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AMERICAS
Bosch, the supplier of technology and services, agreed to acquire HVAC solutions business from Johnson Controls, a machinery industry company, and Hitachi, a Japanese multinational conglomerate, for $8.1bn.
“As the biggest acquisition in Bosch history, this is an important milestone in the systematic implementation of our strategy for 2030. We are dynamically pushing ahead with the strong development of Bosch, and will achieve a globally leading position in the promising HVAC market with this acquisition. In taking this step, moreover, we will strengthen our presence in the US and Asia and achieve a better balance among our business sectors. This is also part of our strategy. In this way, we will open up further growth opportunities and put the company as a whole on a firmer footing,” Stefan Hartung, Robert Bosch chairman of the board of management.
Owens & Minor, a global healthcare solutions company, to acquire Rotech Healthcare, a provider of home medical equipment and related products and services, for $1.36bn.
“Rotech squarely fits into our existing Patient Direct segment and directly aligns with the strategy we outlined last December during our Investor Day, supporting our expansion in the very large and fast-growing home-based care space. We are excited to acquire a high-quality company like Rotech, an opportunity that doesn’t come along very often, and I look forward to welcoming the Rotech teammates into the Owens & Minor family,” Edward A. Pesicka, Owens & Minor President and CEO.
Rotech is advised by Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison (led by Matthew Benedetto and Jeffrey D. Marell). Owens & Minor is advised by Citigroup, Kirkland & Ellis and Alpha IR.
Archrock, an energy infrastructure company, agreed to acquire Total Operations and Production Services, a contract gas compression services provider, from Apollo, a global alternative asset manager, for $983m.
“We are excited to join together with Archrock during an important time for our company and our industry. TOPS’ horsepower is contracted with blue-chip customers in the Permian Basin, making the addition of our electric motor business highly strategic and complementary for Archrock. We look forward to joining the Archrock team and working together to serve more customers across the country while driving continued growth and value creation,” Brian Green, TOPS CEO.
One Equity Partners-backed Ballymore Safety Products, a firm that manufactures ladders, lifts, platforms, and material handling equipment, completed the acquisition of DOC Services, a facilities services provider. Financial terms were not disclosed.
“Our family has been partners with Ballymore for multiple generations, and our values around quality work product and customer service are squarely aligned. We’re excited to pursue the next chapter of DOC’s legacy alongside the Ballymore and One Equity team,” Eric Swanson, DOC Services CEO.
One Equity Partners was advised by Stanton PRM.
IDEX Corporation, a company that designs and builds engineered products and mission-critical components, agreed to acquire Mott Corporation, an engineering company providing filtration and flow control products, for $1bn.
“We’re excited to join an industry leader with a strong record of helping customers solve their toughest problems. Mott brings applied material science, chemistry, and application expertise, an additive and complementary customer base, and a growing pipeline of opportunities. When combined with the scale of IDEX, industry-leading positions, and deep technological know-how, this will yield meaningful synergies and benefits. Our culture and capabilities align with IDEX, and our employees will add tremendous value to the company, just as they’ve driven Mott’s growth for generations.” Boris Levin, Mott President and CEO.
Agilent Technologies, an analytical and clinical laboratory technologies firm, agreed to acquire BIOVECTRA, a global biotech and pharmaceutical company, for $925m.
“BIOVECTRA is excited to join Agilent, a company whose dedication to people and customers is very much aligned with ours. BIOVECTRA has dedicated nearly 55 years to the relentless pursuit of helping our customers solve complex problems that improve patients’ lives. This synergistic pairing of our capabilities with Agilent’s will further enhance the value we can offer to our customers,” Oliver Technow, BIOVECTRA CEO.
Molina Healthcare, a managed care company, agreed to acquire EmblemHealth-backed ConnectiCare, a healthcare organization, for $350m.
“The addition of ConnectiCare to Molina brings a well-rounded government sponsored healthcare plan, and a new state, to our portfolio. Today’s announcement demonstrates the continuing success of our strategy of acquiring stable revenue streams, deploying capital efficiently, and delivering value through the application of the standard Molina playbook,” Joe Zubretsky, Molina Healthcare President and CEO.
UPS, an American multinational shipping & receiving and supply chain management company, agreed to acquire Estafeta, a Mexican express delivery company. Financial terms were not disclosed.
“Global supply chains are shifting, Mexico's role in global trade is growing, and Mexican SMB and manufacturing sectors are looking for reliable access to the US market. There is no better way to capitalize on these trends than by combining the size and scale of UPS with Estafeta. As the shift to nearshoring continues, our combined business will give customers in Mexico unprecedented access to global markets with seamless service and greater efficiency,” Carol Tomé, UPS CEO.
NYCB to sell more loans to JPMorgan after $5.9bn deal. (FS)
New York Community Bancorp, disposing of assets and freeing up cash after its rescue by investors, said it completed selling $5.9bn of loans to JPMorgan Chase and plans to sell $200m more in the near future — going further than previously announced, Bloomberg reported.
The disposals of so-called mortgage warehouse loans will boost NYCB’s common equity Tier 1 capital ratio by about 70 basis points.
Warner Bros. offers to match Amazon’s bid for NBA TV rights.
Warner Bros. Discovery offered to match Amazon.com’s bid for National Basketball Association TV rights, taking advantage of a clause in its expiring contract with the league, Bloomberg reported.
“Regrettably, the league notified us of its intention to accept other offers for the games in our current rights package, leaving us to proceed under the matching rights provision, which is an integral part of our current agreement and the rights we have paid for under it,” Warner Bros.
FactSet finance chief Linda Huber leaves; Helen Shan retakes post. (People)
FactSet Research Systems’ chief financial officer, Linda Huber, is leaving the provider of financial data after nearly three years on the job, WSJ reported.
FactSet on July 23 said Helen Shan, who ceded the finance chief post when Huber joined the Norwalk company in late 2021, resumes the role effective immediately. Shan has been serving as executive vice president and chief revenue officer. FactSet said another executive vice president, Goran Skoko, will take over as chief revenue officer on September 1.
EMEA
Banco Sabadell increased the amount of money it plans to return to shareholders as it seeks to fortify its defenses against the proposed takeover by rival BBVA, Bloomberg reported.
CEO Cesar Gonzalez-Bueno pledged €2.9bn ($3.2bn) in payouts over this year and next, up from €2.4bn ($2.6bn) he promised earlier this year.
KKR in exclusive talks with Italy’s Eni to buy Enilive stake. (FS)
Italian energy major Eni signed a temporary exclusivity agreement with KKR to sell a stake in its Enilive unit, potentially worth more than €3bn ($3.3bn), Bloomberg reported.
Discussions on the sale of a 20% to 25% stake in Enilive are based on a valuation for the biorefining unit of €11.5bn ($12.5bn) to €12.5bn ($13.6bn). Both companies are committed to negotiating a deal.
Eni is advised by JP Morgan. KKR is advised by UniCredit.
Cybersecurity firm Wiz calls off $23bn deal with Google.
Israeli cybersecurity startup Wiz has ended talks with Google-parent Alphabet on a reported $23bn deal in which it would have become the US tech giant's largest-ever acquisition, Reuters reported.
Wiz CEO Assaf Rappaport said the company would now focus on an initial public offering, as it had planned earlier, and aims to achieve an annual recurring revenue of $1bn.
Revolut targets valuation jump to $45bn in sign of fintech revival.
Bank disrupter Revolut is nearing a deal to sell about $500m worth of employee-owned shares at a valuation of $45bn, a sign that animal spirits are returning to the financial-technology sector, WSJ reported.
The details Revolut, already the world’s second most-valuable fintech startup after Stripe, is in talks to sell the shares to new shareholders, including New York-based Coatue Management, and existing investors such as Tiger Global Management.
David Allen’s AlbaCore targets €2bn in senior lending push. (FS)
AlbaCore Capital is looking to raise more than €2bn ($2.2bn) for a new senior direct-lending strategy, Bloomberg reported.
The fresh fund — which will likely close next year — seeks to compete with managers from the likes of Ares Management and Intermediate Capital Group to finance European leveraged buyouts by providing senior secured loans.
AirBaltic sees potential second-half IPO, with 2025 contingency.
AirBaltic said the timing for its planned initial public offering could slip into next year depending on investor feedback, as concerns mount across the industry about airlines’ profitability, Bloomberg reported.
While the Latvian carrier still expects to go ahead with the potential IPO in the second half of this year, Chief Executive Officer Martin Gauss said the company will “change the tone” and “do it likely in the first half of next year” if the business model isn’t accepted or understood by potential investors.
APAC
Goldman Sachs buys Australia logistics properties to beef up real estate portfolio. (RE)
Goldman Sachs Group's alternative investments platform said on July 23 it bought seven logistics-focused properties across Australia to scale up its real estate portfolio, Reuters reported.
These "last-mile" properties are located along urban highways in Adelaide, Brisbane, Perth and Melbourne and are leased to e-commerce, transport and wholesale distributors.
Toyota Motor to buy back shares worth more than $5bn from Japan banks and insurers.
Toyota Motor plans to buy back more than $5bn of shares held by Japanese banks and insurers as part of efforts to unwind cross-shareholdings and improve balance-sheet efficiency, WSJ reported.
The Japanese automaker said July 23 that it will start a tender offer to repurchase shares worth JPY806.8bn ($5.14bn) at JPY2,781 each, representing a 10% discount to july 23’s closing price.
Blackstone Japan fund exceeds $1bn as investors warm to PE. (FS)
Blackstone’s first-ever private equity fund for Japanese individual investors raised $1.2bn just four months after its launch, adding to signs that people in the Asian nation are warming to alternative assets, Bloomberg reported.
The dollar-denominated Blackstone Private Equity Strategies Investment Trust reached that amount at the end of June.
HK-listed Luye Pharma may secure up to $220m from China's state-owned fund manager. (FS)
State-owned Shenzhen Investment Holdings Capital has agreed to invest up to CNY1.6bn ($220m) into a wholly-owned subsidiary of Hong Kong-listed Luye Pharma Group as part of the latter’s plan to boost its oncology drug business, DealStreetAsia reported.
As part of the three-phased deal, Shenzhen Luye Private Equity Investment Fund will first acquire a 25% stake in Nanjing Luye Pharmaceutical, the oncology drugs maker under Luye Pharma Group, for CNY1bn ($137m).
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