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AMERICAS
Biogen, a biotechnology company, completed the acquisition of Reata Pharmaceuticals, a biopharmaceutical company, for $7.3bn.
“By adding a highly complementary product in an area of significant unmet medical need to our portfolio, we believe the acquisition of Reata aligns with our strategy to serve patients, drive sustainable growth and create significant shareholder value. With the transaction now complete, we look forward to leveraging Biogen’s rare disease expertise and capabilities to work together with our Reata colleagues as one team to bring SKYCLARYS® to patients living with this devastating disease," Christopher A. Viehbacher, Biogen President and CEO.
Alfasigma, a pharmaceutical products wholesaler, agreed to acquire Intercept Pharmaceuticals, a biopharmaceutical company, for $794m.
“The acquisition of Intercept marks another important milestone in Alfasigma’s growth path, particularly with regard to the US market in which we have significant development objectives. Intercept represents a compelling fit with Alfasigma’s core business areas of gastroenterology and hepatology, and we believe that the transaction represents a transformational opportunity for both companies. We are excited to welcome Intercept employees and look forward to working together as we invest in the company to realize the full potential, to the benefit of patients,” Francesco Balestrieri, Alfasigma CEO.
Alfasigma is advised by PJT Partners, Chiomenti, Sullivan & Cromwell and iCorporate (led by Luca Bolzoni). Intercept Pharmaceuticals is advised by Barclays, Centerview Partners and Skadden Arps Slate Meagher & Flom (led by Graham Robinson and Laura Knoll).
Arlington Capital, a private equity firm, agreed to acquire Exostar, a company specialising in business collaboration in highly regulated industries including aerospace and defense, healthcare and life sciences, from Thoma Bravo, a software investment firm. Financial terms were not disclosed.
"Exostar is a true industry leader with an expanding market opportunity, especially as the need for digital trust across organizations and geographies continues to grow rapidly and the security of global supply chains is top of mind to business leaders. We have great respect for what Richard Addi and the entire Exostar team have accomplished and look forward to working alongside them to drive continued success using our collective domain expertise," Michael Lustbader, Arlington Capital Managing Partner.
Thoma Bravo is advised by Aeris Partners, Kirkland & Ellis and FGS Global (led by Liz Micci). Arlington Capital is advised by Shea & Co and Gibson Dunn & Crutcher.
Docufree, a provider of enterprise information management and digital business process services, completed the acquisition of Advanced Imaging Systems, a strategic information-management company dedicated to maximizing organizational efficiency and productivity. Financial terms were not disclosed.
"Acquisitions are a critical component of our overall strategy to fuel continued growth over the long term to enhance existing operations and expand our service footprint into underserved industry segments. The AIS acquisition will provide customers access to the same high-quality solutions, with expanded and modernized nationwide fulfillment services through Docufree's existing ScanCloud business," Brad Jenkins, Docufree CEO.
Docufree was advised by Carabiner Communications (led by Jan Sisko).
Mitsubishi UFJ Financial, a bank, Kanematsu, a trading company, and Tokio Marine & Nichido Fire Insurance, a property and casualty insurance company, led a $290m Series B round in Sierra Space, a pureplay commercial space company, with participation from General Atlantic, Coatue, Moore Strategic Ventures, Sierra, BlackRock, AE Industrial Partners and Vice Family Trust.
“MUFG aspires to help all our stakeholders take the next step forward, and we believe this should serve as the starting point for all business activities. Sierra Space’s aim to build a platform in space that will benefit life on Earth is the very embodiment of this concept, and MUFG has decided to invest in Low Earth Orbit to support commercialization, the creation of new industries, and the resolution of social issues. In the future, MUFG, alongside Kanematsu, Tokio Marine & Nichido Fire Insurance, and Sierra Space, will not only contribute to the regional economy of Oita Prefecture, but also create social impact in Japan and throughout Asia," Junichi Hanzawa, MUFG President and CEO.
Sierra Space was advised by Citigroup.
Total Directional Services, a provider of drilling and directional services, completed the acquisition of Northeast operations from Tally Energy Services, an oilfield services company for oil and gas wells. Financial terms were not disclosed.
"This acquisition is a testament to our commitment to providing top-tier directional drilling services to our clients. Tally Energy Services has an exceptional team. We are excited to welcome their talented employees and integrate their expertise into our operations," Nathan Koshman, Total Directional Services CEO and President.
Genstar Capital to consider $4bn sale of TekniPlex. (FS)
Genstar Capital, a San Francisco-based private equity firm, is considering a sale of TekniPlex that could value the manufacturing group at more than $4bn, Bloomberg reported.
The buyout firm is working with an adviser on an auction process for the company. The Wayne, Pennsylvania-based company is expected to attract interest from peers and other private equity firms.
Liberty Media plans to split off SiriusXM as Malone Reshuffles.
Liberty Media proposed splitting off the business that houses SiriusXM and combining it with the rest of Sirius XM, the latest reshuffling of billionaire John Malone’s sprawling business empire.
Liberty already owns about 83% of SiriusXM, the audio entertainment company that includes the Pandora music streaming platform and satellite radio. Liberty’s Sirius XM shares are held in a tracking stock, Bloomberg reported.
Cisco's $28bn Splunk deal may ignite software deal frenzy.
Splunk, a cybersecurity and data analytics firm, was in the process of shifting its business model from licensing its software to charging for subscriptions when it announced an agreement last week to sell itself to Cisco, making it the third-largest software acquisition of all time.
Private Equity is piling debt on itself like never before. (FS)
Private equity firms have been increasingly adding another layer of debt to their complex borrowing arrangements, raising concern among some investors about potential risks to the wider industry and the financial system, Bloomberg reported.
Hit by a drought of deals and dwindling cash, some buyout firms are starting to resort to backroom financing to help meet fund commitments or enable succession planning. The loans — backed by assets including the promise of future income — carry interest of as much as 19%, a rate that's more akin to the charges faced by consumers rather than corporate borrowing. Even a junk-rated company in the US paid 10% on a bond recently.
American Airlines appeals court ruling halting JetBlue alliance.
American Airlines appealed a US court decision requiring it to end an alliance with JetBlue Airways, Reuters reported.
US District Judge Leo Sorokin ruled in May the airlines' "Northeast Alliance" that allowed the two carriers to coordinate flights and pool revenue violated antitrust law. JetBlue previously said it would not appeal as it seeks to protect a planned $3.8bn purchase of Spirit Airlines that faces a separate legal challenge from the Justice Department.
Fuse closes $250m fund to invest in Pacific Northwest startups. (FS)
Fuse, a Bellevue, Washington-based early-stage venture outfit focused on PNW companies, today launched a $250m investment fund focused on software and “AI-enabled” startups. The fund is backed by state-affiliated accounts, foundations, universities and what Fuse describes as “many of the most high-profile Seattle-based software executives.”
“Our mission at Fuse is to be the go-to partner for early-stage founders building bleeding-edge software businesses located in the Pacific Northwest. Rather than going straight to large foundations and endowments, which we now have, we at first built a strategic limited partner base that consists of the world’s top technology leaders that live here and are our neighbors,” Brendan Wales, Fuse Co-Founder and General Partner.
Anzu Partners closes third venture fund at more than $200m. (FS)
Anzu Partners, an investment firm delivering capital and strategic support to early-stage breakthrough technology companies, announced it has raised more than $200m at the close of its third venture capital fund.
Fund III was established to invest in companies developing next-generation solutions in clean technology, industrial innovations, and life sciences. Investors in Fund III include new and returning public and private institutions, single and multifamily offices, and accredited investors across the US and overseas.
Airbus names sales chief Scherer CEO of planemaking arm. (People)
Airbus confirmed the appointment of sales chief Christian Scherer as CEO of its core planemaking operation, restoring dedicated leadership of its main business for the first time in four years as it steps up jet production, Reuters reported.
The world's largest planemaker said that group CEO Guillaume Faury, who has combined the job of running the wider company with the jetliner business since 2019, said the move would free him to steer the group in a "fast-evolving global environment".
EMEA
Concentrix, a provider of customer experience services and technologies, completed the merger with Webhelp, a company specializing in CX, sales, marketing, and payment services with a strong client and delivery footprint, in a $4.8bn deal.
“I am excited to embark on this new journey together and believe that, with our combined strengths, we are uniquely positioned to redefine the industry and design, build and run the future of CX for our amazing and valued clients. I want to thank our game-changers around the world who have made this possible. I am truly honored to work with such a diverse and talented team,” Chris Caldwell, Concentrix + Webhelp CEO.
Repligen, a bioprocessing-focused life sciences company, agreed to acquire Metenova, a manufacturer of magnetic mixers for pharmaceutical and biotechnology use. Financial terms were not disclosed.
“The addition of Metenova further strengthens our Fluid Management portfolio, with a product line that expands on the market success of our systems and fluid management assemblies and complements our recently acquired single-use bag business from FlexBiosys. We are excited to welcome the Metenova team to Repligen and we look forward to further developing and integrating their differentiated magnetic mixing technologies into our portfolio," Tony J. Hunt, Repligen President and CEO.
Repligen is advised by Perella Weinberg Partners, Goodwin Procter and Vinge. Metenova is advised by JP Morgan and Setterwalls Advokatbyra.
Orange-backed Enovacom, a healthcare focused software company, agreed to acquire NEHS Digital, a provider of medical imaging, telemedicine, e-health programs, and medical interpreting service and solution, and Xperis, a software company, from Mutuelle Nationale des Hospitaliers, an insurance company. Financial terms were not disclosed.
“I am proud to announce the acquisition of NEHS Digital and Xperis, two entities already widely recognized in their fields. This agreement is instrumental in the future development of our digital healthcare business, as it will enable us to double the size of Enovacom’s teams in France and broaden our dedicated range of solutions. The acquisition is in line with our Lead the Future strategic plan, which aims to build on our recognized excellence in our core business and to accelerate our position in the digital healthcare space. As a trusted partner working at the heart of the sector’s information systems, our ambition is to support professionals in their ability to make the most of their healthcare data and accelerate this critical strategy for the health sector in France,” Aliette Mousnier-Lompré, Orange CEO.
Icon is said to near deal for Life Healthcare’s UK assets. (FS)
Icon Infrastructure is nearing a deal to acquire some UK assets being sold by South African hospital operator Life Healthcare, Bloomberg reported.
The investment firm is in advanced talks about the terms of a potential deal for its UK diagnostics business known as Alliance Medical, and an announcement could be made in the coming days. Alliance could be valued at about $1bn in a deal.
ABN moves closer to private ownership as government resumes sale.
ABN Amro Bank moved a step closer to full private ownership as the Dutch government cut its stake to just below 50%, a step that could revive interest among potential suitors, Bloomberg reported.
The sale announced late on September 25th ends a five-year hiatus in the government’s gradual exit from the lender that it bailed out during the financial crisis. Before the transaction, the state held a stake of 56.3%, split into 49.9% shares and 6.4% depositary receipts. NLFI, the body that holds the stake, sold depositary receipts through a trading plan that was announced in February.
Billionaire Jim Ratcliffe reworks Manchester United bid to revive takeover hopes.
Jim Ratcliffe is restructuring his offer to buy Manchester United, in an attempt to break the deadlock in the long-running takeover saga, Bloomberg reported.
The British billionaire is working with his advisers to address concerns about the terms of his bid from minority investors in the English Premier League football club.
Airline SAS assesses final bids for its bail-out from bankruptcy.
Scandinavian airline SAS said on September 26th it was evaluating final bids in an equity fundraising that closed a day earlier, and which is part of an ongoing bankruptcy protection process, Reuters reported.
The Sweden-listed company, which has been under US "chapter 11" bankruptcy protection since July 2022, has since June extended the deadline for final bids twice, at the request of bidders.
Lumi Rental jumps 30% on debut after $290m Saudi IPO.
Saudi Arabia’s Lumi Rental surged as much as 30% on trading debut after a SAR1.09bn ($290m) initial public offering, showing demand for listings remains resilient after a slow first half of the year, Bloomberg reported.
Shares in the car rental firm opened at SAR72.6 ($19.3) on September 25th, up from the offer price of SAR66 ($17.5) per share. Lumi drew over $27bn in bids from institutional and retail investors during its IPO, with the portion reserved for funds almost 95 times oversubscribed. The stock rose by the maximum allowed 30% to SAR85.8 ($22.8) apiece.
Saudi Arabia's SAL Saudi Logistics eyes up to $678m from IPO.
Saudi Arabian cargo business SAL Saudi Logistics Services could raise as much as SAR2.54bn ($678m) from its initial public offering after the company disclosed an indicative price range, DealStreetAsia reported.
SAL Saudi Logistics is 70% owned by Saudi Arabian Airlines and 30% by Tarabot Air Cargo Services. Saudia and Tarabot are jointly offering a 30% stake in SAL Logistics, comprising 24m ordinary shares.
APAC
Charlesbank-backed Titan Cloud, a provider of environmental compliance and fuel asset management, completed the acquisition of Leighton O'Brien, an analytics software and field technologies provider. Financial terms were not disclosed.
"Titan Cloud is committed to connecting people, equipment, and facilities to maximize operational efficiency and reduce the environmental impact of every fueling facility on the planet. With this acquisition, we will accelerate our global growth, extend our product portfolio, and expedite our Fuel Asset Optimization roadmap. Moreover, customers will benefit from the industry's best and most complete Fuel Asset Optimization platform for operational scale, performance, and ROI," David Freese, Titan Cloud CEO and CPO.
Titan Cloud is advised by JMP Securities.
CVC mulls sale of controlling stake in Indian Hospital Chain HealthCare Global. (FS)
CVC Capital Partners is exploring selling its controlling stake in Indian cancer hospital chain HealthCare Global, Bloomberg reported.
The private equity firm is looking to identify buyers for its 60.4% in the Mumbai-listed company. CVC’s stake is worth about $345m. The buyout firm may seek a premium of at least 20% for the shares. It could even look for a premium of as much as 50% depending on market conditions.
UBS and China's ICBC to explore banking, wealth management ties.
Swiss banking group UBS said it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China, to explore collaborations in China and overseas markets.
UBS has long been keen to grow its footprint in China that already includes a mutual fund joint venture and a private fund business, but earlier this year it appeared to scale back expansion plans due to headwinds to China's economic recovery and geopolitical tensions, Reuters reported.
India's taxman demands $150m from Tiger Global-backed gaming firm Dream11. (FS)
India's tax department has demanded around $150m from Tiger Global-backed gaming company Dream 11 for underpaying taxes during 2017-2019, which the company disputes, and officials are investigating its payments for four more years, DealStreetAsia reported.
Dream11 and Indian tax authorities are in a dispute over what tax rates should be paid by such gaming platforms, which have become hugely popular for fantasy cricket games they offer. Dream 11 argues it should pay a tax on fees it charges customers, while Indian authorities are demanding a higher 28% tax on total gaming revenue it makes from players.
Line Man Wongnai said to gear up for $300m IPO. (FS)
GIC-backed Line Man Wongnai, an on-demand delivery app in Thailand, has started preparations for an initial public offering in Bangkok that could raise around $300m, Bloomberg reported.
The startup is working with local advisers including Kasikorn Securities and Kiatnakin Phatra Securities on the potential first-time share sale. The company, backed by Singapore’s sovereign wealth fund GIC, is also interviewing international banks to help arrange the offering. A listing could happen as soon as next year.
Alibaba to spin off Cainiao Logistics unit for Hong Kong IPO.
Alibaba said it will spin off Cainiao Smart Logistics Network, the logistics arm of its ecommerce empire, through an initial public offering in Hong Kong, Bloomberg reported.
The Hong Kong exchange confirmed that the company can proceed with its proposed Cainiao spinoff and IPO. Alibaba will continue to hold more than 50% of the unit’s shares, and Cainiao will remain a subsidiary of the company, the filing shows.
CAS Star crosses $1.4bn AUM with new RMB fund. (FS)
CAS Star, a Chinese investment firm that focuses on early-stage hard tech startups, has held the first close of a new RMB-denominated fund, which brings its total assets under management above the CNY10bn ($1.4bn) mark.
The new fund, named 'Beijing CAS Star Hard Tech Small and Medium-Sized Enterprise Venture Capital Partnership', will continue the firm's mission of "exploring ways to commercialise scientific and technological achievements."
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