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AMERICAS
The parent of Wegovy producer Novo Nordisk has refiled an application to the US FTC for approval of a $16.5bn deal to buy manufacturing subcontractor Catalent, Reuters reported.
Novo Nordisk Foundation said last month it had agreed to buy Catalent to boost output of the weight-loss drug Wegovy. After the deal closes, it would sell three of Catalent's fill-finish sites on to Novo Nordisk for $11bn.
Catalent is advised by Citigroup, JP Morgan, Jones Day (led by Randi C. Lesnick), Skadden Arps Slate Meagher & Flom (led by Todd Freed), and Joele Frank (led by Matthew Sherman). Financial advisors are advised by Cravath Swaine & Moore (led by Minh Van Ngo). Novo Nordisk is advised by Morgan Stanley, Chiomenti, Goodwin Procter (led by Matthew Mauney, Joshua Zachariah, Rachel Frankeny, Andrew Kimball, and R. Kirkie Maswoswe), and FGS Global (led by Charlie Chichester). Debt financing is provided by Ares Management and Blue Owl.
Blackstone, an American alternative investment management company, agreed to acquire Apartment Income REIT, a publicly traded, self-administered real estate investment trust, for $10bn.
"I am proud of the AIR team and its remarkable culture. The transaction will strengthen the AIR mission to provide homes for others, be a great place to work, act as responsible stewards of AIR communities, and be a trusted partner to AIR investors. The business the AIR team has built will be improved and expanded by collaboration with Blackstone and a shared focus on serving residents and investing wisely. The AIR team is grateful to Blackstone for the opportunity and for its faith in what can be accomplished working together," Terry Considine, AIR Communities President & CEO.
Apartment Income REIT is advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by Joseph Coco and Kyle Hatton). Blackstone is advised by Bank of America, Barclays, Goldman Sachs, Wells Fargo Securities and Simpson Thacher & Bartlett.
Tradeweb, a global operator of electronic marketplaces for rates, credit, equities and money markets, agreed to acquire ICD, an institutional investment technology provider, from Parthenon Capital Partners, a private equity firm, for $785m.
"ICD is an exceptional opportunity to acquire a leading investment platform for corporate treasurers, a fast-growing channel within fixed income markets and a strong strategic fit for Tradeweb. Acquiring ICD will further diversify our client and business mix, advancing our track record of expanding into adjacent markets to improve client workflows. As part of Tradeweb, ICD will also be positioned to drive the adoption of electronic trading for corporate treasurers. We look forward to welcoming the talented ICD team onboard, who share Tradeweb's unwavering commitment to delivering innovative products and extraordinary service, and to jointly creating even greater value for our clients and shareholders," Billy Hult, Tradeweb CEO.
ICD is advised by Moelis & Co, Raymond James and Kirkland & Ellis. Tradeweb is advised by JP Morgan, Morgan Stanley and Fried Frank Harris Shriver & Jacobson.
Vista Equity Partners, an American private equity firm, agreed to acquire Model N, a provider of revenue optimization and compliance for pharmaceutical, medtech, and high-tech innovators, for $1.25bn.
"We are pleased to have reached this agreement with Vista, which is the culmination of a robust sale process led by our Board of Directors with the assistance of our financial and legal advisors. As the Board considered the long-term path for Model N, we unanimously determined that the transaction with Vista represents the best opportunity to deliver compelling, certain, and immediate cash value to our stockholders and is in their best interest in light of the challenges faced by Model N as a standalone public company," Baljit Dail, Model N Chairman of the Board.
Model N is advised by Jefferies & Company and Fenwick & West. Vista Equity Partners is advised by Kirkland & Ellis.
Investcorp-backed Shearer Supply, an independent distributor of HVAC equipment for residential and commercial properties, completed the acquisition of Climatic Comfort Products, a distributor of American standard heating & air conditioning equipment, from The Climatic, a HVAC distribution subsidiary company. Financial terms were not disclosed.
“The acquisition of CCP fits well with our strategy of acquiring complementary businesses located in attractive geographies representing best-in-class equipment manufacturers,” Michelle Shearer-Rodriguez, Shearer Supply CEO.
Shearer Supply was advised by Gibson Dunn & Crutcher and ICR (led by Megan Kivlehan).
Arlington-backed Tyto Athene, a federal systems integrator of mission-focused digital transformation solutions, completed the acquisition of Microtel, a software development and systems engineering firm deeply embedded in long-term, space missions for NASA and international space programs. Financial terms were not disclosed.
“Our shared vision of innovation will allow us to explore other mission areas we can support. We are excited for our future with Tyto, and we look forward to delivering next-generation solutions that expand our support to NASA and other federal agencies,” Jerry Hengemihle, Microtel CEO.
Ansell, an Australian company which manufactures protective industrial equipment and medical gloves, agreed to acquire Personal Protective Equipment business unit, a global personal protective equipment business, designing, marketing and selling innovative and differentiated safety products, of Kimberly-Clark, an American multinational personal care corporation, for $640m.
“For many years, we have assessed a combination with KCPPE as one of our most attractive acquisition opportunities and I’m delighted that we have now reached agreement with Kimberly-Clark that the optimal path forward for this business is under Ansell ownership. With this Acquisition we are enhancing our sales of specialist products designed for clean room applications and recorded today under the Life Sciences SBU, while also widening our portfolio of products sold into Scientific verticals which include manufacturing of pharmaceuticals, medical devices and semi-conductors, and laboratories for academic and industrial research," Neil Salmon, Ansell Managing Director and CEO.
Alliant Insurance Services, a distributor of diversified insurance products and services, completed the acquisition of POPIC, a national captive program manager serving owners and managers of multifamily and single-family residential portfolios. Financial terms were not disclosed.
"POPIC has a proven track record of helping large property owners and managers assume moderate and manageable risk to grow their income. With a diverse team of CPAs, attorneys, and insurance and underwriting professionals, POPIC brings a wealth of experience and highly consultative approach to our growing underwriting practice," Greg Zimmer, Alliant CEO.
TSMC wins $6.6bn US subsidy for Arizona chip production.
The US Commerce Department said on April 8 it would award Taiwan Semiconductor Manufacturing's US unit a $6.6bn subsidy for advanced semiconductor production in Phoenix, Arizona and up to $5bn in low-cost government loans, Reuters reported.
TSMC agreed to expand its planned investment by $25bn to $65bn and to add a third Arizona fab by 2030. The Taiwanese company will produce the world's most advanced 2 nanometer technology at its second Arizona fab expected to begin production in 2028.
Gildan shareholder asks court to stop board from selling company.
One of Gildan Activewear’s largest shareholders asked a Quebec court to block the clothing manufacturer’s board of directors from selling the company, Bloomberg reported.
Browning West, which is conducting a campaign to replace the current board, wants the Superior Court of Quebec to order that Gildan directors “not enter into any binding agreement related to the sale of Gildan” before the company’s annual meeting on May 28.
Uber-backed e-bike startup Lime planning global fleet expansion.
Lime, the operator of a shared electric bike and scooter network backed by Uber Technologies, is planning to invest more than $55m this year to expand its global fleet, Bloomberg reported.
The San Francisco-based company will add more than 30k net-new bikes across North America, Europe and Australia while also replacing aging ones. It’s also looking to return to Greece and Mexico — markets that it had exited during the pandemic, and is exploring new business lines such as advertising deals and a new vehicle type for its shared fleet.
Google's contemplated mega deal would prompt new fight with regulators.
Google parent Alphabet's contemplated acquisition of marketing software company HubSpot would likely spark opposition from regulators even as many experts agree it would not curb competition, and would require the technology giant to open a new front in its battle with antitrust watchdogs, Reuters reported.
Reuters reported last week that Google was mulling an offer for HubSpot, which has a market value of $34bn. Google has been weighing the antitrust risks of a potential deal and has yet to decide if it will make an offer.
Blackstone-backed hedge fund Antara freezes illiquid assets. (FS)
Antara Capital, a $1.3bn hedge fund backed by Blackstone, froze its hard-to-sell assets from redemptions after piling on losses, Bloomberg reported.
Money plowed into illiquid private investments has been withheld from redemptions and was placed in a so-called side pocket in February, after the firm posted a second straight year of slumping returns. The move is aimed at avoiding a fire sale of those investments, which drove declines in the hedge fund’s performance in 2023.
Walmart-backed Ibotta, holders seek up to $472m in IPO.
Ibotta, a digital marketing software firm that counts Walmart as a backer, and shareholders are seeking to raise as much as $472m in an IPO, Bloomberg reported.
The Denver-based company, which helps brands deliver mobile promotions through rewards and rebates, is offering 2.5m shares for $76 to $84 each, according to a filing on April 8 with the US Securities and Exchange Commission. Shareholders including Chief Executive Officer Bryan Leach and Koch Industries’s venture capital arm are offering 3.1m existing shares.
EMEA
PATRIZIA, a partner for global real assets, agreed to acquire a 40% stake in Greenthesis, an independent and fully integrated waste management company, for €136m ($145m).
"We are incredibly excited to strengthen our footprint in Europe's circular economy with our investment in Greenthesis, which is not only Italy's leading independent waste management player, but a highly complementary partner for PATRIZIA's growing energy-from-waste platform. With our future communities and societies shaped by the drive to low carbon economies, innovative green energy solutions that support the global energy transition will provide attractive investment opportunities that deliver sustainable long-term returns for investors," Matteo Andreoletti, PATRIZIA Head of Infrastructure Equity for Europe and North America.
PATRIZIA is advised by Ernst & Young, Blunomy, Willis Towers Watson, DC Advisory (led by Francesco Moccagatta) and Gianni Origoni Grippo Cappelli & Partners.
French media group Vivendi’s Canal+ made an all-cash mandatory offer on Monday to buy all the shares of South African broadcaster MultiChoice it does not already own for ZAR35bn ($1.9bn), both companies said.
That offer at ZAR125 ($6.6) per share follows an indicative offer of ZAR105 ($6) made by Canal+ on February 1, which MultiChoice rejected as significantly undervaluing the company, Reuters reported.
MultiChoice is advised by Morgan Stanley and Citigroup. Canal+ is advised by JP Morgan and Brunswick Group (led by Timothy Schultz and Iris Sibanda).
EQT Partners, a Swedish global investment organization, agreed to acquire a majority stake in Universidad Europea, a private higher education platform in Spain and Portugal, from Permira, a private equity firm. Financial terms were not disclosed.
"With Permira as our trusted partner, we've achieved remarkable success over the past four years. Together, we have strengthened the quality of our academic model for our students and embarked on ambitious expansion initiatives, including the establishment of new campuses and infrastructures. None of these milestones would have been possible without the unwavering dedication and collaborative efforts of our teams. As we enter this new chapter, we extend a warm welcome to EQT and we are excited to explore the boundless opportunities that lie ahead in this extraordinary venture. Joining forces with EQT, alongside Permira, allows us to continue our journey of innovation and growth, furthering our mission of changing lives through higher education," Otilia de la Fuente, Universidad Europea CEO.
EQT Partners is advised by Deutsche Bank and Allen & Overy.
NJJ, an investment firm, agreed to acquire Datagroup-Volia, an Ukrainian fixed connectivity and pay TV provider, from Horizon Capital, a private equity firm. Financial terms were not disclosed.
"I am pleased that we have achieved this major milestone with the regulatory approval for the acquisition of Datagroup-Volia, a significant step towards the creation of a national Ukrainian telecom champion, providing Ukrainians with safe, secure and reliable telecom services. Ukraine is home to an impressive tech sector with innovation in artificial intelligence, a high degree of digitalization and technological affinity. We are confident that our landmark transaction will serve as a signal to others that the time to invest in Ukraine is now, to support the rebuilding of the country and realize its potential. We look forward to working in the country and we are confident that our global telecoms activities, dedicated team and sector expertise, from France to Poland, from Italy to Sweden and the Baltics, will bring value to all stakeholders, including employees and customers, and to Ukraine as we work together to further develop the telecom offering, tech, artificial intelligence and other strategic areas of cooperation," Xavier Niel, NJJ Founder.
Nigerian Exchange Group, an integrated market infrastructure group in Africa, completed the investment in Ethiopian Securities Exchange, the primary securities exchange in Ethiopia. Financial terms were not disclosed.
“We are excited to announce our investment in the Ethiopian Stock Exchange, which represents a significant milestone in our expansion strategy. Ethiopia is one of Africa’s fastest-growing economies, with immense potential for investment and growth. We believe that by partnering with the Ethiopian Stock Exchange, we can leverage our expertise and experience to contribute to the development of a robust and dynamic capital market in Ethiopia,” Temi Popoola, NGX Group Managing Director/CEO.
Abu Dhabi’s Lunate, Saudi Group buy into iconic Dubai tower. (FS, RE)
An Abu Dhabi investment firm and a Saudi conglomerate have bought into the largest office tower in Dubai’s financial hub, securing a slice of one of the world’s few upbeat commercial property markets, Bloomberg reported.
The $105bn fund Lunate and Saudi Arabia’s Olayan Financing Company have bought a 49% stake in ICD Brookfield Place in one of the largest commercial real estate transactions since the start of the pandemic. Financial details weren’t disclosed, though Bloomberg has previously reported the tower could be worth as much as $1.5bn.
Swiss government's 'too big to fail' proposals loom for UBS.
The Swiss government will this month present proposals aimed at protecting the country against the risk of banks deemed "too big to fail" in response to UBS's emergence as the country's sole big lender with its 2023 takeover of Credit Suisse, Reuters reported.
The 2007-09 financial crisis showed the collapse of systemically important banks put entire economies at risk. The state could not abandon these banks, giving them implicit government guarantees, making them too big to fail.
Atos to present debt plan as Onepoint bolsters rescue coalition.
Embattled French IT company Atos will present a debt restructuring plan, as the company’s top shareholder Onepoint seeks to build a coalition to offer an alternative rescue plan, Bloomberg reported.
Atos last week warned bondholders and banks the refinancing plan, which will likely result in the dilution of existing shareholders. A public statement is expected before the market opens on April 9.
APAC
Shareholders in Azure Minerals have approved the Australian lithium miner’s takeover by billionaire Gina Rinehart’s private company Hancock Prospecting and partner Sociedad Química y Minera de Chile, Blomberg reported.
Under the deal, the Hancock-SQM consortium will acquire the Perth-based, ASX-listed company for AUD3.70 ($2.43) per share, a significant premium on its last traded price of AUD3.30 ($2.17). It values the miner at AUD1.7bn ($1.1bn).
Azure Minerals is advised by Barrenjoey Capital Partners, Corrs Chambers Westgarth (led by Jeremy Horwood and Christian Owen), and Chapter One Advisors (led by David Tasker). Sociedad Química y Minera de Chile is advised by Herbert Smith Freehills (led by David Gray).
Hotel101 Global, a global hotel chain that provides a unique and simple platform for investors in the branded affordable hotel segment, agreed to go public via a SPAC merger with JVSPAC Acquisition, a blank check company incorporated for the purpose of effecting a business combination, in a $2.3bn deal.
"Hotel101's asset-light business model allows us to generate revenues twice: first from the pre-selling of strata-titled individual hotel units during the construction phase; and second, from the long-term recurring revenue derived from day-to-day hotel operations following completion of the units. Building on the success of our business model in the Philippines – where we have several operating properties and a number under development – and our ongoing international expansion to Japan, Spain, and the US, we believe that a NASDAQ listing will provide Hotel101 with access to public capital markets and help accelerate our global expansion plans," Hannah Yulo-Luccini, Hotel101 CEO.
Hotel101 is advised by Merdeka Corporate Finance and Milbank. JVSPAC Acquisition is advised by DaHui Lawyers and Loeb & Loeb.
Madison Dearborn Partners, a private equity firm, offered to acquire the remaining 71% stake in APM Human Services, a global health, employment, disability, and workplace services provider, for AUD910m ($600m).
"The IBC is focused on achieving an outcome that is fair and reasonable and in the best interests of all shareholders. The IBC notes that the offered price per share under the MDP Proposal is disappointing," Nev Power, APM Lead Independent Director of and Chair.
Accenture, a multinational professional services company that provides services in strategy, consulting, digital, technology and operations, agreed to acquire CLIMB, a technology services provider specializing in system integration, IT infrastructure management and operations. Financial terms were not disclosed.
"CLIMB's most important management principle is 'maximizing employee happiness.’ Only when every employee is happy can we provide rewarding work and value-added services to our clients. By joining Accenture, our people will have unprecedented growth and exposure opportunities. With Accenture’s unique ability to resolve issues faced by clients and society with a holistic approach, we will be able to maximize the happiness of our people who, in turn, will contribute to the further enhancement of the ICT industry in the region,” Oramu Kanai, CLIMB President.
SAIC'S MG Motor India plans to rope in Indian investors, including JSW. (FS)
China's SAIC Motor said its unit MG Motor India plans to introduce investors including SW Ventures Singapore, through an equity transfer and by increasing share capital, DealStreetAsia reported.
As part of the deal, JSW Ventures, a unit of JSW International Tradecorp, will buy an aggregate 35% stake in MG Motor India for a total of INR35.77bn ($429m).
China's Shimao faces liquidation suit over failure to pay $202m loan.
Chinese developer Shimao Group said on April 8 China Construction Bank had filed a liquidation petition against it in Hong Kong over unpaid debts, a rare case of a state-owned bank taking such legal action in the property downturn, Reuters reported.
The petition centres on Shimao's failure to repay loans of HKD1.58bn ($202m) and contrasts with legal processes against rival firms such as China Evergrande Group and Country Garden for defaulting on their debts that were launched by overseas-based creditors.
Samsung Elec shares offered in $330m block sale, term sheet shows.
About 5.25m shares in Samsung Electronics are being offered in a block deal worth up to $330m, Reuters reported.
The shares are offered by Lee Boo-jin, a sister of Samsung Electronics Chairman Jay Y. Lee. The sale will be between KRW83.7k ($61.9) to KRW84.5k ($62.5) per share, or at a discount of 0% to 0.95% from Samsung shares' April 8 closing price of KRW84.5k ($62.5), the term sheet said.
Pegatron in talks with Tata to sell its only India iPhone plant.
Pegatron is in advanced talks to hand over control of its only iPhone manufacturing facility in India to the Tata Group, marking the Taiwanese firm's latest scale back of its Apple partnership, Reuters reported.
Under the deal, which has received the backing of Apple, Tata plans to hold at least a 65% stake in a joint venture that will operate the Pegatron plant near Chennai city in the southern Indian state of Tamil Nadu, with the Taiwanese firm providing technical support and holding the rest.
Hyundai’s ship repair firm seeks biggest Korean IPO since 2022.
A company that repairs and manages ships kicked off what’s poised to be South Korea’s biggest initial public offering in two years, with analysts citing strong revenue growth a key attraction, Bloomberg reported.
HD Hyundai Marine Solution and holder KKR are seeking to raise as much as KRW742bn ($548m) through a share sale, with market capitalization expected to reach up to KRW3.7tn after the IPO. The listing will potentially be the country’s biggest since battery giant LG Energy Solution in 2022.
India’s Vishal Mega Mart said to pick Kotak, ICICI for IPO.
Indian supermarket chain Vishal Mega Mart has picked banks as it presses ahead with a planned IPO in Mumbai this year, Bloomberg reported.
Vishal Mega Mart chose banks including Kotak Mahindra Bank, ICICI Bank and Jefferies Financial Group to help arrange a share sale as early as in the fourth quarter of this year.
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