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
Catalent, a global provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products, announced that, at its Special Meeting of Stockholders held on May 29, its stockholders voted to approve the pending transaction under which Novo Holdings will acquire all outstanding shares of Catalent for $63.5 per share in cash.
“Today’s outcome represents an important milestone towards the closing of this transaction, and we thank our stockholders for their overwhelming support and their confidence in the future of Catalent. Following the closing of the transaction, we look forward to writing the next chapter for Catalent, benefiting from Novo Holdings’ expertise and resources as we continue to be a global leading independent CDMO, developing, manufacturing and supplying products that help people live better and healthier lives,” Alessandro Maselli, Catalent President and CEO.
Catalent is advised by Citigroup, JP Morgan, Jones Day (led by Randi C. Lesnick), Skadden Arps Slate Meagher & Flom (led by Todd Freed), and Joele Frank (led by Matthew Sherman). Financial advisors are advised by Cravath Swaine & Moore (led by Minh Van Ngo) and White & Case (led by Denise A. Cerasani). Novo Holdings is advised by Morgan Stanley, Chiomenti, Goodwin Procter (led by Matthew Mauney, Joshua Zachariah, Rachel Frankeny, Andrew Kimball, and R. Kirkie Maswoswe), and FGS Global (led by Charlie Chichester). Debt financing is provided by Ares Management and Blue Owl.
United States Steel and Nippon Steel said on May 30 they had received all regulatory approvals outside of the United States related to their proposed $14.9bn merger.
The two steelmakers reiterated that they expect the deal to be completed in the second half of the year, Reuters reported.
Sanofi, a global healthcare company, completed the acquisition of Inhibrx, a clinical-stage biopharmaceutical company, for $1.7bn.
“The addition of INBRX-101 as a high potential asset to our rare disease portfolio reinforces our strategy to commit to differentiated and potential best-in-class products. With our expertise in rare diseases and growing presence in immune-mediated respiratory conditions, INBRX-101 will complement our approach to deploy R&D efforts in key areas of focus and address the needs of the underserved AATD patients and communities,” Houman Ashrafian, Sanofi Head of Research and Development.
Akili, a digital therapeutics company, agreed to merge with Virtual Therapeutics, a company focused on improving mental health at scale using engaging, immersive games. Financial terms were not disclosed.
“In today’s global mental health crisis, patients deserve access to clinically validated solutions that address their specific needs. We have been able to advance multiple solutions on our platform since founding Virtual Therapeutics, and we look forward to taking a significant step forward through this merger. The team at Akili has been successful in applying clinical and scientific rigor to bring new products forward, and we believe their expertise will complement our efforts. Together, we can build a company that brings these behavioral services to as many patients as possible – regardless of where they are or barriers that exist for them today,” Dan Elenbaas, Virtual Therapeutics Co-Founder and CEO.
Angeles Equity Partners, a private investment firm, completed the acquisition of O’Hara’s Son Roofing, a national commercial and industrial roofing provider. Financial terms were not disclosed.
“We have been actively seeking our next scaled platform that can benefit from Angeles’ deep expertise and past track record within building services. OSR presented a compelling opportunity in a highly fragmented industry to acquire one of the largest providers of commercial roofing services participating in all phases of the roofing life cycle. We are excited to partner with OSR’s leadership team and support their continued success,” Sam Heischuber, Angeles Equity Partners Managing Director.
Angeles Equity Partners was advised by Citizens M&A, Lincoln International and Simpson Thacher & Bartlett. O’Hara’s Son Roofing was advised by Autobahn Consultants.
FTAI Aviation, an aviation company, agreed to acquire Lockheed Martin Commercial Engine Solutions, an aerospace company, from Lockheed Martin Canada, an aerospace and defence contractor, for $170m.
“Acquiring Lockheed Martin Commercial Engine Solutions represents a significant milestone for FTAI as we expand our MRE offerings. We know the facility well and greatly value the team’s technical expertise and commitment to quality. We are excited to grow the shop’s piece-part repair capabilities and continue delivering modules and engines to the aftermarket from a world class facility in Montréal,” Joe Adams, FTAI Aviation CEO.
Lockheed Martin Canada is advised by RBC Capital Markets.
ACA Group, a governance, risk, and compliance advisor, agreed to acquire the broker-dealer distribution business of UMB Fund Services, a registered and alternative investment fund services provider. Financial terms were not disclosed.
“This transaction supports our efforts to focus on our core competencies and continue strategically growing our fund administration, fund accounting and transfer agency business. We will continue to service many of these clients through our core lines of business and look forward to maintaining and growing those relationships. We are confident our clients will have a smooth and seamless transition for distribution services through both UMB’s and ACA Foreside’s continued focus on delivering best-in-class service,” Maureen Quill, UMB Fund Services Executive Vice President.
Double Eagle explores $6.5bn sale of shale oil producer.
Prolific oil and gas developer Double Eagle is exploring a sale of its latest Permian Basin-based producer in a deal that could be worth more than $6.5bn, including debt, Reuters reported.
The Double Eagle team is expected to launch a sale process for the producer in the second half of this year.
Peltz's Trian sells out Disney stake after board fight. (FS)
Billionaire Nelson Peltz's Trian Fund Management has sold its entire stake in Walt Disney after a boardroom battle with the media giant, Reuters reported.
The hedge fund was Disney's fifth-biggest shareholder, with a 1.77% stake as of March 31. It sold the stake at nearly $120 per share, making Peltz earn about $1bn.
EMEA
Brookfield, a Canadian multinational company, and Temasek, a global investment company, agreed to acquire a 53.32% stake in Neoen, a renewable energy producer, from Impala, the Fonds Stratégique de Participations, Cartusia and Xavier Barbaro for €3.25bn ($3.52bn).
“Impala is delighted to sell the control of Neoen to Brookfield, a responsible actor and world leader in the renewable energy market . Impala created Neoen 15 years ago and have since then supported every stage of its development in France and then internationally, with an outstanding success in Australia. With the financial backing of this new shareholder and the talent of Xavier Barbaro and his teams, Neoen will be able to continue its growth trajectory,” Jacques Veyrat, Impala Founder and President.
Neoen is advised by Bank of America, Bredin Prat, Gide Loyrette Nouel and OPRG Financial. Brookfield is advised by BNP Paribas, Societe Generale, Clifford Chance and Brunswick Group (led by Aurelia de Lapeyrouse). Impala is advised by Citigroup, Bredin Prat and Havas Paris (led by Stephanie Prunier). Fonds Stratégique de Participations is advised by Perchet Rontchevsky & Associes and Bona Fide.
VINCI Concessions-backed SunMind, a renewable energy projects developer, agreed to acquire Helios Nordic Energy, a large-scale solar farms developer, for €73m ($79m).
“I am pleased to welcome Helios and its team within VINCI Concessions, experts in providing energy renewable sources thanks to solar and energy storage business in Nordic countries,” Nicolas Notebaert, VINCI Concessions CEO.
Helios Nordic Energy is advised by Carnegie Investment Bank, Ernst & Young, BAHR and Setterwalls Advokatbyra. VINCI Concessions is advised by Vinge (led by Peter Sundgren and Martin E Svanberg).
UK's Renewi to sell UK Municipal business to Biffa.
Waste management firm Renewi plans to sell its UK Municipal business to Biffa as it fully shifts focus to European recycling markets in line with last year's strategic review, Reuters reported.
Renewi said it will make the transaction through a combination of a nominal cash consideration payable to Biffa and an expected £125m ($159m) capitalisation of UK Municipal to help the divested business fulfil its future contractual obligations.
Saudi Arabia may announce landmark Aramco share sale.
Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco on May 30, pending final approval, Reuters reported.
The share offering is expected to be launched on June 2. Final approval would come from Crown Prince Mohammed bin Salman. The offering is the culmination of a years-long effort to sell another chunk of one of the world's most valuable companies after its record-setting IPO in 2019 that raised $29.4bn.
Algeria nears Chevron deal, vows to stay key Europe gas supplier.
Algeria is close to signing a deal with US energy giant Chevron as the OPEC member aims to increase natural gas exploration and production and remain a key fuel supplier to Europe, Bloomberg reported.
State-run energy firm Sonatrach will ink the agreement to develop a large hydrocarbons field "within the next few days," Energy Minister Mohamed Arkab said in an interview with state TV on May 29. Before year-end, the country will also sign contracts with ExxonMobil to develop "very important fields that will make a very significant addition to the production of natural gas in Algeria," he added.
Sneaker brand Golden Goose plans biggest Italy IPO in a year.
Luxury sneaker brand Golden Goose is kicking off a Milan initial public offering poised to be Italy's largest listing in over a year, buoying an uneven recovery in Europe's equity capital markets, Bloomberg reported.
Golden Goose aims to raise €100m ($108m) from selling new shares, and its owner, the private equity firm Permira, plans to sell an unspecified amount of existing stock.
APAC
ESAB, an American-Swedish industrial company, agreed to acquire Linde Industries, a welding consumables and equipment market in Bangladesh. Financial terms were not disclosed.
“LIPL is our third acquisition this year as we accelerate our compounding journey. Bangladesh is a fast growing and attractive market and the LIPL acquisition further strengthens our ability to serve our end markets and customers in the region. Our team is excited about the significant growth opportunities in South Asia to sell our award-winning equipment, automation and consumables product lines,” Shyam P. Kambeyanda, ESAB President and CEO.
Google to invest $2bn in data centre and cloud services in Malaysia.
Google will invest $2bn in Malaysia to develop its first data centre and Google Cloud region in the country, the latest in a wave of expansion by global tech firms into Southeast Asia, Reuters reported.
The government said the investment would advance Malaysia's digital ambitions, and the artificial intelligence (AI) capabilities and other advanced technologies would help local industry move up the global value chain. With a young tech-savvy population of 670m, Southeast Asia has been attracting plenty of interest and investment recently from technology giants, including Microsoft, Amazon, Nvidia and Apple.
China Vanke in advanced talks with banks for $6.9bn loan.
China Vanke, the Chinese state-backed developer that's become the latest flashpoint in the nation's property crisis, is in advanced talks with major banks for a loan of about ¥50bn ($6.9bn), Bloomberg reported.
If signed, it would be the largest loan in Asia Pacific, excluding Japan, since Taiwan-based National Housing and Urban Regeneration Center's $14bn deal in 2022. Talks over the facility, led by the Industrial & Commercial Bank of China, began a few months ago after financial regulators instructed the banks to offer funding support to the developer.
|
