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AMERICAS
BD, a global medical technology company, completed the acquisition of the Critical Care Product Group of Edwards Lifesciences, a provider of advanced monitoring solutions, for $4.2bn.
"Critical Care expands BD's portfolio of smart connected care solutions with its growing set of leading monitoring technologies, advanced AI-enabled clinical decision tools and robust innovation pipeline that complement BD's existing technologies serving operating rooms and intensive care units," Tom Polen, BD Chairman, CEO and President.
Veritiv, a specialty packaging distribution firm, agreed to acquire Orora Packaging Solutions, a North American packaging and distribution business. Financial terms were not disclosed.
"The combination of Veritiv and Orora Packaging Solutions will significantly enhance the value we deliver to our customers. By uniting two successful players with a shared commitment to innovation, sustainability, and exceptional customer experiences, we are poised to offer a wide range of products and value-added solutions that meet even the most complex packaging and supply chain needs," Sal Abbate, Veritiv CEO.
Veritiv is advised by BMO Capital Markets, Goldman Sachs, Morgan Stanley, RBC Capital Markets, Wells Fargo Securities, Debevoise & Plimpton and Kirkland & Ellis. Debt financing is provided by BMO Capital Markets, Goldman Sachs, Morgan Stanley, RBC Capital Markets, UBS and Wells Fargo Securities.
Sycamore Partners, a private equity firm specializing in consumer, distribution and retail-related investments, completed the acquisition of Playa Bowls, a rapidly expanding franchise restaurant concept, from Tamarix Equity, a private equity firm. Financial terms were not disclosed.
"Playa Bowls has built a unique category leadership position with passionate customers, a loyal franchise base, and a great brand, which has allowed the company to scale rapidly in its first decade since inception. We are confident Playa Bowls has continued runway for growth and we look forward to partnering with Dan and his talented team to implement their strategy to reach more customers around the country," Stefan Kaluzny, Sycamore Partners Managing Director.
Sycamore Partners is advised by Kirkland & Ellis and Joele Frank (led by Michael Freitag). Playa Bowls is advised by North Point Advisors, Ice Miller and Skadden Arps Slate Meagher & Flom (led by Dohyun Kim and Allison Schneirov).
Kohlberg & Company, a middle market private equity firm, agreed to acquire a majority stake in CLEAResult, North America’s largest energy efficiency, energy transition and energy sustainability services provider, from TPG, a private equity firm. Financial terms were not disclosed.
"CLEAResult has immense potential for additional expansion. The company’s strong foothold and extensive knowledge in the North American energy and utility sectors align perfectly with our existing investments and growth focus, and we are honored to partner with the CLEAResult management team in supporting the next phase of the company’s growth," Benjamin Mao, Kohlberg Partner and Head of Infrastructure Services.
CLEAResult was advised by Harris Williams & Co, Kirkland & Ellis and Silverline Communications. Kohlberg & Company was advised by Guggenheim Partners, Jefferies & Company and Ropes & Gray.
Charlesbank Capital Partners, a middle-market private equity firm, completed the investment in Front Row Group, an e-commerce agency and accelerator. Financial terms were not disclosed.
"As demand for Front Row Group's services increases with more brands looking to unlock e-commerce growth, Charlesbank's partnership will enable us to fully capitalize on the market opportunity in front of us. With Charlesbank's deep industry expertise and long track record of driving value, Front Row Group is better equipped to extend its position as a leading partner to top brands globally. We are excited to have Charlesbank's support for this next phase of growth," Yuriy Boykiv, Front Row Group CEO.
Front Row Group was advised by Jefferies & Company and Akerman. Charlesbank Capital Partners was advised by Lincoln International, Kirkland & Ellis and Prosek Partners (led by Ryan Fitzgibbon).
The Nordstrom Family and El Puerto de Liverpool to acquire a 56.6% stake in Nordstrom for $2.15bn.
The Nordstrom Family and El Puerto de Liverpool, a Mexican department store chain, offered to acquire a 56.6% stake in Nordstrom, an American luxury department store chain, for $2.15bn.
The special committee, composed of independent and disinterested directors, was formed in response to interest expressed by Erik and Pete Nordstrom in exploring a possible transaction. The special committee and the other independent directors will carefully review the proposal in consultation with independent financial and legal advisors to determine the course of action that is in the best interests of Nordstrom and all shareholders.
Nordstrom is advised by Centerview Partners, Morgan Stanley, Perkins Coie, Sidley Austin and Joele Frank (led by Matthew Sherman and Tim Ragones).
Ares Management, a global alternative investment manager, completed the acquisition of Riverside Credit Solutions, a provider of flexible cash-flow-based financing solutions, from The Riverside Company, a private equity firm. Financial terms were not disclosed.
"RCS’ dedicated focus on the lower end of the middle market helps reinforce Ares’ position as a leading direct lender by supporting greater incumbency with quality lower-middle market borrowers as well as expanded deal flow opportunities for our platform," Mitch Goldstein, Ares Credit Group Partner and Co-Head.
Ares Management was advised by Kirkland & Ellis. Riverside was advised by Berkshire Global Advisors, Jones Day (led by Chuck Hardin and Anna Moscioni) and Holly M Communications (led by Holly Mueller).
SCF Partners, a private equity firm, completed the acquisition of DeltaValve and TapcoEnpro, two providers of severe service industrial valves, from CIRCOR International, a global manufacturer specializing in highly engineered, complex, and severe environment products. Financial terms were not disclosed.
"We are thrilled to partner with DeltaValve and TapcoEnpro, brands with fantastic reputations in the refining and petrochemical sectors. For decades, these companies have set the standard for delivering specialized products and services that make critical infrastructure operations safer and more efficient. Aging energy infrastructure only increases the need for these critical solutions. Together with the leadership team, we look forward to driving continued success and uncovering new opportunities for growth and diversification," Garrett Jackson, SCF Partners Director.
SCF Partners was advised by Vinson & Elkins (led by William Matthew Strock). CIRCOR was advised by Piper Sandler and Kirkland & Ellis.
Vertex, a global provider of tax technology solutions, completed the acquisition of ecosio, a B2B integration provider specializing in electronic data interchange and e-invoicing, for $180m.
“This new endeavor with Vertex is a strategic move that will significantly enhance our ability to deliver exceptional value to our customers. Our shared vision for the future and commitment to growth makes this alignment an ideal fit. By combining our complementary products and mutual values, we'll create new opportunities and expand our global reach,” Christoph Ebm, ecosio Managing Director.
Vertex was advised by Centerview Partners.
Salesforce, an American cloud-based software company, agreed to acquire Tenyx, a software company. Financial terms were not disclosed.
Upon close of the acquisition, Tenyx will extend Salesforce’s existing autonomous agent capabilities for Agentforce Service Agent by integrating Tenyx’s innovative voice AI solutions, specifically tailored for service use cases. With Tenyx’s expertise, Salesforce aims to advance its AI-driven solutions, delivering more intuitive and seamless customer interactions.
Adnoc to acquire a 35% stake in the hydrogen project plant of ExxonMobil.
Adnoc, a state-owned oil company of the UAE, agreed to acquire a 35% stake in the hydrogen project plant of ExxonMobil, an oil and gas corporation. Financial terms were not disclosed.
“We appreciate His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s support for this groundbreaking partnership. This is a world-scale project in a new global energy value chain. Bringing on the right partners is key to accelerating market development, and we’re pleased to add ADNOC’s proven experience and global market insights to our Baytown facility,” Darren Woods, ExxonMobil Chairman and CEO.
Palo Alto Networks aims to gain IBM security customers in deal.
Palo Alto Networks closed a $500m deal to acquire some cloud security assets — and customers — from IBM, Bloomberg reported.
As part of the deal, Palo Alto is buying IBM’s QRadar software-as-a-service assets, with the intention to migrate those customers to Palo Alto’s broader security offering, Cortex XSIAM, according to Chief Executive Officer Nikesh Arora.
Lyft to sell part of bike business, cut jobs in restructuring.
Lyft plans to sell some of its bike and scooter business and eliminate 1% of its employees as the ride-hailing company struggles to turn profitable, Bloomberg reported.
The plan is part of “efforts to align strategic priorities and to reduce operating costs” without naming a buyer. Lyft had nearly 3k employees at the end of last year.
Codelco bids $500m for stake in key Chile copper mine.
Chile’s Codelco, seeking to retain the title of world’s top copper supplier, made a $500m offer to buy a stake in a mine run by Teck Resources, Bloomberg reported.
The proposal to acquire a 10% stake in the Quebrada Blanca mine from fellow state firm Enami is before the latter’s board. La Tercera, a Chilean newspaper, reported in July an offer was in the works.
Family-owned Tropical Cheese is exploring a sale.
The family behind Tropical Cheese Industries is exploring a sale of the Hispanic dairy products maker that could value it at over $500m, Reuters reported.
Tropical Cheese, based in Perth Amboy, New Jersey, is working with investment bank Rothschild & Co to solicit acquisition offers.
Vaccine maker raising $1bn leads post-holiday share sales.
A clutch of deals including a $1bn offering of shares and pre-funded warrants kicked off what could be a busy fall for share sales of already-public companies on US exchanges, Bloomberg reported.
Vaxcyte, a clinical stage vaccine company, led the charge with its $1bn deal, just hours after reporting data from a recent study that sent its stock surging 36% on September 3 to a record close of $110.
BioAge Labs files for IPO to be led by Goldman, Morgan Stanley.
BioAge Labs, a clinical-stage biotechnology company developing therapies for obesity and metabolic disease, has filed for an initial public offering, Bloomberg reported.
The company said in a filing with the US Securities and Exchange Commission that it’s building a pipeline of platform-derived therapeutics targeting chronic metabolic disease.
EMEA
SEGRO, a British property investment and development company based in London, agreed to acquire Tritax EuroBox, a property company investing in distribution centres across Europe, for £1.1bn ($1.4bn).
"This transaction offers the opportunity to acquire a high quality portfolio of big box warehouses in core European markets which would complement and enhance our existing assets. The management of the portfolio will be internalised on completion, taking advantage of economies of scale from our existing, locally-based operating platform," David Sleath, SEGRO CEO.
Starwood Capital Group, a private investment firm, agreed to acquire Balanced Commercial Property Trust, a large British investment trust dedicated to investments in commercial properties, for £673m ($883m).
"Over the course of the Strategic Review, we have undertaken an open consultation process with shareholders and the BCPT Board is grateful for the constructive feedback. We note that a significant proportion of the share register expressed to us a clear preference for a liquidity event, either via a sale or a managed wind-down," Paul Marcuse, BCPT Chairman.
Centerbridge Partners, a multi-strategy private investment firm, agreed to acquire Banca Progetto, an Italian bank, from Oaktree, an American global asset management firm. Financial terms were not disclosed.
"The valuable collaboration and solid partnership that have proven crucial in this first fundamental phase of Banca Progetto's history. We look forward to starting to collaborate and continue to create value together with Centerbridge, and to write the next chapter of our history by continuing to consolidate our market position as a reference bank for Italian SMEs," Paolo Fiorentino, Banca Progetto CEO.
Banca Progetto is advised by Image Building (led by Cristina Fossati). Centerbridge Partners is advised by JP Morgan, Kitra Advisory, Greenberg Traurig, and Linklaters. Oaktree is advised by Morgan Stanley and White & Case.
Capvest-backed Datasite, a SaaS-based technology provider for global mergers and acquisitions professionals, completed the acquisition of Sealk, an advanced artificial intelligence search engine that provides dealmakers with a powerful new way to conduct company and mergers and acquisitions transactions research. Financial terms were not disclosed.
“Sealk accelerates and enhances Datasite’s M&A search capabilities, providing visibility into more than 50m companies by combining private and public data sources. With Sealk, our customers will be able to source deals more quickly and intelligently,” Rusty Wiley, Datasite President & Chief Executive Officer.
Datasite was advised by D’Ornano + Co, KPMG, and 5W Public Relations (led by Nicholas Koulermos). Sealk was advised by Gide Loyrette Nouel.
Attica Bank shareholders approved the bank's deal to merge with the smaller Pancretan Bank in an effort to clean up its balance sheet and create a new banking organisation, Reuters reported.
The agreement is part of a wider re-privatisation of Greek banks bailed out during a decade-long debt crisis.
TAQA, an international energy and water company, completed the acquisition of Sustainable Water Solutions, a sustainable water solutions provider, for AED1.7bn ($463m).
“The strategic acquisition of SWS is an important step in TAQA’s accelerated delivery of its growth agenda, backed by our shareholders. Two years ago, we set out our growth ambitions in a 2030 strategy, and since then we have been delivering against our promises. This transaction is a logical extension of our regulated asset base into wastewater networks and treatment, which in Abu Dhabi is subject to the same structure of regulation and the same principles as our existing power and water transmission and distribution business. The new business will provide a substantial boost to our regulated asset base and associated stable long-term earnings," Jasim Husain Thabet, TAQA CEO and Managing Director.
TAQA was advised by Ernst & Young and JP Morgan.
Cinven, an international private equity firm, agreed to acquire Finaxy, a French multi-specialist insurance broker, from Ardian, a private investment house. Financial terms were not disclosed.
"We are delighted to partner with Erick Berville, Philippe Guetta, Cyril Chazarain and the rest of the team and we look forward to supporting them in their growth ambitions. The Company has a differentiated position in a resilient and expanding market, and we see a tremendous opportunity to accelerate Finaxy’s current growth momentum," Juan Monge, Cinven Partner.
Cinven is advised by Centerview Partners.
RES, an independent renewable energy company and services provider, completed the acquisition of Sulzer & Schmid Laboratories, a pioneer of autonomous drone inspections for the renewable energy sector. Financial terms were not disclosed.
The deal is the latest example of RES’ continued drive to combine its global O&M service expertise with growing digital solutions products to help optimise the value of its customers assets.
Absolute Resources agreed to acquire the MJF and South Yelemes Structures from Caspian Sunrise, a Central Asian oil and gas exploration and production company, for $100m.
The deep structures on the BNG Contract Area, namely the Airshagyl and Yelemes Deep structures, are not part of the proposed disposal.
Caspian Sunrise is advised by Zeus Capital (led by James Joyce).
Antenna Group, a global marketing communications firm, completed the acquisition of Rubikon PR, a Czech public relations and marketing firm. Financial terms were not disclosed.
"We are thrilled to welcome Rubikon into the Antenna Group family. The acquisition is a significant milestone for Antenna as it further strengthens our ability to partner with global companies that are fostering innovation, driving sustainable growth across the planet and making a meaningful impact at scale. This union is not just an expansion of our geographical footprint; but, it amplifies our ability to craft impactful narratives that resonate across borders. This partnership embodies our commitment to fostering a more sustainable future through the power of storytelling, creativity, and technology. Together, we're poised to break new ground, connecting brands with audiences across borders and driving positive change in an increasingly interconnected world," Keith Zakheim, Antenna Group CEO.
ATS, an automation solutions provider, completed the acquisition of Heidolph, a manufacturer of premium lab equipment for the life sciences and pharmaceutical industries. Financial terms were not disclosed.
“With a comprehensive product range and a strong reputation established over 80 years, Heidolph will be a strong addition to our ATS Life Sciences business. As we continue to grow our presence in regulated markets, Heidolph will bolster our solution set to customers in all stages of their operations,” Andrew Hider, ATS CEO.
UK clears Microsoft's partnership with Inflection AI.
Britain's competition regulator cleared Microsoft's hiring of some former staff of Inflection AI and its partnership with the startup and said the deal does not require a deeper investigation, Reuters reported.
The Competition and Markets Authority began a probe in July to examine if the deal might lead to competition concerns in the country since both companies develop and supply consumer chatbots.
Germany ushers in end of Commerzbank rescue with stock sale plan.
Germany plans to sell a significant part of its stake in Commerzbank as it joins other European governments in exiting lenders they bailed out during the big financial crisis, Bloomberg reported.
Berlin plans to initially sell 3% to 5% in the Frankfurt-based firm, or very roughly a fifth of its current stake of 16.5%. That disposal could happen as early as this month, with more sales possible at a later date.
APAC
Jebsen & Jessen Group, a diversified industrial conglomerate, completed the acquisition of a majority stake in MSM Group, a diversified conglomerate in Mongolia. Financial terms were not disclosed.
“We are delighted to be welcoming MSM Group as part of the Jebsen & Jessen family. The acquisition is a strategic move that aligns with the goal of expanding our global footprint, and enhancing our industrial and distribution capabilities,” Per Magnusson, Jebsen & Jessen Group CEO.
MSM Group was advised by LCA Solutions (led by Philippe Legrand), Melville Erdenedalai, Mishcon de Reya and WS Chong. Mongolia Opportunities Fund was advised by Herbert Smith Freehills.
Investment companies Blackstone and CPPIB agreed to acquire AirTrunk, a hyperscale data centre platform, from Macquarie Group, a global investment banking and financial services group, and PSP Investments, a capital market company, for AUD24bn ($16bn).
“AirTrunk is another vital step as Blackstone seeks to be the leading digital infrastructure investor in the world,” Jon Gray, Blackstone President and Chief Operating Officer.
Blackstone is advised by Citigroup and MorrisBrown Communications (led by Hayley Morris).
VIS, a Taiwanese specialized IC foundry service provider, and NXP, a Dutch semiconductor designer and manufacturer, formed VisionPower Semiconductor Manufacturing Company in a $7.8bn deal to build a new 300mm semiconductor wafer manufacturing facility in Singapore.
“NXP continues to take proactive actions to ensure it has a manufacturing base which provides competitive cost, supply control, and geographic resilience to support our long-term growth objectives. We believe VIS is well suited and fully understands the complexities involved in building and operating together with NXP a 300mm analog mixed signal fab. The joint venture partnership we intend to create with VIS perfectly aligns within NXP’s hybrid manufacturing strategy,” Kurt Sievers, NXP President and CEO.
NXP was advised by A&O Shearman (led by Tess Fang).
Louis Dreyfus says it got approval from Australia’s Foreign Investment Review Board for its proposed takeover of Namoi Cotton after the crop trader agreed to measures that would allay competition concerns, Bloomberg reported.
Written approval was provided by the review board, which has no objections to the takeover, Louis Dreyfus Managing Director for Australia Tony Geitz said. The offer for Namoi Cotton, which closes on September 13, is now unconditional.
Louis Dreyfus is advised by FGS Global.
Venture capital companies New Enterprise Associates, Khosla Ventures, and Lux Capital, led a $100m Series A round in Sakana AI, a Japanese AI startup, with participation from NVIDIA.
“While many labs globally are trying to catch up, and train foundation models by using the same techniques as everyone else, Japan’s Sakana AI is showing the path to innovation. We have been early investors and are thrilled to have NVIDIA join us on this journey,” Vinod Khosla, Khosla Ventures Founder.
GoTo to retire Vietnamese operations as part of focused growth strategy.
Indonesia-listed tech giant PT GoTo Gojek Tokopedia has decided to terminate its Vietnamese operations from September 16, 2024, DealStreetAsia reported.
The move is part of the company’s plan to focus on areas and geographies with higher sustainable growth potential, which will ultimately help GoTo meet its 2024 adjusted EBITDA breakeven target.
Asian buyout firm likely to sell Malaysia hospital to IHH Healthcare. (FS)
Asian buyout firm Affinity Equity Partners is likely to sell its hospital in Malaysia to IHH Healthcare in a deal that could value the asset at over $900m, WSJ reported.
IHH—one of Asia’s largest private healthcare group—had been the lead contender to scoop up Penang-based Island Hospital and negotiations have been under way that could value the asset at between $870m to $916m.
Hades Financial said to be a 'fake fund'. (FS)
Hades Financial, which claimed to be an asset manager headquartered in Riyadh with a significant focus on India, has come under the radar of fund managers in the country following severe allegations of fraudulence in the media, DealStreetAsia reported.
The firm has turned out to be “an elaborate con”, a MorningContext report cited on September 3, highlighting several aspects that the firm claimed about itself – including its official address registered on the website – are untrue.
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