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AMERICAS
Blackstone, an alternative asset manager, agreed to acquire Tricon Residential, an owner, operator and developer of a portfolio of approximately 38k single-family rental homes, for $3.5bn.
"Tricon provides access to high-quality housing, and we are fully committed to delivering an exceptional resident experience together. We are excited that our capital will propel Tricon's efforts to add much needed housing supply across the US and in Toronto, Canada," Nadeem Meghji, Blackstone Real Estate Global Co-Head.
Tricon is advised by Morgan Stanley, RBC Capital Markets, Scotiabank, Goodmans (led by John Connon), Osler Hoskin & Harcourt and Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott, Brian C. Lavin and Christopher Cummings). Blackstone and BREIT is advised by Bank of America, Deutsche Bank, JP Morgan, Wells Fargo Securities, Davies Ward Phillips & Vineberg and Simpson Thacher & Bartlett (led by Brian Stadler and Matthew Rogers).
Arcline, a growth-oriented private equity firm, agreed to acquire Kaman, an American aerospace company, for $1.8bn.
“Following robust engagement with Arcline and careful evaluation of other potential value creation opportunities, we are pleased to have reached this agreement. Given the rigorous review of alternatives we recently completed, we are confident this transaction maximizes value for shareholders and is in the best interest of Kaman as well as our employees, customers and other stakeholders,” Ian K. Walsh, Kaman Chairman, President and CEO.
Spirit Realty Capital, a net-lease REIT, announced that Spirit stockholders approved all of the proposals necessary for the closing of the previously announced merger pursuant to which real estate investment trust Realty Income will acquire Spirit.
The merger is subject to customary closing conditions and is expected to close on January 23, 2024.
Hahn & Co-backed Lutronic, an intelligent laser and energy-based systems developer agreed to merge with Cynosure, a provider of medical aesthetic treatment systems. Financial terms were not disclosed.
"The strategic combination will create a combined company with the resources, product portfolio and expertise that will benefit our customers, partners and employees. We are thrilled that Cynosure is partnering with Lutronic as we believe this will create a distinct opportunity to combine two strong global players in energy-based medical device technology for aesthetics," Nadav Tomer, Cynosure CEO.
Cynosure is advised by Jefferies & Company, Debevoise & Plimpton and Weil Gotshal and Manges. Lutronic is advised by PJT Partners, Cleary Gottlieb Steen & Hamilton and Kim & Chang.
Nutrabolt, a global active health and wellness company, agreed to acquire a 20% stake in Bloom Nutrition, a gym supplements company. Financial terms were not disclosed.
“We are very excited to partner with Mari and Greg, two outstanding entrepreneurial founders, during the next phase of their company’s growth. They’ve built an incredibly strong brand and business over the past 4.5 years, yet there is still tremendous whitespace to pursue in the form of new product platforms and distribution opportunities,” Doss Cunningham, Nutrabolt Chairman and CEO.
Nutrabolt is advised by Jefferies & Company, Goodwin Procter and Polsinelli PC. Bloom Nutrition is advised by Intrepid, Buchalter and Giannuzzi Lewendon.
AT&T, an American multinational telecommunications holding company, Google, an American multinational technology company, and Vodafone, a British multinational telecommunications company, agreed to invest $155m in AST SpaceMobile, a publicly traded satellite designer and manufacturer.
“Vodafone’s investment and collaboration with AST SpaceMobile will help make our mobile connectivity services available everywhere for our customers across Europe and Africa. Customers in remote rural areas, on land or out at sea, will be able to benefit from fast and reliable 5G broadband directly to their existing smartphones without the need for specialist equipment,” Margherita Della Valle, Vodafone Group CEO.
AST SpaceMobile is advised by Barclays, Quilty Space, Ubs, Sullivan & Cromwell and Allison+Partners.
Amazon's $1.4bn acquisition of robot vacuum maker iRobot will be blocked by EU antitrust regulators, as enforcers beef up scrutiny of Big Tech deals, Reuters reported.
The US online retail giant defied a European Commission's warning that the deal could restrict competition in the market for robot vacuum cleaners by declining to offer remedies to address such concerns last week.
Spire, a regional public utility holding company, completed the acquisition of MoGas, an interstate natural gas pipeline company, and Omega, a connected gas distribution system, from CorEnergy Infrastructure Trust, a pipeline transportation company, for $175m.
"Spire MoGas and Omega are ideal fits with our existing businesses and will further enhance our ability to serve customers in Missouri," Steve Lindsey, Spire President and CEO.
Coatue, a technology-focused investment manager, and Viking Global Investors, a hedge fund, led a $170m funding in Valsoft, a company specializing in the acquisition and development of vertical market software businesses.
"Valsoft's impressive track record of acquiring companies and growing its portfolio demonstrates the significant opportunity to innovate in the vertical market software industry. Coatue is thrilled to help accelerate Valsoft's remarkable growth and join the team on the next phase of their journey," Aaron Weiner, Coatue Managing Director.
Stellantis, a multinational automotive manufacturing corporation, agreed to acquire a 70% stake in DPaschoal, e-commerce platform. Financial terms were not disclosed.
The automaker, which had focused on selling auto parts to its own stores in Brazil, will expand its presence in Latin America's largest economy with the acquisition. DPaschoal's has 123 stores and employs 2.8k people in the country.
Development Bank of Japan, a government-owned development bank, and Seiko Epson, a Japanese multinational electronics company, completed the investment in 3DEO, a 3D metal printing company. Financial terms were not disclosed.
"The collaboration with DBJ and EPSON is a powerful endorsement of our mission to empower product and engineering teams across the globe. This investment is not just capital; it's a commitment to a shared vision of challenging what's possible through the combination of additive design principles and differentiated capabilities," Matthew Petros, 3DEO CEO and Co-Founder.
Synopsys plans to tap loan, bond markets to fund Ansys acquisition.
The chip design company also plans to sell bonds to help finance the deal. Synopsys aims to pay down its term loan relatively quickly to lower its borrowing levels.
Chevron seeks to sell Duvernay shale assets after Hess purchase.
Chevron has begun marketing its Duvernay shale holdings in Alberta as the oil giant divests assets following its agreement to buy Hess , Bloomberg reported.
Chevron plans to shed all of its 70% stake in the Western Alberta oil and natural gas play. Other assets in Canada won’t be affected. The company inked a $53bn deal to acquire Hess in October.
Apollo is among private equity firms considering a Redstone buyout. (FS)
Apollo Global Management is considering making an offer for National Amusements, the Redstone family company that controls film and TV giant Paramount Global, Bloomberg reported.
Apollo is one of several investors, both wealthy individuals and professional money managers, that have reached out in recent weeks to BDT & MSD Partners.
American Healthcare REIT seeking $700m in NYSE IPO.
American Healthcare REIT is seeking to raise about $700m in an initial public offering, Bloomberg reported.
The Irvine, California-based senior housing and assisted living property owner could start gauging investor interest in the listing as soon as next week. The company’s shares currently trade over the counter.
EMEA
CMA CGM-backed CEVA Logistics, a global logistics and supply chain company, agreed to acquire Wincanton, a supply chain partner, for £567m ($720m).
"I am incredibly proud of the progress we have made at Wincanton over the last four years, thanks to our great people and customers. We have strengthened our business and ensured that we are at the forefront of logistics innovation. Our work in automation and technology has been industry-leading and has allowed us to take advantage of trends towards outsourcing and eCommerce while continuing to improve service for our long-term customers," James Wroath, Wincanton CEO.
Yamaha Motor, a Japanese mobility manufacturer, agreed to acquire Torqeedo, an electric boat drives manufacturer. Financial terms were not disclosed.
“Yamaha’s acquisition of Torqeedo supports the current Mid-Term Plan and helps to accelerate the company’s efforts toward achieving carbon neutrality by 2050. That goal within the marine market can only be reached through an approach leveraging a variety of solutions, one of which is electric propulsion,” Ben Speciale, Yamaha President.
ITT, a manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets, completed the acquisition of Svanehøj Group, a supplier of pumps and related aftermarket services with leading positions in cryogenic applications for the marine sector, for $395m.
"Svanehøj is an outstanding addition to ITT, with extensive experience in the marine pumps industry and a complementary portfolio of highly engineered flow products aligned to the energy transition. The company has leadership positions in adjacent markets and a strong installed base, with a track record of above-market growth. Like ITT, Svanehøj has developed a strong aftermarket offering that provides good visibility to recurring revenue streams thanks to its global service network and a data-driven approach to capturing opportunities. Lastly, the company is led by a strong management team with vast industry experience and backed by a deep bench of talent across the organization. On behalf of ITTers everywhere, I'd like to welcome Svanehøj's CEO, Søren, and the entire team to ITT," said Luca Savi, ITT CEO and President.
Svanehøj was advised by William Blair.
Brookfield weighs investment in Dubai’s GEMS Education. (FS)
Brookfield Asset Management is in talks to invest in Dubai-based GEMS Education, one of the world’s largest private school operators, Bloomberg reported.
The Canadian firm is considering investing about $2bn in GEMS. The potential deal could allow CVC Capital Partners to exit its stake in GEMS.
Greece to sell ‘significant’ stake in Piraeus Bank in months.
Greece is planning to sell a large portion of its stake in Piraeus Bank soon, according to Prime Minister Kyriakos Mitsotakis, who added that the country was in the beginning of a long-term growth cycle, Bloomberg reported.
Greece’s economic growth in 2023 is expected to outperform most of the country’s European peers, boosted by another strong year for the key tourism sector. During the second half of 2023, Greece managed to regain the investment grade status that it had lost almost 14 years earlier as it was entering into its decade-long debt crisis.
The country now has to balance its fiscal prudence with sustainable growth. The government is pushing a privatization plan that will help reduce Greece’s debt burden that remains one of the highest in Europe, despite falling sharply in the past two years.
Enerjisa Uretim eyes foreign investor interest for possible IPO.
Sabanci is looking for an increase in foreign investments in Turkey for a potential initial public offering of its energy joint venture Enerjisa Enerji Uretim, Bloomberg reported.
A possible IPO of Enerjisa Uretim, equally owned by by E.ON and Haci Omer Sabanci Holding, would be subject to shareholder approval.
APAC
Canva holders are said to near expanded $1.5bn share sale.
Australian software company Canva is close to completing a share sale that's set to raise more than $1.5bn, Bloomberg reported.
The share sale by a group of investors including current and former employees of the privately held firm would value the company at around $26bn, roughly the same as in its previous round. Canva is working with Goldman Sachs.
Hyundai Motor's India arm to invest $722m in Maharashtra.
Hyundai Motor's Indian unit said it would invest INR 60bn ($721.73m) in the western state of Maharashtra, while also disclosing that it had completed the acquisition of General Motor's plant in the state, Reuters reported.
The deal for the plant, announced last March, will take Hyundai's production capacity to 1m units from more than 800k currently. It is expected to begin operations by 2025.
Whitehaven considers sale of 20% of coal mine to steel producers.
Whitehaven Coal is studying options to sell a 20% stake in the Blackwater mine to global steelmakers as it works to finalize a $3.2bn deal for two Australian assets, Bloomberg reported.
The producer is exploring opportunities as it also works to complete the acquisition of Blackwater and Daunia sites from co-owners BHP Group and Mitsubishi by early April.
Novo Nordisk owner will invest Ozempic profits in deals in Asia.
The main owner of Novo Nordisk is planning more acquisitions, including investments in Asia, using dividends it receives from the drugmaker’s blockbuster medicines for obesity and diabetes, Bloomberg reported.
Novo, which controls 77% of the votes in what is now Europe’s most valuable company, will “absolutely” be active in dealmaking. “We need to scale up and put that money to good work,” Kasim Kutay, Novo CEO.
BMW’s China partner says hasn’t received direction on stake sale.
Brilliance Auto Group said a report that it may sell its unit’s stake in a joint venture with BMW is untrue and it hasn’t received any information from the government, regulators or shareholders about plans for the company, Bloomberg reported.
Preliminary talks were being held about Brilliance China Automotive 25% stake, including for a possible sale. Brilliance Auto, the parent, is undergoing a restructuring after defaulting on debt, with the government of Shenyang in northeast China taking over and arranging to repay creditors CNY 16.4bn ($2.3bn) in installments.
Chinese Tungsten miner to tap CICC for Hong Kong listing.
Tungsten miner Jiaxin International Resources Investment has selected China International Capital Corp to help prepare for a potential initial public offering in Hong Kong that may take place as soon as this year, Bloomberg reported.
The company is considering raising CNY 700m ($97m) to CNY 1bn ($110.5m) in the first-time share sale. It could lodge its IPO application with the Hong Kong stock exchange in the coming weeks.
JP Morgan names Cho as head of investment banking in South Korea. (People)
JP Morgan has named Sollo Cho, a managing director, to lead its investment banking business in South Korea, Bloomberg reported.
The banker, who joined JPMorgan in 2018, helped arrange South Korea’s largest online payment service Kakao Pay’s $1.3bn initial public offering in 2021 and the $827m IPO of Hybe, the K-pop agency of superstars BTS in 2020. He was also involved in deals such as Hybe’s acquisition of Ithaca, a management company and record label.
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