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AMERICAS
Nippon Steel has alleged "impermissible undue influence" by the White House during a national security review of its $14.9bn bid for US Steel.
In a December 17 letter to the Committee on Foreign Investment in the United States, signed by counsel for both Nippon Steel and US Steel, the company threatened legal action if the deal is blocked.
The Competition and Markets Authority found that Synopsys’ proposed purchase of Ansys for $35bn could reduce competition in the supply of certain semiconductor chip design and light simulation products in the UK. The deal could be approved by the CMA if its concerns are resolved.
Minister of Finance approves National Bank’s acquisition of Canadian Western Bank. Approval concludes the regulatory process, following reviews by the Office of the Superintendent of Financial Institutions and the Competition Bureau. The closing expected to occur on February 3, 2025.
CWB is advised by JP Morgan and Torys. CDPQ is advised by Fasken. National Bank is advised by Jefferies & Company, National Bank Financial, Mayer Brown, McCarthy Tetrault (led by Patrick Boucher) and FGS Global (led by Hugh McFadyen).
Elliott Investment Management, a Florida-based investment firm, agreed to acquire a majority stake in American Greetings, a designer and manufacturer of social expression products. from Clayton, Dubilier & Rice, a private equity firm. Financial terms were not disclosed.
American Greetings is advised by Bank of America, Centerview Partners and Debevoise & Plimpton. Elliott Investment Management is advised by UBS and Davis Polk & Wardwell (led by Michael Gilson). Debt financing was provided by Bank of America, Barclays and UBS.
Third Point, an alternative investment firm, agreed to acquire Birch Grove, a diversified alternative credit fund manager, from American Securities, a private equity firm. Financial terms were undisclosed.
Birch Grove is advised by GreensLedge and Schulte Roth & Zabel. Third Point is advised by Jefferies & Company and Willkie Farr & Gallagher. American Securities is advised by Weil Gotshal and Manges.
Private equity firms Ontario Teachers' Pension Plan and Goldman Sachs (MBD), agreed to acquire a minority stake in Omega Healthcare Management Services, a provider of technology-enabled healthcare management solutions. Financial terms were not disclosed.
Omega Healthcare Management Services is advised by Goldman Sachs, TripleTree and Weil Gotshal and Manges. OTPPB is advised by RBC Capital Markets and Latham & Watkins.
CCC Intelligent Solutions, a cloud platform provider for the P&C insurance sector, agreed to acquire EvolutionIQ, an AI-driven platform specializing in disability and injury claims management, for $730m.
EvolutionIQ is advised by Lowenstein Sandler. CCC is advised by Citigroup, JP Morgan and Kirkland & Ellis.
Hanscom Federal Credit Union, a credit union, agreed to acquire a majority stake in Peoples Bancorp, the holding company for Peoples Bank, a federally insured community bank. Financial terms were not disclosed.
Peoples Bancorp is advised by Olsen Palmer and Alston & Bird. Hanscom is advised by Hovde Group and Honigman Miller Schwartz & Cohn.
Saothair Capital, a private equity firm, completed the acquisition of a majority stake in T BAILEY, a provider of above-ground industrial tanks, casings, marine pontoons, penstocks, pressure vessels, and other large custom steel solutions. Financial terms were not disclosed.
T BAILEY was advised by TM Capital and Holland & Hart. Saothair Capital was advised by McGuireWoods. Debt financing was provided by Polen Capital.
King Street Capital Management, a private equity firm, led a $250m round in Collectivus Holdings, the parent company of Beckett Media & Collectibles, Southern Hobby Distribution, and Dragon Shield, with particiaption from HPS Investment Partners and Oaktree Capital Management.
Collectivus Holdings was advised by Jefferies & Company and Proskauer Rose. King Street was advised by Paul Hastings.
FedEx, a multinational conglomerate holding company specializing in transportation, e-commerce, and business services, agreed to spin off FedEx Freight. Financial terms were not disclosed.
FedEx is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Paul Schnell).
Cerberus Capital Management, a private equity firm, agreed to acquire Landmark Structures, a provider of water and industrial storage infrastructure solutions, from Graycliff Partners, a private equity firm. Financial terms were not disclosed.
Graycliff Partners is advised by Houlihan Lokey and Weil Gotshal & Manges.
Stonepeak, a private equity firm, completed the acquisition of six logistics assets totaling 2.3m sq.ft. in Houston, Texas. Financial terms were undisclosed.
Stonepeak was advised by JLL Corporate Finance and Simpson Thacher & Bartlett.
Capricorn’s Technology Impact Fund II, a private equity firm, led a $255m round in Fervo Energy, an energy resource company, with participation from Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, and Sabanci Climate Ventures.
Fervo Energy was advised by Vinson & Elkins.
Knife River, a construction materials and contracting services provider, agreed to acquire Strata, a construction materials and contracting services provider, for $454m.
TPG in advanced talks to acquire Crown Castle's fiber unit for $8bn. ( Reuters)
Investment firm TPG is in advanced discussions to purchase Crown Castle's fiber unit for approximately $8bn. The transaction may be finalized in the coming weeks, though it's possible that negotiations could fall through or another bidder may emerge.
Crown Castle has been exploring options for its fiber assets following an agreement with activist investor Elliott Investment Management to restructure its board. Co-founder Ted Miller previously indicated that the company could potentially sell its fiber assets for up to $15bn. The high costs associated with building fiber infrastructure have impacted Crown Castle's financial performance, prompting a strategic shift to focus on its core tower business.
Historically, TPG has worked with JP Morgan, Goldman Sachs, Latham & Watkins and Ropes & Gray, according to MergerLinks data.
Advent International nears a $1.5bn sale of Williams Lea to R.R. Donnelley. ( Bloomberg)
Advent International is in advanced talks to sell Williams Lea, a business process outsourcing firm, to R.R. Donnelley & Sons. The deal is expected to be valued at approximately $1.5bn. While negotiations are ongoing, no final agreement has been reached, and the transaction terms remain subject to change.
The sale of Williams Lea represents a continuation of Advent's portfolio reshaping strategy. R.R. Donnelley, a global provider of marketing and business communications, has been pursuing strategic acquisitions to expand its service offerings. Acquiring Williams Lea would strengthen RRD's capabilities in business support services and enhance its global footprint in the outsourcing sector.
Historically, Advent has worked with EY, Goldman Sachs, Weil Gotshal and Manges and Latham & Watkins, according to MergerLinks data.
Northern Oil and Gas bids to acquire Granite Ridge Resources in a $800m deal. ( Reuters)
Northern Oil and Gas, a Minneapolis-based non-operated oil producer, has submitted acquisition offers for Granite Ridge Resources, a smaller US producer operating in basins such as the Permian and Eagle Ford. The latest bid, made in recent weeks, included a roughly 20% premium to Granite Ridge's share price. Granite Ridge’s shares rose over 12% on news of the bid, valuing the company at nearly $800m.
A successful acquisition would mark Northern’s largest deal to date, expanding its presence in key US shale regions and potentially giving it access to new areas like the Eagle Ford and Haynesville shale.
Venture Global files for a $3bn IPO on NYSE. ( FT)
Venture Global, a prominent US liquefied natural gas producer, has filed for an initial public offering on the New York Stock Exchange under the ticker symbol "VG". The Arlington, Virginia-based company aims to raise approximately $3bn through this offering, with the proceeds intended for general corporate purposes, including funding its operations.
Founders Robert Pender and Michael Sabel, who also serves as CEO, will retain more than 50% of the voting power post-IPO through Venture Global Partners II. Major underwriters for the IPO include Goldman Sachs, JP Morgan, Bank of America, ING, RBC Capital Markets, Scotiabank, and Mizuho.
EMEA
Pontegadea, the investment arm of Amancio Ortega, completed the acquisition of a 20% stake in Q-Park, an European parking infrastructure owner and operator, from KKR. Financial terms were undisclosed.
Q-Park was advised by Morgan Stanley and Clifford Chance. Pontegadea was advised by Rothschild & Co and De Brauw Blackstone Westbroek. KKR was advised by FGS Global.
Crédit Agricole, a banking group, agreed to acquire the remaining 30.5% stake in CACEIS, an asset servicing bank, from Santander, a financial services provider. Financial terms were not disclosed.
Crédit Agricole is advised by Credit Agricole. CACEIS is advised by Santander.
CPP Investments, a private equity firm, agreed to acquire a minority stake in Nordic Capital-backed Regnology, a provider of regulatory, risk, and supervisory technology solutions, for €460m ($478m).
Nordic Capital is advised by JP Morgan.
Evergreen Hill, a strategic investor specializing in the acquisition and management of specialty paper businesses, agreed to acquire TANN Group, a global supplier of tipping paper for the cigarette industry, from Mayr-Melnhof Karton, a producer of cartonboard and folding cartons, for €360m ($374m).
Mayr-Melnhof Karton is advised by UniCredit.
Miller Homes, a UK homebuilder, agreed to acquire St. Modwen Homes, an English housebuilder known for developing high-quality, sustainable homes across the Midlands and southern regions of England, from Blackstone, a private equity firm, for £215m ($270m).
Blackstone is advised by Rothschild & Co.
The European Commission has approved unconditionally, under the EU Merger Regulation, the proposed acquisition of Run:ai Labs by NVIDIA. The Commission concluded that the transaction would raise no competition concerns in the European Economic Area.
DOVISTA, a provider of vertical windows and exterior doors, agreed to acquire 4B, a provider of sustainable and reliable window and exterior door solutions. Financial terms were not disclosed.
4B is advised by UBS.
SCHOTT, an international technology group, agreed to acquire QSIL Quarzschmelze Ilmenau, a specialist in high-performance quartz glass essential for semiconductor manufacturing, from QSIL, a glass manufacturer. Financial terms were not disclosed.
QSIL is advised by DC Advisory.
Huf Hülsbeck & Fürst, a German automotive supplier specializing in secure car access and authorization systems, agreed to acquire a 30% stake in Sodecia, a family-owned Portuguese automotive supplier. Financial terms were not disclosed.
Huf is advised by Rothschild & Co.
Soho House receives $1.7bn takeover offer. ( FT)
Soho House, the operator of exclusive private members' clubs, has received a takeover offer from a consortium valuing the company at over $1.7bn. The proposal offers $9 per share, representing a premium over the company's recent trading price.
Founded in London in 1995, Soho House has expanded globally, catering to professionals in the creative industries. The company went public in 2021 but has faced challenges, including declining membership renewals and increased competition.
The board is evaluating the offer, and no final decision has been made. The consortium's identity remains undisclosed, and it's uncertain whether the proposal will lead to a finalized deal.
Warner Bros Discovery initiates a $1bn sale of TVN Group. ( Reuters)
Warner Bros Discovery has commenced the sale process for its Polish media asset, TVN Group, engaging JP Morgan as the advising bank. Sales materials are expected to be distributed early next year, with the broadcaster's valuation anticipated to exceed $1bn.
Warner Bros Discovery is considering both domestic and international buyers for TVN Group. The company became part of Warner Bros Discovery following the 2022 merger with Discovery Channel.
Nordic Capital raises over $2bn for mid-market Evolution Fund. ( Press Release)
Nordic Capital has successfully closed its first Evolution Fund, raising over $2bn in just three months. The fund was substantially oversubscribed, exceeding its target and reaching its hard cap.
The fund attracted a diverse group of institutional investors globally, with 57% from Europe, 19% from Asia, 19% from North America, and 5% from the Middle East. The investor base comprises asset managers, public and private pension funds, sovereign wealth funds, and endowments and family offices. Nordic Capital led the fundraising, supported by Rede Partners as the placement agent, with Kirkland & Ellis serving as lead legal counsel.
Deutsche Bank's Middle East veteran Beydoun to exit after 16 years. ( Bloomberg)
Ahmed Beydoun, who leads Deutsche Bank's institutional client coverage in the Middle East, is set to depart after a 16-year tenure. Based in Dubai, Beydoun has been instrumental in managing relationships with key institutional clients across the region. His departure is scheduled for the end of the year.
During his time at Deutsche Bank, Beydoun played a pivotal role in expanding the bank's presence and services in the Middle East, contributing significantly to its growth and success in the region. His leadership and expertise have been highly valued within the organization.
APAC
Integral Diagnostics, a radiologist and diagnostic imaging provider, completed the merger with Capitol Health, a national network of over 60 community based medical imaging practices, in an A$413m ($258m) deal.
Capitol Health was advised by Citigroup and Maddocks. Integral Diagnostics was advised by Barrenjoey Capital Partners, Jefferies & Company and Herbert Smith Freehills.
The Proposed Combination envisages UltraTech Cement's acquisition of a 32.72% stake in India Cements and up to 26% of the paid-up equity share capital of India Cements by way of an open offer.
Runaya, a pioneer in sustainable manufacturing, and ECKART, a leader in effect pigments, to form a joint venture to produce sustainable spherical atomized aluminum granules. Financial terms were not disclosed.
ECKART is advised by Talwar Thakore & Associates.
Dragon Fund, a growth equity fund, led a Series C round in bolttech, a global insurtech company, with participation from Baillie Gifford and Generali. Financial terms were not disclosed.
bolttech was advised by FTI Consulting.
Nippon Sanso, a supplier of high purity gas, specialty raw material gas, and related equipment, agreed to acquire Coregas, an Australian-owned gases company, from Wesfarmers, a co-operative to provide services and merchandise to Western Australian farmers, for $770m.
TA Associates, a global private equity firm, agreed to acquire a stake in Craigs Investment Partners, a wealth management firm. Financial terms were not disclosed.
L'Oréal in talks to acquire South Korean skincare brand Dr.G. ( Reuters)
L'Oréal is in advanced discussions to acquire Gowoonsesang Cosmetics, a South Korean skincare company known for its Dr.G brand, from Mibelle Group, a subsidiary of Swiss retailer Migros.
Mibelle Group acquired its stake in Gowoonsesang Cosmetics in 2018. Earlier this year, Migros initiated a strategic review of Mibelle Group, aiming to find a new owner for the business. Spanish investment bank Alantra is advising on the sale. Dr.G is recognized as the leading facial care line in South Korea's dermocosmetics market. Spanish investment bank Alantra is advising Migros on the sale
Historically, L'Oréal has worked with Lazard, Centerview, Latham & Watkins and Clifford Chance, according to MergerLinks data.
Foxconn pauses interest in Nissan amid Nissan-Honda merger talks. ( Reuters)
Foxconn, the Taiwanese electronics manufacturer, has paused its interest in acquiring a stake in Nissan Motor as the Japanese automaker engages in potential merger discussions with Honda Motor. This decision follows a meeting between Foxconn representatives and officials from Renault, Nissan's largest shareholder, in France.
Foxconn, the Taiwanese electronics manufacturer, has paused its interest in acquiring a stake in Nissan Motor as the Japanese automaker engages in potential merger discussions with Honda Motor. This decision follows a meeting between Foxconn representatives and officials from Renault, Nissan's largest shareholder, in France.
Foxconn has not entirely abandoned its interest in Nissan and plans to monitor the progress of the Nissan-Honda merger discussions before making further decisions. Both Nissan and Foxconn have declined to comment on these developments.
Historically, Foxconn has worked with JP Morgan, Sullivan & Cromwell and Hogan Lovells, according to MergerLinks data.
Liberty Mutual considers divesting assets in Thailand and Vietnam. ( Bloomberg)
Liberty Mutual Holding, a US-based insurance company, is evaluating the sale of its operations in Thailand and Vietnam. This strategic move aligns with the company's efforts to streamline its international portfolio and concentrate on core markets.
The potential divestment is expected to attract interest from regional insurers and financial investors seeking to expand their presence in Southeast Asia's growing insurance sector. The combined value of these assets could reach several hundred million dollars. Liberty Mutual's consideration of this sale reflects a broader trend among global insurers reassessing their international operations to optimize profitability and market focus. The company has not publicly commented on the potential sale, and discussions are ongoing.
Historically, Liberty Mutual has worked with Citigroup, JP Morgan and Skadden, according to MergerLinks data.
India's IPO market achieves record $19bn in 2024, anticipates further growth in 2025. ( The Financial Express)
India's IPO market reached a record fundraising milestone in 2024, with companies raising $19bn. This surge is attributed to robust economic growth, favorable market conditions, and an improved regulatory framework.
The year witnessed significant IPOs, including Hyundai Motor India's $3.4bn (₹27k cr) offering, marking one of the largest in the country's history. The average issue size also saw a substantial increase, rising from $104m (₹867cr) in 2023 to over $210m (₹1.7k cr) in 2024.
Looking ahead, the pipeline for 2025 appears promising, with expectations of continued momentum in the IPO market. Factors such as sustained economic growth and investor confidence are anticipated to drive further activity, potentially surpassing the achievements of 2024.
Singapore-based V Medical Aesthetics Group is exploring an initial public offering in Malaysia, targeting a valuation of up to $1.3bn. The company is collaborating with financial advisers on the potential listing in Kuala Lumpur, which could raise over $200m. The IPO is tentatively planned for next year, though specifics such as timing and size may change.
This move reflects a trend of Singaporean companies opting to list in Malaysia, reversing a historical pattern. Malaysia has attracted approximately $1.6bn through 50 listings, while Singapore has seen only four IPOs that raised funds.
Hithium considers a $500m Hong Kong IPO in 2025. (Bloomberg)
Hithium, a Chinese energy storage technology company, is contemplating an initial public offering in Hong Kong to raise approximately $500m in 2025. The company is currently in discussions with potential advisers to facilitate the listing, which could occur as early as the first half of next year. However, plans are still in the preliminary stages and may be subject to change.
The potential IPO aligns with a broader trend of Chinese energy companies seeking to capitalize on favorable market conditions in Hong Kong.
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