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AMERICAS
Private equity firms Stone Point Capital and Clayton, Dubilier & Rice agreed to acquire the remaining 80% stake in Truist Insurance Holdings, the fifth largest insurance broker in the US and a subsidiary of Truist Financial, for $12.4bn.
"We are pleased to have reached an agreement to sell TIH as it will further strengthen our balance sheet, afford us the ability to maintain our earnings profile, and create significant ongoing flexibility to invest in our core banking franchise. We are incredibly proud of the success we've achieved together with TIH over the years and are excited to see how Stone Point and CD&R continue to build the business in its next chapter of growth," Bill Rogers, Truist Chairman and CEO.
Stone Point Capital and Clayton, Dubilier & Rice are advised by BNP Paribas, Bank of America, Barclays, Citigroup, Evercore, JP Morgan, Mizuho Securities, RBC Capital Markets, TD Securities, UBS, Wells Fargo Securities, Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel, Ben Steadman, Caroline B. Epstein, Brian M. Janson and Luke Jennings), Simpson Thacher & Bartlett and Debevoise & Plimpton. Truist is advised by Goldman Sachs, Morgan Stanley, Truist Securities and Davis Polk & Wardwell (led by Margaret E. Tahyar, Oliver H. Smith and Evan Rosen). Mubadala is advised by Skadden Arps Slate Meagher & Flom (led by Todd Freed and Patrick Lewis).
Bernhard Capital Partners, a services and infrastructure-focused private equity management firm, agreed to acquire the Louisiana and Mississippi assets of CenterPoint Energy, an American electric and natural gas utility, for $1.2bn.
"I would like to thank our Louisiana and Mississippi LDC employees, as well as the team members who support these businesses, for their focus on safety, performance, and results. Together, they are our customers’ trusted energy partner in these regions," Jason Wells, CenterPoint President and CEO.
Bernhard Capital Partners is advised by Jefferies & Company, Scotiabank, Kirkland & Ellis (led by William J. Benitez, Robert P. Goodin and Daniel Cadis) and Joele Frank (led by Ed Trissel). Debt financing is provided by Jefferies & Company and Scotiabank. CenterPoint is advised by Morgan Stanley, Wells Fargo Securities, Brunini Grantham Grower & Hewes, Latham & Watkins and Phelps Dunbar.
Capital One, an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, agreed to acquire Discover, an American financial services company that owns and operates Discover Bank, for $35.3bn.
"The transaction with Capital One brings together two strong brands with enhanced ability to accelerate growth and maximizes value for our shareholders, enabling them to participate in the tremendous upside of the combined company. This agreement underscores the strength of our business and is a testament to the hard work of Discover employees. We look forward to a bright future as part of the Capital One family and to providing expanded opportunities for our loyal customers," Michael Rhodes, Discover CEO and President.
AstraZeneca, a global, science-led biopharmaceutical company, completed the acquisition of Icosavax, a biopharmaceutical company leveraging its innovative VLP platform technology to develop vaccines against infectious diseases, for $1.1bn.
"We are pleased to announce the acquisition of Icosavax by AstraZeneca as we believe it offers the opportunity to accelerate, and expand access to, our potential first-in-class combination vaccine for older adults at risk from RSV and hMPV. We look forward to combining our skills and expertise in advancing the development of IVX-A12, with AstraZeneca's decades of experience in RSV, resources, and capabilities in late-stage development," Adam Simpson, Icosavax Chief Executive Officer.
Cadre, a company that operates in manufacturing and distribution of safety and survivability equipment industry, agreed to acquire Alpha Safety, a nuclear safety solutions company, for $107m.
“Alpha Safety is an ideal Cadre business. It is a leading manufacturer of engineered technical products supporting mission-critical initiatives with highly-visible, recurring revenue and compelling growth opportunities with entrenched customers. At the center of a global effort to ensure safe nuclear operations and hazardous waste handling, Alpha Safety has a long history of strong demand from the Departments of Energy and Defense, customers who prioritize performance, reliability, quality control and technical expertise. The business maintains leading positions across all its key product lines,” Warren B. Kanders, Cadre Chairman and CEO.
ABB, an automation company, agreed to acquire SEAM, a facilities services company, from Align Capital, a private equity firm. Financial terms were not disclosed.
“I am incredibly proud of the team at SEAM Group and the business transformation that occurred over the span of our partnership. Together with management, we more than tripled employee headcount to support an expanded service offering designed to help customers increase safety and reliability in their organizations,” Chris Jones, Align Capital Co-Founder and Managing Partner.
SEAM is advised by Cowen & Company, Lincoln International and Calfee Halter & Griswold.
S&P Global, a financial services company, agreed to acquire Visible Alpha, a financial technology firm. Financial terms were not disclosed.
"We remain focused on providing our customers outsized value with the very best capabilities. Visible Alpha has built an incredible reputation with the market and is an ideal fit that will further strengthen the quality of our offering as a leading provider. We have followed Visible Alpha's growth and have been impressed with its pace of innovation and the valuable insights it provides to its customers. We look forward to welcoming them into the S&P Global family and the Market Intelligence Division," Adam Kansler, S&P Global President of Market Intelligence.
S&P Global is advised by Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill).
Visible Alpha is advised by Jefferies & Company and Morgan Lewis & Bockius.
Kinzie Capital, a private equity firm, completed the acquisition of Arctic Industries, a manufacturer and distributor of temperature control and cold storage solutions. Financial terms were not disclosed.
“We are excited for the partnership with Kinzie Capital Partners, which will allow us to leverage our strengths to drive further growth and continue to provide the best possible service for our customers. We look forward to collaborating with the Kinzie team in Arctic’s next chapter,” Brian Murphy, Arctic Industries CEO.
Kinzie Capital was advised by C-Strategies. Arctic Industries was advised Brown Gibbons Lang & Company.
Palm Beach Capital-backed Pape-Dawson Engineers, a provider of professional civil engineering, surveying, GIS, and environmental services, completed the acquisition of Maxwell-Reddick, a Georgia-based engineering firm. Financial terms were not disclosed.
"This acquisition supports Pape-Dawson's long-term strategy to expand our markets and services through thoughtful partnerships with leading firms across the nation. Maxwell-Reddick's technical expertise coupled with their leadership's commitment to employee satisfaction make the firm a strong addition to the Pape-Dawson family," Gene Dawson, Pape-Dawson President.
GHK Capital Partners-backed WSB, an infrastructure engineering and consulting firm, completed the acquisition of AE Engineering, a transportation infrastructure engineering firm based in Jacksonville, Florida. Financial terms were not disclosed.
"WSB is moving forward in building a national brand. The Southeast is an important market for transportation infrastructure engineering given the significant population growth and infrastructure investment present in the region. AE has an outstanding reputation, and their leaders match our culture with their approach and entrepreneurial spirit. We are eager to build on the success of AE by introducing expanded services to complement their already successful program," Bret Weiss, WSB President and CEO.
Crown Castle co-founder says company could fetch up to $15bn for fiber assets.
Crown Castle's co-founder Ted Miller said that the US telecommunications infrastructure company could fetch as much as $15bn by selling its fiber assets if it let him and his partners join its board of directors, Reuters reported.
Miller said he and his team were best positioned to find buyers for the fiber business and help Crown Castle upgrade its tower assets so it can keep up with advances in wireless network technology.
Investor names director candidates at Fossil Group after stock price drop. (FS)
Investment firm Buxton Helmsley Group said it nominated four candidates to the board of directors of Fossil Group, after the fashion design company's stock lost three-quarters of its value over the last year, Reuters reported.
"Given the board's abysmal judgment and failure to oversee management for years, the need for immediate change at Fossil is abundantly clear," Alexander Parker, Buxton Helmsley Senior Managing Director.
Keystone Capital closes oversubscribed Fund III at $630m. (FS)
Keystone Capital Management, a lower middle market alternative investment manager, announced the one and final closing of Keystone Fund III at its hard cap of $630m in capital commitments.
"We are humbled by the overwhelming support from our limited partners in this challenging fundraising market. We raised this fund in just under four months and are proud to have 100% of our Fund II institutional investors return. We were also able to broaden our investor base with the addition of several new endowments, foundations, insurance companies, and family offices. We believe our success in the raise is a real testament to our deep and tenured team and our disciplined approach to investing," Scott Gwilliam, Keystone Managing Partner.
EMEA
Orange's Spanish unit and Masmovil Ibercom won conditional approval from the European Union for a plan to create Spain's biggest mobile operator, in a decision that could embolden dealmaking in the industry, Bloomberg reported.
The European Commission said the duo's agreement to sell spectrum licenses to rival Digi Communications as well as an offer on wholesale roaming allayed competition concerns over the deal, which reduces the number of players in the market from four to three — often a red line for regulators.
Orange is advised by Ernst & Young, Citigroup, Ernst & Young, 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 Pablo Figueroa) and Uria Menendez (led by Gabriel Nunez). Debt financing is provided by BNP Paribas.
cunova, a global manufacturer of high-end specialty copper alloy products, is set to go public via merger with SDCL EDGE Acquisition, a special purpose acquisition company, in a $736m deal.
"We are excited to join forces with KME Aerospace, which we believe will give us access to a new, exciting, and high-growth end market. Space exploration activity is currently outpacing the reusability rate of engines and we expect this could triple our addressable copper component market opportunity from 2023 to 2030. As an established provider of mission-critical rocket engine components to nearly all the western tier one companies in the space exploration sector, we believe KME Aerospace currently has a first mover advantage in this end market," Werner Stegmüller, cunova CEO.
cunova is advised by Latham & Watkins. SEDA is advised by Rothschild & Co, Skadden Arps Slate Meagher & Flom and Financial Profiles (led by Moira Conlon). Rothschild & Co is advised by Davis Polk & Wardwell.
Private equity firms Five Arrows and TA Associates completed the investment in Agilio, a frontline healthcare operations software provider. Financial terms were not disclosed.
"In the four years since our inception, with support from founding investor August Equity, we have realised our vision of introducing professional, integrated solutions into frontline healthcare settings. We are now ready to scale up further and are delighted to welcome two world-class investors in the form of Five Arrows and TA to support us on the next stage of our journey," Sati Sian, Agilio Chairman.
Accenture, a professional services company based in Dublin, agreed to acquire GemSeek, a customer experience analytics provider helping global businesses understand customers through insights, analytics and AI-powered predictive models. Financial terms were not disclosed.
"We are thrilled at the opportunity to join Accenture and offer innovative and award-winning solutions to clients seeking to prioritise the customer agenda. Our extensive background in customer experience analytics complements Accenture's deep expertise in data and AI. We are confident that our combined passion will empower us to deliver a truly integrated customer perspective and cutting-edge solutions, driving greater value for enterprises globally," Petko Tinchev, GemSeek CEO.
No easier merger rules for telcos, EU's Vestager says.
The European Commission is not considering easing merger rules for telecoms deals, EU antitrust chief Margrethe Vestager said, adding that the focus should be removing barriers to a single European market for the telecoms industry, Reuters reported.
Vestager's comments come after a commission document suggested that EU antitrust regulators may loosen merger rules to make it easier for EU telecoms companies to merge.
Superdry founder woos US investor to back bid for struggling chain. (FS)
US asset manager Davidson Kempner, owner of Britain's Oak Furnitureland, is in discussions with British fashion retailer Superdry co-founder Julian Dunkerton about backing an offer for the clothing company, Sky News reported.
The talks are at a preliminary stage and there is no guarantee that Davidson Kempner will ultimately sign an agreement with Dunkerton.
Europe is being forced to reboot its car industry.
Volkswagen, Renault and Stellantis are exploring tie-ups with sworn competitors to make cheaper electric vehicles and fend off existential threats, Bloomberg reported.
As Chinese rivals and Tesla expose competitive weaknesses at Europe's biggest mass-market carmakers, it's become clear that a sense of urgency is growing and a business-as-usual approach is a losing option.
APAC
ANZ's AUD4.9bn ($3.2bn) buyout of Suncorp's banking business was cleared by the Australian Competition Tribunal, paving the way for the bank to press on with the takeover of its significant rival, Reuters reported.
The ruling came in response to an appeal by ANZ and Suncorp of a decision by the Australian Competition and Consumer Commission that blocked the deal in August on the grounds it would limit competition in Australia's banking sector.
Sovereign wealth funds said to eye McDonald's China investment. (FS)
Middle Eastern and Chinese sovereign wealth funds are considering investing in fast food giant McDonald's China business, Bloomberg reported
Firms including Mubadala Investment, Qatar Investment Authority and China Investment are in talks to jointly invest in the fast-food chain's China operations as minority shareholders.
Korean Air mulls jettisoning A220 fleet amid Asiana merger plans.
Seoul-based Korean Air ordered the models back in 2011 and they're one of the oldest styles of A220 jets currently plying the skies. No final decision has been taken and the airline could still ultimately choose to retain the planes.
Yinson mulls $1bn funding round for unit before IPO.
Yinson, a Malaysian energy infrastructure firm, is considering raising about $1bn in a funding round for its floating production, storage and offloading unit before an initial public offering of the business, Bloomberg reported.
The Kuala Lumpur-listed company is working with a financial adviser on the fundraising for Yinson Production Offshore. Yinson and its adviser plan to officially kick off the pre-IPO funding round as early as next month, while the asset may attract global funds and private equity funds.
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