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
Bristol Myers Squibb, a global biopharmaceutical company, agreed to acquire RayzeBio, a clinical-stage radiopharmaceutical therapeutics company, for $4.1bn.
“This transaction enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline, and further strengthens our growth opportunities in the back half of the decade and beyond. Radiopharmaceutical therapeutics are already transforming cancer care, and RayzeBio is at the forefront of pioneering the application of this novel modality. We look forward to supporting and accelerating RayzeBio’s preclinical and clinical programs and advancing its highly innovative radiopharmaceutical platform,” Christopher Boerner, Bristol Myers Squibb CEO.
Williams, an energy infrastructure company that provides transport, storage, and delivery solutions, agreed to acquire a portfolio of natural gas storage assets from Hartree Partners, a global merchant commodities firm, for $1.95bn.
“This premier natural gas storage platform on the Gulf Coast fits squarely within our strategy to own and operate the best assets connected to the best markets to serve growing demand driven by LNG exports and power generation. These assets better position Williams’ natural gas storage operations to serve Gulf Coast LNG demand and growing electrification loads from data centers along the Transco corridor. Importantly, this storage will also allow us to provide value to customers in markets with growing renewables adoption as daily peaks for natural gas increases the need for storage. Since 2010, US demand for natural gas has grown by 56% while gas storage capacity has only increased 12%. We expect the increasing demand for high deliverability storage to drive significant earnings growth across these assets," Alan Armstrong, Williams President and CEO.
Williams is advised by Bank of America and Davis Polk & Wardwell (led by Oliver H. Smith). Hartree Partners are advised by Evercore, Wells Fargo Securities, and Milbank.
Eli Lilly, an American pharmaceutical company headquartered in Indianapolis, completed the acquisition of POINT Biopharma, a radiopharmaceutical company, for $1.4bn.
"Next generation radioligand therapies hold great promise for delivering meaningful advances against a range of cancers and we are excited to enter this space through the addition of POINT. We welcome POINT colleagues to Lilly and look forward to working together to build on their work as we create this new capability within Lilly. In time, I hope we can bring several new radioligand therapies to patients with cancer and improve their outcomes," Jacob Van Naarden, Eli Lilly Executive Vice President.
NICE Systems, a provider of intent-based solutions that capture and analyze client interactions and transactions for businesses, completed the acquisition of LiveVox, a provider of combined omnichannel communications, CRM, and WFO, for $378m.
“The successful completion of this acquisition is a major milestone for NICE as we continue to execute on our strategic vision, further cementing our leadership position. Organizations around the globe are looking to partner with us as they accelerate their CX AI journey, and we are excited to provide them with the most comprehensive platform to help fuel their success. I would like to extend a warm welcome to the talented LiveVox team and take the next step in transforming the CX industry together,” Barak Eilam, NICE CEO.
Bruker, an international life science research and diagnostics solutions provider, agreed to acquire ELITech, a global manufacturer of in-vitro diagnostics, from PAI Partners, a private equity firm. Finanical terms were not disclosed.
“The partnership with ELITech has been a successful journey driven by a wonderful team. ELITech is an agile, research-driven company and this sale to a leading strategic player is a testament to the quality of the business. We have every confidence that Bruker will continue the company’s trajectory of innovation and leadership, supported by ELITech’s excellent management team, led by Christoph,” Stefano Drago, PAI Partners Partner.
Exus Management Partners, an independent investment firm focused on the renewable energy sector, agreed to acquire New Mexico Renewable Development, a portfolio company that includes nine operating solar farms and six projects under development, from American Electric Power and PNM Resources for $230m.
"This sale is another step forward on our path to simplify our business and focus on investing in our core regulated operations, and we continue to execute on our strategy to de-risk the company. Earlier this year, we completed the $1.5bn sale of other parts of our contracted renewables business. The proceeds from these sales are strengthening our balance sheet and supporting our continued efforts to create an energy system that benefits customers by providing safe, reliable and affordable electricity," Julie Sloat, AEP Chair, President and CEO.
American Electric Power and PNM Resources are advised by KeyBanc Capital Markets and Foley & Lardner.
Enauta, an oil and natural gas products exploration company, agreed to acquire a 23% stake in Parque das Conchas, an oil field, from QatarEnergy, a state owned public company specializing in all aspects of petroleum and natural gas exploration and production, for $150m.
Parque das Conchas has competitive lifting and development cost, shares quality and logistics properties with Atlanta's cluster oil trading. It also employs equivalent subsea production technologies and offers potential synergies with Enauta's planned expansion campaign for the coming years.
GLORY, a cash technology solutions provider, agreed to acquire Flooid, a cloud-based unified commerce software company, from Inflexion Private Equity, an investment firm. Financial terms were not disclosed.
“Joining Glory will be an exciting step in our journey to reach more retailers with our unified commerce platform. Becoming part of a large global ecosystem extends the reach of our solutions into new markets and Glory brings us new solutions to offer those retailers,” Diane Palmquist, Flooid CEO.
Former top regulator Adair Turner to chair OakNorth. (FS, People)
Lord Adair Turner, formerly one of the UK's top regulators, will chair digital bank OakNorth as it marches towards a potential IPO.
The Softbank-backed business lender has loaned around £10bn ($12.7bn) to date and is now bolstering its ranks as it looks to scale up further.
EMEA
Jim Ratcliffe, a British billionaire, agreed to acquire a 25% stake in Manchester United, a football club, from the Glazer family for £1.2bn ($1.5bn).
"As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree on a deal with the Manchester United Board that delegates us management responsibility for the football operations of the Club. Whilst the commercial success of the Club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times. We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford," Jim Ratcliffe.
Turkey’s IC, Malaysia Airports seek deal on 2nd Istanbul airport.
IC and Malaysia Airports agreed to collaborate for Istanbul’s Sabiha Gokcen, as Turkish company explores acquiring a stake in the airport.
Discussions are at a preliminary stage between Malaysia Airports and IC Holding, a Turkish infrastructure company and airport operator, and may or may not result in the latter acquiring a stake at the airport, Bloomberg reported.
Premier League halts EFL 'New Deal' talks amid funding dispute.
The Premier League has called a halt to talks about a landmark financial settlement with the rest of the professional football pyramid in a sign of deepening divisions about the scale and structure of the proposed deal.
Richard Masters notified the 20 top-flight clubs just before Christmas that the Premier League would "pause further discussions with the English Football League for the time being" after failing to secure a mandate to sign an agreement.
APAC
Ascendent Capital Partners and a buyer consortium led by Dazheng Group, including TFI Asset Management and GA Technologies, are bidding to acquire Hollysys Automation Technologies, a provider of automation control solutions, for up to $1.8bn.
The Consortium believes its newly enhanced proposal presents the Hollysys Board with the greatest opportunity to deliver immediate and significant value to its shareholders. The Consortium stands ready to engage with the Board and is prepared to swiftly commence confirmatory due diligence and enter into a merger agreement. With its new offer submitted, the Consortium has confidence that the Board will recognize the value this offer presents Hollysys shareholders and engage constructively with the Consortium to finalize this transaction.
Hollysys Automation Technologies is advised by Deutsche Bank, Davis Polk & Wardwell, Haiwen & Partners, Mourant Ozannes, and Brunswick Group (led by Daniel Del Re). Ascendent Capital Partners are advised by Appleby, Morrison & Foerster, and Zhong Lun Law Firm. The consortium is advised by UBS, Conyers Dill & Pearman, DLA Piper, Sullivan & Cromwell, FTI Consulting, and Okapi Partners (led by Bruce Goldfarb).
AstraZeneca, a pharmaceutical company, agreed to acquire Gracell Biotechnologies, a global clinical-stage biopharmaceutical company, for $1.2bn.
“We look forward to working with AstraZeneca to accelerate our shared goal of bringing transformative cell therapies to more patients living with debilitating diseases. By combining our expertise and resources, we can unlock new ways to harness the Gracell FasTCAR manufacturing platform, which we believe has the potential to optimise the therapeutic profile of engineered T cells, to pioneer the next generation of autologous cell therapies,” William Cao, Gracell Biotechnologies Founder, Chairman and CEO.
Silvercorp Metals, a China focused precious metals company, agreed to acquire the remaining 84.26% stake in OreCorp, a development and rare earth minerals exploration company, for $158m.
"We are pleased to adjust our Transaction with OreCorp after it became clear that the previously proposed Scheme, due to outside interference, was at risk of not completing. Our Offer is subject to a very limited number of conditions. Silvercorp obtained the required approval of the Tanzania Fair Competition Commission ("FCC") approximately two months after the application was submitted. Even if an alternative proposal is made, there is uncertainty as to whether it would be successful in receiving similar FCC approval. Accordingly, our Offer provides OreCorp Shareholders with the opportunity to receive the Consideration in a timely manner. I encourage all OreCorp Shareholders to read the forthcoming Bidder's Statement for more details about the Offer and accept the Offer as soon as possible," Rui Feng, Silvercorp Chairman and CEO.
OreCorp is advised by CIBC World Markets, Allen & Overy, and REX Attorneys. Silvercorp Metals is advised by Canaccord Genuity, A&K Tanzania, King & Wood Mallesons, and NWR Communications (led by Nathan Ryan).
Blackstone, an American alternative investment management company, agreed to acquire a majority stake in Sony Payment Services, a credit card settlement firm, from Sony Bank, a Japanese commercial bank, for $280m.
“Sony has been a longstanding partner to Blackstone. Our partnership goes all the way back to Blackstone’s founding nearly four decades ago – we started out as a boutique M&A firm, and Sony was one of our earliest clients. We are proud to once again partner with a leading corporation in Japan and deepen our presence in the country, a key market for Blackstone where we’ve cultivated valuable relationships based on trust and shared success,” Steve Schwarzman, Blackstone Chairman, CEO & Co-Founder.
India's Infosys falls after $1.5bn AI deal termination.
Shares of Infosys fell as much as 2.6% on December 26 after the company said that an unnamed global company, which had signed a $1.5bn deal focused on artificial intelligence solutions, decided to terminate its Memorandum of Understanding with the IT giant, Reuters reported.
Infosys said it had plans to enhance digital experiences and provide business operation services, utilizing the company's platforms and artificial intelligence solutions.
SoftBank surges after getting $8bn of T-Mobile stock.
SoftBank rose its most since June after snagging roughly $7.6bn worth of stock in T-Mobile, as part of an agreement struck when the wireless carrier merged with rival Sprint in 2020, Bloomberg reported.
The investment firm rose as much as 7% in Tokyo. SoftBank on December 26 said it will get 48.7m shares of T-Mobile US for no additional cost, after the stock met conditions specified during the landmark deal with SoftBank-owned Sprint.
India's Adani Green to raise $1.12bn to boost renewable power capacity.
India’s Adani Green Energy said its key shareholders will invest INR93.50bn ($1.12bn) in the company to expand its renewable power capacity.
The company will issue up to 63.1m warrants on a preferential basis, at an issue price of INR1,481 ($17.8) per warrant. Each warrant can be converted into one equity share, DealStreetAsia reported.
GLP Capital Partners closes 2023 with $420m China Income Fund. (FS)
GLP Capital Partners, the investment and asset management arm of Asian warehouse giant GLP, has closed yet another RMB-denominated China income fund just before the end of the year. The China Income Fund XI (CIF XI) was closed at RMB3bn ($420m), DealStreetAsia reported.
This comes just weeks after GCP showcased its China Income Fund X, a RMB4.3bn ($602m) vehicle that the firm built in partnership with a Chinese domestic insurance provider.
|
