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AMERICAS
Bristol Myers Squibb, a global biopharmaceutical company, agreed to acquire Mirati Therapeutics, a commercial-stage biotechnology company, for $4.7bn.
"We are excited to add these assets to our portfolio and to accelerate their development as we seek to deliver more treatments for cancer patients. With a strong strategic fit, great science and clear value-creation opportunities for our shareholders, the Mirati transaction is aligned with our business development goals. Importantly, by leveraging our skills and capabilities, including our global commercial infrastructure, we will ensure patients globally can benefit from Mirati's portfolio of innovative medicines," Giovanni Caforio, Bristol Myers Squibb CEO and Board Chair.
Mirati Therapeutics is advised by Centerview Partners and Skadden Arps Slate Meagher & Flom (led by Graham Robinson and Laura Knoll). Bristol Myers Squibb is advised by Evercore, Morgan Stanley and Kirkland & Ellis (led by Jonathan Davis, Emily Lichtenheld and Daniel Wolf). Centerview Partners is advised by Paul Weiss Rifkind Wharton & Garrison.
Prosperity Life, an insurance agency that provides a wide range of life, health, property, and casualty insurance products and services, agreed to merge with National Western Life, a stock life insurance company, in a $1.9bn deal.
"The acquisition of National Western represents a significant milestone in the continued expansion of our insurance business. We look forward to welcoming National Western to Prosperity Life Group. National Western's capabilities will further complement our ambition to deliver a compelling value proposition to our policyholders and the company," Nicholas von Moltke, Prosperity Life Group President and CEO.
Prosperity Life is advised by Goldman Sachs and Sidley Austin. National Western Life is advised by Citigroup and Debevoise & Plimpton.
Bodycote, a provider of heat treatment and specialist thermal processing services, agreed to acquire Lake City HT, a medical market HIP and vacuum heat treatment business, and Stack Metallurgical Group, a provider of HIP, heat treatment and metal finishing services, for $145m.
"These investments are an important and exciting enabler of our strategy to further enhance and grow our Specialist Technologies businesses. In addition, they will also expand our footprint in Aerospace and Medical heat treatment on the West Coast and in Indiana in the US. The acquisitions will enhance group margins, are accretive to earnings per share and allow us to further capitalize on the structural growth opportunities in the Space, Civil Aerospace and Medical markets," Stephen Harris, Bodycote CEO.
QHP Capital, an investor in healthcare companies in the middle market, agreed to acquire Applied StemCell, a biotechnology company providing animal and cell line models as tools for drug discovery and diagnostics. Financial terms were not disclosed.
“Applied StemCell is dedicated to supporting the biopharmaceutical and research sectors in the pursuit of delivering transformative regenerative medicine treatments and cell therapy products. We are delighted to have the partnership with QHP Capital. ASC’s technology and capabilities combined with QHP’s strategic network and deep industry knowledge will help us accelerate our vision to enable the future cell gene therapy market by creating iPSCs and cell products that present the highest efficacy, greatest safety, and the most accelerated and scalable manufacturing,” Ruby Chen-Tsai, Applied StemCell CEO.
QHP Capital is advised by BackBay Communications (led by Jeremy Milner). Applied StemCell is advised by Robert W Baird.
Industrious Ventures, a venture capital firm based in Denver, Colorado, led a $100m Series B round in Stoke, an American space launch company, with participation from University of Michigan, Sparta Group, Long Journey, Breakthrough Energy, YCombinator, Point72 Ventures, NFX, MaC Ventures, Toyota Ventures, and In-Q-Tel.
"With our unique second stage design, our team at Stoke is attempting to build the most robust fully reusable rocket in the world – one that turns around in 24 hours throughout a long service life. This new round of funding is a huge vote of confidence in our team and the progress we've made. We will now continue moving through our development program by increasing focus on our reusable first stage," Andy Lapsa, Stoke CEO and Co-Founder.
ALP Overseas, a manufacturer and global supplier of sealing systems, completed the acquisition of SoffSeal, a US based manufacturer of rubber seals and molded auto parts for US automotive brands. Financial terms were not disclosed.
"The opportunity was good for us as we have mastered the art of manufacturing weather seals in India and can apply the same manufacturing and distribution acumen in SoffSeal to gain rapid growth.This will help USA auto parts industry and will help ALP Overseas to export SoffSeal products in other geographies," Tejbir Singh Anand, ALP Overseas Managing Director.
Craig Frames, a manufacturer of custom and semi-custom picture frames based in Michigan, completed the acquisition of WallsThatSpeak, a provider of framed scenic, motivational, and inspirational office wall decor. Financial terms were not disclosed.
"We're excited to bring WallsThatSpeak under the Craig Frames umbrella. This move not only fortifies our product offering but also solidifies our position as leaders in the wall decor space, utilizing US-based manufacturing to deliver custom and semi-custom products to our customers with unparalleled speed," Aaron Davis, Craig Frames CEO.
EU regulators to order Illumina to sell $8bn Grail.
EU regulators will order US biotech Illumina to sell cancer test developer Grail after it bought the $8bn company without the approval of Brussels, FT reported.
The step is intended to deepen the punishment for Illumina after Brussels fined the world's largest gene-sequencing company $457m in July for defying what regulators described as a "cornerstone" of their authority.
Activist investor Nelson Peltz seeks board seats at Disney. (FS)
Activist investor Nelson Peltz is seeking several board seats at Walt Disney after boosting his stake in the entertainment conglomerate, Bloomberg reported.
Peltz's Trian Fund Management increased its stake in Disney in recent months to more than 30m shares. The stake is currently worth at least $2.5bn based on October 9 closing price and would make Trian one of Disney's biggest investors.
BlackRock to launch ESG-focused private credit fund. (FS)
BlackRock is set to launch a new private credit fund – The Climate Transition-Oriented Private Debt Fund – as part of an ESG-focused investing platform that the firm says is worth more than $100bn.
"The strategy focuses on the transition to a low-carbon economy as one of several mega forces driving investment opportunities," James Keenan, BlackRock Chief Investment Officer and Global Head of Private Debt.
EMEA
Nolet Distillery, a producer of fine spirits based in the Netherlands, agreed to acquire the remaining 70% stake in Lucas Bols, the world’s oldest distilled spirits brand and one of the oldest Dutch companies still active, for €189m ($199m).
"Since 2006, when we brought back Lucas Bols to Amsterdam, we have been on a journey to grow the Company and its brands in the international cocktail markets. Nolet as a partner is the right next step to continue this journey and accelerate long-term growth. Together we create a Dutch champion in the global spirits and cocktail market with a strong portfolio of brands, the right focus and strengthened brand investments. The Lucas Bols team and passionate, entrepreneurial culture have been pivotal in our success over the past 17 years and can flourish within the new partnership. The strong family values and centuries of Dutch heritage of Nolet are a great fit with the Lucas Bols culture and together we will reinforce this valuable heritage as a Dutch champion for the very long term. Our relationship with Nolet has always been very respectful and constructive and we look forward to an exciting and successful future," Huub van Doorne, Lucas Bols CEO.
Nolet Distillery is advised by AXECO Corporate Finance, De Brauw Blackstone Westbroek (led by Gaby Smeenk), and Forest Flint. Lucas Bols is advised by ABN Amro, Loyens & Loeff (led by Michel van Agt), and Confidant Partners.
Schaeffler, a German manufacturer of rolling element bearings for automotive, aerospace and industrial uses, offered to acquire the remaining 50.1% stake in Vitesco Technologies, a German automotive supplier for drivetrain and powertrain technologies, for $1.9bn.
"With the launch of the tender offer today, we are initiating a transformative move for Schaeffler. By combining Schaeffler and Vitesco, we will build a leading Motion Technology Company with four focused 'pure-play' divisions, a balanced well-diversified portfolio, and critical scale across its businesses. This includes a best-in-class e-mobility champion with significant growth potential. The combination will make Schaeffler and Vitesco stronger together and is beneficial for customers, employees, shareholders and business partners," Klaus Rosenfeld, Schaeffler CEO.
Schaeffler is advised by Citigroup. Debt financing is provided by BNP Paribas, Bank of America and Citigroup.
Spaldy Investments, a investment vehicle, led a £325m ($395m) investment in Metro Bank, a retail and commercial bank.
"The opportunity to become Metro Bank's major shareholder was driven by his belief in the need for physical and digital banking underpinned by a focus on exceptional customer service. I believe that the package announced today enables the bank to pursue growth and build on the foundational work undertaken over the past three years," Jaime Gilinski Bacal, Spaldy Investments Founder.
Caribbean Mercantile Bank, a financial platform that provides mortgages, loans, personal, and commercial banking services, agreed to acquire a 26.12% stake in Euronav, a worldwide crude oil tanker company, from Frontline, a provider of seaborne transportation of crude oil and refined products, for $1.06bn.
“After many months of uncertainty, the transaction announced today leverages the value that Euronav and its people have created through many years of hard work. It represents a balanced outcome for shareholders, who now have the choice between realising that value in cash or following Euronav in a new strategic direction under a new controlling shareholder,” Lieve Logghe, Euronav CFO and interim CEO.
Euronav is advised by Lazard and Linklaters.
The Italian Treasury is keen to implement a plan agreed with US fund KKR and CDP Equity, Macquarie consortium to bid for Telecom Italia's landline grid, Reuters reported.
La Repubblica newspaper said the Treasury was considering an alternative proposal put forward by TIM's main shareholder, Vivendi, that did not involve the sale of the grid, dubbed NetCo.
Lonsdale Capital, a private equity firm, completed the investment in GIA Surveyors, a tech-enabled property consultancy. Financial terms were not disclosed.
"GIA is truly the market-leader in its space. Its Phoenix platform, coupled with a fantastic, knowledgeable team led by Sam, sets the Company apart from its peers. GIA's projects, many of which dominate the London skyline, evidence the trust that developers have in its solutions and its ability to deliver results. We look forward to working with Sam and his team as GIA begins its next phase of growth," David Gasparro, Lonsdale Partner.
MGA Entertainment, one of the world's largest and fastest-growing privately held toy and entertainment companies, agreed to merge with Zapf Creation, a manufacturer of nurturing dolls. Financial terms were not disclosed.
MGA and Zapf Creation have had a collaborative business relationship for the sales and distribution of both companies' brands for nearly 20 years. The merger is expected to close in Spring 2024.
TAQA announced the divestiture of its stake in Air Liquide Arabia.
The Industrialization and Energy Services Company, an exploration and production company, announced the completion of the sale of its stake in Air Liquide Arabia, with proceeds exceeding SAR600m ($160m).
"This transaction is in line with TAQA's strategy to rationalize our non-core portfolio and divest investments that are not in line with our growth plan, the proceeds will enable us to further invest in growing our core organically and acquire more technologies to further enhance TAQA Well Solutions offering," Khalid Nouh, TAQA CEO.
Celebrity hotspot Cipriani seeks $526m for global push.
Cipriani, the operator of celebrity-packed restaurants and members' clubs, is seeking to raise as much as $526m for its global expansion, Bloomberg reported.
The company's new Cipriani Hospitality Fund will invest in iconic buildings in locations including Dubai, Singapore, Madrid, Geneva and Tokyo. These will be developed into members' clubs under the Casa Cipriani banner, and luxury residences.
Eurobank being first to end state participation in share capital.
Eurobank has repurchased a 1.4% stake in itself from state-controlled bank bailout fund HFSF to end the state's participation in its share capital, Reuters reported.
Greece's largest lender by market capitalisation was one of four systemic banks the government took stakes in during Greece's economic crisis and is the first to end HFSF's involvement. It offered €94m ($99m) and said it intends to cancel the shares.
Uniper hires Rothschild & Co for divisional sale.
Nuclear electric power generation company Uniper has hired Rothschild & Co to run the sale of its German district heating business, Reuters reported.
The sale, which is one of the numerous requirements for obtaining EU approval for Uniper's bailout last year, could be valued at $316m to $421m.
Birkenstock eyes pricing IPO at top of range.
Birkenstock has secured enough commitments from investors to price its US initial public offering at the top of its indicated range and attain a $10bn valuation, Reuters reported.
The German premium footwear company will make a final decision on pricing its IPO at the top of its $44-to-$49-per-share range, ahead of its shares debuting in New York on October 10.
AllianzGI raise €3bn for semi-liquid fund. (FS)
Allianz Global Investors has launched its first semi-liquid fund, aiming to raise €3bn ($3.2bn) in capital to invest into private markets. The Allianz core private markets fund will allow professional investors access to private markets and will be fully-paid in, meaning that investors do not have to deal with capital calls.
"Thanks to the large interest from institutional clients in our private markets strategies which is proof of the trust of our estimated clients in our capabilities we have developed the Allianz Core Private Markets Fund. The special structure of this cross-asset fund makes private markets also available to new investor groups within our professional investor client group," Edouard Jozan, AllianzGI Head of Distribution Europe.
Appian raises $2bn for new fund. (FS)
Appian Capital Advisory, the mining-focused private equity firm, has raised $2bn for its latest fund as its takes advantage of renewed investor interest in the sector fueled by the move toward green energy, Bloomberg reported.
Appian's Fund III will focus on middle-market investments in the mining sector, looking at potential transactions in energy-transition commodities and also precious metals.
APAC
J. Lauritzen, a Danish shipping company, and Geneva Group, a group of shareholders in BWEK, offered to acquire the remaining shares in BW Epic Kosan, a provider of last-mile delivery of LPG and petrochemicals, for NOK2.25bn ($206m).
Certain major shareholders of BWEK have pre-accepted the offer.
BW Epic Kosan is advised by Pareto Securities and Schjodt. The bidders are advised by SEB Corporate Finance (led by Wilhelm Alwen) and Thommessen.
HSBC, a banking and financial services organization that offers a comprehensive range of services, agreed to acquire onshore consumer wealth portfolio in China from Citigroup, an American multinational investment bank and financial services corporation headquartered in New York City. Financial terms were not disclosed.
“This transaction serves the interest of our clients, colleagues and all parties involved. Citi is proud to have a long history in China. We are deeply rooted in this market. We look forward to continuing to support our institutional clients in China as their preeminent banking partner for cross-border needs,” Christine Lam, Citigroup China Country Officer and President.
Citigroup is advised by Citigroup.
EQT looking to acquire VetPartners. (FS)
Swedish private equity firm EQT Partners is looking to finalize a deal to acquire VerPartners, one of Australia's largest veterinary practice chains in a deal worth in excess of AUD1bn ($640m).
EQT was reported to have bid upwards of AUD1.4bn ($900m) in the first round of bidding for the business, however according to unnamed limited partner sources, the final agreed price was slightly lower following a period of more in-depth due diligence.
GIC-led group, INA consortium vie for Jasa Marga unit stake. (FS)
A consortium led by GIC and another group headed by Indonesia Investment Authority are among the final bidders for a stake in one of Jasa Marga's units, Bloomberg reported.
The Indonesian state-owned toll road operator is in talks with potential investors to sell about a 35% stake in Jasamarga Transjawa Tol. The stake sale could raise at least $750m.
Fortescue secures initial renewable energy for the Gibson Island project.
Australia's Fortescue will secure 337.5 MW of new solar energy as part of its renewable energy requirements for its proposed Gibson Island project from a unit of local electric utilities firm, Genex Power, Reuters reported.
A unit of the iron ore miner inked a renewable power purchase deal with a subsidiary of Genex as Fortescue progresses with the renewable power required for the Brisbane project.
GLP raises $240m for China value-add strategies. (FS)
GLP Capital Partners, the exclusive investment and asset manager of Asia's warehouse giant GLP, has raised about $240m of fresh capital for its China value-add strategies, DealStreetAsia reported.
The equity was raised from a global institutional investor. When fully leveraged, the capital will be invested in a pre-identified portfolio of GLP-developed modern logistics assets valued at approximately $480m.
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