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AMERICAS
Campbell Soup said on February 13 that it expects to close its $2.3bn acquisition of Rao's Homemade items owner Sovos Brands within days of March 11 after receiving a certification of compliance from the United States Federal Trade Commission, Reuters reported.
The FTC had requested additional information on the transaction in October last year as part of its review of Campbell's proposed acquisition of Sovos, a premium Italian sauces maker.
Sweat Oak, a Delaware limited liability company, agreed to acquire Whole Earth Brands, a food company enabling healthier lifestyles through premium plant-based sweeteners, flavor enhancers and other foods, for $209m.
“Following a comprehensive review of strategic alternatives, we are pleased to announce this transaction today, which we believe to be in the best interest of all our shareholders, providing them with the most compelling outcome in terms of maximizing value while offering immediate liquidity at a significant premium. From the beginning of this process, the Special Committee’s top priority has been to deliver an optimal outcome for all our shareholders, customers, and employees, and we believe we have achieved that with this transaction. We look forward to working with the Sweet Oak team to ensure a smooth and timely closing," Irwin D. Simon, Whole Earth Brands Executive Chairman.
Whole Earth Brands is advised by Jefferies & Company, DLA Piper and ICR (led by Jeff Sonnek). Sweat Oak is advised by Citigroup and Greenberg Traurig. Debt financing is provided by Fortress Investment Group and Silver Point Capital.
BAE Systems has now received necessary regulatory approvals to successfully complete the acquisition of Ball Aerospace, which will add market-leading space and defense capabilities to the company's portfolio of products and services.
In the coming days, BAE Systems and Ball Corporation will be executing the steps needed to complete the transaction and close on the Ball Aerospace acquisition.
Adagio Medical, an innovator in catheter ablation technologies for treatment of cardiac arrhythmias, agreed to go public via a SPAC merger with ARYA Sciences Acquisition, a special purpose acquisition company. Financial terms were not disclosed.
"The business combination agreement and Adagio Medical's evolution to a public company is a natural next step in our relationship with Perceptive Advisors and other investor groups who have long supported Adagio Medical's innovations aimed to improve the efficacy of cardiac ablations," Olav Bergheim, Adagio Medical President and CEO.
Adagio is advised by Stifel and Reed Smith. ARYA Sciences is advised by Chardan, Jefferies & Company and Kirkland & Ellis. Financial advisors are advised by White & Case.
LPL Financial, a provider of investment and business solutions for independent financial advisors, agreed to acquire Atria Wealth Solutions, a wealth management solutions holding company. Financial terms were not disclosed.
“Atria has built a great community of advisors and institutions, led by their client-centered culture. We look forward to welcoming their advisors and institutions to the LPL family, and to helping them optimize their success by providing the capabilities, technology and services to differentiate and win in the marketplace and run thriving businesses," Dan Arnold, LPL Financial President and CEO.
Atria Wealth Solutions is advised by Ardea Partners, William Blair & Co and Ropes & Gray. LPL Financial is advised by Morgan Stanley and Allen & Overy.
Tuckahoe, a family-run diversified holding company, completed the acquisition of Gateway Dealer Network, a prominent provider of industrial equipment, from Brightstar Capital Partners, a middle market private equity firm. Financial terms were not disclosed.
"We have immense admiration for GDN’s business model and its ability to serve a broad range of customers. This acquisition fits perfectly with our focus of owning middle market companies for the long term. We are committed to working hand-in-hand with John and his team to unlock new opportunities and drive sustained growth," Peter and Stuart Farrell, Tuckahoe Managing Directors.
Gateway Dealer Network was advised by Jefferies & Company, TM Capital and Kirkland & Ellis. Tuckahoe was advised by Hirschler.
Francisco Partners and Clearlake Capital Group-backed Perforce Software, a provider of enterprise-scale software solutions to technology developers and development operations, agreed to acquire Delphix, a provider of an intelligent data platform that accelerates digital transformation for companies around the world. Financial terms were not disclosed.
"The addition of Delphix to our portfolio adds critical data management capabilities that help enterprise organizations realize an automated and accelerated DevOps pipeline. In addition to data automation and compliance, we are also excited to provide our customers with the operational efficiencies and reduced costs afforded by the Delphix platform through lower storage expenditures and footprint. We look forward to working with the Delphix team to continue delivering data management innovation to our customers," Jim Cassens, Perforce CEO.
Delphix is advised by Centerview Partners. Francisco Partners is advised by Sloane & Company (led by Whit Clay). Clearlake Capital Group is advised by Lambert & Co (led by Jennifer Hurson). Perforce Software is advised by Ambrose Communications (led by Maxine Ambrose).
AGF Management, a diverse asset management firm, completed the investment in New Holland Capital, a multi-strategy investment manager. Financial terms were not disclosed.
“We look forward to partnering with New Holland as we continue to build and grow our alternatives business. The addition of New Holland and its expertise in absolute return-focused investments diversifies AGF Capital Partners’ alternatives capabilities and avenues for growth," Ash Lawrence, Head of AGF Capital Partners.
New Holland was advised by CBRE Group, Sera Global and Simpson Thacher & Bartlett (led by Ryan Williams). AGF was advised by Massumi + Consoli.
Connor, Clark & Lunn Infrastructure, an investor in middle-market infrastructure and infrastructure-like assets, agreed to acquire an 80% stake in Sharp Hills, an onshore wind farm in Canada with approximately 300MW of capacity, from EDP Renewables, a company active in the renewable energy sector, for $355m.
"The Sharp Hills wind farm is an attractive addition to our increasingly diverse portfolio of infrastructure assets. We look forward to working further with our partner, EDPR, in the safe and successful operation of this facility for years to come. CC&L Infrastructure has a long history and significant expertise as an owner of more than 80 clean energy projects. We are excited to continue expanding our asset base and are actively pursuing further investment opportunities created by the increasing demand for renewable power and the broader energy transition that is underway," Matt O'Brien, CC&L Infrastructure President.
Connor, Clark & Lunn Infrastructure is advised by National Bank Financial and Torys. EDP Renewables is advised by CIBC World Markets.
Morgan Stanley Expansion Capital, a private investment platform, completed a $67m investment in cPacket Networks, a data solutions provider.
“cPacket has demonstrated consistent and highly efficient growth and we are excited to partner with Brendan and his talented team to execute on the next chapter of success. The increasing complexity and performance required of modern enterprise networks is driving increasing need for high-quality, real-time packet data and analytics. Many of the world's most demanding customers trust cPacket to inform their critical decisions and cPacket is at the forefront of technological leadership in the market," Pete Chung, Head of Morgan Stanley Expansion Capital.
cPacket was advised by Citizens M&A.
Rubicon Technology Partners, a private equity firm that invests in software and technology-enabled services companies, completed the acquisition of a majority stake in Vimly Benefit Solutions, a technology-based benefits administration company. Financial terms were not disclosed.
"I am thrilled to have found the right partner in Rubicon to take Vimly to the next level in our growth and technology strategy. We stand at a significant crossroads today to celebrate our past and boldly step into the next phase of innovation and growth for Vimly. As we continue to enhance our platform, SIMON®, and expand our offerings, our focus remains steadfast on delivering unparalleled value to our clients and business partners. I am thrilled that we have found a like-minded partner in Rubicon who sees the incredible value Vimly delivers today and the immense opportunity that lies ahead," Shannon Jurdana, Vimly CEO.
Vimly Benefit Solutions was advised by Ziegler.
Guild Mortgage, a growth-oriented mortgage lending company, agreed to acquire Academy Mortgage, an Utah-based lender. Financial terms were not disclosed.
“Guild and Academy share a commitment to the purchase mortgage market and believe in local sales and fulfillment that builds on our customers for life strategy. Our aligned core values attract employees dedicated to serving their communities and delivering on the promise of homeownership. This transaction represents two like-minded organizations joining forces to continue to grow stronger together. Each acquisition we’ve completed has brought new talent to Guild, making us a better company. We’re excited to extend a warm welcome to our new Academy teammates and build on their talent with the support of Guild behind them," Terry Schmidt, Guild Chief Executive.
Guild Mortgage is advised by Nuffer Smith Tucker.
Reliance Steel & Aluminum, a diversified metal solutions provider and the largest metals service center company, agreed to acquire American Alloy Steel, a distributor of specialty carbon and alloy steel plate and round bar. Financial terms were not disclosed.
“We are very excited to welcome American Alloy to the Reliance family. They have been a well-known leader in the specialty carbon steel plate market for decades with strong relationships with both customers and suppliers, along with committed, long-tenured employees, and a solid reputation for customer service and product expertise. American Alloy adds specialty carbon steel plate to Reliance’s product portfolio as well as new fabrication capabilities. We look forward to continuing to grow the American Alloy business, especially in value-added processing, as well as leveraging our collaboration efforts to expand the product and service offerings of both American Alloy and our existing Reliance companies as they find opportunities to work together and grow," Karla Lewis, Reliance President and CEO.
Reliance Steel & Aluminum is advised by Addo Investor Relations.
Armis, an asset intelligence cybersecurity company, agreed to acquire Cyber Threat Cognitive Intelligence, a privately held company specializing in AI-powered pre-attack threat hunting technology. Financial terms were not disclosed.
"In the face of continued, escalating cyber threats we recognize the importance of preempting an attack. It is time for the security community to redefine our operating paradigm by proactively finding and stopping attacks rather than taking action once the attack is launched. This acquisition signals our unwavering commitment to be the core platform that manages the entire attack surface. Enterprises and organizations leveraging Armis Centrix™ for Actionable Threat Intelligence will lead from a position of strength in managing their cyber exposure," Yevgeny Dibrov, Armis CEO and Co-Founder.
White River Soy Processing, a developer and operator of oilseed processing plants in the US, completed the acquisiton of Benson Hill Ingredients, a company that operates an established food grade soybean processing facility, from Benson Hill, a provider of crop design platform. Financial terms were not disclosed.
"We are pleased to add another valuable asset to our growing company. We appreciate the collaboration from Benson Hill to successfully complete this transaction and admire its focused commitment to the Creston team members, the plant's many valued customers, and the community of Creston to ensure a smooth ownership transition," Walter Cronin, White River Co-Founder and President.
Walmart in talks to buy TV maker Vizio.
The retail giant is in talks to buy smart television-manufacturer Vizio for more than $2bn. The move would give Walmart more places where it can sell ads and pitch shoppers on goods, WSJ reported.
Walmart, including its Sam’s Club chain, has historically been Vizio’s largest customer. Vizio is historically the largest television brand sold at Walmart by sales. The discussions between Walmart and Vizio are ongoing, and a deal may not happen.
Restaurant Brands gets a lift from Burger King turnaround, strong demand at Tim Hortons.
Restaurant Brands International beat Wall Street estimates for quarterly results on February 13, fueled by early success of an ongoing turnaround at its Burger King business and robust demand at coffee chain Tim Hortons, Reuters reported.
The company's shares, however, slipped 3% on caution around its business in China and sluggish international sales due to the Israel-Hamas war, as well as weakness in some Western European markets.
Family offices cut stocks, boosted real assets in 2023, KKR says. (FS)
Family offices devoted a smaller portion of their portfolios to stocks last year compared with 2020, according to a KKR survey, Bloomberg reported.
Public equities dipped to 29% of the average total assets in family offices surveyed, down from 31% in 2020, according to Tuesday’s KKR Family Capital report, which canvassed more than 75 chief investment officers. Family offices turned instead to real assets, a category of tangible investments such as buildings and timber, which rose to 15% of the average in 2023 from 13% in 2020.
ESPN bet is coming to New York after Penn acquires Wynn License.
Penn Entertainment acquired the New York sports betting license held by Wynn Resorts’s interactive unit and plans to introduce its ESPN Bet brand in the market this year, Bloomberg reported.
Penn paid $25m for the license, according to a statement from the company on February 13.
Bristol Myers is tapping US high-grade bond market to fund M&A.
The drugmaker is marketing US investment-grade bonds in as many as nine parts, with the longest portion, a 40-year note, being pitched to investors at a yield of around 160 basis points over Treasuries. The company is said to be targeting $13bn.
Blue Owl leads $2bn private credit loan to software firm RLDatix. (FS)
Blue Owl Capital is leading a $2bn-plus private credit package for health care software company RLDatix, Bloomberg reported.
Ares Management and Golub Capital are also significant lenders in the financing. The deal includes a $1.6bn seven-year term loan, a $250m delayed-draw term loan and a $200m revolver. The new debt will mostly be used to refinance existing facilities.
Carlyle to launch new European private credit strategy for private wealth investors. (FS)
Global private investment firm Carlyle is to launch a new semi-liquid European private credit strategy which provides individual investors with access to the firm’s $188bn AUM global credit platform.
The new evergreen strategy provides individuals with access to a wide range of Carlyle’s European private credit strategies, which offer borrowers bespoke solutions across the entire capital structure, with the aim of delivering income with a focus on downside protection.
Bain Capital’s lavine sees more consolidation in private credit. (FS)
Further mergers are likely in the booming private credit business because the low fees earned by lenders will push smaller firms to get bigger and reap economies of scale, according to Jonathan Lavine, co-managing partner of Bain Capital.
For buyout firms on the hunt for financing, private lending has developed into a trillion-dollar alternative to banks and the high-yield and leveraged-loan markets. The sector’s fast growth makes it attractive, yet bigger firms have an advantage, Bloomberg reported.
Bain Capital Credit announces $2bn of financing investments in 2023. (FS)
Bain Capital Credit, a leading global credit specialist, today announced that the firm’s Private Credit Group invested approximately $2bn to support the growth of middle market and private equity-backed companies in 2023.
Bain Capital Credit’s Private Credit Group invested in 58 businesses across 34 industries in 2023, supporting the refinancing, leveraged buyout and add-on acquisition activity of both new and existing portfolio companies. With experience investing in middle market private debt dating back to 1998, the Private Credit Group has invested over $22bn across more than 475 portfolio companies since inception.
EMEA
Macquarie Asset Management, an asset manager, agreed to acquire Beacon Hospital, a private healthcare facility in Dublin. Financial terms were not disclosed.
“Beacon Hospital has a proven track record of investment and innovation, constantly evolving our services and infrastructure to better meet the healthcare needs of our patients. The exceptional growth experienced over the past ten years is largely due to the encouragement and investment provided by the hospital’s majority shareholder, Denis O’Brien, who empowered the Board and management to grow and evolve Beacon Hospital into one of Ireland’s leading facilities today. I am very grateful for that support, as well as for the leadership of our Chair, Colm Doherty and for the dedication and guidance of the entire Board," Michael Cullen, Beacon Hospital CEO.
ADNOC, the state-owned oil company of the United Arab Emirates, and bp, an oil and petrochemicals company, agreed to form a joint venture. Financial terms were not disclosed.
"This dynamic JV offers a platform for international growth that advances our longstanding and strategic partnership with ADNOC that spans over five decades. Together, we will build on the 60 years of safe and efficient operations of bp and its partners in Egypt, and continue to produce and deliver secure, lower-carbon energy in the form of natural gas to the country," William Lin, bp Executive Vice President.
Global Payments nears deal for Britain's Takepayments.
Global Payments is closing in on a deal to acquire Britain's Takepayments, expanding its business abroad that provides payment processing to retailers, Reuters reported.
US-based Global Payments prevailed over other bidders in a sale process, adding that details of the transaction are still being finalised.
CVC last bidder in Bundesliga rights sale, Germany's DFL says. (FS)
CVC Capital Partners is the last remaining candidate in German football's planned media rights partnership after US financial investor Blackstone dropped out, the Deutsche Fussball Liga said on February 14, Reuters reported.
"Blackstone is no longer an option as a strategic marketing partner for the Bundesliga and Bundesliga 2 for several reasons following good discussions. The process will continue with CVC according to the planned schedule," DFL.
Ex-Credit Suisse bankers are shaking up the $1.3tn CLO market.
A crowd of large global banks is starting to muscle in on the lucrative business of arranging collateralized loan obligations, another sign that life’s returning to this crucial $1.3tn corner of corporate finance, Bloomberg reported.
Credit Suisse used to be a big arranger of CLOs — vehicles that buy up junk-rated company loans, bundle them together and sell them as bonds. But the Swiss lender’s demise has opened the door to a raft of new contenders including Canada’s CIBC, the Bank of Nova Scotia and Spain’s Banco Santander. France’s Societe Generale and Japan’s Mizuho Financial Group are taking advantage to ramp up in Europe.
Thyssenkrupp slumps after outlook cut, steel unit writedown.
Thyssenkrupp fell after cutting its sales outlook following a decline in orders, as well as booking another writedown on its struggling steel business, Bloomberg reported.
The shares slumped as much as 11% in Frankfurt trading, the most since April to shave some €363m ($388m) off its market valuation. The stock has declined 17% over the past year.
Egypt’s richest man Nassef Sawiris considers breaking up his empire.
Nassef Sawiris is considering a radical overhaul of his chemicals and fertiliser empire that could include further breaking up his main holding and offloading its parts, after $7bn in asset sales over the past two months, FT reported.
Egypt’s richest man, whose personal assets include English football club Aston Villa, said he was looking into a complete transformation of the business that forms the core of his fortune, Dutch-listed chemicals group OCI.
ProSiebenSat.1 shares jump after adjusted earnings beat guidance.
ProSiebenSat.1 media shares traded sharply higher on February 14 after the company reported preliminary fourth-quarter adjusted earnings that topped its guidance, WSJ reported.
Shares in the German media company were up 10% at €6.20 ($6.6), returning to the levels where they traded before ProSiebenSat.1 warned in December that 2024 earnings would take a hit from increased content investment.
ABN AMRO launches €500m share buyback after 4Q beat views.
ABN AMRO bank has set out its mid-term return on equity target and launched a €500m ($535m) share buyback after its fourth-quarter profit beat market forecasts, WSJ reported.
The Dutch lender—which is partly owned by the Dutch state—guided for a return on tangible equity of 9%-10% for 2026, compared with its previous 10% target by 2024 and 12.2% in 2023. It has also targeted a fully-loaded Basel IV common equity Tier 1 ratio of 13.5% by year-end 2026.
EU mulls easing merger rules for telecoms, Big Tech to help pay network costs.
EU regulators may ease their rules against mobile telecoms mergers and broaden telecoms rules to get Big Tech and others to help fund the rollout of 5G.
Deutsche Telekom, Orange, Telefonica and Telecom Italia have long lobbied EU antitrust regulators to loosen rules that frown on mergers that reduce the number of mobile operators from four to three unless substantial remedies are offered, Reuters reported.
Ahold Delhaize rises most in a year as profit tops estimates.
Royal Ahold Delhaize’s shares jumped the most in a year as cost-cutting programs and easing inflation helped drive earnings at the grocer, Bloomberg reported.
Adjusted operating profit was €996m ($1.1bn) in the fourth quarter, the Dutch company said Wednesday, beating analysts’ estimates. The shares rose as much as 6.1%, the biggest gain since last February.
Turkey’s Palmet plans listing next year after grid takeover.
Turkish energy firm Palmet Enerji is preparing for an initial public offering next year after it acquires two gas grids from Zorlu, Bloomberg reported.
The acquisition, which is pending regulatory approvals, will double Palmet’s gas customers to 2m homes and sites in Turkey, Chairman Doganay Samuray said in an interview. A special purpose vehicle will be created to hold all of Palmet’s gas assets and a portion of the SPV may be listed, Samuray said.
Blackstone aborts Canary Wharf sale as gloom hangs over district. (FS, RE)
Blackstone has aborted a plan to sell a Canary Wharf office building as fears about the future of the district weigh heavily on buyer sentiment, Bloomberg reported.
The private equity firm was in negotiations to sell Cargo at 25 North Colonnade, which is the new home of BP Plc’s oil trading unit, to an Asian investor late last year but that deal has now collapsed. Blackstone now expects to hold on to the building until sentiment improves.
Signa’s Austrian crown jewels hit block in test of asset values. (RE)
Some of Rene Benko’s choicest trophy assets are hitting the block as insolvency administrators race to pay off creditors of the once high-flying tycoon’s defunct real estate empire, Bloomberg reported.
The sale of Signa Prime’s portfolio could also become a key test for the value of Austrian commercial real estate in a time of global upheaval. The lot includes the Park Hyatt and Goldenes Quartier, both nestled inside of Vienna’s protected historic center, as well as the Kaufhaus Tyrol in Innsbruck, Austria, which became Benko’s first signature projects when it opened in 2010.
APAC
Eversource Energy looking to sell stake in two offshore wind projects for $1.1bn. (FS)
Eversource Energy on February 13 reported a loss in the fourth quarter, as the utility recorded after-tax impairment charges of about $1.62bn related to its offshore wind projects, DealStreetAsia reported.
Eversource plans to sell its stake in two offshore wind projects – South Fork Wind and Revolution Wind to Global Infrastructure Partners – for $1.1bn, and is exploring the sale of its water distribution unit as the company seeks to reduce equity needs and improve regulatory diversity.
Japan's NEC spurned PE offers before selling stake in iPhone supplier at discount. (FS)
Japan’s NEC received multiple buyout offers from global private equity funds for iPhone supplier Japan Aviation Electronics Industry before agreeing to sell back much of its 51% stake to the Japanese company at a discount, DealStreetAsia reported.
At least three global funds all made offers to both NEC and its listed subsidiary JAE, indicating they were willing to pay substantial premiums to buy out the maker of electronics components.
KKR's Henry McVey sees Asia family offices taking lead in real asset allocation. (FS)
Asia’s family offices have placed big bets on real assets, making up 27% of the region’s overall portfolio mix, a 1k basis points higher than those in North America, EMEA, or Latin America, KKR’s head of global macro & asset allocation Henry McVey and his team found in a recent survey report, DealStreetAsia reported.
Real estate accounts for 21% of allocation for Asian family money managers while infrastructure takes up less than 1% of their assets under management, the lowest among other regions, according to a 2023 survey of over 75 family office CIOs managing $3bn in assets, on average, across North America, EMEA, Asia and LATAM.
QIC invests in Australia's Mandalay Venture Partners fund. (FS)
Australia-based farm-to-fork innovation venture fund Mandalay Venture Partners on February 14 announced that it has roped in state-owned Queensland Investment Corporation as an investor, DealStreetAsia reported.
The fund, which is also backed by Australia’s NRMA Group, said it has secured $27m in committed capital and is aiming to deploy it to businesses solving key challenges in the food industry, including areas such as sustainability, on-farm efficiencies, supply chain automation, autonomous vehicles, future foods, e-commerce and e-grocery.
Sony plans financial unit IPO in 2025 after PS5 sales falter.
Sony Group said it will list its financial arm in October 2025, prepping a major capital infusion after the media conglomerate cut the forecast for its core gaming division, Bloomberg reported.
The company revealed plans for the partial sale after reporting earnings and revising its forecasts for the fiscal year through March. The move to take Sony’s financial group public will reverse a $3.7bn take-private deal concluded in 2020. Sony rose 3.2% in premarket trading in New York following the announcement.
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