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AMERICAS
Rio Tinto's $6.7bn buyout of Arcadium will give it a suite of lithium filtration technologies that are poised to revolutionize how the metal is produced for the electronics and electric vehicle industries, Reuters reported.
Arcadium's expertise in so-called direct lithium extraction is the real prize for Rio, analysts said, and vaults it into contention with Eramet, Sunresin, Exxon Mobil and others aiming to make the technology commonplace in coming years.
Victory Live, a ticketing technology platform, completed the acquisition of Logitix, a software company, from ZMC, a private equity firm. Financial terms were not disclosed.
“We are very proud of what we have built over the past several years with ZMC’s support. We see immense benefits and significant growth opportunities through this new partnership. The combination of Victory Live’s impressive team, blue-chip partners, and investments in technology will play a valuable role in expanding the opportunities we have developed at Logitix, providing us with the scale and global footprint we need to achieve our vision and ensure long-term growth,” Stu Halberg, Logitix Chief Executive Officer.
Victory Live was advised by Bank of America, Moelis & Co, Sidley Austin and Lambert & Co (led by Jennifer Hurson). Logitix was advised by Evercore and Lowenstein Sandler.
Renovus Capital Partners, a private equity firm, completed the acquisition of a majority stake in Angeion Group, an innovator in the class action settlement industry. Financial terms were not disclosed.
"This partnership marks a major milestone in Angeion's growth journey. The investment from Renovus is a testament to the dynamic team that has propelled Angeion into the great company that it is today and that will continue to drive its growth into the future. I am extremely proud of what we have accomplished, and I am even more energized for the years ahead," Steven Weisbrot, Angeion Founder & Chief Executive Officer.
Angeion Group was advised by Marks Baughan. Renovus Capital was advised by Morgan Lewis & Bockius (led by Kevin Shmelzer) and Gasthalter & Co (led by Mark Semer).
Post Road, a private equity firm, and Bain Capital, a private equity firm, completed the investment in DC BLOX, a provider of interconnected data centers. Financial terms were not disclosed.
“The financial support from our partners demonstrates confidence in our ability to satisfy the rapidly growing digital infrastructure needs of our customers. From our edge market data centers, Myrtle Beach cable landing station, regional fiber network, and multiple 150MW+ hyperscale campuses, DC BLOX is building the digital infrastructure needed to drive future economic growth across the Southeast," Jeff Uphues, DC BLOX CEO.
DC BLOX was advised by Simpson Thacher & Bartlett (led by Gabriel Silva) and iMiller Public Relations. Bain Capital was advised by Stanton PRM (led by Scott Lessne).
Kava Equity Partners, a private equity investment group, completed the acquisition of Arrowhead Contracting, an environmental remediation services provider and general contractor. Financial terms were not disclosed.
“Arrowhead Contracting has a proven history of quality work and profitable growth, making it a perfect fit for our investment portfolio. We are excited about this partnership and are committed to supporting the Arrowhead management team and the further development of the company," James Dudley, Kava Managing Director.
Arrowhead was advised by CC Capital Advisors. Kava Equity was advised by Holland & Hart and Maynes, Bradford, Shipps & Sheftel.
MWP Growth Capital, a private equity firm, completed the investment in Kajeet, a provider of wireless solutions for education and enterprise markets. Financial terms were not disclosed.
"This recapitalization marks the beginning of an exciting new chapter for Kajeet. With MWP Growth Capital's support, we are well-positioned to accelerate our efforts to bring scalable solutions to market and expand our reach across high growth sectors of the market. Our core focus remains providing reliable, secure, and managed wireless services that empower our customers to thrive in the connected world," Ben Weintraub, Kajeet CEO.
Kajeet was advised by Houlihan Lokey.
Blackstone-backed Trystar, a company that designs, manufactures and supplies electrical power solutions, completed the acquisition of Salient, an emergency power products provider. Financial terms were not disclosed.
"The addition of Salient enhances our power distribution capabilities with their world-class solutions. Like Trystar, Salient is a custom solutions-based business, and all of its products are manufactured in the USA to the highest standards. Additionally, Salient also offers extensive industry experience, customer focus, and a passion for their products and the value that those bring to the market. The trends of electrification and digitalization, as well as the need for resilient, reliable, clean power lead to significant growth in our industry. Because both companies understand the implication and costs of a power outage, together we can help customers minimize the impact of power system events," Trystar.
Blackstone was advised by Houlihan Lokey.
Fullscript, a healthcare platform for whole person care, completed the acquisition of Rupa Health, a company that helps practitioners order, track and manage more than 3k laboratory tests. Financial terms were not disclosed.
“Rupa Health, under CEO Tara Viswanathan and co-founder Rosa Hamalainen’s leadership and vision, has become the preeminent site where practitioners streamline their labs and lab ordering workflows. This combination represents a significant step forward to achieving our collective goal. Together, we will offer the most comprehensive clinical platform where all practitioners – from integrative medicine specialists to traditional physicians – have the infrastructure, information and decision-support tools needed to practice whole person medicine," Kyle Braatz, Fullscript Co-Founder and CEO.
Presidio, a technology services and solutions provider, completed the acquisition of Internetwork Engineering, an IT solution provider. Financial terms were not disclosed.
“Joining Presidio enhances our organization’s technology depth with an immediate opportunity to offer more cloud-based services and consumption, managed services, and cyber security. IE bolsters Presidio’s geographic presence and scale delivering organizational benefits to both companies. We’re excited to join forces and for the opportunities ahead for us," Chuck Steiner, Internetwork Engineering President and CEO.
LLR Partners, a private equity firm, completed the investment in TurboTenant, an all-in-one property management software. Financial terms were not disclosed.
“TurboTenant is a well-known brand with highly satisfied customers in a fast-growing, yet still largely underserved, software market. Independent landlords are one of the last real estate markets with significant opportunity for technology adoption and optimization. We believe TurboTenant’s brand strength, leadership team, and business model have positioned the company well to continue its path to market leadership,” Cheng Li, LLR Partners Principal.
Dobbs Tire & Auto Centers, a tire retailer and automotive aftermarket service company, completed the acquisition of Automotive Super Center, a shop that offers auto repair services such as the engine, AC, cabin, and air filter repairs. Financial terms were not disclosed.
“We are thrilled to welcome Automotive Super Center to the Dobbs family as we expand our footprint into Texas. This acquisition is a significant step forward in our strategy to build a best-in-class platform that delivers exceptional automotive services and superior tire sales growth. With the addition of ASC, Dobbs is well-positioned to continue growing in key markets across the country,” Dustin Dobbs, Dobbs Tire & Auto Centers Chief Executive Officer.
OpenAI chairman's startup raising funds at over $4bn value.
OpenAI chairman Bret Taylor's Sierra is in talks to secure new funding at a $4bn valuation, underscoring sustained investor interest in AI despite concerns about ballooning startup price tags, Bloomberg reported.
Sierra, co-founded last year with former Google executive Clay Bavor, is raising hundreds of millions of dollars in its latest round. That would more than triple Sierra's valuation from a January deal that made it a unicorn.
Blue Owl to buy $2bn of fintech Upstart's consumer loans. (FS)
Blue Owl Capital has agreed to buy up to $2bn of consumer installment loans from financial technology lender Upstart as part of an effort to push into asset-based finance, Bloomberg reported.
The private credit lender will snap up the debt over the next 18 months, through a so-called forward-flow agreement, where a buyer agrees to purchase loans before they have been originated. The deal also includes $290m of personal loans that have already been handed out.
Venture capital investors wary of dealmaking despite stock market momentum. (FS)
Venture capital investors in the United States remained cautious about dealmaking amid economic uncertainty, underscoring challenges in the industry despite a rally in public markets, Reuters reported.
About $37.5bn of deals were clinched in the third quarter ended 30 September, nearly 32% lower than the preceding quarter. Limited liquidity has driven investors to negotiate tougher terms for startups, leading many to postpone funding until conditions improve.
XPO spinoff GXO Logistics is said to explore potential sale.
GXO Logistics, the supply chain services provider with a market value of almost $6bn, spun off from trucking company XPO in 2021, is exploring a sale, Bloomberg reported.
The Greenwich, Connecticut-based company is working with financial advisers. The company began to review its options after receiving interest from potential buyers, which include rival logistics providers.
Pinnacle-backed fund manager wins big in Chu's Canada deal. (FS)
Canadian investment firm Langdon Equity Partners has emerged as one of the big winners from a deal backed by longtime Blackstone dealmaker Chinh Chu, Bloomberg reported.
Chu's CC Capital agreed to invest $250m in Toronto-based financial firm Westaim as part of a transaction that will unite credit firm Arena Investors and a new insurance business under Westaim.
How Carlyle’s David Rubenstein landed in the Orioles owner’s box. (FS)
With a fortune made in private equity as Co-Founder of The Carlyle Group, David Rubenstein has been an active and enthusiastic investor and philanthropist in his own right, Bloomberg reported.
His latest venture - ownership of the Baltimore Orioles baseball club - may be his most ambitious and notoriety-grabbing to date. For him, it’s both an extension of his community-based philanthropy and a recognition that he had given his hometown less attention than it deserved.
KKR clashes with DOJ over deal disclosures. (FS)
Private equity giant KKR is at odds with the US Department of Justice over a proposed settlement that would hold its top executives personally accountable for disclosure lapses related to mergers and acquisitions.
The dispute centres on a federal investigation into whether KKR failed to provide accurate information in its filings with government agencies about the competitive impact of its deals.
Moove US IPO postponed in blow to Brazil comeback.
Moove Lubricants, a subsidiary of Brazilian conglomerate Cosan, delayed an initial public offering set to price on October 9, Bloomberg reported.
Cosan confirmed the postponement in a regulatory filing, citing "adverse market conditions". Earlier, bankers on the deal informed investors the IPO was being delayed. There's no new date for the offering yet.
EMEA
Brookfield Asset Management, an alternative asset management company, agreed to acquire Tritax EuroBox, a property company investing in distribution centres across Europe, from Segro, a British property investment and development company based in London, for £1.1bn ($1.44bn).
"The board of Tritax EuroBox remains intensely focused on delivering value for Tritax EuroBox shareholders. The cash offer from Brookfield represents a premium to the current value of the SEGRO offer and ensures that Tritax EuroBox shareholders will benefit from a significant uplift over the undisturbed value of their investment with flexibility to reinvest as they see fit," Robert Orr, Tritax EuroBox Chair.
Italy's cabinet on October 10 approved with conditions the sale by carmaker Stellantis of a majority stake in its robotics business Comau to One Equity Partners, Reuters reported.
So-called golden power legislation gives Rome the right to block or set prescriptions on deals involving Italian companies that operate in strategic sectors.
One Equity Partners is advised by Stanton PRM (led by Tom Faust).
Arnest Group, a Russian manufacturer of perfume, cosmetics, and household products, completed the acquisition of the Russian business from Unilever, a British-Dutch transnational consumer goods company. Financial terms were not disclosed.
"The sale includes all of Unilever’s business in Russia and its four factories in the country. Our business in Belarus is also included in the sale. Over the past year, we have been carefully preparing the Unilever Russia business for a potential sale. This work has been very complex, and has involved separating IT platforms and supply chains, as well as migrating brands to Cyrillic. The completion of the sale ends Unilever Russia’s presence in the country," Hein Schumacher, Unilever CEO.
Unilever was advised by Rothschild & Co.
Monzo staff to sell shares as valuation soars again to £4.5bn. (FS)
Hundreds of employees of the digital bank Monzo are being given the opportunity to sell part of their stakes in the company as its valuation soars to £4.5bn ($5.9bn).
The latest share sale is understood to involve existing Monzo investors StepStone Group and GIC, the Singaporean sovereign wealth fund, buying stock from employees.
Abu Dhabi's Aldar plans $480m project in Dubai near Expo. (RE)
Abu Dhabi's largest property developer is planning a AED1.8bn ($480m) project that will include homes, offices and retail locations in neighboring Dubai as it aims to capitalize on rising demand in the Middle East's tourism and business hub, Bloomberg reported.
Aldar Properties has partnered with Expo City Dubai to build a community near Dubai's new airport Dubai World Central. The six-building project will be constructed on 103m sq m of land. Aldar will also manage the facilities after the project's completion.
UBS tech chief says Credit Suisse integration is on track after test run.
UBS's technology chief is confident that the hugely complex integration of Credit Suisse, bringing its former rival's clients and data onto its own platforms, is "bang on target" after a successful test run, Reuters reported.
UBS has successfully migrated the first Credit Suisse customers to its platform. In the coming weeks, the bank will begin migrating customers booked in Luxembourg and Hong Kong.
Arnault poised to buy Paris FC football club with Red Bull.
Bernard Arnault's family is nearing the purchase of a majority stake in second-tier football club Paris FC, investing alongside Red Bull, as the billionaire clan diversifies into sports, Bloomberg reported.
Under the terms discussed, the Arnault family will initially take a stake of about 55% through its holding company Agache, before buying out club chairman Pierre Ferracci's 30% holding in 2027. Red Bull will acquire a stake of about 15%.
BPER rules out share buybacks for next 3 years and focuses on internal growth.
BPER will not buy back its own shares over the next three years but rather use dividends to reward investors as the Italian bank hiked its payout ratio to 75% under a new multi-year strategy, Reuters reported.
CEO Gianni Franco Papa said that though he considered BPER shares to still be undervalued, the strategic plan through 2027 did not envisage any share buybacks.
Space startups see funding growth as investors bet on capex-intensive ventures. (FS)
Space startups raised $1.9bn in the third quarter, up nearly a fifth from a year earlier, fueled by strong investor interest in rocket launchers and satellite manufacturers, DealStreetAsia reported.
"As the activity and investment opportunities in space continue to grow, we need businesses capable of meeting demand for satellite launches," Lucas Bishop, Seraphim Space Investment Associate.
Lagging UK stock market falling behind Canada in value ranks.
The UK stock market is falling behind Canada in value of listed companies, dealing yet another blow to London’s meandering equity market, Bloomberg reported.
Market values in Canada have surged 11% so far this year to $3.22tn. The value of firms on the Toronto Stock Exchange and the broader Canadian equity market is now neck and neck with the UK. The data excludes foreign depositary receipts and exchange-traded funds in both markets.
Polish Zabka IPO priced at top of range, will raise $1.6bn. (FS)
The initial public offering of Europe's largest chain of convenience stores, Zabka Group, is priced at the top of a proposed range, making it the biggest listing in Warsaw in four years, Bloomberg reported.
Private equity fund CVC Capital Partners and other Zabka owners set the IPO price at $5.5 per share. They will sell 300m shares, equivalent to a 30% stake, raising $1.6bn.
Swedish online pharmacy Apotea is said to weigh $300m IPO.
Founded in 2011, Swedish online pharmacy Apotea is considering an initial public offering in Sweden as soon as this year, Bloomberg reported.
The company, offering medical advice via email, online chat and telephone, is working with advisers including Carnegie Bank on the preparations for the potential listing that could raise $200m to $300m.
APAC
7-Eleven owner plans split as it resists record $47bn buyout proposal.
Seven & i plans to split its convenience store operations from non-core businesses as the retailer aims to fend off a $47bn takeover bid from Canada's Alimentation Couche-Tard, FT reported.
The 7-Eleven owner said that it would separate 31 subsidiary businesses, including supermarkets such as Ito-Yokado, speciality stores and Denny's restaurant brand - and put them in a new holding company called York Holdings.
ENI Partner Agra Energi exploring selling stake in North Ganal gas block in Indonesia.
The Indonesian partner of Eni is exploring a sale of its minority stake in a gas block in Sumatra for as much as $500m, Bloomberg reported.
PT Agra Energi Indonesia is working with an adviser on a possible sale of its 16.7% stake in the North Ganal Block. They have reached out to potential investors, including energy companies and private equity firms. A transaction could value Agra's stake at $300m to $500m.
Broker for the wealthy, Charles Monat, is said to consider sale of the business.
Charles Monat Associates, a global life insurance broker for high-net-worth individuals, is exploring a sale of the business amid interest from prospective investors, Bloomberg reported.
Charles Monat is working with a financial adviser on a potential disposal that could value it at $400m to $500m. The closely held company, which is owned by its management and counts Willis Towers Watson as a strategic partner, has attracted takeover interest from buyers including private equity firms.
Chinese trading cards maker Kayou is said to delay Hong Kong IPO plans.
Kayou, a Chinese maker of trading cards and stationery with animation themes, has pushed back its plan for an initial public offering in Hong Kong because it hasn't received approval to list from China's securities regulator.
Casting a cloud over the deal is negative publicity surrounding trading cards from Chinese state media, which in July highlighted addiction among children, Bloomberg reported.
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