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AMERICAS
Cameco, one of the largest global providers of the uranium fuel, and Brookfield Renewable, a publicly traded limited partnership that owns and operates renewable power assets, completed the acquisition of Westinghouse Electric Company, an American nuclear power company, from Brookfield Business Partners, a global business services and industrial company, for $7.9bn.
"This is the start of an exciting new chapter for the Westinghouse team and for nuclear power. We are grateful to BBU for its stewardship and investments that have strengthened Westinghouse’s position in the nuclear power industry, and more broadly in the clean power world, for the long-term. Now we are proud to join Brookfield Renewable and Cameco, reaffirming the important role played by Westinghouse and nuclear power in enabling the world’s clean energy transition and energy security goals," Patrick Fragman, Westinghouse President and CEO.
Cameco was advised by CIBC World Markets, Goldman Sachs, Chiomenti (led by Filippo Modulo, Giulio Napolitano and Salvo Arena), Covington & Burling (led by Donald Ross, Patrick E. Manchester and J. D. Weinberg), Cuatrecasas Goncalves Pereira (led by Marcos García Gonzalez and Luis Perez De Ayala) and McCarthy Tetrault (led by David Lever). Financial advisors were advised by Skadden Arps Slate Meagher & Flom (led by Christopher Barlow). Brookfield Renewable was advised by Greenhill & Co, Cravath Swaine & Moore and Brunswick Group. Brookfield Business Partners was advised by BMO Capital Markets, RBC Capital Markets, Tudor Pickering Holt, Stikeman Elliott, Weil Gotshal and Manges (led by Michael Lubowitz) and Wolf Theiss (led by Tereza Naucova).
Legends, a food, beverage, merchandise, retail, and stadium operations corporation, agreed to acquire ASM Global, a live event entertainment company. Financial terms were not disclosed.
“Legends and ASM Global are both deeply client-centric and fan-focused and together we will deliver maximum value for our global client roster with even greater support and service options. Welcoming ASM Global to Legends is a capstone achievement in our 15-year journey toward becoming the world’s trusted partner for connecting people with the brands and communities that matter most to them, and for helping our clients create memorable moments that keep their fans and patrons returning time and again,” Shervin Mirhashemi, Legends CEO.
ASM Global is advised by Goldman Sachs, Jefferies & Company, Arnold & Porter Kaye Scholer, Hogan Lovells, Latham & Watkins (led by Shaun Hartley and Daniel Breslin) and breakwhitelight. Legends is advised by Bank of America, Moelis & Co and Ropes & Gray. Debt financing is provided by Ares Capital, KKR Credit, Apollo Global Management, Oaktree Capital, HPS Investment Partners, and Goldman Sachs. Debt providers are advised by Paul Hastings (led by Jennifer Yount and John Cobb).
Private equity firms Francisco Partners and TPG completed the acquisition of New Relic, a US-based Web tracking and analytics company, for $6.5bn.
"Ever since our founding over 15 years ago, New Relic has created and delivered groundbreaking innovations, with a maniacal focus on delivering a leading observability platform to help our customers deliver better software faster. We are pleased to partner with Francisco Partners and TPG, who are committed to continuing to build upon New Relic's strong foundation and achieve its full potential," Lew Cirne, New Relic Founder and Executive Chairman.
New Relic was advised by Qatalyst Partners, Freshfields Bruckhaus Deringer (led by Sarah Solum), Latham & Watkins (led by Tad Freese and Mark Bekheit), and Joele Frank (led by Adam Pollack). Qatalyst Partners were advised by Morrison & Foerster (led by Spencer Klein). Francisco Partners and TPG were advised by Goldman Sachs, JP Morgan, Moelis & Co, Morgan Stanley, Davis Polk & Wardwell (led by Oliver Smith and Darren M. Schweiger), Kirkland & Ellis, Paul Hastings (led by Mike Kennedy and Jeffrey Wolf), and Sloane & Company (led by Whit Clay).
Alfasigma, a pharmaceutical products wholesaler, completed the acquisition of Intercept Pharmaceuticals, a biopharmaceutical company, for $794m.
"The acquisition of Intercept marks another important milestone in Alfasigma's growth path, particularly with regard to the US market in which we have significant development objectives. Intercept represents a compelling fit with Alfasigma's core business areas of gastroenterology and hepatology, and we believe that the transaction represents a transformational opportunity for both companies. We are excited to welcome Intercept employees and look forward to working together as we invest in the company to realize the full potential, to the benefit of patients," Francesco Balestrieri, Alfasigma CEO.
SEGA SAMMY, a company involved in a wide range of businesses such as entertainment content, amusement machines, and resorts, agreed to acquire GAN, a B2B supplier of internet gambling software-as-a-service solutions for casinos, for $108m.
"After a thoughtful review of value creation opportunities available to us, we are pleased to have reached this agreement with SSC. Market share concentration in the US B2C space, a slower than expected adoption of regulated online gaming in the US, along with changes to key customer contracts make the near-term operating environment challenging without ample capital resources. Sega Sammy has those resources and GAN is a strategic complement to their existing gaming portfolio. We believe this all-cash offer, at a substantial premium to recent trading prices, is the value-maximizing path for our shareholders," Seamus McGill, GAN Chairman and Interim CEO.
SEGA SAMMY is advised by SMBC Nikko Securities and Greenberg Traurig. GAN is advised by B. Riley, Sheppard Mullin Richter & Hampton, and Alpha IR.
Nordic Capital, a private equity company, agreed to acquire a majority stake in IntegriChain, a cloud software company, from Accel-KKR, a technology-focused investment firm. Financial terms were not disclosed.
“We’re pleased to have Nordic Capital as a new partner to support us on our journey. We are immensely proud of the team at IntegriChain and how we help pharma manufacturers deliver winning commercialization strategies while optimizing their net revenue. With Nordic Capital’s invaluable healthcare and technology experience and expertise, I’m confident that this partnership will enable us to extend our position as a leading platform for pharma manufacturers to bring their science to market. We thank Accel-KKR for their many years of sound guidance and support to help us ready IntegriChain for this important next phase of our business development,” Josh Halpern, IntegriChain Co-Founder and CEO.
IntegriChain is advised by Harris Williams & Co, Morgan Stanley and Sage Strategic Marketing (led by Jennifer Guinan). Nordic Capital is advised by Evercore.
ApolloMed, a physician-centric, technology-powered, risk-bearing healthcare company delivering high quality care, agreed to acquire Community Family Care Medical Group, a scaled provider group, with more than 350 primary care physicians and 500 specialists on platform, manages the healthcare of over 200k members in the Los Angeles area, for $202m.
"We are pleased to strengthen our existing relationship with ApolloMed through this transaction, which is a natural progression towards the continued growth and success of CFC. Leveraging ApolloMed's Care Enablement solution has empowered our physicians to deliver better care and enabled the company to deliver a multi-year, growing track record of profitability while managing Medicaid populations under value-based care contracts. We are incredibly excited for the next chapter of CFC's growth and success in serving those who most need it across Los Angeles and beyond," Accie Mitchell, CFC CEO.
ApolloMed is advised by Nossaman and Russ August & Kabat. Community Family Care is advised by Sheppard Mullin Richter & Hampton.
American Healthcare REIT, a specialist in the investment of healthcare real estate properties, agreed to acquire the remaining minority stake in Trilogy REIT, a company that operates in real estate healthcare sector, from NorthStar Healthcare Income, a specialist in acquisitions, equity management, and securities investments in healthcare real estate, for $260m.
"Trilogy has been strategically built over the course of nearly three decades in select markets that have experienced growing demand for long-term care services and in which Trilogy has established an industry-leading presence. Trilogy constitutes more than a third of American Healthcare REIT's $4.4bn portfolio and is the strongest performing component. Trilogy is one of the nation's finest senior care operators, as evidenced by its remarkable recovery from the COVID pandemic, which battered the senior care industry," Danny Prosky, AHR President and CEO.
American Healthcare REIT is advised by Spotlight Marketing Communications (led by Damon Elder).
A group of investors, including British Columbia Investment Management, Microsoft, National Security Strategic Investment Fund, Inovia Capital and Amadeus Capital Partners, led a $100m round in Photonic, a quantum technologies company.
“Photonic’s game-changing approach to deliver on the decades-old promises of quantum computing continues to be fueled by our committed investors and best-in-class employees. The support of such knowledgeable investors who believe in our work is a testament to our team, our technology, and the direction we’re headed in,” Paul Terry, Photonic CEO.
Photonic is advised by Interprose.
CarGurus, an online automotive marketplace, agreed to acquire the remaining 49% stake in CarOffer, an automated instant vehicle trade platform, for $75m.
“Our work with CarOffer has unlocked meaningful opportunities to better serve our customers by integrating the scale and reach of our retail platform with CarOffer’s digital wholesale capabilities. As we aim to accelerate this progress to enhance the consumer and dealer experience even further, we believe that now is the right time to fully invest in CarOffer so we can be more agile in scaling solutions,” Jason Trevisan, CarGurus CEO.
Rio Tinto, a global mining group, completed the acquisition of a 57.74% stake in Agua de la Falda, a mining operations company located in the Atacama region in Chile, from Pan American Silver, a mining company based in Canada with operations in Latin America, for $45m.
"Copper is critical for the global energy transition, which is at the heart of Rio Tinto's strategy, and Chile is one of the most important sources of world supply as demand for copper in renewables and electrification grows. Partnerships are essential to find better ways to provide materials the world needs, and we are pleased we can bring our global exploration capability to a joint venture that will be able to access Codelco's strong local presence and industry expertise," Jakob Stausholm, Rio Tinto CEO.
Conner Industries, a provider of industrial wood and packaging solutions, and Anderson Pallet and Crate, a supplier of wood pallets, skids, boxes, and crates, formed a joint venture. Financial terms were not disclosed.
"This joint venture with Anderson Pallet and Crate aligns our products and services with the needs of our customers, and is an outstanding strategic development for Conner. The combination of assets will serve as an ideal platform to broaden our reach into the Colorado and front range markets, and exemplifies Conner's commitment to adapting to our customers' ever-changing need for solutions that reduce the total cost of packaging," David Dixon, Conner Industries CEO.
Rio Tinto, a global mining group that focuses on finding, mining and processing the Earth's mineral resources, and Codelco, a Chilean state owned copper mining company, agreed to form Nuevo Cobre joint venture to explore and potentially develop the company’s assets in Chile’s prospective Atacama region. Financial terms were not disclosed.
"This is an unbeatable opportunity for Codelco and Rio Tinto to join our knowledge, experience, strengths and capabilities to accelerate exploration and development of these assets to contribute the copper that the world needs for its energy transition. We are very pleased to formalize this partnership with Rio Tinto and acknowledge our mutual commitment to following the best standards of health, safety, community relations and care for the environment," Maximo Pacheco, Codelco Chairman.
Getir, an on-demand delivery services provider, completed the acquisition of FreshDirect, an American online grocery company, from Ahold Delhaize, a Dutch-Belgian multinational retail and wholesale holding company. Financial terms were not disclosed.
"The acquisition will lead to significant synergies between Getir and FreshDirect and emphasizes Getir's strategic ambitions to grow in the United States. FreshDirect will leverage Getir's technology and operational footprint to offer faster services to its loyal customer base, which will also benefit from easy access to Getir's quick convenience service," Getir.
PSG Equity holds final close of second European fund at over €2.6bn. (FS)
PSG Equity, a growth equity firm partnering with software and technology-enabled services companies in Europe, North America and Israel to help accelerate their growth, has held the final close of PSG Europe II, the firm's second Europe-focused fund, with more than €2.6bn ($2.8bn) in commitments.
PSGE II, one of the largest growth equity funds raised to invest exclusively in European software companies, exceeded PSG's initial target, and secured support from both new and existing investors globally including state pension funds, sovereign wealth funds, family offices and high net worth individuals.
Granite Creek Capital closes oversubscribed fund at $300m. (FS)
Granite Creek Capital, a private investment firm based in Chicago, has held the oversubscribed closing of its third investment fund, Granite Creek FlexCap III.
FlexCap III fund is a $300m vehicle focused on providing flexible capital to growing lower middle market companies. With the fund, Granite Creek plans to invest in 15 to 20 companies.
EMEA
KKR-backed IVI RMA, a clinic that specializes in human reproduction, developing reproductive medicine, and GED Capital, an independent private equity group, agreed to acquire Eugin Group, a fertility center group that provides customized solutions and services for assisted reproduction, from Fresenius, a global health care group, for €500m ($535m).
"We are thrilled to add Eugin's operations in the US and Canada to the IVI RMA group. Our ethos of compassionate, personalized care will help ensure we deliver a world-class patient experience and successful outcomes for more patients. We are pleased to have partnered with GED in this creative transaction. We're confident that our shared vision and complementary strengths make this partnership greater than the sum of its parts, allowing IVI RMA to continue its growth in North America and GED to invest behind a leading platform in Europe and Latin America," Javier Sanchez Prieto, IVI RMA CEO.
Fresenius is advised by Lazard and Freshfields Bruckhaus Deringer.
Vishay Intertechnology, a discrete semiconductors and passive electronic components manufacturer, agreed to acquire Newport wafer fabrication facility and operations of Nexperia, a semiconductor manufacturer, for $177m.
“Under new leadership in early 2023, Vishay set an ambitious goal of investing approximately $1.2bn in capacity over a three-year period in order to position the company to seize the opportunities created by the megatrends of e-mobility and sustainability needed for a Net Zero economy. While this transaction is supplemental to our capex investment strategy, adding Newport Wafer Fab to our manufacturing footprint will be instrumental to achieving our goal of expanding capacity for our customers and to accelerating our SiC strategy,” Joel Smejkal, Vishay President and CEO.
Gaming Innovation Group, an international Internet gaming company, agreed to acquire KaFe Rocks, a company operating within the iGaming industry with multiple brands present across the United States, for €35m. ($37m).
"We want to remain the leading casino affiliate in the industry and grow in the North American market. Our acquisition of KaFe Rocks validates these goals. After the successful integration of AskGamblers, we have been looking for the next splendid candidate to join the family. In KaFe Rocks, we've found a flourishing business led by an exceptionally skilled team. Their reputable affiliate assets will undoubtedly drive growth for the broader group. I eagerly await working closely with the KaFe Rocks team," Jonas Warrer, GiG CEO.
Generali has €500m left for M&A, could return it to investors.
Italy's top insurer Assicurazioni Generali still has €500m ($533m) left for M&A deals, which will be returned to shareholders if not used for acquisitions, Reuters reported.
Under its current three-year plan which ends in 2024, Generali had been looking for acquisition targets in insurance and asset management and had earmarked up to €3bn ($3.25bn) for M&A transactions, citing possible deals in Europe, Asia and the United States.
Co-operative Bank says it's exploring strategic opportunities.
British lender Co-operative Bank said it's seeking potential strategic opportunities following its recovery in the past few years, Bloomberg reported.
Stablecoin issuer Circle Internet considering 2024 IPO.
Circle Internet Financial, the issuer of the USDC stablecoin, is considering going public early in 2024, Bloomberg reported.
The company is talking to advisers as it prepares for a potential initial public offering. Deliberations are ongoing and there's no certainty that Circle will decide to proceed with a listing. While it's not clear how much Circle would seek to be valued in an IPO, it was valued at $9bn when it tried to go public in a blank-check deal in 2022.
SWEN Capital closes the second European infrastructure fund with €580m. (FS)
SWEN Capital, a European private equity firm with over €7.7bn ($8.2bn) in AUM, has held the final close of the second vintage of its European infrastructure fund, SWIFT 2, an impact fund dedicated to renewable gas investments at €580m ($620m).
The fund raised more than twice its original target, and more than three times the final close of its predecessor fund SWIFT 1.
Dubai launches $136m venture capital fund designed to finance technology startups. (FS)
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Integrated Economic Zones Authority announced the launch of a venture capital fund worth $136m.
The fund is designed to finance technology startups and supports the economic objectives outlined in the Dubai Economic Agenda, D33 by promoting SMEs growth in various emerging sectors.
UBS hires Moelis banker Jardine for software dealmaking. (People)
Investment bank UBS Group hired rival Moelis & Co managing director Andrew Jardine, Bloomberg reported.
Jardine, who has worked at Moelis since 2017, will report to Laurence Braham, the Swiss bank's global co-head of technology investment banking.
APAC
Lumentum, a designer and manufacturer of innovative optical and photonic products, completed the acquisition of Cloud Light Technology, a designer and manufacturer of advanced optical modules and optical sensors, for $750m.
“I am excited to add Cloud Light’s high-speed optical transceiver products, differentiated technology, and talented team to Lumentum. Cloud operators have embraced this transaction, recognizing the enhanced customer value proposition it brings through leading-edge technology, a broader product portfolio, and strengthened supply chain security, all at a time when Artificial Intelligence is driving data center compute capacity to its limits,” Alan Lowe, Lumentum President and CEO.
KB Asset Management, an investment company, completed the acquisition of Samsung SDS Tower in Seoul from Ryukyung PSG Asset Management, an investment management company, for $630m.
Located in Seoul’s Jamsil neighbourhood approximately 7km (4.3 miles) east of the Gangnam business district, the Samsung SDS Tower has 30 above-ground and seven basement floors, with 99.5k m2 of floor area situated on a 7.7k m2 lot. The building is adjacent to the headquarters of local e-commerce giant Coupang and is a five-minute walk from Jamsil metro station, which is served by subway lines 2 and 8.
Ryukyung PSG Asset Management was advised by Colliers, Cushman & Wakefield and CBRE Group.
Eris Lifesciences, a pharmaceutical company, agreed to acquire Dermatology and Nephrology branded formulations business units of Biocon Biologics, an Indian biopharmaceutical company, for $44m.
“This divesture of non-core assets allows Biocon Biologics to unlock value within our Branded Formulations portfolio in India and sharpen focus on our core therapy areas like Diabetes, Oncology and Immunology. We believe that Eris Lifesciences is well positioned to build further on the Dermatology and Nephrology franchise in India. Biocon Biologics remains committed to a successful transition of employees of these business units, our product brands, and customers to ensure continuity for patients,” Shreehas Tambe, Biocon Biologics CEO & Managing Director.
TikTok owner ByteDance offers to buy back shares from staff at $160 apiece.
China's ByteDance, the parent of short video app TikTok, is offering to buy back shares from its employees outside the United States for $160 apiece, Reuters reported.
The price valued the company at $223.5bn, about 26% lower than a valuation a year earlier. Last year, ByteDance was valued at $300bn in a buyback program offered to its non-US employees.
Wise Road Capital in talks to acquire Innovalues from Northstar. (FS)
Chinese private equity firm Wise Road Capital is in advanced talks to buy Singapore's customized precision machine parts and components manufacturer Innovalues from Northstar Group, DealStreetAsia reported.
Singapore-headquartered private equity firm Northstar was aiming for a sale that could value the precision machine parts maker at over $377m.
Fuji Soft nears take-private deals for four listed units.
Fuji Soft, a provider of software and information technology services for Japan's government, banks and other companies, is close to unveil buyout offers for four of its Tokyo-listed subsidiaries, Bloomberg reported.
Cyber Com, Cybernet Systems, Fuji Soft Service Bureau and Vinx — all majority-owned by Fuji Soft — are the targets of the potential takeovers. Fuji Soft could propose to buy the shares they do not currently own in these companies for about $266m. The goal of these deals is to boost synergies with the software businesses.
Chinese authorities order Ping An to rescue Country Garden.
Chinese authorities asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation's biggest private property developer, Reuters reported.
Analysts believe China's government departments and state-owned enterprises intervening in large private real estate firms would ensure a good disposal mechanism of bad assets. This is quite important. The key is that this gives positive expectations to the market that debt risks are controllable.
MBK Partners is ready to start raising sixth flagship fund. (FS)
Private equity firm MBK Partners is in the market raising its sixth flagship fund, DealStreetAsia reported.
MBK, which manages over $25.6bn and invests exclusively in North Asian markets including China, Japan, and South Korea, disclosed in the SEC filing, dated November 2, of its plan to raise MBK Partners Fund VI.
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