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AMERICAS
California Resources, an independent energy and carbon management company committed to energy transition, completed the merger with Aera Energy, an oil and gas producer, in a $2.1bn deal.
“Aera and CRC are two great companies with decades of experience and track records that will serve as a foundation for a strong combination. We are committed to continuing to deliver the energy Californians need today and working to deploy carbon capture at-scale,” Erik Bartsch, Aera President and CEO.
California Resources was advised by Citigroup, Jefferies & Company and Sullivan & Cromwell (led by Bradley King and Alison Ressler). Financial advisors were advised by Skadden Arps Slate Meagher & Flom (led by Ann Beth Stebbins). Ikav and CPPIB were advised by Truist Securities, Wells Fargo Securities and Latham & Watkins (led by David Allinson and Thomas Brandt).
Boeing, an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide, agreed to acquire Spirit AeroSystems, an American aerostructure manufacturer, for $8.3bn.
"After carefully evaluating Boeing's offer to combine, we are confident this transaction is in the best interest of Spirit and its shareholders, and will benefit Spirit's other stakeholders. Bringing Spirit and Boeing together will enable greater integration of both companies' manufacturing and engineering capabilities, including safety and quality systems," Patrick M. Shanahan, Spirit President and CEO.
Spirit AeroSystems is advised by Moelis & Co, Morgan Stanley and Skadden Arps Slate Meagher & Flom (led by Shilpi Gupta and David Clark). Boeing is advised by Goldman Sachs, PJT Partners and Sullivan & Cromwell (led by H. Rodgin Cohen).
Vinci Partners Investments, an alternative investment platform, completed the acquisition of MAV Capital, an alternative asset manager focused on the agribusiness segment in Brazil. Financial terms were not disclosed.
"We are thrilled to announce the closing of the acquisition of MAV Capital. We are confident that the MAV team is a valuable addition to our platform, strengthening our presence in agribusiness. This transaction aligns with our long-term goals of expanding business lines and building leading franchises," Alessandro Horta, Vinci Partners CEO and Director.
Vinci Partners Investments was advised by Seneca Evercore, Lefosse Advogados, Danthi Comunicações (led by Carla Azevedo), and Joele Frank (led by Nicholas Lamplough). MAV Capital was advised by Themudo Lessa Advogados.
FIBRAeMX, a Mexican energy and infra-investment trust, agreed to acquire a 29% stake in GANA, the Mexican company holding the concession to construct, operate and maintain the Amozoc–Perote highway, from Aleatica, a transport infrastructure operator, and Invex, a financial services group, for MXN5.2bn ($284m).
Post-transaction, Aleatica will remain the majority shareholder with a 51% stake, ensuring continued control over GANA.
FIBRAeMX is advised by Scotiabank. Aleatica is advised by Citigroup. Invex is advised by Invex Capital.
Oglethorpe Power, a company that generates electricity for Georgia's electric membership corporations utilizing a diverse portfolio of nuclear, natural gas, coal and hydroelectric resources, completed the acquisition of Walton County, a 494MW gas-fired power project, from Carlyle-backed Mackinaw Power, a company that develops renewable energy. Financial terms were not disclosed.
"As electricity demand continues to grow in Georgia, the advanced technology at Walton County Power will help ensure that we can reliably and affordably meet the increasing power supply needs of our members," Mike Smith, Oglethorpe Power President and CEO.
Marubeni, a major Japanese integrated trading and investment business conglomerate, and Mizuho Leasing, a financial services company, completed a $500m investment in Aircastle, which acquires, leases, and sells commercial jet aircraft to airlines.
"We are pleased to announce this new commitment from our shareholders as it reflects their broad confidence in our long-term investment horizon and conservative balance sheet. For over three years, our unique ownership with Marubeni Corporation and Mizuho Leasing has bolstered our investment grade rating and retained our access to credit markets. This new capital positions us to be an industry-leading investor of liquid, in-demand narrow-body passenger aircraft," Mike Inglese, Aircastle CEO.
Robinhood, a financial services company that offers trading platform, agreed to acquire Pluto, an artificial intelligence powered investment research platform that delivers highly-customized investment strategies. Financial terms were not disclosed.
"Robinhood is the ideal destination to build products that democratize access to financial services like wealth management and financial planning through state of the art AI. I look forward to innovating at the company which has inspired me and so many others," Jacob Sansbury, Pluto CEO.
Redbox parent Chicken Soup for the Soul files for bankruptcy.
The owner of Redbox has filed for bankruptcy after accumulating nearly $1bn in debt, WSJ reported.
Chicken Soup for the Soul Entertainment filed for chapter 11 protection on June 28. The company that owns Redbox DVD kiosks owes money to more than 500 creditors, including Walmart and Walgreens, and several media companies such as Warner Bros. Home Entertainment and Sony Pictures Television.
US law firm Dechert considering shuttering offices in Hong Kong, Beijing.
US-founded law firm Dechert is considering closing its offices in Hong Kong and Beijing, becoming the latest foreign firm to scale back in Greater China, amid a prolonged capital market downturn and growing Sino-US tensions, Reuters reported.
Dechert has more than 20 employees in its Hong Kong office, 14 of whom are lawyers, including four partners. Its Beijing office houses only three lawyers, as per the website.
Delta Apparel files for bankruptcy, inks deal to sell Salt Life.
Delta Apparel has filed for chapter 11 bankruptcy with a deal in hand to sell its Salt Life brand, WSJ reported.
Delta Apparel, which has been grappling with significant market, operational and liquidity challenges, on July 1 said it would continue to operate its businesses as it pursues a sale of its assets.
EMEA
Atlas Investissement, a specialist investment vehicle focused on the telecoms sector, offered to acquire the remaining 70.8% stake in Millicom International Cellular, a provider of fixed and mobile telecommunications services dedicated to markets in Latin America, for $8.9bn.
"The offers allow all Millicom Shareholders to benefit from full cash liquidity at an attractive price in an environment where Atlas believes that liquidity has been weak for holders of SDRs and Common Shares," Atlas Investissement.
Millicom International Cellular is advised by Goldman Sachs, Morgan Stanley, Advokatfirman Lindahl, Davis Polk & Wardwell and Nord Advokater. Atlas is advised by BNP Paribas, Credit Agricole, Handelsbanken Capital Markets, JP Morgan, Lazard, Societe Generale, Arendt & Medernach, Roschier Attorneys and Skadden Arps Slate Meagher & Flom.
Barça Media, the content creation platform of FC Barcelona, terminated the agreement to go public via a merger with Mountain & Co. I Acquisition, a publicly traded special purpose acquisition company, in a $1bn deal.
The decision to terminate the agreement stems from the joint decision to focus on near-term business opportunities, which are best addressed in a private structure. The parties have agreed that Barça standalone, without Mountain, shall fully concentrate on leveraging such business opportunities, which are projected to substantially drive growth for Barça Media.
PAI Partners, one of the largest firms in the global private markets industry, agreed to acquire a majority stake in FairJourney Biologics, a provider of antibody discovery and development services, from GHO Capital, a European specialist investor in global healthcare. Financial terms were not disclosed.
"FairJourney's continued growth is set to be supported by strong market tailwinds including higher R&D spending by the pharmaceutical industry, increased demand for efficiencies leading to greater need for outsourcing, the established track record of antibody-based therapies, and a favourable regulatory landscape," GHO Capital.
FairJourney Biologics is advised by Jamieson. GHO Capital is advised by LEK Consulting, Alvarez & Marsal, JP Morgan, CTSU, Reed Smith and Deloitte.
Montagu Private Equity, a European private equity firm with headquarters in London, completed the acquisition of the medical device components business of Johnson Matthey, an international speciality chemicals company, for £550m ($695m).
"Today's announcement represents a significant milestone in our disposals programme announced in May 2022. As a JM business, MDC has delivered technological differentiation and good growth to the critical health sector. We welcome Montagu's plans to continue the investment and growth plans at MDC. We are pleased that this concludes our Value Businesses disposal programme which will deliver benefits to JM shareholders in terms of value realisation, simplification and increased focus on our growth businesses, where JM has a proven ability to win," Liam Condon, Johnson Matthey Chief Executive.
Montagu Private Equity was advised by PricewaterhouseCoopers, Raymond James and Kirkland & Ellis. Johnson Matthey was advised by Goldman Sachs and Morgan Lewis & Bockius (led by Jeannine Bishop).
BlackRock, an American multinational investment company, agreed to acquire Preqin, an independent provider of private markets data, for $3.2bn.
"BlackRock's vision has always been to bring together investments, technology, and data to offer solutions that meet our clients' needs across their whole portfolio. As clients increasingly evolve their focus from choosing products to constructing portfolios, this shift requires technology, data, and analytics that create a 'common language' for investing across both public and private markets. We see data powering the industry across technology, capital formation, investing, and risk management," Rob Goldstein, BlackRock COO.
EQT, a private equity firm, offered to acquire Keywords Studios, an Irish video game industry services company, for £1.96bn ($2.48bn).
"The board has carefully evaluated the updated possible offer with its financial advisers and concluded that the updated possible offer is at a value that the Board would be minded to recommend to Keywords Studios shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on such financial terms, subject to the agreement of all other terms and conditions of an offer," Keywords Studios.
Wendel, a French investment company, agreed to acquire a 50% stake in Globeducate, a K12 education provider, from Providence Equity, a private equity firm, for €625m ($670m).
"On behalf of the entire Globeducate team, I am looking forward to partnering with Wendel as we continue our ambitious growth journey. This transaction is a testament to the dedication of our teams and demonstrates the uniqueness of the Globeducate Group. I am thrilled to continue working with our partners at Providence, and warmly welcome our new partner, Wendel, as we seek to continue offering the highest-quality education to students around the globe," Luca Uva, Globeducate CEO.
Gard, a Norwegian insurer, agreed to acquire the Energy & Marine business of Alm. Brand, a Danish financial services group operating within the markets for non-life, life and pension insurance, for DKK1.6bn ($230m).
"After thoroughly exploring the strategic opportunities for our Energy & Marine business, we have concluded that a divestment will generate the greatest possible value for Alm. Brand Group," Rasmus Werner Nielsen, Alm. Brand CEO.
Alm. Brand is advised by Danske Bank and Accura Advokatpartnerselskab.
PLT Energia, a renewable energy producer, agreed to acquire a 191MW wind farm portfolio from EDPR, a renewable energy company, for €400m ($429m).
The transaction scope comprises 7 operating wind farms located in the south of Italy in operation for an average of 1.4 years, 5 projects benefit from a regulated tariff and 2 from a PPA.
PLT Energia is advised by Rothschild & Co.
Acuity Knowledge Partners, a provider of research, analytics and technology solutions to the financial services sector, agreed to acquire PPA Group, a technology partner and service provider for the digitalization and preparation of corporate data on behalf of financial service providers. Financial terms were not disclosed.
"We have built a best-in-class data extraction and processing business serving European lending customers. Becoming part of Acuity Knowledge Partners will allow us to expand our market share globally and provide additional value to our existing customer base. It also means we can combine our advanced understanding of AI platforms with that of Acuity to create new and market-leading solutions. Acuity and PPA share the same mission of being a strategic and trusted partner to our customers and a great place to work for our employees. We feel very comfortable becoming part of Acuity and are confident that we can add value to our common endeavours," Heimo Saubach, PPA Group CEO.
PPA Group is advised by 4GC.
JTC, the global professional services business, agreed to acquire Hanway Advisory, a provider of corporate governance, fund administration and accounting services to UK listed investment companies. Financial terms were not disclosed.
"This strategic expansion of our presence in the UK strengthens and deepens our offering to institutional clients. The team at Hanway bring with them vast experience and understanding of listed fund services which enhances our existing team, enabling us to deliver an even more compelling service to our UK listed clients," Nigel Le Quesne, JTC CEO.
Scandinavian Tobacco Group, a manufacturer of cigars and traditional pipe tobacco, completed the acquisition of Mac Baren Tobacco Company, a global smoking tobacco company, for DKK535m ($77m).
"I am very pleased that we have taken this important step to strengthen our smoking tobacco business with the acquisition of Mac Baren. The acquisition will contribute to our already well-established position on the global market for pipe tobacco and will expand our attractive range of brands of the highest standards to our consumers. The combination with our existing business is expected to deliver meaningful synergies when fully integrated and good value for our shareholders," Niels Frederiksen, Scandinavian Tobacco Group CEO.
Capgemini, a global business and technology transformation partner, completed the acquisition of Lösch & Partner, a business management consultant in Munich, Germany. Financial terms were not disclosed.
"Lösch & Partner enables the future competitiveness of manufacturing companies via state-of-the-art product development processes, to enable the convergence of software and hardware. This fits perfectly with Capgemini's end to end approach to enabling intelligent industry. Combining our expertise and leveraging the Group's global scale will mean we can better serve the needs of our joint clients," Nick Dudok, Lösch & Partner CEO.
GEP, a management consulting company that offers supply chain software, consulting, and managed services, completed the acquisition of OpusCapita, a provider of digital solutions and transaction processing, from PSG, a private equity firm. Financial terms were not disclosed.
"OpusCapita is a kindred spirit with a proven track record of strong organic growth, tenured customers, a relentless focus on fostering top-tier talent and investing in AI-driven procurement software and services. OpusCapita is a perfect fit for GEP and vice versa, because it unites the foremost e-invoicing and AP automation solutions in the Nordic region with GEP SMART, the industry's leading AI-driven global procurement and supply chain platform, and combines deep regional expertise and relationships into a robust customer base of global enterprises," Subhash Makhija, GEP CEO and Co-Founder.
Similarweb, a digital intelligence company, agreed to acquire 42matters, a prominent app intelligence provider headquartered in Zurich, Switzerland. Financial terms were not disclosed.
"By incorporating 42matters’ unique data and expertise, we are strengthening our app intelligence offering and also laying the foundations for further leadership and innovation in the digital intelligence market. Our comprehensive offerings empower businesses to make smarter, data-driven decisions and dominate across all digital channels - web, mobile and app," Or Offer, Similarweb CEO.
Atos strikes agreement on financial rescue terms.
Atos said it reached an agreement with a group of banks and bondholders on the terms of its financial restructuring as the struggling French IT firm seeks to shore up its coffers, WSJ reported.
The June 30 agreement comes after rescue talks between Atos and a consortium which included shareholder Onepoint fell apart late last month, which dealt a blow to the embattled company.
Panmure Liberum launches private capital, debt advisory units as senior team named.
Panmure Liberum has launched two new units and named its executive team following the completion of the merger between the two UK-focused investment banks.
The newly merged firm has launched private capital and debt advisory divisions, as it looks to expand its business following a tough period for specialist UK brokers.
Deutsche Bank shakes up compliance with Padovani promotion. (People)
Deutsche Bank has bolstered its compliance functions by naming Laura Padovani to its management board and a hiring former Credit Suisse banker in a senior role.
Padovani, who joined the German lender last year, has been promoted chief compliance and anti financial crime officer. She will replace Stefan Simon in the role, Deutsche said in a 1 July statement.
APAC
Ascendent Capital Partners has won China's consent for its proposed $1.66bn takeover of US-listed Hollysys Automation Technologies, potentially ending the more than three-year contest for the Chinese industrial company, Bloomberg reported.
The Hong Kong-based private equity firm has obtained all the approvals in China that are required to complete the merger.
Hollysys is advised by Deutsche Bank, Davis Polk & Wardwell, Haiwen & Partners, Mourant Ozannes, White & Case (led by Denise A. Cerasani), and Brunswick Group (led by Daniel Del Re). Ascendent is advised by Appleby, Morrison & Foerster, and Zhong Lun Law Firm. Recco Control Technology is advised by Conyers Dill & Pearman, FTI Consulting, and Okapi Partners (led by Bruce Goldfarb). Dazheng Group is advised by UBS, DLA Piper, and Sullivan & Cromwell.
CRH, a provider of building materials solutions, and Barro Group, a building material company, completed the acquisition of the remaining 53% stake in Adbri, a building materials business in Australia, for AUD1.1bn ($734m).
"We are very pleased to announce this potential acquisition of Adbri in partnership with the Barro family. We have held a long-term interest in the Australian construction materials market, which has attractive attributes including stable market dynamics and positive growth prospects, similar in nature to the Southern United States and Central and Eastern Europe where we have a significant presence," Albert Manifold, CRH CEO.
CRH was advised by UBS and Gilbert + Tobin. Adbri was advised by Barrenjoey Capital Partners, JP Morgan, Herbert Smith Freehills (led by Rebecca Maslen- Stannage), and Citadel Magnus (led by Peter Brookes).
Accenture, a professional services company, completed the acquisition of Openstream, a consulting and systems integration services, and advanced technologies provider. Financial terms were not disclosed.
"With Openstream, we can better help our clients reinvent their businesses and become truly data-driven. The cloud and digital expertise that Openstream, Open Stream and Neutral possess aligns perfectly with Accenture's broad capabilities and deep experience in cloud, data and AI. Open Stream's and Neutral's talent, solutions and client relationships with manufacturing and logistics companies will also strengthen our Industry X service. Our shared culture and strategy of embracing change will allow us to help Japanese companies scale faster and achieve value quicker," Atsushi Egawa, Accenture Market Unit Lead.
Integral was advised by Mitsubishi UFJ Morgan Stanley Securities.
Metro Pacific, a Philippine-based unit investment holding company, and GIC, a Singapore sovereign wealth fund, agreed to acquire a 35% stake in Jasamarga Transjawa Tol, a network of 13 toll roads in the provinces of west, central and east Java, for $1bn.
"This deal fortifies MPTC’s goal to expand in South-east Asia and enhance our infrastructure portfolio," Rogelio L Singson, MPTC President and CEO.
Guggenheim Partners Investment Management, the global asset management and investment advisory division of Guggenheim Partners, agreed to acquire the US military housing business of Lendlease Group, a multinational construction and real estate company, for AUD480m ($320m).
"With AUD1.9bn ($1.3bn) of transactions already announced, including the sale of US Military Housing, we have made significant progress towards our target of recycling AUD2.8bn ($1.9bn) of capital in the next 12 months. As this transaction demonstrates, we continue to take a disciplined approach to capital recycling, achieving premiums to book value, as we balance speed of execution with achieving value for our securityholders," Tony Lombardo, Lendlease Group CEO.
KKR, a global investment firm, and Teachers' Venture Growth, the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan, led a $140m Series E round in SmartHR, a cloud-native human resources management platform.
"As one of Japan's leading human resource Software as a Service (SaaS) platforms, SmartHR is playing a critical role in enabling the country's drive towards greater workforce productivity, while leaning into accelerating digitalization and cloud penetration. Through our technology growth strategy, we look to support innovative, disruptive local champions with our expertise, best practices and networks across KKR's global platform. SmartHR is an exceptional example of Japan's new economy, and we are delighted to work with the company's management, board and TVG in supporting SmartHR in the next phase of its growth," Mukul Chawla, KKR Partner and Head of Growth Equity, Asia Pacific.
Google, an American multinational technology company, agreed to acquire a minority stake in New Green Power, an international photo voltaic system engineering and procurement team, from BlackRock, an American global investment management corporation. Financial terms were not disclosed.
"As we witness growth in demand for digital services, powered by AI and data-centric technologies, it becomes imperative to invest in clean energy. The partnership is a testament to the shared commitment between Google and BlackRock to driving the transition to a low-carbon economy," David Giordano, BlackRock Global Head of Climate Infrastructure.
Sandvik, an engineering group providing products and solutions for mining and rock excavation, completed the acquisition of the additional 60% stake in Ahno, a precision cutting tools company, from BSC, a high-precision mechanical parts producer, for CNY1.5bn ($201m).
"This acquisition will strengthen our position in the strategically important Chinese market. Ahno's competitive assortment and closeness to customers is a great platform to drive further growth of our tooling business in China. Much of the offering is focused on fast growing segments, like electric vehicles, which makes Ahno a perfect fit with our strategy," Stefan Widing, Sandvik President and CEO.
KKR, a global investment firm, agreed to invest in Baby Memorial Hospital, a regional multi-specialty hospital chain in India. Financial terms were not disclosed.
KKR's investment will support BMH's efforts to address the growing need for quality, accessible healthcare services in India by advancing its efforts to build a leading pan-India network of hospitals, including through both organic and inorganic growth strategies.
Temasek on deal hunt to boost returns for Singapore. (FS)
Temasek has been backing a wave of international dealmaking by some of its biggest companies as the Singaporean state-owned investment company faces pressure to boost returns from its SGD382bn ($282bn) portfolio, FT reported.
The global investor has been an influential “behind the scenes” supporter of major mergers and acquisitions by companies it has stakes in, including Singtel, ST Engineering, Singapore Airlines and Sembcorp Marine.
Australia's First Super picks Stafford for $147m PE co-investment mandate. (FS)
Australian pension fund First Super has picked independent private markets investment and advisory firm Stafford Capital Partners for its AUD220m ($147m) Australian private equity co-investment programme, DealStreetAsia reported.
The development was confirmed by Stafford Capital Partners on its LinkedIn page, adding that the mandate came less than a week after it was awarded an AUD250m ($167m) global PE co-investment mandate with the $83bn superannuation fund HESTA.
India's Avaana targets to close Climate & Sustainability Fund at $120m soon. (FS)
India’s climate-focused venture capital firm Avaana Capital aims to close its Climate and Sustainability Fund at $120m within the next three to six months, DealStreetAsia reported.
Avaana Climate and Sustainability Fund aims to foster climate innovation and sustainability in India.
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