Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Canada approved Royal Bank of Canada's $10.1bn acquisition of HSBC's domestic unit, in a deal that would further tighten the country's top lenders' grip on the market, Reuters reported.
The deal is conditional on RBC establishing a global banking hub in Vancouver, waiving fees associated with the transfer of mortgages from HSBC to RBC and protecting HSBC's Canadian workforce.
The White House said Nippon Steel's $14.9bn proposed acquisition of US Steel deserves "serious scrutiny," given the company's core role in US steel production that is critical to national security, Reuters reported.
The White House said it viewed a strong domestic steel industry as vital to the US economy and national security, and said it supported a careful review of the transaction by the Committee on Foreign Investment in the United States.
Screaming Eagle Acquisition, a blank cheque company, agreed to acquire Lionsgate Studios, a newly spun off entertainment unit of Lionsgate, in a $4.6bn deal. As a result of the transaction, 87.3% of the total shares of Lionsgate Studios are expected to continue to be held by Lionsgate, Screaming Eagle is expected to own an aggregate of approximately 12.7% of the combined company.
"We are thrilled to be part of establishing Lionsgate Studios as one of the only pure play content companies in the public markets, which is well positioned to unlock value for both existing and new shareholders. We believe this will be seen as one of the most innovative and value creating transactions the market has seen in some time," Eli Baker, Screaming Eagle CEO.
Screaming Eagle Acquisition is advised by Citigroup, Morgan Stanley, Goodmans, White & Case and Priority PR. Financial advisors are advised by Davis Polk & Wardwell. Lionsgate is advised by Morgan Stanley, Dentons and Wachtell Lipton Rosen & Katz (led by David Shapiro and Helen Diagama).
.
Bristol Myers Squibb, a global biopharmaceutical company, agreed to acquire 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.
Karuna Therapeutics is advised by Goldman Sachs and Simpson Thacher & Bartlett (led by Eric Swedenburg, Jakob Rendtorff and Alan Klein). Bristol Myers Squibb is advised by Citigroup, Gordon Dyal & Co and Covington & Burling. PureTech is advised by FTI Consulting (led by Ben Atwell and Rob Winder) and Ten Bridge Communications.
Leonard Green & Partners, a private equity investment firm, agreed to acquire a majority stake in TenCate Grass, a manufacturer, distributor and installer of artificial turf and other surfaces for sports, from Crestview Partners, a private equity firm. Financial terms were not disclosed.
"TenCate is precisely the type of company in which we like to invest. We value companies that win with people, a differentiated culture, and multiple levers for growth. We strongly believe that TenCate's best years are ahead. We are thrilled to partner with their broad group of employee owners and to help deliver the next phase of outstanding growth," Jonathan Seiffer, LGP Senior Partner.
TenCate Grass is advised by Bank of America, Robert W Baird and Paul Weiss Rifkind Wharton & Garrison. LGP is advised by Lincoln International, Latham & Watkins and Loyens & Loeff. Crestview is advised by Kekst CNC (led by Jeffrey Z. Taufield and Daniel Yunger).
Powermers Smart Industries, a green-powered innovator at the intersection of modern engineering, fleet management solutions, and product platforms for the commercial transportation and industrial equipment sectors, agreed to go public via a SPAC merger with OCA Acquisition, a special purpose acquisition company, in a $2bn deal.
"Our journey has resulted in a business combination with a premier partner that positions Powermers to accelerate its growth story. With PSI's talented team and market interest, this transaction is a meaningful step to realize the power of our business model, which is designed to help improve the carbon footprint of the commercial transportation and industrial equipment sector globally," Christopher Thorne, Powermers Smart Industries Chairman and CEO.
Powermers is advised by Cohen & Company Capital Markets, Graubard Miller, PAG Law and Paul Hastings. OCA Acquisition is advised by Han Kun Law Offices and Kirkland & Ellis.
Mobix Labs, an innovative provider of next generation wireless mmWave 5G and connectivity solutions, went public via a SPAC merger with Chavant Capital Acquisition in a $276m deal.
"Today marks a significant milestone for our company as we embark on a new chapter of growth and innovation. Going public on Nasdaq is not just a financial achievement, but a testament to the dedication and expertise of our board, management team and talented employees, as we utilize the capital markets to help accelerate our acquisition strategy and deliver best-in-class wireless and wired solutions to the global communications market," Fabian Battaglia, Mobix Labs CEO.
Mobix Labs was advised by B. Riley, Greenberg Traurig and Blueshirt Group. B. Riley was advised by DLA Piper. Chavant Capital Acquisition was advised by Needham & Co and Simpson Thacher & Bartlett.
Nukkleus, a fintech form, went public via a SPAC merger with Brilliant Acquisition, a blank cheque company, in a $105m deal.
"We have been seeking a quality opportunity in the global fintech sector for quite some time. Given the international sponsorship of Brilliant, we particularly appreciate that Nukkleus's Digital RFQ subsidiary operates on a worldwide basis capturing a global institutional audience for its services," Peng Jiang, Brilliant Chairman.
Nukkleus was advised by ClearThink and Schiff Hardin. Brilliant acquisition was advised by Axiom Capital Management, EarlyBirdCapital, RedEight Capital and Loeb & Loeb (led by Giovanni Caruso).
Shiseido, a cosmetics company, agreed to acquire Dr. Dennis Gross Skincare, a dermatologist-led, science-based prestige skincare products maker. Financial terms were not disclosed.
"This transaction is well-aligned with Shiseido's 2030 goal of becoming a personal beauty wellness company that supports people in realizing unique beauty and wellness throughout their lives. Dr. Dennis Gross Skincare is the perfect complement to our global portfolio of prestige brands as their core values are aligned with ours in terms of their scientific and innovative approach to beauty and our people-first culture. We are thrilled to welcome the Dr. Dennis Gross Skincare team to the Shiseido family, and I am confident Dr. Dennis Gross Skincare will accelerate our growth in the Americas, a region that has experienced strong business performance, thanks to our portfolio of exceptional brands," Masahiko Uotani, Shiseido Chairman and CEO.
Dr. Dennis Gross is advised by Raymond James, Cowan DeBaets Abrahams & Sheppard and Morrison & Foerster. Shiseido is advised by Jones Day and FGS Global (led by Emily Claffey).
Altus Power, a commercial-scale provider of clean electric power, completed the acquisition of Project Hyperion, comprising of 121 Megawatts in solar assets, from Basalt, an investment advisor to infrastructure equity investment funds, and Soltage, a developer, owner, and operator of distributed utility-scale solar and storage assets. Financial terms were not disclosed.
"We are pleased to welcome new solar customers to the Altus portfolio and look forward to working with these high-quality government and municipal agencies to help them reach their sustainability goals through the use of clean, electric power. Basalt and Soltage are important partners and their successful development of commercial scale solar complements our strengths in optimizing asset performance and providing superior customer management," Gregg Felton, Altus Power Co-CEO.
Altus Power was advised by Stoel Rives. Basalt and Soltage were advised by Marathon Capital and Parker Poe Adams & Bernstein. Basalt was advised by Winston & Strawn. Soltage was advised by Foley Hoag.
Blaize, a provider of full-stack artificial intelligence solutions for automotive and edge computing in multiple large and rapidly growing markets, agreed to go public via a SPAC merger with BurTech Acquisition, a special purpose acquisition company, in a $894m deal.
"This combination with BurTech is a landmark event for Blaize. It positions us perfectly to tackle the exciting challenges and global opportunities in AI computing and processors. We are grateful for the support of our long-term investors and the commitment from BurTech. This enables us to rapidly deploy our proprietary AI solutions across multiple geographies and play a prominent role in shaping the future of sustainable AI innovation," Dinakar Munagala, Blaize CEO and Co-Founder.
Blaize is advised by Cohen & Company Capital Markets, Latham & Watkins and Blueshirt Group (led by Mark Roberts). BurTech Acquisition is advised by Norton Rose Fulbright.
Ajinomoto, a Japanese multinational food and biotechnology corporation, completed the acquisition of Forge Biologics, a US based manufacturer of genetic medicines, for $545m.
"Forge's unparalleled expertise in gene therapy development and manufacturing will be a transformative addition to our core growth area of Healthcare as part of our ASV Initiatives 2030 Roadmap. Forge brings to Ajinomoto an entirely new capability that will vitally enhance our Bio-Pharma Services business and help create new value through innovative solutions for communities and society," Yasuyuki Otake,
Bio-Pharma Services Department of Ajinomoto Corporate Executive and General Manager.
Forge Biologics was advised by Centerview Partners, Chardan and Ice Miller. Ajinomoto was advised by Shearman & Sterling.
Custom Health, a comprehensive technology-enabled medication management and managed care solution provider, agreed to go public via a SPAC merger with Berenson Acquisition I, a special purpose acquisition corporation, in a $185m deal.
"We are very excited to work closely with the BACA team to transform the care experience for people at home. We believe that their deep mergers and acquisitions expertise coupled with our shared commitment to impact patient lives will accelerate our path to market. Guessing with medication must stop. We have the expertise, technology and comprehensive data to help people who take medication achieve the best possible health outcome," Shane Bishop, Custom Health CEO.
Custom Health is advised by DLA Piper and irlabs (led by Alyssa Barry). Berenson Acquisition I is advised by Cohen & Company Capital Markets and Greenberg Traurig.
Astellas, a pharmaceutical company, completed the acquisition of Propella Therapeutics, a biopharmaceutical company that has developed a platform that combines medicinal chemistry, for $175m.
"The acquisition fits with Astellas' strategy to provide patients with therapeutic options for diseases with high unmet medical needs. Propella has a promising program, PRL-02, targeting prostate cancer. We believe that the synergy with Astellas' global development and commercialization capabilities in the cancer and urology fields will accelerate the development of PRL-02 and deliver new VALUE to patients with prostate cancer," Naoki Okamura, Astellas President and CEO.
Propella Therapeutics was advised by Stifel and Cooley. Astellas was advised by MUFG Bank and Morrison & Foerster.
Tang Capital-backed Concentra Biosciences, a biotech company, agreed to acquire Theseus Pharmaceuticals, a clinical-stage biopharmaceutical company, for $188m.
Theseus shareholders holding approximately 59% of Theseus common stock have signed support agreements under which such shareholders agreed to tender their shares in the offer and support the merger.
Theseus is advised by Leerink Partners and Goodwin Procter. Concentra is advised by Gibson Dunn & Crutcher.
TFI International, a transportation and logistics company, agreed to acquire Daseke, a transportation solutions specialist dedicated to servicing challenging industrial end markets, for $1.1bn.
“We believe this transaction to be a tremendous outcome for our Daseke shareholders, providing a near-term liquidity event at a significant premium, and is consistent with our stated priority of progressing opportunities that maximize value for our shareholders. TFI has a proven track record of successfully executing acquisitions that deliver value for its customers, shareholders, partners, and team members. We are very fortunate to be joining a like-minded organization who shares our commitment to strong customer relationships, services excellence, and utmost respect for our professional drivers, each of which has fueled Daseke’s success over the last 15 years,” Jonathan Shepko, Daseke CEO.
Daseke is advised by JP Morgan and Kirkland & Ellis.
Global Partners, an integrated storage, distribution and retail liquid energy company, completed the acquisition of 25 liquid energy terminals from Motiva, a company that operates as a wholly owned US subsidiary of Saudi Aramco, for $306m.
"This acquisition nearly doubles our operating footprint, giving Global a significant position from Maine to Florida and into the Gulf Coast. The addition of these terminals supports the growth of our integrated supply, storage and retail network in rapidly growing areas of the country—Florida, Georgia, Texas and the Carolinas—providing customers with gasoline, diesel and other liquid fuels essential to their daily lives," Eric Slifka, Global Partners President and CEO.
Global Partners was advised by Bank of America.
MSCI, a provider of mission-critical decision support tools and services, agreed to acquire Fabric, a wealth technology platform specializing in portfolio design, customization, and analytics for wealth managers and advisors. Financial terms were not disclosed.
"Fabric's mission has always been focused on serving the global wealth management community by modernizing their approach to portfolio design and risk management. By bringing together our extensive data, systems, and teams, the combination of Fabric and MSCI aims to redefine how wealth managers design, manage, and optimize their clients' portfolios," Govinda Quish, Fabric Co-Founder and CEO.
MSCI is advised by Davis Polk & Wardwell.
Literally Media, an independent media company that bolsters the largest portfolio of digital comedy and culture brands, completed the acquisition of MEL Magazine, a men's lifestyle and culture magazine. Financial terms were not disclosed.
"We wanted to expand our network by acquiring like-minded brands and MEL is a perfect fit. At a time in media where brand and voice matter more than ever, MEL offers us an amazing opportunity to make this platform more than just a magazine. We see multiple opportunities we will be able to explore by adding MEL to our roster, and every move we make will stem from the same commitment to offer something interesting and unique to readers and viewers that they can't get elsewhere," Oren Katzeff, Literally Media CEO.
Suzano, a Brazilian pulp and paper company, completed the acquisition of forestry assets from BTG Pactual Timberland Investment Group, a timberland manager, for $376m.
"The target companies own approximately 70k hectares of land in the state of Mato Grosso do Sul, in a region where Suzano already has operations. Some 50k hectares of the acquired land are considered usable," Suzano.
DCS, a professional services firm providing engineering, programmatic and technical support services, completed the merger with Infoscitex, an aerospace and defense. Financial terms were not disclosed.
"IST and DCS are fully integrated and now work under common processes and systems. We are especially strong here in Dayton, supporting DCS and IST legacy customers including eight Directorates of AFRL, AFLCMC, AFNWC, ACC, DARPA and Army DEVCOM/CCDC/AvMC," Mike Gilkey, DCS Executive Vice President.
Levine Leichtman Capital considers $2bn sale of Tropical Smoothie Café. (FS)
Levine Leichtman Capital Partners, a middle market private equity company, is reportedly planning to sell the $2bn US restaurant chain Tropical Smoothie Café.
Levine Leichtman Capital Partners has hired investment bank Robert W. Baird to launch a sale process for Tropical Smoothie Cafe as early as January. A deal could value the company at around 20 times its approximately $100m 12-month annual earnings before interest, taxes, depreciation and amortization. The company also considered an initial public offering last year. It decided against it when the IPO market became hostile for restaurant companies, Reuters reported.
OpenAI in talks to raise new funding at $100bn valuation.
OpenAI is in early discussions to raise a fresh round of funding at a valuation at or above $100bn, a deal that would cement the ChatGPT maker as one of the world's most valuable startups.
Investors potentially involved in the fundraising round have been included in preliminary discussions. The company is set to complete a separate tender offer in early January, which would allow employees to sell their shares at a valuation of $86bn.
Warner Bros Discovery, Paramount will be 'worse off' together.
Warner Bros Discovery and Paramount Global are likely to be "worse off" together as a merger will leave them billions deeper in debt and saddled with dying traditional television assets, Reuters reported.
Shares of both companies extended losses after dropping sharply a day earlier on news that their CEOs had met to discuss a potential deal.
The deal talks follow months of industry speculation about consolidation among companies that lack the scale to compete with streaming pioneer Netflix while steadily losing customers in the traditional TV business to cord-cutting.
Engineering software firm Ansys said to weigh sale.
Ansys, an engineering software provider, is weighing options, including a sale, after getting takeover interest. The stock rose as much as 20%, Bloomberg reported.
The Canonsburg, Pennsylvania-based company is working with advisers. No final decision has been made and Ansys could opt to remain independent.
Petrobras is in talks with Mubadala for stake in Bahia refinery.
Brazil’s state oil company Petrobras said it’s in talks with Mubadala Capital to buy back a stake in a refinery it sold two years ago to the investment arm of Abu Dhabi’s sovereign wealth fund, Bloomberg reported.
The deal is still subject to internal evaluation by Petrobras, and a partnership is also under consideration. The move is part of a potential strategic downstream partnership in Brazil between the firms, which in September signed a memorandum of understanding to develop such projects.
BTG Pactual hired by Brazil pharma company for stake sale.
Pharmaceutical company Eurofarma Laboratorios has hired Banco BTG Pactual to advise on a potential sale of a minority stake, Bloomberg reported.
The Sao Paulo-based company is seeking a financial investor for a private placement of shares as it’s not publicly traded. The process is in early stages and there’s no definition yet on the size or value.
Apollo-backed Aspen Insurance files for $4bn US IPO. (FS)
Apollo Global-backed Aspen Insurance filed its paperwork for an initial public offering in the United States. The company did not disclose details about the size of the offering, but is reportedly targeting a $4bn valuation.
The listing will test investor appetite for the sector, which was strong in the first half of the year but has tempered down in recent market debuts. Goldman Sachs, Citigroup, Jefferies and Apollo Global Securities are the lead underwriters for the offering.
EMEA
Leonard Green & Partners, a private equity firm, completed the acquisition of a majority stake in IRIS Software,a. software developer, from private equity firms Hg Capital and ICG, in a £3.15bn ($4bn) deal.
"To secure backing from a leading US investor in LGP, alongside the continued support of Hg and ICG, underscores IRIS's enduring success over many decades. Our unparalleled product portfolios combined with excellent customer service have resulted in IRIS being a leader in our sectors. We have also expanded our country presence with a notable focus on the US, so LGP's local expertise will be instrumental in our acceleration to a world-class transatlantic business," Elona Mortimer-Zhika, IRIS CEO.
Leonard Green was advised by Jefferies & Company, William Blair & Co and Latham & Watkins. Hg Capital was advised by Arma Partners, Rothschild & Co, Linklaters and Skadden Arps Slate Meagher & Flom. ICG was advised by Ropes & Gray.
Harbour Energy to acquire the E&P business of Wintershall Dea from BASF and LetterOne for $11.2bn. (FS)
Harbour Energy, a UK oil company, agreed to acquire the E&P business of Wintershall Dea, an operator and project partner across the entire E&P value chain, from BASF, a chemical company, and LetterOne, a long-term investment business, for $11.2bn.
"Today's announcement marks Harbour's fourth major acquisition and the most transformational step yet in our journey to build a uniquely positioned, large-scale, geographically diverse independent oil and gas company. The addition of Wintershall Dea's assets will increase our production to over 500 kboepd, extend our reserves life, and enhance our margins and cash flow, all supporting enhanced shareholder returns over the longer run. Importantly, the acquisition also advances our energy transition objectives by shifting our portfolio towards natural gas, lowering our GHG emissions intensity and expanding our CCS interests into new European markets," Linda Z Cook, Harbour Energy CEO.
Nano Dimension, a supplier of additively manufactured electronics, offered to acquire the remaining stake in Stratasys, a provider of polymer 3D printing solutions, for $1.1bn.
In addition to financing the proposal with available cash on hand, Nano Dimension has entered discussions with financing sources to support any transaction, should such support be needed, and there is no financing contingency to the proposal. The proposal is subject to the completion of a satisfactory confirmatory due diligence process and the negotiation and execution of a mutually satisfactory definitive acquisition agreement. There is no guarantee that an acquisition will be completed.
Stratasys is advised by JP Morgan, Meitar Law Offices, Wachtell Lipton Rosen & Katz, Joele Frank and Scherf Communications. Nano Dimension is advised by FGS Global.
Alternus Energy, a transatlantic renewable energy developer and operator, went public via a SPAC merger with Clean Earth Acquisitions, a publicly traded special purpose acquisition company, in a $275m deal.
"This is a momentous step forward for Alternus and its stakeholders. The completion of the business combination with Clean Earth and resultant listing on Nasdaq, is a key strategic pillar in our commitment towards a sustainable future. Following a year of consolidation and reshaping the business to best capture the opportunities in hand, that deliver higher margins with lower equity requirements, we are now very well positioned to accelerate our impact, extend our reach, and drive significant growth in the business towards our goal of having 3 GW of operating assets within the next five years," Vincent Browne, Alternus Clean Energy CEO.
Alternus Energy was advised by Sichenzia Ross Ference Kesner and Blueshirt Group. Clean Earth was advised by Jones Group Ventures, Proskauer Rose and Winston & Strawn.
Houlihan Lokey, an investment bank, agreed to acquire Triago, a private equity advisory firm. Financial terms were not disclosed.
Merging with Houlihan Lokey means we can offer every conceivable financial service that a private equity fund manager or an investor might need or could desire. Like us, Houlihan Lokey has an entrepreneurial culture and they operate in our sweet spot in terms of deal size," Matt Swain, Triago CEO.
Bridgepoint, a private equity firm, agreed to acquire the residential property management services business of Nexity, a comprehensive real estate operator, in a €440m ($382m) deal.
"I am proud of Nexity's capacity to once again deliver on its commitments, by swiftly entering into this first strategic and financial partnership, enabling us to implement our roadmap, refocused on accelerating toward urban regeneration and managed real estate. As we wished, this first agreement should enable the Residential Property Management Services business to continue their development, while securing and boosting existing synergies with Nexity's businesses," Veronique Bedague, Nexity Chairwoman and CEO.
Bridgepoint is advised by Centerview Partners and CTCom.
zvoove, a provider of HCM software, completed the acquisition of HelloFlex, a software consulting firm. Financial terms were not disclosed.
"zvoove companies develop solutions for flex market service providers that are completely tailored to their countries of location. These are based on their in-depth knowledge of the local situation and specific customer requirements in their market. Customers can easily comply with national laws and regulations and benefit from our extensive knowledge and experience in research & development, product management and applications such as AI. This results in unparalleled total solutions for all business processes. The acquisition of HelloFlex fits in with ZVOOVE's tradition of acquiring national champions," Oliver Muhr, zvoove CEO.
zvoove was advised by DeBreij and Loyens & Loeff.
A consortium of private equity firms, including Altaroc, Jane Street, NPS, NYC Retirement System, ICG, TPG and Hg Capital, led a $1bn funding round in Visma, a software developer.
"We are delighted to receive this further vote of confidence from Hg and other leading investors, in a transaction that confirms our stellar development and attractive outlook. Visma delivers the digital tools that businesses need to drive efficiency, innovate and stay competitive. Supported by a solid and knowledgeable shareholder base, we are perfectly positioned to continue our unique growth journey," Merete Hverven, Visma CEO.
Hg Capital was advised by Morgan Stanley.
RWE, a renewable energy firm, agreed to acquire wind farms Norfolk Boreas, Norfolk Vanguard West and Norfolk Vanguard East from Vattenfall, a Swedish multinational power company, in a £963m ($1.2bn) deal.
"The Norfolk Offshore Wind Zone is incredibly important for the energy transition and reaching net zero. Today's agreement with RWE is great news for the UK's energy security, ensuring the Zone's continued journey towards providing clean electricity for over 4 million homes as well as jobs and investment into the UK. Both the UK and the offshore market remain attractive over the long term, and we will focus our offshore investments in projects which are appropriate to our current risk appetite while continuing to operate and grow our existing fleet of assets," Anna Borg, Vattenfall CEO.
Vattenfall is advised by RBC Capital Markets.
Grupo Estrella, a construction company, Grupo Linda, a Dominican utility comapany, and Grupo Popular, a commercial banking services provider, completed the acquisition of a 20% stake in the Dominican business and 35% stake in the Colón business in Panama of AES, an American utility and power generation company, for $338m.
"We are very pleased to announce the closing of these transactions and to continue the great progress on our expanded and accelerated asset sale proceeds target. These transactions include the closing of the two previously announced sell-downs, as well as the sale of an additional 10% in the Dominican Republic and an additional 15% of AES Colón in Panama," Stephen Coughlin, AES Executive Vice Present and CFO.
Ryan Specialty, an international specialty insurance firm, agreed to acquire Castel Underwriting Agencies, a managing general underwriting platform, from Arch, a global financial services company. Financial terms were not disclosed.
"Castel is a first-class organization with a history of exceptional performance on all metrics, including underwriting profit and growth. Bringing Castel into Ryan Specialty expands our UK and European footprint in delegated authority, and the lines of business underwritten by these MGUs are both complementary and accretive to our firm. We are very much looking forward to further expanding with this very talented team," Patrick G. Ryan, Founder, Ryan Specialty Chairman and CEO.
Arch is advised by Bank of America.
Apheon, a private equity firm, completed the acquisition of a majority stake in Salpa Special Food, a manufacturer of industrial ice cream, dairy and confectionary products, from Equinox, a private equity firm. Financial terms were not disclosed.
"The Cherubini family have built a truly world class company with a top-notch industrial set-up, based on proprietary technologies and internally customized production processes. We share Salpa's values of innovation and excellence, and feel privileged to support the management team and the Cherubini family to grow Salpa together," Riccardo Collini, Apheon Partner.
Equinox was advised by Shearman & Sterling.
The Timken Company, an engineered bearings and industrial motion products maker, completed the acquisition of Lagersmit, a manufacturer of highly engineered sealing solutions. Financial terms were not disclosed.
"Lagersmit adds engineered sealing products to our portfolio and strengthens our presence in the attractive marine market. The business serves leading propulsion manufacturers, ship owners, pump makers and other industrial customers around the globe that require advanced sealing systems. Lagersmit is a high-quality brand with premium products that are highly complementary to our existing portfolio," Christopher Coughlin, Timken Executive Vice President.
The Timken Company was advised by Jones Day.
Maspex Group, a Polish multinational food company, agreed to acquire the Becherovka brand from Pernod Ricard, a spirits group. Financial terms were not disclosed.
"Becherovka is a heritage brand deeply rooted in local tradition with great growth potential. It is our 21st transaction overall and the 2nd deal in the spirits segment – a category where we see vast opportunities. We would like to thank Pernod Ricard for their trust in our vision and all the parties supporting us in this competitive auction," Krzysztof Pawinski, Maspex Group CEO.
Pernod Ricard is advised by Centerview Partners.
International Resources, a provider of metal exploration services, agreed to acquire a majority stake in Mopani Copper Mine, a Zambian company that produces and sells copper and cobalt to the international market, from ZCCM Investment, an investment holding company, and Glencore, a commodity trading and mining company, for $1.1bn.
"$620m will be provided in the form of new equity capital in return for a 51% stake in MCM. Approximately $400m will be provided as a shareholder loan ... that will be used as part of the consideration to settle the original Glencore transaction debt of $1.5bn plus interest," ZCCM Investment.
Real estate firm Trinity Investments is in talks to buy the park Hyatt Zurich.
Real estate-focused Trinity Investments is in talks to acquire the five-star Park Hyatt Zurich, Bloomberg reported.
Hyatt Hotels earlier this year hired broker Jones Lang LaSalle to market the 138-room property, which could fetch around CHF 400m ($467m). Hyatt said in March it would continue operating the hotel under a long-term management agreement after it has been sold.
Hedge fund traders snap up some of London's priciest mansions.
Hedge fund traders were among those who snapped up luxury London homes in multimillion-dollar deals this year, as the ultra-rich shrugged off the UK’s broader housing woes, Bloomberg reported.
Citadel trader Adam Frame, whose company outperformed many of its peers in 2023, purchased a mansion overlooking Primrose Hill for £42.9m ($54m) in June. A few months earlier, Olivier Meyohas, director of a Blackstone unit that invests client money in hedge funds, bought a £24.7m ($31.4m) semi-detached house near Chelsea.
Panmure and Liberum in advanced merger talks.
Banker Bob Diamond's stockbroking business Panmure Gordon is in talks with the rival Liberum about a merger that would shake up the industry as the City grapples with a shortage of stock market floats.
A deal would be complex to pull off, particularly because Liberum — often courted by rivals — is owned by its staff. A year ago, Panmure tried to pull off a deal with the stock market-listed FinnCap, which instead merged with Cenkos to create a business now known as Cavendish, Bloomberg reported.
Fosun’s Portugal hospital company gets approval for possible IPO.
Luz Saude, the Portuguese hospital operator ultimately controlled by China’s Fosun International, received approval from shareholders of its parent company to carry out a potential initial public offering, Bloomberg reported.
Stockholders of insurer Fidelidade, the Fosun unit that holds Luz Saude, approved the plan at a meeting. The company will meet with banks advising on a listing in mid-January and, if it decides to proceed with the listing, it will likely happen in the first quarter.
APAC
A group of banks led by Bank of Montreal had to rework a debt sale that financed Warburg Pincus’ purchase of a stake in health-care services outsourcing firm Everise after failing to garner enough demand from institutional lenders, Bloomberg reported.
When buyers balked at a planned $425m loan B that would pay for a portion of the purchase, the banks reduced the size of the loan sold to investors to $250m and kept the rest — about $175m — in the form of a term loan A to offload later.
BPEA EQT to acquire a majority stake in Indium Software. (FS)
BPEA EQT, an Asian investment firm, agreed to acquire a majority stake in Indium Software, a digital engineering provider. Financial terms were not disclosed.
"We are excited to partner with CEO Ram Sukumar and Indium's stellar management team, as the company enters its next phase of evolution. Indium has highly impressive digital capabilities and a strong client roster of global blue-chip enterprises. We are confident of drawing on EQT's extensive value creation playbook in Tech Services and supporting the company on its strong growth momentum," Hari Gopalakrishnan, BPEA EQT Partner and Co-Head of India.
Indium is advised by Avendus and Shardul Amarchand Mangaldas & Co. BPEA EQT is advised by Deloitte, PricewaterhouseCoopers and J. Sagar Associates.
Sumitomo Life Insurance, a mutual life insurance company, agreed to acquire a 35% stake in Singlife, a financial services company, from TPG Capital, a privte equity firm, in a $3.5bn deal.
"This has been an incredible journey for Singlife. We have grown from a small insurtech startup to become a key player in Singapore's insurance and financial services industry. We are very pleased that the shareholders have reached an agreement which will solidify Singlife's ambitions in Southeast Asia. As a subsidiary of Sumitomo Life, we will have access to capital, a nimble shareholding structure, and be at the centre of a strategic plan to provide financial planning solutions for consumers in Southeast Asia," Ray Ferguson, Singlife Chairman.
ComfortDelGro, a transportation firm, offered to acquire A2B Australia, a taxi network and payments solutions provider, for $124m.
"This acquisition is in line with ComfortDelGro's strategy to scale our point-to-point mobility business in our key markets. As a leading taxi network in Australia, A2B is highly complementary to our business. Its fundamentals are attractive, with a proven track record of expansion driven by underlying growth in customer demand and driver supply. It will also allow for diversification of our offerings in Australia, transforming ComfortDelGro Corporation Australia into a national multi-modal mobility player," Cheng Siak Kian, ComfortDelGro Managing Director and CEO.
Blackstone to buy 80% of Sony Payment unit for $280m. (FS)
Alternative asset manager Blackstone will take a majority stake in payment service provider Sony Payment Services under Sony Group for about $280m, Bloomberg reported.
The deal comes as more Japanese corporations become open to selling off non-core business holdings, mainly to private equity investors eager to increase the value of the operations. Last month, Panasonic said it plans to sell part of its automotive systems unit to an affiliate of Apollo Global Management.
E-scooter maker Ola plans to raise $661m in India IPO.
Ola Electric Mobility is seeking to raise INR 55bn ($661m) by selling new shares in an initial public offering that will test investor confidence in the Indian startup whose ambitions extend to entering the electric car market, Bloomberg reported.
Ola is planning to use INR 12.3bn ($147.8m) of the total proceeds for expanding the manufacturing capacity of its electric vehicle cell factory to 6.4 gigawatt hours from 5 gigawatt hours. The company may also consider raising INR 11bn ($132m) through a pre-IPO placement of shares, with Ola intending to repay debt and invest in research and development with the funds.
OCBC to launch a $500m decarbonization fund. (FS)
Singaporean lender Oversea-Chinese Banking, will create a fund of up to $500m to finance decarbonization-related businesses in Southeast Asia, joined by an investment company affiliated with the Development Bank of Japan.
OCBC will partner with Mercuria Holdings to begin raising money in early 2024, soliciting financial institutions and companies in Japan and Southeast Asia. The fund will lend to businesses involved in developing renewable energy, including hydrogen and ammonia, as well as decarbonization technologies, DealStreetAsia reported.
Whampoa Group teams up with Wemade to launch a $100m Web3 fund. (FS)
Whampoa Digital, the digital assets investment arm of Singapore-based multifamily office Whampoa Group, has teamed up with South Korean gaming firm Wemade to "collaborate" on a $100m Web3 fund.
It will be established by Wemade, while Whampoa Digital will serve as an ecosystem partner to engage in mutual deal and project referrals, as well as co-investing opportunities with Wemade. The Wemade Web3 Fund targets up-and-coming gaming studios and blockchain projects that intend to set up an office in the WEMIX Play Centre at the DIFC Innovation Hub, DealStreetAsia reported.
|
