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AMERICAS
Bristol Myers Squibb, a global biopharmaceutical company, completed the acquisition of Karuna Therapeutics, a biopharmaceutical company, from PureTech, a biotechnology company which develops medicines to combat serious diseases, for $14bn.
"There are tremendous opportunities in neuroscience, and Karuna strengthens our position and accelerates the expansion and diversification of our portfolio in the space. We expect KarXT to enhance our growth through the late 2020s and into the next decade. This transaction fits squarely within our business development priorities of pursuing assets that are strategically aligned, scientifically sound, financially attractive, and have the potential to address areas of significant unmet medical need. We look forward to welcoming the talented Karuna team to Bristol Myers Squibb," Christopher Boerner, Bristol Myers Squibb CEO.
Chatham Asset Management-backed RR Donnelley & Sons Company, a global provider of marketing, packaging, print and supply chain solutions, agreed to acquire digital and print marketing businesses from Vericast, a marketing technology company. Financial terms were not disclosed.
“The acquisition of these businesses strengthens RRD’s existing marketing creative execution with digital marketing capabilities and will move us closer to our client promise to enhance quality and elevate engagement across the full customer journey. The shared mail business will complement our targeted mail platform to create one of the largest and one of the most sophisticated mail platforms in the US," Tom Quinlan, RR Donnelley & Sons Company President and CEO.
Chatham Asset Management is advised by Lowenstein Sandler. RR Donnelley & Sons Company is advised by Bank of America and Latham & Watkins (led by Michael Saliba, Ryan Maierson and Kevin Richardson). Vericast is advised by Kirkland & Ellis. Debt financing was provided by Apollo Global Management and JP Morgan.
GTCR, a private equity firm, completed the acquisition of Cloudbreak Health, a provider of tech-enabled, healthcare-focused language interpretation services, from UpHealth, a multi-condition direct-to-patient healthcare platform, for $180m.
"We are excited to partner with Cloudbreak and its talented team to drive this market leading business forward. Cloudbreak delivers a strong value proposition to its healthcare clients, improving quality of care and patient satisfaction," Geoffrey Tresley, GTCR Principal.
GTCR was advised by Moelis & Co and Kirkland & Ellis (led by Daniel A. Guerin and Neil K. Vohra). Debt financing was provided by Barings and Monroe Capital.
Titan Medical, a medical technology company, agreed to acquire Conavi Medical, a commercial-stage medical device company, for $70m.
"This merger is the result of a thoughtful and careful review of strategic options and reflects the continued commitment of our management team and Board of Directors to deliver value to shareholders. Conavi is an exciting commercial-stage company with groundbreaking technology and an accomplished management team. We are confident in their ability to continue to drive adoption of the Novasight Hybrid System," Paul Cataford, Titan Interim CEO and Board Chair.
Conavi Medical is advised by Mintz Levin. Titan Medical is advised by Raymond James, Borden Ladner Gervais and Kilmer Lucas (led by Stephen Kilmer).
nCino, a provider of cloud banking for the global financial services, agreed to acquire DocFox, a solution provider of automating onboarding experiences for commercial and business banking. Financial terms were not disclosed.
"Since day one, nCino was developed to help digitize, automate, and streamline complex processes to create more efficient workflows and better experiences for financial institutions and their clients," Pierre Naudé, nCino CEO and Chairman of the Board.
DocFox is advised by Keefe Bruyette & Woods and Wilson Sonsini Goodrich & Rosati. nCino is advised by Sidley Austin.
Oaktree Capital Management, an American global asset management firm specializing in alternative investment strategies, agreed to acquire LPW Group, a designer and manufacturer of critical-use valves, actuators, fittings, and flanges. Financial terms were not disclosed.
“We are excited to begin our partnership with Oaktree, which has extensive experience in our markets and shares our commitment to delivering high-quality products and exceptional customer service. This investment will help LPW Group build on its reputation as the supplier of choice for critical-use flow control products,” Mark Bowie, LPW Group CEO.
Oaktree Capital Management is advised by Latham & Watkins and FGS Global (led by Suzanne Byowitz).
AEA Investors-backed Meritus Gas Partners, an independent distributor for a wide assortment of welding and gas supplies, agreed to acquire Advanced Gases, an independent distributor of packaged gases and welding supplies headquartered in Sacramento. Financial terms were not disclosed.
"Advanced Gases is a great fit for Meritus, and we are excited to welcome Mike Hamilton, his wife Myriam Simental and their dedicated employees into the Meritus family. Advanced Gases is well-regarded in the Sacramento area for its commitment to product quality and responsive customer service. We are confident that we can expand Advanced Gases' capabilities and reach into new markets, including university research and food and beverage. Advanced Gases furthers our strategy to expand our presence in the West and provides Meritus with another building block upon which to build a diverse industrial gas business in Northern California," Scott Kaltrider, Meritus Chairman.
OceanSound Partners-backed Gannett Fleming, an engineering and infrastructure solutions provider, completed the acquisition of DEC, a Texas-based water and transportation engineering services provider. Financial terms were not disclosed.
“While we have worked in Texas for decades, DEC will broaden our company’s presence in the state, deepening the services and resources we can offer clients. DEC has an attractive client base and impressive portfolio of work that will enhance our ability to serve new and existing customers. DEC and Gannett Fleming are aligned on the importance of delivering exceptional quality, being our clients’ trusted advisors, and being an employer of choice by continuously investing in our employees and helping them be successful,” Bob Scaer, Gannett Fleming CEO.
TotalEnergies, a global multi-energy company, agreed to acquire Talos Low Carbon Solutions, an early-mover American company focused on carbon capture and storage. Financial terms were not disclosed.
"TotalEnergies is pleased to enter the Bayou Bend project through the acquisition of Talos Low Carbon Solutions. Ideally located close to our Port Arthur refinery and our petrochemicals assets in La Porte, this project will be instrumental for the reduction of direct emissions from our US operations. This transaction gives momentum to the decarbonization of hard-to-abate US emissions and marks a milestone on our journey to get to Net Zero by 2050, together with society,” Patrick Pouyanné, TotalEnergies Chairman and CEO.
Talos Low Carbon Solutions is advised by Latham & Watkins (led by Justin T. Stolte).
Shift4 CEO tells staff potential bids fail to 'sufficiently value' firm.
Payments processor Shift4 Payments' Chief Executive Officer Jared Isaacman said bids from potential contenders have failed to "sufficiently value" the company, Reuters reported.
The board determined that none of the "multiple offers" received by Shift4 adequately valued the business or the company's future, even though the offers were above its Shift4's current share price.
Reddit’s IPO as much as five times oversubscribed.
Reddit’s initial public offering is between four and five times oversubscribed, Reuters reported.
That signals that the company is poised to at least reach its targeted price range of $31 to $34 per share when the IPO prices in New York on Wednesday.
Astera boosts IPO size, price range as AI stock rally churns on. (FS)
Astera Labs, an Intel-backed semiconductor connectivity company, raised the size of its planned initial public offering by 26% as the investor frenzy around artificial intelligence plays picks up steam, Bloomberg reported.
Astera and its investors plan to sell 19.8m shares at $32 to $34 each, according to an updated registration statement filed March 18 with the Securities and Exchange Commission. The offering would raise $673m if priced at the top end of that range.
Encyclopaedia Britannica seeking $1bn valuation in IPO.
Encyclopaedia Britannica, the education technology company and publisher of books including the Merriam-Webster dictionary, is seeking a valuation of about $1bn its initial public offering, Bloomberg reported.
The Chicago-based company known for its historic namesake encyclopedia is working with advisers and may launch the offering as soon as June. Britannica announced in January it had filed confidentially for an IPO.
Health services provider Concentra confidentially files for US IPO.
Occupational health services provider Concentra Group, a unit of healthcare company Select Medical Holdings, said on March 18 it has confidentially filed for an IPO in the United States, Reuters reported.
The number of shares to be offered and the price range for the proposed offering have not yet been determined.
EMEA
PAI Partners, a private equity firm, agreed to acquire a majority stake in Beautynova, a global professional haircare platform, from Bluegem Capital Partners, a private equity firm. Financial terms were not disclosed.
“Emilio and Bluegem have been a true partner, bringing unwavering support for our innovative vision and enabling meaningful growth. Over the last four years, the company has strengthened the senior management team and invested in state-of-the-art production facilities, world-class ERP systems and innovative product development, ensuring we have the resources and expertise to push boundaries and set new industry standards. We look forward to working with PAI and Bluegem as we continue on this exciting journey of innovation and growth,” Stefano Banfo, Beautynova CEO.
Beautynova is advised by Alvarez & Marsal and Boston Consulting Group. PAI Partners is advised by Raymond James, Banca Akros, Banco BPM, UniCredit, White & Case, New Deal Advisors, OC&C Strategy Consultants, PricewaterhouseCoopers, Latham & Watkins, Willkie Farr & Gallagher, Ramboll, Greenbrook (led by Peter Hewer), Havas Paris (led by Thomas Hartog and Sarah Duparc) and ICR (led by Brian Ruby). Bluegem is advised by Houlihan Lokey, BPER Banca, Latham & Watkins, PricewaterhouseCoopers, PedersoliGattai, ERM Group and Tancredi (led by Leonardo Maisano).
American Industrial Acquisition, an investment firm, agreed to acquire the road signs business unit from Groupe Lacroix, an international technology equipment supplier. Financial terms were not disclosed.
The desire to focus its investments on the strategic markets of industrial IoT and electronic equipment led Lacroix to announce its plan to sell the Road Signs Business Unit.
Groupe Lacroix is advised by Actifin (led by Marianne Py).
Accenture, a multinational professional services company that provides services in strategy, consulting, digital, technology and operations, agreed to acquire Arηs, a technology services provider focused on supporting public sector transformation across Europe. Financial terms were not disclosed.
“We are committed to providing our public service clients with the right people, guidance, systems and processes to help meet the evolving needs of their constituents. The acquisition of Arηs Group will help scale our capabilities with a highly skilled workforce, a history of successful public service delivery and valued technical certifications that can quickly be mobilized to serve our clients in Europe," Jean-Marc Ollagnier, Accenture CEO for Europe, Middle East and Africa.
Carlyle nears advanced talks on €1.5bn Thyssen unit. (FS)
Private equity firm Carlyle Group is preparing to enter advanced negotiations to acquire a majority stake in Thyssenkrupp’s naval shipbuilding unit in a deal that could value the business at about €1.5bn ($1.6bn) including debt, Bloomberg reported.
Talks are progressing and the beleaguered German conglomerate could announce as soon as this week that it’s entering advanced discussions with Carlyle on terms of a deal.
Saudi wealth fund is in talks to acquire national airline. (FS)
Saudi Arabia’s sovereign wealth fund is in early talks to acquire the kingdom’s flagship carrier as it looks to pour billions of dollars into turning the country into a tourism hotspot, Bloomberg reported.
The Public Investment Fund is considering a deal that would see it add the 80-year old Saudiato its growing portfolio of aviation assets as soon as next year.
Digital bank Monzo in talks to sell stake to Singaporean state fund GIC. (FS)
Monzo, the digital bank which last month secured a valuation in excess of $5bn, is in talks to sell an additional stake to one of Singapore's sovereign wealth funds, Sky News reported.
Monzo is in advanced negotiations to raise in the region of $50m by issuing new shares to the Asian city-state's GIC.
Shell plans to divest 1k retail sites in shift to EV charging.
Shell plans to divest 500 retail sites annually over the next two years, responding to a growing demand for electric vehicle chargers, Bloomberg reported.
“We are upgrading our retail network, with expanded electric vehicle charging and convenience offers, in response to changing customer needs,” Shell said in its latest energy transition strategy. “In total, we plan to divest around 500 Shell-owned sites (including joint ventures) a year in 2024 and 2025.”
Signa Prime, Kuehne in talks on emergency loan to buy time.
Signa Prime and the holding company of logistics billionaire Klaus-Michael Kuehne are in talks about handing the insolvent property firm a lifeline as creditors meet to discuss its restructuring plan, Bloomberg reported.
Kuehne Holding, a Signa Prime shareholder, and some banks are considering an emergency loan for more than €100m ($109m). It would provide liquidity to cover bills and continue construction on developments.
Oman wealth fund seeks pitches for logistics firm IPO. (FS)
The Oman Investment Authority is planning an IPO of Asyad Group, the sultanate’s logistics company, as the Gulf nation ramps up its divestment program, Bloomberg reported.
Details on the valuation or timing of the IPO were not immediately available. Representatives for the OIA weren’t available for comment. Asyad Group describes itself as a $4bn enterprise backed by an initial $26bn in government infrastructure spending.
APAC
Sumitomo Life, a mutual life insurance company, completed the acquisition of a 26% stake in Singlife, a life insurance company, from Aviva, a multinational insurance company, for £800m ($1bn).
"This is a good outcome for Aviva. The transaction further simplifies the business and we are in a very strong position to build on our trading momentum in the UK, Ireland and Canada," Amanda Blanc, Aviva CEO.
Aviva was advised by JP Morgan, Allen & Gledhill, Mori Hamada & Matsumoto, Slaughter & May (led by Richard Smith and Claire Jackson) and Brunswick Group.
State-backed Japan Investment will launch a tender offer for chipmaking materials linchpin JSR on March 19, a move that Tokyo officials deem crucial for the country’s domestic supply chain, Bloomberg reported.
JSR said it no longer needed advance regulatory approval from Beijing for the JPY904bn ($6bn) deal, thanks to an amendment in China’s guidelines regarding its antitrust laws. The withdrawal of its application was accepted on February 19, leading JIC to decide it could move forward on the tender offer. JIC is slated to buy all outstanding shares of JSR for JPY4,350 ($29) per share.
JSR is advised by Morgan Stanley and Shearman & Sterling. JIC is advised by JP Morgan.
MCI BPO, a provider of business process outsourcing and customer experience solutions, completed the acquisition of EastWest BPO, a BPO company in San Fernando City, Philippines. Financial terms were not disclosed.
"The acquisition of EastWest BPO & Technologies is a key step for MCI in expanding our offshore CX BPO contact center solutions. After almost two decades as one of the fastest-growing onshore tech-enabled call centre BPO service providers, we've spent the past few years heavily focused on more of what our clients want: technology and high-quality nearshore/offshore cost arbitrage. EastWest BPO, a mid-market provider, delivers top-quality service with highly tenured staff, which translates to happy clients that transition to MCI with a high degree of attention from senior level vendor staff," Anthony Marlowe, MCI CEO.
Vietnam's Vingroup sells 41.5% of its stake in Vincom Retail for nearly $1bn.
Vingroup has sold 41.5% of its stake in its retail unit, Vincom Retail, to an undisclosed partner for an undisclosed sum, DealStreetAsia reported.
After the transaction, Vingroup holds an 18.8% stake in Vincom Retail but the shopping mall operator is no longer a Vingroup unit. The transaction is expected to conclude between this month and the third quarter of this year.
Vedanta’s Sterlite said to transfer three power projects to GIC Venture. (FS)
Sterlite Power Transmission, a privately-held unit of mining company Vedanta, has transferred three Indian power transmission projects into its joint venture with Singaporean sovereign wealth fund GIC, Bloomberg reported.
The projects are still under development and the transfer into the Sterlite Grid 32 joint venture has been agreed.
A91 Partners in talks to top up in menswear brand DaMENSCH. (FS)
Indian growth-stage investor A91 Partners is looking to top up its investment in DaMENSCH, a homegrown premium men’s lifestyle brand, as the company gears up to raise its next round of funding , DealStreetAsia reported.
A91 Partners is an investment firm investing across consumer, technology, financial services and healthcare sectors in India.
TSMC weighs advanced chip packaging capacity in Japan.
Taiwan’s TSMC is looking at building advanced packaging capacity in Japan, a move that would add momentum to Japan‘s efforts to reboot its semiconductor industry, DealStreetAsia reported.
One option the chipmaking giant is considering is bringing its chip on wafer on substrate packaging technology to Japan.
Widjaja Family’s consortium seeks private credit for mine deal.
A consortium led by Golden Energy and Resources is sounding out private credit funds and banks to gauge interest in financing its $1.65bn acquisition of a coal mine in Australia, Bloomberg reported.
The acquiring entity, GEAR M Illawarra Met Coal, has mandated Grant Samuel as an adviser in its fundraising talks for the deal to acquire Illawarra Metallurgical Coal from Australia-based South32.
XPeng’s shares rise on cheaper brand launch.
XPeng’s shares rose after the Chinese electric-vehicle maker disclosed plans to launch a cheaper mass-market brand amid intensified competition in China’s EV market, WSJ reported.
The automaker’s Hong Kong-listed shares rose as much as 6.3% before paring gains to 4.4% at HKD39.45 ($5.04) on March 18 afternoon.
Nissan, Honda shares rise sharply after EV tie-up plan.
Shares of both Nissan Motor and Honda Motor rose sharply after the carmakers said they are teaming up on electric vehicles as part of efforts to compete with rivals in China and the US, WSJ reported.
Nissan shares were recently 5.6% higher on March 18 morning, while Honda shares were up 2.7%. The Nikkei Stock Average was 2.2% higher.
Ninja Van Holding off on IPO plans until profitability improves. (FS)
Logistics provider Ninja Van has put plans for a stock market debut on the back burner, the latest sign of tech startups’ struggles with falling valuations across the industry, Bloomberg reported.
The Alibaba Group Holding-backed delivery company is focusing on improving its profitability before going ahead with an IPO, Chief Executive Officer Lai Chang Wen told reporters in Singapore on March 18. The company expects to reach positive earnings before interest, taxes, depreciation and amortization in 12 months.
Alibaba puts new leader in charge of Freshippo with IPO in limbo. (People)
Alibaba Group Holding appointed a new head of its grocery arm Freshippo in the latest step of a wide-ranging restructuring, Bloomberg reported.
Chief Financial Officer Yan Xiaolei will replace founder Hou Yi as chief executive officer of Freshippo. Hou will retire but serve as a senior adviser to the company.
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