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AMERICAS
Akamai, an American delivery company that provides content delivery network, cybersecurity, DDoS mitigation, and cloud services, completed the acquisition of Noname Security, an application programming interface security company, for $450m.
"API development continues to proliferate as customers prioritize their investments in application modernization and digital transformation initiatives. Combining Noname with Akamai's API Security offering will provide a solution for any type of customer. No matter where the customer's applications reside – be it in the cloud, natively on the edge, on-premise, or on other vendor platforms – they will be protected," Oz Golan, Noname CEO.
Akamai was advised by Morgan Stanley. Noname Security was advised by JP Morgan.
Illumina, an American biotechnology company, headquartered in San Diego, California, completed the spin-off of an 85% stake in GRAIL, an American biotechnology company in Menlo Park, California.
"With the completion of the spin-off of GRAIL, we have achieved our goal of divesting GRAIL in a manner that allows its breakthrough technology to continue benefiting patients. Illumina will maintain a minority share of 14.5% in the company. GRAIL plays a critical role in the fight against cancer, and while the company is no longer part of Illumina, we remain confident in its future and will continue to support GRAIL with our sequencing technology, end-to-end workflows, and suite of services," Jacob Thaysen, Illumina CEO.
GRAIL was advised by Morgan Stanley. Illumina was advised by Centerview Partners.
Frazier Healthcare Partners, a Seattle-based, healthcare-focused investment firm, completed the acquisition of BioMatrix, a national provider of home-based infusion services with clinical expertise in neurological diseases, immunology deficiencies and transplants. Financial terms were not disclosed.
"Backing best-in-class operators is a core tenet of our investment strategy, and we are thrilled to back Ted and Kathee. As they have done previously, our shared vision for this asset is to build a nationally renowned platform that puts the patient at the center of everything we do," Philip Zaorski, Frazier Partner.
Frazier was advised by Cantor Fitzgerald and Goodwin Procter.
Macquarie, an Australian global financial services group, agreed to acquire Kalkomey, a provider of online recreational safety education in North America. Financial terms were not disclosed.
Macquarie Capital’s investment will support Kalkomey’s continued growth, scale and expansion into new and adjacent markets globally.
Kalkomey is advised by Harris Williams & Co.
PARIC Holdings, a family of companies dedicated to shaping the future of construction and design, completed the acquisition of Corporate Concepts, one of the Midwest's largest contract furniture dealers. Financial terms were not disclosed.
"From the very beginning, our vision was to provide tailored, innovative office solutions for working professionals of today and future generations," Jennifer Cusack, Corporate Concepts co-founder and CEO.
PARIC Holdings was advised by KemperLesnik.
Simplify Healthcare, a provider of enterprise SaaS solutions, completed the acquisition of Virtical.ai, a pioneering Artificial Intelligence company. Financial terms were not disclosed.
"We are thrilled to welcome Virtical.ai to the Simplify Healthcare family. This strategic move underscores our unwavering commitment to AI and its potential to transform how Payers operate. Together, we will equip our customers with the tools they need to seamlessly integrate AI into their workflows and unlock its full potential. With AI models that are able to consume and make sense of the complex documents at Payers, such as SBCs to radically transform plan comparison and selection; and ingest the hard to understand Machine Readable Files (MRFs) around price transparency, we will now be able to fuel the growth strategies for Payers. In concert with the Simplify Health Cloud™, this creates a crucial value proposition for our customers. I am excited about the tremendous value we can bring to Payers, together with Deepak and his team," Mohammed Vaid, Simplify Healthcare CEO.
ASSA ABLOY, a Swedish group whose offerings include products and services related to locks, doors, gates, and entrance automation, completed the acquisition of Wesko Locks, a Canadian manufacturer and supplier of electronic and specialty locks. Financial terms were not disclosed.
"I am very pleased to welcome Wesko Locks into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business," Nico Delvaux, ASSA ABLOY President and CEO.
TRAKAmerica, a technology and data-enabled provider of workflow management solutions for outsourced client recoveries, agreed to acquire KnovaOne, a business process outsourcing company with legal and accounts receivable management industry experience. Financial terms were not disclosed.
"We're excited to join the TRAKAmerica family, drawn by their long-standing success and exceptional leadership in the account recovery industry. KnovaOne's successful journey could not culminate with a better partner than TRAKAmerica. We believe this union will accelerate KnovaOne's growth by expanding its client base, adding diverse market segments and strengthening existing client relationships through innovative legal process outsourcing solutions," Neeraj Mendiratta, KnovaOne President.
Boeing offers to buy Spirit Aero for $35 per share.
Boeing has offered to acquire Spirit AeroSystems in a deal funded mostly by stock that values its 737 fuselage supplier at about $35 per share, Bloomberg reported.
That offer is worth about $4.08bn. The per-share offer represents a premium of nearly 6% over Spirit's stock closing price on June 24 and a 22.4% upside to its closing price on February 29, the day before Boeing's takeover talks became public.
L Catterton, employees to sell 14m Birkenstock shares. (FS)
Private equity firm L Catterton and a group of employees of Birkenstock Holding are offering to sell 14m shares of the US-traded footwear maker, days after it hit its highest level since its IPO, Bloomberg reported.
Birkenstock’s shares closed at $59.78 each on June 24, up nearly 30% from their IPO price in October to give the company a market value of about $11.2bn. At that price, the stake for sale would be worth $836.9m.
Microsoft risks EU fine after antitrust warning over teams.
Microsoft risks a hefty EU fine after regulators accused the company of abusing its market power by bundling the Teams video-conferencing app to its other business software, Bloomberg reported.
The European Commission said it fired off a so-called statement of objections alleging that Microsoft’s practice of tying Teams to its Office 365 and Microsoft 365 packages fell foul of the bloc’s competition rules.
DuPont’s water unit draws interest from potential buyers.
DuPont water treatment business, which the US chemicals group is planning to spin out, is drawing separate takeover interest from potential industry buyers, Bloomberg reported.
Xylem and Veralto are among possible suitors that are in the early stages of evaluating the DuPont Water Solutions business. DuPont said in May that it will separate its electronics and water units through tax-free transactions. The process is expected to be completed within two years.
Thoma Bravo is exploring a sale of Canadian auto marketplace trader. (FS)
Thoma Bravo is exploring the sale of Trader, a Canadian automotive marketplace and software provider. The private equity firm is working with an adviser to solicit interest from potential buyers, Bloomberg reported.
The company could be valued at CAD4bn ($2.9bn) or more, including debt. The deliberations are ongoing and Thoma Bravo could still opt to keep the company.
BuzzFeed struggles to sell owner of hit YouTube show ‘Hot Ones’.
For the producers of Hot Ones, one of the most popular original programs on YouTube, this year has yielded one success after another, Bloomberg reported. Several parties are interested the show, but balk at $70m price.
The show, in which host Sean Evans eats spicy chicken wings with celebrities while interviewing them, has landed viral moments with Conan O’Brien, Sydney Sweeney, Lewis Hamilton and John Oliver. While celebrities once needed to be talked into appearing on the show, they now line up for a chance to sample the wings of death.
BMC Software kicks off $6.6bn loan refinancing package. (FS)
Banks led by Goldman Sachs have launched one of the largest leveraged loan deals this year to refinance BMC Software’s upcoming maturities. The technology company owned by KKR is marketing $6.6bn worth of leveraged loans, Bloomberg reported.
The debt package includes a seven-year $3.95bn first-lien loan, a seven-year euro-denominated first-lien loan equivalent to $1.95bn and an eight-year $750m second-lien loan.
Carlyle, Goldman Sachs lend $1.1bn PIK to Apex Group. (FS)
Carlyle Group and Goldman Sachs Private Credit have lent a $1.1bn payment-in-kind note to fund administrator Apex Group. Companies have increasingly been turning to so-called PIK notes in the higher-interest rate environment of the last couple of years, Bloomberg reported.
PIK debt allows the borrower to postpone interest payments until the debt matures. While that alleviates short-term debt servicing burdens, interest is added to the principal sum and compounded.
Rite Aid wins $200m dispute over Elixir sale to MedImpact.
Rite Aid isn’t responsible for more than $200m in extra costs tied to the recent acquisition of its pharmacy benefit manager Elixir by MedImpact Healthcare Systems, a judge ruled on June 24, Bloomberg reported.
Judge Michael Kaplan said during a hearing in New Jersey bankruptcy court that the underlying Elixir sale agreement makes MedImpact responsible for the disputed liabilities, which include millions of dollars in unpaid reimbursements owed to CVS Health, Walgreens Boots Alliance and Walmart.
TWFG Insurance reveals nearly 27% jump in net profit in US IPO filing.
TWFG disclosed a nearly 27% jump in annual net profit on June 24. The US IPO market has seen an uptick in 2024, after a nearly two-year dry spell, as expectations of a soft landing for the economy encourage companies to list their shares, Reuters reported.
TWFG entered the Ohio, Illinois, and North Carolina markets in 2023, as per the filing.
HIG Capital raises $1.3bn for infrastructure fund. (FS)
HIG Capital, a global alternative asset management firm with $64bn of capital under management, announced the closing of HIG Infrastructure Partners. The fund closed with aggregate capital commitments of approximately $1.3bn.
“The Fund is well-positioned to capitalize on opportunities in the less efficient middle market. HIG’s unique platform provides us with a demonstrated, differentiated sourcing model and a deep pool of resources focused on operational value creation. We believe this allows us to generate strong returns, especially as the industry adjusts to higher interest rates and macro volatility,” Andrew Liau and Ed Pallesen, HIG Infrastructure Co-Heads.
Meadow Partners raises $530m of new capital commitments. (FS)
Meadow Partners, an institutional middle-market real estate private equity investor, announced that the firm has raised $530m of new capital commitments for its sixth flagship fund, Meadow Real Estate Fund VI and dedicated co-investment vehicles. The new capital was committed by a diverse base of new investors and longtime partners, including public pension plans and university endowments.
"We are grateful for the positive response we received for our flagship strategy from a sophisticated group of new and existing investors. Their continued confidence reflects Meadow’s differentiated investment approach and experienced team with deep-rooted relationships. In a challenging market environment, Fund VI has already completed numerous investments across our target markets and we have a robust pipeline of compelling opportunities," Jeffrey Kaplan, Meadow Partners Founder and Managing Partner.
Rackhouse Venture Capital closes second fund at $45m. (FS)
Rackhouse Venture Capital, a San Francisco-based, early-stage, AI-focused venture capital firm, announced the final closing of Rackhouse Ventures Fund II, with $45m in closed capital and commitments. Fund II will facilitate the firm’s commitment to partner with companies and founders that have achieved product-market fit in overlooked niches, possessing a clear and obsessive customer focus.
“As Fund II continues to deploy capital and support its portfolio companies, we are confident in our ability to generate strong returns for our investors and create lasting impact in the AI industry. With the close of Fund II we plan to keep doing what we do best – empowering early-stage startups to change the world with data,” Kevin Novak, Rackhouse Venture Capital Managing Partner & Founder.
Goldman Sachs names Hess chief to its board as it guides oil company sale. (People)
Goldman Sachs has appointed oil tycoon John Hess to its board of directors, the firm announced on June 24, just as the Wall Street investment bank advises his company on its $53bn takeover by Chevron, FT reported.
The move comes as Goldman stands to make as much as $80m in fees for helping Hess sell the family-run oil business in a contentious deal that has created a stand-off with ExxonMobil.
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.
A consortium of investors, including Equitix, Tages Capital, and La Finanziaria Trentina, agreed to acquire a 40% stake in Hydro Dolomiti Energia, one of the major Italian hydroelectric energy producers, from Macquarie Group, a global financial services group, for €400m ($429m).
"Hydropower is a strategic asset, playing a key role in the energy transition and providing a clean and system-critical source of power as the installation of new solar and wind accelerates across Italy. Under our stewardship with the Dolomiti Energia Group, HDE has continuously provided a secure and reliable source of electricity while developing a highly-skilled technical and commercial operations team, and contributing to the economy of the province. We wish the business every success as it embarks on its next chapter," Stéphane Brimont, Macquarie Asset Management Managing Director.
Macquarie Group is advised by Rothschild & Co.
Safran, a French multinational aerospace and defense corporation, agreed to acquire Preligens, a provider of artificial intelligence for aerospace and defense, for €220m ($235m).
"The proposed acquisition of Preligens will boost the adoption of AI within the Group, thus optimizing our agility and efficiency. With multiple applications, it will represent a step-change for our defense and space technology businesses and will also allow us to deploy AI-enabled digital inspection methods to support our focus on flight safety and quality," Olivier Andriès, Safran CEO.
Preligens is advised by Evercore.
Landsec, the largest commercial property development and investment company in the United Kingdom, completed the acquisition of an additional 17.5% stake in Bluewater, a shopping centre in Dartford, England, from GIC, a global long-term investor, for £120m ($152m).
This transaction is in line with Landsec's objective to grow its investment in major retail destinations, recycling capital from its recent non-core disposals in an earnings accretive way.
Benchmark Mineral Intelligence, a price reporting agency and specialist information provider for the lithium ion battery to electric vehicle supply chain, completed the acquisition of Rho Motion, a provider of actionable analytics on the EV, battery, charging, and infrastructure markets. Financial terms were not disclosed.
The combined company will have a staff of approximately 250 and compete with S&P Global, privately held Fastmarkets and others. The deal will make it one of the world's largest sources of market information for the electric vehicle supply chain.
Britvic suspends share buyback after Carlsberg's takeover approach.
Carlsberg is considering its options and said on June 24 that PepsiCo agreed to waive a clause in its bottling deal with Britvic, in a move that could pave the way for the Danish firm to raise its bid for the maker of Robinsons fruit cordial.
Kuwait Finance House explores bid for stake in Saudi Investment Bank.
Kuwait Finance House has been exploring the purchase of a significant stake in Saudi Investment Bank as dealmaking activity heats up in the Middle East, Bloomberg reported.
The Kuwaiti lender has been studying a potential investment to help bolster its regional presence. KFH said that it’s evaluating potential expansion opportunities in Saudi Arabia and is still studying more than one bank.
Gunvor helped finance Gabon’s deal to buy oil roducer Assala. (FS)
Commodity trader Gunvor Group helped finance Gabon’s acquisition of Carlyle Group’s Assala Energy, the latest example of independent energy traders stepping in with deals for oil-producing countries in Africa, Bloomberg reported.
The deal for the 45k barrel a day crude producer has been some time in the making. In January, Gabon’s National Oil Company exercised what it said was a preemptive right to the assets after France’s etablissements Maurel & Prom struck a deal to buy the company. The move came just months after a military coup overthrew former leader Ali Bongo.
English winemaker Chapel Down Touts sale to fund growth plans. (FS)
English winemaker Chapel Down Group is kicking off a strategic review that may result in a sale of the company as it seeks ways to fund longer-term growth. The Kent-based firm known for its range of sparkling wines is working with Rothschild & Co on options ranging from investment from existing shareholders, bringing in new investors or a sale of the business, Bloomberg reported.
There can be no certainty a transaction will be pursued.
Redeveloper of London world war tunnels to list in Amsterdam.
A company planning to redevelop World War II-era tunnels in London will list its shares in Amsterdam this week, rather than its originally intended venue of the UK capital, Bloomberg reported.
London Tunnels intends to raise £30m ($38m) in a direct listing on Euronext Amsterdam, giving it a market capitalization of about £130m ($139m).
APAC
Castrol, a British oil company that markets industrial and automotive lubricants, agreed to invest $50m in Gogoro, a Taiwanese company that developed a battery-swapping refueling platform for urban electric two-wheel scooters, mopeds and motorcycles.
"Two-wheelers are a critical part of our global product portfolio and as our customers transition to electric two-wheelers the Castrol brand has an important role to play in the eco-system," Michelle Jou, Castrol CEO.
Novo Holdings, a holding and investment company, completed the investment in AgNext Technologies, a breakthrough agricultural and food technology company. Financial terms were not disclosed.
"This investment presents an exciting opportunity for Novo Holdings to collaborate with AgNext's management team in markets with unmet needs, prioritising both organic and inorganic growth in the food and agritech space in the near and long term. With an innovative technology offering, AgNext is poised to capture opportunities to grow its business across various sectors and regions. Further, the company's focus on unique and customised solutions aligns well with our vision of supporting transformative technologies in the bioindustrial and planetary health sector," Amit Kakar, Novo Managing Partner.
Capgemini, a global business and technology transformation partner, agreed to acquire Design + Industry, a product design and development consultancy. Financial terms were not disclosed.
"For over 35 years D+I has been the partner of choice to leading organizations who want to create world class, commercially successful products, from research and discovery through to concept design, prototyping and into production. Capgemini’s end to end intelligent industry capabilities will be a natural home for D+I’s expertise. Its global reach and client base will provide unrivalled opportunities and experiences for our team members. We are excited to join the Group," David Jones, D+I CEO.
Meituan considers more than $1bn bond offering.
Meituan is considering raising funds via a bond offering this year, as the Chinese food delivery and shopping platform seeks to repay some existing debt and fund its expansion, Bloomberg reported.
Meituan, founded in 2010 and led by billionaire Wang Xing, is working with investment banks to lay the groundwork for an offering. The size of the bond could be more than $1bn.
Adani CFO calls some regulator notices group received 'trivial'.
The finance chief of the Adani Group conglomerate deemed some of the Indian market regulator notices received by group firms citing alleged regulatory lapses as "trivial" in nature, Reuters reported.
Led by billionaire Gautam Adani, the group has faced regulatory challenges in India since a report by short seller Hindenburg Research in January 2023. It accused group firms of improper use of tax havens and stock manipulation which sparked a $150bn meltdown in the market value of group firms.
Malaysia airports operator management to remain in Malaysians' hands.
The management and ownership of Malaysia's airports operator will remain in Malaysian hands following a plan to take it private, Prime Minister Anwar Ibrahim said on June 25, amid protests against a bid that includes foreign investors, DealStreetAsia reported.
A consortium led by Malaysia's sovereign wealth fund Khazanah Nasional and state pension fund the Employees Provident Fund announced on May 15 an offer to take Malaysia Airports Holdings private, in a deal that would value the airport operator at $3.9bn.
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