overnight boom in AI technology with our ability to innovate and iterate more quickly than the hyperscalers. Magnetar’s strong, continued partnership and financial support as lead investor in this Series B round ensures we can maintain that momentum without skipping a beat. Additionally, we’re thrilled to expand our collaboration with the team at NVIDIA. NVIDIA consistently pushes the boundaries of what’s possible in the field of technology, and their vision and guidance will be invaluable as we continue to scale our organization,” Michael Intrator, CoreWeave CEO and Co-Founder.
Goldman Sachs, an investment banking company, Michaels Organization, a residential real estate company, and the Community Development Trust, an investor in affordable housing, agreed to acquire a portfolio of 90 affordable housing complexes for $1.15bn.
“Affordability is at the lowest point it’s ever been — as a country, we’re not going to be able to build affordable housing at scale to make any sort of dent in the crisis. Sometimes in difficult markets, you can make the most significant investments and have an impact," Dan Alger, Goldman’s UIG Co-Head.
BDT Capital Partners, a private investment banking company, led a $290m round in EquipmentShare, an equipment and digital solutions provider serving the construction industry, with participation from RedBird Capital Partners, Tru Arrow Partners, Sound Ventures, and Brown Advisory.
"Our growth continues to be fueled by new customers who are ready for a technology-driven construction solution. This latest round of funding brings in growth capital from both new and existing investors. We were pleased to have completed this raise in a challenging macro-economic environment at a valuation that was 40% higher than the previous raise in 2021," Jabbok Schlacks, EquipmentShare CEO and Co-Founder.
Ankura, an independent global expert services and advisory firm, completed the acquisition of GreenPoint Group, a US-China strategic advisory firm. Financial terms were not disclosed.
"We are thrilled to welcome GreenPoint to Ankura. GreenPoint has the experience, network, and know-how to deliver actionable solutions in one of the most complex and dynamic markets in the world," Kevin Lavin, Ankura CEO.
Thoma Bravo sponsors launch of industry group to advance cybersecurity sector. (FS)
Thoma Bravo, a leading software investment firm, announced the launch of the Cyber Consortium, which will bring together approximately 30 cybersecurity experts with a shared mission of providing insights on sector risks and trends, fostering dialogue among industry leaders and sharing key learnings to help companies identify and navigate the increasing number of cybersecurity threats.
"As cyber threats become increasingly sophisticated and the landscape becomes more complex, there's both a need and an opportunity for the cybersecurity community to partner and learn from one another to help predict and prevent the next generation of threats. With one of the largest cybersecurity portfolios in private equity, we are proud to sponsor this Cyber Consortium and bring together our network of leading cybersecurity experts who are eager to share their expertise for the benefit of the whole industry," Seth Boro, Thoma Bravo Managing Partner.
Virginia Retirement makes $850m PE commitment. (FS)
Virginia Retirement System has confirmed additional private equity investment vehicle commitments worth $850m.
With the new commitments VRS has allocated $150m to Ares Capital Europe VI, and $250m to Ares Pathfinder II. In addition, the pension scheme has made a $150m commitment to Oaktree Opportunities Fund XII and a further $300m to Hellman and Friedman XI.
Sumitomo Metal Mining confirms support for Teck’s coal spinoff.
Sumitomo Metal Mining will back Teck Resources in its planned spinoff of coal assets, confirming its earlier support in the face of an alternative takeover proposal from Glencore.
The Japanese company reiterated its continuous support for Teckʼs plan to create two separate world-class independent companies. Teck has already said its main Class A shareholders — of which Sumitomo is one — had committed to voting in favor, Bloomberg reported.
O2 Investment Partners closes oversubscribed Fund IV at $445m. (FS)
O2 Investment Partners, a private equity firm investing in growth-oriented, privately-held businesses in the North American lower middle market, has held the final closing of O2 Investment Partners Fund IV with $445m in capital commitments.
Founded in 2010, O2 leverages its family office roots to partner with the entrepreneurial management teams of family- and founder-owned businesses that are positioned for long-term growth.
O2 Investment was advised by Metric Point Capital and Kirkland & Ellis.
Guggenheim lures Greenhill's dealmakers to expand into Europe. (People)
US investment bank Guggenheim Securities will begin its European expansion by hiring four senior bankers from Greenhill, Reuters reported.
An official statement is expected to also announce the opening of an office in London as the bank seeks to capitalise on a growing trend of transactions in the telecommunications infrastructure industry.
EMEA
Caledonia Investments, a self-managed investment trust, completed the acquisition of a 98.8% stake in AIR-serv, a designer and manufacturer of air, vacuum and jet wash machines, for $177m.
"We are proud to have become the new owners of AIR-serv Europe and to partner with Clive Steel and his team in the next stage of the company's development. The strength and consistency of AIR-serv Europe's profitability, cash generation and market position are an ideal fit with our Private Capital investment strategy. We believe there are exciting opportunities to build further on the Business' excellent record and to expand its European presence," Tom Leader, Caledonia Head of Private Capital.
Sagi’s investment firm Unikmind, which already owns 54.2% of Kape, made an offer of $3.60 per share, a month after the directors turned down a cash offer of $3.44 per share.
Kape’s independent directors have explored alternatives to the offer to realise greater value to shareholders, but no firm proposal from a third party has been received and the company is no longer in discussions with any third party.
Air Water Ventures, a sustainable water solutions company, agreed to go public via a SPAC merger with Athena Technology Acquisition, a special purpose acquisition company, in a $300m deal.
“This proposed Business Combination is an extraordinary milestone for Air Water Ventures Ltd. and all of those who will benefit from the environmental impact that we are looking to make. Not only do we believe this transaction will allow us to accelerate our growth, expand our reach, and continue our track record of disruptive innovation, but we also believe it will help make an impact on a global scale," Alex Guy, Air Water Ventures Chairman and CEO.
Air Water is advised by Jett Capital Advisors and White & Case. Athena Technology is advised by Cohen & Company Capital Markets, Latham & Watkins and Bevel PR.
Saudi Telecom, a digital enabler of telecommunications services, agreed to acquire tower assets from United Group, an alternative telecom provider, for $1.3bn.
“We are delighted to have successfully crystallized the value of our tower assets in a deal that enables us to delever and navigate global macroeconomic pressures,” Victoriya Boklag, United Group CEO.
ArisGlobal, a provider of life sciences software, completed the acquisition of Amplexor Life Sciences, a provider of regulatory, quality, and safety software solutions. Financial terms were not disclosed.
"For many years, ArisGlobal has been focused on building a regulatory platform that provides a market-leading, comprehensive set of products and streamlines processes supporting collaboration across distributed teams while adhering to extensive and evolving global regulatory requirements. By combining our core functionalities, we are elevating our end-to-end Regulatory capabilities to enhance our customers' journey," Mike Gordon, ArisGlobal CEO.
WPP, a communications, advertising, public relations, technology, and commerce holding company, completed the acquisition of AMP, a sonic branding agency. Financial terms were not disclosed.
“With the rise of streaming, podcasting and short-form media, audio has become a critical component of the marketing mix. The acquisition of amp enhances our offer to clients, helping them create immersive experiences that engage consumers on a deeper level and drive their competitive advantage," Mark Read, WPP CEO.
Siemens Energy signs €7bn offshore power deal with TenneT.
Siemens Energy has won contracts worth almost €7bn ($7.68bn) as part of a consortium with Spain's Dragados Offshore to transport wind farm power to northern Germany.
Under the deal with Dutch electric grid company TenneT, the companies will supply technology for three offshore grid connections in the North Sea, Siemens Energy said in a statement, Reuters reported.
Virgin Media O2 kicks off stake sale in UK's largest mobile tower network.
Virgin Media O2 has kicked off the sale of all or part of its share in Cornerstone, which owns and manages Britain's largest mobile tower network and is likely to be valued at up to £3bn ($3.73bn).
British broadband and mobile company Virgin Media O2 is owned by Liberty Global and Telefonica, Reuters reported.
UK watchdog says Cochlear's Oticon Medical deal could harm market.
Britain's Competition and Markets Authority said that Australian hearing device maker Cochlear's purchase of Demant's hearing implants business could hurt competition and mean higher prices for the National Health Service.
The proposed DKK850m ($125m) deal between two of the biggest players in Britain's hearing implant market could lead to worse outcomes for patients and higher prices for the state-funded NHS, the CMA said, Reuters reported.
Renault picks banks for listing of EV business Ampere.
Renault has selected investment banks to work on the planned initial public offering of its Ampere electric-vehicle business.
The French carmaker has picked BNP Paribas, Goldman Sachs Group and JP Morgan to lead the deal as joint global coordinators, Bloomberg reported.
Renault sinks as Tesla price Cuts raise EV margin concerns.
Renault slumped the most in more than six months on concerns that pricing pressure across the auto industry may derail the French carmaker’s recovery, Bloomberg reported.
The shares fell as much as 7.9% in Paris after Tesla signaled it’s not done reducing electric-vehicle prices even at the expense of its profit margins. Renault’s peers preparing to introduce more battery-powered models including Stellantis and Volkswagen also declined.
Gilde Healthcare raises €600m for fund VI. (FS)
Gilde Healthcare has raised €600m ($657m) in capital commitments for Gilde Healthcare Venture & Growth VI, a new investment fund which will focus on fast growing companies developing solutions for better care at lower cost.
Gilde Healthcare invests in companies in Europe and North America active in digital healthcare, medical technology and therapeutics. The fund is backed by a balanced mix of international investors, including corporates, banks, pension funds, insurers, fund-of-funds, sovereign wealth funds, endowments, family offices, entrepreneurs and the Gilde team.
APAC
CBC Group, a healthcare-dedicated investment firm, and Mubadala, a sovereign investor, led a $315m round in Hasten Biopharma, an innovation-driven pharmaceutical company.
"Hasten is a well-established Chinese biopharma company with tremendous growth potential. The firm reported 47% growth in sales from Q2 to Q4 in 2022, which is testament to CBC's unique and effective investor-operator strategy. We are confident that the attractive entry valuation, coupled with strong operational and growth momentum, will create long-term sustainable value for CBC and our fellow shareholders," Fu Wei, CBC Group CEO.
Creador, a private equity firm, agreed to acquire a 14.7% stake in CTOS Digital, a credit reporting agency, for $103m.
“We are confident of CTOS’ growth potential in Malaysia, given the increasing digitalization of the financial services industry and improving financial literacy among Malaysians. Creador remains highly committed to supporting CTOS in its pursuit of growth and plans to continue to be a long-term investor,” Creador.
GL Capital, an investment firm, led a $290m round in Sangon Biotech, a biotechnology company, with participation from CITIC Private Equity, Greenwoods Investment and Huagai Capital.
Sangon Biotech is engaged in the research and development of chemical synthesis of DNA.
Aurora Payments, a payment technology company, completed the acquisition of NailSoft, a salon management and point-of-sale system provider. Financial terms were not disclosed.
“Aligning vertical software with our payment platform is core to who Aurora is. NailSoft and Aurora have a tremendous opportunity to revolutionize how salons conduct business,” Brian Goudie, Aurora Payments CEO.
PAG, Carlyle Stung by politics in $18bn Asia fundraising. (FS)
PAG and Carlyle Group, alternative asset managers seeking to raise almost $9bn each for Asian private equity deals, are falling victim to an increasingly contentious political climate between the US and China, Bloomberg reported.
PAG, Asia’s biggest multi-asset manager, has slashed its target to $6bn, while Carlyle has pushed back closing its new fund to April after originally seeking to get it done last year. Carlyle is targeting a first close at 35% of its $8.5bn target this month. A successful fundraising in previous years would typically require achieving 50% of the target in an initial closing.
Indonesia's eFishery in talks to raise $100m led by UAE's 42XFund. (FS)
Indonesian aquatech firm eFishery is in advanced talks to raise around $100m in a fresh funding round led by the UAE-based G42 Global Expansion Fund.
The 42XFund is a partnership between the Artificial Intelligence firm G42 and the Abu Dhabi Growth Fund. It operates as a PE fund and has $10bn in committed capital and a team of professionals based in the UAE, Shanghai, Singapore and Jakarta, DealStreetAsia reported.
BPEA initiates talks to invest in Indira IVF. (FS)
Baring PE Asia has initiated talks to invest in Indira IVF, as a number of shareholders in the Indian infertility clinic chain consider selling their stakes to raise funds.
Talks are at a preliminary stage right now, as the deal is officially set to be launched by investment bankers in May. But even then, several big fund managers have already reached out to the company, DealStreetAsia reported.
Chinese chip rival to Samsung seeks IPO at $14.5bn value.
Changxin Memory Technologies plans to file for a domestic initial public offering this year that could value the Chinese chipmaker north of $14.5bn, a milestone debut that could help galvanize the country’s technology aspirations , Bloomberg reported.
The memory chip maker known as CXMT aims to list on Shanghai’s Nasdaq-style STAR board at a valuation of no less than RMB100bn ($14.5bn).
KKR-backed ZJLD is said to raise $675m in Hong Kong IPO. (FS)
Chinese liquor company ZJLD Group raised HKD5.3bn ($675m) in Hong Kong’s largest initial public offering this year, after pricing shares near the bottom of a marketed range.
The KKR-backed firm sold about 491m shares at HKD10.82 ($1.37) each. The shares were marketed at HKD10.78 ($1.37) to HKD12.98 ($1.65). Their first day of trading is slated for April 27, Bloomberg reported.
Hitachi establishes the third corporate venture capital fund for innovation in the digital domain. (FS)
Hitachi announced the establishment of a third fund for Hitachi Ventures, the global corporate venture capital arm of Hitachi, for the purpose of accelerating innovation and initiating new business opportunities in the digital domain, a key business focus area for Hitachi.
The fund will begin with a size of $300m, which is twice the size of the first and second funds established previously and will make strategic investments in startups driving the latest digital trends including Web3 and generative AI technologies.
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