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AMERICAS
US District Judge Adrienne Nelson on March 11 set August 26 as the start of a hearing on the Federal Trade Commission's bid for a preliminary injunction to block supermarket chain Kroger's $24.6bn deal to buy smaller rival Albertsons, Reuters reported.
The FTC sued last month to block the deal that would create a supermarket empire with more than 4k stores, saying it would boost grocery prices for millions of Americans. The tie-up has drawn tough scrutiny from lawmakers and consumer groups worried about higher grocery prices, job losses and store closures.
Albertsons is advised by Credit Suisse, Goldman Sachs (led by Timothy Ingrassia), Debevoise & Plimpton (led by Ted Hassi), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Jenner & Block (led by Alexander May, Edward L. Prokop and Kevin T. Collins), Wachtell Lipton Rosen & Katz (led by Zachary Podolsky and Adam Emmerich), White & Case (led by George Paul), Alston & Bird (led by Stuart Rogers), Cravath Swaine & Moore (led by Robert I. Townsend and Sanjay Murti), Davis Polk & Wardwell (led by Phillip R. Mills and Cheryl Chan) and Brunswick Group. Kroger is advised by Citigroup (led by Brian Anton and David Finkelstein), Wells Fargo Securities, Arnold & Porter Kaye Scholer, Weil Gotshal and Manges (led by Michael J. Aiello) and Joele Frank (led by Tim Lynch). Cerberus Capital Management is advised by Dechert (led by Eric Siegel and Mark Thierfelder) and FGS Global (led by Andrew Cole).
Campbell Soup Company, a manufacturer of branded convenience food products, completed the acquisition of Sovos Brands, a food and beverage company, from Advent International for $2.7bn.
“We’re thrilled to add the most compelling growth story in the food industry and welcome the talented employees who have built a nearly $1bn portfolio. This acquisition fits perfectly with and accelerates our strategy of focusing on one geography, two divisions and select key categories that we know well. Our focused strategy has enabled us to deliver strong results over the last five years, enhance our brands and capabilities, and generate strong cash flow to lower debt. With all this progress, I am confident in our readiness to execute and integrate this important acquisition. The Sovos Brands portfolio strengthens and diversifies our Meals & Beverages division and paired with our faster-growing and differentiated Snacks division, makes Campbell one of the most dependable, growth-oriented names in food,” Mark Clouse, Campbell President and CEO.
Hudson Bay-backed Liberty Strategic Capital led a $1bn investment round in New York Community Bancorp, a bank holding company, with participation from Reverence Capital Partners, Citadel Global Equities, other institutional investors and certain members of the company's management. Liberty will invest $450m, Hudson Bay will invest $250m, and Reverence will invest $200m as part of the transaction.
"The completion of this major equity raise demonstrates the confidence these strategic investors have expressed in the turnaround currently underway at the company and allows us to execute on our strategy from a position of strength. Our company enters this next phase with an enhanced balance sheet and liquidity position." Sandro DiNello, NYCB Executive Chairman, President and CEO.
NYCB was advised by Jefferies & Company and Skadden Arps Slate Meagher & Flom (led by Christopher Barlow). Jefferies was advised by Latham & Watkins. Liberty Strategic Capital was advised by Sullivan & Cromwell. Hudson Bay was advised by Schulte Roth & Zabel.
Frazier Healthcare Partners, a healthcare-focused investment firm, completed the acquisition of RevSpring, a provider of end-to-end communication and payment solutions servicing healthcare and financial services companies, from GTCR, a private equity firm. Financial terms were not disclosed.
“We are excited about RevSpring’s next chapter of growth in partnership with Frazier. We are proud of the growth and the significant momentum we’ve experienced to date. Partnering with a firm of Frazier’s reputation positions us well to continue to invest in leading solutions that deliver strong outcomes and ROI for our clients,” Scott MacKenzie, RevSpring CEO.
RevSpring was advised by Morgan Stanley, TripleTree and Kirkland & Ellis. Frazier Healthcare was advised by William Blair & Co and Goodwin Procter.
Arsenal Capital Partners, a private equity firm specializing in building market-leading, technology-rich healthcare companies, agreed to acquire the Enabling Services segment assets of Fortrea, a global contract research organization. Financial terms were not disclosed.
"Today marks a significant milestone in Fortrea's ongoing journey, as we sharpen our focus on organically growing as a pure-play CRO, with added financial flexibility," Tom Pike, Fortrea Chairman and CEO.
Fortrea is advised by Barclays, Smith Anderson and Prosek Partners (led by Kate Dillon). Arsenal Capital Partners is advised by Sidley Austin and Prosek Partners (led by Jackie Schofield).
Strength Capital Partners-backed Western States Reclamation, a provider of environmental reclamation and speciality civil contracting services, completed the acquisition of Naranjo Civil Constructors, a speciality civil contracting company. Financial terms were not disclosed.
"The combination of the three businesses creates an unprecedented level of skills and expertise under one roof. We are very enthusiastic about the future," Colby Reid, WSR CEO.
Western States Reclamation was advised by Taft Law Firm.
US Steel, an American integrated steel producer, completed the investment in Freespace Robotics, a pioneering manufacturer of robotic storage and retrieval systems. Financial terms were not disclosed.
"Investing in Freespace Robotics is another way we're promoting innovation while supporting the regional economy and its workforce. Given Freespace's ambitious growth plan rooted right here in our hometown, this investment also underscores how we're doubling down on the region because we believe in its potential to be a force for innovation in the US and beyond," Christian Gianni, US Steel Senior Vice President & Chief Technology Officer.
Scholastic, the global children's publishing, education and media company, agreed to acquire 9 Story Media Group, an independent creator, producer and distributor of premium children's content, for $186m.
"This highly strategic combination, adding 9 Story's industry-leading capabilities with Scholastic's trusted brand and proven ability to create iconic children's series and franchises, has tremendous potential to build deeper connections with young people through our stories, as the pages of our books come to life on screens and through merchandising. At its core, Scholastic's 360° content creation strategy is about engaging children with reading, and we have introduced our stories to generations of kids by reaching them where they are," Peter Warwick, Scholastic President and CEO.
American Water, an American public utility company, completed the acquisition of Granite City's wastewater treatment facility for $86m.
"We thank the Granite City Council for its vote of confidence, and we look forward to growing our partnership with Granite City residents and businesses. Our company and team of experienced employees are invested in the Granite City community and are well positioned to leverage our resources and expertise to address both their water and wastewater needs for years to come," Rebecca Losli, Illinois American Water President.
LG, a South Korean multinational conglomerate, agreed to invest $60m in Bear Robotics, a Silicon Valley-based startup specializing in AI-driven autonomous service robots.
This strategic investment is aimed at bolstering LG's portfolio for long-term growth. Upon closing the stock purchase, the company will hold the largest portion of shares in Bear Robotics on a single-shareholder basis.
Linden Capital Partners, a Chicago-based private equity firm, completed the acquisition of Alcresta Therapeutics, a provider of novel enzyme-based products designed to address challenges faced by patients living with gastrointestinal disorders and rare diseases. Financial terms were not disclosed.
"I am very excited to join the Alcresta team to support the continuing growth of the company. Alcresta's rapid progress has made a meaningful difference for patients living with rare diseases that struggle with fat malabsorption. Linden feels very fortunate to partner with Alcresta as it prepares for new levels of momentum and success in the years ahead," Ron Labrum, Linden Operating Partner.
Terminus Capital Partners-backed Delta Data, a provider of pooled fund and mutual fund software solutions, completed the acquisition of Phoenix Systems, a fintech firm specializing in global mutual fund transfer agent, sub-accounting, and trading software solutions. Financial terms were not disclosed.
"We are excited to welcome Phoenix Systems and its esteemed clients into the Delta Data family. At Delta Data, our mission is to build the most trusted and comprehensive mutual fund/pooled fund software company. Adding Phoenix Systems to our suite of solutions is the next step toward that goal. Phoenix's products, world-class clients, and committed team of industry experts build on Delta Data's leading position in our market. Bringing these companies together allows us to enhance our service to legacy Phoenix and existing Delta Data clients, demonstrating our dedication to client value, while offering an unparalleled solution to future clients," Cameron Routh, Delta Data CEO.
Advent International is weighing $1bn sale of CAES. (FS)
Advent International is weighing a sale of CAES that could value the aerospace and defense technology company at more than $1bn, Bloomberg reported.
The private equity firm is working with an adviser as it explores a range of strategic options for Arlington, Virginia-based CAES.
Apollo reaches out to Paramount about deal. (FS)
Private equity firm Apollo Global Management in recent days has reached out to a special committee formed by multinational mass media and entertainment conglomerate Paramount Global about a possible takeover or asset purchase, Axios reported.
Apollo is said to be evaluating a deal only with Paramount, whose major assets include Paramount Pictures, broadcaster CBS, a slew of Viacom cable networks, and streaming services Paramount+ and PlutoTV. It is also possible that Apollo could wind up bidding only on select assets.
Astorg considers sale of IP software firm Anaqua. (FS)
Private equity firm Astorg is considering a sale of its US-based intellectual property software firm Anaqua, the company could be worth as much as $3bn, Reuters reported.
Astorg is in the process of appointing financial advisers to gauge buyer interest in Anaqua, which offers software that manages patents, trademarks and contracts for law firms and corporations.
Blackwells questions Disney on ValueAct pension fund role. (FS)
Alternative investment manager Blackwells Capital contends that entertainment giant Walt Disney should have disclosed that investment company ValueAct Capital Management was managing some of its pension fund assets, stirring tensions between the two activist investment firms as they pursue different agendas at the entertainment giant, Bloomberg reported.
New York-based Blackwells told Disney shareholders in a letter that the company's board failed to properly disclose that ValueAct or its affiliates had overseen more than $350m of its pension assets.
Spain's government has authorised a merger of French mobile operator Orange's Spanish business and its rival MasMovil, Digital Transformation Minister Jose Luis Escriva said on March 12, the last formal step after an EU approval last month, Reuters reported.
An accompanying industrial plan for the resulting entity that will become Spain's biggest operator with more than 30m mobile customers, "is truly ambitious", with strong investments in fixed and mobile infrastructure, Escriva told a news conference.
Orange is advised by Ernst & Young, Citigroup, JP Morgan (led by Ignacio de la Colina), Lazard (led by Vincent Le Stradic), Garrigues and Jones Day (led by Luis Riesgo). Masmovil is advised by BNP Paribas, Bank of America, Evercore (led by Juan Pedro Perez Cozar), Goldman Sachs (led by Macario Prieto), PricewaterhouseCoopers, Santander, Freshfields Bruckhaus Deringer (led by Jose Armando Albarran), Perez Llorca (led by Juan Jiménez-Laiglesia) and Uria Menendez (led by Gabriel Nunez). Debt financing is provided by BNP Paribas.
Nidec, KPS compete for Siemens' $3bn Innomotics unit. (FS)
Japan's Nidec and US-based private equity firm KPS Capital Partners are competing to acquire Siemens's Innomotics large motors business, Reuters reported.
The sale of the motors and drives business could fetch German engineering group about €3bn ($3.28bn).
Hg said to kick off $1bn sale of Trackunit. (FS)
Buyout firm Hg is kicking off a sale of Danish telematics firm Trackunit, Bloomberg reported.
Hg is working with an adviser as it starts gauging interest in the company from potential bidders. Trackunit, which focuses on the off-highway vehicle market, could be valued at as much as $1bn in any transaction.
Murdoch's News eyes joint Telegraph bid with rivals. (FS)
Rupert Murdoch's News and the owner of the Daily Mail have held talks about a potential joint takeover of the Telegraph alongside the UAE-backed investment fund RedBird IMI, Reuters reported.
A joint bid by the three would result in a smaller stake for Redbird IMI. The Abu Dhabi-backed buyout of the paper, which voices opinions within the governing Conservative Party, has provoked fears of foreign influence in news reporting which opponents say could threaten Britain's democracy.
Immedica's owners consider sale of Swedish pharma firm.
Swedish specialty pharmaceutical firm Immedica's owners are exploring options for the company including a potential sale, Bloomberg reported.
Immedica's shareholders are working with Morgan Stanley to gauge interest in the business. The Stockholm-based company, which is focused on commercializing medicines for rare diseases, could fetch about $500m and is likely to draw interest from private equity firms.
Entain hires bankers to place bet on PartyPoker sale.
The FTSE-100 gambling group Entain which owns Ladbrokes has hired bankers to prepare a sale of PartyPoker as it seeks to fend off activist investors by reinvigorating its core operations, SkyNews reported.
Entain is working with advisers from Oakvale Capital on a prospective sale of the online poker business. The sale is expected it to fetch around £150m ($192m).
Signa lenders push back against deal to sell Austrian assets.
A Signa Prime Selection creditor committee has rejected plans to sell a portfolio of Austrian property to the Schoeller Group, a diversified services provider, Bloomberg reported.
The initial decision casts doubt on a deal that insolvent Signa Prime had hoped would help address a bottleneck in its restructuring efforts. Negotiations between the firm and its lenders are ongoing.
Douglas seeks up to €30 per share in Frankfurt IPO.
German perfume retailer Douglas said it would sell shares at €26 ($28.4) to €30 ($32.8) in of one Europe's first major initial public offerings this year, Reuters reported.
The company and management aim to raise up to €907m ($992m), largely through the issuance of new stock. This would give it a market capitalisation as high as €3.1bn ($3.4bn).
Bank of America promotes European dealmakers. (People)
Bank of America is promoting two of its top European dealmakers as mergers and acquisitions activity slowly begins to pick up in the region, Bloomberg reported.
The firm appointed Lukas Poensgen as head of M&A for Germany, Austria and Switzerland. It's also naming Juan Vilarino as M&A head for Iberia.
APAC
Alcoa, a global company specializing in bauxite, alumina and aluminum products, agreed to acquire Alumina, a company that invests in bauxite mining, alumina refining and aluminium smelting, for $2.2bn.
“We are pleased to have entered into the transaction process and exclusivity deed to finalize the terms of the transaction, which will provide significant and long-term benefits to both Alcoa and Alumina Limited shareholders. Alcoa has been a proven operator of AWAC, and we recognize the value creation opportunities possible under a simplified ownership structure, including the ability to implement AWAC’s operational and strategic decisions on an accelerated basis. We believe now is the right time to consolidate ownership in AWAC and look forward to working closely with the Alumina Limited team to consummate a transaction that will better position Alcoa to execute on our long-term growth strategy,” William F. Oplinger, Alcoa President and CEO.
Dai-ichi, a private insurance company, agreed to acquire Benefit One from Pasona Group, a company mainly engaged in the provision of corporate welfare agency services and other membership services, from Pasona Group, a Japanese employment and staffing solutions provider, for up to $2bn. Dai-ichi outbid previous bidder, M3.
Dai-ichi Life turned to the deal as it seeks growth beyond the shrinking domestic life insurance market. It intends to use Benefit One to expand in services including health care and employee benefits.
Benefit One is advised by Mitsubishi UFJ Morgan Stanley Securities.
GDS confirms investor talks on potential deals outside China. (FS)
Chinese data centre developer and operator GDS said it had been in discussions with several private equity investors on investing in its operations outside the country, DealStreetAsia reported.
The Hong Kong-listed company made the comment in a stock exchange filing after public sources reported that Hillhouse, Boyu Capital and CDH Investments are in advanced talks to invest in GDS' data center business outside China. The report added that an agreement on a total investment of $500m to $600m may be reached as soon as the coming weeks.
Li Ning mulls taking sportswear company private.
Chinese gymnast-turned entrepreneur Li Ning is considering taking his eponymous sportswear brand private from the Hong Kong stock market, Bloomberg reported.
The founder is considering leading a consortium to buy out Li Ning. The Beijing-based company selling athletic apparel and footwear has a market capitalization of HKD57bn ($7.3bn).
BAT is said to launch ITC selldown as soon as this week.
British American Tobacco, the maker of Lucky Strike cigarettes, is preparing to kick off a sale of part of its stake in Indian partner ITC as soon as this week, Bloomberg reported.
London-listed BAT has been speaking with Bank of America and Citigroup about a potential divestment of around $2bn to $3bn in ITC stock through block trades.
National Bank of Canada weighs sale of Cambodian unit.
National Bank of Canada is exploring options for its Cambodian unit ABA Bank, including its sale for more than $2bn in a deal, Reuters reported.
National Bank's other options for the subsidiary could also include minority or majority stake sales.
Vishal Mega Mart mulls $1bn IPO. (FS)
Indian budget supermarket chain Vishal Mega Mart is planning a $1bn initial public offering that would value the budget supermarket chain at up to $5bn with some of the proceeds earmarked to add stores, DealStreetAsia reported.
Switzerland's Partners Group and India's Kedaara Capital, which together have a majority stake in Vishal Mega Mart, will each sell shares in the offering.
UFH said to seek fresh funding.
Private Chinese healthcare firm United Family Healthcare is seeking fresh funds and has sounded out potential investors, Bloomberg reported.
The Beijing-based company intends to raise several hundred million dollars in the new round, adding that UFH may seek to relist at some point. Considerations are at an early stage and details of any fundraising including possible valuation haven't been finalized.
Former Sequoia India firm launches new fund for early ventures. (FS)
Peak XV Partners, formerly part of Sequoia Capital, is creating a new fund that will take stakes in global seed and early venture funds, and make other investments that fall outside the purview of its existing portfolios, Bloomberg reported.
The Peak XV Anchor Fund will be backed by an internal pool of capital. Formerly known as Sequoia India & Southeast Asia, the venture-capital firm rebranded as Peak XV Partners last year and is now fully independent.
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