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Top Highlights
Blackstone Real Estate completed the acquisition of Retail Opportunity Investments, a fully integrated, self-managed real estate investment trust, for $4bn, according to press releases.
ROIC was advised by JP Morgan (led by Chris Ventresca) and Clifford Chance (led by Chang-Do Gong and John Healy). Blackstone was advised by Bank of America, Citigroup, Eastdil Secured, Morgan Stanley, Newmark Group and Simpson Thacher & Bartlett (led by Brian Stadler and Matthew Rogers), according to press releases and MergerLinks data.
Steve Madden, designer and marketer of fashion footwear, accessories and apparel, agreed to acquire Kurt Geiger, a footwear company, from Cinven, a private equity firm, for £289m ($359m), according to press releases.
Kurt Geiger is advised by Kinmont and Addleshaw Goddard. Steve Madden is advised by Solomon Partners, Foley & Lardner and Travers Smith (led by Jon Reddington). Cinven is advised by Bank of America and Freshfields Bruckhaus Deringer, according to press releases.
The Carlyle Group, an American multinational private equity, alternative asset management, and financial services corporation, completed the investment in Roop Automotives and Highway Industries, two players in manufacturing forged and precision-machined components, steering system assemblies, transmissions and other powertrain applications for electric, hybrid and internal combustion engine powered vehicles, according to press releases. Financial terms were not disclosed.
Roop Automotives was advised by KPMG. Highway Industries was advised by Singhi Advisors. Carlyle was advised by Deloitte, KPMG, Kotak Investment Banking, Trilegal (led by Nishant Parikh) and Adfactors PR, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
EMEA
Telecom Italia hires UniCredit to assess strategic options. ( Bloomberg)
APAC
KKR explores potential investment in Nissan after Honda talks collapse. ( Bloomberg)
Prudential hires Citigroup for potential $1bn ICICI Prudential Asset Management IPO. ( Bloomberg)
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INVESTORS
FINANCIAL ADVISORS
LEGAL ADVISORS
PR ADVISORS
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AMERICAS
Seagate, a data storage company, agreed to acquire Intevac, a supplier of thin-film processing systems, for $119m, according to press releases.
Intevac is advised by Houlihan Lokey, Wilson Sonsini Goodrich & Rosati and KCSA Strategic Communications. Seagate Technology is advised by Wachtell Lipton Rosen & Katz (led by Adam Emmerich and John L. Robinson), according to press releases and MergerLinks data.
Wynnchurch Capital-backed Handgards, a distributor of foodservice products, completed the acquisition of Inno-Pak, a provider of food packaging for the foodservice, grocery, convenience store, and hospitality industries, from Emerald Lake Capital Management, a private equity firm, according to press releases. Financial terms were not disclosed.
Wynnchurch Capital was advised by Goldman Sachs and Foley & Lardner. Emerald Lake was advised by Robert W Baird (led by Mike Lindemann), according to press releases and MergerLinks data.
Genesis Bank, a California state chartered commercial bank, agreed to acquire Excel Bank, a tradename of EH National Bank. Financial terms were not disclosed.
Genesis Bank is advised by Holland & Knight, according to press releases.
CyberArk, a software security company, completed the acquisition of Zilla Security, an identity governance and administration solutions company, for $165m, according to press releases.
North & Warren, a digital marketing company, completed the acquisition of Interluxe, a marketing agency group, according to press releases. Financial terms were not disclosed.
A consortium led by Elon Musk plans to withdraw its $97.4bn bid for OpenAI’s non-profit arm if the ChatGPT maker abandons its plans to transition into a for-profit entity.
Musk has been pushing to prevent OpenAI, the startup he co-founded and later departed, from shifting to a for-profit model. OpenAI, however, argues that the move is essential to attract more capital and remain competitive in the AI industry.
PSG, a growth equity firm that specializes in partnering with software and technology-enabled services companies to capitalize on transformational growth, announced that it has closed two new funds, totaling $8bn in capital commitments.
PSG’s sixth North American flagship fund, PSG VI, closed with $6bn in capital commitments, surpassing its $4.7bn predecessor fund. The fund received commitments from new and existing investors, including state and corporate pensions, sovereign wealth funds and family offices.
EMEA
Unilever selected Amsterdam as the primary listing venue for its ice cream business spinoff, with secondary listings in London and New York. The decision was announced alongside the company’s full-year earnings report.
Unilever is advised by PricewaterhouseCoopers, JP Morgan, Morgan Stanley, Linklaters and Teneo (led by Jonathan Sibun), according to press releases.
Ageras, an accounting software company, completed the acquisition of Storebuddy, an integration software specialised in automating accounting processes for online stores, according to press releases. Financial terms were not disclosed.
Ageras was advised by Rossen (led by Nicolai Rossen), according to press releases.
Cain, a privately held investment firm, and Ares Management, an American publicly traded, global alternative asset manager, agreed to invest in Trent Rockets, a cricket team, according to press releases. Financial terms were not disclosed.
Telecom Italia hires UniCredit to assess strategic options. ( Bloomberg)
Telecom Italia engaged UniCredit to help evaluate strategic options as potential buyers show interest in the former Italian telecom monopoly.
Italy’s second-largest bank will work alongside Telecom Italia to explore scenarios aimed at maximizing shareholder value. The move comes as the company navigates ongoing restructuring efforts and industry consolidation pressures.
Lone Star-backed Novo Banco announced that Nani Holdings, its majority shareholder, has formally indicated its intention to initiate an initial public offering of the bank’s shares. The notification was also communicated to the Portuguese Resolution Fund and the Portuguese State, which hold minority stakes in the bank.
Novo Banco will coordinate with its shareholders to implement the IPO in the coming months. The move aligns with long-term plans to transition the bank to public ownership following its restructuring.
Abu Dhabi-based digital transformation services provider Alpha Data plans to list 40% of its issued share capital on the Abu Dhabi Securities Exchange, capitalizing on strong economic momentum and a surge in IPO activity in the UAE.
Selling shareholders Bin Hamoodah Company and Ibbini Investment will offer 400m shares at a nominal value of AED0.03 ($0.008) per share through the initial public offering. The listing aims to attract investors seeking exposure to the region’s growing digital services sector.
APAC
KKR explores potential investment in Nissan after Honda talks collapse. ( Bloomberg)
KKR & Co is considering an equity or debt investment in Nissan Motors, following the breakdown of the Japanese automaker’s merger talks with Honda. The US-based private equity firm is in the early stages of evaluating ways to strengthen Nissan’s financial position.
Discussions remain ongoing, and KKR has yet to make a final decision on whether to proceed with a deal.
Prudential hires Citigroup for potential $1bn ICICI Prudential Asset Management IPO. ( Bloomberg)
Prudential has enlisted Citigroup to assist with a potential initial public offering of its Indian unit, ICICI Prudential Asset Management Co. The listing could raise approximately $1bn.
Preparations are still in the early stages, and details may change as the process evolves. Additional banks are expected to join the transaction as Prudential advances its plans for the offering.
PAG, an Asia-Pacific alternative investment firm, closed its SCREP VIII fund at $4bn, including co-investment capital. The fund marks the largest US dollar-denominated real estate fundraising in the Asia-Pacific region over the past 12 months.
SCREP VIII exceeded its $3.5bn target, attracting strong commitments from both repeat and new investors. The fund’s backers primarily include pension funds and sovereign wealth funds from North America, Europe, the Middle East, and Asia-Pacific.
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