Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
The US Federal Trade Commission is expected to greenlight US oil producer Chevron's purchase of Hess as soon as this week, leaving Exxon Mobil's to the $53bn deal as its final hurdle, Reuters reported.
The proposed merger was first announced last October, and the FTC sent a second information request to Chevron two months later. Hess shares were up as much as 3% in after-hours trading on Monday following the news.
Private equity firms Blackstone and Vista Equity Partners agreed to acquire Smartsheet, a cloud-based work management platform, for $8.4bn.
“For more than a decade, we have built a thriving community of employees, partners, and customers, each focused on building and benefiting from Smartsheet’s industry-leading work management platform. Our next phase of growth and customer success is underway, and we look forward to partnering with Blackstone and Vista Equity Partners to accelerate our vision of modernizing work management for enterprises, globally. This transaction is a testament to our employees’ outstanding work in serving customers and partners, and building an enterprise-grade, market-leading platform. As we look to the future, we are confident that Blackstone and Vista’s expertise and resources will help us ensure Smartsheet remains a great place to work where our employees thrive, while driving innovation and delivering even greater value for customers and stakeholders,” Mark Mader, Smartsheet CEO.
Smartsheet is advised by Qatalyst Partners, Fenwick & West and FGS Global. Financial advisor is advised by Goodwin Procter (led by Joshua Zachariah, James Ding and Deborah Birnbach). Blackstone and Vista Equity Partners are advised by Goldman Sachs, Morgan Stanley, Kirkland & Ellis and Simpson Thacher & Bartlett.
Sixth Street, a global investment firm, agreed to acquire a minority stake in EdgeConneX, a provider of innovative edge infrastructure solutions, from EQT Partners, a private equity firm. Financial terms were not disclosed.
"With this transaction, EQT believes EdgeConneX is well-equipped to deliver scalable, high-performance data center solutions that will power the next generation of AI. As AI continues to drive significant changes and create new opportunities across industries, EQT remains committed to being at the forefront of developing the required datacenter, connectivity and energy infrastructure needed for AI and to ensuring that EdgeConneX and our partners across EQT Infrastructure will continue to capitalize on this powerful industry tailwind," Jan Vesely, EQT Infrastructure's Advisory Team Partner.
Sixth Street is advised by Centerview Partners and Debevoise & Plimpton. EQT is advised by Goldman Sachs, Morgan Stanley and Simpson Thacher & Bartlett.
Payroc, a multi-national payments platform, completed the acquisition of the merchant services business of i3 Verticals, a software company, for $440m.
"We are thrilled that this transaction has closed. i3's merchant services business is an ideal fit for Payroc, and I am especially eager to meet those i3 team members and i3 partners who join us on our journey," Jim Oberman, Payroc CEO.
Payroc was advised by Troutman Pepper (led by Brad R. Resweber). i3 Verticals was advised by Raymond James and Bass Berry & Sims.
CMA CGM, a global shipping and logistics company, agreed to acquire a 48% stake in Santos Brasil, a Brazilian logistics company, from Opportunity Fund, an investment company. Financial terms were not disclosed.
“I am pleased that the CMA CGM Group has concluded this strategic agreement for the acquisition of Santos Brasil, which operates five terminals in Brazil, including the largest container terminal in the Port of Santos, handling 40% of Brazilian volumes, as well as a logistics company. This significant investment reflects our commitment to strengthening our partnership with Brazil and supporting its growth in the coming years,” Rodolphe Saadé, CMA CGM CEO.
Opportunity Fund is advised by Rothschild & Co.
Xceedance, a consulting, technology, operations support, and data solutions firm, completed the acquisition of Millennium Information Services, a property inspection and data analytics company. Financial terms were not disclosed.
“At Millennium, we’re focused on changing both the way property inspections are done and the value garnered by our clients of the data gathered by leveraging technology, as well as developing new ways to use historical and predictive inspection information for better risk management. Joining the Xceedance team takes everything to a new level immediately. We’re thrilled to be part of a company that delivers innovation and excellent customer service,” Scott Dismeier, Millennium Information Services President.
Xceedance was advised by the10company.
Smiths Group, an industrial technology company, agreed to acquire Modular Metal Fabricators, a HVAC firm, and Wattco, an electrical heating solutions company for £110m ($147m).
"These strategic and disciplined acquisitions represent a meaningful expansion in our HVAC and electrical heating solutions segments. Each business brings a highly complementary customer base, product range and approach to technology, while enhancing our geographical coverage. We welcome the teams into the Smiths business and look forward to serving existing and new customers in the best possible way," Roland Carter, Smiths Group CEO.
John Malone’s Liberty Broadband seeks merger with Charter Cable.
Cable billionaire John Malone’s Liberty Broadband is proposing an all-stock merger with Charter Communications, one of the top pay-TV providers in the US and another of the media investor’s key holdings, Bloomberg reported.
Liberty said it’s proposing the deal in response to an initial merger proposal from a special committee of Charter directors.
KKR closes Ascendant Fund at $4.6bn. (FS)
Global private investment firm KKR has held the final closing of KKR Ascendant Fund SCSP, an investment vehicle dedicated to investing in middle market businesses in North America, with $4.6bn in total capital commitments.
Launched in 2022 as part of KKR’s Americas Private Equity platform, Ascendant is the first KKR vehicle solely focused on opportunities in the middle market. The fund will target established companies across seven industry verticals: Consumer, Financial Services, Health Care, Industrials, Media, Software and Tech-Enabled Services.
HarbourVest Partners names new MD. (FS, People)
HarbourVest Partners, a private markets investment firm focused on primary funds, secondary transactions, direct co-investments, real assets, and private credit, has appointed Tjalling Halbertsma as Managing Director and Head of EMEA Investor Relations.
Halbertsma has almost 30 years of experience in finance and has extensive leadership experience in the European market, most recently as Head of Private Markets Distribution in Europe for Morgan Stanley. Prior to that he held senior roles at Eaton Vance, where he was Head of Global Distribution, and Nuveen Investments, where he was Head of EMEA.
EMEA
Masdar, a clean energy powerhouse, agreed to acquire Saeta, a renewable power assets operator, from Brookfield Renewable, an investment management company, for $1.4bn.
"With an operating capacity of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal, Saeta is a perfect complement to Masdar’s portfolio in Europe, following our recent partnership with Endesa for 2.5GW of solar energy. This deal consolidates our footprint in the Iberian market by acquiring a well-established renewable platform, with a strong operational portfolio and management team, and tangible near-term and long-term growth opportunities, supporting Masdar’s expansion plans to reach 100GW by 2030," Mohamed Jameel Al Ramahi, Masdar CEO.
Masdar is advised by Citigroup, KPMG and Linklaters. Brookfield is advised by Santander, Societe Generale, Uria Menendez, KPMG and G-advisory.
Dgpays, a payment system provider, and Arcapita, an asset management firm, agreed to acquire a majority stake in NEOPAY from Mashreq, a private banking company, for $385m.
"The acquisition represents a significant milestone for NEOPAY as it aims to expand its presence in the rapidly growing digital payments sector in the Middle East. The strategic support of the Consortium, positions NEOPAY to further accelerate its growth trajectory and offer new services, leveraging Dgpays’ cutting-edge technology," Dgpays.
Gilde Equity Management, a private equity firm, agreed to acquire Dunlop Protective Footwear, a global manufacturer of protective wellington boots, from EQT Partners, a global investment organization. Financial terms were not disclosed.
"We would like to thank EQT for supporting us as responsible owners and helping us navigate the uncertain market environment over the last few years. Together, we have further professionalized Dunlop, enhanced our US go-to-market approach, and expanded our e-commerce platform. Today, we are well-equipped to continue on our growth journey with our new owners and dedicated colleagues. We look forward to continue working with our distribution partners and suppliers to deliver high-quality, safe, durable, and comfortable products to the end-customers," Maurice Hansté, Dunlop CEO.
Octopus Energy Generation, a renewable energy investor, completed the acquisition of Exagen Group, a renewable energy company. Financial terms were not disclosed.
“I founded Exagen to deliver and manage a robust pipeline of UK renewable energy projects with the mission of fighting climate change. Having built a talented team to drive this vision forward at pace, I am proud to pass the baton to Octopus , who will continue to deliver projects and expand the platform to new heights,” Jeremy Littman, Exagen Group CEO.
Revolut chairman among consortium to buy Monaco private bank. (FS)
Revolut chairman Martin Gilbert is part of a group in talks to buy the Monaco-based arm of Banque Havilland, which last month lost its license over concerns about its internal controls.
The private bank has entered into exclusive negotiations with Gilbert, the former chief executive officer of asset manager Abrdn, and other investors including motor racing entrepreneur Eddie Jordan and former Abrdn executive Ivan Murphy, to sell its Monaco business, Bloomberg reported.
D&D London owners cook up TGI Fridays takeover.
The owners of some of London's most prominent restaurants are in talks to buy the UK operations of TGI Fridays, the casual dining chain whose parent company collapsed into administration last week, Sky News reported.
Breal Capital and Calveton, which acquired D&D London - owner of the German Gymnasium and Quaglino's restaurants - last year, are in advanced negotiations to take on TGI Fridays' British franchise.
Barclays, Bank of America helped Orcel buy Commerzbank stake.
UniCredit Chief Executive Officer Andrea Orcel used Barclays and Bank of America to help him quietly build up a stake in Commerzbank, a move that has shaken European finance and triggered a backlash from the German government, Bloomberg reported.
Barclays arranged derivatives linked to Commerzbank for the Italian lender in the weeks before Berlin sold a stake earlier this month. Barclays and Bank of America subsequently helped Orcel to effectively expand UniCredit’s holding in Commerzbank to the current level of about 21%.
Greece to kick off National Bank stake sale next week.
Greece's bank bailout fund HFSF will start the process to sell a stake of up to 12% in National Bank of Greece early next week, Reuters reported.
With the planned sale, Greece will conclude the re-privatisation of its banks, which were bailed out during a debt crisis that nearly drove the country out of the euro zone.
Aramco targets $3bn from bond sale amid Saudi debt spree.
Saudi Arabia’s state-run oil behemoth is looking to raise $3bn in its second international bond sale in two months, the latest deal in the kingdom’s debt spree this year, Bloomberg reported.
Saudi Aramco has mandated banks for the dollar-denominated bonds, according to a statement on the Saudi stock exchange, without giving details on the amount it plans to raise. The expected $3bn issuance will be split between five- and 10-year sukuk, as securities compliant with Islamic rules are known.
Italy targets savers in planned $2.6bn Poste share sale.
Italy will target domestic savers in its planned public offering of around 14% of Poste Italiane, Reuters reported.
The Italian postal service is valued at around 16.2bn at current market prices and the proposed share sale is therefore expected to cut Italy's huge public debt by €2.3bn ($2.6bn).
Landlord SBB plans housing unit IPO as property market thaws.
Swedish landlord SBB will publicly offer up to 49% of the shares in its residential unit Sveafastigheter, the latest sign that the nation’s real estate funding crunch is beginning to thaw.
Following the listing on Nasdaq First North Premier Growth Market, SBB will remain a substantial shareholder in Sveafastigheter. The plans to list the unit — with a portfolio of 14k apartments worth about $2.7bn, Bloomberg reported.
HSBC AM launches fund for PE firms to borrow against assets. (FS)
HSBC's asset management arm has launched a net-asset-value financing strategy, a fund that will help private equity firms borrow against their portfolios, its first such offering as part of an expansion of its alternative credit business, Bloomberg reported.
The fund, which originates so-called NAV loans, is expected to raise as much as €1bn ($1.1bn), Borja Azpilicueta, the head of global capital solutions for HSBC Asset Management. HSBC AM is expecting the fund to make between 10 and 15 loans backed by private equity portfolios, the majority of which are set to be rated investment-grade.
APAC
Altaris, a healthcare investment firm, agreed to acquire Minaris Regenerative Medicine, a global contract development and manufacturing organization, from Resonac, a chemical company. Financial terms were not disclosed.
"Minaris operates six facilities across the United States, Germany, and Japan and has more than 500 employees. Through its strategic footprint and manufacturing expertise, Minaris enables leading cell therapy companies to deliver life changing products to patients globally," Altaris.
Altaris is advised by JP Morgan and Kirkland & Ellis. Resonac is advised by Bank of America and TMI Associates.
PayMate, a digital B2B payments company, agreed to acquire DigiAsia, a fintech company, for $400m.
"PayMate and DigiAsia will continue joint due diligence on both entities, identification of the right transaction structure, entering into definitive agreements and the necessary corporate and regulatory approvals of PayMate and DigiAsia which is expected to take up to 60 days. Subsequent to the closing of the Proposed Transaction, PayMate intends to initiate proceedings to list the combined entity in India," DigiAsia.
DigiAsia is advised by MZ Group.
KKR, GIC hire banks to sell stakes in $3.2bn Metro Pacific Health. (FS)
KKR & Co and Singaporean sovereign wealth fund GIC have appointed Bank of America, Jefferies, and UBS to sell their majority stake in the Philippines’ Metro Pacific Health in a deal that could value the company at $3.2bn, DealStreetAsia reported.
A sale process could start as early as the fourth quarter of this year, or the first quarter of 2025. Global investment firm KKR and GIC together hold an 80% stake in Metro Pacific Health, the Philippines’s largest private healthcare group.
Credit Agricole is said to be in talks to invest in Guangzhou auto unit.
Credit Agricole is in advanced talks to invest in Guangzhou Automobile Group’s financial leasing unit, as it seeks to tap into China’s electric-vehicle market, the biggest in the world.
The French lender’s consumer finance unit — Credit Agricole Personal Finance & Mobility — plans to buy about 50% of GAC’s leasing unit via a capital increase, Bloomberg reported.
Chinese food delivery firm Meituan looking to raise up to $2bn in dollar bond deal.
China’s Meituan is aiming to raise up to $2bn in a 3.5- and 5-year dollar bond deal, DealStreetAsia reported.
The company is planning to raise $1bn from each of the tranches. Initial price guidance for the 3.5-year bond is 3-year Treasuries plus about 145 basis points. For the longer-dated bond, guidance is 5-year Treasuries plus about 160 basis points.
|
